Page 527 - Business Finance
Japan, China shares climb in thin holiday trade
Tokyo and Shanghai stocks closed higher Friday but trade lacked direction with several major markets closed for Easter holidays. In Japan, the benchmark Nikkei 225 index added 0.50 per cent, or 110.44 points, to 22,200.56, while the broader Topix index climbed 0.12 per cent, or 1.96 points, to 1,616.93. The market's main gainer was Nintendo, which jumped more than 14 per cent on reports its games and popular Switch console will soon be available in China. Meanwhile, Chinese stocks managed to claw higher despite some early wobbles over concerns that China's slowing economy could hit soon-to-be-released corporate earnings. The benchmark Shanghai Composite Index gained 0.63 per cent, or 20.62 points, to close at 3,270.80. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.94 per cent, or 16.51 points, to end the day at 1,778.81. The Japanese market stayed comfortably in positive territory throughout the day, initially lifted by strong gains in overseas .
Not supporting any party in polls in Goa: Mining dependents
An outfit of mining dependents in Goa, affected by closure of iron ore mining operations, has said it is not supporting any political party and people are free to vote "as per their conscience". The Goa Mining People's Front (GMPF), an umbrella organisation of people rendered jobless following the closure of the key industry, has said voters should review the incidents which took place after iron ore extraction and transportation were stopped and then decide on their choice. GMPF president Puti Gaonkar told PTI that the outfit is not supporting any political party in the state in the Lok Sabha elections or assembly bypolls. "We are not asking the people whom to vote or whom not to. Let them decide as per their conscience," he said. "But while doing that, they should also consider the events that happened after the closure of the mining industry in March last year. They should vote as per their wisdom," he said. In the past, the GMPF, which is spreading an agitation to ...
GVK sells 49 pc stake in airports business to ADIA, NIIF
Infrastructure conglomerate GVK Power and Infrastructure has signed an agreement to sell 49 per cent stake in its airports business to Abu Dhabi Investment Authority (ADIA) and National Investment and Infrastructure Fund (NIIF).ADIA is the world's second largest sovereign wealth fund while NIIF is India's first sovereign wealth fund set up by the government in 2015.Both have signed a term sheet and exclusivity agreement with GVK Power and Infrastructure's step-down subsidiaries GVK Airport Developers and GVK Airport Holdings.GVK had initiated the process to identify and select preferred investors to raise capital to reduce or refinance debt obligations of up to Rs 5,750 crore."All proceeds from the proposed transaction will be used by GVK towards retiring debt obligations," it said in a statement.GVK Chairman G V Krishna Reddy said: "The funds brought in through this proposed transaction will help us deleverage as we continue with our endeavours to create the infrastructure for a ...
Samsung rapped for not passing GST benefits to consumers
The Directorate General of Anti-Profiteering (DGAP) has served a notice on technology major Samsung India for allegedly not passing on the benefits of GST reduction to its customers and in turn making undue profits, sources said.
Tata Technologies joins hands with China's FutureMove Automotive
Tata Technologies Friday said it has inked a pact with China's FutureMove Automotive to develop connected mobility solutions for automotive manufacturers in China and other markets. The companies signed a memorandum of understanding on the sidelines of the Shanghai Motor Show 2019. "The relationship with FutureMove will combine Tata Technologies' market-leading connected car service offerings with the platform and technology of FutureMove to provide a suite of services to the Chinese automotive industry," Tata Technologies Chief Executive Officer and Managing Director Warren Harris said in a statement. Tata Technologies has strong capabilities in delivering end-to-end vehicle programmes. With over 9,000 professionals, the company serves clients in 27 countries from its 17 global delivery centres across Asia-Pacific, Europe, and North America. On the other hand, FutureMove Automotive, with its digital and mobility services, is a strategic partner to Tata Technologies' customers in ...
Mallya asks SBI to disclose 'legal fees' spent to recover funds
Fugitive businessman Vijay Mallya on Friday urged Indian media to file an RTI against the State Bank of India (SBI) to ascertain how much money it has spent on the legal fees of the lawyers while recovering money from him in the United Kingdom.w"Whilst media love sensational headlines, why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the United Kingdom (UK) when I have offered 100 per cent payback in India," Mallya tweeted.To further substantiate his point, he said: "Assets belonging to me in the UK were sold and the costs of sale were almost 50 per cent of value. The remaining assets yet to be sold won't cover legal costs. So what's this all about? To enrich UK Lawyers?"He also demanded an answer from the public sector bank on the same lines.Mallya also accused the SBI Lawyers representing SBI in the UK of "making presentations on their accomplishments against him" at the "cost of Indian ...
Joint action needed to bridge gap in SDG financing: IMF
Policymakers worldwide need to engage in collective action and support the goal of delivering education, health, power, roads, water and sanitation to growing populations, according to the International Monetary Fund (IMF).Without adequate financing, the best intentions of global community expressed in the Sustainable Development Goals (SDGs) will remain beyond reach, said Christopher Lane, Special Representative of the IMF to the United Nations."Recent setbacks in financing for development should therefore focus policymakers' attention on the need for decisive national strategies so these best intentions might be realised," he wrote in the blog released on Thursday (local time).The financing needs are not small change. A recent IMF study estimated that additional annual spending needs by 2030 will be 2.6 trillion dollars in low-income and emerging markets for the big-ticket SDGs delivering education, health, power, roads, water and sanitation to growing populations.The financing ...
Tata Sponge Iron to shift base to Kolkata
Tata Sponge Iron Ltd, a subsidiary of Tata Steel, has decided to shift its registered office from Keonjhar in Odisha to Kolkata, burying the hatchet over the Nano episode and its untimely exit from Singur in Bengal a decade ago. Industry experts claimed that the news, coinciding with the ongoing Lok Sabha elections, will be a feather on the cap of the Mamata Banerjee government, which has been trying to showcase Bengal as an ideal investment destination over the last few years. In a regulatory filing, Tata Sponge Iron said its board has "approved the shifting of the registered office of the company to West Bengal, subject to the approval of the members of the company and other regulatory authorities". The company, which is scheduled to hold its 36th Annual General Meeting (AGM) on July 15 in Keonjhar, has an installed sponge-iron-making capacity of 390,000 tonne a year and a 26 megawatt waste heat recovery power plant. In the stock exchange filing, the firm also said ...
PM's approval slides but Rahul's not picking up: CVOTER-IANS Tracker
The approval rating of Prime Minister Narendra Modi has dropped around 17 points in over a month but there is still no good news for the Congress as satisfaction of voters with Rahul Gandhi has not shown any sign of improvements, according to the latest findings of CVOTER-IANS tracker.
Analytics partnership firms, Marketscience & Truesight, makes strategic positioning move within European market by expanding UK office presence.
/ -- Partner marketing analytics firms, Marketscience & Truesight announce today the strategic move of Nitesh Sahay, managing director and associate partner, to the London, UK office from Delhi, India. In the UK, Sahay joins Dr. Peter Cain, founder of Marketscience, to spearhead product development and provide dual support to both UK and India clients. Marketscience and Truesight officiated their partnership last year and since then have continued to develop their advanced, academic marketing analytics solutions together. "Sahay's move to London speaks a lot about the way we are growing and what we want to achieve as a company," said David Dixon, company founder and managing partner. What the move signifies is threefold: first, it represents the company's advancement toward a more integrated, global presence Marketscience Truesight is headquartered in NYC, with offices in London, Delhi, and LA as the firm is now in a position to better serve European clients and drive UK ...
DCB Bank standalone net profit rises 50.02% in the March 2019 quarter
Total Operating Income rise 27.40% to Rs 827.10 crore
Tata Steel BSL reports standalone net loss of Rs 212.36 crore in the March 2019 quarter
Sales rise 19.82% to Rs 5136.40 crore
RBL Bank standalone net profit rises 38.77% in the March 2019 quarter
Total Operating Income rise 50.00% to Rs 1834.12 crore
Uttam Galva Steels reports standalone net loss of Rs 648.69 crore in the March 2019 quarter
Sales rise 306.49% to Rs 256.13 crore
B2B Software Technologies reports standalone net loss of Rs 0.13 crore in the March 2019 quarter
Sales rise 5.08% to Rs 2.07 crore
Amal standalone net profit rises 63.94% in the March 2019 quarter
Sales rise 23.47% to Rs 10.89 crore
Reliance Industries consolidated net profit rises 9.79% in the March 2019 quarter
Sales rise 18.60% to Rs 138659.00 crore
Tata Sponge Iron consolidated net profit declines 47.76% in the March 2019 quarter
Sales rise 4.34% to Rs 254.07 crore
ICICI Lombard General Insurance Company standalone net profit rises 7.49% in the March 2019 quarter
Sales rise 20.96% to Rs 2197.47 crore
Andhra Pradesh Tanneries reports standalone net loss of Rs 0.03 crore in the March 2019 quarter
Reported sales nil