Page 6 - Business Finance
Sensex, Nifty break 2-day losing streak; Nifty ends near 11,800
Key equity indices snapped two-day fall, backed by strength in oil & gas shares. Firmness in Reliance Industries, HDFC and Axis Bank pushed indices higher. The Nifty closed a tad below 11,800 mark after crossing that level in the intraday.
Quick Wrap: Nifty Energy Index rises 1.97%
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Urban Local Bodies in Telangana need additional Rs 40,720 cr
The estimated additional financial requirement of 73 Urban Local Bodies, including Greater Hyderabad Municipal Corporation in Telangana is estimated at Rs 40,720 crore over five years, as per the key findings of a study by the Administrative Staff College of India (ASCI). This includesOperations and Management expenditure for three years, it said. The Telangana State Finance Commission had appointed ASCI to undertake the study on Municipal Finances and Service Delivery in the Urban Local Bodies (ULBs) of Telangana. The ASCI's mandate is to decipher the financial performance of ULBs and service delivery situation in cities and towns and suggest recommendations to the SFC in terms of devolutions of funds to ULBs and to suggest reforms to improve service delivery and finances of the ULBs. As per the findings, the financial situation of ULBs is weak and they are barely able to cover the cost of administration and Operations and Management(O&M) expenditure. The capital ...
Govt to come out with national e-commerce policy within 12 months
The government will come out with a national e-commerce policy within 12 months to facilitate achieving holistic growth of the sector, an official said. This was informed by Commerce and Industry Minister Piyush Goyal in his second marathon meeting with stakeholders, including e-commerce companies, on Monday. "We will put in place an institutional framework to bring out a national policy on e-commerce within next 12 months," the official said. The government in February released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses regarding collection or processing of sensitive data locally and storing it abroad. Several foreign e-commerce firms have raised concerns over some points in the draft pertaining to data. An inter-ministerial panel under DPIIT would be formed to address stakeholder grievances on FDI and draft e-commerce policy. Goyal also said in ...
Govt sanctions Rs 7,255.5 crore to strengthen panchayati raj institutions
The Centre has earmarked Rs 7,255.5 crore under the Rashtriya Gram Swaraj Abhiyan (RGSA) scheme for undertaking initiatives to strengthen panchayati raj institutions in the country, Panchayati Raj Minister Narendra Singh Tomar said Tuesday. Replying to a question in the Lok Sabha, he said the RGSA aims at strengthening governance capabilities of PRIs to deliver on sustainable development goals under which financial support is provided to states and Union Territories. "...The government has launched the centrally sponsored scheme of Rashtriya Gram Swaraj Abhiyan, which is being implemented for four years from 2018-19 to 2021-22 with total outlay of Rs 7255.50 crore," the minister said in his written reply. The ministry has been providing programmatic support for strengthening of Panchayati Raj Institutions (PRIs) and capacity building of elected representatives and functionaries of PRIs to improve their functioning and effectiveness and make them self-reliant, he said. The activities ..
Barometers march ahead; breadth negative
Key benchmarks further extended gains and hit fresh intraday high in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 156.55 points or 0.40% at 39,279.51. The Nifty 50 index was down 46.45 points or 0.40% at 11,746.10.
APM Industries standalone net profit declines 19.68% in the March 2019 quarter
Sales decline 8.20% to Rs 56.62 crore
Visco Trade Associates reports standalone net profit of Rs 0.25 crore in the March 2019 quarter
Sales rise 324.36% to Rs 6.62 crore
Sangam Health Care Products reports standalone net loss of Rs 0.55 crore in the March 2019 quarter
Sales rise 1.88% to Rs 4.87 crore
Goa govt plans scheme to attract investment from Goan NRIs
The Goa government wants to attract investment from Non-resident Indians (NRI) of Goan origin, especially the seafarers, in sectors such as housing, Deputy Chief Minister Vijai Sardesai said Tuesday. He was addressing a program organised by the Goan Seamen Association in Margao to mark 'The International Day of the Seafarer', celebrated on June 25. The question was "whether we should rely on Delhi- based investors for investment" or encourage "our own Goans who are Seafarers to invest in the state", he said. The government is open to ideas for formulating an investment scheme for NRIs, he said. "The investment has to be in a sector like housing which protects your investment and assures growth," he added. Nearly 70 per cent of seafarers from India are Goans, he noted. "Goans have shown the way for the country in this sector through their presence for years together," he said. While the state suffered a financial setback due to the closure of mining industry, areas such as .
China criticizes possible US penalties against banks
China has criticised Washington's efforts to enforce US law abroad following a news report three Chinese banks might be penalised over dealings with North Korea. The banks named by The Washington Post as facing possible loss of access to the US financial system denied Tuesday they were under investigation. A foreign ministry spokesman, Geng Shuang, said, "we consistently oppose the so-called long-armed jurisdiction of the United States on Chinese companies." Geng gave no confirmation of the Post's report. The Post said the court didn't identify the banks but details of the case fit the identities of Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank. The banks issued statements saying they weren't under investigation and comply with UN sanctions imposed over North Korea's nuclear development.
How to select a Personal Loan that meets your needs
A personal loan is one of the most versatile forms of credit as it allows you to finance any goal without any restriction.Since it is collateral-free, you don't need to risk any assets, and since you can choose your tenor as per pocket, you can repay it hassle-free. That being said, there is a loan specialised for your requirements and being smart about your goals will help you choose the most cost-effective and feature-rich option.Apart from taking stock of your finances and looking for low interest rates, there are other important factors that you need to consider when selecting the right personal loan. Read on to know more.Define your purposeStarting from debt consolidation to a family wedding or a business expansion to your child's education, your needs may differ based on your lifestyle. Lenders often customise personal loans to help you tackle these needs more thoroughly. Choosing these can help you get attractive terms and features. For instance, Bajaj Finserv offers a Personal
HDFC Mutual Fund hikes stake in TV Today Network by 2.14%
HDFC Mutual Fund has increased its holding in media firm TV Today Network by 2.14 per cent stake through open market transaction. Schemes of HDFC Mutual fund, which earlier held 5 per cent stake in TV Today Network, bought 12.78 lakh shares, amounting to 2.14 per cent shareholding in the company, as per a regulatory filing by the MF house. Based on weighted average price of the stock at Rs 254.66 per share on June 24, the transaction is estimated to be valued at Rs 32.55 crore. Post transaction, HDFC Mutual Fund's stake in TV Today Network now stands at 7.14 per cent.
LIC trims stake in Asian Paints by 2%
State-owned LIC has sold over 1.92 crore shares, representing about 2 per cent stake of Asian Paints, through open market transaction. With the sale of these shares, stake of LIC (Life Insurance Corporation of India) in Asian Paints has now come down to 3 per cent from 5 per cent earlier, as per a regulatory filing by the insurer. LIC sold 1,92,49,974 shares through open market, the filing said without disclosing the sale value. The total sale value could not be ascertained as the the insurer sold the shares over a period of time between January 9-June 24, 2019. Shares of Asian Paints Ltd settled 0.96 per cent lower at Rs 1,363.20 apiece on BSE.
IFCI okays exiting NSE by divesting remaining 2.44 pc
Long-term infrastructure term lender IFCI will exit the National Stock Exchange (NSE) by selling the remaining stake of over 2 per cent in the bourse. The company's board in a meeting on Monday approved to divest the stake, IFCI said in a regulatory filing. "The board at its meeting has approved the sale of IFCI's remaining stake of 1,20,66,871 equity shares comprising of 2.44 per cent of the total equity shares of NSE," IFCI said. The stake sale in the NSE is part of IFCI's initiative to exit non-core businesses. "The company is expecting to divest the remaining stake at a price of about Rs 1,000 apiece which may fetch it over Rs 1,206 crore," according to a source. IFCI originally held 15 per cent stake in the NSE and has been divesting its stake in the equity bourse in parts since 2007. The stake sale is expected to be completed within the current financial year, the source added. Shares of IFCI on Tuesday jumped 17.82 per cent to Rs 9.39 apiece on the BSE.
Sylph Education Solutions announces change in directorate
with effect from 25 June 2019
Indices trade with minor losses; Nifty below 11700
Key benchmark indices came off day's low and were trading with minor losses in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 42.09 points or 0.11% at 39,080.87. The Nifty 50 index was down 6.45 points or 0.06% at 11,693.20.
Creative Peripherals & Distribution standalone net profit rises 157.78% in the March 2019 quarter
Sales rise 44.12% to Rs 112.41 crore
Mideast Integrated Steels reports standalone net loss of Rs 42.90 crore in the March 2019 quarter
Sales rise 1.32% to Rs 182.89 crore
GCCL Construction & Realities reports standalone net loss of Rs 0.04 crore in the March 2019 quarter
Reported sales nil
