Page 531 - Business Finance
BoB, Srei enter co-lending alliance
City-based Srei Equipment Finance Ltd and Bank of Baroda will come together to offer joint loans for infrastructure equipment under a new agreement, company officials said on Thursday. The partners will be able to leverage each other's customers and cross-sell their products. The offerings would include both business-to-business and business-to-customer propositions, a Srei release said. Srei's 'iQuippo' platform will facilitate sourcing of loans under this arrangement. "Given that the increase in mechanisation is critical to timely and cost-efficient to large infrastructure and housing projects, there is a strong need for robust financing of equipment," Bank of Baroda MD and CEO, PS Jayakumar, said. The partnership will allow Srei and Bank of Baroda to collaborate, cooperate and widen their respective markets and customer base, the release said. "Apart from access to affordable financing, customers will be able to explore a wide range of innovative banking products," ...
Happi Mobiles to open 200 new stores this fiscal
Happi Mobiles, a leading multi-brand mobile retail chain, plans to open 150-200 new stores in Telangana and Andhra Pradesh during the current financial year and is also looking at expanding its footprint to western parts of the country.
Gold prices fall Rs 405 on muted demand
Gold prices Thursday declined by Rs 405 to Rs 32,385 per 10 gram in the national capital on reduced buying by local jewellers, according to the All India Sarafa Association. Silver too slumped by Rs 104 to Rs 38,246 per kg on subdued offtake by industrial units and coin makers. Traders said gold fell due to decline in domestic demand. Besides, signs of positive global economic outlook reduced gold's appeal as safe-haven, thus weighing on the sentiment. Spot gold was trading at USD 1,276.10 an ounce, while silver stood steady at USD 15.10 an ounce in New York. On Wednesday, Delhi bullion market was closed on account of Mahavir Jayanti. In the national capital, gold of 99.9 per cent and 99.5 per cent purity reduced by Rs 405 and Rs 395 to Rs 32,385 and Rs 32,225 per 10 gram, respectively. Similarly sovereign gold fell by Rs 100 at Rs 26,300 per eight gram. Silver ready dropped Rs 104 to Rs 38,246 per kg, while weekly-based delivery fell by Rs 187 to Rs 37,135 per kg. Silver coins held ..
Shares end lower amid negative Asian cues
The market declined amid negative cues from other Asian shares. Investors remained cautious amid ongoing Q4 earnings season and second phase of polling for the 2019 Lok Sabha elections. The barometer index, the S&P BSE Sensex, fell 135.36 points or 0.34% to 39,140.28, as per the provisional closing data. The Nifty 50 index fell 34.35 points or 0.29% to 11,752.80, as per the provisional closing data.
Pakistan's Finance Minister Asad Umar steps down
Pakistan's Finance Minister Asad Umar, who was involved in extensive discussions with the IMF to finalise a bailout package for the cash-strapped country, quit the Cabinet on Thursday after Prime Minister Imran Khan expressed his desire to shift him to the energy ministry. Umar, who recently returned from a trip to the US in which the details of Pakistan's next International Monetary Fund bailout were finalised, said he has obtained the prime minister's consent "to not take any cabinet position". "As part of a cabinet reshuffle, prime minister desired that I take the energy minister portfolio instead of finance," Umar said. "However, I have obtained his consent to not take any cabinet position." Prime Minister Khan-led government and Finance Minister Umar in particular have faced mounting criticism by opposition parties, members of the business community and citizens over the handling of the economic crisis. On Monday, the Pakistani media reported that a major reshuffle was on the ...
RIL advances as Mitsui to acquire stake
Reliance Industries gained 2.52% to Rs 1,379.20 at 14:58 IST on BSE after the company announced that Mitsui O.S.K. Lines would acquire strategic stake in its six group companies.
Silver futures up 0.35 pc in thin trade
Silver prices edged up 0.35 per cent to Rs 37,342 per kg in the futures trade Thursday as speculators created fresh positions. On the Multi Commodity Exchange, silver for delivery in May edged higher by Rs 132, or 0.35 per cent, to Rs 37,342 per kg in a business turnover of 20,891 lots. Traders attributed the rise in silver prices at futures trade to fresh positions built up by traders. Globally, silver prices were up 0.33 per cent at USD 15.10 an ounce in New York.
Panasonic aims at Rs 1,000 cr revenue in India
Targeting Rs 1,000 crore in revenue in India from its Smart Factory solutions in the next three years, Japanese electronics major Panasonic has announced it has integrated its welding business and SMT (Surface Mount Technology) equipment business into one Smart Manufacturing Solutions company.
Gold futures up on fresh bets
Gold prices rose by Rs 103 to Rs 31,583 per 10 gram in the futures trade Thursday as participants created fresh positions, tracking a firm trend overseas. On the Multi Commodity Exchange, gold for delivery in June contracts traded higher by Rs 103, or 0.33 per cent, to Rs 31,583 per 10 gram in a business turnover of 14,275 lots. The gold for delivery in August also rose by Rs 79, or 0.25 per cent, to Rs 31,728 per 10 gram in 2,803 lots. Market analysts said the rise in gold prices at the futures trade was mostly due to widening of positions by participants in the domestic markets. Globally, the gold was trading a shade higher by 0.32 per cent at USD 1,276.29 an ounce in Singapore.
DCB Bank net profit rises 50 pc to Rs 96 cr in March quarter
Private sector DCB Bank Thursday said its net profit rose by 50 per cent to Rs 96 crore during the fourth quarter ended March on healthy core income and restricted bad assets. The bank's net profit was Rs 64 crore in the corresponding January-March quarter of 2017-18. Its total income rose 15 per cent to Rs 400 crore during the quarter, compared with Rs 349 crore in the corresponding period of the fiscal ended March 2018, the bank said in a release. The net interest income increased 14 per cent to Rs 301 crore, while non-interest income rose 17 per cent to Rs 99 crore. For the entire financial year 2018-19, the net profit of the bank rose 33 per cent to Rs 325 crore as compared with Rs 245 crore in the year-ago period. Income during the year was up by Rs 1,499 crore from Rs 1,306 crore in the preceding fiscal. On the asset front, the bank's gross non-performing assets (NPAs) stood at 1.84 per cent of gross advances as on March 31, 2019, as compared to 1.79 per cent as on March 31, ...
Jet Airways (India) Ltd leads losers in 'A' group
Reliance Power Ltd, Reliance Capital Ltd, Dewan Housing Finance Corporation Ltd and Westlife Development Ltd are among the other losers in the BSE's 'A' group today, 18 April 2019.
Crude oil futures fall 0.52 pc
Crude oil prices Thursday fell 0.52 per cent to Rs 4,415 per barrel despite a decline in the US inventories. Traders said the fall was however restricted due to lower-than-expected drop in US gasoline stocks and ongoing supply cut by OPEC. On the Multi Commodity Exchange, crude for delivery in April fell by Rs 23, or 0.52 per cent, to Rs 4,415 per barrel in a business volume of 15,285 lots. The oil contracts for delivery in June fell by Rs 20, or 0.45 per cent, to Rs 4,460 per barrel in a business volume of 64 lots. Meanwhile, the West Texas Intermediate crude fell 0.19 per cent to USD 63.57, while Brent crude, the international benchmark, fell 0.30 per cent to USD 71.32 a barrel on the New York Mercantile Exchange. US crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) data has showed.
KM Sugar Mills Ltd leads losers in 'B' group
JBF Industries Ltd, Techindia Nirman Ltd, Parsvnath Developers Ltd and SEL Manufacturing Company Ltd are among the other losers in the BSE's 'B' group today, 18 April 2019.
Volumes soar at Star Cement Ltd counter
Star Cement Ltd recorded volume of 5.78 lakh shares by 14:19 IST on NSE, a 22.42 times surge over two-week average daily volume of 25773 shares
Emami Ltd eases for fifth straight session
Emami Ltd is quoting at Rs 394.15, down 0.68% on the day as on 13:24 IST on the NSE. The stock in last one year as compared to a 11.27% in NIFTY and a 8.52% down 18.8% in the Nifty FMCG index.
HDFC Life Insurance Company Ltd rises for fifth straight session
HDFC Life Insurance Company Ltd is quoting at Rs 408.85, up 0.07% on the day as on 12:49 IST on the NSE. The stock is down 18.8% in last one year as compared to a 11.33% jump in NIFTY and a 19.06% jump in the Nifty Financial Services.
TVS Motor Company extends gains
TVS Motor Company Ltd is quoting at Rs 517.75, up 0.16% on the day as on 12:49 IST on the NSE. The stock is down 23.23% in last one year as compared to a 11.33% spurt in NIFTY and a 21.31% spurt in the Nifty Auto.
Maruti Suzuki India Ltd stays in demand
Maruti Suzuki India Ltd is quoting at Rs 7473, up 0.19% on the day as on 12:49 IST on the NSE. The stock is down 17.68% in last one year as compared to a 11.33% gain in NIFTY and a 21.31% gain in the Nifty Auto.
Hero MotoCorp Ltd gains for fifth session
Hero MotoCorp Ltd is quoting at Rs 2752, up 0.45% on the day as on 12:49 IST on the NSE. The stock is down 26.09% in last one year as compared to a 11.33% gain in NIFTY and a 21.31% gain in the Nifty Auto.
Board of Patel Integrated Logistics approves divestment of its surface transport business
At meeting held on 18 April 2019