Page 3737 - Business Finance
Copper plant closure won't affect Vedanta's cash flow much, says S&P
The closure of Vedanta Resources PLC's Indian copper smelter is marginally negative for the company and will not materially affect its cash flows, S&P Global Ratings said today. The Tamil Nadu government this week ordered the state Pollution Control Board to seal and "permanently" close the Vedanta group's copper plant in Tuticorin following last week's violent protests over pollution concerns during which 13 people were killed in police firing. "The cash flows from Vedanta's Indian copper smelting operations were marginal compared with gross cash flows, but they provided cash flow diversity," S&P credit analyst Vishal Kulkarni said in a statement. At the same time, S&P said, the diversified natural resources company faces a number of operational headwinds in India, including domestic coal-supply constraints and potentially higher taxes on crude oil producers. These issues could test Vedanta's cash flow targets, if realised, it added. However, it said, "Despite such ...
Quora now available in Hindi, soon in other Indian languages
Aiming to expand its user base in India, popular question-and-answer platform Quora on Thursday launched in Hindi and promised the roll out of the platform in several other Indian vernacular languages soon.
Faster loan approvals with Cash Suvidha Android application
Cash Suvidha, a fast propelling fintech company extending business loans to SMEs, MSMEs, startups, and women entrepreneurs across India, has announced the launch of its new Android application to provide easy lending services on the go.The application by Cash Suvidha is a one stop solution for money lending and provides its users with a hassle-free interface.It allows users to submit loan applications, capture and upload documents' images and get immediate approval.The applicant gets the loan amount disbursed within 48 hours. This step is in a direction to simplify the lending process, enhance the speed, increase transparency and improve customer experience."Owing to the Digital India Programme by the Indian government, India's digital infrastructure is coming to life, with a combination of policy and technological innovation. The country is moving rapidly towards a digital-first economy. We therefore aim to provide our fast moving young professionals with hassle free and time saving .
'Centre trying to resolve fuel price hike'
Amid skyrocketing prices of petrol and diesel across the country, Home Minister Rajnath Singh on Thursday claimed that the government is trying to solve the distress caused due to the same."Our government is trying to solve it (fuel price hike) so that the public doesn't suffer," Rajnath said at a press conference here.Citing an increase in the prices of crude oil in the international market, Singh opined that the fuel price hike, which is a result of rising global oil prices, has not affected the economy of the country."Due to the rise in the price of crude oil in international markets, there has been an increase in price of petrol and diesel. However, this has not affected the economy of the country," he said.Petrol in Delhi now costs Rs 78.35 a litre and Diesel 69.25 per litre.The revised Petrol prices in other metro cities are Rs. 80.98 in Kolkata, Rs. 86.16 in Mumbai, Rs. 81.35 in ChennaiMeanwhile, revised Diesel price is Rs.71.80 in Kolkata, Rs.73.73 in Mumbai and Rs. 73.12 in ..
After 1 paisa cut, petrol down by 7 paise, diesel by 5 on Thursday
After a one paisa cut in fuel prices which brought a lot of flak to the oil companies and the government, on Thursday petrol prices across the four metros were cut by seven paise a litre and diesel prices fell by five paise.
Sydney Airport targets India as next key growth market
SYDNEY (Reuters) - Sydney Airport Holdings Pty Ltd, a major beneficiary of China's outbound tourism boom, is targeting India as the next big international growth market, its CEO said on Thursday.
Atlanta slumps after auditor resigns
Atlanta hit a lower circuit limit of 20% at Rs 51.10 at 13:50 IST on BSE after Price Waterhouse Chartered Accountants LLP quit as auditor of the company.
STT GDC India to open third data centre in Bengaluru
As part of its India expansion plans, Singapore-based STT Global Data Centres India Private Limited (STT GDC India) on Thursday announced the opening of a third data centre in Bengaluru, where it already operates two such facilities.
Tata Motors, Maharashtra sign MoU to promote e-mobility
The Tata Motors and Maharashtra Government have signed a MoU to deploy 1,000 Electric Vehicles across its range of passenger and commercial vehicles in the state, an official said here on Thursday.
Ind-Ra: India's Auto Sales Continued Strong Growth in April 2018
In April 2018, domestic industry volumes grew by 17% yoy and 7% mom, according to India Ratings and Research (Ind-Ra) report on auto sector. Strong yoy growth was primarily led by lower volumes recorded in April 2017, especially in the commercial vehicles (CV) and two-wheelers (2W) segment.
Global air passenger demand growth slows in April 2018: IATA
Global air passenger demand rose 6.2% in April 2018
Sensex, Nifty hit fresh intraday high
Key barometers extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 187.29 points or 0.54% at 35,093.40. The Nifty 50 index was up 56.90 points or 0.54% at 10,671.25. The Sensex was currently trading above the psychological 35,000 level after moving above and below that level in intraday trade. Positive global stocks boosted sentiment.
World Cup to have little impact on Russia's economy - Moody's
MOSCOW (Reuters) - The 2018 soccer World Cup will have little lasting impact on the Russian economy, Rating agency Moody's Investors Service said on Thursday.
Late to teapot party, ExxonMobil breaks with tradition in wooing China's oil market
DONGYING, China (Reuters) - ExxonMobil Corp's global oil marketing team stormed into China this week hoping to elbow aside rivals and gain access to the nation's "teapot" refining market, executives told Reuters.
RCom shares in demand; soar 20%
Shares of Reliance Communications (RCom) today surged 20 per cent, a day after NCLAT stayed bankruptcy proceedings against the company after it agreed to pay Rs 550 crore to Ericsson to settle a payment dispute. The stock jumped 19.14 per cent to Rs 20.85 on BSE. At NSE, shares of the company zoomed 20 per cent to Rs 21. The order of the National Company Law Appellate Tribunal clears the way for Anil Ambani-led RCom to sell its telecom towers, spectrum and fibre assets to Reliance Jio. A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya directed RCom and its subsidiaries Reliance Infratel and Reliance Telecom to pay Rs 550 crore to Ericsson India in 120 days, failing which it will direct insolvency proceedings against the company. Meanwhile, in a statement yesterday, RCom said its management has been reinstated by NCLAT's order. "RCom's management and board of directors have been reinstated vide this order," RCom spokesperson said. "RCom expects to now complete the ...
IOC most profitable PSU for 2nd yr in a row; displaces ONGC
Fuel retailer IOC has for the second year in a row beaten ONGC to become India's most profitable state-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates. Indian Oil Corporation, which has for decades been India's biggest company by turnover, last week posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018 (FY 2017-18), up 12 per cent from Rs 19,106 crore in the last fiscal. Oil and Natural Gas Corp (ONGC) yesterday reported its FY18 numbers - 11.4 per cent rise in net profit to Rs 19,945 crore. Billionaire Mukesh Ambani-led Reliance Industries retained the crown of being India's most profitable company for the third year in a row, posting highest ever net profit of Rs 36,075 crore. Tata Consultancy Services, India's largest software services exporter, with a net profit of Rs 25,880 crore was the second most profitable company in the country. ONGC was for long India's most profitable .
Tech Mahindra Ltd is up for a third straight session in a row
The stock is quoting at Rs 709.65, up 3.26% on the day as on 12:59 IST on the NSE. Tech Mahindra Ltd is up 78.44% in last one year as compared to a 10.87% spurt in NIFTY and a 28.85% spurt in the Nifty IT index.
Max Financial Services Ltd is up for a third straight session in a row
The stock is quoting at Rs 491.3, up 1.58% on the day as on 12:59 IST on the NSE. Max Financial Services Ltd is down 19.42% in last one year as compared to a 10.87% gain in NIFTY and a 15.84% gain in the Nifty Financial Services index.
IIFL Holdings Ltd is up for a third straight session today
The stock is quoting at Rs 701.05, up 1.75% on the day as on 12:59 IST on the NSE. IIFL Holdings Ltd is up 39.12% in last one year as compared to a 10.87% jump in NIFTY and a 15.84% jump in the Nifty Financial Services index.
Mahindra & Mahindra Ltd gained for a third straight session today
The stock is quoting at Rs 910.45, up 1.39% on the day as on 12:59 IST on the NSE. Mahindra & Mahindra Ltd is up 27.76% in last one year as compared to a 10.87% spurt in NIFTY and a 0.94% spurt in the Nifty Auto index.