Page 519 - Business Finance
Gold firms up jewellers' buying
Gold prices on Monday surged by Rs 200 to Rs 32,870 per 10 gram in the national capital on fresh buying by local jewellers amid positive trend overseas, according to the All India Sarafa Association. Silver, however, declined by Rs 30 to Rs 38,570 per kg on reduced offtake by industrial units and coin makers. Traders said gold surged on the back of a firm trend overseas as higher crude rates amid escalating tensions between the US and Iran, made bullion attractive as a safe-haven investment. Globally, spot gold was trading higher at USD 1,279.50 an ounce, while silver was up at USD 15.10 an ounce in New York. On Saturday, the yellow metal shed Rs 20 to touch Rs 32,670 per 10 gram. On Monday, gold of 99.9 per cent and 99.5 per cent purity gained Rs 200 to Rs 32,870 and Rs 32,700 per 10 gram, respectively. Sovereign gold held steady at Rs 26,400 per eight gram. Silver ready dropped Rs 30 to Rs 38,570 per kg, while weekly-based delivery rose by Rs 297 to Rs 37,527 per kg. Silver coins ...
Market drops sharply as crude oil boils
Key indices logged strong losses on first trading day of the week weighed by rise in crude oil prices. The barometer index, the S&P BSE Sensex, lost 491.23 points or 1.26% at 38,649.05, as per the provisional closing data. The Nifty 50 index lost 161.40 points or 1.37% at 11,591.40, as per the provisional closing data.
Jet Airways scrips hit new low, tanks 19 per cent
The stock price of the grounded Jet Airways hit a new low during early trade on Monday as it slipped nearly 20 per cent to Rs 132.20 per share.
360 Realtors FY'19 revenue up 46% to Rs 152 cr; sells 6,000 units for Rs 4,100 cr
Property brokerage firm 360 Realtors' revenue grew by 46 per cent to Rs 152 crore during the last fiscal, driven by higher sales of housing and commercial units in value and volume terms, a top company official said. Gurugram-based 360 Realtors, which has over 50 offices across India and overseas with a sales force of more than 1,000 people, sold 6,000 units worth Rs 4,100 crore during 2018-19, its founder and MD Ankit Kansal said. The company had sold 4,023 units worth Rs 2,682 crore in the previous fiscal year. "Our brokerage revenue increased by around 50 per cent last fiscal, helping us to become profitable," Kansal told PTI. In value terms, around 30 per cent of the sales came from Non-Resident Indians (NRIs), especially from the Middle East, he added. Kansal noted that the real estate market is witnessing a revival on positive sentiments. 360 Realtors competes with the likes of PropTiger.com, ANAROCK, Square Yards, Investor Clinic and Wealth Clinic in the organised property ...
Jet Airways (India) Ltd leads losers in 'A' group
Reliance Capital Ltd, Dewan Housing Finance Corporation Ltd, PC Jeweller Ltd and SpiceJet Ltd are among the other losers in the BSE's 'A' group today, 22 April 2019.
Crisil miss estimate amid slowing research business
Credit rating agency Crisil fell short of revenue estimate by 11 per cent over its declining research revenues and despite a strong growth in its rating business, Centrum said in a report.
Govt puts Pawan Hans strategic sale on hold till election
The government has decided to keep the sale process of Pawan Hans on hold till elections as only one investor has put in financial bids for buying the helicopter service provider. The government holds 51 per cent stake in helicopter service provider Pawan Hans, and the remaining 49 per cent is with ONGC. Investors had time till March 6 to put in their financial bids for up to 100 per cent stake in Pawan Hans. "The Transaction Advisor for Pawan Hans has informed us that a single eligible bid has come in. A call has to be taken whether to go ahead with single bidder or reconvene the entire bidding process. It has been decided to wait till the elections are over and a new government is formed," an official said. The ongoing 7-phase election process is scheduled to be completed on May 23. As per the strategic disinvestment policy framed by the Department of Investment and Public Asset Management (DIPAM), the alternative mechanism, headed by the Finance Minister, will have to take a call ..
Boost for "Make in India" at BLECH India 2019
BLECH India 2019, an exhibition that will boost the "Make in India" initiative, one of the country's premier development programmes, will be held at Bombay Exhibition Center, Goregaon (East), Mumbai, this week from 25th to 27th April.The exhibition will focus on the various technical aspect of creating products with Sheet Metal Work. The event provides an ideal opportunity to present your products to this booming market and establish successful business relations, both with customers of machine tools and with potential local agents or partners for joint ventures.BLECH India 2019 will showcase some extraordinary innovation in the field of Automation & Robotics, Environment Protection and Recycling, CAD/CAM systems and data processing, Factory and Warehouse equipment's to name a few."India is on the way to becoming a manufacturing location of global status and the country is one of the world's largest machine tool markets. The country's rising importance means that many users and .
Reliance Capital tumbles after rating downgrade
Reliance Capital fell 10.54% to Rs 135.75 at 14:41 IST on BSE after CARE Ratings and Brickwork Ratings downgraded credit rating of long-term debt program of the company.
Skoda introduces assured buyback programme for Superb range
Skoda Auto India Monday said it has introduced an assured buyback programme for its premium sedan Superb. The 'EasyBuy' programme will empower the customers to buy a brand new skoda Superb at an EMI of a car in lower segment, Skoda Auto India said in a statement. The initiative offers an assured introductory buyback value of 57 per cent for a new Superb at the end of the three year contract term, it added. At the end of the term, the customer can choose to return the vehicle to the dealer with no further liability subject to the vehicle meets fair wear and tear guidelines along with the kilometre allowance, it said. The programme will also allow customers to retain the ownership of the Superb by paying off the outstanding amount, it added. "In addition to offering a premium product, the EasyBuy' program is a unique initiative that further emphasizes the brand's effort to understand customer needs while providing them with a hassle free ownership experience," Skoda Auto India Director .
Further tailspin for Jet Airways, shares tank over 23 pc
Shares of Jet Airways, which has shut down operations temporarily, continued to fall for the third day in a row Monday, tumbling over 23 per cent. The scrip dived 19.34 per cent to Rs 132.20 -- its 52-week low -- on the BSE. At the NSE, shares plunged 23.17 per cent to hit a one year low of Rs 126.65. On the traded volume front, 43.47 lakh shares of the company were traded on the BSE and over four crore shares on the NSE till afternoon. In three days, the scrip has plummeted over 49 per cent. Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival. Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots.
Aviation stocks slide
Stocks continued to trade with weakness in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 303.11 points or 0.77% at 38,837.17. The Nifty 50 index was down 105.10 points or 0.89% at 11,647.70. Shares of aviation companies fell as Brent crude prices firmed up in international market. Rise in crude oil prices weighed on the sentiment.
Volumes jump at Vinati Organics Ltd counter
Vinati Organics Ltd witnessed volume of 2.03 lakh shares by 14:19 IST on NSE, a 12.72 times surge over two-week average daily volume of 15981 shares
SpiceJet shares plunge nearly 6 pc
Shares of SpiceJet on Monday plunged nearly 6 per cent on profit-booking after a sharp five-day rally. Despite a positive opening, the scrip failed to maintain the winning run and declined 5.79 per cent to Rs 128.35 on the BSE. In the past five trading sessions, the scrip has gained 44.25 per cent. Meanwhile, the budget carrier Monday said it has inked an initial pact with Gulf-based Emirates for code-share partnership, a move that will give wider connectivity to its passengers on the latter's network across the US, Europe, Africa and Middle East. In turn, Emirates' passengers will enjoy unhindered access to SpiceJet's 51 domestic destinations -- 10 through direct connectivity and rest 41 through connecting flights, the airline said in a release. SpiceJet's first code-share partnership with Emirates, which is subject to regulatory approvals, assumes significance in the back drop of the temporary grounding of domestic carrier Jet Airways, which has investment from Emirates' rival ...
Motoroyale brings MV Agusta Brutale 800 RR America to India
Motoroyale, Kinetic group's venture of multi-brand superbikes, Monday said it has launched the iconic model MV Agusta Brutale 800 RR America in India, priced at Rs 18.73 lakh (ex-showroom). The company, which is the exclusive distributors of MV Agusta in India, said only five units of the superbike would be available for sale in the country. The bike is powered by an in-line three cylinder engine which delivers a power of 140 bhp with 87 NM torque. "With the launch of the Brutale 800 RR America, we at Motoroyale have reinforced our objective of bringing the most premium bikes in the world to riders in the Indian market," Motoroyale Kinetic Managing Director Ajinkya Firodia said in a statement. Last year, the company launched seven models from some of the biggest global brands and it is now building on its product repertoire with this first launch in 2019, he added. Motoroyale is currently the exclusive distributor of MV Agusta, Norton, SWM, FB Mondial and Hyosung bikes in India. The ..
MTNL remains relevant for telecom, its sustainability important for customers, market: CMD
MTNL's sustainability as a "viable operator" is important both for customers and market, and the PSU has not lost its relevance even in the intensely-competitive telecom sector, the company's Chairman and Managing Director PK Purwar has said. The comment assumes significance as loss-making telecom PSUs MTNL and BSNL are saddled with massive debt and have faced problems in clearing staff salaries in the recent past. A revival package is being worked out by the government to keep the two PSUs afloat, amid cut-throat competition in the telecom sector driven by Reliance Jio, Bharti Airtel, and Vodafone Idea. "Even today, MTNL has over 50 per cent market share in landline for Delhi and Mumbai (circles), we also have a substantial market share in broadband. When it comes to mobile services segment, we have a lesser market share but customer is still looking for services of MTNL," Purwar told PTI. He asserted that both from customer and market point of view, MTNL's sustainability as a viable
Abigail Disney calls Bob Iger's $65 mn compensation 'insane'
Abigail Disney, the granddaughter of Disney co-founder Roy Oliver Disney, has termed studio chairman-CEO Bob Iger earning a whopping USD 65.6 million as total compensation for last fiscal year as "insane". The filmmaker-philanthropist pointed out that this level of corporate payout has a "corrosive effect on society". She was speaking at the Fast Company Impact Council. Abigail said the Disneyland employees in Anaheim, California have experienced a reduction in benefits over time. In many cases, they are struggling to pay for essential needs like medicine, she added. Citing Wall Street-driven norms, she said Iger is a "good man" but he is "allowing himself to go down a road that is the road everyone is going down". "When he got his bonus last year, I did the math, and I figured out that he could have given personally, out of pocket, a 15 per cent raise to everyone who worked at Disneyland, and still walked away with USD 10 million. "So there's a point at which there's just too much ...
Network Intelligence Signs Partnership With BSE to Provide Security Services to its Members Under the SEBI Cybersecurity Guidelines
/ -- BSE, India's largest stock exchange & Network Intelligence, a global cybersecurity services provider & CERT-IN empanelled vendor, entered into a Memorandum of Understanding (MoU) on 15th April,2019, to provide cybersecurity services to its members in line with the cybersecurity framework set by SEBI. In late 2018, SEBI had released its 'Cybersecurity & Cyber Resilience framework for Stock Brokers / Depository Participants'. After a detailed assessment and capabilities evaluation by BSE, Network Intelligence was selected as one of its partners to provide these services to its members. As part of the services, Network Intelligence will provide to the members: SOC Monitoring & Incident Response Governance Network & Data Security Application Security Training & Education Periodic Audits This includes other services that will help the members tackle the ever growing Threat Landscape. Network Intelligence, will be using its own developed platform - ...
PSU OMCs slide as crude oil firms up
Shares of three state-run oil marketing companies fell 4.51% to 6.17% at 13:58 IST on BSE after Brent crude prices firmed up in international market.
Maruti drives in Baleno with BS VI compliant petrol engine
The country's largest carmaker Maruti Suzuki India (MSI) Monday said it has launched its premium hatchback Baleno with BS VI emission norms compliant petrol engine, priced between Rs 5.58 lakh and Rs 8.9 lakh (ex-showroom Delhi). The auto major has also introduced two variants of the car with smart hybrid technology. The trim with 1.2 litre DUALJET, DUAL VVT petrol engine is priced at Rs 7.25 lakh, while the Zeta variant is tagged at Rs 7.86 lakh. As per the company, the models with smart hybrid technology would deliver a fuel efficiency of 23.87 km/litre. "At Maruti Suzuki, we strive to bring newer, better and environment friendly technologies to our products. Baleno Smart Hybrid with BS VI stands testament to the same. We are confident that the premium hatchback Baleno will present a complete package in line with aspirations of evolving customers," MSI Senior Executive Director Marketing & Sales R S Kalsi said in a statement. The company said in order to achieve the stringent ...