Page 3902 - Business Finance
Moody's concludes review of Punjab National Bank; downgrades ratings to Ba1 from Baa3, outlook stable
At the same time, Moody's has downgraded the bank's baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3.
Jaiprakash Associates Ltd leads losers in 'A' group
Reliance Communications Ltd, Strides Shasun Ltd, Ashok Leyland Ltd and Indiabulls Real Estate Ltd are among the other losers in the BSE's 'A' group today, 21 May 2018.
Rising crude may stretch CAD to 2.5 pc of GDP in FY19: SBI report
Rising crude oil prices may worsen the current account deficit (CAD) to 2.5 per cent of the GDP in the current financial year, says a SBI report. The CAD - difference between inflow and outflow of foreign exchange - is estimated at 1.9 per cent for 2017-18. According to SBI Ecowrap, every USD 10/barrel increase in oil price results in additional import bill of USD 8 billion. This in turn will decrease GDP by 16bps, increase fiscal deficit by 8bps, CAD by 27bps and inflation by 30bps, the research report said adding these are just model estimates and actuals could be much different. "...crude prices are expected to impact imports. This will stretch the 2018-19 CAD to 2.5 per cent of GDP. The exports need further push so that the external metrics remain stable," the report said. The report further said for 2017-18, the exports grew at 9.78 per cent. With April 2018 exports exhibiting only 5.17 per cent growth, it appears that the outbound shipments have still not overcome the GST ...
Kitex Garments Ltd leads losers in 'B' group
Shiva Texyarn Ltd, TIL Ltd, Windsor Machines Ltd and CIL Nova Petrochemicals Ltd are among the other losers in the BSE's 'B' group today, 21 May 2018.
Market declines further
After a staging a brief recovery, the market slipped once again and hit fresh intraday low in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 190.53 points or 0.55% at 34,657.77. The Nifty 50 index was down 73.50 points or 0.69% at 10,522.90.
Honda Cars India expects to better industry growth
Japanese car maker Honda is expecting to better industry growth in the current financial year with the launch of three models during the period. In the last financial year, the company sold more than 1.70 lakh units and registered a growth of eight per cent. "The industry is expected to grow at a rate of seven to eight per cent this fiscal. We expect to do better than the industry", Sr VP (marketing and sales) and director of Honda Cars India Rajesh Goel said. Launching the new Amaze sedan here today, Goel said that the company plans to launch new models of Honda CRV and Honda Civic in the country in this fiscal. He said that Honda was committed to the Indian market, adding that India's contribution to the Asia and Oceania regions was 23 per cent. "The launch of new models will spur the growth of company in India", he said. The company exports cars from India in a limited way to Bhutan, Sri Lanka, Bangladesh and few countries in South Africa.
TN govt hints it may not cut VAT on fuel
With prices of petrol and diesel touching record highs, the Tamil Nadu government today hinted it may not cut the Value Added Tax (VAT) on these products, saying they form a key part of the state's own tax revenue (SOTR). Fisheries Minister D Jayakumar said the state extends benefits and sops worth Rs 77,000 crore to various segments, with salary of government employees constituting 70 per cent of its expenditure. "The own source of income for the state is primarily from petroleum products and liquor meant for human consumption ...these are revenue generating sources," he said. Both petroleum products and liquor sales in the state are covered under the VAT regime. "We have to give Rs 77,000 crore worth benefits and sops to many sections.. salary (of government employees) constitutes about 70 percent (expenditure)... when we give like this, where will the money come from?," he asked. Jayakumar was responding to a question on possible VAT revision by the state government with fuel ...
Volumes soar at Kitex Garments Ltd counter
Kitex Garments Ltd recorded volume of 5.95 lakh shares by 14:24 IST on NSE, a 17.19 times surge over two-week average daily volume of 34588 shares
Oil rises as U.S. says trade war with China is 'on hold'
LONDON (Reuters) - Oil rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China "on hold".
Petrol prices highest ever in Delhi, Mumbai
Spiralling petrol prices touched fresh record levels in Delhi and Mumbai on Monday, at Rs 76.57 and Rs 84.40 per litre respectively.
Moody's cuts Punjab National Bank's deposit ratings, outlook stable
Moody's Investors Service has downgraded the local and foreign currency deposit rating of multi-crore fraud hit Punjab National Bank (PNB) to Ba1/NP from Baa3/P-3, a statement said here on Monday.
US temporarily suspends tariffs on Chinese products
The US has put on hold its plan to impose sweeping tariffs on Chinese products as it presses forward with negotiations to reduce its trade deficit with Beijing, a top priority of President Donald Trump.
Just a third of credit-worthy consumers tapped by banks:Report
Even after the increased focus on retail lending for a decade, banks and other lending institutions have been able to tap only into a third of the estimated 220million credit-eligible consumers, a report said. This leaves financiers with 150 million consumers who are eligible for credit but are untapped, credit information company Transunion Cibil said in its report today. Of the eligible population of 220 million, only a third, or 72 million, are "credit active" having a live account with a bank or lending body, it said. The missing 150 million includes those who qualify the lending criteria from the age and income perspective and also those who may have availed some credit facility in the past but are currently inactive or dormant. This segment promises retail lending opportunities for the lenders through products such as credit cards, personal loans and consumer durable loans, the report said, adding that it will also give as a "major boost" to the economy. "This ...
Gold continues slide on muted demand, global cues
Gold prices slipped by Rs 75 to Rs 31,875 per 10 grams at the bullion market today on easing demand from local jewellers amid weak trend overseas. Silver cracked below the Rs 41,000-mark by falling Rs 440 to Rs 40,760 per kg due to reduced offtake by industrial units and coin makers. Traders said sentiment remained downbeat due to fall in demand from local jewellers and a weak trend overseas, as the dollar rose, reducing the precious metals' safe-haven appeal after China and the US struck a deal to avert a trade war. Globally, gold fell 0.74 per cent to USD 1,282.30 an ounce and silver by 0.94 per cent to USD 16.27 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 75 each to Rs 31,875 and Rs 31,725 per 10 grams respectively. The yellow metal had lost Rs 40 in Saturday's trade. Sovereign, however, remained flat at Rs 24,800 per piece of eight grams. In sync with gold, silver ready dropped by Rs 440 to Rs 40,760 per kg and ...
India Ratings Downgrades Reliance Infrastructure and its NCDs to 'IND BBB+'; Revises Rating Watch to Negative
KEY RATING DRIVERS
Industry seeks cut in fuel excise duty as oil prices zoom
India Inc today urged the government to cut excise duty on petrol and diesel immediately, observing that rising oil prices pose a high risk to India's economic growth trajectory. Industry bodies Ficci and Assocham also pitched for inclusion of automobile fuel under the ambit of GST as a long-term solution to rising prices, which coupled with a weakening rupee would increase the country's import bill significantly and have a cascading impact on inflation. With global oil prices once again spiralling upwards, the macro-economic risks of higher inflation, higher trade deficit and pressure on balance of payments with attended consequences for the rupee value have once again surfaced, Ficci President Rashesh Shah said. He said the weakening rupee will further add pressure on the import bill, highlighting that there is also a risk of monetary policy turning hawkish, which would in turn have a bearing on growth of private investments. At a time when Indian economy is on a recovery path, ...
Cut excise duty, bring automobile fuels under GST, chambers urge government
With transport fuel prices in Delhi touching an all-time high, industry chambers, Ficci and Assocham, on Monday called for the government to urgently reduce fuel excise duties. It also urged the government to bring automobile fuels under the purview of Goods and Services Tax (GST).
Hyundai drives in updated Creta at Rs 9.43 lakh
Hyundai Motor India today launched an updated version of its SUV Creta, priced between Rs 9.43 lakh and Rs 15.03 lakh (ex-showroom Delhi). The new version comes with various additional features like electric sunroof, 6-way power driver seat, cruise control and wireless phone charger among others. "Since the launch of the first Creta in 2015, Hyundai has become an established brand in the SUV segment... We are confident, the new 2018 Creta will create new benchmarks in the SUV segment," Hyundai Motor India (HMIL) MD and CEO YK Koo said in a statement. The petrol variants of the SUV are priced between Rs 9.43 lakh and Rs 13.59 lakh, while the diesel trims are tagged between Rs 9.99 lakh and Rs 15.03 lakh (all prices ex-showroom). Hyundai has already sold over 4 lakh units of the model in domestic and international markets.