Page 797 - Business Finance
Railway announces new Zone - South Coast Railway
SCoR will comprise of existing Guntakal, Guntur and Vijayawada divisions
Rupee opens 10 paise higher against US dollar
The rupee rose 10 paise to 71.14 against the US dollar in opening trade at the interbank forex market Thursday on mild selling of the greenback by exporters and a higher opening in the domestic equity market. Traders said unabated foreign fund inflows too supported the recovery in the Indian rupee. Meanwhile, the dollar rose from a three-week low overseas as investors grew cautious about US-China trade talks. The rupee fell 17 paise to close at 71.24 against the US dollar Wednesday amid a flare up of tensions between India and Pakistan. Meanwhile, foreign institutional investors (FIIs) remained net buyers in capital markets, putting in Rs 423.04 crore on a net basis Wednesday, as per provisional data. The benchmark BSE Sensex recovered 132.56 points, or 0.37 per cent, to 36,037.99 in opening trade.
Market may remain volatile ahead of F&O expiry
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 59 points at the opening bell. Trading could be volatile as traders roll over positions in the F&O segment from the near month February 2019 series to March 2019 series. The February 2019 F&O contracts expire today, 28 February 2019.
Wipro will be watched after selling Workday, Cornerstone to Alight
Wipro and Alight Solutions, a leader in technology-enabled health, wealth and Human Capital Management (HCM) solutions, have agreed to expand their relationship by signing a definitive agreement to divest Wipro's Workday and Cornerstone OnDemand business to Alight for cash consideration of up to $110 million, of which $100 million would be payable at closing and the balance, $10 million, would be a deferred consideration payable at the end of 12 months based on the achievement of performance targets. The announcement was made after market hours yesterday, 27 February 2019.
China's yuan edges lower against US dollar
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 44 basis points to 6.6901 against the US dollar on Thursday, according to the China Foreign Exchange Trade System.
Japan's Nikkei slips at open as Dow's fall sours sentiment
Tokyo stocks opened lower on Thursday as the Dow Jones Industrial Average losing ground overnight prompted investors to secure profits after the Nikkei's gains a day earlier.
US stocks mixed after Fed chair's testimony
US stocks ended mixed, as investors digested a slew of issues, including a batch of economic data and US Federal Reserve chair's testimony.
Much to be done on China trade: US Trade Rep Lighthizer
Washington's chief trade negotiator on Wednesday said there remained much to do before reaching a new trade agreement with China despite "real progress" so far. After months of negotiating with Beijing, "now we are making real progress," US Trade Representative Robert Lighthizer said in congressional testimony. However, "Much still needs to be done both before an agreement is reached, and more importantly after it is reached if one is reached." Citing progress toward a new trade agreement with Beijing, President Donald Trump on Sunday said he would postpone a sharp increase in US duties on USD 200 billion in Chinese imports while the two sides worked to reach an agreement. Along with Japanese and European officials, the United States accuses China of entrenched unfair trade practices, including massive state intervention in markets, subsidies and the theft of foreign technology. Chinese officials have offered to increase purchases of American farm goods and energy exports but it ...
Avalara announces new executive appointments
American tax compliance automation service provider Avalara said on Wednesday it has appointed Amit Mathradas as the company's President and Chief Operating officer (COO).
New South Coast Railway division announced for Andhra, TDP still not happy
Fulfilling one of the key commitments made to Andhra Pradesh at the time of bifurcation, Railway Minister Piyush Goyal on Wednesday announced a new railway division named South Coast Railway with its headquarters at Visakhapatnam.
New Railway zone in Andhra Pradesh with headquarter at Vizag
Union Railway Minister on Wednesday announced that the Indian Railways will create a new zone named 'South Coast Railway' (SCoR) with headquarter in Vishakapatanam, Andhra Pradesh.The matter has been examined in detail in consultation with stakeholders and it has been decided to go ahead with the creation of a new zone with headquarter in Vishakapatnam, the railway minister said.He said the new zone is being created as per item 8 of Schedule 13 (Infrastructure) of the Andhra Pradesh Reorganisation Act, 2014 under which the Indian Railways was required to examine establishing a new railway zone in the successor state of Andhra Pradesh.The new SCoR will comprise of existing divisions Guntakal, Guntur and Vijayawada and the Waltair division will be split into two and one part will be incorporated in the SCoR while the other will be converted into a new division with its headquarter at Rayagada in Odisha, the minister said.The South Central Railway will comprise of Hyderabad, ...
PNB, Allahabad Bank to cut MCLR, retail loans to be cheaper
Punjab National Bank (PNB) and Allahabad Bank will reduce benchmark marginal cost of funds based lending rate (MCLR) by 10 basis points (bps) across various tenures from March 1.
Sebi says Philips Commodities not 'fit and proper' to be commodities derivatives broker
Market regulator Sebi Wednesday said Philips Commodities India is not "fit and proper" to act as commodity derivatives brokers in connection with the Rs 5,600-crore scam at the now-defunct National Spot Exchange Ltd (NSEL). Besides, the regulator rejected the application of Philips Commodities for registering as commodities derivatives broker and said it would "cease to act directly or indirectly as commodities derivatives broker," according to a Sebi order. The regulator has asked the firm to allow its clients to withdraw or transfer their securities held with the firm's custody within 45 days. The company shall transfer its balance clients with their corresponding securities and funds to another entity, holding a valid certificate of registration to carry on such activity, within 30 days, the order added. Earlier, Motilal Oswal Commodities, India Infoline Commodities, Geofin Comtrade and Anand Rathi Commodities faced the similar action by Sebi. The case pertains to the payment scam
India-Japan Committee Meeting calls for digital, IT partnerships
Over 300 businessmen from India and Japan participated in the 43rd Joint India-Japan Committee Meeting held in Tokyo, according to a statement issued on Wednesday.Industry body FICCI and Japan Chamber of Commerce and Industry (JCCI) had organised the meeting on Tuesday. It served as a significant institutional platform to complement efforts of both countries in highlighting new opportunities and resolving the challenges facing industry leaders.On the occasion, a FICCI Knowledge Report on 'An Overview of India-Japan Bilateral Relations: Initiatives and Opportunities Ahead' was released. The report emphasises joint collaboration in digital and information technology partnership besides greater people-to-people exchanges.FICCI's Past President Onkar S. Kanwar said that Japan has been a strong contributor towards India's economic development across a wide spectrum of agenda, including some of flagship initiatives such as Make in India, Digital India, Skill India and Smart Cities ...
Lower GST for properties under construction will boost demand: Moody's
The reduction in Goods and Services Tax (GST) for properties under construction will boost demand and increase sales, Moody's Investors Service said on Wednesday.The move will improve housing affordability as the amount to be paid by a potential house buyer will be reduced, which will increase demand for property, it said adding the change is also credit positive for property developers.On February 24, the GST Council reduced the GST payable on houses under construction to 5 per cent from the current effective rate of 12 per cent and on affordable housing under construction to 1 per cent from the current effective rate of 8 per cent.The new rates are applicable from April 1.However, Moody's said the magnitude of the credit positive effect for property developers from the GST changes and any increase in the demand for real estate is yet to be seen.The new GST measures eliminate the ability to claim input tax credit, which may hit the profitability of the developers, it said.
SpiceJet to start flights to Jharsuguda from Delhi, Hyderabad and Kolkata from March 31
SpiceJet on Wednesday announced to launch daily direct flights to Odisha's Jharsuguda from Delhi, Hyderabad and Kolkata under the Centre's regional connectivity scheme UDAN from March 31. "Jharsuguda, Odisha's top investment and manufacturing hub, marks SpiceJet's maiden entry into the state and will be the airline's tenth destination under UDAN," the airline said in a statement. SpiceJet also announced an "introductory promotional fare" starting at Rs 3,701 (all inclusive) on Delhi-Jharsuguda, Jharsuguda-Delhi, Jharsuguda-Hyderabad and Hyderabad-Jharsuguda routes. The airline added that similar introductory promotional fare of Rs 2,560 (all inclusive) would be charged on Jharsuguda-Kolkata and Kolkata-Jharsuguda routes. With the addition of these new flights, SpiceJet will be operating 29 daily flights under the regional connectivity scheme UDAN (Ude Desh ka Aam Nagrik) that seeks to connect unserved and under-served airports as well as make flying affordable. Jharsuguda is Odisha's .
RBI announces Longer Term Variable Rate Repo Operations of Rs 1 lakh crore for March 2019
Auctions will be conducted in addition to the regular 14-day variable rate Term Repo auctions
Allahabad Bank to reduce MCLR by 0.10% across all tenors from March 1'
A day after its release from the Prompt Corrective Action (PCA) framework, state-run Allahabad Bank on Wednesday said it will cut marginal cost of funds based lending rates (MCLR) across all tenors up to three years with effect from March 1, which will result in its home, car and other retail loans getting cheaper.
India-Pakistan tension takes toll on stock markets; Karachi bourse hit worst
The ongoing geopolitical tension between India and Pakistan has not only caused massive damage to the bilateral relations between the two neighbours but also triggered panic among investors on both sides of the border, with Pakistani stock markets suffering the most.
Economy suffered due to demonetisation: Amartya Sen
Nobel laureate and economist Amartya Sen Wednesday said the Indian economy suffered due to the government's decision to ban high-value currency notes in November 2016. Speaking at a book release function here, Sen recalled that when he was in school in Shantiniketan, West Bengal, a visitor asked the students who are the greatest persons. There was a division of opinion between Mahatma Gandhi and Rabindranath Tagore. "But somebody said P C Sorcar (the famous magician)...I think demonetisation is straight out of the P C Sorcar takeaway. "The biggest magic was of course demonetisation and there are many others...So, I think the economy suffered a lot from the belief in magic," the renowned economist said. On November 8, 2016, Prime Minister Narendra Modi announced withdrawal of old Rs 500 and Rs 1,000 notes. The two high-value currency notes together accounted for about 87 per cent of the currency in circulation at that time. The decision led to a shortage of cash, and huge queues were ..