Page 3762 - Business Finance
FICCI's Economic Outlook Survey projects GDP growth for FY19 at 7.4%
The annual GDP growth for 2018-19 is projected at 7.4% by the participating economist; with a minimum and maximum range of 6.9% and 7.5% respectively.
Analysis: India's e-commerce wars to be reshaped by private label brands
MUMBAI (Reuters) - For Lalit Bisht, buying Roadster jeans and T-shirts off Myntra, Flipkart's fashion operation, is a no brainer. It may take a week to deliver clothes to Bisht's small hometown in Uttarakhand, but the wait is worth it.
Barley futures rise 0.87% on robust demand
Rising for the second straight day, barley prices rose by another Rs 13 to Rs 1,500 per quintal in futures trade today on the expansion of bets by traders, driven by robust demand at the physical markets. Marketmen said strong demand from beer makers amid tight supplies in the spot markets, kept sentiments upbeat in barley in futures trade. At the National Commodity and Derivatives Exchange, barley to be delivered in June was trading higher by Rs 13, or 0.87 per cent, at Rs 1,500 per quintal, clocking an open interest of 10.490 lots. Barley for delivery in July contracts also edged up by Rs 6, or 0.40 per cent, to Rs 1,508 per quintal with an open interest of 7,820 lots.
Blue Star expands its range of water purifiers with innovative Immuno Boost Technology
Targets 3500 retail outlets in FY19
Rupee up 9 paise vs USD at 67.77 in late morning deals
The rupee recovered from its initial losses to trade higher by 9 paise at 67.77 against the greenback in late morning deals following sustained bouts of dollar-selling from banks and exporters despite lower equities. The domestic unit witnessed volatility and was trading between a high of 67.60 and low of 67.90 during morning deals, it was trading at 67.77 per dollar at 1030 hrs. Rupee remained under pressure on sustained foreign funds outflows, increased month-end dollar demand and surging dollar amid Italian political crises. "RBI's selling through banks lifted the rupee sentiment," a dealer said. Meanwhile, the US dollar climbed against against basket currencies in early Asian trade, while the euro was buried near multi-month lows against major rivals as Italy's political crisis deepened. The 30-share BSE Sensex trading lower by 184.09 points, or 0.53 per cent, at 34,765.15 at 1100 hrs.
UP potato farmers faces sharp drop in sale due to fuel price hike
Potato farmers in Uttar Pradesh's Moradabad are incurring losses as they are not able to sell off their produce due to hike in petrol and diesel rates which is leading to increase in transportation prices.Previously the farmers had to pay Rs 20 for bringing in a sack of potato, and due to an increase in fuel prices the charges have now increased to Rs 25.Potato traders are facing a sharp drop in their businesses due to this, since no retailers are coming in to buy the farmer's produce."Due to increased fuel prices nobody has come to buy the potatoes. The potatoes have now started to rot," said Potato Trader, Ali."It's been five days now, but nobody has come to buy potatoes," said a concerned potato farmer.The continuous fuel price hike has caused inconvenience and disappointment among the general public and farmers for the last 16 days.Previously, petrol prices were cut down to 60 paise in Delhi and 59 paise in Mumbai while diesel price went down by 56 paise in Delhi and 59 paise in ..
Wheat futures strengthen by 0.44% on positive spot cues
Wheat prices rose further by 0.44 per cent to Rs 1,842 per quintal in futures market today as speculators raised bets amid pick up in demand in the spot market. At the National Commodity and Derivatives Exchange, wheat for delivery in July was trading higher by Rs 8, or 0.44 per cent, at Rs 1,842 per quintal with an open interest of 2,930 lots. Analysts said expanding of positions by traders due to pick up in demand from flour mills in the physical market amid a pause in arrivals from producing belts kept wheat prices higher in futures trade.
Manpasand Beverages slumps over 42% in three sessions
Manpasand Beverages hit a lower circuit limit of 10% at Rs 248.30 at 10:49 IST on BSE, extending recent steep losses triggered by resignation of the company's statutory auditor.
Mentha oil futures remain weak on low demand
Mentha oil prices fell another 0.55 per cent to Rs 1,295 per kg in futures trading today as speculators trimmed their positions amid a fall in demand from consuming industries at the spot market. At the Multi Commodity Exchange, mentha oil for delivery in May fell by Rs 7.20, or 0.55 per cent to Rs 1,295 per kg in business turnover of 22 lots. Analysts attributed the fall to offloading of positions by participants due to easing demand from consuming industries in the physical market against ample stocks position on increased supplies from Chandausi in Uttar Pradesh.
Global business and spending outlook by American Express
Indian finance executives remain optimistic about the Indian economy and are likely to increase spending on travel and entertainment (T&E), invest in improving administrative process efficiencies and invest on mobile technology and hardware and infrastructure in 2018 to help meet their business priorities.According to the 11th Edition of the Global Business & Spending Outlook Survey, commissioned by American Express and conducted by Institutional Investor Thought Leadership Studio, 37 percent of the CFOs surveyed that they are likely to spend more on T&E than last year, whereas 50 percent maintained that they are likely to keep the spending same as last year.The annual cross-industry survey conducted among 870 senior executives across 21 countries with worldwide revenue of more than USD 500 million, states that 33 percent of the Indian CFOs surveyed are likely to spend more on transportation / logistics and 53 percent on hardware and infrastructure while half of the senior
Nickel futures slide 0.79 pc on profit-booking
Nickel prices drifted lower by 0.79 per cent to Rs 1,001.40 per kg in futures trading today as speculators booked profit, prompted by a weak trend in select base metals overseas. At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 8, or 0.79 per cent, to Rs 1,001.40 per kg in a business turnover of 479 lots. Likewise, the metal for delivery in current month contracts traded lower by Rs 7.90, or 0.79 per cent, to Rs 996.90 per kg in 1,075 lots. Analysts said profit-booking by participants and a weak trend in copper and other base metals at the London Metal Exchange (LME), pressured by a firmer dollar amid Italy's deepening political crisis pulling investors out of risky assets, mainly led to the decline in nickel prices in futures trade.
Manpasand Beverages hits lower circuit for third straight session
Shares of Manpasand Beverages plunged 10 per cent to hit their lower circuit limit for the third consecutive session today on account of the resignation of its auditing firm with effect from May 26, 2018. The stock has been on a downtrend for the sixth consecutive sessions and has cracked as much as 42.25 per cent since May 22. The shares of the company today opened at Rs 248.30, down 9.99 per cent over its previous closing price on the BSE. Similar movement was seen on NSE where the stock opened at Rs 247.90, down 9.99 per cent over its last close. Auditing major Deloitte Haskins & Sells resigned as statutory auditors of Manpasand Beverages as the fruit juice maker failed to provide them with "significant information" on the financial results for the year ended March 31, 2018. The board meeting of Manpasand Beverages, to consider and approve the financial results for the year ended March 31, 2018, was scheduled to be held on May 30. However, the said meeting now stands ...
Volumes soar at Vakrangee Ltd counter
Vakrangee Ltd clocked volume of 13.92 lakh shares by 10:54 IST on BSE, a 22.21 times surge over two-week average daily volume of 62682 shares
Petrol, diesel price cut revised to just 1 paisa a litre
The reduction in petrol and diesel prices was today revised to just 1 paisa a litre each, with state-owned oil companies blaming clerical error for previously announcing a cut of up to 60 paise. State-owned oil companies this morning announced reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. Within hours of the announcement, they revised the cut to just 1 paisa a litre each. "The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price," a senior official of Indian Oil Corp (IOC), the nation's largest fuel retailer, explained. Petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30. The marginal reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates. In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that ...
Gold futures down 0.31% on weak global cues
Gold prices went down by 0.31 per cent to Rs 31,090 per 10 grams in futures trade today as participants lightened their bets, tracking a weak movement overseas. At Multi Commodity Exchange, gold for delivery in June was down Rs 98, or 0.31 per cent, to Rs 31,090 per 10 grams in a business turnover of 294 lots. Similarly, the metal for delivery in far-month August contracts was trading lower by Rs 89, or 0.28 per cent, to Rs 31,355 per 10 grams in 125 lots. Analysts attributed the fall in prices to a weak trend overseas. Meanwhile, gold shed 0.02 per cent to USD 1,298.10 an ounce in Singapore.
Cardamom futures edge lower by 0.68% on muted demand
Cardamom prices fell 0.68 per cent to Rs 901 per kg in futures trade today as speculators reduced exposure amid easing demand at the spot market. At the Multi Commodity Exchange, cardamom for delivery in June declined by Rs 6.20, or 0.68 per cent, to Rs 901 per kg in a business turnover of 2 lots. Traders said cutting down of positions by participants on the back of sluggish demand in the spot market against adequate stocks position on higher supplies from producing regions weighed on cardamom prices in futures trade.
Silver futures decline 0.25% on global cues, profit-booking
Silver prices fell 0.25 per cent to Rs 40,465 per kg in futures trade today as speculators trimmed positions amid a weakening trend overseas. Silver for delivery in September traded lower by Rs 101, or 0.25 per cent, to Rs 40,465 per kg in a business turnover of 7 lots in futures trading at the Multi Commodity Exchange (MCX). Similarly, the white metal for delivery in July fell Rs 100, or 0.25 per cent, to Rs 39,8769 per kg in a business turnover of 489 lots. In international market, silver traded 0.03 per cent lower at USD 16.32 an ounce in Singapore today. Market analysts said a weak trend in precious metals in global markets and trimming of positions by speculators at prevailing levels to book profits kept pressure on silver futures.
Singapore Airlines to launch world's longest commercial flight in October
SINGAPORE (Reuters) - Singapore Airlines Ltd said it would launch the world's longest commercial flight in October, a near-19 hour non-stop journey from Singapore to the New York area.
Crude palm oil futures slip 0.23% on weak spot cues
Crude palm oil prices softened by 0.23 per cent to Rs 658.10 per 10 kgs in futures market today as speculators reduced exposure, taking negative cues from spot market on subdued demand. Besides, sufficient stocks following increased supplies from the producing regions, weighed on prices. At the Multi Commodity Exchange, crude palm oil for delivery in June fell by Rs 1.50, or 0.23 per cent, to Rs 658.10 per 10 kg in a business turnover of 101 lots. Similarly, the oil for delivery in May contracts shed Rs 1.30, or 0.20 per cent, to Rs 653.20 per 10 kg in 77 lots. Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position on increased supplies from growing regions led to decline in crude palm oil prices in futures trade.
Copper futures fall 0.71% on global cues, muted demand
Copper prices softened by 0.71 per cent to Rs 457.45 per kg in futures trade today as speculators offloaded positions amid weak global cues and sluggish demand at the domestic spot markets. At the Multi Commodity Exchange, copper for delivery in June declined by Rs 3.25, or 0.71 per cent to Rs 457.45 per kg in business turnover of 1,772 lots. Similarly, the metal for delivery in far-month August contracts eased by Rs 3.30, or 0.71 per cent, to Rs 463 per kg in 117 lots. Analysts attributed the fall in copper futures to a weak trend at the London Metal Exchange (LME) where the metal fell to a two-week low yesterday, pressured by a firmer dollar and as Italy's deepening political crisis pulled investors out of risky assets and slackened demand from domestic consuming industries. Globally, copper for three-month delivery was down 0.7 per cent at USD 6,810 per tonne after hitting an early low of USD 6,802 at the LME.