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China Market falls 1.2% on trade impasse with U.S.
The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any bitter fruit that harmed its interests.
Hong Kong Market shuts for public holiday
Most of Asian market declined on Monday, as investors remained risk adverse amid mounting concerns for the global economic outlook after hopes for a deal to end an escalating trade war between the United States and China were dashed.
Japan Market falls on global growth outlook concerns
China's envoy to the trade talks, Vice Premier Liu He said before leaving Washington that Beijing would not compromise on matters of principle and that tariffs on Chinese exports to the U.S. should be lifted as a condition for striking a deal. But Liu downplayed the level of tensions, saying China could cope with the challenges posed by the trade dispute. .
Shares slump on weak global cues
The domestic equity market tumbled on Monday, mirroring weakness in other global stock markets. The barometer index, the S&P BSE Sensex, fell 372.17 points or 0.99% to 37,090.82, as per the provisional closing data. The Nifty 50 index fell 144.45 points or 1.28% to 11,134.45, as per the provisional closing data. Investors are concerned about global economic growth after trade negotiations between the US and China appeared at a deadlock.
HDFC Bank shortlists 3 startups inDigital Innovation Summit
: HDFC Bank Monday said three start-ups from the city - Loop Reality, BluSapphire and Appnovation Technology - were declared winners at its regional Digital Innovation Summit (DIS). According to a press release from HDFC Bank WorkApps, a start up from Pune was the fourth winner picked by the bank after the one-day event held here. DIS is a platform launched by HDFC Bank for start-ups from across the globe to showcase their innovations. The participants were from the domains of cyber security, augmented and virtual reality, artificial intelligence, machine learning and rural agriculture, among others. These solutions could power the banks next phase of growth. These start-ups will get a chance to deploy their innovations within HDFC Bank, after further evaluation on technical, business, security, and compliance parameters, it said. Country Head Digital Banking, HDFC Bank Nitin Chugh said DIS is a marriage of disruptive technologies from start-ups and HDFC Bank's ...
Praveen Pardeshi takes charge as BMC Commissioner
Praveen Pardeshi took charge as the Commissioner of Brihanmumbai Municipal Corporation (BMC) on Monday.Pardeshi replaced Ajoy Mehta, a 1984-batch IAS officer, who was recently appointed as Maharastra's new chief secretary.Pardeshi is a 1985-batch IAS officer. Previously, he was posted as Additional Chief Secretary to the Chief Minister Devendra Fadnavis.
TV9 group revenues touch Rs 200 crore in FY 18
: Associated Broadcasting Company Pvt Ltd (ABCPL), which operates a host of new channels in different languages under TV9 logo, has recorded 21 per cent growth in revenue to a little over Rs 200 crore in FY 18. The company made Rs 5.86 crore profit after tax during the year, according to Care Ratings. ABCPL was recently in the news after its CEO and whole-time director Ravi Prakash was shown the door on allegations of forgery, among other charges. Alanda Media and Entertainments had acquired over 90 per cent stake in ABCPL last year. "This (growth in FDY 18) is primarily on account of Telangana and Karnataka TV9 channels gaining popularity and ability of the channels to maintain its leadership position," Care said in a rating report. Maintaining leadership position was possible with its effective marketing and selling strategies resulting in increased revenues, Care said. Care Ratings assigned 'CARE BBB, Stable' to ABCPLs Rs 25-crore long-term bank facilities and Care A3 .
EY probes cashback fraud at Paytm Mall, to build tech-driven prevention system
E-commerce platform Paytm Mall has engaged consulting and audit major EY to investigate a cashback fraud involving some of its employees and merchants, according to sources. Some employees of the Alibaba-backed company allegedly worked with third-party vendors and created fake orders to siphon off cashback offers. According to sources close to the development, the investigation has been going on for almost a fortnight and some employees have also been fired. When contacted, Paytm Mall in an e-mailed statement said, under the partnership, EY will "undertake frequent audits to identify, analyse and monitor various in-built and outsourced processes". It will also recommend global practices that will be applied to build a tech-driven fraud prevention system. Admitting that its current structure could leave "a scope for collusion", the statement said EY partnership will undertake audit and fraud prevention using both human and artificial intelligence. "This will strengthen the company's ..
Buyers From More Than 40 Countries and 100 Smart Cities of India to Witness World's Largest Ceramics Expo
/ -- World's largest ceramics expo Ceramix-19 to be held in Gujarat Ceramic industry expected to grow at 9% CAGR to become 7.5bln EUR by 2022 The Indian tile industry is growing at 15% per anum Morbi accounts for over 70% of the total production in India Ceramix 2019, organised by Octagon Communications, aimed to bring forward the growth of Indian Ceramic industry to the dealers and distributors of the country and to showcase the new products and developments in the cluster, is an effort to be a voice of the industry and bridge amongst the stakeholders. The dealers and distributors are the front of the industry that understand the new requirements of the end users and hence are an important cog in the wheel of development of new products. https://drive.google.com/open?id=1J10__n_LgUHNhP3za5CBTtDtB02cAxZH CEO of Ceramix-19, Mr. Sandip Patel said, "The exhibition is back in its full vigor in the 3rd installment to help this year from 21st to 24th November 2019 in Ahmedabad, ...
Gulf stocks down on rising regional tension
Stock markets in the energy-rich Gulf states dived on Monday as regional tensions soared after ships and oil tankers were targeted by acts of "sabotage" off the UAE coast. The Saudi bourse, the largest in the region, was down 2.7 percent after the kingdom's energy minister said two Saudi oil tankers were damaged in a "sabotage attack" off the coast of Fujairah on the Arabian Sea. The United Arab Emirates said on Sunday that four commercial vessels from various nationalities had been targeted by acts of sabotage just outside its territorial waters near Fujairah. The attacks did not result in any casualties but they caused damage to the vessels. The UAE bourses of Dubai and Abu Dhabi dropped by 3.7 per cent and 2.5 per cent, respectively on Monday. Qatar shares were down 2.1 per cent and Kuwait Bourse was 1.2 per cent lower while the small bourses of Oman and Bahrain were down 0.16 per cent and 0.6 per cent, respectively. The incidents came amid rising tensions in a region already ...
Australia Market falls 0.2%
Risk sentiments remain subdued amid fears of an escalating and destructive trade war after talks in Washington last week between the administration and a Chinese delegation ended without a resolution and the US followed through with its threat to increase the tariffs on US$200 billion of China's exports.
ITC Q4 net profit rises 18.72% to Rs 3,481.9 crore
Diversified group ITC Ltd Monday reported a 18.72 per cent increase in standalone net profit to Rs 3,481.9 crore for the fourth quarter ended March 31, 2019. The company had posted a net profit of Rs 2,932.71 crore in January-March period a year ago. ITC Monday also announced elevation of its MD Sanjiv Puri as the Chairman and Managing Director of the company. Puri's elevation comes after noted industry leader and erstwhile ITC Chairman Y C Deveshwar passed away Saturday morning after a brief illness. Deveshwar (72) had stepped down from executive role in 2017 but remained as a chairman in non-executive capacity. ITC's total income during the quarter under review rose 14.26 per cent stood to Rs 12,946.21 crore, compared to Rs 11,329.74 crore in the same period last fiscal, ITC said in a BSE filing. Revenue from total FMCG business, including cigarettes, stood at Rs 8,759.84 crore in January-March 2019, as against Rs 7,988.29 crore in the corresponding quarter previous fiscal. During ..
India's crude import will increase: Moody's
India's crude import bill will grow fatter despite numerous measures by successive governments to reduce its dependence on crude.
Crisil downgrades DHFL commercial papers worth Rs 850 cr
Ratings agency Crisil has downgraded the rating of Dewan Housing Finance Corporation's (DHFL) commercial papers worth Rs 850 crore to "A4+" due to a more-than-expected reduction in the company's liquidity.
Cosmo Ferrites re-appoints Independent Directors
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Texmaco Rail Q4 net profit surges 30.5% to Rs 33 cr
Texmaco Rail & Engineering Ltd Monday posted a 30.5 per cent rise in standalone net profit to Rs 33.13 crore for the fourth quarter ended March 31, 2019. The company had registered Rs 25.37 crore standalone net profit in the year-ago period, Texmaco Rail & Engineering Ltd said in a BSE filing. The company's standalone total income increased to Rs 661.74 crore, over Rs 387.09 crore a year ago, the company said. Texmaco Rail & Engineering Ltd is and engineering and infrastructure firm with five manufacturing units extending over 170 acres in the outskirts of Kolkata.
APSFC bifurcation delay may result in bond repayment default
Delay in asset bifurcation of Andhra Pradesh State Financial Corporation (APSFC) could lead to default in bond repayments to the tune of Rs 6.41 billion, a senior analyst has said. The rating of the bonds was also downgraded to 'B with negative outlook by India Ratings. A rating below 'BBB' is categorised as speculative grade. "APSFC is witnessing tight liquidity condition and the major problem is delay in the bifurcation," India Rating (Ind-Ra) Senior Analyst Divya Shrivastava said. The entity was to be bifurcated after Telangana was carved out of Andhra Pradesh. APSFC's Telangana division is facing hurdles over non-resolution of asset division between the two states, and liquidity problems that have emerged since 2017, officials said. "At the board level, the issue of bifurcation has been decided upon, but it is yet to get the Centre's nod," Shrivastava said. Due to this, the bonds do not carry the usual state guarantee, too, she said. Of the total Rs 6.41 billion, ...
Hero MotoCorp lines up Rs 1,500 cr capex for current fiscal
Two-wheeler major Hero MotoCorp has more than doubled its capex for the current fiscal to Rs 1,500 crore, mainly to upgrade its portfolio to conform to BS-VI emission norms and for its upcoming plant in Andhra Pradesh, a senior company official said Monday. The capital would also be utilised for the development of new products. "We have earmarked a capex of Rs 1,500 crore this fiscal. It will be utilised for Andhra plant, BS-VI upgradation and usual things like new product development," Hero MotoCorp CFO Niranjan Gupta told reporters here. The country's largest two-wheeler maker had earmarked Rs 700 capex in 2018-19. The company, which is trying consolidate its position in the premium segment, Monday launched two new scooters to cater to both, domestic as well as international markets. It introduced Maestro Edge 125 with fuel injection technology priced at Rs 62,700. The company claimed it is India's first scooter with fuel injection technology. The variants of Maestro Edge 125 with .