Page 3717 - Business Finance

GDP to grow at up to 7.5% in FY19; oil prices a worry:Analysts

The country's GDP growth will accelerate to up to 7.5 per cent in the current fiscal year, mainly driven by consumption growth, however, oil prices remain a major concern, analysts said today. Official data released yesterday said GDP growth came in at 6.7 per cent for financial year 2017-18. "We expect the momentum to continue and lift growth to 7.5 per cent in FY19. That, however, would still be lower than the long-term trend of 7.6 per cent. Plus there is a downside risk to this number if oil prices sustain at the current levels," economists at ratings agency Crisil said. Growth will be "consumption-led, with mild support from investments", it said, adding that a normal monsoon, revision of salaries by state governments as per the seventh pay commission recommendations and rural thrust by the government will be positives. Its domestic rival Icra, a unit of Moody's Investor Service, pegged the GDP growth at 7.1 per cent, while resonating the earlier view of runaway oil

Jaipur jewellers face crippling cash crunch, courtesy Nirav Modi and demonetisation

The ghost of Nirav Modi scam is stalking the jewellery markets in Jaipur, even as traders were trying to bury the memory of bad days triggered by demonetisation. Added to their woes are the compliance requirements under the goods and services tax.

Rs 94,016 Crore of total gross GST revenue collected in May 2018

The total revenue earned by Central Government and the State Governments after settlement in the month of May, 2018 is Rs.28,797crore for CGST and Rs.34,020crore for the SGST.

Reliance Communications Ltd leads losers in 'A' group

Kwality Ltd, GMR Infrastructure Ltd, JSW Energy Ltd and Marksans Pharma Ltd are among the other losers in the BSE's 'A' group today, 01 June 2018.

Board of The Indian Wood Products Company recommends final dividend

Of Rs 1.25 per share

Oil prices steady amid U.S. supply growth, OPEC uncertainty

LONDON (Reuters) - Crude futures regained ground after early losses on Friday, but the U.S. benchmark is set for a second consecutive week of declines as U.S. oil output comes close to matching that of top producer Russia.

India makes strong pitch to export Indian sugar to China following Modi-Xi summit

India today made its first pitch to export about 1.5 million tonnes of Indian sugar to China in a bid to reduce surplus stocks, weeks after an informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping in Wuhan. About 50 officials of the 25 Chinese sugar companies attended a close door interaction with top officials of the Indian Sugar Mills Association (ISMA) to discuss the possibility to import about one million or 1.5 million tonnes of Indian sugar, which could fetch about USD 350 million. India has 7 million tonnes of surplus sugar this year and with forecast of good rains the surplus stocks were expected to pileup further next year, Gaurav Goel, President of ISMA, told the media after his delegation's talks with Chinese officials. While most of the sugar produced in India is consumed at home, India so far has restricted sugar exports to East Africa and Sri Lanka. With the surplus stocks, India is now looking to export to China. China imports about 4.5 .

Metal and mining stocks decline

Key benchmark indices gyrated in a small range in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was down 25.01 points or 0.07% at 35,297.37. The Nifty 50 index was down 18.35 points or 0.17% at 10,717.80. Shares of private sector banking major HDFC Bank fell on profit booking. Metal and mining stocks declined.

Volumes spurt at Manpasand Beverages Ltd counter

Manpasand Beverages Ltd registered volume of 69.22 lakh shares by 14:24 IST on NSE, a 15.88 fold spurt over two-week average daily volume of 4.36 lakh shares

Sun TV Network Ltd tumbles nearly 4%

The stock is quoting at Rs 881.85, down 3.9% on the day as on 13:29 IST on the NSE. Sun TV Network Ltd jumped 5.69% in last one year as compared to a 10.94% rally in NIFTY and a 1.48% spurt in the Nifty Media index.

Steel Strip Wheels achieves 13.68 lakh total wheel rim sales in May

Recording growth of 22%

Bajaj Auto sales up 30 pc in May

Bajaj Auto today reported a 30 per cent jump in total vehicle sales at 4,07,044 units in May this year. The company had sold 3,13,756 vehicles units in the same month last year. Motorcycle sales last month stood at 3,42,595 units, up 24 per cent, as against 2,77,115 units in the same month a year earlier, Bajaj Auto said in a statement. The two-wheeler major said its exports rose by 31 per cent during the month to 1,82,419 units from 1,39,709 units in the corresponding year-ago period. In the commercial vehicles category, sales in May jumped by 76 per cent to 64,449 units as compared with 36,641 units in the year-ago month.

Global stocks rise, bond yields fall as Italian political deadlock ends

LONDON (Reuters) - World stocks rose and bond yields fell on Friday as investors welcomed an apparent end to a political crisis in Italy, although prospects of a full-blown trade war put a dampener on gains.

Global smartphone market to contract again in 2018: IDC

For the second year in a row, the worldwide smartphone market will contract again in 2018 before returning to growth in 2019 and beyond, due largely to rising demand of the product in India, according to research by the International Data Corporation (IDC).

Now, online tool to monitor foreign contributions

The Centre on Friday launched a web-based analytical tool to closely monitor the flow and utilisation of foreign contributions received by different organisations registered or permitted under the FCRA.

New Benami Transactions Informants Reward Scheme, 2018 launched by the Income Tax Department

With the objective of obtaining people's participation in the Income Tax Department's efforts to unearth black money and to reduce tax evasion, a new reward scheme titled Benami Transactions Informants Reward Scheme, 2018, has been issued by the Income Tax Department. This reward scheme is aimed at encouraging people to give information about benami transactions and properties as well as income earned on such properties by such hidden investors and beneficial owners.

China's markets regulator says still reviewing Qualcomm: NXP deal

BEIJING (Reuters) - China's markets regulator said on Friday it is still reviewing Qualcomm Inc's proposed $44 billion acquisition of NXP Semiconductors NV and is in talks with Qualcomm about ways to eliminate negative impact from the deal.

Ashok Leyland sales up 51 pc in May at 13,659 units

Hinduja Group flagship company Ashok Leyland today reported 51 per cent jump in total sales at 13,659 units in May. The company had sold 9,075 units in the same month last year, Ashok Leyland said in a statement. Sales of medium and heavy commercial vehicles rose 70 per cent to 10,421 units in May as against 6,143 units in the year-ago period, it added. Light commercial vehicles sales were at 3,238 units as against 2,932 units in May last year, a growth of 10 per cent, the company said.

Gold adds more losses, slips below Rs 32k-mark

Gold prices fell Rs 100 to reach Rs 31,900 per 10 grams at the bullion market today owing to slackened demand from local jewellers amid weak global cues. Silver followed suit and cracked below the Rs 41,000-mark by plunging Rs 450 to Rs 40,600 per kg due to reduced offtake by industrial units and coin makers. Traders said muted demand from local jewellers as well as retailers at the domestic spot market and a weak trend overseas mainly kept gold prices down for the second day. Globally, gold fell 0.23 per cent to USD 1,297.30 an ounce and silver 0.58 per cent at USD 16.39 an ounce in New York in yesterday's trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by another Rs 100 each to Rs 31,900 and Rs 31,750 per 10 grams respectively. The yellow metal had lost Rs 90 yesterday. Sovereign, however, remained flat at Rs 24,800 per piece of eight grams. Following gold, silver ready dropped by Rs 450 to Rs 40,600 per kg and weekly-based delivery shed Rs ...

Sterling Biotech case: ED attaches assets worth Rs. 4,701 crores

The Enforcement Directorate (ED) on Friday, after a seven month long probe, attached several movable and immovable properties worth more than Rs. 4,700 crores in connection with the Sterling Biotech group bank loan fraud case.The properties were attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.The crackdown was carried out on the basis of an FIR that was registered in October 2017 against the Vadodara-based Sterling Biotech Limited.The attached assets include nearly 4,000 acres of properties, luxury cars, nearly 200 bank accounts of various companies and shares worth more than Rs. 6.50 crores.It is alleged that Sterling's promoters, on the basis of false and fabricated documents, fraudulently obtained credit facilities of more than Rs. 5,000 crores from various banks, which subsequently were turned into Non-Performing Assets (NPAs).During the investigation, the Special PMLA Court issued non-bailable warrants against the company's promoters Nitin and