Page 429 - Business Finance
ITOTY 2019: India's First Awards Show for Tractors and Farm Implements
/ -- The first edition of ITOTY 2019 was held by Tractor Junction in Delhi. It was a successful format to recognize Indian manufacturers of Tractors and Farm Implements, giving a complete overview of the Indian manufacturing and farming practices during the panel discussion whereas CRISIL has presented pre- and post-harvest through marketing and consumption trends. In India, agriculture and its allied sectors are the primary source of livelihood for a large chunk of domestic population. In 2019, the Gross Value Added (GVA) in these industries across the country was around INR 23,566 billion. Being a part of mechanisation in farming, tractors have a big role to play in increasing the country's agricultural output. The tractor market is also among the biggest segments in the category of farm equipment in the country, with annual sales of 785,409 units. Nearly all the major tractor-makers reported record growth, which ensured that the pecking order among them, in terms of market share, .
Glenmark Appoints Dr. Yasir Rawjee as Chief Executive Officer of Glenmark Life Sciences, its Subsidiary for the API Business
/ -- Glenmark Pharmaceuticals Ltd., a research-led global integrated pharmaceutical company, today announced that it has appointed Dr. Yasir Rawjee as the Chief Executive Officer of Glenmark Life Sciences Ltd., its subsidiary for the API (Active Pharmaceuticals Ingredients) business. (Logo: http://mma.prnewswire.com/media/451507/PRNE_Glenmark_Logo.jpg ) Yasir joins Glenmark Life Sciences from Mylan Inc., where most recently, he was the Head of Global API Operations. He has held positions of increasing responsibility at Mylan including Senior Vice President of API Technical Operations and Senior Vice President and Head for Sales and Marketing for the API Business. Yasir started his career with SmithKline Beecham Pharmaceuticals based in the USA and has been associated with GlaxoSmithKline and Matrix Laboratories Ltd. previously. He has over 25 years of experience in the pharmaceutical industry. He has a Ph.D. in Chemistry from Texas A&M University, USA and holds a degree in ...
TurningIdeas Launches Enterprise Innovation Program to Accelerate Startup Growth
/ -- TurningIdeas Ventures today announced the official launch of its India Enterprise Innovation Program, an innovation program that will serve as a platform for enterprises to collaborate with startups in India and globally, to drive innovation and develop new business models or services to solve their real business problems. (Logo: https://mma.prnewswire.com/media/880989/TurningIdeas_Ventures_Logo.jpg ) The Enterprise Innovation Program has been established at the TurningIdeas Incubator in Noida, where startups can partner and closely work with Enterprises with their disruptive technologies and solutions. Speaking during the launch of the Innovation Program, TurningIdeas Chief Executive Officer, Ashish Mittal said, "We are an innovation led incubator, connecting enterprises and startups and facilitating trade and investment across our global footprint, including some of the fastest growing markets." TurningIdeas will focus on developing solutions in manufacturing, retail, ...
Equity indices open in green, Sensex up 170 points
The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex trading over 170 points higher.
Sensex recovers over 200 pts in early trade
The benchmark BSE Sensex recovered over 200 points Tuesday led by gains in banking and IT stocks despite weak global cues. The 30-share index was trading 169.69 points, or 0.44 per cent, higher at 38,770.03. Similarly, the broader NSE Nifty was up 38.70 points, or 0.33 per cent, at 11,636.95. Top gainers in early session were Vedanta, Coal India, Hero MotoCorp, TCS, SBI, Tata Steel, Axis Bank, PowerGrid, Yes Bank, Tata Motors, HUL, ICICI Bank, HDFC Bank and Infosys, rising up to 1.83 per cent. On the other hand, IndusInd Bank, ONGC, RIL, Sun Pharma, HCL Tech and Bharti Airtel fell up to 1.92 per cent. In the previous session on Monday, the BSE bourse settled at 38,600.34, down 362.92 points or 0.93 per cent. The broader NSE Nifty ended the day at 11,598.25, losing 114 points or 0.97 per cent. According to traders, banking and IT stocks lifted investor sentiment despite choppy cues from other global markets. Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 948.98 .
Indian-American man indicted on charges of wire fraud
An Indian-American man has been indicted on charges of perpetrating an investment fraud scheme in which he allegedly told investors that their money would be used to fund research and develop prototype spacecraft and space-related propulsion systems but instead used it for personal expenses. Ramesh Kris Nathan, 37, a US national whose last known address is in Chennai, India, was indicted on charges related to the alleged investment fraud scheme, announced United States Attorney David Anderson and Federal Bureau of Investigation Special Agent in Charge John Bennett. Nathan is charged with six counts of wire fraud, two counts of money laundering and one count of aggravated identity theft. He was arrested last week in Los Angeles. In an indictment filed in January this year and unsealed last week, a federal grand jury charged Nathan with fraudulently obtaining investors for a company with no legitimate underlying business activities by promising their money would be used to fund research
Hindustan Petroleum Corporation Ltd Slides 2.98%
Hindustan Petroleum Corporation Ltd has added 7.65% over last one month compared to 2.15% gain in S&P BSE Oil&Gas index and 0.26% drop in the SENSEX
Sterlite Technologies Ltd Spikes 5.15%, S&P BSE Telecom index Rises 1%
Sterlite Technologies Ltd has lost 7.73% over last one month compared to 2.64% fall in S&P BSE Telecom index and 0.31% drop in the SENSEX
Market drifts higher in early trade
Key benchmark indices edged higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 166.38 points or 0.43% at 38,766.72. The Nifty 50 index was up 37.80 points or 0.33% at 11,636.05.
Rupee rises 4 paise to 69.36 vs USD in early trade
The rupee appreciated by 4 paise to 69.36 against the US dollar in opening trade Tuesday, driven by weakening of the greenback and positive opening in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 69.40 against the dollar, then gained momentum and touched 69.36, up 4 paise over its previous close. The rupee had settled at 69.40 against the US dollar Monday. The local unit, however, pared some gains and was quoted at 69.38 against the American currency at 0933 hrs. Forex dealers said, selling of the American currency by exporters, easing crude prices and positive opening in domestic equities supported the rupee. On the other hand, foreign fund outflows restricted the rupee upmove. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 948.98 crore Monday, as per the provisional data. Brent crude futures, the global oil benchmark, fell 0.20 per cent to USD 71.10 per barrel. Meanwhile, domestic bourses
HDFC Bank rises as board to mull stock split
HDFC Bank rose 0.80% to Rs 2347 at 9:20 IST on BSE after the bank said that its board will consider stock split on 22 May 2019.
Hughes, Airtel to combine India VSAT biz
Telecom operator Bharti Airtel and Hughes Communications India Ltd (HCIL) Tuesday announced they will combine their VSAT (Very Small Aperture Terminal) satellite operations in the country. HCIL is a subsidiary of broadband satellite networks and services provider Hughes Network Systems. Hughes will have majority ownership in the combined entity while Airtel will have a significant shareholding, according to a statement. The statement did not spell out the financial details of the transaction, which is subject to requisite approvals. "The combined entity will benefit from enhanced scale, improved operational efficiencies and wider market reach. The combined entity will be well positioned to leverage the demand for secure connectivity in a rapidly growing digital economy," it said. VSAT is used to provide satellite based telecom and internet access to individuals and enterprise users. HCIL is a broadband satellite service operator in India, and offers a range of broadband networking ...
Market may open in positive zone
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 32 points at the opening bell.
Myanmar frees two Reuters journalists in amnesty: video
Myanmar freed two Reuters journalists who had been jailed for their reporting on the Rohingya crisis from prison Tuesday following a presidential amnesty, according to video from the agency. The two, Wa Lone and Kyaw Soe Oo, were mobbed by media as they stepped out of Yangon's notorious prison after spending more than 500 days in detention.
Anadarko calls Occidental takeover offer 'superior' to Chevron's
US oil group Anadarko said Monday that Occidental Petroleum's takeover bid is "superior" to Chevron's, amid a fierce battle over the company's assets in the shale-rich Permian Basin in Texas. After initially siding with Chevron, Anadarko reopened talks when Occidental raised its share price. Last week, Occidental also upped its cash offer to $38 billion. Anadarko's "board of directors... has unanimously determined that the revised acquisition proposal it received from Occidental Petroleum Corporation on May 5, 2019 constitutes a 'Superior Proposal' as defined in Anadarko's previously announced merger agreement with Chevron Corporation," a statement read. "Anadarko intends to terminate the Chevron Merger Agreement in order to enter into a definitive merger agreement with Occidental in connection with the Revised Occidental Proposal." Under the new deal, Occidental would purchase Anadarko for $59 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common ...
US stocks close lower; Dow Jones declines 66 points
US stocks ended lower on Monday, with the three major indexes all reporting losses during the first trading day of the week.
Malaysia extradites ex-Goldman banker facing US graft charge
A former Goldman Sachs executive accused in the alleged multibillion-dollar ransacking of a Malaysian state investment fund was extradited to the US and had his initial court appearance Monday in New York City. Roger Ng, who was arrested in Malaysia in November, pleaded not guilty was ordered released on USD 1 million cash bail. The court ordered him placed on home detention and electronic monitoring while he awaits trial. Malaysian and US prosecutors allege that bond sales organised by Goldman Sachs for the 1MDB investment fund provided a way for associates of Malaysian ex-leader Najib Razak to steal and launder billions over several years. Najib set up 1MDB when he took power in 2009, ostensibly to accelerate Malaysia's economic development, but the fund amassed billions in debts and is being investigated in the US and several other countries for alleged cross-border embezzlement and money laundering. Embezzlement from the fund became a political scandal in Malaysia, with money ...
Malaysia extradites ex-Goldman banker facing US graft charge
A former Goldman Sachs executive accused in the alleged multibillion-dollar ransacking of a Malaysian state investment fund was extradited to the US and had his initial court appearance Monday in New York City. Roger Ng, who was arrested in Malaysia in November, pleaded not guilty was ordered released on USD 1 million cash bail. The court ordered him placed on home detention and electronic monitoring while he awaits trial. Malaysian and US prosecutors allege that bond sales organised by Goldman Sachs for the 1MDB investment fund provided a way for associates of Malaysian ex-leader Najib Razak to steal and launder billions over several years. Najib set up 1MDB when he took power in 2009, ostensibly to accelerate Malaysia's economic development, but the fund amassed billions in debts and is being investigated in the US and several other countries for alleged cross-border embezzlement and money laundering. Embezzlement from the fund became a political scandal in Malaysia, with money ...
RBI directs banks to enhance housing loan limits for eligibility under priority sector lending
Reserve Bank of India (RBI) has directed banks to enhance the housing loan limits for eligibility under priority sector lending (PSL) to Rs 35 lakh in metropolitan centres (with population of ten lakh and above) and Rs 25 lakh in other centres.In order to bring the RRBs and SFBs at a level playing field with other Scheduled Commercial Banks, it has now been decided to enhance the housing loan limits for eligibility under PSL.Accordingly, in respect of RRBs and SFBs, housing loans to individuals up to Rs 35 lakh in metropolitan centres (with population of ten lakh and above) and Rs 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centres and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively, will be eligible for classification under PSL.Earlier, loans to individuals up to Rs 28 lakh in metropolitan centres and Rs 20 lakh in other centres, were eligible to be classified under priority sector, provided that the cost of ...
Not going to lose billions in trade with China anymore: Trump
US President Donald Trump on Monday said that the United States allegedly loses USD 500 billion dollars in trade with China every year, adding that they were not "going to be doing that anymore.""The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China, we lose 500 Billion Dollars. Sorry, we're not going to be doing that anymore!" Trump tweeted.This comes in the wake of the US President toughening his stance on the US-China trade dispute following months of negotiations, which are still ongoing. The US had earlier abstained from enforcing an increase in tariffs on Chinese imports in March, citing the progress made in trade negotiations -- an approach which seems to be changing in present times.Suggesting that he was not satisfied with the pace of negotiations, Trump warned that he would lift tariffs on Friday on USD 200 billion of Chinese goods to 25 per cent from the current threshold at 10 per cent, as well as tax nearly all of the ...