Page 377 - Business Finance
Weak fiscal position constrains India's sovereign ratings: Fitch
The next government's medium-term fiscal policy in India will be of particular importance from a rating perspective, Fitch Ratings said on Monday.Election-connected government spending is supporting growth but may add to fiscal pressures. However, campaign promises to support farmers' incomes including direct cash transfers will add to spending pressures in the current financial year 2010-20, it said.A modest fiscal slippage relative to the central government's targets in recent years has seen fiscal consolidation stall."Reducing general government debt to the 60 per cent of GDP ceiling by the financial year 2024-25 -- from a Fitch-estimated 68.8 per cent of GDP in FY 2018-19, will require significant and politically challenging deficit reduction," said Fitch."A weak fiscal position constrains India's sovereign ratings, so the next government's medium-term fiscal policy will be of particular importance from a rating perspective."General elections running from April 10 and May 19 are ..
Tata Motors drops after poor sales volume data
Tata Motors lost 2.34% at Rs 181.65 at 14:51 IST on BSE after global wholesales, including Jaguar Land Rover, dropped 22% to 79,923 units in April 2019 over April 2018.
CBI calls for DIAL papers in alleged airport scam
Probing further into the alleged financial irregularities involving the GMR Group-led Delhi International Airport Pvt Ltd (DIAL), the Central Bureau of Investigation (CBI) has asked the Civil Aviation Ministry to provide the complete file related to the company at the "earliest".
ITC appoints Sanjiv Puri as Chairman and Managing Director
Diversified ITC Group Monday 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. "The Board of Directors of the company at the meeting held today appointed Sanjiv Puri, Managing Director, also as the Chairman of the Company with effect from May 13, 2019. Consequently, Puri's new designation is Chairman and Managing Director of the company," ITC said in a regulatory filing. In 2017, ITC had split the role of the Executive Chairman between Chairman and Chief Executive Officer as part of succession planning in the company. Deveshwar had played the role of mentor to the executive management led by Sanjiv Puri.
Indian tech firm helping Thai banks implement blockchain technology
Singapore, May 13 (ANI): One of India's top software technology and services company, Wipro, has been engaged to build a settlements protocol for blockchain, which gave birth to cryptocurrency bitcoin, for eight banks in Thailand."Developed as part of the first phase of Project Inthanon, the solution will enable de-centralised interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency to prove that the technology can perform key functionalities of payment and enhance efficiency," the company said in a statement recently.Blockchain was invented by Satoshi Nakamoto in 2008. His identity is unknown and almost certainly a pseudonym for a person or a group of people. At that time, "Nakamoto" was trying to come up with a means of validating digital currency transactions via distributed, decentralised peer-to-peer network in the wake of the global financial crisis.This eventually served as the technology which gave birth to the cryptocurrency bitcoin.Blockchain
Slowdown concerns to be addressed in Budget: Sources
The full Union Budget presentation in July will provide an opportunity to initiate, as well as take forward some of the steps initiated to stem the ongoing slowdown in the economy, a senior Finance Ministry source said on Monday.
Standard Chartered PLC purchases its ordinary shares
On 10 May 2019
Govt targets Rs 300 cr from RailTel IPO by Sep
The government is targeting to raise over Rs 300 crore through an IPO of RailTel Corporation and has asked the telecom infrastructure provider to speed up finalising its books of accounts for 2018-19. The Cabinet in December last year approved initial public offering (IPO) of RailTel Corporation India by diluting up to 25 per cent government stake. "The plan is to launch the IPO by September. We are looking to raise about Rs 300 crore from the share sale," an official said. The Miniratna PSU is one of the largest neutral telecom infrastructure providers in the country owning a optic fiber network on exclusive Right of Way (RoW) along railway track. The company provides broadband telecom and multimedia network across the country. The official further said the Department of Investment and Public Asset Management (DIPAM) will be appointing merchant bankers and legal advisers for IPO of RailTel soon. "RailTel Corp has been asked to prepare their audited financial results by mid of June so
IDFC First Bank Ltd leads losers in 'A' group
Delta Corp Ltd, IRB Infrastructure Developers Ltd, Suzlon Energy Ltd and Dish TV India Ltd are among the other losers in the BSE's 'A' group today, 13 May 2019.
HDFC gains after good Q4 result
HDFC gained 2.12% to Rs 1,972.05 at 14:19 IST on BSE after net profit rose 26.8% to Rs 2861.58 crore on 24.28% rise in total income to Rs 11586.58 crore in Q4 March 2019 over Q4 March 2018.
Imran calls meeting to discuss $6bn IMF deal
Pakistan's Prime Minister Imran Khan on Monday summoned a high-level meeting to discuss the country's $6 billion loan agreement with the International Monetary Fund (IMF) which was finalized following months of negotiations between the two sides.
China auto sales slump continues in April
China car sales fell 14.6 percent in April, an official industry association said on Monday, extending a slump in a massive auto market that has long been a cash cow for the industry. Sales fell to 1.98 million last month, according to figures from the China Association of Automobile Manufacturers (CAAM). Fuelled by rising incomes and government sales incentives, China in recent years has surged to become the world's largest automotive market and one of its fastest growing, prompting global manufacturers to stake their futures on it. But after years of strong growth, car sales fell last year for the first time since the 1990s, hit by a slowing domestic economy, trade tensions with the United States, and a Chinese crackdown on shady credit practices that have crimped car-financing channels. Sales had dipped 2.8 percent in 2018 to 28.1 million units, according to previous CAAM figures, and the decline has accelerated into 2019. Analyst say the ongoing slump has been heightened by a ...
Pennar Group Bags Orders Worth INR 311 Crore
/ -- Pennar Group, a leading value-added engineering products and solutions company, today announced that it has bagged orders worth INR 311 crores during the month of April 2019 across its various business verticals. The Group's flagship company Pennar Industries Limited (PIL) received multiple orders aggregating INR 173 crore across its business verticals. The orders received were from Integrated Coach Factory, Rail Coach Factory and Universal Engineering for railway products; Emerson, Endurance, Wabco, Ashok Leyland, Yamaha for industrial components; Sterling & Wilson, Hammon and Thermax for CRFS products; IFB, L G Balakrishnan and Wahi Sons for CRSS products and various customers from the automobile industry for tubes. Pennar Engineered Building Systems (PEBS Pennar), a leader in pre-engineered buildings, received orders aggregating INR 138 crore. The new orders received by PEBS Pennar were for warehouses and manufacturing facilities from customers such as Natco, MRF and ...
Technofab Engineering Ltd leads losers in 'B' group
Somi Conveyor Beltings Ltd, Lotus Eye Hospital & Institute Ltd, Narayani Steels Ltd and Quick Heal Technologies Ltd are among the other losers in the BSE's 'B' group today, 13 May 2019.
Volumes spurt at Delta Corp Ltd counter
Delta Corp Ltd registered volume of 89.38 lakh shares by 14:14 IST on NSE, a 10.57 fold spurt over two-week average daily volume of 8.46 lakh shares
Trident standalone net profit rises 80.06% in the March 2019 quarter
Sales rise 18.54% to Rs 1405.42 crore
Automotive Axles standalone net profit rises 5.87% in the March 2019 quarter
Sales rise 2.56% to Rs 481.09 crore
Housing Development Finance Corporation standalone net profit rises 26.80% in the March 2019 quarter
Sales rise 24.29% to Rs 11580.05 crore
Nifty trades with small losses; cement shares tumble
The Sensex was almost flat while the Nifty was trading with small losses in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 8.81 points or 0.02% at 37,471.80. The Nifty 50 index was down 20.70 points or 0.18% at 11,258.20. Weak global cues spoiled trading sentiment.