Page 75 - Business Finance
Optiemus Infracom Ltd Slips 10%, S&P BSE Telecom index Shed 1.04%
Optiemus Infracom Ltd has lost 53.84% over last one month compared to 7.17% gain in S&P BSE Telecom index and 7.28% rise in the SENSEX
Steel Authority of India Ltd Surges 2.12%
Steel Authority of India Ltd has lost 0.39% over last one month compared to 5.02% gain in S&P BSE Metal index and 7.4% rise in the SENSEX
Markets open in red: Sensex down 160 points
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.
Shares decline in early trade
Key benchmark indices were trading lower in early trade amid negative global cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 109.60 points or 0.27% at 39,840.86. The Nifty 50 index was down 33 points or 0.28% at 11,932.60.
Market may correct on mixed global cues
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 20.50 points at the opening bell amid mixed global cues.
RIL may gain as MJ project gets approval
Reliance Industries (RIL) and BP announced the sanction of the MJ project (also known as D55) in Block KG D6, offshore the east coast of India. MJ is the third of three new projects in the Block KG D6 integrated development plan and its approval follows sanctions for the development of 'R-Series' deep-water gas field in June 2017 and for the Satellites cluster in April 2018. The announcement was made after market hours yesterday, 11 June 2019.
Modi building Cloud-first approach to empower Indians: Top AWS official
For a country like India, the hope lies in a visionary leader like Prime Minister Narendra Modi who is aiming to create a Cloud-first approach towards skilling and digital transformation, thus empowering over a billion people, says Teresa Carlson, Vice President, Worldwide Public Sector, Amazon Web Services (AWS).
Odisha govt to bring out updated Agricultural Policy, focus on enhancing farmers' income
Odisha government has initiated steps to bring out an updated and dynamic "Agricultural Policy" keeping in tune with the changing conditions of agriculture and its market.A high-level intersectoral meeting to discuss the matter was held under the chairmanship of Chief Secretary Aditya Prasad Padhi in the secretariat conference hall on Tuesday wherein Principal Secretary Agriculture and Farmers Empowerment Sourav Garg outlined the issues for discussion.The Chief Secretary directed to focus on enhancing farmers' income through appropriate production and marketing strategies.He further directed to create an ecosystem for the flourishing of Farmer Producer Groups and mobilising private investment in the sector. The departments were asked to give their inputs for further development of the draft policy within two weeks.Development Commissioner Asit Kumar Tripathy, who was present in the meeting, meanwhile, said the policy should be oriented towards crop diversification, value addition and .
Tesla CEO Elon Musk predicts record output, sales in 2Q
Tesla CEO Elon Musk is assuring the company's shareholders that the electric car maker is on pace to set manufacturing and sales records during its current quarter after a disappointing start this year. The forecast made Tuesday at Tesla's annual meeting provided a ray of hope amid worries about the company's long-term prospects. Those escalating concerns caused Tesla's stock price to fall to a three-year low of $176.99 last week before bouncing back. The shares climbed more than 3% to $224.40 in Tuesday's extended trading after Musk's prediction. Tesla's current quarterly records came during the final three months of last year when it manufactured more than 85,500 vehicles and delivered 90,700. Then Tesla's production and sales slipped during the first three months of this year.
Domestic passenger cars sales down 26% in May
Domestic passenger cars' sales continued to decline in May, the segment's off-take fell 26.03 per cent.
US imposes sanctions on Syrian mogul for aiding Assad
The United States on Tuesday imposed sanctions on Samer Foz, a Syrian industrialist behind high-end developments, including the Four Seasons hotel in Damascus, for allegedly enriching President Bashar al-Assad. "This Syrian oligarch is directly supporting the murderous Assad regime and building luxury developments on land stolen from those fleeing his brutality," Sigal Mandelker, the undersecretary of the treasury for terrorism and financial intelligence, said in an announcement. The US Treasury Department also blacklisted properties of Foz and his Aman Holding Company including the Four Seasons, the plush hotel that has stayed operational during the war. The hotel has become a base for United Nations employees in Syria, a point of controversy for Assad opponents who question where the money paid by international staff goes. Under the sanctions, any of Foz's US assets will be frozen and any US transactions with him or his properties forbidden. The Treasury Department said Foz had ...
Payswiff, Mastercard join hands for digital payments
Payswiff, an omnichannel payment processing and tax-compliance solutions provider, on Tuesday signed a strategic alliance with Mastercard to speed up acceptance and adoption of digital payments in India.
ITC looks to expand its hotel network in neighbouring countries
Diversified conglomerate ITC Ltd is looking to expand its footprints in hotel segment in the adjacent countries to India and its Nepal subsidiary, Surya Nepal, is exploring some opportunities, an official said on Tuesday.
Union Ministry of Statistics sees no merit in Dr Subramanian 'GDP' claim
After former Chief Economic Advisor Dr Arvind Subramanian claimed in an article that the gross domestic product (GDP) growth rate was overestimated by 2.5 per cent between 2011-12 and 2016-17, Union Ministry of Statistics and Programme Implementation (MOSPI) on Tuesday said that India's GDP estimate is based on "global standardisation.""Reports have appeared in a section of media citing Dr Arvind Subramanian as regards overestimation of India's GDP growth, primarily based on an analysis of indicators, like electricity consumption, two-wheeler sales, commercial vehicle sales, etc., using an econometric model and associated assumptions," said the ministry in a statement."The estimation of GDP in any economy is a complex exercise where several measures and metrics are evolved to better measure the performance of the economy. For the purpose of global standardization and comparability, countries follow the System of National Accounts evolved in the UN after elaborate consultation," said ..
Goyal, Pradhan discuss challenges faced by steel industry
Union Minister of Commerce and Industry and Railways, Piyush Goyal, and Union Minister of Steel, Dharmendra Pradhan, discussed the challenges being faced by the steel sector and the import-export trends with steel producers here on Tuesday.Both the Ministers assured the steel industry that Ministries of Commerce and Industry and Steel will make all efforts to ensure that engineering goods exports double in the next five years and reach USD 200 billion by 2030, an official statement said.The meeting was attended by senior officials and representatives from the industry.Although India is the second largest manufacturer of steel, it is also a net importer of steel.Representatives of the steel industry and the Engineering Export Councils discussed in detail with Commerce and Steel Ministers the "protectionist measures" being imposed by other countries and the under-utilised capacity in steel manufacturing in India.Piyush Goyal and Dharmendra Pradhan discussed at length the measures their .
I-T raids on Kashmiri business house reveal startling details (2nd Lead)
The day-long income tax (I-T) raids on 10 business premises of Sheikh Imran, the Deputy Mayor of Srinagar Municipal Corporation, have revealed startling details.
DHFL makes Rs 962cr payment towards NCDs, to seek ratings upgrade
Crisis-ridden DHFL said Tuesday it has paid Rs 962 crore towards interest payment on debt instruments which fell due on June 4, and would seek a rating upgrade as it met the seven-day "cure period" to pay off its obligation. Crisil and ICRA had downgraded ratings on DHFL's commercial papers (CPs) worth Rs 850 crore last week, citing delay in payments. "The company has made full payment towards interest payable on secured redeemable NCDs issued by way of public issue within the cure period of seven working days. The company has made interest payments in lieu of Rs 961.95 crores as committed to its debenture holders. With this tranche, the company confirms full payment and will seek rating upgrades from agencies," it said in a statement. DHFL paid the interest towards a total of 12 debt instruments (NCDs) amounting to Rs 961.95 crore which were due for payment on June 4, 2019, according to a regulatory filing. This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received ..
Govt rebuts ex-CEA's contention on GDP; says right methodology followed
The government on Tuesday rebutted former Chief Economic Adviser Arvind Subramanian's contention regarding over-estimation of the Gross Domestic Product (GDP) data and stated that proper methodology was followed in calculating the country's overall economic growth estimates.
No charges for RTGS, NEFT transactions from July 1
The Reserve Bank of India (RBI) on Tuesday directed banks to withdraw the charges levied on the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions with effect from July 1."The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and the NEFT systems with effect from July 1, 2019," said the RBI in a notification.The directive has been issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).
Subramanian questions GDP figures of which he too was a part
India's former chief economic advisor Arvind Subramanian on Tuesday questioned the country's GDP figures of the time period during which he was part of the government for some years. From 2015 to 2018, Subramanian presented four economic surveys, and not even once did he raise the same issue.