Page 736 - Business Finance
Birla Corp shares dive over 5 pc after NGT order stopping mining at Chittorgarh
Shares of Birla Corporation Monday dropped over 5 per cent after the National Green Tribunal (NGT) ordered the firm to stop all mining activities being carried on within the municipal limits of Chittorgarh city. On the BSE, the scrip settled at Rs 531.95, registering a loss of 5.82 per cent. Intra-day, it was trading 14.11 per cent lower at Rs 485.10. Similarly, at the National Stock Exchange (NSE), shares plunged 5.93 per cent to close the counter at Rs 531.60. The scrip had touched a low of Rs 500 during the trading session. On the volume front, a combined of over 8.4 lakh shares were traded on the stock exchanges during the day. The company in a regulatory filing on Saturday said: "The Principal Bench of NGT on March 8, 2019, has ordered to stop all mining activities which are being carried on within the municipal limits of Chittorgarh city and within 10 km of Bassi Wildlife Sanctuary or within Eco-Sensitive Zone of Bassi Wildlife Sanctuary".
Turkey tumbles into recession as polls loom
Turkey's economy fell into its first recession in a decade, official data showed on Monday, just weeks before President Recep Tayyip Erdogan's government faces local elections where growth and inflation will be key issues for voters. Economic output contracted by 2.4 percent in the final three months of the year compared to the third quarter on a seasonally and calendar-adjusted basis, the Turkish Statistics Institute (TUIK) said. That followed a revised 1.6 percent contraction in the third quarter. Two consecutive quarter-on-quarter contractions in economic output is widely considered to be the definition of a recession. The flagging economy coupled with a currency crisis last year that battered the lira are sensitive issues for Erdogan and his ruling Justice and Development Party (AKP) before the municipal vote on March 31. The Turkish leader, in power since 2003 first as prime minister and then as president, has often boasted of the country's strong growth during his time in ...
RBI had observed govt's arguments in favour of demonetisation did not hold: Cong
The Congress on Monday claimed that the RBI, at a high-level meeting hours before the announcement of demonetisation, had observed that the Modi government's key arguments that the step would curb black money and destroy counterfeit currency did not hold. At a press conference here, Congress spokesperson Jairam Ramesh released the minutes of the 561st meeting of the Central Board of Directors of the Reserve Bank of India (RBI), held at 5.30 pm on November 8, 2016, hours before Prime Minister Narendra Modi announced that old Rs 500 and Rs 1,000 currency would cease to be legal tenders from midnight. Ramesh said the minutes of the RBI meeting were obtained through an Right to Information (RTI) application filed by an activist, who got the reply 26 months after he had sought it. The Congress leader alleged that the Cental Board of Directors of the RBI had rejected the government's main arguments in favour of the move -- curbing black money, ending counterfeit currency and excessive ...
Cairn Energy's retro tax arbitration award delayed
Cairn Energy Plc of the UK on Monday said it expects the long-running arbitration process against the Indian authorities over retrospective taxation to be more protracted than originally anticipated and is unlikely to be concluded before late 2019. An international arbitration tribunal in August last year concluded main court hearings in the British company's challenge to the Indian government using retrospective legislation to seek Rs 10,247 crore in taxes. The tribunal was supposed to give an award by February 2019 but the same is now expected not before the end of the year. Cairn Energy in a statement said it had last month written to the three-member panel seeking guidance on the likely timing of the arbitration award. "The Panel has now responded that although it remains mindful of Cairn's need for a swift decision, given its workload and the number of matters before it, it is still unable to provide specific guidance on timing," the statement said. "As a result of this, Cairn ...
Sensex posts biggest gains in 6 months, reclaims 37K mark in pre-poll rally
The BSE benchmark Sensex soared 383 points to reclaim the 37,000 mark Monday, posting its biggest gain in nearly six months, led by gains in RIL, ICICI Bank and Bharti Airtel amid sustained foreign fund inflow and positive global cues. According to experts, investors widened their portfolios amid hopes of a win for the incumbent NDA government, following the announcement of 2019 general election dates Sunday. The 30-share Sensex started off on a strong footing and reclaimed the 37,000 mark on widespread buying by investors, and ended at 37,054.10, up by 382.67 points, or 1.04 per cent. This is the highest closing level since September 19 last year when it had closed at 37,121.22. The gauge had settled 53.99 points, or 0.15 per cent, lower at 36,671.43 on Friday. The NSE Nifty, after climbing to 11,172.40 - its highest since September 26 last year - closed at 11,168.05 points, up 132.65 points, or 1.20 per cent. Power, oil and gas, PSU, metal, banking, auto, capital goods, ...
RBI board warned of noteban's short-term impact on economy; no material effect on black money
The RBI board, which included the present Governor Shaktikanta Das as a director, had warned of short-term negative impact of demonetisation on the country's economic growth and observed that the unprecedented move will not have any material impact on tackling the black money menace. The board, according to minutes of the meeting revealed by the central bank in an RTI reply, had met just two-and-a-half hours before Prime Minister Narendra Modi in an address to the nation announced the demonetisation decision on November 8, 2016. Curbing black money was one of the prime objectives of the shock move to junk old Rs 500 and 1,000 notes, which saw 86 per cent of high value currency going out of circulation. The minutes of the crucial board meeting, which approved the government's request for demonetisation, recorded the presence of the then RBI Governor Urjit Patel and the then economic Affairs Secretary Shaktikanta Das. Others at the board meeting included the then Financial Services ...
Sensex regains 37,000
Strong buying demand in index pivotals pushed the key indices sharply higher in a steady session of trade. The barometer index, the S&P BSE Sensex, gained 382.67 points or 1.04% at 37,054.10. The Nifty 50 index gained 135.65 points or 1.23% at 11,171.05. The Sensex settled above the psychological 37,000 mark after moving above and below that level in intraday trade.
TCS launches new version of MRT Platform
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Mutual Funds AUM declines 0.9% to Rs 23.16 lakh crore in February 2019
Net outflows from mutual funds stood at Rs 0.20 lakh crore in February 2019
RBI Imposes Monetary Penalty On 36 Banks
The Reserve Bank of India (RBI) has imposed, by orders dated January 31, 2019 and February 25, 2019, monetary penalty for non-compliance with various directions issued by RBI on time-bound implementation and strengthening of SWIFT-related operational controls on 36 banks. These banks include Bank of Baroda , Catholic Syrian Bank Limited, Citibank N.A, Indian Bank, Karnataka Bank Limited (Rs 40 Million each), BNP Paribas, City Union Bank Limited, Indian Overseas Bank, UCO Bank, Union Bank of India, United Bank of India (Rs 30 million each), Allahabad Bank, Bank of Maharashtra, Canara Bank,DCB Bank Limited, Dena Bank, Jammu & Kashmir Bank Limited, Oriental Bank of Commerce , Syndicate Bank (Rs 20 million each) Bank of America N.A., Barclays Bank Plc, Central Bank of India, Corporation Bank, DBS Bank Limited, Deutsche Bank A.G, Hongkong and Shanghai Banking Corporation Limited, ICICI Bank Limited, IDBI Bank Limited, IndusInd Bank Limited , JP Morgan Chase Bank N.A, Karur Vysya Bank ..
Turkey's economy enters recession for first time since 2009: official data
Turkey's economy entered its first recession since 2009, official data showed on Monday, three weeks before President Recep Tayyip Erdogan's government faces local elections where growth and inflation will be key issues for voters. Economic output contracted by 2.4 per cent in the final three months of the year compared to the third quarter on a seasonally and calendar-adjusted basis, the Turkish Statistics Institute (TUIK). That followed a drop in the third quarter as well. Two consecutive quarter-on-quarter contractions in economic output is widely considered to be the definition of a recession.
Bharti AXA Life hires 10,000 insurance advisors during FY19
Private insurer Bharti AXA Life Insurance Company has embarked upon its aggressive expansion drive and added 10,000 insurance advisors and 50 new branches in the current fiscal so far to strengthen its operation and enhance distribution footprint in the country. The company registered a 33 per cent rise in advisor hiring to 38,000 agents during 2018-19 as against 28,638 insurance advisors as on March 31, 2018, Bharti AXA Life Insurance said in a statement. Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French insurance major AXA, set up 50 new branches to take an enhanced distribution network of 236 branches pan-India in the current financial year, up 27 per cent over 186 branches as on March 31, 2018. "The addition of 10,000 insurance advisors and 50 new branches during the current financial year will strengthen our distribution bandwidth and help in new customer acquisition," Bharti AXA Life Insurance Managing Director Vikas Seth said. With branch ...
NHB's new rules for HFCs don't address key credit issues: Report
New guidelines by the National Housing Bank (NHB) for India's housing finance companies (HFCs) will not address the major challenges of credit risk for these companies, a Moody's report said on Monday.
Reliance Communications Ltd leads losers in 'A' group
REC Ltd, Birla Corporation Ltd, Dewan Housing Finance Corporation Ltd and National Aluminium Company Ltd are among the other losers in the BSE's 'A' group today, 11 March 2019.
PE/VC investments rise by 51% in February 2019, exits jump 3x: EY India
SoftBank and Carlyle's US$415 million investment in Delhivery is the largest PE/VC investment in the logistics sector in India
IFCI exits two large exposures in thermal power sector
(i) Monetisation of an investment in 1600 MW coal based thermal power project (the largest project equity investment) - generating upside of more than t300 crore on the investment of Rs 432.72 crore. In this fiscal year, IFCI realized Rs 745.29 crore; and
Kalpataru Power rises after receiving new orders
Kalpataru Power Transmission rose 2.39% to Rs 409 at 14:39 IST on BSE after the company said it received new orders worth Rs 1,288 crore.
Narayani Steels Ltd leads losers in 'B' group
Transwarranty Finance Ltd, Manaksia Coated Metals & Industries Ltd, Inspirisys Solutions Ltd and N K Industries Ltd are among the other losers in the BSE's 'B' group today, 11 March 2019.
Volumes spurt at Lemon Tree Hotels Ltd counter
Lemon Tree Hotels Ltd registered volume of 101.65 lakh shares by 14:19 IST on NSE, a 15.6 fold spurt over two-week average daily volume of 6.51 lakh shares
Indices hit fresh intraday high
Fresh buying in index pivotals pushed the key indices to fresh intraday high in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 391.23 points or 1.07% at 37,062.66. The Nifty 50 index was up 125.60 points or 1.14% at 11,161.00. The Sensex was currently trading above the psychological 37,000 mark after moving above and below that level in intraday trade. Metal and mining stocks gained.