Page 697 - Business Finance
Sensex jumps 268 pts; Nifty above 11,500
The stock market continued its winning run for a seventh consecutive session Tuesday with the BSE Sensex rising 268 points to close at over six-month high led by gains in index heavyweights like ITC, RIL and Infosys amid continuous foreign fund inflow. The 30-share index started off on a strong footing at 38,218.59 points and touched a high of 38,396.06 before winding up at 38,363.47, recording a significant rise of 268.40, or 0.70 per cent. Intra-day it also hit a low of 38,078.23. The gauge had climbed over 1,420 points points in the previous six sessions. The 50-share NSE Nifty closed at 11,509.80, higher by 70.20 points, or 0.61 per cent, after hovering between 11,543.85 and 11,451.55. These are the highest levels for both indices since September 7. The gains on domestic bourses were led by PSU, oil and gas, infrastructure, realty, banking and power sector stocks as investors indulged in widening their exposure. Traders said widening of positions by retail investors amid continued
Crossroads Emerged as the Uber Destination to Provide One-stop Auto Solution
/ -- Crossroads is one of India' s most trusted solutions for roadside emergencies with a premier network of Road Side Assistance (RSA) providers. They are now providing bidding-based repair services through a supporting mobile app which will connect vehicle owners with bids from different garage owners With over 130,000 deaths annually, India has overtaken China and now has the worst road traffic assistance rate worldwide. According to a data accessed from the transport department of Delhi government, the total number of registered vehicles at 1,05,67,712 till May 25, 2017. This means the one-stop auto solution has become the need of the hour for every vehicle owner in India. Keeping this in mind, Crossroads has introduced its own mobile app that aims to provide bidding-based repairing services. Now, the vehicle owner can simply post the issue and get bidding offers from several garage owners who are willing to provide a doorstep vehicle service for them. The app especially focuses .
Treasury offices in Assam to remain open on March 22 and 23
Assam government treasury offices will remain open on March 22 and 23 throughout the state, a state government release said Tuesday. This will be compensated subsequently with additional holidays for the treasury staff in April coinciding with bank holidays, the release said. Assam Government had declared a local holiday on March 22 on account of Dol Jatra/Holi festival when all state government offices, educational institutions will remain closed on account of the holiday. Offices of all Assam Bhawans/Houses outside Assam and all financial institutions within the state NI Act will also remain closed on account of this holiday, the release added.
Market extends recent rally
Key equity indices extended gains for seventh straight trading session amid support from index pivotals, Reliance Industries, ITC and Infosys. The barometer index, the S&P BSE Sensex, rose 268.40 points or 0.70% to 38,363.47, as per the provisional closing data. The Nifty 50 index rose 70.20 points or 0.61% to 11,532.40, as per the provisional closing data. The Nifty ended above 11,500 mark.
State Finance Secretaries Discuss Gross Market Borrowings At General And Government Level
The 31st Conference of State Finance Secretaries was held in Mumbai on March 18th 2019. The Conference was attended by officials from the Ministry of Finance, Government of India, Controller General of Accounts, Comptroller and Auditor General of India and Finance Secretaries of 25 states and Puducherry. Governor, Reserve Bank of India inaugurated the Conference.
Prism Johnson gains after acquisition
Prism Johnson rose 1.4% to Rs 90.85 at 14:51 IST on BSE after the company announced acquisition of 27% stake in CSE Solar Parks Satna.
Goldman Sachs bullish on Indian equities; Nifty target at 12,500 in 12 months
Global brokerage firm Goldman Sachs expects a pre-election rally in Indian equities and forecasts the wide-based Nifty to reach 12,500 in the next 12 months, amid rising market expectations of a potentially stable government. Goldman Sachs had lowered India to "marketweight" in September on macroeconomic, earnings, rich valuations and political risks. Saying that over the past month, the Nifty has rallied 8 per cent and recovered 65 per cent of its year-to-date under-performance as against the region. "We think risk/reward on India looks favourable again," the brokerage firm said. Parliamentary elections have historically been an important domestic catalyst for the market given their bearing on policy choices and the progress of structural reforms. "We raise it back to overweight (OW) given sharp under-performance in January/ February, better third quarter earnings and a pick-up in FII (foreign institutional investor) positioning from lows amid rising market expectations of a ...
US to begin accepting new H1-B visa petitions
The US Citizenship and Immigration Services (USCIS) would start accepting new H1-B visa petitions for the fiscal year 2020 starting April 1, the media reported.
PowerGrid says fully utilised JPY 22 billion loan from SMBC
State-run utility Power Grid Corporation Tuesday said it has fully drawn a 22 billion Japanese Yen (JPY) loan and utilised it to finance capital expenditure for its ongoing and new projects. "Power Grid has fully drawn the loan and utilised the proceeds toward part financing of its capital expenditure for its ongoing and new projects," a company statement said. According to the statement, Power Grid had entered into a JPY 22-billion syndicated term loan facility agreement with Sumitomo Mitsui Banking Corporation's (SMBC) Singapore branch on December 10, 2018. The facility has door-to-door maturity of 12 years and is on floating rate interest basis linked to JPYLIBOR. SMBC, Aozora Asia Pacific Finance Ltd (Aozora) and The Bank of Yokohama committed JPY 15.5 billion, JPY 3.5 billion and JPY 3 billion, respectively, as part of the syndication. The company said the closing syndication agreement for the loan facility was signed on March 15 at its corporate office in Gurugram.
Indiabulls Integrated Services Ltd leads losers in 'A' group
Just Dial Ltd, Jubilant Life Sciences Ltd, Minda Industries Ltd and Coffee Day Enterprises Ltd are among the other losers in the BSE's 'A' group today, 19 March 2019.
Warner Bros Chairman and CEO steps down amid scandal
As an investigation into potential misconduct continues, WarnerMedia said that Warner Bros chairman and CEO Kevin Tsujihara is exiting the company.
SaaS start-up Freshworks opens office in Singapore
Chennai-based Software-as-a-Service (SaaS) unicorn Freshworks which provides Cloud-based business software has expanded to the Asean market with the setting up of a regional hub in Singapore.
Japanese Olympic Committee head resigns amid bribery scandal
Tsunekazu Takeda, the president of the Japanese Olympic Committee, is resigning amid a bribery scandal that investigators suspect helped Tokyo land next year's Olympics. Takeda announced Tuesday he will stand down when his term ends in June, but again denied corruption allegations against him. Takeda is also a powerful International Olympic Committee member and the head of its marketing commission. He holds the IOC spot by virtue of the Japanese presidency. He said it was his own decision, and in the interests of the future of the Japanese Olympic Committee. "I would like to leave the future of the JOC to a younger generation to lead up to Tokyo 2020," he said during an executive board meeting in Tokyo. "At the end of my tenure in June, I am pulling out as JOC chairman and as a committee member." His departure as head of the JOC will also end his terms at the International Olympic Committee. The scandal has cast a shadow over next year's Olympics and underlines flawed efforts by the ..
Magnum Ventures Ltd leads losers in 'B' group
Kanani Industries Ltd, Salona Cotspin Ltd, Orient Press Ltd and Beardsell Ltd are among the other losers in the BSE's 'B' group today, 19 March 2019.
Volumes jump at Solar Industries India Ltd counter
Solar Industries India Ltd witnessed volume of 76060 shares by 14:19 IST on NSE, a 5.7 times surge over two-week average daily volume of 13340 shares
Bajaj Finance Ltd offers 0.25 percent more on fixed deposit renewal
Fixed deposits have been one of the most attractive and stable investing options as they are averse to market fluctuations and market volatility.Many invest in fixed deposits (FDs) and treat it as the most secure place to park their savings for their short term and medium term financial goals. It is one of the most popular investment classes for investors who have absolutely zero risk-taking capacity.One of the key factors while choosing to renew your FD is obviously the interest rate. The interest rate majorly ranges from as low as 6.9% to 8.85%, depending on the tenor. Bajaj Finance Ltd., the lending and investment arm of Bajaj Finserv offers the highest interest rate of 8.75%, which goes up to 9.10% depending on the age and tenor of the investment. Bajaj Finance fixed deposit also offers an extra 0.25% on renewal, over and above the rate of interest at which the deposit is booked.Five Key features of Bajaj Finance Fixed Deposit:Higher return to senior citizen and existing ...
HCL enters into a shared service arrangement with Xerox
HCL Technologies has entered into a shared services arrangement with Xerox Corporation to provide certain global administrative and support functions.The transaction revenue over the course of seven years will be 1.3 billion dollars (about Rs 9,000 crore).HCL is expected to make certain up-front and ongoing investments in software, tools and other technology to consolidate, optimise and automate the transferred functions with the goal of providing improved service levels and significant cost savings to Xerox.The functions will include selected information technology and finance functions excluding accounting, HCL informed stock exchanges in regulatory filings late on Monday.The deal is subject to compliance with European works council consultation and employment regulatory requirements..
Hyundai and Kia to invest $300 million in Ola, focus on smart mobility solutions
Hyundai Motor Group and Kia Motors Corporation announced a strategic partnership on Tuesday to invest 300 million dollars (about Rs 2,000 crore) in ride-hailing platform Ola for providing smart mobility solutions.It will be Hyundai's and Kia's biggest combined investment to date.The agreement will see the three companies extensively collaborate on developing unique fleet and mobility solutions, build India-specific electric vehicles and infrastructure, as well as nurture opportunities for driver partners with customised vehicles on the Ola platform.As part of the collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles, expanding Hyundai operations from automobile manufacturing and sales to total fleet solutions.The partnership will offer Ola drivers various financial services, including lease and instalment payments, besides maintenance and repair services.Hyundai, Kia and Ola have also agreed to coordinate efforts to develop cars and ...
India's fuel demand rises 3.8 pc in Feb
India's fuel demand rose 3.8 per cent in February as free cooking gas connections spurred LPG consumption while petrol and diesel use continued to rise. Fuel consumption in February totalled 17.41 million tonnes as compared to 16.77 million tonnes in the same month last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed. Consumption rose for the third month in a row as ensuing general elections are likely to spike demand further. With retail prices moderating, petrol consumption soared 8 per cent to 2.25 million tonnes while the government push to give every household a cooking gas connection led to LPG demand spiking by 14.2 per cent to 2.2 million tonnes. Diesel, the most consumed fuel in the country, saw consumption rise by 2.7 per cent to 6.7 million tonnes. Hectic campaigning is likely as India goes to poll over the next two months, which will boost the use of transportation fuel as political parties traverse the country courting voters. ...
ASK Property invests Rs 326 cr in housing projects of TVS group, QVC Realty, Tridhaatu
ASK group's private equity arm will invest Rs 326 crore in various housing projects being developed by QVC Realty, Tridhaatu and TVS Emerald. These projects are located in Mumbai, Bengaluru, Chennai and Delhi-NCR. ASK Property Investment Advisors (ASK PIA) is the real estate private equity arm of ASK Group. Mumbai-based ASK Investment Managers Ltd, the holding company, is a leading asset and wealth management firm and it soon plans to launch Initial public Offer (IPO) to raise an estimated Rs 2,000 crore. "We have invested Rs 326 crore as equity and structured equity in around 8 projects of QVC Realty, Tridhaatu and TVS Emerald," said Amit Bhagat, MD & CEO, ASK PIA. About Rs 200 crore would be invested in three projects of QVC Realty in NCR and Bengaluru, Rs 80 crore in two projects of TVS group firm TVS Emerald and Rs 44 crore in three projects of Tridhaatu Realty, he told PTI. "Liquidity crunch of NBFCs/HFCs has accelerated the consolidation process benefitting reputed ...