Page 71 - Business Finance
Tiger Logistics (India) gets revision in ratings outlook from CARE
Long term bank facilities - CARE BBB; Negative (Rating reaffirmed; outlook revised from Stable)
Wipro partners with Moogsoft to deliver next-gen AIOps solutions
Moogsoft's AIOps platform, powered by purpose-built Machine Learning (ML) algorithms, helps IT teams in the real-time detection and remediation of IT incidents across applications, networks and IT infrastructure, ensuring continuous service delivery for customers. Wipro HOLMES, Wipro's Al and Automation platform, in partnership with Moogsoft, will provide end-to-end capabilities in AIOps transformation. This partnership will help customers dramatically improve the business availability of IT through unified alert management, root cause analysis, proactive anomaly detection and predictive capabilities. It will enable Wipro to accelerate its customers' digital transformation journey, and deliver increased business agility, developer productivity, and improved user experience.
Rupee firms up by 10 paise to 69.34 against US dollar
The Indian rupee Wednesday appreciated by 10 paise to close at 69.34 to the US dollar, marking the second straight session of gains driven by easing crude prices. At the interbank foreign exchange market, the rupee opened at 69.38 a dollar and advanced to a high of 69.28 during the day. It finally settled at 69.34, up 10 paise against its previous close. The Indian currency has strengthened by 31 paise in the last two sessions. "Indian rupee trading higher amid fall in crude oil price. Market participants awaiting May retail inflation data to gauge the possibility of further interest rate cuts," said V K Sharma, Head-PCG & Capital Market Strategy, HDFC securities. Retail inflation spiked to 3.05 per cent in May from 2.99 per cent in April, government data showed. Brent crude futures, the global oil benchmark, fell 2.49 per cent to USD 60.74 per barrel. Besides easing crude prices, forex traders said the local currency gained strength following the Reserve Bank of India's decision .
Retail inflation spikes to 7-month high of 3.05 pc in May on costlier food articles
Retail inflation spiked to a seven-month high of 3.05 per cent in May mainly due to costlier food items, government data showed Wednesday. The consumer price index (CPI) based retail inflation for April was revised marginally upwards to 2.99 per cent from the earlier estimate of 2.92 per cent, data released by the Central Statistics Office (CSO) showed. Retail inflation stood at 4.87 per cent in May 2018. The previous high was in October 2018, when the retail inflation print came in at 3.38 per cent. As per the data, inflation in the food basket rose to 1.83 per cent in May, higher than 1.1 per cent in April. Retail inflation is a crucial data point, keenly watched by the Reserve Bank while deciding its monetary policy.
Industrial growth at 6-month high of 3.4 pc in April
Industrial production grew at a six-month high of 3.4 per cent in April mainly on account of improvement in mining and power generation, according to official data released Wednesday. The Index of Industrial Production (IIP) had expanded by 4.5 per cent in April 2018. The expansion in the mining sector was 5.1 per cent compared to 3.8 per cent in the year-ago month. Similarly, the growth in the power sector was 6 per cent in April as against 2.1 per cent in the corresponding month of the last fiscal. However, there was a slowdown in the manufacturing sector. The previous high in industrial growth was recorded at 8.4 per cent in October 2018.
Canon to set up 15 'Business Imaging Solution Lounges' for B2B buyers
Japanese tech major Canon aims to expand the number of its 'Business Imaging Solution Lounges' (BISL) to 15 this year to showcase its technology and offer solutions to small and medium enterprises buyers. The company - which has about 250 Image Squares across the country for the consumer segment - is piloting a similar model for its B2B offerings and has six BISLs currently, Canon India President and CEO Kazutada Kobayashi told PTI. These BISLs are located in Delhi, Ahmedabad, Bengaluru, Chennai and Raipur. "We are looking at 15 BISLs by the end of the year," Kobayashi said adding that these lounges - being operated by its franchise partners - will offer devices and solutions to small and medium businesses (SMBs). The company Wednesday launched new ink tank printers - priced Rs 14,299 onwards - under its PIXMA G-Series portfolio. With this launch, Canon India aims to capture 25 per cent market share in the ink tank category. The new line-up claims to have features like automatic ...
Quick Wrap: Nifty Realty Index registers a drop of 2.05%
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India home to world's second largest internet user base, thanks to Jio: Report
Helmed by Reliance Jio, India is home to the world's second largest internet user base, accounting for 12 per cent of all internet users globally, the 2019 Mary Meeker report on Internet Trends said. Jio is one of the most innovative internet companies based outside the US, it added. "At 3.8 billion, the number of Internet users comprises more than half the world's population," it said, adding China has the largest base, accounting for 21 per cent of all internet users globally. The US has 8 per cent of global internet users. Global internet user growth is solid but slowing, it said. The growth was 6 per cent in 2018, down from 7 per cent in the previous year. With 307 million mobile phone service subscribers, Reliance Jio is expanding offline access to e-commerce, the report said. "We are creating a hybrid, online-to-offline commerce platform by integrating Reliance Retail's physical marketplace with Jio's digital infrastructure & services," it quoted Reliance Industries Chairman
BEE assigns Grade 1 ESCO accreditation to Tata Power
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22KYMCO unveils 3 products priced up to Rs 2.3 lakh
22KYMCO, a joint venture between 22Motors and Kwang Yang Motor Company (KYMCO), Wednesday unveiled three products which would go on sale in the country September onwards. The iFlow electric scooter is priced at Rs 90,000 while petrol powered Like200 and X-Town 300i ABS scooters are tagged at Rs 1.3 lakh and Rs 2.3 lakh, respectively (ex showroom). The company will roll out the models from its Bhiwadi (Rajasthan) based manufacturing plant which has an installed production capacity of 2 lakh units per annum. "For us, India is one of our most important markets and we are very excited about entering India's thriving two-wheeler market to explore its promising market potential," KYMCO Chairman Allen Ko told reporters here. With the country's strong policy framework that encourages e-mobility in a big way, electric awareness and consumer interest towards e-vehicles in India are witnessing a paradigm shift, he added. "Given the encouraging e-mobility environment here, we are certain that our
Blue Star eyes Rs 120 cr from water purifiers biz in FY '19-20
: Airconditioner-maker Blue Star Ltd, which forayed into the water purifier business in 2016, has set a target revenue of Rs 120 crore from it during this financial year, a top company official said Wednesday. The company, which sold 70,000 units of water purifiers since 2016, was also eyeing to retail 1.20 lakh units, Blue Star Ltd managing director B Thiagarajan said. "We are attempting to reach a turnover of Rs 120 crore from this business in (financial year 2019-2020)," he told reporters after unveiling a range of water purifiers. According to company officials, Blue Star was also aiming to surpass the marketshare of five per cent in this vertical during this financial year. The company, in 2019-20, would generate jobs for around 500 people which include recruiting around 200-250 people for its new manufacturing facility being set up in Wada, Maharashtra. Besides the Wada unit, Blue Star has manufacturing facilities in Himachal Pradesh, Dadra and Ahmedabad. "We are ...
IIM-K launches new post-graduate management programme
: The Indian Institute of Management (IIM)-Kozhikode has launched a new post-graduate management programme focused on developing potential business leaders. This full-time, residential, one-year programme addresses the need to provide focused, contemporary and holistic business leadership inputs to experienced executives who aspire for top jobs in large corporates, a press release said. Prof Debashis Chatterjee, Director of IIM Kozhikode, said the programme aims to to systematically nurture and shape experienced minds into high potential leaders who are authentic, capable, multi-dimensional, and grounded in core values. "Businesses, today, need leaders to sustain and thrive in a volatile, connected and non-linear world and this new offering is precisely aimed to fill this gap," he said. The programme will involve an innovative admission process, unique curriculum and pedagogy that combines diverse perspectives to provide holistic inputs. "While we have put together just
Equities end three days of rally, Sensex falls by 194 points
Equity benchmark indices ended three days of the rally on Wednesday with selling pressure witnessed in banking, auto and realty stocks.The BSE S & P Sensex closed 194 points lower at 39,757 while the Nifty 50 sank 59 points to settle at 11,906.At the National Stock Exchange, most sectoral indices were in the negative zone. Realty fell by 2.05 per cent, auto by 1.13 per cent and private bank 1.02 per cent.Shares of Indiabulls Housing Finance fell 7.8 per cent intraday after the company moved the Supreme Court seeking an urgent listing of a plea filed against it. The petition alleged that the company misappropriated Rs 98,000 crore of public money.Reliance Capital sank 6.8 per cent to Rs 87.5o per share after the company's statutory auditor Price Waterhouse & Co Chartered Accountants LLP (PwC) resigned with effect from Tuesday.Shares of Eros International Media were locked in the lower circuit for the fifth straight day, down 9.89 per cent at Rs 33.25 apiece after Moody's ...
Economic Advisory Council to PM refutes Arvind Subramanian's GDP claim
Economic Advisory Council to the Prime Minister on Wednesday refuted the claim by former Chief Economic Adviser Arvind Subramanian that the gross domestic product (GDP) growth rate was overestimated by 2.5 per cent between 2011-12 and 2016-17.It is worth noting that the base year of India's income calculations shifted to 2011-12 on the basis of recommendations of several committees with experts in National Income Accounting, said a statement from the Economic Advisory Council."It was on the basis of these recommendations, started in 2008, that the government implemented the change from January 2015. Therefore, it is wrong to suggest that the views of experts have not been taken into account while changing the base year or weights or switching from Annual Survey of Industries (ASI) to Ministry of Corporate Affairs (MCA) 21," it said.The statement added that Subramanian used cross-country regressions to estimate what India's GDP should be."Using cross-country regressions to estimate GDP
Reliance Capital, Rel Home Finance shares tumble up to 7 pc as PWC resigns as statutory auditor
Shares of Reliance Capital and Reliance Home Finance Wednesday tumbled up to 7 per cent after Price Waterhouse & Co Chartered Accountants (PWC) resigned as statutory auditor of both the companies. The scrip of Reliance Capital plunged 6.82 per cent to close at Rs 87.50 on the BSE. During the day, it tumbled 8.83 per cent to Rs 85.60 -- its 52-week low. Reliance Home Finance shares fell by 4.23 per cent to close at Rs 17 on the BSE. During the trade, it dropped 7.88 per cent to Rs 16.35. PWC has put in its resignation, with effect from June 11, 2019, citing unsatisfactory response to "certain observations" made by it as part of the ongoing audit for fiscal 2018-19, the two companies said in their respective regulatory filings to stock exchanges. Both Reliance Capital and Reliance Home Finance said they do "not agree with the reasons given by PWC". While the board of directors of Reliance Capital has noted and accepted the resignation, Reliance Home Finance said its audit committee .
National Stock Exchange Of India standalone net profit rises 37.85% in the March 2019 quarter
Sales decline 1.96% to Rs 604.69 crore
Power Finance Corp raises USD 1 bn from global market
Power Finance Corporation (PFC), a state-run NBFC, said Wednesday it has raised USD 1 billion (around 6,940 crore) through issuance of bonds in the international market. This was PFC's first issuance in the international market after acquiring the government's shareholding in REC, the company said in a BSE filing. The issuance attracted a strong and diversified order book indicating investor's confidence towards PFC's differentiated credit despite volatile market conditions and concerns over Indian NBFI sector, it mentioned. PFC finances power sector projects and its main source of revenue is interest income on loans. "PFC, a government owned NBFC, has successfully tapped international market and raised USD 1 billion through Reg - S bonds in one go," the company said in the filing. In March 2019, PFC completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government. Chairman and Managing Director, PFC, Rajeev Shanna said, "The transaction ...
ESET strengthens enterprise business in India
/ -- ESET, a global cybersecurity solutions provider, announced recently a new distribution agreement with TechnoBind, India's first specialist distributor for data and associated domains. As part of the strategic agreement, TechnoBind will distribute ESET's award winning enterprise security solutions in 6 cities across India including Bangalore, Chennai, Hyderabad, Kolkatta, Mumbai and New Delhi. Parvinder Walia, Sales and Marketing Director for ESET, Asia Pacific & Japan, said, "We are delighted to partner with TechnoBind, India's fastest growing specialist partner in IT. India is a critical market for ESET, with a massive potential for cybersecurity solutions. TechnoBind's hybrid distribution model will help us strengthen ESET's go-to-market strategy in India, as well as reinforce our position as a leading enterprise security solutions provider." Talking about the partnership, Mr. Prashanth G J, CEO at TechnoBind said, "ESET has been a leader in offering endpoint security ...
NRL signs agreements with 3 startups
The Numaligarh Refinery Limited (NRL) has signed agreements with three of the eight startups shortlisted last year for funding in the 'iDEATION', the compay's startup initiative. The agreements were signed at a conclave organised to deliberate and gauge the performance of the startups, an NRL statement said on Wednesday. Agreements with the remaining five startups will be signed soon. Presentations on progress achieved and way forward were made by all the four startups funded in the first edition of NRL iDEATION in 2017, the statement said. "The NRL itself is a startup that was conceived as part of the historic Assam Accord of 1985," NRL Managing Director S K Barua said at the conclave held recently. The NRL has been funding startups in grant mode in its previous editions "but now we are looking forward to invest in equity," Barua added. Chairman cum Managing Director of North Eastern Devlopment Finance Corporation B Paul Muktieh praised the NRL for its startup ...