Page 381 - Business Finance
Market may open lower on negative global cues
Market is seen opening lower, tracking negative leads from Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 32 points at the opening bell.
L&T in focus after Q4 result
L&T reported 7.92% rise in consolidated net profit to Rs 3,418.24 crore on 10.86% rise in total income to Rs 45,555.29 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 10 May 2019.
Chanda Kochhar Money Trail-II: How credence became victim of truth, byword for fraud (IANS Exclusive)
At the very core of the Chanda Kochhar family enterprise or La Familia remain two similar named companies which beg numerous questions. While the construct of NuPower Renewables came into being much later, IANS has now pieced together the etymology of the Kochhar-Advani enterprise. For them, from the very beginning it was all about credence, convoluted and flawed. And then of course the triangle remains incomplete without the emergence of the ubiquitous Videocon and Venugopal Dhoot.
Chinese yuan weakens against US dollar
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 42 basis points to 6.7954 against the US dollar on Monday, according to the China Foreign Exchange Trade System.
Japan's Nikkei opens lower as global growth concerns weigh
Tokyo stocks opened lower on Monday despite US stocks swinging into positive territory late last week, as investors remained concerned about the global economic growth outlook.
Trump: 'Right where we want to be with China'
US President Donald Trump in a tweet on Sunday said that 'We are right where we want to be with China'The tweet read: "We are right where we want to be with China. Remember, they broke the deal with us & tried to renegotiate. We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-Tariffed countries"In another tweet, he further said: "We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total Tariffs received, and distribute the food to starving people in nations around the world! GREAT!"Earlier Trump had asked China to act immediately and strike a trade deal without waiting for the 2020 US presidential elections. He warned Beijing saying that the negotiation would be "far worse" if it had to be done in his second term.This comes after Trump's decision to raise tariffs on 200 ..
Pak bags preliminary deal for $6Bn IMF bailout
Pakistan government reached an agreement with the International Monetary Fund (IMF) for a bailout package of $6 billion, Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh said on Sunday.According to Dawn, Dr Shaikh while speaking on state-run PTV News said: "After months of discussions and negotiations, a staff-level agreement has been reached between Pakistan and the IMF."He disclosed that Pakistan, under the IMF programme, would receive assistance worth $6 billion over a period of three years.IMF Mission Chief for Pakistan Ernesto Ramirez Rigo was quoted in an IMF press release as saying: "The Pakistani authorities and the IMF team have reached a staff-level agreement on economic policies that could be supported by a 39-month Extended Fund Arrangement (EFF) for about US $6 billion."Dr Shaikh said IMF is an international institution who assists member countries in "economic difficulty". He further went on to say that Pakistan could not have ...
Pakistan reaches agreement with IMF, to get USD 6 bn over 3 yrs: top official
Pakistan has reached an agreement with the IMF on a bailout package under which the cash-strapped country will receive USD 6 billion over three years, according to a top official on Sunday. The agreement now awaits a formal approval by the International Monetary Fund (IMF) board, Dawn news quoted Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh as saying. Pakistani technical teams have reached an agreement with the IMF on a bailout package, he said. Pakistan would receive USD 6 billion worth of assistance under the IMF programme over a period of three years, Shaikh told the state-run PTV News. "The Pakistani authorities and the IMF team have reached a staff level agreement on economic policies that could be supported by a 39-month Extended Fund Arrangement (EFF) for about USD 6 billion," IMF Mission Chief for Pakistan Ernesto Ramirez Rigo said in a statement.
63.48 pc voter turnout in Phase 6 of LS polls: EC
The sixth phase of the Lok Sabha election covering 59 constituencies in six states and a Union Territory registered a turnout of 63.48 per cent compared to 63.37 per cent in 2014, the Election Commission said Sunday. According to the EC's Voter Turnout android application, 63.48 per cent polling was recorded at 9.00 pm. The EC said the figures were provisional and a final tally would be available later. At 69.50 per cent, the polling in Phase 1 is the highest in the first five phases. In Phase 2, the turnout was 69.44 per cent, it was 68.40 per cent in Phase 3 and 65.51 per cent in Phase 4. In Phase 5, the turnout was nearly 65 per cent. There was a decline in poll percentage in West Bengal, from 84.95 per cent in the previous elections to 80.35 per cent. In Haryana too, the turnout dropped from 71.86 per cent to 67.35 per cent. In Jharkhand, 65.17 per cent polling was recorded as against 65.53 per cent in Phase 6 of polling was held on Sunday for eight seats in Bihar, all 10 seats in
Delhi records nearly 60 per cent turnout in LS polls: EC
Nearly 60 per cent polling was registered in the seven Lok Sabha seats in Delhi on Sunday, five per cent lower than in the 2014 general election, the Election Commission of India said.The voting percentage at 6 pm was 59. 8 per cent and it is likely to rise after details are received from the constituencies, an EC official said.In 2014 Lok Sabha polls, the turnout was 65.1 per cent, he said.As many as 164 candidates are in the fray, the official said, adding that 1.43 crore voters were eligible to exercise their franchise.
JK Bank dismisses protest by unsuccessful aspirants, says recruitment process transparent
Amidst protests by a group of unsuccessful candidates over alleged discrimination in the selection of probationary officers, the Jammu and Kashmir Bank Sunday said its recruitment process is completely transparent. A group of candidates staged a protest here alleging discrimination with Jammu in the selection process. Several political parties including the Congress and the BJP extended support to the protesting youth and demanded an inquiry into the entire recruitment process. "Post declaration of the results of the bank's online recruitment test for the preliminary examination conducted by institute of banking personnel selection (IBPS), Mumbai for the selection of probationary officers in the bank, it has come to the notice of the bank that there is a parochial attempt by some vested interests to misguide the applicants with baseless misinformation on the selection process being skewed to a particular district on the basis of merit cut off," the bank said in an advertisement to ...
'Manufacturing sector's sentiment positive in Q4 FY19'
The overall sentiment in the manufacturing sector was positive during the January-March quarter of financial year 2018-19, a FICCI report said on Sunday.
PC Jeweller gets board's nod for export division demerger
PC Jeweller Ltd (PCJL) Sunday said its board has given approval for the demerger of the company's export division and amalgamation of the same with its wholly-owned subsidiary PCJ Gems & Jewellery Ltd. "...the board of directors of the company in its meeting held yesterday i.e. May 11, 2019, has considered and approved the scheme of arrangement for demerger of 'export division' (demerged undertaking) of PC Jeweller Ltd (demerged company) and subsequent amalgamation of the same with its wholly owned subsidiary company i.e. PCJ Gems & Jewellery Ltd," a regulatory filing said. It added that the arrangement will be effective subject to the receipt of necessary regulatory and other approvals including of National Company Law Tribunal (NCLT) of relevant jurisdiction, Sebi, stock exchanges, shareholders and others. The export division's turnover stood at Rs 2,690.37 crore as on March 31, 2018, which is 28.35 per cent of PCJL's turnover. It has been realised by the board of the ...
Top Emirates airline executive resigns after dip in profits
The chief commercial officer at Emirates, the Middle East's largest airline, has resigned after profits dipped to their lowest level in years. Emirates on Sunday confirmed Thierry Antinori's resignation. It says Adnan Kazim, who currently oversees a division tasked with revenue optimisation and strategic planning, was named acting CCO in addition to his current responsibilities. The changes come days after the Dubai-based airline said its profits fell nearly 70 per cent in the past fiscal year, reaching lows of USD 237 million largely due to higher fuel costs, a strengthened US dollar and stagnant passenger growth. The Emirates website says Antinori joined Emirates in 2011 as executive vice president for passenger sales worldwide. He held the post of CCO at Emirates for six years.
'Economic growth, high disposable income to aid banks' deposit mobilisation'
Accelerating the rate of growth of the economy and disposable incomes holds the key to higher deposit mobilisation by the banking system, says an RBI paper. The slowdown in bank deposit growth in the recent period alongside a revival of credit demand raised concerns about a structural liquidity gap in the system, possibly amplified by substitution effects of small savings and mutual funds on bank deposits in the aftermath of demonetisation, as per an article published in the latest monthly bulletin of the RBI. To address the issue of structural liquidity gap, the Reserve Bank of India (RBI) in recent months took several initiatives including Open Market Operations and dollar rupee swap auction. The article highlighted that the widening wedge between credit and deposit growth is triggering concerns about a structural liquidity gap in the system, which can throw sand in the wheels of the financial intermediation process through which deposits are converted into productive investments by
Mastech Digital bets on analytics, AI to hit USD 500 mn revenue milestone
NYSE-listed Mastech Digital is betting big on areas like advanced analytics and artificial intelligence to accelerate growth as it aspires to hit the USD 500 million revenue-milestone in the next few years. Mastech Digital, which is promoted by Ashok Trivedi and Sunil Wadhwani (founders of IT firm iGATE), offers digital transformation and IT staffing services. Its revenues stood at USD 177.2 million in 2018 and the company has around 1,650 employees globally. "We have seen strong growth in both of our businesses. Our approach of advanced analytics and artificial intelligence-led offerings will play a key role in our expansion... We aspire to hit the USD 500 million-revenue mark in the next few years and we see these technology areas playing a critical role in that vision," Mastech Digital President and CEO Vivek Gupta told PTI. He added the company has been strengthening its team to aggressively tap into opportunities in markets like North America, Far East Asia and the Middle ...
Quikr ties up with Rocking Deals for offline service
Online classifieds marketplace Quikr on Sunday announced a partnership with Rocking Deals for offering offline services to its customers.
JIL resolution faces stalemate over NBCC bid conditions
The resolution process of Jaypee Infratech Ltd (JIL) seems to be heading towards yet another period of stalemate as the lenders want withdrawn the conditions mentioned by NBCC in its bid, while the state-run construction major is unlikely to remove these clauses.
Skinn eyes Rs 500-crore turnover by 2023
Tata group's fragrance brand Skinn, part of the listed Titan Company, is eyeing a Rs 500-crore turnover and more than doubling market share by 2022-23. In an investors' presentation, Titan said, currently Skinn is a Rs 120 crore brand with a market share of 9 per cent. "By 2023, target is Rs 500 crore (turnover) and 20 per cent market share," Titan added. The market is largely unpenetrated and expected to grow from current Rs 1,350 crore to over Rs 2,500 crore by 2022-23. Titan, which currently distributes the perfume brand through 3,000 points of sale, including 32 exclusive kiosks will continue to expand its offline and online distribution. Titan said its recently launched ethnic wear brand Taneira has potential of clocking "Rs 800-1000 crore business in the next seven to eight years". "Focus to rapidly build scale and deepen category expertise...establish a strong retail network in top 20 towns over next 5 years," Investors presentation added. Titan, which presently operates five ..
Market to stay volatile but with an upward bias (Column: Market Watch)
Markets were on a correction mode and lost in all five trading sessions during the week. They have now lost for eight straight sessions and appear to have completed their correction for the time being. BSESENSEX was down 1,500.27 points or 3.85 per cent at 37,462.99 points while NIFTY lost 433.35 points or 3.70 per cent to close at 11,278.90 points.