Page 495 - Business Finance

Internet users in India to rise by 40%, smartphones to double by 2023: McKinsey

With data costs falling by 95 per cent since 2013, India will see internet users rise by about 40 per cent and number of smartphones to double by 2023, McKinsey said in a report. It also expects core digital sectors to jump two-fold to USD 355-435 billion by 2025. The report 'Digital India - Technology to Transform a Connection Nation' by McKinsey Global Institute said the country is one of the largest and fastest-growing markets for digital consumers, with 560 million internet subscribers in 2018, second only to China. Indian mobile data users consume 8.3 gigabits (GB) of data each month on average, compared with 5.5 GB for mobile users in China and 8-8.5 GB in advanced digital economy of South Korea. Indians have 1.2 billion mobile phone subscriptions and downloaded more apps -- 12.3 billion in 2018 -- than residents of any other country except China. "Our analysis of 17 mature and emerging economies finds India is digitising faster than any other country in the study, save ...

Metal and mining stocks decline

A divergent trend was witnessed in mid-afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small losses while the Nifty 50 index was trading with small gains. At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 14.16 points or 0.04% at 39,040.52. The Nifty 50 index was up 8.70 points or 0.07% at 11,734.85. Metal and mining stocks declined.

Volumes jump at Alkem Laboratories Ltd counter

Alkem Laboratories Ltd saw volume of 7.14 lakh shares by 14:19 IST on NSE, a 26.62 fold spurt over two-week average daily volume of 26807 shares

Fintech startup Shubh Loans crosses $15mn loan disbursal in 2018-19

Shubh Loans, India's leading mobile money lending startup, has just closed on a successful financial year and has set its aim right for the FY 2019-20. The company aims to double the loan disbursal by the end of the current financial year and get closer to its goal of bringing over one million people into the formal banking system as part of its mission 2020. Therefore, it's an impressive feat to achieve such growth.In terms of business expansion and widening of the customer base, Shubh Loans has been working to reach out to new regions, especially in tier 2 and tier 3 cities. As a part of its strategic expansion plan targeting the SME cluster, Shubh Loans is launching in areas such as Rajkot, Rudrapur, Panchkula, and Sholapur."We are building a distribution and risk advantage over others coupled with a unique credit scoring layer. We see ourselves as data whisperers and our philosophy is that no single piece of data is definite but is a piece in a mosaic", commented Monish Anand, ...

Syngene International firms up after board recommends bonus issue

Syngene International rose 1.36% to Rs 609.35 at 13:59 IST on BSE after the company said its board recommended issuing one bonus equity share for each share held.

Nalco challenges Odisha HC's order favouring Vedanta

The National Aluminum Co Ltd (Nalco) has moved the Supreme Court challenging the Odisha High Court judgement allowing Vedantas Jharsuguda unit to participate in the tender floated by Nalco for the sale of surplus alumina.

Gold futures weaken to Rs 31,815 per 10 gm

Gold prices fell by Rs 63 to Rs 31,934 per 10 gram in futures trade Thursday as speculators reduced exposure as dollar firmed up against the rupee. At the Multi Commodity Exchange, gold for delivery in August contracts traded lower by Rs 63, or 0.20 per cent, at Rs 31,934 per 10 gram with a business turnover of 3,199 lots. Gold for delivery in June contracts, too, fell by Rs 3, or 0.01 per cent, to Rs 31,815 per 10 gram in 13,782 lots. Marketmen said, the fall in gold prices at futures trade was mostly due to trimming of positions by participants in the domestic market. Globally, however, the yellow metal was trading a shade higher by 0.19 per cent at USD 1,277.88 an ounce in Singapore.

Britain blocks Sainsbury's/Asda supermarket merger

Britain's Competition and Markets Authority watchdog on Thursday blocked the merger of supermarket giant Sainsbury's and Walmart-owned Asda, arguing it would result in higher prices and less choice. The pair -- the nation's second and third biggest supermarket chains respectively -- announced in reaction that they have scrapped their proposed deal. "The CMA has blocked the Sainsbury's-Asda merger after finding it would lead to increased prices in stores, online and at many petrol stations across the UK," the regulator said in a final report. The deal has now floundered one year after Sainsbury's and Asda unveiled their merger plans, which sought to create a retail king to leapfrog UK number one Tesco. The watchdog added that the transaction -- which was effectively a takeover bid with Sainsbury's acquiring a majority 58-percent stake in the combined group and Walmart the rest -- would result in a "substantial lessening of competition" at a national and local level. "The Competition ...

Royal Bank of Scotland says CEO resigns

Britain's bailed-out Royal Bank of Scotland said Thursday that chief executive Ross McEwan has resigned after steering it to a "stronger" financial position over the last five years. "RBS announces that Ross McEwan has resigned from his role as chief executive officer and executive director," read a statement from the Edinburgh-based giant on the eve of its first-quarter results. McEwan has been at the helm since 2013 and helped guide the group to a steady recovery, after its dramatic bailout during the 2008 global financial crisis. He has a 12-month notice period and will remain at the helm until a successor has been appointed, the group added Thursday. "For the past five and a half years Ross has worked tirelessly to make the bank stronger and safer and played the central role in delivering a return to profitability and dividend payments to shareholders," said Chairman Howard Davies in the statement. "The board and I are grateful for the huge contribution Ross has made in one of ...

Sensex, Nifty sharply pare gains

Key benchmark indices sharply pared gains in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 28.03 points or 0.07% at 39,082.71. The Nifty 50 index was up 18.25 points or 0.16% at 11,744.40.

Jindal Steel & Power Ltd eases for fifth straight session

Jindal Steel & Power Ltd is quoting at Rs 169.55, down 1.54% on the day as on 13:24 IST on the NSE. The stock tumbled 32.61% in last one year as compared to a 10.59% rally in NIFTY and a 19.3% fall in the Nifty Metal index.

Dabur India Ltd slips for fifth straight session

Dabur India Ltd is quoting at Rs 397.8, down 0.21% on the day as on 13:24 IST on the NSE. The stock jumped 11.4% in last one year as compared to a 10.59% rally in NIFTY and a 8.05% spurt in the Nifty FMCG index.

Motherson Sumi Systems Ltd eases for fifth straight session

Motherson Sumi Systems Ltd is quoting at Rs 147.2, down 1.11% on the day as on 13:24 IST on the NSE. The stock tumbled 37.61% in last one year as compared to a 10.59% rally in NIFTY and a 25.44% fall in the Nifty Auto index.

Maruti Suzuki India Ltd eases for fifth straight session

Maruti Suzuki India Ltd is quoting at Rs 6958.3, down 0.83% on the day as on 13:24 IST on the NSE. The stock tumbled 22.22% in last one year as compared to a 10.59% rally in NIFTY and a 25.44% fall in the Nifty Auto index.

Ashok Leyland Ltd slips for fifth straight session

Ashok Leyland Ltd is quoting at Rs 91.15, down 0.11% on the day as on 13:24 IST on the NSE. The stock tumbled 43.96% in last one year as compared to a 10.59% rally in NIFTY and a 25.44% fall in the Nifty Auto index.

Silver weakens in futures trade, down Rs 180

Silver prices fell by Rs 180 to Rs 37,302 per kg in futures trade Thursday as speculators cut down bets to book profit despite a firm trend overseas. Silver to be delivered in May was down by Rs 180, or 0.48 per cent, to Rs 37,302 per kg at the Multi Commodity Exchange. It clocked a business volume of 15,919 lots. Silver for delivery in July also traded lower by Rs 152, or 0.40 per cent, at Rs 37,921 per kg in a business turnover of 7,723 lots. Market analysts said profit-booking at current levels and fresh losses in the white metal in domestic markets, mainly led to the fall in silver prices in futures trade. In the international market, silver traded 0.60 per cent lower at USD 15.01 an ounce in Singapore.

United Breweries Ltd extends gains

United Breweries Ltd is quoting at Rs 1449, up 1.41% on the day as on 12:54 IST on the NSE. The stock is up 27.46% in last one year as compared to a 10.7% spurt in NIFTY and a 8.25% spurt in the Nifty FMCG index.

Reliance Infrastructure Ltd soars 2.23%

Reliance Infrastructure Ltd is quoting at Rs 123.65, up 2.23% on the day as on 12:54 IST on the NSE. The stock is down 71.98% in last one year as compared to a 10.7% gain in NIFTY and a 18.94% gain in the Nifty Energy index.

Hindustan Petroleum Corporation Ltd in demand

Hindustan Petroleum Corporation Ltd is quoting at Rs 275.4, up 2.46% on the day as on 12:54 IST on the NSE. The stock is down 7.07% in last one year as compared to a 10.7% gain in NIFTY and a 18.94% gain in the Nifty Energy index.

Copper softens on weak domestic demand

Copper prices moved down by 0.39 per cent to Rs 449.25 per kg as speculators cut down their holdings amid a weak trend in base metals at the domestic market. At the Multi Commodity Exchange, copper to be delivered in April eased by Rs 1.75, or 0.39 per cent, to Rs 449.25 per kg in a business turnover of 10,412 lots. Analysts said subdued demand at domestic physical market led to the fall in copper prices at futures trade here.