Page 644 - Business Finance
BigBasket raises USD 150 mn from Mirae, Alibaba and CDC Group
Online grocery platform BigBasket has raised about USD 150 million from South Korea's Mirae Asset Management, UK's CDC Group, and existing investor Alibaba, according to regulatory filings. Bigbasket had raised USD 300 million in February last year from Alibaba and others. In November, it had said it was looking at raising fresh funds of up to USD 200 million. Mirae has pumped in about USD 60 million, while CDC and Alibaba have infused USD 40 million and USD 50 million, respectively, according to documents filed with the corporate affairs ministry. The grocery segment accounts for a significant portion of the unorganised retail segment in the country. With people becoming comfortable buying even milk and bread online, the online grocery market is projected to witness a strong growth over the next few years in India. BigBasket's competitors include SoftBank-backed Grofers, Walmart-backed Flipkart, Amazon and a host of smaller players. BigBasket has previously stated that it aims to ...
Prakash Constrowell Ltd leads losers in 'B' group
Ambition Mica Ltd, Beardsell Ltd, Nagreeka Capital & Infrastructure Ltd and Pearl Polymers Ltd are among the other losers in the BSE's 'B' group today, 29 March 2019.
Nepal unveils projects worth $30 billion in forum
Nepal on Friday unveiled dozens of private and public projects worth $30 billion at the start of a two-day investment forum.
Auto stocks gain
Key indices extended gains in mid-afternoon trade as European stocks rise in early trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 113.31 points or 0.29% at 38,659.03. The Nifty 50 index was up 32.30 points or 0.28% at 11,602.30. Auto stocks gained.
Volumes jump at WABCO India Ltd counter
WABCO India Ltd witnessed volume of 87523 shares by 14:14 IST on NSE, a 53.1 times surge over two-week average daily volume of 1648 shares
Guar gum goes up by Rs 5 in futures trade
Guar gum prices rose by Rs 5 to Rs 8,940 per five quintal in futures trade Friday as participants accumulated positions at current levels, spurred by rising export demand amid a firm trend at the physical markets. At the National Commodity and Derivatives Exchange, guar gum for delivery in May rose by Rs 5, or 0.06 per cent, to Rs 8,940 per five quintal with an open interest of 40,385 lots. Marketmen said positions created by traders, tracking a firming trend at the spot markets on export demand, led to the rise in the guar gum prices in futures trade here.
Spot demand lifts zinc futures by 0.83%
Zinc prices rose by 0.83 per cent to Rs 218.40 per kg in futures trade Friday, tracking a firm trend at the physical markets on the back of pick up in demand. At the Multi Commodity Exchange, zinc for April was trading higher by Rs 1.80, or 0.83 per cent, at Rs 218.40 per kg with a business turnover of 5,614 lots. Marketmen said widening of positions by participants, following pick up in demand from consuming industries, kept zinc prices higher.
Nuvoco CFO Maneesh Agrawal Bags CFO100 Roll Of Honour Award
/ -- The Chief Financial Officer of Nuvoco Vistas Corp. Ltd., Mr. Maneesh Agrawal, was conferred with the 'CFO100 2019 Roll of Honour' by CFO India. Nuvoco is one of the country's leading building materials and Mr. Agrawal earned the accolade for spearheading the company's initiatives in cost control and management, The Award presented by CFO India, a monthly publication by the 9.9 Media group, recognized Mr. Agrawal's role in controlling variable and fixed costs for Nuvoco's cement business; despite increases in input costs. Commenting on his win, Mr. Maneesh Agarwal said, "I am privileged to be named in the CFO100 Roll of Honour this year as well. The role of a CFO has transformed over time; and it is heartening that we have such platforms that recognise and encourage new developments in this field. Nuvoco has always valued and encouraged innovative strategic thinking. I thank my wonderful team for their unstinting support and contribution to Nuvoco's success story." Instituted ..
Indian banks benefit from lower slippages but challenges remain: Fitch Ratings
The banking sector's non-performing loan (NPL) ratio improved in first nine months of current financial year but slow resolution and weak capital are likely to keep the overall pace of recovery tepid, according to global credit rating agency Fitch.Lower fresh slippages and better recoveries were instrumental in driving down the banking sector's gross NPL ratio to 10.8 per cent in April to December 2019, according to Fitch's estimate, from 11.5 per cent at fiscal year-end 2018.Indian banks, however, continue to face challenges on multiple fronts.Weak earnings, in particular government-owned banks, and thin capital buffers remain at risk from ageing provisions which stem from slow resolution of the sector's 150 billion dollar NPL stock (FY18).Overall credit costs, despite a decline in percentage terms from previous years, remained high compared with most state banks' weak pre-provision profits.As a result, several state banks reported losses in first nine months of 2018-19 while the ...
Ola offers cab service in three more UK cities
India's leading ride-hailing aggregator Ola on Friday rolled out its cab service in the UK's Birmingham, Liverpool and Reading cities, offering private hire vehicles and black cabs to commuters.
L&T announces new strategic initiative -- L&T-Nxt
Infrastructure giant Larsen & Toubro (L&T) Friday announced a new initiative, L&T-Nxt, to focus on new-age technologies like artificial intelligence and cybersecurity. L&T-Nxt will focus on the areas of artificial intelligence, internet of things (IoT), virtual reality, augmented reality, geospatial solutions as well as cybersecurity and leverage the experience that L&T has garnered over the decades. "Larsen & Toubro has announced a new strategic initiative, L&T-Nxt, to define the future of the organisation from a fresh perspective. It has been identified as a select initiative in L&T's five-year strategic plan," the company said in a statement. The company said it is ideally placed to capitalise on these huge emerging opportunities with its large palette spanning software to hardcore engineering, backed by a strong technology base. The company has deployed IoT, analytics and AI in the industrial sector by converting most operational matters online ...
Copper up 1.03% in futures trade on upbeat cues
Copper prices went up by 1.03 per cent to Rs 445.95 per kg in futures trade Friday after speculators created fresh positions amid positive cues. The uptick in demand from consuming industries at the domestic spot market also fuelled the uptrend. At the Multi Commodity Exchange, copper for delivery in March was trading higher by Rs 4.55, or 1.03 per cent, at Rs 445.95 per kg in a business turnover of 12,837 lots. A firm trend in overseas markets and rising demand from consuming industries at the physical markets led to the rise in copper prices at futures trade here, market analysts said.
True wireless hearables hit 12.5mn units in Q4 2018
The true wireless hearables market touched 12.5 million units in the fourth quarter of 2018, with North America emerging as the largest market, accounting for 24 per cent of the volumes, followed closely by the Asia Pacific region excluding China and Europe, a new report said on Friday.
PNB to sell stake in housing finance arm
State-run Punjab National Bank (PNB) on Friday said it will sell part of its stake in PNB Housing Finance (PNBHFL) to global equity firms General Atlantic Group and Varde Partners for a total of Rs 1,851.60 crore.
BSNL board meet on April 4, March salary on time
The state-run BSNL will hold a crucial board meeting on April 4 to discuss the 2018-19 financial results and the roadmap, and investments for 2019-20 fiscal, increasing of the ceiling limit for capex loans, sources said on Friday.
L&T rises after announcing new strategic initiative
Larsen & Toubro rose 0.53% to Rs 1391.35 at 13:47 IST on BSE after the company announced a new strategic initiative, L&T-Nxt.
Hitachi Payments appoints Rustom Irani as managing director
Hitachi Payment Services (Hitachi Payments) Friday announced the appointment of Rustom Irani as the new managing director (MD) of the company. His role, as MD, is in addition to his responsibilities as the chief executive officer (CEO) of cash business, Hitachi Payments said in a statement. Irani will also be inducted into the company's board, effective April 1. Earlier to this, Loney Antony led Hitachi Payments as the MD from its inception. From April 1, Loney will assume a larger advisory role of vice-chairman and non-executive director of the board of directors of Hitachi Payments and mentor to the leadership team, the company said. Antony will also be an advisor for the expansion of global payments business and the social innovation business of Hitachi. "Rustom...has been instrumental in shaping Hitachi Payment Services' growth from its early stages and will now be responsible to lead the company into its next phase of growth," said Antony. Rustom has been associated with the ...
Shares trade with modest gains
Key benchmarks were trading with modest gains in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 106.13 points or 0.28% at 38,651.85. The Nifty 50 index was up up 38.50 points or 0.33% at 11,608.50.
Indiabulls Ventures Ltd spikes 2.34%
Indiabulls Ventures Ltd is quoting at Rs 321.85, up 2.34% on the day as on 12:49 IST on the NSE. The stock is up 28.79% in last one year as compared to a 13.56% gain in NIFTY and a 21.53% gain in the Nifty Financial Services index.
Asian markets rally as blockbuster quarter draws to close
Asian markets rose Friday, putting them on course to end the week on a positive note with investors looking past a downgrade of US growth to focus on the next round of top-level China-US trade talks. While the past five days have been dogged by fears over the outlook for the global economy, equities from Sydney to Wall Street have enjoyed a stellar start to 2019 fuelled mostly by hopes of a tariffs deal and the prospect of lower borrowing costs. A slight pick-up in the key US 10-year Treasury yield provided some sense of stability, though dealers remain on edge over the future, with data showing the US economy grew at a much slower pace than initially thought in October-December. Attention is on Beijing where top Chinese and US negotiators are taking part in the latest batch of talks aimed at ending their long-running trade row that has dragged on the world economy. White House economic adviser Larry Kudlow said the negotiations were not "time-dependent" and could be extended, adding .