Page 489 - Business Finance
Bharti Airtel Ltd Spikes 1.56%
Bharti Airtel Ltd has added 12.22% over last one month compared to 0.63% gain in S&P BSE Telecom index and 1.96% rise in the SENSEX
Market nudges higher in early trade
Local stocks were trading with modest gains in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 71.78 points or 0.19% at 38,802.64. The Nifty 50 index was up 25.80 points or 0.22% at 11,667.60.
Board of Biocon recommends 1:1 bonus issue of shares
At meeting held on 25 April 2019
Stocks may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell.
Xi says will abolish anti-competitive subsidies to Chinese firms
Chinese President Xi Jinping vowed Friday to abolish subsidies to firms that impede fair competition -- addressing a major bone of contention in US trade talks. Xi repeated past promises to lower tariffs, increase imports and open up more sectors of China's economy to foreign businesses. The pledge comes as top US negotiators prepare to travel to Beijing next week for a new round of talks aimed at resolving a months-long trade war that has hit businesses with tariffs on hundreds of billions of dollars worth of products. One of the key US demands is an end to Chinese government subsidies to the country's companies. "We will overhaul and abolish unjustified regulations, subsidies and practices that impede fair competition and distort the market," Xi said at a summit on his Belt and Road global infrastructure project. "We will treat all companies, enterprises and business entities equally and foster an enabling business environment based on market operation and governed by law," he said.
China's Belt and Road needs to be transparent, fiscally sustainable: Xi
China's Belt and Road projects need to be transparent and fiscally sustainable, Chinese President Xi Jinping said Friday in an apparent acknowledgement of growing concerns about debt linked to his global infrastructure initiative. There will also be "zero tolerance" for corruption, Xi said at a Belt and Road summit, adding that the initiative "is not an exclusive club".
Pakistan PM in China for second official visit
Pakistan Prime Minister Imran Khan on Thursday reached Beijing for his four-day official tour of China to "take the all-weather strategic cooperative partnership between the two countries to new heights", said an official statement.
US stocks close mixed amid corporate earnings
US stocks ended mixed on Thursday, as Wall Street digested a mixed string of earnings reports of big names in broad-range industries, as well as new data pointing to the health of the US economic growth.
I-T dept conducts search, seizure against pharma wholesaler at 5 locations in Kashmir
The Income-Tax department on Thursday conducted search and seizure operations against a wholesale distributor of pharmaceuticals at five locations in the Kashmir Valley.The group was allegedly charging a huge premium on life-saving drugs and making extra-normal profits, which were being used for investment in real estate in Srinagar, as well as for unaccounted expenditure by the promoter's family not disclosed in their income tax returns."The search action has yielded incriminating documents and digital evidence that suggest huge concealment of income by the promoter and his family members. Apparently, Rs 3.08 crore of on-money in transactions of two pieces of land in Srinagar has been earned by the group, which has not been disclosed in the returns of income," said the Central Board of Direct Taxes (CBDT).The search action has also led to the unearthing of an undisclosed bank account in the name of a family member of the promoter of the group in the Jammu and Kashmir Bank at the ...
Tata Steel net profit down by 84 per cent in Q4
Steel giant Tata Steel on Thursday reported a whopping 84 per cent decline in its consolidated net profit, to Rs 2,295 crore, during the fourth quarter of the financial year 2018-19 as compared to Rs 14,688 crore in the corresponding period of the previous fiscal.
RBI augmenting surveillance framework as FinTech grows: Das
RBI Governor Shaktikanta Das on Thursday said that the country's apex bank is strengthening its surveillance framework in the face of growing significance of FinTech innovations and their interface with the financial sector.
Biocon net up 64% quarterly, soars 143% yearly
Biotech major Biocon Ltd on Thursday reported a consolidated net profit of Rs 214 crore for the fourth quarter of fiscal 2018-19, registering 64 per cent annual growth from Rs 130 crore in the same period a year ago.
No provision for BMC chief to frame rules on capital value of property: HC
The Bombay High Court has said that there was no provision for Mumbai's civic chief to frame rules for laying down guidelines for determining capital value of a property based on which tax could be levied on it. The high court made the observation while striking down certain rules enacted by the Brihanmumbai Municipal Corporation (BMC) for assessment of capital value of a property based on which tax could be levied on it. A division bench of Justices A S Oka and Riyaz Chagla had Wednesday struck down Rules 20, 21 and 22 of the Capital Value Rules of 2010 and 2015, saying they are ultra vires to the Maharashtra Municipal Corporation Act (MMC Act). The high court said all the assessments and bills issued under these rules stand quashed. "There is no provision which enables the civic body commissioner to frame rules for laying down guidelines for determining capital value," the bench said in its order made available Thursday. The order noted that the corporation, while assessing capital .
YS Chowdary summoned by CBI in connection with bank fraud case
Telugu Desam Party (TDP) MP YS Chowdary has been summoned by the Central Bureau of Investigation (CBI) for questioning in a multi-crore bank fraud case, sources said on Thursday.Chowdary has been asked to come to the CBI's Bengaluru office on Friday for questioning.Confirming the summons, Chowdary claimed that he has not held any executive or non-executive positions in any corporate entity since October 2014."Since 2003, I was holding only non-executive positions in three listed entities of Sujana group namely, Sujana Universal Industries Limited, Splendid Metal Products Limited with no powers of management of companies till October 2014," the TDP said."It is further to mention that I was not holding any executive or non-executive positions in any corporate entity since October 2014 including the above three listed companies," he added.Insisting that he will take "appropriate steps" in the matter, Chowdary said, "The summons which I received from CBI is in respect of Best and Crompton
US envoy launches initiative to help India's corporate sector in fight against TB
US envoy to India Kenneth I Juster on Thursday launched a new initiative designed to help India's corporate sector in the fight against tuberculosis (TB). The initiative supports the Indian government's ambitious goal of eliminating TB by 2025, which would be five years ahead of the UN's Sustainable Development Goal. It creates a shared platform for corporations committed to ending TB in India. The event was held in partnership with the American Chamber of Commerce in India (AMCHAM India) and the Confederation of Indian Industry (CII), the US Embassy said in a statement. "This platform will recognise corporations for their commitment and contributions to ending TB, and link them with the resources they need to better plan and implement TB programs," it said. The Ministry of Labour and Employment, with support from the US Agency for International Development (USAID), is scheduled to sign a new Workplace Policy Framework for TB in the coming weeks, which will create a shared ...
Nestle India gets shareholders' nod for royalty payment to parent firm
FMCG major Nestle India said Thursday its shareholders have cleared a proposal for the continuation of royalty payments to its Swiss parent firm Societe des Produits Nestle SA. Shareholders also approved the proposal to seek their mandatory approval every five years for the fixation of royalty payment. All resolutions, including the "one for continuity of royalty payments" were approved with an overwhelming majority at the 60th Annual General Meeting (AGM) in New Delhi, a company statement said. Commenting on the outcome of the AGM, Suresh Narayanan, Chairman and Managing Director, Nestle India said: "I am humbled by the strong show of support from the shareholders. They have appreciated the Company's performance and shown faith in management's ability to deliver long term shareholder value. "The shareholders also appreciated the efforts towards societal initiatives, be it in the area of rural development, nutrition, water or steps taken towards managing plastic waste." The company ...
HCL Technologies expands US operations with new cybersecurity centre in Texas
IT firm HCL Technologies (HCL) Thursday announced launch of its CyberSecurity Fusion Center (CSFC) in Frisco, Texas. The opening of the CSFC represents the next phase in the company's mission to support secure business growth by providing customers with a single point of contact for the enterprise security lifecycle, from detection to remediation, a company statement said. The inauguration featured Chief Guest US Representative Van Taylor along with local dignitaries from the municipal, business, and educational communities. "Tomorrow's digital organizations are becoming home to massive amounts of sensitive data and mission-critical applications," said Maninder Singh, Corporate Vice President, CyberSecurity Services at HCL Technologies. "As the technology industry in Texas continues to expand, we're cognizant that cybersecurity is an instrumental element to this successful growth," Texas Governor Greg Abbott said. ? This launch comes as HCL celebrates 30 years in the US.
J&K pharma firm searched for profiteering by I-T
A wholesale drug-seller in Jammu and Kashmir was found selling life-saving medicines at a huge premium and investing the profits in the Valley's real estate.
Delhi's Tank Road one of the most notorious markets selling counterfeit products: US
The US on Thursday identified Tank Road in Delhi as one of the most notorious markets selling counterfeit products in the world and urged India to take sustained and coordinated enforcement action. The US' Notorious Markets List highlights 33 online and 25 physical markets that reportedly engage in and facilitate copyright piracy and trademark counterfeiting. "Tank Road remains on the List in 2018. Stakeholders confirm that it remains a market selling counterfeit products, including apparel and footwear," US Trade Representative (USTR) said in a report on Notorious Markets List Counterfeit products from Tank Road wholesalers are also reportedly supplied to other Indian markets, including Gaffar Market and Ajmal Khan Road, it said. These wholesalers appear to operate freely, allowing them to build well established businesses over many years, the USTR said. "This activity harms the American economy by undermining the innovation and intellectual property rights of US IP owners in foreign
High valuation makes India equities less attractive: Analyst
High valuations have impacted global investors' interest in the Indian stock markets even as the country's economy maintains healthy growth rate, a top official of an international advisory firm said on Thursday.