Page 3848 - Business Finance
Let exporters be given remittances at real effective rate of rupee: EEPC India
Engineering exporters' body EEPC India today said the exchange value of remittances to exporters should reflect the real effective rate of the rupee, claiming that such a move could make export promotion schemes WTO-compliant and its shipments competitive. ''In particular, it needs to be seen whether the exporters can be paid (the exchange value) on the basis of RBI's real effective exchange rate (REER) or if that is not possible a thumb rule should be followed to ensure that the deviation of the nominal exchange rate should not be more than 15 per cent of the RBI's six country REER," EEPC India Chairman Ravi Sehgal said in a statement. The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks. According to Sehgal, keeping the currency a bit muted for export promotion has not been appreciated enough. "While some of the existing schemes may come under the WTO (World Trade
Paisabazaar.com closes Rs. 6.12 crore home loan
Paisabazaar.com, India's largest online marketplace for lending products, announced today that it has closed what it believes to be India's biggest online home loan case of Rs. 6.12 crore. The loan, sourced through Paisabazaar.com, has been disbursed by Standard Chartered Bank to a HNI resident of Bangalore."Though the loan amount was big, I found the entire process smooth and hassle-free. Both Paisabazaar.com and Standard Chartered moved swiftly and assisted me at each step," said the home loan customer, who is the CEO of a technology firm in Bangalore.Paisabazaar.com, which had earlier closed a home loan case of Rs. 5.68 crore in 2015, says there has been a spike in HNI consumers using its platform over the last 3 years. Home loan cases above Rs. 50 lakh today forms around 22% of the overall home loan cases at Paisabazaar.com."Being India's largest independent online platform for lending products, we are witnessing different customer segments coming to us for their borrowing needs. .
SCI sails smoothly after stellar Q4 earnings
Shipping Corporation of India rose 2.09% to Rs 63.60 at 14:46 IST on BSE after net profit jumped 173.86% to Rs 254.47 crore on 0.5% rise in total income to Rs 953.25 crore in Q4 March 2018 over Q4 March 2017.
Deutsche Bank to slash over 7,000 jobs in major shake-up
Germany's largest lender Deutsche Bank today said it will cut over 7,000 jobs and dramatically scale back its investment banking activities as it tries to turn the corner on years of losses. "The number of full-time equivalent positions is expected to fall from just over 97,000 currently to well below 90,000. The associated personnel reductions are underway," a statement said. A quarter of the jobs in its equities and sales trading business would be hit by the cuts, the bank said. The jobs cull is the first big decision to be announced under new chief executive Christian Sewing, who unexpectedly replaced CEO John Cryan in early April. Sewing had already signalled he was planning a drastic shake-up of the bank's cherished but trouble-plagued corporate and investment banking units in a bid to convince investors Deutsche is serious about returning to profitability. As part of the revamp, Deutsche said it plans to reduce its leverage exposure by over 100 billion euros, or around 10 ...
Vuitton owner LVMH makes e-commerce push with Lyst investment
MILAN (Reuters) - Louis Vuitton owner LVMH has invested in online fashion search business Lyst as the world's biggest luxury brands look to expand their presence online and capture younger shoppers.
Nestle streamlines R&D to speed up product innovation
LONDON (Reuters) - Food giant Nestle plans to combine its scientific research operations into a single unit in an attempt to speed up development of new products at a time when competition from smaller rivals is intensifying.
Share of diesel PVs to go below 25% post BSVI implementation: ICRA
Share of diesel passenger vehicles (PVs) in the domestic market is expected to go below 25 per cent post implementation of BSVI emission norms from April 2020, according to rating agency ICRA. The share of diesel vehicles which declined to 38 per cent in 2017-18 is expected to fall further to 35-36 per cent in 2018-19 and will eventually go below 25 per cent level post implementation of BSVI norms, the domestic rating agency said in a statement. "Regular increase in the retail price of diesel in small doses every month since January 2013 has significantly narrowed down the retail price gap between petrol and diesel fuels, making cost economics of owning a diesel PV relatively less favourable now than in the past," ICRA Senior Group Vice President Corporate Sector Ratings Subrata Ray said. As there is a high correlation between petrol and diesel price gap, lower fuel price gap has resulted in customer preference shifting away from diesel vehicles, he added. "Moreover, given superior ...
India's organic consumption share less than 1%: study
ASSOCHAM-EY joint report titled, 'The Indian Organic Market: A new paradigm in agriculture', reveals that the agricultural policy of India has gradually shifted from espousing a production-centric approach to a more holistic approach, in addition to focusing on increased productivity, factors in climatic considerations, nutritional concerns, environmental impact and standard of living of the stakeholders.
Ingersoll-Rand (India) Ltd leads losers in 'B' group
TD Power Systems Ltd, Themis Medicare Ltd, Aries Agro Ltd and BIGBLOC Construction Ltd are among the other losers in the BSE's 'B' group today, 24 May 2018.
Volumes soar at Timken India Ltd counter
Timken India Ltd recorded volume of 2.89 lakh shares by 14:24 IST on NSE, a 29.66 times surge over two-week average daily volume of 9730 shares
Investor Elliott's stake raises pressure on Thyssenkrupp CEO
FRANKFURT/BERLIN (Reuters) - Activist hedge fund Elliott said on Thursday it would step up pressure on Thyssenkrupp's leadership to revive the German industrial conglomerate's fortunes, confirming it had taken a stake of less than 3 percent.
Petrol price over Rs 85 in Mumbai, crosses Rs 80 in Kolkata
Petrol price in Mumbai breached the Rs 85 a litre mark on Thursday and sold at Rs 85.29 per litre.
Market breadth turns negative
Key benchmark indices pared gains in mid-afternoon trade as profit selling emerged at higher levels. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 164.34 points or 0.48% at 34,509.25. The Nifty 50 index was up 29.45 points or 0.28% at 10,459.80. Gains were triggered by bargain hunting following a steep sell-off in the previous session.
Arzooo.com secures seed funding from Omphalos Ventures India
Bangalore-based Arzooo.com on Thursday announced securing Rs 1.5 crores in a seed round of funding from Omphalos Ventures India.India's first reverse auction based commerce platform, Arzooo will utilize the funds to further develop their technology, and expand its operations to the top-ten Indian cities by March 2019.Founded by two former Flipkart employees, Khushnud Khan and Rishi Raj, Arzooo.com virtually exploded into India's e-commerce ecosphere in July 2017, with their unique reverse auction model that gives high value buyers the lowest price on their chosen product, beating prices elsewhere online, in real time.Since their launch, the company has served more than 2,000 customers with an average ticket size of Rs 22,000 on high value branded goods, and a monthly run rate of Rs 7 million."The Arzooo team has a deep understanding of India's consumer market for high value goods and has a grand vision of expanding this segment in the country. They are making good inroads with their ..
Rice basmati, wheat rise on increased buying
Prices of rice basmati and wheat rose by up to Rs 100 per quintal at the wholesale grains market today on increased buying against restricted supplies from producing regions. Traders said besides the uptick in demand from rice mills, fall in arrivals from producing belts led to increased rice basmati prices. Increased offtake by flour mills also helped wheat prices trade higher, they said. In the national capital, rice basmati common and Pusa-1121 variety rose by Rs 100 each to Rs 7,300-7,400 and Rs 6,600-6,700 per quintal, respectively. Wheat dara (for mills) also edged up by Rs 10 to Rs 1,750-1,755 per quintal. Atta chakki delivery followed suit and traded higher by a similar margin to Rs 1,755-1,760 per 90 kg. Following are today's quotations (in Rs per quintal): Wheat MP (desi) Rs 2,060-2,260, Wheat dara (for mills) Rs 1,750-1,755 Chakki atta (delivery) Rs 1,755-1,760, Atta Rajdhani (10 kg) Rs 230-260, Shakti Bhog (10 kg) Rs 255-290, Roller flour mill Rs 930-940 (50 kg), Maida Rs .
Bringing petrol, diesel under GST will lower prices: Fadnavis
Fuel prices will come down once the Centre builds a consensus to bring petrol and diesel under the Goods and Services Tax (GST), Maharashtra Chief Minister Devendra Fadnavis said today. Petrol and diesel prices are defined by international crude oil rates, Fadnavis noted. "A task force is already working on reducing the fuel prices. If it (petrol and diesel) can be brought under GST, rates will come down. Maharashtra has already given its consent for it," the chief minister told reporters here. The GST Council will also have to look into aspects like revenue losses before taking a decision, he said. Talks are going on with finance ministers of all states, Fadnavis said, adding that "other states have not given their consent yet." "Once petrol and diesel are brought under the ambit of GST, its threshold will change, because, right now, taxes upon taxes are levied which increases rates. GST will ensure a single tax," he said. The Centre had in June last year junked the 15-year old ...
Gold extends gains on global cues, jeweller buying
Amid positive global cues and increased buying by local jewellers, gold maintained its upward trend for the second straight day, climbing another Rs 125 to Rs 32,125 per 10 gram at the bullion market today. Silver, however, met with resistance at prevailing higher levels and shed Rs 100 to Rs 41,300 per kg. Traders said sentiment in gold remained upbeat on the back of a firming trend overseas, as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the US. Globally, gold rose by 0.21 per cent to USD 1,295.70 an ounce in Singapore. Besides, persistent buying by local jewellers at domestic spot market too fuelled the uptrend, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 125 each to Rs 32,125 and Rs 31,975 per 10 gram, respectively. It had gained Rs 120 in yesterday's trade. Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight gram in .
Bank credit grows at 12.64%, deposits at 7.61%
Banks' credit grew by 12.64 per cent year-on-year to Rs 85,51,099 crore in the fortnight ended May 11, 2018, according to an RBI data. In the similar fortnight ended May 12, 2017, banks' advances stood at Rs 75,90,941 crore. In the previous fortnight ended April 27, 2018, bank credit had increased by 12.61 per cent to Rs 85,38,570 crore, from Rs 75,82,391 crore in the period ended April 28, 2017. Banks' deposits grew by 7.61 per cent to Rs 1,13,92,165 crore in the fortnight ended May 11, 2018, compared with Rs 1,05,86,083 crore in the fortnight ended May 12, 2017, the data by Reserve Bank of India (RBI) showed. In the fortnight ended at April 27, 2018, deposits had grown by 8.20 per cent to Rs 1,14,30,786 crore. In March this year, the non-food bank credit rose by 8.4 per cent, the same rate as in March 2017. Loans to agriculture and allied activities increased by 3.8 per cent in March 2018, against an increase of 12.4 per cent in March 2017. Advances to industry grew by ..
Trump orders investigation into import of automobiles, auto parts
President Donald Trump today ordered a probe to determine if the import of vehicles, including trucks, and auto-parts was hurting the US' national security, a move that may lead to imposition of new tariffs on foreign manufactured automobiles in the world's second-largest auto market. Trump has instructed US Commerce Secretary Wilbur Ross to consider initiating an investigation under Section 232 of the 1962 Trade Expansion Act to find if tariffs or other restrictions were needed on imported cars, after he met him at the White House to discuss the current state of US automobile industry. In March, the Trump Administration had used the same legal justification to slap steep tariffs of 25 per cent on steel and 10 per cent on aluminum imports. The administration had also threatened tariffs on Chinese goods over intellectual property complaints. The investigation will determine whether imports of automobiles, including sports-utility vehicles (SUVs), vans and light trucks, and automotive ..
MSI dominates PV segment in April with seven models in top 10 list
Maruti Suzuki India (MSI) maintained its leadership position in the domestic passenger vehicles (PV) segment in April with seven of its models appearing in the top 10 selling list, and its premium hatchback Swift taking the top spot. Rival Hyundai Motor India also made its presence felt with three of its models featuring in the top ten list. According to the data compiled by the Society of Indian Automobile Manufacturers (SIAM), 22,776 units of Swift were sold in April 2017 as against 23,802 units a year ago. The company's compact sedan Dzire was at the second position with 21,401 units sold. The previous version Dzire Tour saw sale of 8,606 units in April 2017. MSI's compact hatchback Alto was at the third position with sale of 21,233 units last month as against 22,549 units units a year ago. Baleno was the fourth best-selling model in April 2017 with 20,412 units. The company's compact model Wagon R stood at the fifth position with sale of 16,561 units. 16,348 units were sold in ...