Page 3889 - Business Finance
Oil prices strengthen on Venezuela and Iran supply concerns
NEW YORK (Reuters) - Crude prices strengthened on Monday, reversing course as geopolitical tensions continued to support the market and a trade war between the U.S. and China was declared "on hold."
India to achieve 9pc growth rate by 2022
NITI Aayog vice-chairman Rajiv Kumar today exuded confidence that Indian economy will achieve 9 per cent growth rate on sustained basis by 2022 on the back of reforms like GST, demonetisation and the Insolvency and Bankruptcy Code (IBC). Indian economy grew by 6.6 per cent in 2017-18 and expected to grow at 7.5 per cent this fiscal. "Given that we have done GST, demonetisation, IBC, recapitalisatioon of bank, we will grow at 9 per cent growth by 2022. We will also able to sustain it at that level," Kumar said in facebook live organised by NITI Aayog. He pointed out that Indian economy averaged 8.3 per cent from 2003-11. Replying to a question on popularising electric vehicles, he said that this is best time for India to encourage, promote electric vehicles as petrol price is now touching USD 80 per barrel. "So we really should not wait even for a day to get this off the ground," the NITI Aayog vice chairman stressed. Answering questions on farm sector, he said,"We are doing pilot ...
Ather Energy launches charging infra in Bengaluru
Indian hardware start-up Ather Energy today announced launch of its charging infrastructure for electric vehicles (EVs), AtherGrid, which is open to all EVs. The company, known for its electric scooter S340, has begun installations of charging stations across the city of Bangalore, a statement said. As many as 30 charging points will be set up by the end of May 2018. * * * * * Faircent.com gets NBFC certification from RBI * Peer-to-peer (P2P) lending platform Faircent.com today said it has received NBFC certification from the Reserve Bank that will boost company's prospect to expand further. The accreditation makes Faircent.com the first P2P lending platform in the country to receive the certificate of registration as an NBFC-P2P by the national regulator, the company said in a statement today. Faircent.com platform currently has more than 40,000 registered lenders and 3.5 lakh registered borrowers, and has facilitated over 6,000 loans cumulatively till date. * * * * * Wonderchef in ..
Wall Street jumps on trade war truce, Russell 2000 hits record
(Reuters) - U.S. stocks climbed on Monday after the United States and China put their trade differences "on hold" to work on a wider agreement, while sentiment was also buoyed by the nearly $28 billion worth of merger activity.
UK watchdog says automated financial advice falls short
LONDON (Reuters) - Automated financial advisers must provide more clarity on their fees and gather more information on a customer's financial circumstances to ensure they receive the appropriate service, Britain's markets regulator said on Monday.
AU Small Finance Bank to raise Rs 1k cr via equity shares, warrants
AU Small Finance Bank (SFB) today said it will raise up to Rs 1,000 crore by issuing equity and warrant on preferential basis. The company said it will issue 43,30,441 equity shares of bank at an issue price of Rs 692.77 per equity share aggregating to an amount of Rs 299,99,99612 to Camas Investments Pte Ltd (investor or allottee) as a non-promoter. Besides, Rs 700,00,00,249 is to be raised by issuing 1,01,04,364 convertible warrants to investor carrying a right to the convertible warrant holder in one or more tranches at a price of Rs 692.77 per piece. AU SFB said the bank has witnessed and continues to expect a sustainable demand for credit in the retail banking segment, small and mid-corporate segment and other segments to meet the capital requirement for expanding business, the bank is required to raise capital. "The growth of the lending business, expansion of business verticals in terms of size, reach and to explore new digital and other initiatives, it is imperative that bank .
Global Markets: Easing of U.S.-China trade tensions boosts stocks, dollar
NEW YORK (Reuters) - Global stock markets edged higher on Monday and the U.S. dollar rallied to a five-month peak as trade tensions eased between the U.S. and China, while Italy's borrowing costs climbed as two anti-establishment parties grew closer to power.
Nifty declines by 79.70 points, ends at 10,516.70
Continuing its downfall for a fifth straight session, NSE Nifty today declined by 79.70 points to end at 10,516.70 as the political situation in Karnataka left investors uneasy. Rising oil prices and high US bond yields also dampened the sentiment amid earnings season. The rupee weakened against the US dollar on worries of higher oil prices and tracking losses in Asian currencies. IT and PSUs sectors witnessed mild gains in otherwise subdued market. Overseas, most European and Asian shares rose after the US and China agreed not to indulge in a trade war. Back home, the 50-share NSE Nifty closed at 10,516.70, down 79.70 points, or 0.75 per cent, its lowest closing level since April 13, 2018. During the day, the index hit a high of 10,621.70 and a low of 10,505.80. It saw an intra-day movement of about 115.90 points. On the sectoral front, realty dropped by 3.29 per cent, followed by pharma 2.78 per cent, auto 2.10 per cent, media 1.96 per cent, metal 1.68 per cent, financial service ...
Wall Street rallies on trade war truce, $28 billion in mergers
(Reuters) - U.S. stocks rallied broadly on Monday after the United States and China put a potential trade war "on hold" to work on a wider agreement, with sentiment also getting a boost from the nearly $28 billion worth of U.S. merger deals.
BRPL launches AC replacement scheme
The power discom BRPL has launched a limited period scheme to replace old air conditioners with five-star rated ones at discount of upto 47 per cent, a company spokesperson said today. The BSES Rajdhani Power Limited (BRPL) has partnered with leading air conditioner manufacturers to enable its consumers in South and West Delhi to exchange their old machines, he said. "The consumers of BRPL in south and west Delhi will get energy efficient five-star rated air conditioners at discount of upto 47 per cent under the scheme," he said. A similar scheme will soon be launched by the BSES Yamuna Power Limited (BYPL) in east and central Delhi, the spokesperson said. Under the scheme, 10,000 air conditioners (both window and split) of leading brands are on offer on a first cum first serve basis. A domestic consumer, residing in south and west Delhi, will be eligible to buy a maximum of three ACs against his unique consumer account number. The energy efficient air conditioners will help in annual
Chinese censors erase online comments as US puts tariffs 'on hold'
Chinese censors have erased online debate over US-China trade negotiations as the two countries appeared to back away from a trade war.
Brent tilts into the red, but U.S.-China trade truce limits losses
LONDON (Reuters) - Brent crude oil declined on Monday, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses.
MGL reports 5% rise in Q4 net
Mahanagar Gas Ltd, which retails CNG in Mumbai and adjoining suburbs, today reported a 5 per cent rise in its March quarter net profit to Rs 104.76 crore. The company had a net profit of Rs 99.47 crore in the same period of the previous fiscal, it said in a regulatory filing. The company did not give reasons for the rise in net profit. Sales rose to Rs 661.13 crore in January-March 2018 from Rs 589.36 crore a year back. The board of the company recommended a final dividend of Rs 11 per equity share for the financial year ended March 31, 2018. This is in addition to the interim dividend of Rs 8 per equity share paid in February. With this, the total dividend for 2017-18 shall be Rs 19 per share (normal dividend of Rs 12.50 and special dividend of Rs 6.50).
AstraZeneca Pharma Q4 net profit at Rs 3.22 cr
Drug firm AstraZeneca Pharma India today reported a net profit of Rs 3.22 crore for the quarter ended March 31. The company had posted a net loss of Rs 9.55 crore for the corresponding period of the previous fiscal, AstraZeneca Pharma India said in a filing to BSE. Revenue from operations of the company stood at Rs 150.72 crore for the quarter under consideration. It was Rs 116.88 crore in the year-ago period. For the entire fiscal ended March, the company posted a net profit of Rs 25.91 crore. It was Rs 20.05 crore for the same period a year ago. Revenue from operations of the company for 2017-18 stood at Rs 571.98 crore. It was Rs 548.65 crore in the previous fiscal. Shares of AstraZeneca Pharma India today closed at Rs 1,137.80 per scrip on BSE, down 0.09 per cent from its previous close.
ArcelorMittal's Ukraine steel mill says strike over
KIEV (Reuters) - Steel production at Ukraine's largest steel mill, owned by ArcelorMittal, is returning to normal levels after the conclusion of a strike by workers in its railway division, the mill said on Monday.
LaSalle Hotel accepts Blackstone's $3.7 billion cash offer
(Reuters) - LaSalle Hotel Properties decided to sell itself to private equity firm Blackstone Group LP for $3.7 billion in cash, rejecting a cash-and-stock offer from rival Pebblebrook Hotel Trust.
Services to be impacted on May 30-31 if bank unions go on strike: SBI
The country's largest lender SBI today said its services may be impacted on May 30-31 if the proposed strike by various bank employees' unions take place. The bank unions have been pressing for various demands, including wage revision in the wake of the proposal for a 2 per cent hike in salary. State Bank of India said the Indian Banks' Association (IBA) has communicated to the bank that the United Forum of Bank Unions (UFBA) has served a notice to go on a nationwide bank strike on May 30-31, 2018. UFBU is an umbrella body of various bank unions like AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO. "All India State Bank Officers' Federation and All India State Bank of India Staff Federation are members of UFBU. Thus, it is likely that our bank will also be impacted to some extent by the said strike calls," SBI said in a regulatory filing. According to an UFBU circular, earlier on May 16, it gave a memorandum to IBA followed by demonstrations. It also gave memorandum to ...
Talks on free trade zone with EAEU and India scheduled for autumn: Lavrov
The negotiations on the creation of a free trade zone with the Eurasian Economic Union (EAEU) and India are scheduled for autumn, Russian Foreign Minister Sergei Lavrov said today after an informal summit between President Vladimir Putin and Prime Minister Narendra Modi here. Prime Minister Modi and President Putin had productive discussions during their first ever informal summit in this Black Sea coastal city and the two leaders paid special attention to the economic talks. "The negotiations on the creation of a free trade zone with the Eurasian Economic Union and India are already scheduled for autumn," Lavrov was quoted as saying by the state-run Russian news agency RIA Novosti. During the talks, the two sides noted with satisfaction the completion of formalities in the contacts between the two sides, he said. "These processes are organically associated with what is happening within the framework of the Shanghai Cooperation Organisation (SCO) with the relations that are developing
Motilal Oswal Financial Services Q4 net up 64% to Rs 148 cr
Financial service company, Motilal Oswal today reported a 64 per cent jump in consolidated net profit at Rs 148 crore for the quarter ended March 2018. The company had reported a profit after tax (PAT) of Rs 90 crore on a consolidated basis in the year-ago period. In FY18, the consolidated PAT grew 50 per cent to Rs 541 crore as against Rs 360 crore a year ago. The yearly profit grew despite a Rs 25.6 crore impact of minimum alternative tax (MAT) credit provisioning, Rs 22.9 crore impact of change in ESOP accounting policy and accelerated provision of Rs 19.4 crore and write off of Rs 71.5 crore in its housing finance arm Aspire Home Finance Corporation (AHFCL). Revenues in the quarter rose 38 per cent to Rs 756 crore from Rs 546 crore. "Our strategy to diversify our business model towards linear sources of earnings like asset management and housing finance continues to show results, with bulk of the revenue pie now coming from these new businesses," the chairman and ...
ITC overtakes HUL in mcap; reclaims most valued FMCG firm status
ITC today went past Hindustan Unilever Ltd (HUL) in market valuation to reclaim the status of the most valued FMCG firm. At close of the trade today, ITC's market valuation stood at Rs 3,44,283.16 crore - which is Rs 2,525.71 crore more than HUL's Rs 3,41,757.45 crore valuation on the BSE. With this, ITC also reclaimed its position as the fourth most valued Indian firm. Shares of ITC ended flat at Rs 282.10, down 0.02 per cent and those of HUL fell by 1.57 per cent to Rs 1,578.90 on BSE. HUL on Friday went past ITC in market valuation to become the most valued FMCG firm. On Thursday also HUL had briefly surpassed ITC in market valuation ranking to become the fourth most valued firm. Tata Consultancy Services is the country's most valued firm with a market capitalisation of Rs 6,81,093.95 crore, followed by Reliance Industries Ltd (Rs 5,90,434.40 crore), HDFC Bank (Rs 5,17,291.58 crore), ITC and HUL in the top five list.