Page 373 - Business Finance
Flynas to launch Riyadh-New Delhi flights from July
Saudi Arabia's low-cost carrier Flynas on Monday announced the launch of five direct flights between Riyadh and New Delhi and two additional flights between the Saudi capital and Hyderabad from July.
Rupee crashes to over 2-month low on foreign fund outflows
The rupee Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US currency due to persistent foreign fund outflows and renewed worries over rising crude oil prices. An unabated sell-off in domestic equity markets also weighed on the domestic currency, forex dealers said. The rupee opened sharply lower at 70.16 and fell further to touch over two-month low of 70.53 at the interbank foreign exchange market as oil prices rose over 1 per cent in global markets. The local unit finally settled at 70.51, down by 59 paise over its previous close. The rupee had on Friday closed at 69.92 against the US dollar. "Indian rupee plunges along with other emerging market currencies amid concerns of a drawn- out trade war. "Sovereign bonds edged higher due to contraction in factory output and expectations of inflation staying below the target. This could force RBI to look for the Interest rate cut options in upcoming policy meet. Rise of more than 1.5 per cent
OYO launches its CSR programme 'OYO Reach' from Shimla
Hospitality firm OYO Monday launched its corporate social responsibility assistance programme 'OYO Reach' from Shimla, where majority of hotels under the company's brand have been equipped with rainwater harvesting systems. Through its CSR assistance programme, the company is aiming to provide necessary technical and financial assistance to its partners across the nation in a wide variety of projects and activities, OYO said in a statement. The company will also focus on skill development, economic opportunity creation and sustainable tourism, it added. "As part of our CSR program, OYO Reach, we are happy to assist in the adoption of rainwater harvesting systems in OYOs in Shimla," OYO Hotels & Homes India & South Asia CEO Aditya Ghosh said. Since tourism has been one of the most important contributors in boosting the state's economy, adoption of such techniques will not only help Shimla regain its stature as the most preferred hill station, but also promote sustainable ...
"Decisive" policies and reforms must for Pakistan's economic stability: IMF
Pakistan is facing a "challenging" economic environment and "decisive" policies and reforms are needed to stablise the economy, the IMF has warned as it reached a deal with the cash-strapped government of Prime Minister Imran Khan on a USD 6 billion bailout to stave off an financial crisis. The funding, which still needs approval from the International Monetary Fund's management, would be provided over three years. The agreement comes after months of negotiations that saw the sacking of Pakistan's finance minister, the governor of the central bank as well as the top revenue officer. Pakistan has faced an economic crisis with short supplies of foreign currency reserves and stagnating growth. In February, the central bank had only USD 8 billion left in foreign reserves. "Pakistan is facing a challenging economic environment, with lackluster growth, elevated inflation, high indebtedness, and a weak external position," IMF representative Ernesto Ramirez Rigo said in statement on Sunday ...
Retail inflation inches up to 2.92 pc in Apr
Retail inflation rose marginally to 2.92 per cent in April, mainly due to spike in food prices. The inflation based on Consumer Price Index (CPI) 2.86 per cent in the previous month and 4.58 per cent in April 2018, said the data released by the Central Statistics Office (CSO). As per the data, the inflation in the food basket was 1.1 per cent in April, up from 0.3 per cent in March. The Reserve Bank of India mainly factors in the CPI-based inflation while arriving at its monetary policy.
Nabard announces Rs 700-cr VC fund for agri, rural startups
The National Bank for Agriculture and Rural Development (NABARD) Monday announced a Rs 700-crore venture capital fund for equity investments in agriculture and rural-focused startups. NABARD has been contributing to other funds till now and this is the first time that the rural development bank has launched a fund of its own. The fund has been launched by Nabventures, a subsidiary of NABARD, and has a proposed corpus of Rs 500 crore with an option to retain over-subscriptions of Rs 200 crore, called as the greenshoe option, an official statement said. NABARD has given an anchor commitment for the fund, which will be investing across startups engaged in agriculture, food and rural development space, it said. The statement said, the fund had its first close but details of the investments done by NABARAD and other limited partners, if any, were not immediately available. The fund will have a high impact as it will provide a boost to investment ecosystem in the core areas of agriculture, .
BharatPe ropes in Salman Khan as brand ambassador
Merchant service and UPI payments app BharatPe Monday said it has roped in Bollywood actor Salman Khan as its brand ambassador. The company is on an aggressive growth spree and will be launching a brand advertising campaign with Khan shortly, it said in a release. The new brand campaign with Khan will be focused towards educating merchants and users about UPI payments along with driving adoption of BharatPe app for all their business needs, it added. The fintech startup will also partner with the actor for outdoor campaigns, radio, social media and in-app education initiatives, the statement said. "BharatPe is positioned as the business utility app for small and medium businesses. The brand's synergy with brand Salman Khan lies in the manner that we both are determined to serve Bharat, the real India," BharatPe co-founder and CEO Ashneer Grover said. Khan is a universally loved and respected superstar whose body of work always cuts across with the audience, he added. "We are ...
Sensex plummets 372 points as financials, pharma slide
A last hour selling pressure prompted equity benchmark indices to end lower for the ninth consecutive session on Monday after a sharp fall in Asian peers.The S & P BSE Sensex plummeted 372 points to close at 37,091 while the Nifty 50 tumbled 131 points to 11,148.Except for IT, all sectoral indices were in the red at the National Stock Exchange. PSU bank was down 5 per cent, pharma 4.4 per cent and media 3.8 per cent.Sun Pharmaceuticals slid over 9 per cent and wound up the day at Rs 396.85. Cadila, Aurobindo Pharma, Glenmark Pharma and Lupin too were in the red.Eicher Motors slumped over 8 per cent to close at Rs 18,700 after the company reported weak operational performance during the March quarter of 2018-19.Jet Airways was down over 8 per cent and closed at Rs 139.45 after reports said Etihad Airways' bid for a minority stake in the grounded airline is non-binding and subject to fulfillment of certain conditions by its lenders.Zee Entertainment slipped 6.6 per cent, Indiabulls .
Sun Pharma falls steeply by 20%, recovers partially
Sun Pharma on Monday suffered a sudden and steep fall during the final hours of trade on the BSE. The pharma major's scrip declined over 20 per cent to hit a 52-week low of Rs 350.40 apiece, but recovered towards the close.
Sanjiv Puri appointed ITC's new Chairman
FMCG major ITC Ltd on Monday said its board of directors has appointed company Managing Director Sanjiv Puri as its Chairman with immediate effect following the demise of Y. C. Deveshwar, who was the Chairman and Non-Executive Director of the diversified conglomerate.
Larsen & Toubro shares drop nearly 3% after Q4 earnings
Shares of Larsen & Toubro dropped by nearly 3 per cent Monday after the company's March quarter earnings fell short of market expectations. The scrip declined 2.81 per cent to close at Rs 1,317.20 on the BSE. During the day, it dropped 3.33 per cent to Rs 1,310. At the NSE, shares closed 2.75 per cent lower at Rs 1,318.20. In terms of volume, 2.10 lakh shares were traded on the BSE during the day, while over 34 lakh shares were traded on the NSE. The company's declared its earnings post market hours on Friday. It reported a 7.9 per cent rise in its consolidated profit after tax (PAT) at Rs 3,418.24 crore for the quarter ended March 2019. Its PAT stood at Rs 3,167.47 crore during the corresponding quarter a year ago, according to a BSE filing. Consolidated income in the said quarter increased to Rs 45,555.29 crore from Rs 41,091.04 crore in January-March 2018. "L&T's January-March 2018-19 consolidated revenue grew over 10 per cent yoy and PAT grew 8 per cent yoy. While the ...
'China will be hurt very badly if you don't make a deal', Trump tells Xi
Amidst reports that some 200 American firms are in talks of moving their units from China to India, US President Donald Trump on Monday warned his Chinese counterpart Xi Jinping that China "will be hurt very badly if you don't make a deal." "I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries," Trump tweeted. "Too expensive to buy in China. You had a great deal, almost completed, & you backed out!" Trump said ramping up his remarks against Beijing after the collapse of trade negotiations with China. Officials of the Trump Administration say that China backed out of a trade deal that they had negotiated over past several months involving top officials from the two countries. Last November, Trump and Xi had agreed to negotiate a trade deal in 100 days. As a result, Trump paused his decision to increase import tariffs of Chinese products. The .
Approval of Stock Grants under Godrej Industries
At an exercise price of Re 1/- per option
MT Educare reports consolidated net profit of Rs 4.75 crore in the March 2019 quarter
Sales rise 23.38% to Rs 50.29 crore
Godrej Industries consolidated net profit rises 108.33% in the March 2019 quarter
Sales rise 48.26% to Rs 2971.78 crore
Avadh Sugar & Energy reports standalone net profit of Rs 85.22 crore in the March 2019 quarter
Sales rise 19.93% to Rs 532.11 crore
Texmaco Rail & Engineering standalone net profit rises 30.63% in the March 2019 quarter
Sales rise 79.43% to Rs 655.77 crore
Muthoot Finance standalone net profit rises 0.63% in the March 2019 quarter
Sales rise 14.10% to Rs 1879.72 crore
Jayatma Industries standalone net profit declines 31.25% in the March 2019 quarter
Sales rise 15.81% to Rs 41.61 crore