Page 532 - Business Finance
Barometers recover; breadth remains weak
The Sensex and the Nifty bounced back in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was almost flat at 39,275.77. The Nifty 50 index was up 2.85 points or 0.02% at 11,790.
Improving connectivity between India-Kazakhstan can increase trade by several folds: Akimbekov
Improving connectivity between India and Kazakhstan would increase trade by several folds and there is a need to devise different ways to increase the physical network between the countries, said Sultan Akimbekov, former advisor to the first Kazakhstan president Nursultan Nazarbayev. Akimbekov said India and Kazakhstan have many multilateral policies and there is a potential to develop trade ties between them. "For Kazakhstan, India is a new market and there is a very good potential to develop trade but for that we need to overcome the limitation of transport," he told PTI. There is a huge potential to build trade relations between India and Kazakhstan and that can be done by improving the connectivity which can go up several folds, he said, adding that there is a need to devise different ways to improve connectivity. He said the connectivity can be improved possibly reviving the traditional Silk Road. The Silk Road was an ancient network of trade routes that connected the East and ...
Weak market breadth
Key indices hovered in negative zone in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 99.81 points or 0.25% at 39,175.83. The Nifty 50 index was down 27.40 points or 0.23% at 11,759.75.
28.5% voting in Karnataka till 1 p.m. (Karnataka 1 p.m.)
An average of 28.5 per cent polling was registered till 1 p.m. in the 14 Lok Sabha constituencies across central and southern Karnataka, an official said on Thursday.
Nickel futures fall 1.49% on weak spot cues
Nickel prices dipped 1.49 per cent to Rs 879.10 per kg in futures trade Thursday as speculators cut down their positions, taking negative cues from the spot market. At the Multi Commodity Exchange, nickel for delivery in April fell by Rs 13.30, or 1.49 per cent, to Rs 879.10 per kg in a business turnover of 12,630 lots. Similarly, the metal for May delivery traded lower by Rs 11.70, or 1.3 per cent, at Rs 886.80 per kg in a business turnover of 389 lots. Market analysts said, offloading of positions by participants following the fall in demand from alloy makers mainly influenced nickel prices here.
Lead futures slip on subdued spot demand
Lead prices eased 0.34 per cent to Rs 133.65 per kg in futures trade Thursday as investors trimmed their holdings amid subdued demand at the domestic spot market. At the Multi Commodity Exchange, lead for delivery in April was trading lower by 45 paise, or 0.34 per cent, to Rs 133.65 per kg in a business turnover of 6,527 lots. Similarly, the metal for delivery in May shed 35 paise, or 0.26 per cent, to Rs 135.10 per kg in a business turnover of 773 lots. Marketmen said, a weak trend in base metals at the domestic spot market due to slackened demand from battery-makers mainly exerted pressure on lead futures here.
Copper futures fall on profit booking, subdued demand
Copper futures traded lower 1.75 per cent to Rs 447.15 per kg Thursday as speculators offloaded their bets to book profits. Besides, subdued demand at the domestic spot market further pushed down metal prices here. At the Multi Commodity Exchange, copper for delivery in April shed Rs 7.95, or 1.75 per cent, to Rs 447.15 per kg in a business turnover of 12,087 lots. On similar lines, the metal for delivery in June eased by Rs 7.55, or 1.64 per cent, to Rs 451.75 per kg in a business turnover of 2,219 lots. Analysts attributed the fall in copper prices to offloading of positions by participants amid muted demand at the domestic spot market.
RBL Bank's net profit up 39 pc to Rs 247 crore in Q4 FY19
RBL Bank Ltd said on Thursday that strong growth in net interest income during the quarter ending March 2019 boosted its net profit to Rs 247.2 crore, up 39 per cent from Rs 178.1 crore in the year-on period.The net interest income, the difference between interest earned and interest expended, jumped 48 per cent to Rs 738.7 crore compared to Rs 500.5 crore in the fourth quarter of 2017-18.Other income also rose to Rs 409.2 crore as against Rs 312 crore in the same period, marking an increase of 31 per cent.The private sector lender reported gross NPA ratio of 1.38 per cent in March quarter of 2018-19 as compared to 1.4 per cent in the same period of previous fiscal. Net NPA ratio however declined to 0.69 per cent from 0.78 in Q4 FY18.For the entire fiscal ending March 2019, the net interest income was up 44 per cent to Rs 2,539.5 crore and net profit increased 37 per cent to Rs 867 crore.The RBL's board recommended a dividend of Rs 2.70 per equity share of Rs 10 each.The board also ...
Avail Hassle-Free pre-approved personal loans from Bajaj Finserv
Gone are the days when people were hesitant in taking personal loans from banks and NBFCs to fulfil their financial requirements. With people opening to idea of personal lending for funding their vacations, celebrations and medical emergencies, personal loans are gaining traction. Data from credit bureau TransUnion CIBIL Ltd indicates that personal loan accounts went up by 29.30 per cent between December 2017-18.With an increase in the demand for personal loans, lenders are trying to reduce the processing time of the loan. A breakthrough in the field of financial lending that has been able to reduce the loan processing time significantly is pre-approved offers.When a lender offers you a pre-approved offer, you have an instant loan available for you. The sanction amount is governed by the lender's pre-decided eligibility criteria. These offers can be a great aid in times of urgent financial requirements.Bajaj Finance Ltd, the lending arm of Bajaj Finserv, offers a pre-approved personal
Panasonic targets Rs 1,000 crore revenue in India
Targeting Rs 1,000 crore in revenue in India 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.
Vivek Rae appointed as Chairman of HOEC
Former Oil Secretary Vivek Rae Thursday appointed as Chairman of Hindustan Oil Exploration Company Ltd, the firm said. This followed the resignation of Sunil Behari Mathur as a non-executive independent director and chairman of the company effective April 17, 2019. "Based on the recommendations of the Nomination and Remuneration Committee, the Board of Directors have appointed Vivek Rae as an Additional Director (Non-Executive Independent) and Chairman of the company with effect from April 18, 2019," the company said in a statement. Rae, 65, an IAS officer of 1978 batch from Union Territory cadre, was the topmost bureaucrat in the Ministry of Petroleum and Natural Gas from January 2013 to February 2014 when he superannuated. Subsequent to his retirement, he served as a whole-time member of the 7th Central Pay Commission from February 2014 to November 2015 and was on the Board of Indian Oil Corporation Ltd as an Independent Director during 2017-18. An economics graduate from St ...
Lenders hopeful of successful bids for grounded Jet Airways
A day after Jet Airways suspended all its flights after running out of money, lenders to the carrier Thursday said they were "reasonably hopeful" that bidding process for the airline will end successfully. Lenders led by the State Bank of India had declined to extend more funds to Jet, forcing it to suspend all its flights. "The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16," a statement by lenders said. A consortium of 26 lenders led by the SBI, with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors. "Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner," it said. Banks on Wednesday rejected an immediate Rs 400 crore demand of Jet Airways, compelling it to
14 products from different states receive GI tag so far this year
Himachali Kala Zeera, Jeeraphool from Chhattisgarh and Kandhamal Haldi from Odisha are among the 14 products that have received Geographical Indication (GI) tag from the government so far this year. According to the data with the department for promotion of industry and internal trade (DPIIT), the other products which received this tag include Coorg Arabica coffee from Karnataka, Wayanad Robusta coffee from Kerala, Araku Valley Arabica from Andhra Pradesh, Sirisi Supari from Karnataka and Himachali Chulli oil. The tag helps growers of these products get premium price as no other producer can misuse the name to market similar goods. A geographical indication tag is used for an agricultural, natural or a manufactured product (handicraft and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin. Darjeeling Tea, Tirupathi Laddu, Kangra ...
Aluminium futures slip on weak spot cues
Aluminium prices fell 0.27 per cent at Rs 148 per kg in futures trade Thursday as speculators cut down their positions, taking negative cues from the spot market. At the Multi Commodity Exchange, aluminium for delivery in April declined by 40 paise, or 0.27 per cent, to Rs 148 per kg in a business turnover of 1,221 lots. Analysts said, cutting down of positions by traders owing to slackened demand from consuming industries mainly weighed on aluminium prices here.
RBL Bank Q4 net profit jumps 39% to Rs 247 cr
Private sector lender RBL Bank Thursday reported a jump of 39 per cent in its net profit to Rs 247.2 crore for the fourth quarter ended March 31, 2019. The bank had registered a net profit of Rs 178.10 crore in the January-March period of the preceding fiscal (2017-18). Total income during the quarter ended March 2019 rose by 41 per cent to Rs 1,148 crore as against Rs 812.40 crore in the year-ago period, the bank said in a release. The net interest income during three months to March were up by 48 per cent to Rs 738.70 crore from Rs 500.50 crore a year earlier. For the full fiscal 2018-19, the bank's net profit rose by 37 per cent to Rs 867 crore compared to Rs 635.10 crore. Income during the fiscal stood at Rs 3,981.90 crore, up by 40 per cent from Rs 2,834.50 crore in 2017-18. The asset quality of the bank strengthened with the gross non-performing assets (NPAs) falling to 1.38 per cent of gross advances as on March 2019 from 1.40 per cent in the year-ago period. Net NPAs too came .
Centre for drone development soon at IIT Hyderabad
In a bid to speed up the development of drones in India, Japan-based Terra Drone Corporation, Terra Drone India and the Indian Institute of Technology, Hyderabad, on Thursday announced that they have signed a pact to establish a first-of-its-kind Centre of Excellence for Unmanned Aerial Vehicles (UAVs) in India.
Aviation regulator asks Jet Airways for revival plan
India's civil aviation regulator has asked Jet Airways to submit a "concrete and credible revival plan" to restart operations suspended by the debt-laden airline.
Grounded Jet Airways' shares sink over 27 pc
Jet Airways shares plunged over 27 per cent on Thursday over doubts whether the grounded Indian airline will fly again.At 12:30 pm, Jet shares were trading 27.06 per cent down at Rs 176.40 each. Reports said the company's worth is now estimated at about 260 million dollars (about Rs 1,808 crore).The cash-strapped airline stopped all flight operations indefinitely on Wednesday evening after a consortium of lenders led by government-owned State Bank of India declined to extend more funds to keep it afloat."The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed expression of interest (EOI) and have been issued bid documents on April 16," the consortium said in a statement."Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner," it said.The carrier with roughly 1.2 billion dollars .
Digitalseed - A start-up that aids other start-ups and SMEs
The start-up ecosystem of India is ever-rising. According to a report released by NASSCOM, India is the third largest centre for tech start-ups in the world. Digitalseed established itself as a cost-effective digital marketing start-up that assists SMEs as well as other start-ups in online marketing efforts.A majority of start-ups struggle to find an advertising agency that resonates with their budget. All small & medium enterprises (SMEs) yearn to establish their identity and appeal to the discerning needs of the customers, but the pricey services of the digital marketing companies take a toll on the growth of the company. Digitalseed tries to bridge this gap.Digitalseed is a marketing company from Latur, Maharashtra that began its operations in Pune in the year 2017. The company is a strong supporter of the 'Digital India' Initiative and wish to empower all the businesses to be a part of the digital revolution. The company started its operations with an endeavour to facilitate
Brisk voting in Assam
Nearly 26 per cent of the electorate voted in all five of the 14 Lok Sabha constituencies in Assam on Thursday in the first four hours till 11 a.m., officials said.