Page 46 - Business Finance
TV makers pinning hopes on India's performance in world cup for healthy sales growth
Television manufacturers are hoping for an exuberant performance from India in the cricket world cup to see their sales grow by around 20 per cent in a cricket-frenzy nation. The lukewarm TV sales till about a week ago picked up drastically ahead of the India-Pakistan match on Sunday and the trend may continue considering positive market sentiment post election results, Sony India Managing Director Sunil Nayyar told PTI. "Now we are witnessing the Cricket World Cup...initially the momentum was slow but it has caught up in the last one week time, specially this weekend, thanks to the India-Pakistan match yesterday," he said. "Now we can see that it is (TV panel market) gathering steam and...if everything goes well and our country performs well, we are expecting 20 per cent jump (for the overall TV industry) over the last few months," he added. He said the company hopes to see India performing well because that is what triggers demand in this country. The television market had a slow ...
Maha to lease 6 boats from ONGC for coastal security
The Maharashtra government will take on lease six boats from state-run Oil and Natural Gas Corporation (ONGC) to enhance surveillance and security in coastal areas, Minister of State for Home Deepak Kesarkar said Monday. The boats will be deployed in six districts to keep an eye also on other states' fishermen "encroaching" within 12 nautical miles of Maharashtra's coastline as fish found within this line was the property of the state, he told reporters here. The boats, on which weapons can be installed, will be leased for a period of five years which can be extended by an equal number of years, he said. "These modern boats will be inducted after monsoon. Weapons can be installed on them. The coastline always faces terror threats," Kesarkar told reporters. "Also, fishing trawlers from other states encroach and take away our property. We can control intruding fishermen using these boats," he said, adding that their deployment would help the state's fishermen.
Stocks, rupee bear brunt of US-India trade tiff
Equity benchmark Sensex Monday crashed over 491 points, piling on losses for a fourth session in a row, and the rupee weakened further as trade tariff disagreements between India and the US spooked investors. The NSE gauge Nifty also slipped over 151 points to close below the 11,700-mark. Besides, fresh geopolitical tensions in the Middle East and concerns over the advancement of monsoon also unnerved market participants. The Indian rupee Monday fell by another 11 paise to close at 69.91 to the the US currency, its third straight-session loss. The domestic currency has lost 57 paise in the last three sessions. The BSE gauge settled 491.28 points, or 1.25 per cent, lower at 38,960.79. The index hit an intra-day low of 38,911.49 and a high of 39,540.42. Similarly, the broader NSE Nifty cracked 151.15 points, or 1.28 per cent, to close at 11,672.15. During the day, the index touched a low of 11,657.75 and a high of 11,844.05. Over the past four sessions, the Sensex has lost 796.02 points
Lenders to take Jet Airways to NCLT, revival hope gets bleaker
The future of the grounded Jet Airways just got a shade bleaker on Monday with the lenders, led by State Bank of India (SBI), deciding to initiate bankruptcy proceedings against the airline after all attempts to rope in a buyer failed.
NHAI may gets favourable response in 3rd road assets auction: ICRA
With moderation in floor price, highways developer NHAI is expected to receive a favourable response from investors for a set of road assets going under the hammer in the third auction, rating agency ICRA said Monday. A favourable response from investors is critical for the success of the toll-operate-transfer (TOT) model, under which the bundle of projects are being auctioned, as it would help tap funds for the authority for road projects, it highlighted. The timely monetisation of mature road assets through the TOT route will be a critical determining factor in plugging the shortfall in budgetary allocations and fetch requisite funding to support ambitious execution targets set for the Bharatmala programme, ICRA noted. "Otherwise in the event of a shortfall, funds will have to be met through additional borrowings, thereby increasing the debt burden for NHAI. Hence, the success of the TOT as a model will be significant," it said. Under the TOT model, the highest bidder gets the right
Banks give up on Jet Airways revival,choose to send it to NCLT
State Bank of India-led consortium of lenders Monday decided to send the grounded Jet Airways to the National Company Law of Tribunal (NCLT) as they have not yet received any concrete proposal for the airline. The decision was taken after a meeting of the lenders. "After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received," SBI said in a statement. The statement further said the move was necessitated as the prospective investor wants some Sebi exemption deal the deal which can be worked out better under the IBC. The bank said lenders have been taking efforts to find a resolution for the grounded carrier outside IBC but now have decided to seek a resolution within the IBC. It can be noted that on June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had moved the NCLT seeking bankruptcy proceedings against the airline and on June 13 the tribunal, which is ...
Rupee logs 3rd straight loss; Indo-US trade tiff weighs
The Indian rupee Monday fell by another 11 paise to close at 69.91 to the the US currency, its third straight-session loss, in line with intense sell-offs in domestic equities amid concerns over Indo-US trade tariff disagreements. The domestic currency has lost 57 paise in the last three sessions. However, easing crude oil prices and weakening of the US dollar against key rivals helped the Indian rupee contain losses to some extent. At the interbank foreign exchange (forex) market on Monday, the domestic currency opened higher at 69.87 a dollar but lost ground during the day to fall to 69.94. The rupee finally settled at 69.91, down 11 paise over its previous close. The Indian unit had settled at 69.80 a dollar on Friday. "The rupee fell against the US dollar taking cue from other weak Asian currencies and widening Indian trade deficit for a third consecutive month," said V K Sharma, Head-PCG & Capital Market Strategy, HDFC Securities. Sharma further said market participants are .
Over 26 pc govt posts vacant in Maha: Economic survey
Some 26.6 per cent government posts in the Group A-D categories are lying vacant in Maharashtra, the 2018-19 economic survey tabled in the state Legislature Monday informed. As on July 1, 2018, sanctioned government service posts in group A, B, C and D were 7.17 lakh and the number of these vacant stood at 1.91 lakh, or 26.6 per cent, the survey stated. The government had announced a mega recruitment drive to fill 72,000 vacant posts, but the drive is yet to start despite the government providing 16 per cent quota for the Maratha community in jobs and education. As per the Employment Market Information (EMI), total employment in the state during 2018 was 73.50 lakh, of which 27.7 per cent were women, and 22.83 lakh (31.1 per cent) was in the public sector. In 2018-19, a total of 17.84 lakh households got employment under the Mahatma Gandhi National Rural Employment Guarantee scheme (MNREGA), it said, adding that as many as 2,94,460 works were completed.
Vacasa achieves 80 percent more productivity with Hiver
Vacasa, one of the largest international vacation rental management companies in the US, deployed Hiver - a SaaS based email collaboration tool - to improve visibility and information exchange across the organisation using shared inboxes.The Hiver solution helps teams manage group emails with faster access and better analytics, resulting in faster response time and resolution of customer requests.Vacasa is North America's largest full-service vacation rental company and manages a growing portfolio of more than 13,000 vacation homes. It leverages industry leading technology to drive revenue for homeowners and provides unforgettable experiences for guests. Vacasa is focussed on balancing homeowners' requirements and guests' needs, thus making customer support a very strategic area for them.Previously, Vacasa was using google groups to manage support emails. However, the customer response time and ticket resolution had been sluggish. Tracking tickets and monitoring messages being sent to
Huawei increases its standing in Brandz Rankings of world's most valuable brands
Huawei has strengthened its position in a leading global brand index while also increasing its brand value.BrandZ's annual top 100 most valuable global brands study, published by WPP's research arm Kantar, ranks Huawei 47th (up one place from last year) with an eight percent increase in brand value. It's the fourth consecutive year that Huawei has been featured in the top 50.Ground-breaking product innovations such as the Huawei P30 Smartphone's advanced camera system and the unprecedented technological innovation baked into the Huawei Mate X handset (which boasts advanced 5G capabilities and a new foldable design) have clearly struck a chord with media and consumers alike, gaining excellent product reviews and countless awards, success that been reflected in sales.As leading analyst firm IDC noted in its most recent worldwide mobile device tracker, Huawei provided the only highlight from a vendor perspective, posting year-on-year growth in shipments of more than 50 per cent. It ...
Quick Wrap: Nifty Metal Index falls 2.87%, NIFTY Tumbles 1.28%
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Hong Kong Stocks edges up with eyes on trade, central banks
Blue chips were mostly firmer. HSBC (00005) nudged up 0.6% to HK$64.2. HKEX (00388) put on 1.3% to HK$263.8. Tencent (00700) edged down 0.3% to HK$329. China Mobile (00941) inched down 0.2% to HK$68.15. AIA (01299) jumped 1.9% to HK$75.2.
Global CRM software grew 15.6% in 2018: Gartner
Global spending on customer experience and relationship management (CRM) software grew 15.6 per cent to touch $48.2 billion in 2018, a new report from Gartner said on Monday.
Investor wealth erodes by over Rs 2 lakh cr as stocks plummet
Investor wealth eroded by over Rs 2 lakh crore on Monday after the BSE benchmark index tanked over 491 points following weak sentiments in the broader market. The BSE Sensex plunged 491.28 points, or 1.25 per cent, to close at 38,960.79 amid fears that India's retaliatory tariffs on US goods could open new trade war front. Led by the selling in equity market, the market capitalisation of BSE-listed companies dropped by Rs 2,00,258.81 crore to Rs 1,50,09,329.19 crore. "The fear of defaults creating a contagion effect that could further enhance the liquidity crunch, escalation of tensions on trade front and expensive valuations might have led to the culmination of Indian benchmarks," said Jateen Trivedi, Technical Research Analyst, Bonanza Portfolio Ltd. Concerns over advancement of monsoon and geo-political issues also played spoilsport for the market. "Markets are currently facing headwinds from both domestic and global front, citing delay in arrival of monsoon, lingering ...
Sensex, Nifty tumble on Indo-US trade war fears
Equity benchmarks Sensex and Nifty Monday piled on losses for a fourth session in a row amid investors fearing that Indo-US import tariff tussle might open a new front in global trade war. Besides, fresh geopolitical tensions in the Middle East and concerns over the advancement of monsoon also unnerved market participants. The BSE gauge settled 491.28 points, or 1.25 per cent, lower at 38,960.79. The index hit an intra-day low of 38,911.49 and a high of 39,540.42. Similarly, the broader NSE Nifty cracked 151.15 points, or 1.28 per cent, to close at 11,672.15. During the day, the index touched a low of 11,657.75 and a high of 11,844.05. Over the past four sessions, the Sensex has lost 796.02 points or 2 per cent, while the Nifty has declined by 234.05 points or 1.96 per cent. Sectorally, BSE metal was the worst hit, losing over 3 per cent, while energy index fell over 2 per cent on Monday. Broader BSE midcap and smallcap indices followed benchmarks, dropping up to 1.35 per cent. On the
Avis India launches operations in Coimbatore
Avis India, a leading car rental service provider, Monday launched its services in Coimbatore with aim to strengthen its operations in South India. Avis India has been serving both retail and corporate customers through its wide array of short-term and long-term mobility solutions and with this move, the company will extend its chauffeur drive service to corporate clientle and also cater to the leisure market with its chauffeur drive and self- drive services. The company has market presence in Bengaluru, Chennai, Hyderabad and Kochi in southern parts of India. "At Avis India, we are committed to providing the best and the most innovative car rental solutions to customers across India. We are using technology to ensure better transparency, efficiency, and passenger comfort. Our latest expansion into Coimbatore builds on this promise," Avis India Managing Director and CEO, Sunil Gupta said in a release here. "The expansion allows us to build on our strong market presence .
UK shares list in China in first for foreign firms
Britain and China began selling shares in each others' companies Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post-Brexit. Launch of the London-Shanghai Stock Connect marks "the first time that any foreign company will be able to list in mainland China", a statement said, as the UK seeks to extend close trading ties with the Asian powerhouse, despite strains caused by the Huawei fallout. The announcement Monday was the "centrepiece" of the UK-China Economic and Financial Dialogue, the Treasury said. Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added. Hammond said in the statement: "London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK market. "Stock Connect is a ground-breaking initiative,
Nifty futures at premium
Turnover rises
China Stocks end mixed on economic uncertainties
Pharmaceutical companies related to the artemisinin surged, after Chinese scientist and Nobel laureate Tu Youyou said her team has made a breakthrough in solving the problem of artemisinin resistance to treat malaria. The discovery of artemisinin, a chemical compound in a traditional Chinese herb, has saved tens of millions of lives in Africa from malaria, a deadly mosquito-borne infectious disease. Harbin Gloria Pharmaceuticals jumped by the daily 10% limit, and so did Zhuhai Rundu Pharmaceutical. Two other firms surged by 10%, while a gauge tracking 11 related stocks rose 5.6%.
E-vehicle sector for priority-lending, R&D incentives in Budget
With government committed to bringing the electric vehicle (EV) revolution to India in the next few years, the industry expectations from the Union Budget 2019-20 run high.