Page 3761 - Business Finance
Sensex, Nifty extend fall; Italy worries weigh
(Reuters) - Indian shares declined on Wednesday tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy, with financial stocks such as ICICI Bank Ltd weighing on the indexes.
A weak opening on the cards
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 64 points at the opening bell.
India, Indonesia agree to nearly triple bilateral trade to USD 50 billion
India and Indonesia have agreed to double their efforts to boost bilateral trade to USD 50 billion by 2025, Prime Minister Narendra Modi said today after holding comprehensive talks with President Joko Widodo. Prime Minister Modi, who arrived here last night on his first-ever official visit to Indonesia, exchanged views with President Widodo on potential areas of cooperation in areas like defence, maritime security, trade and economy. In a joint press statement after the talks, Modi said India and Indonesia have agreed to upgrade their ties to Comprehensive Strategic Partnership. He said India and Indonesia have agreed to double their efforts to take bilateral trade to USD 50 billion by 2025. According to Indonesia's Central Statistics Agency (BPS), trade between the two countries in 2016 was USD 12.9 billion. It rose 28.7 per cent to USD 18.13 billion in 2017 with Indonesia's exports to India reaching USD 14.08 billion and its imports from India standing at USD 4.05 billion. In a ...
Pharma stocks decline
Volatility ruled the roost as the key benchmark indices once again cut losses in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 100.09 points or 0.29% at 34,849.15. The Nifty 50 index was down 38.10 points or 0.36% at 10,595.20. Pharma shares dropped. Most FMCG stocks declined. Weak Asian stocks weighed on the local stocks.
PSU OMCs decline
After a brief intraday pullback, the key benchmark indices once again resumed decline on fresh selling in index pivotals. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 168.51 points or 0.48% at 34,780.73. The Nifty 50 index was down 56.40 points or 0.53% at 10,576.90. PSU OMCs declined. Capital goods stocks saw mixed trend. Weak Asian stocks weighed on the local stocks.
Finding the path to reviving India's banking system (Column: Behind Infra Lines)
The decision by the Reserve Bank of India (RBI) to grant banks the option to spread provisioning equally over up to four quarters for mark-to-market (MTM) losses on investments is one that merits discussion.
Trade war risk stalks global economic upturn - OECD
PARIS (Reuters) - The prospect of a trade war is threatening the global growth outlook, which otherwise is on course for a 40-year low in unemployment, the OECD said on Wednesday.
Future of books brighter in India than most parts of world: Publisher David Davidar (IANS Interview)
After an unprecedented boom in India's publishing industry during the past two decades, many insiders are fearful that it has now reached its saturation point. But the boom is not over, according to David Davidar, who maintains that India is "one of the most exciting book markets in the world" and its future is one of hopes.
Snapchat ropes in Tyroo as monetisation partner in India
Photo-messaging app Snapchat on Wednesday said it entered into a partnership with ad-technology platform Tyroo to drive its ad monetisation in India.
Housing & Urban Development Corporation gets revision in credit ratings
From CARE Ratings and ICRA
Castor seed futures remain higher on firm spot cues
Castor seed prices spurted further by Rs 17 to Rs 4,020 per quintal in futures trade today on widening of holdings by speculators, boosted by upbeat physical markets. Marketmen said widening of bets by participants on the back of a firm trend at the spot markets on restricted arrivals coupled with increased demand from consuming industries, kept castor seed prices higher for the second straight day. At the National Commodity and Derivatives Exchange, castor seed for delivery in July contracts hardened by Rs 17, or 0.42 per cent, to Rs 4,020 per quintal with an open interest of 51,240 lots. Castor seed for delivery in June contracts also improved by Rs 13, or 0.33 per cent, to Rs 3,968 per quintal recording a business turnover of 66,800 open lots.
Global Markets: Stocks battered as Italian crisis deepens
TOKYO (Reuters) - Asian stocks extended a global sell-off on Wednesday as Italy's political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as U.S. Treasuries.
Refined soya oil slides 0.17 pc on profit-booking
Refined soya oil prices eased 0.17 per cent to Rs 770.50 per 10 kg in futures market today as speculators booked profits, triggered by a drop in demand at the spot market against adequate stocks position. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June fell by Rs 1.30, or 0.17 per cent to Rs 770.50 per 10 kg with an open interest of 56,560 lots. Similarly, the oil for delivery in July contracts shed Rs 1.10, or 0.14 per cent to Rs 780 per 10 kg in 28,150 lots. Analysts said besides profit-booking by participants, easing demand in the physical market against sufficient stocks position led to the decline in refined soya oil prices at futures trade.
Reliance Communications Ltd leads gainers in 'A' group
Astra Microwave Products Ltd, Reliance Naval & Engineering Ltd, Torrent Power Ltd and Astral Poly Technik Ltd are among the other gainers in the BSE's 'A' group today, 30 May 2018.
JMD Ventures makes investment in Neolab Biotech Industries
Through its subsidiary, JMD Medicos
AirAsia shares tumble as probe threatens plans for India unit's IPO
SINGAPORE/KUALA LUMPUR (Reuters) - AirAsia Group Bhd shares dropped sharply on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.
Banking services in Maha hit hard as 60,000 employees go on strike
Banking services in Maharashtra were crippled as nearly 60,000 employees of various banks went on a two-day nationwide strike from today, protesting the meagre 2 per cent wage hike offered by the Indian Banks' Association (IBA). Nearly 10 lakh employees, working in various branches of 21 public sector banks, 13 old generation private sector banks, six foreign banks and 56 regional rural banks across the country went on the strike as the banking lobby, Indian Banks Association (IBA), offered them a nominal wage revision. "Bank employees are on strike to demand an adequate wage revision to all employees and officers," United Forum of Bank Unions convenor (Maharashtra) Devidas Tuljapurkar said. Around 60,000 bank employees and officers in Maharashtra, including 25,000 bank employees and officers in Mumbai, are on strike, he claimed, adding that nearly 12,000 bank branches in the state are shut. "Bank employees have implemented government's flagship programmes, such as Jan Dhan Yojna, ...
Cottonseed oil cake futures remain firm
Cottonseed oil cake prices rose by another Rs 14.50 to Rs 1,390.50 per quintal in futures trade today as traders raised long positions amid a firm trend at the physical market. Marketmen said widening of positions by participants, backed by strong demand from animal feed makers against tight stocks at the spot markets kept cottonseed oil cake prices higher for yet another day in futures trade. At the National Commodity and Derivatives Exchange, cottonseed oil cake for delivery in July contracts rose by Rs 14.50, or 1.05 per cent, to Rs 1,390.50 per quintal, with an open interest of 84,060 lots. The most-traded delivery in June contracts too gained Rs 13.50, or 1 per cent, to Rs 1,370 per quintal with an open interest of 1,45,140 lots.
AirAsia shares hit as India probes Fernandes
Shares of budget carrier AirAsia fell to a six-month low today after Indian authorities raided the airline's local offices and accused its boss Tony Fernandes of illegally obtaining operating licences.-* The Central Bureau of Investigation (CBI) said yesterday it was probing allegations that Fernandes illicitly lobbied Indian officials for favourable treatment for his Malaysian-based carrier. Officers raided AirAsia offices in major Indian cities as part of its investigation. AirAsia has denied any wrongdoing. The carrier's shares fell as much as 6.3 per cent to 3.10 ringgit (78 cents) in Kuala Lumpur, their lowest level since late November, before edging back up. The investigation is a blow in a market that AirAsia had singled out as a major destination to expand. Corrine Png, CEO of Asian transport equity consultancy Crucial Perspective, told AFP investors might be concerned as "investigations are likely to impede" plans by AirAsia India to expand out of the domestic market next ...
Infosys acquires award-winning creative agency Wongdoody
Through this acquisition, Infosys enhances its digital experience services ecosystem with services ranging from strategy, design and user experience, to creative and digital marketing across the customer experience value chain. Infosys further expands its worldwide network of Digital Studios that are fulfilling the needs of global clients for comprehensive digital transformation solutions required to meet customer demand for next-generation, enhanced customer experiences.