Page 478 - Business Finance
Stock markets closed as Mumbai goes to polls today
Stock markets were closed on Monday due to polling for the fourth phase of general elections in Maharashtra.Foreign exchange markets and commodity exchanges were also shut.On Friday, the BSE S & P Sensex wrapped up 336 points higher at 39,067 while the NSE Nifty closed the day 113 points up at 11,755.The next trading will resume on Tuesday.Meanwhile, Asian shares rebounded after data showed US gross domestic product (GDP) grew at 3.2 per cent during the first quarter.Chinese data too showed that industrial profits grew in March after four months of contraction.
PHNIX Releases a New Agricultural Heat Pump Dryer with Saving up to 75% on Operating Costs in Southeast Asia
/ -- Information from the agricultural products processing industry in Southeast Asia shows that with the growing scale of high value-added crops in some local countries, the demand for energy-saving drying equipment of fruits and vegetables is also increasing. Since the start of 2019, PHNIX, a leading heat pump dryer manufacture in China, has launched the high-efficiency agricultural heat pump dryer, which was previously developed for the European market and has been exported to Europe and the Southeast Asian market. This heat pump dryer is energy efficient and can save up to 75% on operating costs, according to Mr. Jab Fan, Director of PHNIX Heat Pump Drying and House Heating Division. Mr. Li Wei, PHNIX product manager, said that users from Indonesia, Vietnam, India, Thailand, and the Philippines have high demand for agricultural drying equipment. In fact, PHNIX heat pump dryers have many successful applications in China, Europe and Southeast Asia, and more and more Southeast Asian .
Fewer Britons choosing EU countries for holidays
Fewer Britons have booked a summer holiday inside the European Union (EU) this year amid continuing Brexit uncertainty, according to leading travel firm Thomas Cook.
US military spending up for first time in 7 years: Sipri
US military spending has risen for the first time in seven years, reflecting Trump administration policy, according to a new report released Monday by the Stockholm International Peace Research Institute. Worldwide military spending also rose by 2.6 per cent to USD 1.8 trillion overall last year, SIPRI calculated. It was the second year running the global figure has risen, bringing military spending to its highest level since 1988. "The increase in US spending was driven by the implementation from 2017 of new arms procurement programmes under the Trump administration," said Aude Fleurant, director of SIPRI's Arms and Military Expenditure (AMEX) programme. The US figure alone of USD 649 billion was as much as the next eight highest military budgets. But Chinese as well as US spending helped push the overall spending figures for the year higher, said the report. China's spending has risen 83 per cent since 2009, bringing it up to second place, ahead of Saudi Arabia, India -- which is ..
Trump's Fed choice Moore confident about confirmation
Stephen Moore, who was picked by US President Donald Trump to serve on the Federal Reserve Board, said he is facing a "smear campaign", but showed confidence that he will make it through the process and be formally nominated.
Exposures in RCFL, RHFL safe: Reliance Mutual Fund
Reliance Nippon Life Asset Management Ltd (RNAM) Sunday said the interests of Reliance Mutual Fund (RMF) investors are fully protected as its exposures in Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) are about 10 per cent of RMF's 166 fixed income and hybrid schemes.
Scoreboard of the IPL match between Mumbai Indians and Kolkata Knight Riders here on ...
Scoreboard of the IPL match between Mumbai Indians and Kolkata Knight Riders here on Sunday. Kolkata Knight Riders Innings Shubman Gill c Lewis b Hardik 76 Chris Lynn c Lewis b Chahar 54 Andre Russell not out 80 Dinesh Karthik not out 15 Extras: (LB-1 W-5 NB-1) 7 Total: (For 2 wkts in 20 overs) 232 Fall of Wickets: 1/96 2/158 Bowling: Barinder Sran 2-0-27-0, Krunal Pandya 3-0-27-0, Lasith Malinga 4-0-48-0, Jasprit Bumrah 4-0-44-0, Rahul Chahar 4-0-54-1, Hardik Pandya 3-0-31-1.
Exposure to debt securities of group firms of Rel Capital safe: Reliance MF
Reliance Mutual Fund Sunday said its exposure to debt securities of some of the group companies of Reliance Capital is safe. The statement came a day after rating downgrade of debt issued by group companies including Reliance Home Finance. Reliance Mutual Fund (RMF), in like manner as certain other MFs, has exposure of Rs 535 crore and Rs 1,083 crore to long-term NCDs issued by RCFL and RHFL, respectively. "These exposures are held in only roughly 10 per cent of RMF's total 166 fixed income and hybrid schemes," Reliance Mutual Fund said in a statement.
L&T Finance Holdings Q4 net profit jumps 2-folds to Rs 552.12 cr
L&T Finance Holdings Sunday said its consolidated net profit more than doubled to Rs 552.12 crore during the quarter ended March 2019. The company had posted a Rs 270 crore net profit in same period a year ago. Total income for the said quarter rose to 3,383.92 crore from Rs 2,762.71 crore a year ago, the company said in a BSE filing. Total expenses during the quarter stood at Rs 2,634.56 crore as against Rs 2,396.53 crore.
Symphony sees commercial air cooling segment as big growth driver in coming years
Leading air-cooler maker Symphony is looking at the industrial and commercial air-cooling segment as a major growth driver for the company in the country and even expecting it to be bigger than the household cooler category in terms of sales in the coming years. The Ahmedabad-based company, which has entered into industrial and commercial air-cooling space in India and sells air coolers in over 60 countries globally, is sensing a good opportunity in the commercial cooler space. It wants to target the small and medium size companies, warehouses, hotels and restaurants and institutional buyers with its 'Movicool' range of industrial and commercial air-coolers. "We believe that the commercial air cooling category has potential to be bigger than our existing household cooler range going forward," Achal Bakeri, founder and chairman of Symphony, told PTI. However, on being asked about the timeline, he said: " I cannot specify how long but it could be in a few years or several years but it ..
Agri growth rate fell under Modi govt, says Cong's Surjewala
The Congress Sunday claimed agricultural growth rate had gone down from 4.2 per cent during the UPA regime to 2.5 per cent under the Narendra Modi government. Addressing a press conference here, the Congress' communications in charge Randeep Singh Surjewala said the Modi government would need "20 years" to double the income of farmers, as against the Centre's promise of achieving the feat by 2022. "As per data shared by the Modi government in the Lok Sabha, agricultural growth rate between 2014 and 2018 has gone down to 2.5 per cent. This rate was 4.2 per cent between 2009-14 under the UPA government," Surjewala said. "Going by this pace, it would take 20 years for the Modi government to double the income of farmers," he added. He said the Centre had not been able to provide Minimum Support Price (MSP) to farmers despite promising to give them support price at 50 per cent higher than production cost. While the MSP for paddy was fixed at Rs 1750 per quintal, it was being
Airlines likely to see 'volatility' in profit & loss accounts on new accounting standard
Financial costs are likely to climb further for airlines in the near term, with new accounting standards on leases set to create "significant volatility" in their profit and loss accounts. Indian Accounting Standard 116 or Ind AS-116 has come into effect from April 1 and pertains to principles for recognition, presentation and disclosure of leases. The standard, notified by the corporate affairs ministry, would have a significant impact on various industries such as airlines, where aircraft operated are mostly on lease. It also comes at a time when the domestic airline industry is grappling with tough times due to rise in fuel prices, intense competition, financial issues and infrastructure woes. Sandip Khetan, National Leader and Partner (Financial Accounting Advisory Services) at EY India, said that many aircraft leases are denominated in USD, which is likely to be a currency different from the functional currency of most domestic airline companies. "Ind AS requires foreign currency
IDBI Bank opens processing in 3 cities for Iran trade
Amid uncertainty over India's oil import possibilities from Iran after May 2 when the waivers to US sanctions on Iran are withdrawn, state run IDBI Bank has stepped-up efforts in this direction by creating Iran trade processing cells in 3 Indian cities.
Bangladesh, ADB review implementation of assisted projects
Bangladesh and the Asian Development Bank (ADB) have jointly reviewed the implementation progress of ADB-assisted projects to further improve development results.
Financial crisis hits Pawan Hans, company holds employees' salaries for April
New Delhi [India], Apr 28 (ANI): After Jet Airways and Kingfisher Airlines, it is now the turn of Pawan Hans Limited, which is facing a financial crisis.Pawan Hans' management, on April 25, issued a circular to its employees stating that the company is not in a position to disburse employees' salaries for the month of April due to "uncomfortable financial position in Pawan Hans.""While reviewing the overall performance of the company, it has been observed that the company is facing an uncomfortable financial position. The industry's future is uncertain as many of our established businesses and our associated challenges are threatening future deployments. In terms of financial performance, the revenue has sharply declined in the financial year 2018-19 and the company has incurred a net loss to the tune going to Rs 89 crore during this financial year," the circular said..Also, search trends have been financially downturn owing to serious mismatch that has been built up between the ...
JIL crisis resolution to boost realty sector: Experts
After major reforms such as the Real Estate Regulation and Development Act (RERA) and the rationalisation of the Goods and Services Tax (GST), the likely resolution of the Jaypee Infratech Ltd (JIL) insolvency case will be another major development to boost the home buyer's confidence, more so in the subdued realty market of the national capital region, market experts said.
Use volatility to your advantage (Column: Market Watch)
Markets behaved on expected lines and witnessed huge intra-day volatility on a daily basis. The BSESENSEX saw intraday moves of over 500 points on three of the five trading days and around 325 on the remaining two days. Similarly, NIFTY saw moves of around 150 points on three days, 100 on one day and 81 points on the fifth day. The average intraday move on the BSESENSEX was 458 points while it was 132 points on NIFTY. This kind of volatility has not been seen for a long time.
Flamboyant politicians show cautious investment behaviour
A look at the investment behaviour patterns among the who's who in national politics contesting the ongoing Lok Sabha elections reveals that most own asset types that are not known to be the most transparent in nature.
Invigorate Foods to invest Rs 60 cr to set up plant for soya milk products
Soya milk products manufacturer Invigorate Foods, which is part of Japan-based Takeda Global, has forayed into the Indian market and plans to invest Rs 60 crore to set up a plant here. The company also plans to export to markets like Israel and the Middle East. It has launched 'Genki-Ya Tofu', which is the only tofu which is prepared from fresh soya milk extracts, the company said in a statement. "Invigorate Foods is planning to invest INR 600 million in the next three years in plant, equipment and other capital goods," said Invigorate Foods Global Managing Director Kentaro Takeda. "We will soon start to export products of soya milk extracts from India to Israel, Qatar, Middle East countries and gradually to other countries," he added. The company is looking to set up a pan-India distribution network and provide employment to over 1,000 people. "Our company is launching a number of products in India at a time when vegan food is being adopted by lot of diet conscious Indians. "Fresh ...
Brokerage firm 360 Realtors to hire 1,000 people this fiscal
Property brokerage firm 360 Realtors will hire 1,000 employees this fiscal year and is actively looking for acquisition in the US market to grow its business in India and overseas, a top company official said. Gurugram-based 360 Realtors currently has over 50 offices across India and overseas with a sales force of more than 1,000 people. Its revenue grew by 46 per cent to Rs 152 crore during the last fiscal. The company sold 6,000 units worth Rs 4,100 crore during 2018-19. "We have set a target to sell 12,000 units this fiscal. To achieve this, we need people. We will be hiring about 1,000 people this financial year," the company's founder and MD Ankit Kansal told PTI. With 30 per cent of sales in value terms coming from non-resident Indians (NRIs), he said, the company is actively looking to acquire a brokerage firm in the US to market Indian properties. The discussions are underway with some of the US-based brokerage houses that are marketing Indian properties in America. 360 ...