Page 3706 - Business Finance
Global Markets: U.S. jobs report brightens prospects for stocks, dollar
NEW YORK (Reuters) - World stocks rose and bond prices fell on Friday as investors welcomed a stronger-than-expected U.S. jobs report and an apparent end to a political crisis in Italy, although prospects for a full-blown global trade war limited the gains.
WCL produces record 6.9 MT of coal during April and May
Western Coalfields (WCL), a Coal India subsidiary, has created a record in coal production at 6.9 million tonnes during the first two months of this fiscal. Besides, the mining firm also recorded the highest despatch at over nine million tonnes during April and May, it said in a release today. "With this substantial growth in despatch, WCL is fully geared-up to meet the demand of the power plants linked to the company," the press release said. WCL produced 6.9 million tonnes of coal, 25 per cent more than the target of 6.69 million tonnes for the period. Similarly, the company despatched more than nine million tonnes during the period, registering a 23.4 per cent growth over the same period last year. WCL produced 46.2 million tonnes of coal and despatched 48.7 million tonnes in the previous fiscal. For this fiscal, the production target is pegged at 52.5 million tonnes and despatch at 59.7 million tonnes. In addition to Mahagenco andMPPGCL, WCL also caters to the power ...
Forex reserves decline by $2.23 bn to $412.83 bn
India's forex reserves declined by USD 2.23 billion to USD 412.83 billion for the week ended May 25, on a dip in core currency assets, the Reserve Bank said today. Total reserves had declined by USD 2.64 billion to USD 415.05 billion in the previous reporting week. The reserves had touched a record high of USD 426.028 billion in the week to April 13. It had crossed the USD 400-billion mark for the first time in the week to September 8 last year, but has since been fluctuating. The core currency assets fell by USD 2.229 billion to USD 387.597 billion for the reporting week, the apex bank said. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves. The value of the gold assets was unchanged at USD 21.70 billion, it said. India's special drawing rights declined USD 2.9 million to USD 1.498 billion during the reporting week, while the reserve ...
CIL's production, off-take grow in May amid shortage concerns
Coal India Ltd (CIL) on Friday said its production during May grew by 16 per cent over the corresponding month last year and its off-take also increased by 14 per cent for the month over the year-ago period despite concerns over shortage of coal supply in power plants.
Khadi sales up 24 pc to Rs 2,503 cr in FY18: KVIC
Sales of Khadi, including solar and poly vastra, grew 24.71 per cent to Rs 2,503 crore during the 2017-18 financial year ended March as against Rs 2,007 crore in the previous fiscal, the KVIC said today. "Incredibly, the total average Khadi sale, which was Rs 914.07 crore during the years 2004 to 2014, jumped to Rs 1,828.3 crore in three years after that, i.e. between 2015 to 2018, with over 100 per cent increase," the Khadi and Village Industries Commission (KVIC) said. Moreover, it said with the average Khadi sale of Rs 120.09 crore by departmental sales outlets (DSOs) in the 2015-18 period, a growth of 168.24 per cent has been recorded as compared to Rs 44.77 crore in the 2004-14 decade. As many as 375 new Khadi institutions were established after 2015 in some two-odd years, whereas the number of new Khadi institutions established in 10 years' period between 2004 and 2014 was only 110, the KVIC said. Moreover, the village industries products average sales by departmental sales ...
Hong Kong Stocks mixed on global trade war fears
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Exclusive: Sorrell tells investor his new venture is not targeting WPP
LONDON (Reuters) - WPP's former chief executive Martin Sorrell has moved to reassure investors in the advertising giant that the firm he has set up since his abrupt exit will not compete directly with it.
Macron talks to Trump, says tariffs illegal and a mistake
French President Emmanuel Macron has told US President Donald Trump that the new US tariffs on European, Mexican and Canadian goods are illegal and a "mistake." Macron's office said in a statement today that the two presidents spoke by phone after Trump's administration announced the decision yesterday to impose 25 per cent tariffs on steel and 10 per cent tariffs on aluminum. The European Union is planning retaliatory tariffs on US steel and food goods in the coming weeks, once it calculates the exact cost to European Union companies of the US tariffs. Macron pledged the riposte would be "firm" and "proportionate" and in line with World Trade Organization rules. The US decision came despite last-minute talks in Paris this week to try to reach a deal. The EU's trade chief, Cecilia Malmstrom, said today that the move to impose tariffs "is further weakening the Trans-Atlantic relations." She said the measures "will cause a lot of damage to our steel and aluminum industry" and risk ...
With many banks facing PCA, wage hike demand seems unjustified: Official
With 4-5 more public sector banks on "cusp" of slipping into Prompt Corrective Action of the RBI, the two-day nationwide strike by PSU bank employees to press for wage hike was not in a good taste, said a top bank official. The RBI has already put 11 out of 21 banks under the PCA framework in view of worsening of their financial health. Over 10 lakh bank employees had gone on a two-day strike -- May 30 and 31 -- to protest against a "meagre" 2 per cent wage hike proposed by the Indian Banks' Association (IBA), the representative body of bank managements. With further deterioration in financial health of these PCA banks, the RBI has restrained several banks, including Allahabad Bank, from increasing the loan book. Given the weak performance of mostly all banks in the fourth quarter, the merit of demanding a high wage revision seems unjustified, said the top banker who did not wish to be identified. The quarterly losses of these banks are upwards of Rs 50,000 crore. "To put it in a ...
China Market falls 0.66% on fresh trade war worries
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HMSI sales up 3 pc at 5,51,601 units in May
Honda Motorcycle and Scooter India (HMSI) today reported a 3 per cent jump in total sales at 5,51,601 units in May. The company sold 5,37,035 units in May 2017, HMSI said in a statement. In the domestic market, the company posted 2 per cent jump in sales to 5,19,072 units in May 2018, as against 5,10,381 units in the year-ago month. Exports during the month grew 22.04 per cent to 32,529 units as against 26,654 units in May 2017. HMSI Senior VP, Sales and Marketing Yadvinder Singh Guleria said: "Honda continues its upward sales momentum in the fiscal 2018-19. In a period of just two months (April-May), more than 1 lakh additional customers have joined the Honda family as compared to the same period last year.
Brazil's Petrobras says CEO Pedro Parente resigns amid diesel crisis
RIO DE JANEIRO (Reuters) - Pedro Parente, the chief executive officer of Brazil's state-controlled oil producer Petroleo Brasileiro SA, has resigned his post on Friday after a nationwide trucker strike forced the government to lower diesel prices.
Lord Balaji temple nets Rs 86.46 cr cash offerings in May
A 'hundi' (offering box) collection of Rs 86.46 crore has been netted by the nearby famous hill shrine of Lord Venkateswara during the month of May, which witnessed 25 lakh footfall of devotees being the summer vacation time, temple officials said today. The cash offering was about ten per cent more than the Rs 78.47 crore collection made during May last year. The worth of gold and other precious offerings made in the hundi by the devotees and income from sale of worship tickets and other sources during the month were yet to be calculated, the officials told PTI. About 25 lakh pilgrims from across the country and abroad thronged the hill shrine during the month and of them over 13 lakh, including women and infants, had their heads tonsured as fulfilment of their vow, they said. About 1.05 crore 'laddus' were sold to the devotees at the shrine. Cash offering made in the hundi alone was expected account for about Rs.1,156 crores of the recently budgeted overall revenue of .
Hyundai Motor India's May sales up 11%
Automobile manufacturer Hyundai Motor India on Friday reported a rise of 11.44 per cent in its overall sales, including exports, for May 2018.
GMR stock crashes as auditors express concern over Rs 2,250 cr impairment loss
A day after GMR Infra's auditors pointed to an unaccounted impairment loss of Rs 2,250 crore in the firm's latest consolidated earning result, the company's stocks crashed by about 8 per cent.
Sebi bars Mallya from securities mkt for 3 years
Sebi today barred fugitive businessman Vijay Mallya from the securities market for another three years as also from holding directorship in listed companies for five years in the case of illegal fund diversions at United Spirits Ltd. Besides, the watchdog has imposed a one-year ban on two former company officials -- Ashok Capoor and P A Murali. Through an interim order in January 2017, the regulator had barred Mallya and six former officials of United Spirits, including Capoor and Murali, from the securities markets in the case related to illegal fund diversions. In a 38-page order, Sebi said it has banned Mallya for three years from the securities market. He has also been barred from "holding position as director or key managerial person of a listed company for a period of five years", it added. Capoor and Murali have been restrained from holding directorship or key managerial positions for one year. "In the context of diversion of funds perpetrated in a listed company by way of ...
Idea Cellular proposes Vodafone Idea Ltd name post merger
Idea Cellular today proposed a new name for the combined entity as "Vodafone Idea Ltd" post its merger with Vodafone India, the Aditya Birla Group firm said today. The combined entity will create India's largest telecom firm. "... consent of the members be and is hereby accorded for change of name of the company from Idea Cellular Limited to Vodafone Idea Limited," Idea Cellular said in a regulatory filing. The EGM of the company will be held on June 26 to decide the change in the name of the company. Following issuance of the fresh certificate of incorporation by the Registrar of Companies the old name "Idea Cellular Limited" will be replaced as "Vodafone Idea Limited". Idea and Vodafone India are in process of merging their businesses. According to official sources, the approval for merger by the Department of Telecom is in final stages. Vodafone is expected to own 45.1 per cent, 26 per cent by Aditya Birla Group and Idea shareholders will own 28.9 in the combined entity. The ...
Punjab govt backs agitating farmers', Sidhu slams Centre
The Punjab government today came out in support of the state's agitating farmers as minister Navjot Singh Sidhu slammed the Centre for ignoring the agriculture sector. A 10-day long nationwide agitation against the alleged anti-farmer practices of the Union government began today and as part of the protest, the supply of vegetables, fruits, milk and other items to various parts of Punjab and Haryana was stopped. In his unique way, the cricketer-turned-politician visited village Patto along with Congress MLAs Kuljit Singh Nagra and Gurpreet Singh and bought milk and vegetables from farmers to highlight their significant contribution in the development of the nation. "If the country is to be saved then saving farm sector ought to be a priority," Sidhu said adding that if the ruling NDA government at the Centre had fulfilled their pre-poll promises, the farmers would not have been in such a sorry state of affairs. Sidhu assured the protesting farmers that the Punjab government was ...
India signs mutual recognition agreement in nursing with Singapore
It will be easier for domestic nurses to explore employment opportunities in Singapore now, as India has signed mutual recognition agreement (MRA) with the south east Asian nation in this sector. MRAs pave the way for recognition of the professional bodies of one country by the other. Regulatory bodies of various professional services like engineering, nursing, accountancy and architecture are encouraged to enter into these pacts. These pacts are part of free trade agreements (FTAs) that India has signed with several regions, including Singapore, Japan, South Korea and Asean. India and Singapore entered into FTA in August 2005. "India has signed the MRA in nursing with Singapore. This is the first MRA being signed by India with any of our FTA partners," the commerce ministry said in a statement today. It said that Singapore agreed to expand coverage of Indian nursing institutions by recognising seven nursing institutions in the MRA. "This has paved way for our healthcare service ...
Mahindra Electric extends EV tie up with Zoomcar to Mumbai
Mahindra group's e-vehicle arm Mahindra Electric today said it has extended its partnership with car rental firm firm Zoomcar to the city, wherein the former's 50 e2oPlus vehicles will be deployed on the latter's platform here. Under this, the two firms are set to offer 50 e2oPlus, Mahindras electric car on the Zoomcar platform and will touch around 100 EVs in the next quarter, a release said. Mahindra group and Zoomcar already have similar tie-ups in New Delhi, Hyderabad, Jaipur and Mysuru. "We are proud to now extend our association with Zoomcar and introduce our EVs on the shared mobility platform in Mumbai. We have already announced our plans to invest in a manufacturing set up in Maharashtra. This initiative coincides with Maharashtra governments announcement of their EV policy," said Mahesh Babu chief executive officer of Mahindra Electric. The initiative is aimed at promoting connected, shared and electric mobility as a model, in line with the recommendations in