Page 3884 - Business Finance
Akamai and MUFG announce blockchain-based payment network
Among the largest and most trusted cloud delivery platform, Akamai Technologies, Inc. and one of the world's leading financial groups, MUFG, on Tuesday announced plans to offer a new blockchain-based online payment network enabling next-generation payment transaction scale and responsiveness.This hyper-scale payment network, powered by an innovative and newly-developed blockchain architecture, is designed to be capable of processing more than one million transactions per second at latencies of less than two seconds per transaction.The underlying blockchain architecture is expected to be extensible to 10 million transactions per second.Transactions executed across the payment network will be accelerated and secured by Akamai's market-leading cloud security offerings.These capabilities will help provide material cost efficiencies and security enhancements to support digital payments at unparalleled scale."This new blockchain-based online payment system, built upon our cloud platform, ...
Fuel price hike burns hole in public's pocket
As the prices of petrol and diesel continued to soar high on Tuesday, the public requested the government to reduce the price as it's affecting their budget.In Madhya Pradesh's Bhopal city, the petrol price touched Rs 82.47 per litre while diesel reached at Rs 71.66 per litre.Fumed over the price hike, locals in Bhopal asked the government to reduce the prices."It won't take much time for petrol prices to reach Rs. 100 at this speed. We have no other option but to buy fuel to commute. The government should reduce the prices, it's affecting our budget," said a Bhopal resident.Mumbai residents are also facing the brunt of fuel price hike as the price of petrol touched Rs 84.70 per litre, while diesel hiked a record high of Rs 71.66 per litre in the metropolitan city."Petrol and diesel prices are increasing every week. Prices here are much higher than other states. How are we supposed to survive in this situation", said a local.The fuel price hike has raised a concern across the nation ..
India may not accept arbitration orders annulling Cairn, Vodafone tax demands
India may not accept international arbitration orders annulling tax demands on British firms Vodafone Plc and Cairn Energy, a senior official said, adding the tax department would continue with recovery actions. The government, he said, believes that taxation is not covered under bilateral investment protection treaties, which the two British firm have taken refuge under to initiate arbitration, and as such cannot be arbitrated. While the final hearing in Cairn Energy Plc's challenge to a Rs 10,247 crore retrospective tax demand will begin in August in The Hague, an international arbitration tribunal will in February next year begin hearing in British telecom giant Vodafone's challenge to India using a retrospective legislation to seek Rs 22,100 crore in taxes. "We believe that the arbitration panel cannot decide on the tax demand," the official told PTI. India's main contention in both the arbitrations is that taxation is not covered under any bilateral investment protection treaty ..
Bharat Forge Q4 net down 52 pc at Rs 100.33 cr
Auto component major Bharat Forge today reported a 51.65 per cent decline in standalone profit at Rs 100.33 crore for the fourth quarter ended March on account of impairment provisioning on investments in non-core areas. The company had posted a standalone profit of Rs 207.5 crore in the same quarter a year ago, Bharat Forge said in a BSE filing. During the quarter under review, revenue from operations stood at Rs 1,466.61 crore. It was at Rs 1,183.18 crore in the year-ago period. Post implementation of GST from July 1, 2017, revenue from operations is required to be disclosed net of GST. Thus the revenues from operations for the quarter and year ended March 31, 2018 are not comparable with the corresponding year-ago periods, the company said. Bharat Forge said in the past, the company's wholly-owned subsidiary in India, Bharat Forge Infrastructure Ltd (BFIL) had made investments in certain non-core areas such as oil exploration and certain EPC contracts. Due to unsatisfactory outcome
Power Grid Corporation of India Ltd slips for fifth straight session
The stock is quoting at Rs 212.25, down 0.19% on the day as on 13:29 IST on the NSE. Power Grid Corporation of India Ltd jumped 5.39% in last one year as compared to a 12.27% rally in NIFTY and a 16.65% spurt in the Nifty Energy index.
Auto, realty stocks gain
Stocks traded with small gains in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 62.15 points or 0.18% at 34,678.28. The Nifty 50 index was up 16.30 points or 0.15% at 10,533. Auto stocks logged strong gains. Realty stocks gained.
Rentsher appoints former Google executive Anubha Verma as CTO
Leading online product rental marketplace, Rentsher, on Tuesday announced the appointment of Anubha Verma, a leading technology and product engineer, as its Chief Technology Officer (CTO) for global operations.Anubha will be a critical contributor to Rentsher's expansion, as the company plans to develop a more seamless and mobile-friendly platform with a view to enhancing its user-friendliness.Anubha is a graduate of the Indian Institute of Technology, Delhi, where she completed the integrated five-year MTech degree in Computer Science and Engineering in 2008.She began her professional career as Member of Technical staff at VMWare, working on the pioneering Cloud Computing team. She joined IBM Research in 2009, initially working on high-impact projects for IT service delivery automation initiatives before joining the company's Smarter Energy Research Group.Anubha then joined Google where she worked for four and a half years on various critical projects in Google Cloud Platform as a ...
Dr. Reddy's fourth-quarter profit falls 3 percent, misses estimates
(Reuters) - Indian generic drugmaker Dr. Reddy's Laboratories Ltd posted an about 3 percent fall in quarterly profit, missing estimates, hurt by headwinds in the U.S. market.
Key equity indices rise marginally on value buying
Amid volatility, the key Indian equity indices traded marginally higher on Tuesday afternoon -- after declining in the last five trading sessions -- due to value buying by investors.
Dish TV India Ltd rose for a third straight session today
The stock is quoting at Rs 72.4, up 3.13% on the day as on 12:59 IST on the NSE. Dish TV India Ltd is down 24.11% in last one year as compared to a 12.28% gain in NIFTY and a 3.72% gain in the Nifty Media index.
NCLAT issues notice to Bhushan Steel RP, CoC on L&T's plea; makes Tata Steel party
The National Company Law Appellate Tribunal today issued notice to the resolution professional (RP) and Committee of Creditors (CoC) of Bhushan Steel over the plea filed by its operational creditor L&T. NCLAT also impleaded Tata Steel, whose bid for the debt ridden firm has been approved, as party over L&T plea seeking to recover Rs 900 crore. "Let notice be issued to CoC and RP. File their replies by May 28," said the NCLAT bench headed by Chairman Justice S J Mukhopadhaya. The bench has directed that the matter be listed on May 30 for next hearing. It has also directed the engineering and construction major to file certified copy of NCLT order. On May 15, the National Company Law Tribunal (NCLT) had approved the resolution plan submitted by the RP of Bhushan Steel, which has found Tata Steel as the highest bidder. The CoC had approved Rs 32,500 crore deal along with 12.27 per cent equity in the company offered by Tata Steel. During the proceedings, senior advocate Mukul ...
China to cut import duty on cars to 15 percent from 25 percent - Bloomberg
BEIJING (Reuters) - China will cut the import duty on passenger cars to 15 percent from 25 percent currently, Bloomberg reported on Tuesday, citing unidentified sources.
Wheat up by 0.33% on speculative buying
Wheat prices inched up by 0.33 per cent to Rs 1,810 per quintal in futures trade today as speculators created fresh bets. At the National Commodity and Derivatives Exchange, wheat for delivery in July rose by Rs 6, or 0.33 per cent to Rs 1,810 per quintal with an open interest of 50 lots. Likewise, the wheat for delivery in June gained Rs 4, or 0.22 per cent to Rs 1792 per quintal in 7,030 lots. Analysts said fresh positions created by traders on uptick in demand in the physical market amid a pause in arrivals from producing belts influenced wheat prices at futures trade.
Sikka got Rs 13 cr remuneration from Infosys for FY18
Former Infosys chief executive Vishal Sikka, who quit in August last year after a protracted row with the company's founders, received Rs 12.92 crore remuneration for 2017-18. He had received Rs 16.01 crore in 2016-17, according to the company's annual report for last fiscal, ended March 31. Sikka had resigned as CEO and Managing Director effective August 18, 2017 and as Executive Vice Chairman effective August 24. According to the report, Sikka's remuneration for 2017-18 included "USD 0.25 million (approximately Rs 1.60 crore) and USD 0.21 million (About Rs 1.34 crore) as part of 90 days base pay in lieu of notice and variable pay, respectively for fiscal 2018 on account of resignation". Additionally, it said, "remuneration for fiscal 2018 includes Rs 6.78 crore on account of exercise of 70,772 RSUs (restricted stock options)". Salil Parekh, who joined Infosys in January this year as the CEO and Managing Director, received a remuneration of Rs 3.98 crore. Infosys Chief Operating ...
Strong Q4 result lift Action Construction Equipment
Action Construction Equipment gained 4.1% to Rs 170.20 at 12:41 IST on BSE, after net profit jumped 921.9% to Rs 21.46 crore on 59.24% rise in total income to Rs 369.91 crore in Q4 March 2018 over Q4 March 2017.
Hyundai to hike vehicle prices by up to 2% from June
Hyundai Motor India (HMIL) today said it will increase prices of its vehicles across model range, except newly-launched SUV Creta, by up to 2 per cent from June to offset rising input costs. Currently, HMIL sells a range of vehicles from entry-level small car Eon at a starting price of Rs 3.3 lakh to premium SUV Tucson priced up to Rs 25.44 lakh (ex-showroom Delhi). Commenting on the price hike, HMIL Director - Sales & Marketing Rakesh Srivastava said, "We have been absorbing the increase in input costs with increase in commodity prices, freight increase with hike in fuel prices and also the increase in custom duties of certain components." He further said, "We are now constrained to pass the same to customers in our products with increase up to 2 per cent from June 2018." The company, however, said the increased prices will not be applicable to the newly launched 2018 edition of SUV Creta. The vehicle was launched yesterday priced between Rs 9.44 lakh and Rs 15.03 lakh ...
Soybean up by Rs 15/quintal on global cues
Soybean prices scaled higher by Rs 15 to Rs 3,769 per quintal in futures trade today following raising of bets by the traders and upbeat global cues. Market players said traders were building up positions bolstered by upbeat overseas sentiments, which reflected upturn in soybean futures prices. At the National Commodity and Derivatives Exchange counter, soybean delivery for June gained by RS 15 or 0.40 per cent to Rs 3,769 per quintal, with an open interest of 1,49,370 lots. Likewise, the delivery for July moved up by Rs 14 or 0.37 per cent to Rs 3,799 per quintal, persisting an open interest of 51,760 lots.
Adobe acquires Magento for USD 1.68 billion
Adobe has announced that it is acquiring Magento that works in B2B and B2C context for USD 1.68 billion.Magento will help Adobe compete with Salesforce and provide functionality in e-commerce space.The acquisition will help Adobe close the loop with consumers in the company's Experience Cloud. The deal is also seen as a way of Microsoft and Adobe coming closer as they will be able to collaborate better against Salesforce, TechCrunch reported.Magento was founded in 2008 and was first acquired by eBay in 2011. The company again went private in 2015.
Goldman Sachs Foundation partners with Coursera for 10,000 Women initiative
The Goldman Sachs Foundation, in partnership with Coursera, has launched an online education program to further its 10,000 Women initiative to provide female entrepreneurs with a world-class business education and a global peer-to-peer network. Goldman Sachs 10,000 Women, is a global initiative that fosters economic growth by providing women business owners around the world with a business and management education, mentoring and networking opportunities, and access to capital. The initiative was launched in 2008. This is a question of opportunity, not capability, and this partnership with Coursera allows us to expand 10,000 Women to reach those entrepreneurs we haven't been able to before, John F W Rogers, Chairman of the Goldman Sachs Foundation said in a release. The course is free and open to all learners. Women business owners with at least three employees and USD 50,000 in annual revenue are eligible to receive a certificate upon completion. Participants in the course will be ...
Sensex, Nifty inch higher; Bajaj Auto gains
(Reuters) - Indian shares looked set to snap a five-session losing streak on Tuesday, but gains were limited as the political situation in Karnataka continued to be fluid, while investors awaited quarterly numbers from State Bank of India and Cipla Ltd due later in the day.