Page 504 - Business Finance
Japan's SoftBank to invest 900 mn euros in Germany's Wirecard
Japan's Softbank is to invest 900 million euros ($1 billion) in beleaguered German financial technology firm Wirecard, equivalent to a stake of about 5.6 percent, Wirecard announced Wednesday. Wirecard, which specialises in payment processing, also announced the signing of a strategic partnership with Softbank, a technology and investment giant. "Through this potential partnership, we will expand our reach and products to the East Asian markets, thereby further strengthening our position in Asia," chief executive Markus Braun said in a statement. The firms will collaborate on "digital payments, data analytics/AI and other innovative digital financial services," Wirecard said. In financial terms, the deal will see Softbank buy bonds convertible into 6.9 million shares in Wirecard at 130 euros per share -- slightly higher than the Munich-based firm's closing share price in Frankfurt Tuesday of 123.50 euros. Backing from the Japanese giant is the second April boost for Wirecard, the ...
Auto stocks decline
Key indices hovered in a small range in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 73.32 points or 0.19% at 38,638.20. The Nifty 50 index was up 23.75 points or 0.21% at 11,599.70. Auto stocks declined.
Jeera futures gain on pick up in demand
Jeera prices rose 0.15 per cent to Rs 17,240 per quintal in futures trade Wednesday as speculators created fresh positions, driven by pick up in demand from stockists and overseas enquiries. Besides, tight stock position following restricted arrivals from growing regions fuelled the uptrend. At the National Commodity and Derivatives Exchange, jeera contract for delivery in June rose by Rs 25, or 0.15 per cent, to Rs 17,240 per quintal with an open interest of 1,308 lots. Likewise, jeera for May delivery increased by Rs 15, or 0.09 per cent, to Rs 17,095 per quintal with an open interest of 6,612 lots. Speculative positions built up by participants, amid rising domestic as well as export demand, led to the rise in jeera prices, traders said.
Cottonseed oil cake futures fall 0.72%
Cottonseed oil cake price fell 0.72 per cent to Rs 2,478 per quintal in futures trade Wednesday as speculators offloaded their holdings in tune with a weak trend at the physical markets. Marketmen said fresh sell-off by the participants at existing levels, mainly due to slackness in demand from cattle-feed makers, kept pressure on cottonseed oil cake prices. At the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in June fell by Rs 18, or 0.72 per cent, to Rs 2,478 per quintal with an open interest of 66,340 lots. Cottonseed oil cake for July contract also declined by Rs 16.5, or 0.65 per cent, to Rs 2,503 per quintal with a business turnover of 2,420 open lots.
Indiabulls Real Estate profit drops as it seeks to exit business
Indiabulls Real Estate, which is seeking to exit the business ahead of the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank, has reported sharp decline in its net profit during fourth quarter of 2018-19 to Rs 109 crore from Rs 2,181 crore in the same period of previous year.The revenue from operations dropped to Rs 1,822 crore from Rs 4,944 crore while total expenses came down to Rs 109 crore from Rs 2,181 crore in the same period, the company said in a statement.The Indiabulls Group has reportedly sounded out joint venture partner Blackstone Group and other leading developers like Godrej Properties to offload its stake in Indiabulls Real Estate.The promoters' stake in Indiabulls Real Estate stands at 38.8 per cent. Indiabulls Group Chairman Sameer Gehlaut recently said that the real estate business has significantly shrunk.Last year, Blackstone had bought a 50 per cent stake in Indiabulls Real Estate office properties One Indiabulls and Indiabulls Finance Centre .
Coriander futures rise on higher demand
Coriander prices rose 0.52 per cent to Rs 7,311 per quintal in futures trade Wednesday as participants engaged in enlarging their positions, tracking a firm trend at the spot market. At the National Commodity and Derivatives Exchange, coriander for delivery in June advanced by Rs 38, or 0.52 per cent, to Rs 7,311 per quintal with an open interest of 10,190 lots. Likewise, the spice for delivery in far-month July traded higher by Rs 88, or 1.21 per cent, to Rs 7,395 per quintal in 80 lots. Analysts attributed the rise in coriander prices in futures trade to widening of positions by speculators, driven by a firm trend at the spot market on strong demand.
RBI announces to inject durable liquidity of Rs 25000 crore through OMO purchase auctions in May 2019
First auction of Rs 12500 billion will be conducted on 02 May 2019
Crisis-hit Nissan issues fresh profit warning
Nissan issued a profit warning on Wednesday, deepening the woes of the Japanese car giant as it seeks to recover from the shock of former boss Carlos Ghosn's arrest. The firm downgraded its projection for net profit in the fiscal year to March 2019 from 410 billion yen ($3.7 billion) to 319 billion yen, the second cut in its forecast in recent months. Nissan appeared to acknowledge the recent difficulties surrounding the Ghosn affair, which has cast questions over the company's own corporate governance. It cited as a reason for the downgrade "the adverse operating environment facing the company during the fourth quarter, and the impact of recent corporate issues on sales." Another reason was given as "additional expenses arising from the implementation of a warranty extension campaign covering certain vehicles sold in the US market." The profit warning came as ex-chairman Ghosn awaits his fate after prosecutors hit him with a fourth set of charges over alleged financial misconduct. ..
Pitstop launches new customer app, real-time car problem solver
Pitstop, India's first independent doorstep car service & repairs provider, on Wednesday announced the launch of its new customer app, with few taps and clicks, you can schedule your service appointment, track service progress and pay seamlessly online through wallets, cards, net banking."At Pitstop, we are creating an ecosystem where consumers can avail pocket-friendly car service in a convenient, transparent, and time-bound manner. Pitstop Customer App is one such platform which acts as your one-stop solution to all the hassles that come attached to the servicing of the vehicle. We have a plethora of services tailor-made to your needs. Be it periodic car service, a daily need such as car washing or a complex repair, we provide it with all under one roof," said Mihir Mohan, CEO & Founder, Pitstop.The app focuses on solving car-related problems in real time; it helps you find a nearby mechanic in case you are stuck in an emergency situation or need roadside assistance.You .
Dhunseri Tea & Industries Ltd leads gainers in 'B' group
Dhunseri Investments Ltd, Landmark Property Development Company Ltd, Dhunseri Ventures Ltd and Lloyds Steels Industries Ltd are among the other gainers in the BSE's 'B' group today, 24 April 2019.
Board of Amalgamated Electricity Company approves change in directorate and appoints CFO
At meeting held on 24 April 2019
Ready-to-move-in flats preferred choice for buyers; demand for new launches improves: Anarock
Ready-to-move-in flats are preferred choice for home buyers but the demand for newly launched units has also improved with reduction of GST rates from this month, according to a survey by property consultant Anarock. The implementation of new real estate law RERA and lower GST rates immensely helped revive consumer faith in new launch properties, Anarock said in its latest Consumer Sentiment Survey H1 2019. The consultant found out that 70 per cent of respondents preferred properties priced within Rs 80 lakh. "While ready-to-move-in homes remained the preferred choice for several homebuyers, new launches saw a decent revival. Over 18 per cent of respondents now prefer new launch properties as against mere 5 per cent in the previous survey," it said. From April 1, GST rate on affordable homes has been reduced to 1 per cent from earlier 8 per cent, while input tax credit benefit has been done away with. The GST on under-construction flats, which are not under the affordable housing ...
Castor seed futures up on firm trend
Castor seed prices rose by Rs 78 to Rs 5,842 per quintal in futures trade Wednesday as speculators raised their bets, tracking a firming trend at the physical markets. Marketmen said higher demand from consuming paint, soap and lubricant industries supported the castor seed prices at futures trade. At the National Commodity and Derivatives Exchange, castor seed for June contract was up by Rs 78, or 1.35 per cent, to Rs 5,842 per quintal with an open interest of 1,31,350 lots. The contract for delivery in July went up by Rs 66 to Rs 5,924 per quintal in an open interest of 1,355 lots.
MP govt spent Rs 1.58 cr for stay of Kamal Nath, 3 officers in Switzerland: RTI
About Rs 1.58 crore was spent for making arrangements for the stay of Madhya Pradesh Chief Minister Kamal Nath, three of his top bureaucrats in Switzerland and on wooing investors to the state, according to RTI documents. Kamal Nath and Madhya Pradesh Chief Secretary S R Mohanty, Principal Secretary to the chief minister Ashok Barnwal and Principal Secretary,Department of Industrial Policy and Investment Promotion of the state government, Mohammed Suleman participated in the World Economic Forum, 2019 in Davos, Switzerland held in January, it said. The delegation of Madhya Pradesh government participated in the exclusive business lounge in Davos to co-brand the state along with the Department of Industrial Policy and Promotion, government of India, according to RTI documents. The dedicated team members of the delegation in collaboration with 'Invest India' will closely interact with potential investors, academia, policy makers, etc. to highlight the state as a highly potential ...
Indiabulls Real Estate Ltd leads gainers in 'A' group
Reliance Nippon Life Asset Management Ltd, PC Jeweller Ltd, CG Power & Industrial Solutions Ltd and Infibeam Avenues Ltd are among the other gainers in the BSE's 'A' group today, 24 April 2019.
18% Homebuyers Prefer New Launch Homes Against Previous 5% - ANAROCK Consumer Sentiment Survey
/ -- RERA implementation and lower GST revive consumer faith in new launches; 36% of buyers still prefer ready-to-move-in units Lower prices influenced >50% homebuyers to purchase homes in 2018; nearly 52% would buy again with the same developer End-user-driven Bangalore saw 44% of respondents buy homes for investment 70% of prospective buyers prefer properties under INR 80 lakh Tier 2 & 3 cities new investment hotspots; Bangalore favourite investment destination for NRIs While ready-to-move-in homes remained the preferred choice for several homebuyers, new launches (which drew the least consumer interest in the previous survey) saw a decent revival according to ANAROCK's Consumer Sentiment Survey H1 2019. Over 18% of respondents now prefer new launch properties as against mere 5% in the previous survey. (Logo: https://mma.prnewswire.com/media/830831/ANAROCK_Logo.jpg ) (Photo: https://mma.prnewswire.com/media/827633/ANAROCK_Anuj_Puri.jpg ) Interestingly, 44% NRIs would ...
Indiabulls Real Estate to sell London asset to promoters for GBP 200 mn
Indiabulls Real Estate will sell its London property to promoters for GBP 200 million (approximately Rs 1,800 crore) as part of its strategy to focus on its India business and cut debt. The company's net debt stood at Rs 4,590 crore at the end of the fourth quarter of 2018-19 fiscal and the same would be reduced to Rs 3,000 crore after this proposed deal with promoters conclude. "The company has decided to focus only on Mumbai and NCR markets, and hence has decided to divest Century Limited, the parent company that houses Hanover Square property, London," Mumbai-based Indiabulls Real Estate said in an analyst presentation. "In light of continuing Brexit related issues and uncertainty around it, the London property market remains sluggish, so the promoter has undertaken to buy the parent company of London asset for GBP 200 million," it added. The company had purchased this property for GBP 161.5 million, it said, and the current valuation has been pegged at GBP 189 ...
BuyUcoin Introduces First Indian Platform for Wholesale Cryptocurrency Trading
/ -- - Wholesale Platform also known as OTC desk will be operating on zero-fee model and will turn out to be a game changer for big traders in India - Even after the poor regulatory environment, company has optimistic opinion for the industry future and hence launching innovative products to cater the masses - BuyUcoin is currently the second oldest cryptocurrency exchange in India with more than 245k users in India BuyUcoin, which is the second oldest Cryptocurrency Exchange in India, announces the launch of a new and unique platform for wholesale cryptocurrency trading which allows its users to trade on a large scale with low price fluctuations. The platform currently works on free trading model i.e. charges zero fee on any trade. This new feature introduced by BuyUcoin will help to improve the liquidity of cryptocurrency in Indian market and lead to quicker transaction, better prices and market stability. The platform is aptly described and known as OTC (Over-the-counter) desk. .
Alliance School of Business Hosted the International Conference in Management Studies
/ -- Alliance School of Business, Alliance University, held the International Conference on Global Challenges and Local Prospects in Management Studies [AMSICON] at its central campus in Bengaluru, between 11th and 13th April, 2019. (Photo: https://mma.prnewswire.com/media/876372/Dr_Furqan_Qamar_Felicitation.jpg) (Photo: https://mma.prnewswire.com/media/876373/Dr_Asha_Kaul_Keynote_Speaker.jpg) (Photo: https://mma.prnewswire.com/media/876374/AMISCON_Panel_Discussion.jpg) (Photo: https://mma.prnewswire.com/media/876375/AMISCON_Delegates_and_Student_Volunteers.jpg) The conference served as the interactive forum for three days to present and discuss research results about the evolution of the international economics, business and the global financial system. The conference emphasised on the development of emerging market economies and their impact on international trade and commerce and their regulation. Thus, the conference presented varied tracks such as Social Media Analytics, ...
Barley futures fall on low demand
Barley prices fell by Rs 19.50 to Rs 1,840 per quintal in futures trade Wednesday on low demand by the speculators. Market players attributed the fall in barley futures prices to weak sentiments in physical markets amid rising stocks on constant supplies from the producing belts and limited offtake by beer makers. At the National Commodity and Derivative Exchange, barley delivery for May contracts fell by Rs 19.50, or 1.05 per cent, to Rs 1,840 per quintal with an open interest of 4,520 lots. The delivery for June contracts also tumbled by Rs 20.50, or 1.09 per cent, to Rs 1,864 per quintal with a business turnover of 4,510 lots.