Page 47 - Business Finance
Cong's Chavan questions revision in Maha agri growth figures
Former Maharashtra chief minister and senior Congress leader Prithviraj Chavan raised doubts on the authenticity of figures quoted in the state's Economic Survey tabled in the legislature Monday. He said the agricultural growth rate had been revised by "almost 12 per cent" in connection with the 2017-18 fiscal, a change he dubbed as "drastic". "As per the Economic Survey of 2017-18, the estimated agriculture development rate was minus 8.3 per cent. But in the Economic Survey report 2018-19, this has been revised to 3.4 per cent. It is impossible to have such a big change of almost 12 per cent. The government should show proof of such drastic changes," Chavan said. "In 2017-18, Kharif crop production had gone down 12 per cent, Rabi production reduced by 63 per cent. Then how come agriculture development rate was 3.4 per cent in 2017- 18," he questioned.
Shriram Transport shares plunge 6.5 pc as Piramal Enterprises sells entire stake in co
Shares of Shriram Transport Finance Company plunged 6.5 per cent Monday after Piramal Enterprises divested its entire stake in the asset financing firm. The scrip tanked 6.15 per cent to close at Rs 1,015 on the BSE. During the day, it dropped 6.96 per cent to Rs 1,006.25. At the NSE, shares plunged 6.53 per cent to close at Rs 1,014. Shares of Piramal Enterprises also fell by 3.07 per cent to close at Rs 2,004.85 on the BSE. "The company has sold its entire direct investment of 9.96 per cent in the fully paid-up share capital of Shriram Transport Finance Company to third party investors on the floor of the stock exchange," Piramal Enterprises said in a regulatory filing. As on March 31, 2019, Piramal Enterprises held 2.26 crore shares amounting to 9.96 per cent stake in Shriram Transport Finance Company.
Sensex plunges 491 points on rising oil prices, trade skirmishes
Equity benchmark indices slumped over 1.25 per cent on Monday amid rising crude oil prices and trade tensions as investors feared prospects of de-growth in the global economy.The BSE S & P Sensex sank 491 points at 38,961 while the Nifty 50 closed 151 points down to settle at 11,672. At the National Stock Exchange (NSE), all sectoral indices were in the negative zone.Nifty metal was down 2.8 per cent while the auto index declined by 1.7 per cent. PSU banks, financial services and realty also took a beating as selling pressure mounted.Trade war fears escalated after India imposed retaliatory tariffs on certain US products in response to Washington's decision to remove certain trade privileges for New Delhi.Traders said foreign institutional investors are increasingly turning cautious as geopolitical tensions in the Middle East show no immediate signs of subsiding.Shares of Jet Airways tumbled further by 16.76 per cent to an all-time low of Rs 68.30 per share as lenders planned a ...
Jet Airways shares dive 18 pc
Shares of Jet Airways plunged 18 per cent Monday as stock exchanges last week decided to impose restrictions on its trading from June 28. The scrip tanked 16.76 per cent to close at Rs 68.30 on the BSE. During the day, it plummeted 19.56 per cent to hit a multi-year low of Rs 66. At the NSE, shares plunged 18 per cent to close at Rs 66.95. On the traded volume front, 26 lakh shares were traded on the BSE and over two crore shares on the NSE during the day. In 11 trading days since May 30, the scrip tumbled 54.72 per cent from Rs 150.85 on the BSE. The company's market valuation has fallen by Rs 937.13 crore in these 11 trading days. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week. The cash-starved airline suspended operations in April. In a circular on Wednesday, the NSE said shares of the company would be shifted from "Rolling ...
SC to hear plea for review of policy on Haj tour services tomorrow
The Supreme Court will hear on Tuesday a plea seeking review of the policy that requires private tour operators to provide Haj tour services at government rates.A vacation bench of Justices Deepak Gupta and Surya Kant agreed to hear the plea tomorrow after the lawyer, representing a private Haj tour operator, mentioned the matter for urgent hearing.The petition has said the government policy that stipulates the private tour operators to extend Haj tour services at government rates would hurt their business.The government had recently allowed 25,000 additional seats for pilgrims going through private operators.
India-US trade tension grips markets, Sensex tanks by 490 pts
The Sensex lost nearly 500 points on Monday as investors feared a tit-for-tat trade battle between the US and India after the latter raised tariffs on 28 US items in retaliation to US tariffs.
Sensex plummets 491 pts on Indo-US trade war fears
Extending losses for the fourth straight session, the BSE Sensex tanked over 491 points and the NSE Nifty dived over 151 points on Monday after investors feared India's retaliatory tariffs on US goods could open new trade war front. Besides, fresh geopolitical tensions in the Middle East and concerns over the advancement of monsoon also unnerved market participants. Sectorally, BSE metal was the worst hit, losing over 3 per cent, while energy index fell over 2 per cent. On the Sensex, Tata Steel emerged as the biggest loser with over 5 per cent fall. Other major laggards were Vedanta, Tata Motors, Axis Bank, Bharti Airtel, Reliance, ONGC, Sun Pharma, Maruti and L&T, falling as much as 3.33 per cent. Bucking the weak market trend, Yes Bank, Coal India and Infosys rose. 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 ...
Sensex drops below 39,000 as pivotals slide
Domestic stocks dropped sharply on first trading day of the week led by slide in index heavyweights Reliance Industries (RIL), Axis Bank and L&T. The barometer index, the S&P BSE Sensex, lost 491.28 points or 1.25% to 38,960.79, as per the provisional closing data. The Nifty 50 index lost 151.15 points or 1.28% to 11,672.15, as per the provisional closing data. The Sensex dropped settled below the psychological 39,000 mark. Metal stocks slumped. PSU bank stocks fell.
Airtel Africa sets IPO price range at 80-100 pence
Bharti Airtel's arm Airtel Africa has set a price range of 80-100 pence per share for its initial public offering (IPO) on the London Stock Exchange (LSE).
Hiring activity records 11 pc rise in May: Report
Hiring activity registered 11 per cent jump in May over the year-ago month, largely driven by significant uptick in recruitment activity in the IT-software sector, according to a report. The Naukri JobSpeak Index for May 2019 stood at 2,346, indicating an 11 per cent rise as compared to May 2018, when it stood at 2,106. "The JobSpeak index continues to grow with an 11 per cent year-on-year growth in May with most sectors and cities showing a positive trend. Looking at the trend reflected in the last six months we can see that hiring continues to grow in a positive direction," said InfoEdge India Chief Marketing Officer Sumeet Singh. Besides IT-software, other industries that showed a healthy upward trend in the recruitment activity were business process outsourcing (BPO) (11 per cent), education (11 per cent), IT-hardware (11 per cent), construction & engineering (1 per cent), and fast-moving consumer goods (4 per cent). However, hiring activity in BFSI (banking, financial ...
Most sectors on decline, Maha minister defends economic survey
Even as Maharashtra strives to be a trillion dollar economy by 2025, most of the sectors that will propel this growth showed a decline in 2018-19, as per figures released by the state Economic Survey Monday. Except for a two per cent rise in the construction sector, others like mining, manufacturing and utility are showing a downward trend, it revealed. Maharashtra Finance Minister Sudhir Mungantiwar, however, Monday defended the report, claiming that investment in several sectors was still underway and they would report a rise in the coming period. "The growth in trade, hospitality, communication, financial and professional services, public administration, defence and other services are estimated to rise when compared to 2017-18. This means jobs are being created in these sectors as well. Growth cannot be seen only through investment in select sectors," Mungantiwar stressed. The economic survey has shown 7.2 per cent growth rate in 2017-18 as against an estimated rise ..
Huawei phone sales plunge, cutbacks planned as US pressure bites
Huawei's founder said Monday the Chinese telecom giant's overseas smartphone sales have tumbled since the US last month threatened to blacklist the company, and he warned the embattled firm would slash production to weather the US drive to isolate it. The announcements by Huawei founder and CEO Ren Zhengfei marked the first clear indication from the company of the impact of the US pressure, which is being applied over concerns in Washington that Huawei is in bed with China's security apparatus. Speaking at a panel discussion organised by the company at headquarters in the city of Shenzhen in southern China, Ren was asked if he could confirm media reports citing anonymous sources which said its overseas smartphone sales had fallen by up to 40 percent. "Yes, (sales) have fallen 40 percent," said Ren. He gave no further details on the sales plunge but a Huawei spokeswoman later clarified that he was referring to a 40 percent fall from May to June in the wake of the US blacklist ...
Manipal in talks with Jigsaw Academy to create joint B2C unit
Manipal is looking to expand its offerings in the professional learning segment through a deeper relationship with long-term investee company Jigsaw Academy.With an investment of 3 million dollars in 2015, Manipal has been a strategic investor in Jigsaw Academy and is currently looking at Jigsaw Academy to be their partner in expanding its footprint in the B2C market.Through their combined offerings in data science, digital marketing, cloud computing and cyber-security, they are aiming to target the executive education market, currently pegged to be worth Rs 75,000 crores."Jigsaw Academy has established a formidable brand in the data science training space and we believe we can expand this to all emerging technologies. We will engage with them to build a stronger footprint for both Manipal and Jigsaw brands. In the coming months, we will synergise our strengths in technology, educational content and client relationships to serve this large and rapidly growing market even better. The ..
Defence Ministry to streamline export procedures
The Ministry of Defence will soon introduce changes in the open general licence norms to boost exports out of India, said Sanjay Jaju, Joint Secretary, Defence Industries Production, here on Monday.Authorities are working on two open general export licences and the entire process of seeking permissions will be reduced, he said while addressing a workshop organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), an industry body."We will create a system under which Indian exporters will have the opportunity to give self-declaration of their quarterly or yearly statements for a select group of countries," said Jaju."We are trying to come up with a solution where an open general export license for certain products to certain countries will be issued. Those companies which register under particular license can export these items and give us declaration over a quarter, or a month or a year, and maintain records at their own premises," he told ANI.Jaju said India's ...
US ban will cost Huawei $30bn in two years: Founder
Hit by the US trade ban, Huawei is looking at a massive $30 billion loss in revenue over the next two years, said the Chinese smartphone giant's Founder and CEO Ren Zhengfei on Monday, adding that the US President Donald Trump administration's attack on Huawei can't stop it from moving forward.
Tata Communications gains after extending partnership with Batelco
Tata Communications was up 1.71% to Rs 501.45 at 14:36 IST on the BSE after the company extended its partnership with Bahrain's digital communications solutions provider.
Gold falls Rs 100 on subdued jewellers' buying
Gold prices Monday fell by Rs 100 to Rs 33,620 per 10 gram in the national capital due to subdued demand from local jewellers and a weak trend overseas, according to the All India Sarafa Association. Silver prices also dropped by Rs 10 to Rs 38,090 per kg owing to reduced offtake by industrial units and coin makers. Globally, spot gold was trading lower at USD 1,333.90 per ounce, while silver was down at USD 14.85 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 100 each to Rs 33,620 and Rs 33,450 per 10 gm, respectively. The gold price had on Saturday fallen by Rs 150 at Rs 33,720 per 10 gram. Traders attributed the decline in gold prices to fall in demand from local jewellers and a weak global trend. Sovereign gold, however, remained flat at Rs 26,800 per eight gram as compared with the previous close. Silver ready fell by Rs 10 to Rs 38,090 per kg, whereas, weekly-based delivery rose by Rs 81 to Rs 37,116 per kg. Silver ...
RBI to focus on growth when inflation is under control: Das
Amid global slowdown and weakening trade, the Reserve Bank of India (RBI) has been striving to boost economic growth in the country when inflation is under control, its Governor Shaktikanta Das said on Monday.Even after more than a decade of global financial crisis and six years after taper-tantrum, the global economy is still not on a stable growth path, he said."Following an upward swing in 2017, there has been growing evidence that global growth and trade is weakening. Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook," said Das while addressing a gathering at the Lal Bahadur Shastri National Academy of Administration here."Therefore it has been our endeavour in the RBI to ensure price stability under the flexible inflation targeting regime and simultaneously focus on growth when inflation is under control," he said.In a flexible inflation targeting framework, a delicate balance needs to be maintained between inflation and ..
Capital outflows into commercial realty up 92 pc in Q1'18-Q1'19: Report
Capital investment in commercial real estate by Indian investors in overseas markets soared by 92 per cent to USD 700 million (around 4,893 crore) between the first quarter of 2018 and the first quarter of this year, a report said. Investors tapped the overseas market to diversify risk and increase their returns, the report by global property consultant Knight Frank said. The UK, the Netherlands, Germany, the US and Australia were the top destinations for Indian capital investments. The report delves into the sources and destinations of cross-border investments in commercial real estate. "With geopolitical factors coming into play, prolonged global economic cycle and interest rate in late cycle investment are prompting cross-border capital flows," said Shishir Baijal, Chairman and Managing Director, Knight Frank India. Baijal further noted that "Indian investors are increasingly looking at international commercial real estate assets to diversify risk and increase their ...
Cloud firm Infor announces new India Business Unit
Aiming to tap newer growth opportunities, business Cloud software firm Infor on Monday announced a new India Business Unit (IBU) as a separate region that comprises India, Nepal, Bangladesh and Pakistan.