Page 72 - Business Finance
Cyclone Vayu: ONGC puts western offshore installations on high alert
State-owned Oil and Natural Gas Corp (ONGC) has put its installations in the western offshore on high alert and restricted helicopter sorties as a cyclone gathers intensity over the Arabian Sea. ONGC produces bulk of India's oil and gas from fields off the west coast, with several of its installations on these housing its operational personnel. Sources said the company has not evacuated any of its personnel from the living quarters on the western offshore fields like Mumbai High and Bassein but has stopped helicopter sorties to wellheads. Two emergency control rooms have been set up in Mumbai and Hazira in Gujarat to keep a close watch on the situation as it develops, they said adding helicopters and a multi-support vessel (MSV) have been kept on standby for any rescue and relief operation that may be warranted post Cyclone Vayu hits landfall. Operations are largely unaffected, they said. A floating oil production system at D-1 field off the west coast faced power failure which is ...
BJP to stage dharna against JSW land deal with Karnataka government
BJP state unit chief BS Yeddyurappa has said that he would stage a sit-in demonstration at Vidhana Soudha on June 14-15 against JSW land deal.It is worth mentioning that Karnataka Cabinet recently decided to execute the absolute sale of land to JSW Steel, which is based out of Vijayanagar in Ballari district in the state.According to the decision, the lease of 3,667 acres to JSW Steel would be converted into a permanent sale in accordance with the initial agreement.This issue has created a furore in the opposition camp with the BJP alleging that the government would get kickback after the finalisation of the deal.
Turnover in F&O segment rises
Indiabulls Housing Finance, SBI and RIL June 2019 futures were traded the most
Power Finance Corporation raises USD 1 bn from international bond market
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.
Yes Bank shares drop 3 pc on downgrade warning
Shares of Yes Bank dropped over 3 per cent Wednesday after Moody's placed the private sector lender's ratings under review for a possible downgrade. The scrip declined 3.34 per cent to close at Rs 134.65 on the BSE. During the day, it fell 3.94 per cent to Rs 133.80. It was the worst hit among the 30-share front-line companies. At the NSE, shares went lower by 3.18 per cent to close at Rs 135.10. In terms of traded volume, 44.69 lakh shares were traded on the BSE and over five crore shares on the NSE during the day. Moody's Investors Service has placed Yes Bank's ratings under review for a possible downgrade citing its high exposure to the struggling NBFC and realty sectors. The agency has a "Ba1" rating on the lender, which has a 6.4 per cent exposure to NBFCs and housing finance firms and 7 per cent to realty companies as of March 2019 quarter. "The ongoing liquidity pressures on finance companies will negatively impact the credit profile of Yes Bank, given its sizeable exposure to .
PNB admits staggering loan defaults of Rs 25,000-crore (IANS Exclusive)
The beleaguered public sector Punjab National Bank (PNB) has admitted to 1,142 big and small defaulters all over India who have defaulted a stupendous Rs 25,090.3 crore.
EAC-PM to come out with point-by-point rebuttal of ex-CEA's claims on GDP numbers
The Economic Advisory Council to the PM Wednesday refuted the claims of former CEA Arvind Subramanian regarding overestimation of GDP numbers and said it will come out with a point-by-point rebuttal in due course. Subramanian, in a paper, said India's economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP. The Economic Advisory Council will examine in detail the estimates made in Subramanian's paper and come out with a point-by-point rebuttal in due course, it said in a statement. "At the moment, it is felt that any attempt to sensationalize what should be a proper academic debate is not desirable from the point of view of preserving the independence and quality of India's statistical systems, all of which the former CEA is familiar with," it said. "These are certainly issues that Dr. Subramanian must certainly have raised while he was working as CEA, though by his own admission, he has
Jalan panel on RBI surplus hope to submit report in June
The Bimal Jalan-led committee tasked to make recommendations on the RBI's Economic Capital Framework regarding the central bank's reserves, will meet once again this month and hopes submit its report by end of June, panel Chairman Bimal Jalan said on Wednesday.
Jalan panel on RBI's capital size to meet one more time, to submit report by June end
The Bimal Jalan committee, which is looking into the size of capital reserves that the RBI should hold, will have one more meeting before finalising its report to be submitted to the apex bank by month-end. The six-member panel under former RBI governor Jalan was appointed on December 26, 2018, to review the Economic Capital Framework (ECF) for the Reserve Bank after the Finance Ministry wanted the RBI to follow global best practices and transfer more surplus to the government. The RBI has over Rs 9.6 lakh crore surplus capital with it. "The ECF panel will meet one more time and will submit the report by month-end," an official told reporters here after the meeting. The ECF panel was mandated to submit its report to the RBI within 90 days of its first meeting which took place on January 8. Following this, the panel was given a three-month extension. Asked about the reason for delay in finalisation of the report, the official said, "There may be differences of opinion, but that is ...
Stocks continue trading with losses; telecom shares slide
The Sensex and the Nifty continued trading with losses in mid-afternoon session. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 174.70 points or 0.44% at 39,775.76. The Nifty 50 index was down 62.85 points or 0.53% at 11,902.75.
Nifty trades below 11,900 mark; auto shares tumble
The market hovered in narrow range near day's low in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 262.29 points or 0.66% at 39,688.17. The Nifty 50 index was down 77.15 points or 0.64% at 11,888.45.
Board of Mahindra Lifespace Developers allots 1500 shares under ESOS
At meeting held on 12 June 2019
Gold prices bounce back by Rs 200; silver up Rs 330
Gold prices rose by Rs 200 to Rs 33,570 per 10 gram in the national capital Wednesday following increased buying by local jewellers and a firm overseas trend, according to the All India Sarafa Association. Tracking gold, silver also surged by Rs 330 to Rs 37,890 per kg on fresh offtake by industrial units and coin makers. Traders said sentiment turned bullish due to positive trend overseas and rise in domestic demand, which mainly pushed gold prices higher. Globally, spot gold was trading higher at USD 1,337 per ounce in New York amid escalation of trade war tension between the US and China, which prompted investors to move towards safe-haven assets like gold. Silver was also quoting higher at USD 14.89 an ounce. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 200 to Rs 33,570 per 10 gram and Rs 33,400 per 10 gram, respectively. Sovereign gold, however, remained flat at Rs 26,700 per eight gram. On Tuesday, gold had fallen by Rs 360 to Rs 33,370 ...
Except Kumaraswamy, NMDC halts iron ore production in all its
: Barring Kumaraswamy Mines in Karnataka, production of iron ore by NMDC came to a standstill as the state-owned company halted production at Bailadilla Range in Dantewada in Chhattisgarh also due to protest by tribals. The miner is losing 70,000 tonnes of iron ore production from Chhattisgarh and already losing 0.5 million tonnes per month from Donimalai mines in Karnataka since November last year, official sources said. Earlier, NMDC suspended iron ore-mining from its Donimalai mine following the state governments decision to impose 80 per cent premium on the ore sales from that mine in November, 2018. Lately, the miner suspended production at Bailadilla Complex consisting of Bacheli and Kirandul mining blocks in Chhattisgarh following the agitation by tribal groups against the iron ore mining on hills in the Deposit no.13, official sources said. "There is a production loss of about 70,000 tonnes of iron ore production per day due to tribal unrest at Bailadilla Range
Govt to take steps to contain imports of defective/sub-standard steel
The government will take more steps to contain imports of defective or sub-standard steel with a view to helping domestic manufacturers, an official said. The official said that local players prefer imports of defective or sub-standard steel as it is cheaper. According to industry experts, sub-standard steel impacts the quality of goods and hurt domestic manufacturers. The issue was discussed during a high-level meeting of steel and commerce ministries Tuesday. "There is a need to contain imports of defective and sub standard steel. It comes in India because it is cheap in price," the official added. There are already quality control guidelines for various steel products used in various industries to check imports of sub-standard items. It was also decided to provide steel at affordable rates to engineering exporters, which have complained that the domestic steel makers charge huge margins from them. Engineering exporters use steel as a raw material to manufacture products for export .
Jammu and Kashmir Bank Ltd leads losers in 'A' group
Indiabulls Integrated Services Ltd, Lakshmi Vilas Bank Ltd, Indiabulls Housing Finance Ltd and Jain Irrigation Systems Ltd are among the other losers in the BSE's 'A' group today, 12 June 2019.
Oil Country Tubular Ltd leads losers in 'B' group
TGB Banquets & Hotels Ltd, Zodiac-JRD-MKJ Ltd, Optiemus Infracom Ltd and Techindia Nirman Ltd are among the other losers in the BSE's 'B' group today, 12 June 2019.
Cut in GST rate on footwear to promote growth, exports: CLE Chairman to govt
Leather exporters in the country have urged the finance ministry to reduce in the rate of goods and services tax (GST) on footwear with a view to promote growth of the industry and push exports. Council for Leather Exports (CLE) Chairman P R Aqeel Ahmed raised this issue at a pre-Budget meeting chaired by Finance Minister Nirmala Sitharaman here Tuesday. He said that the domestic footwear sector holds huge potential to create jobs and earn foreign exchange. "Reduction of GST on footwear would help promote growth of domestic footwear industry," he said in a statement. The council has sought reduction of GST rate to 12 per on footwear priced above Rs 1,000. GST rate on footwear worth up to Rs 1,000 was reduced to five per cent, while those above this value still attract a GST rate of 18 per cent. Currently, export of leather and its products stands at about USD 6 billion. Major export destinations include Europe and the US. Last year, the commerce minister announced a Rs 2,600 crore ...
Volumes spurt at APL Apollo Tubes Ltd counter
APL Apollo Tubes Ltd notched up volume of 1.08 lakh shares by 14:19 IST on NSE, a 6.06 fold spurt over two-week average daily volume of 17884 shares
IDBI Bank Ltd. enters into standalone health insurance tie-up with Max Bupa
IDBI Bank Ltd. and Max Bupa, a standalone health insurer (SAHI), signed a Bancassurance corporate agency agreement on June 1, 2019. It is the first time that IDBI Bank has been on-boarded as a corporate agent for a SAHI partner under open architecture.As part of the tie-up, Max Bupa will offer its comprehensive health insurance offerings to the diverse customer base of IDBI Bank Ltd. across the country. Through this alliance, Max Bupa will offer a wide range of health insurance products and digital first propositions, tailored for the bank's 20 million customers spread across its 1800 plus branches pan India."At IDBI, we have always strived to understand the needs of our customers and offer solutions that fulfil all their financial requirements. Our alliance with Max Bupa is a result of growing customer demand to have best in class health insurance products, and through our collaboration with Max Bupa we will be able to offer customer-centric digitally enabled health insurance ...