Page 3707 - Business Finance
Nifty ends below 10,700, down 40 points
The NSE Nifty was down 40 points today at 10,696.20 due to emergence of selling mainly in realty, banking, IT and FMCG counters. In a volatile session, infra, metal and finance service stocks weighed by data showing manufacturing PMI growth has slowed in May. Investors after digesting better-than-expected Q4 GDP data shifted focus to renewed global trade tensions after the US announced tariffs on steel and aluminium imports. They also closely monitor the movement in crude oil prices and rupee. In the overseas markets, European shares were trading higher as Italian stocks led the pack after a coalition deal appeared to end three months of political deadlock. Asian stocks were mixed after Trump administration's tariffs on imports from key allies sent US stocks into a tailspin. Back home, the 50-share NSE Nifty closed at 10,696.20, down 39.95 points or 0.37 per cent. The index hit a high of 10,764.75 and a low of 10,681.50 during the day. It saw an intra-day movement of about 83.25 ...
Brent premium over WTI hits new three-year high
LONDON (Reuters) - The spread between Brent crude oil futures contracts and U.S. WTI hit a fresh three-year high on Friday with the latter set for a second consecutive week of declines as U.S. oil output comes close to matching that of top producer Russia.
Wall Street rises after strong May jobs data
(Reuters) - U.S. stocks rose on Friday led by bank stocks as a stronger-than-expected jobs report for May locked in expectations of an interest rate hike by the Federal Reserve this month.
Energy firm, civic body tie up to lease out electric vehicles
Energy Efficiency Services Limited, anenergyservicecompany, todaysigned a pact withGreater Hyderabad Municipal Corporation to lease out electric vehicles and install chargers for them at the offices of the civic body. A press release from the company said thevehicles would be bought under thenational e-mobility programme and be supplied at a cost of Rs 22,500 per vehicleper month. "This will not only reduce the cost of hired cars, but also reduce emissions,"the press release said. As a part of the agreement, the company would also insure the vehicles, provide a free annual maintenance contract for five years and a warranty against manufacturing defects. Besides, the firm would supply and install chargers at the circle and zonal offices of the civic body, it added.
IT exports from Telangana sees 9.3 per cent growth
Exports in information technology (IT) and information technology-enabled services (ITES) from Telangana have grown by 9.3 per cent and touched Rs 93,422 crore and made a compound annual growth of 15.6 per cent over the past four years, said state IT and industries minister K R Rama Rao here today. During 2016-17, the state witnessed Rs 85,470 crore exports in IT alone, he said. "The exports have been growing at a compound annual growth of 15.6 per cent since the formation of the state in 2014," the minister said. This is roughly 150 per cent of the national average of 10.3 per cent during the same period, he said. The growth has resulted in the creation of 1.5 lakh new IT jobs. There would be roughly 2.5 to 3 times the generation of indirect jobs, he further said. An annual report released by the minister said the government was targeting to achieve over Rs 1.20 lakh crore worth of IT exports and create more than four lakh direct employment and about 20 lakh indirect ...
WEF to set up centre to focus on new tech for social benefit
The World Economic Forum today said it is setting up a multi-million dollar centre near here to help the larger society benefit from industrial revolution 4.0 technologies including IoT, blockchain, AI among others. This is the second such centre which the global non-profit is setting up after one in San Francisco, its chief operating officer for USA, Sarita Nayyar, said. Nayyar said similar centres will also be coming up in Tokyo and Beijing as well and added that the one coming near Mumbai will come at "millions of dollars" of investment. It will have about 25 in-house experts initially. The WEF signed a memorandum of understanding (MoU) with the government of Maharashtra to set up the centre in the satellite city of Navi Mumbai. Chief minister Devendra Fadnavis said Industrial revolution 4.0 has the power to revolutionise the way things are and it is essential for states to embrace it at the earliest. The centre will focus on technologies including artificial ...
Bharat Petroleum Corporation update on scheme of amalgamation
Scheme gets filed on 01 June 2018
Problems of buyers, real estate sector to be sorted out: Minister
Union Minister of State for Housing and Urban Affairs Hardeep Singh Puri on Friday assured home buyers and real estate builders that the government will try to sort out most of their problems/grievances as soon as possible through consultations.
Maruti sales rise 26 per cent in May
Automobile major Maruti Suzuki India on Friday reported a rise of 26 per cent in its overall sales, including exports, for May.
Hindustan Copper sets Rs 700 cr capex target this year
State-run Hindustan Copper Ltd (HCL) on Friday said the capital expenditure (capex) for the current fiscal has been set at Rs 700 crore and it is expecting a significant growth in mine production.
Milk production to grow at 9 pc annually by 2022 from 6 pc now: Agri Min
The annual growth in milk production will increase to 9 per cent by 2022 from the current 6.3 per cent on the back of several initiatives taken by the government to boost the dairy sector, Union Agriculture Minister Radha Mohan Singh said today. Milk output of India, the world's largest producer, stood at 165 million tonnes in 2016-17. "Annual increase in milk production is 6.3 per cent during 2014-18 period while annual increase in milk production during the period 2010-14 was 4 per cent," the minister said at "World Milk Day" function here. Singh said the annual growth of milk production is estimated to rise to 9 per cent by 2022. The country's milk production has increased by 23.69 per cent during 2014-18, he added. "We are at number one position in milk production but our productivity is lower," Singh said, adding that the government was making efforts to increase milk production by raising productivity of milch animals. Singh highlighted that the ministry has sanctioned 20 gokul .
Gold slips after upbeat U.S. payrolls data
LONDON (Reuters) - Gold fell on Friday after stronger than forecast U.S. payrolls data boosted expectations that the Federal Reserve will press ahead with another U.S. interest rate hike this month, lifting the dollar.
Marchionne leaves Fiat Chrysler debt free as prepares to hand over wheel
BALOCCO, Italy (Reuters) - Fiat Chrysler's Sergio Marchionne laid out his final strategic vision as chief executive on Friday with a focus on sport utility vehicles and a 9 billion euro ($10.5 billion)investment plan for electric and hybrid cars.
Telangana's IT exports grow by 9.32%
The IT/ITES exports from Telangana have crossed Rs 93,000 crore in 2017-18, clocking a growth rate of 9.32 per cent over the previous fiscal, the government announced on Friday.
No takers for Air India stake sale: Unions to prepare alternative plan, hold convention soon
Air India's employee unions today said they were preparing an alternative plan to revive the debt-laden national carrier, a day after the government announced that not a single bid had been received for the proposed stake sale in the loss-making airline. The unions, under a common platform - 'Joint Forum', are also likely to hold a convention here soon of all stakeholders associated with the airline to deliberate its turnaround plan. "The matter is not over as yet. We are planning to give an alternative plan to the government as to how to run and revive the airline. We will also suggest the government what all it can do which is in the interest of all stakeholders, including the employees," said a union member. Inputs were also being taken from experts within Air India in the preparation of the revival plan, they said. The unions' comments came a day after the deadline for submission of initial bids for Air India stake sale ended with no bidders evincing interest in the carrier, which
Rupee zooms 35 paise to 1-mth high on upbeat GDP data
The Indian rupee stormed ahead to end at a near one-month high of 67.06 against the US dollar, surging by 35 paise after a flurry of upbeat economic data bolstered confidence in the growth outlook. A broadly stronger Indian unit also rallied against emerging-market currencies, including British pound, euro and Japanese yen. Beating the street estimates and signalling a turnaround, the nation's economy expanded at 7.7 per cent in the January-March period against 7.2 per cent achieved in Q3 FY18, retaining the fastest growing major economy tag. The economic expansion was significantly higher than China's 6.8 per cent in the January-March period. In addition, infrastructure industries grew 4.7 per cent in April and also fiscal deficit for 2017-18 worked out to be 3.53 per cent of the GDP, broadly in line with the government's revised estimates. However, the upbeat Q4 GDP data damped bets of rate cut from the Reserve Bank of India next week, a forex dealer commented. The rupee has gained .
MHA launches online analytical tool to monitor foreign funding of NGOs
A Union home ministry-sponsored online analytical tool was launched today to facilitate closer monitoring of the flow and utilisation of foreign contributions received by NGOs and other organisations registered under the FCRA. This web-based tool enables decision-makers in various departments of the government to scrutinise source of foreign funds and their actual use in India, an official statement said. The online analytical tool gives them the capacity to take data-driven and evidence-based decisions regarding the compliance of the provisions of the Foreign Contribution (Regulation) Act, 2010, it said. It has analytical features to conduct big data mining and data exploration. Its dashboard will be integrated with the bank accounts of the FCRA-registered entities through the Public Financial Management System for updation of transactional data on a real-time basis, the statement said. There are approximately 25,000 active NGOs and other organisations registered under the FCRA,. ...
Profit booking, weak data depress equity indices (Roundup)
Profit booking as well as persistent outflow of foreign funds and a weak macro-economic indicator depressed the key Indian equity indices on Friday.
BSE's India INX daily turnover crosses all time high of Rs 4,482 cr
BSE owned India International Exchange (India INX) today said it has registered an all time high daily turnover of Rs 4,482 crore (USD 664.53 million) in its derivatives segment. The exchange registered this turnover on May 31, 2018, INX said the statement. Commencing its trading activities in January 2017, this is the highest daily trading volume by the bourse and accounted for 80 per cent of the total trading volumes for February-May 2018 in the Gujarat-based Gift City. Trading volume on the BSE's India International Exchange have been growing exponentially ever since it commenced trading activities. Its daily trading volumes have crossed USD 500 million regularly over the last few months. A wholly owned subsidiary of BSE, India INX is the first international exchange from India at International Financial Service Centre (IFSC), Gujarat International Finance Tech (GIFT). India INX and the NSE IFSC are the two exchanges at the IFSC.
CCI gives nod to Unilever PLC-Unilever NV deal
Fair trade regulator CCI has approved the proposed combination of Unilever PLC and Unilever NV. Unilever PLC and Unilever NV are the two ultimate holding parent companies of the Unilever Group, which is one of the world's leading consumer goods firms. In a tweet, the Competition Commission of India (CCI) said it has approved "the proposed combination involving Unilever PLC and Unilever NV". Deals beyond a certain threshold require clearance of the fair trade regulator. According to a notice submitted to the CCI, the proposed transaction is an internal reorganisation of the Unilever Group resulting in simplification of the existing dual-headed legal structure into a single new holding company, New NV. The proposed transaction "does not lead to any structural change to markets or to competition, either globally or in India", the notice said.