Page 3768 - Business Finance
Wall Street slips at open as Italy's political turmoil weighs
(Reuters) - U.S. stocks opened sharply lower on Tuesday as investors switched cash into perceived safe havens of global financial markets due to a deepening political crisis in Italy.
Avvashya CCI Logistics plans Rs 60-cr warehouse in Assam
Avvashya CCI Logistics Pvt Ltd (ACCI), a subsidiary of Allcargo Logistics, today said it plans to invest around Rs 60 crore to build an auto engineering parts warehouse here in the next two years. "The warehouse will be partially heavy-duty racked warehouse, auto specific with shelving and block storage for odd dimensional cargo," the company said in a statement. The proposed unit will be located at North Guwahati. Commenting on the development, Allcargo Logistics Joint Managing Director Adarsh Hegde said, "The North-East region has huge potential and is emerging as one of the strategic geographical markets. "Our foray into the North East completes our pan-India presence and enhances our journey to provide the best of facilities in logistics across the country." Spread across three lakh sq ft, the warehouse will provide end-to-end management for aftermarket spare parts to service the North-East sector, the company said. In the first phase, the facility will cover one lakh
Exports to touch USD 350 billion during 2018-19
President of the Federation of Indian Export Organisations (FIEO), Ganesh Kumar Gupta on Tuesday suggested that Indian exports, which were hovering around the USD 300 billion mark, should exhibit a 15-20 percent growth so as to reach the USD 350 billion mark during the current fiscal.He also indicated the upward movement in petroleum and other commodity prices would add to the growth in exports while claiming that despite increasing protectionism, global economic growth was promising in 2018.While advising upon identifying the productive sectors and providing them with fiscal and non-fiscal support so that exports are boosted, both in advanced and emerging economies, he said that a product market mix strategy would help in increasing exports exponentially.The FIEO also feels that the Government will pro-actively engage with our trading partners particularly with the US so that the trade interests of the country were safeguarded.While growth in exports in 2017-18 had helped in creating
Global cues, profit booking depress equity indices (Roundup)
Broadly negative global cues, along with persistent selling by foreign investors and profit booking subdued the Indian equity indices on Tuesday.
Q4 GDP growth seen at 7.1%: Ficci survey
India's GDP growth is expected at 7.1 per cent for the January-March quarter of the last fiscal and 6.6 per cent for the entire 2017-18, industry body Ficci said today. The Central Statistics Office (CSO) is scheduled to release GDP numbers for the fourth quarter as well as the 2017-18 fiscal on May 31. The GDP growth in the third quarter (October-December 2017-18) is seen at 7.2 per cent, and for the entire last fiscal (2017-18), it is projected at 6.6 per cent at constant prices, as per CSO data. Ficci's Economic Outlook Survey, based on opinion of economists, projects the annual economic growth for 2018-19 at 7.4 per cent with a minimum and maximum of 6.9 per cent and 7.5 per cent, respectively. The chamber's survey further said that "some concerns" are visible on external front with median current account deficit forecast pegged at 2.1 per cent of GDP for 2018-19. The surge in oil prices has emerged as a major risk factor and can weigh down heavy on India's external position and ..
Alibaba leads consortium in $1.4 billion deal for stake in Chinese courier ZTO
SHANGHAI (Reuters) - Alibaba Group Holding Ltd on Tuesday said it has led a consortium of investors to buy about 10 percent of Chinese courier ZTO Express (Cayman) Inc for $1.38 billion, as part of the e-commerce firm's push into offline services.
Italian bonds suffer worst day in more than 25 years
LONDON (Reuters) - A deepening political crisis in Italy, the euro zone's third biggest economy, fuelled a selloff in Italian assets and the euro on Tuesday that was reminiscent of the euro zone debt crisis of 2010-2012.
Royal Orchid Hotels Q4 net surge to Rs 2.46 cr
Royal Orchid Hotels net profits for the quarter ending March 31, surged to Rs 2.46 crore compared to the same period last year. The company's profit after tax stood at Rs 3 lakh in the corresponding quarter of the previous financial year, a release said here. Revenue from operations during the last quarter went up by 14 per cent to Rs 27.72 crore compared to Rs 24.36 crore in the same period last year. "Following our asset light model, we have successfully added 10 new properties in FY18, taking total number of properties to 47. With the rise in mid-segment hotels, we are planning to add 15 more properties in the current fiscal year," Royal Orchid Hotels managing director Chender Baljee said.
Rupee breaks 3-day rising streak, plunges 43 paise to 67.86
After a short-lived recovery, the rupee today once again turned shaky and lost ground against the US currency, falling by a steep 43 paise to end at 67.86 due to heavy month-end dollar demand from importers. Forex market sentiment turned bearish after tracking losses in most Asian and emerging market currencies, also impacted by political developments in Italy. Deepening political crisis in Italy, the euro zone's third biggest economy, provoked selling of Italian assets and the euro that was reminiscent of the euro zone debt crisis of 2010-2012. A sharp sell-off in domestic stock market also largely led to weaker rupee sentiment. However, suspected currency market intervention by the Reserve Bank of India stemmed the rupee's fall. The rupee had touched a two-week high yesterday. The Indian currency was given some reprieve after plunging to a fresh 18-month low of 68.42 last week, staging an impressive recovery fuelled by a sudden crash in global crude prices. It had appreciated by a ..
Interview: De Beers sees sparkle in synthetic diamond jewellery
LONDON (Reuters) - Anglo American unit De Beers is launching a company to sell laboratory-produced diamonds for jewellery in a departure from its century-old business model of promoting natural stones.
Euro zone money markets slash 2019 ECB rate-hike bets
LONDON (Reuters) - Euro zone money markets are pricing in just a 30 percent chance of a European Central Bank rate hike - of 10 basis points - in June 2019, marking a sharp scaling back of bets as economic growth slows and worries about Italy mount.
Gold prices recover by Rs 305 on global cues
Gold prices rebounded by Rs 305 to Rs 31,235 per ten grams at the bullion market here today on firm overseas cues and increased buying by local jewellers. Silver also recovered by Rs 240 per kg on increased offtake by industrial units. Standard gold (99.5 per cent purity) hardened by Rs 305 to finish at Rs 31,235 per 10 grams from previous closing price of Rs 30,930. Pure gold (99.9 per cent purity) also rose by a similar margin to end at Rs 31,385 per 10 grams compared with Rs 31,080, yesterday. Silver (.999 fineness) spurted by Rs 240 to conclude at Rs 39,850 per kg against its Monday's level of Rs 39,610. Globally, gold edged up as a deepening political crisis in Italy provoked a second day of heavy selling in European financial markets, though a buoyant dollar kept the precious metals gains in check. Spot gold was trading 0.4 per cent higher at USD 1,303.20 per ounce at early trade. Spot silver was flat at USD 16.46 an ounce.
Volvo Cars commence bookings for XC40 in India
Swedish automaker Volvo Cars today said it has commenced pre-launch bookings of its upcoming model XC40 in India. The company expects all of its first lot of 200 units to be pre-booked before the launch as the entry level SUV, Volvo Car India said in a statement. The model could be booked at any of the company's dealerships in the country with Rs 5 lakh deposit, it added. The company plans to launch the model on July 4. Volvo Car India established its presence in India in 2007 and currently sells S60, S90, XC60, XC90, 40 Cross Country, V90 Cross Country and S60 Cross Country models in the country.
Dish TV posts Q4 net profit at Rs 118 cr
Direct-to-home operator Dish TV today reported consolidated net profit at Rs 118.21 crore for the fourth quarter ended March 2018. The company had posted a net loss of Rs 29.49 crore during the January-March quarter a year ago, Dish TV said in a BSE filing. Its total income stood at Rs 1,545.11 crore during the quarter under review. It was Rs 732.36 crore in the corresponding quarter of the previous fiscal. On March 22, 2018, Videocon D2h Limited merged with Dish TV. According to the company, financials of Dish TV for the quarter and year ended March 31, 2018 represent three months financial performance each of Dish TV India and Videocon d2h Limited and hence are not comparable. Similarly, financials of Dish TV India for the year ended March 31, 2018 represent 12 months financial performance of Dish TV India and six months financial performance of Videocon d2h. "Financial numbers for the fourth quarter and fiscal 2018 are thus not comparable with the corresponding periods of the last .
SGX reschedule launch of new Indian derivatives products
The Singapore Exchange, involved in a court case with a subsidiary of National Stock Exchange, said today it will reschedule the launch of new India derivatives products, pending the outcome of the arbitration in Mumbai. But it will continue listing Singapore Exchange (SGX) Nifty contracts till August this year as per its contractual agreement. On May 21, National Stock Exchange (NSE) subsidiary, India Index Services and Products Limited (IISL) had filed for and was granted an interim injunction against the launch of SGX's new India derivatives products. SGX has been engaged in proceedings in the Bombay High Court since May 23. The Court has ordered the matter to be fixed for arbitration and for a decision on the injunction to be made by June 16. SGX had announced on April 11 the listing of new India equity derivative products in June, to provide market participants with continuity and the ability to seamlessly transition their current India risk management exposures. "We will ...
Uflex top line for FY 2017-18 up by 9 pct Y-O-Y; volumes are up too
India's largest multinational flexible packaging materials and solution company Uflex Limited has declared the earnings for the Quarter ended 31 March 2018.The Consolidated Total Revenue for Q4 FY 2017-18 stood at Rs. 1815.6 Crore as compared to Rs. 1625.7 Crore in the last quarter of the previous fiscal thereby registering a 12% growth. At the operating level, EBITDA for the Quarter ended 31 March 2018 stood at Rs. 229.3 Crore as compared to the Quarter ended 31 March 2017 when it was Rs. 225 Crore thereby up by 2%. The Consolidated Net Profit for Q4 FY 2017-18 at Rs. 71.1 Crore dropped by 28% w.r.t. the same quarter in the previous fiscal. This is primarily due to increased depreciation cost on account of commissioning of Aseptic Packaging Plant and higher tax outgo.Consolidated Top Line for FY 2017-18 stood at Rs. 6720.5 Crore recording a 9% Y-O-Y growth. EBITDA for the fiscal ended 31 March 2018 remained more-or-less muted at Rs. 902.6 Crore. During FY 2016-17 the EBITDA stood at .
Hong Kong Hang Seng falls 1%
Powered by Capital Market - Live News
China Market falls 0.5% on bond defaults woes
Powered by Capital Market - Live News
Italy banker warns on political crisis as investors fear for euro
ROME (Reuters) - Italy's central bank chief warned on Tuesday that the state was "only ever a few short steps" from losing investors' trust as markets dumped stocks and bonds, fearing repeat elections will become a de facto referendum on the country's euro membership.
SandRidge fights back against Icahn over board control
(Reuters) - SandRidge Energy Inc on Tuesday accused activist investor Carl Icahn of seeking to gain control of the oil and natural gas producer without paying an appropriate premium or participating in a competitive process.