Page 724 - Business Finance
Steelbird forays into tech space; launches social networking app
Steelbird Group, which has presence across various verticals including helmet manufacturing and entertainment, Wednesday announced its foray into the technology space with the launch of a social networking application. The company said its app 'Steelbird Connect - Share & Earn' lets users earn as well in addition to networking and socialising. "Having made a mark in different spheres, technology is another vertical that we have been eyeing for a while. To begin with, Steelbird has come up with a social media platform which is unique, easy and mobile operated. "This platform will basically provide a quick mode to make content viral," Steelbird Group MD Rajeev Kapur told reporters here. The core idea behind this development is using technology and internet to speed up business and reward the end users, a feature not present in any other social media platform yet, he added. The app, which runs on both android and ios, lets users accumulate points which then can be redeemed for ...
Dachser India gains coveted AEO certification
/ -- Dachser India received official certification to be an Authorised Economic Operator (AEO) in the country last month. This is a significant move for the business and its customers who will be able to capitalise on the company's exceptional level of reliability, digital process management and documentation to provide customers with maximum efficiency in customs clearance. The highly sought-after certification was granted by the Central Board of Indirect Taxes and Customs (CBIC). It serves to confirm Dachser India's status as a reliable, financially sound and trustworthy partner for international goods management. "Achieving the AEO status after going through the exceptionally stringent review process is an incredible accomplishment for the entire Dachser India team. This endorses our goal to provide highly secure and reliable services to our customers worldwide," said Mr. Huned Gandhi, Managing Director of Air & Sea Logistics for the Indian Subcontinent. The program is regarded
WhatsApp to continue taking measures to limit viral content
WhatsApp will take more measures to limit viral content on the country's most popular messaging app and is committed to keeping users safe, its new India head Abhijit Bose said Wednesday. Bose, who is the first top-level executive to be hired for the country that accounts for the lion's share of its global user base, said he believed private messaging is fundamental to safety and he would work with all stakeholders in India for the common safety goal. WhatsApp has been under intense pressure from the government to devise ways to identify message originators to trace the origin of fake messages circulated on its platform, especially ahead of general elections slated to begin next month. Last year, fake news circulated on WhatsApp incited mob fury, leading to the lynching of over a dozen people across India. Bose's appointment had been announced in November last year and he was to take over the role in early 2019. Bose joins WhatsApp from e-payments company Ezetap where he served as ...
Rose Valley investors can approach asset disposal committee
The Enforcement Directorate (ED), probing into the multi-crore Rose Valley ponzi scam case, has urged the duped investors to approach the asset disposal committee appointed by the Calcutta High Court to recover their dues. According to an ED official, the investors, who were promised high returns on their investments by the ponzi firm, are free to approach the committee which was set up following a high court suggestion in 2015. "In the Rose Valley ponzi scam case, so far the ED has attached properties worth Rs 4,600 crore," an ED official, who did not wish to be named, told PTI. The enforcement agency attached Rese Valley properties worth Rs 2,300 crore in one go, including two dozen hotels and resorts, which till date is the single largest attachment in the case. The assets are to be sold off via public auction and the proceeds would be used to repay the investors. The ED had registered an FIR against the firm, its Chairman Gautam Kundu and others in 2014 under the ...
Rahul Bajaj to step down as Chairman, Non-Executive Director of Bajaj Finserv
Leading industrialist Rahul Bajaj will step down as the Chairman and Non-Executive Director of Bajaj Finserv from May 16 as part of succession planning, the diversified non-banking financial company said on Wednesday.However, he will continue to serve the company as Chairman Emeritus. Vice-Chairman Nanoo Pamnani will take over as the new Chairman of Bajaj Finserv.Having been at the helm of the company since its inception in 2007 and the Group for around five decades, Bajaj tendered a letter of resignation on February 15 to be effective from the conclusion of board meeting scheduled on May 16."Considering his tremendous experience and in the interest of the company to avail of his services, valuable knowledge and wisdom from time to time in an advisory and mentoring role, the Board has appointed Rahul Bajaj as Chairman Emeritus with effect from the conclusion of the Board meeting on 16 May 2019," Bajaj Finserv informed stock exchanges in regulatory filings.He will not accept any ...
Future Consumer Ltd leads losers in 'A' group
Kwality Ltd, Reliance Communications Ltd, Gujarat Mineral Development Corporation Ltd and Steel Authority of India Ltd are among the other losers in the BSE's 'A' group today, 13 March 2019.
Pentagon rolls out $718 bn budget for 2020
The US Department of Defence has rolled out its $718 billion budget request for the fiscal 2020, with a substantial hike in war funding aimed at circumventing a budget gap.
Mindtree stocks up 1% on L&T's reported takeover
Defying a flat-to-negative trend in the IT stocks, Mindtree shares rose over 1 per cent on Wednesday after reports emerged that Larsen and Toubro (L&T) was preparing for a hostile takeover of the infotech (IT) company.
Filatex India Ltd leads losers in 'B' group
Times Guaranty Ltd, Zicom Electronic Security Systems Ltd, Country Club Hospitality & Holidays Ltd and Future Market Networks Ltd are among the other losers in the BSE's 'B' group today, 13 March 2019.
Asian Granito India spurts on fund raising plan
Asian Granito India rose 5.02% to Rs 238.50 at 14:27 IST on BSE after the company said it plans to raise Rs 90 crore through preferential warrants issue.
Volumes jump at Bajaj Consumer Care Ltd counter
Bajaj Consumer Care Ltd witnessed volume of 60.46 lakh shares by 14:19 IST on NSE, a 37.05 times surge over two-week average daily volume of 1.63 lakh shares
Production bottlenecks to hobble Adidas in 2019
German sporting goods maker Adidas said Wednesday it booked vaulting profits in 2018, but crimped its expectations for this year as it runs into limits on production capacity. Net profit at the Herzogenaurach-based group leaped 45 per cent year-on-year, to 1.7 billion euros (USD 1.9 billion), Adidas said. The firm booked an 3.0-per cent increase in revenues to a record 21.9 billion euros last year, a figure it aims to lift by "between five and eight per cent" in 2019. But while Adidas claimed in a statement to see a "strong increase in demand" for its clothing, "supply chain shortages" mean it will not manage to keep up. "Growth is expected to be negatively impacted, particularly in North America during the first half of the year," it added. The region had been one of the "strategic growth drivers" contributing double-digit expansion to 2018's result alongside China and the group's growing e-commerce operation, chief executive Kasper Rorsted said. Across the world, Adidas' flagship ...
Karur Vysya Bank raises Rs 487 cr
Karur Vysya Bank Wednesday said it has raised Rs 487 crore through Basel III compliant bonds to fund its growth plans. The Capital Raising Committee of the board in its meeting on March 12 allotted 48,700 BASEL III compliant unsecured, redeemable, non-convertible tier II bonds in the nature of debenture of Rs 1,00,000 each aggregating to Rs 487 crore, the bank said in a regulatory filing. The capital was raised on private placement basis, it said. The instrument will be listed on NSE. Basel III is an international regulatory framework with a set of reforms to improve the regulation, supervision and risk management within the banking sector. To comply with global Basel-III capital regulations, banks need to improve and strengthen their capital planning process.
Asian markets sink but pound edges up ahead of new Brexit vote
Asian markets retreated Wednesday after two days of gains but the pound enjoyed a slight uptick after the previous day's sharp losses as British officials looked to ease concerns about the possible impact of a no-deal Brexit. The sterling saw wild fluctuations Tuesday as it hit a near two-year high on news Prime Minister Theresa May had won a last-minute revision to her agreement with the European Union. But it then tanked to a three-week low as it was tossed out by MPs at Westminster later in the day. The decision means lawmakers will vote Wednesday on whether to leave the EU on March 29 without an economic agreement -- which is expected to fail -- then Thursday on whether to extend the deadline. In a bid to ease concerns about the financial impact on the economy if MPs vote later in the day to leave with no agreement, officials in London said they will slash tariffs on 87 per cent of imports, and will not apply customs checks on the border with Ireland. However, there remains a lot .
Aluminium futures up by 0.41% on spot demand
Aluminium prices inched up by 0.41 per cent to Rs 145.70 per kg in futures trade Wednesday as speculators built up fresh positions, taking positive cues from spot markets on uptick in demand. At the Multi Commodity Exchange, aluminium for delivery in March edged up by 60 paise, or 0.41 per cent, to Rs 145.70 per kg in a business turnover of 1,582 lots. On similar lines, the metal for delivery in April was trading higher by 45 paise, or 0.31 per cent, to Rs 145.70 per kg in 396 lots. Analysts said fresh positions created by participants due to improved demand in the physical markets, mainly led to the rise in aluminium price at futures trade.
Guar gum futures rise on upbeat export demand
Guar gum prices rose by Rs 42 to Rs 8,693 per five quintal in futures trade Wednesday amid upbeat export demand at the physical markets. At the National Commodity and Derivatives Exchange, guar gum for delivery in April was trading up by Rs 42, or 0.49 per cent, at Rs 8,693 per five quintal with an open interest of 29,005 lots. Guar gum May-delivery contracts also rose by Rs 65, or 0.74 per cent, to Rs 8,820 per five quintal, mirroring an open interest of 4,720 lots.
Zinc futures slip 0.13% on profit-booking
Zinc prices eased by 0.13 per cent to Rs 199.40 per kg in futures trade Wednesday as speculators booked profits, driven by a fall in demand in the spot market. At the Multi Commodity Exchange, zinc for delivery in the current month traded lower by 25 paise, or 0.13 per cent, to quote at Rs 199.40 per kg in a business turnover of 7,560 lots. Marketmen said, profit-booking by speculators at current levels mainly led to the fall in zinc prices here.
Silver futures surge 0.2% on global cues
Silver prices traded higher 0.2 per cent at Rs 38,766 per kg Wednesday after speculators raised bets, driven by a firm trend overseas. At the Multi Commodity Exchange, silver for delivery in May rose by Rs 77, or 0.2 per cent, at Rs 38,766 per kg in a business turnover of 18,631 lots. Similarly, the white metal for far-month July edged higher by Rs 93, or 0.24 per cent, at Rs 39,298 per kg in 385 lots. Analysts said, widening of positions by traders in sync with a firm trend in global markets mainly influenced the silver prices here. In the international market, silver traded higher by 0.74 per cent at USD 15.45 an ounce in Singapore.
Shriram Transport Finance Company Ltd spurts around 1%
Shriram Transport Finance Company Ltd is quoting at Rs 1285.8, up 1.05% on the day as on 12:54 IST on the NSE. The stock is down 6.57% in last one year as compared to a 8.61% gain in NIFTY and a 15.38% gain in the Nifty Financial Services index.
Amara Raja Batteries Ltd jumps 2.23%, up for third straight session
Amara Raja Batteries Ltd is quoting at Rs 763.5, up 2.23% on the day as on 12:54 IST on the NSE. The stock is down 5.14% in last one year as compared to a 8.61% gain in NIFTY and a 20.67% gain in the Nifty Auto index.