Page 842 - Business Finance
PM Modi says Indian economy based on sound fundamentals, will soon reach USD 5 trn
Prime Minister Narendra Modi Thursday said the Indian economy is based on sound fundamentals and will in the near future double in size to USD 5 trillion, as he hardsold the country as a "land of opportunities" to investors in South Korea. "No other large economy in the world is growing at over 7 per cent year after year," he said at the India-ROK Business Symposium here during his visit to the Republic of Korea. Over 600 Korean companies such as Hyundai, Samsung and LG Electronics are already invested in India and the Prime Minister said "we aspire to welcome many more." "And, (car maker) Kia is soon to join this club," he added. To ease business visits, India since October last year is giving Korean nationals visa on arrival, he said. "The fundamentals of our economy are sound. We are well set to become a 5 trillion dollar economy in the near future," he said. Modi said hard policy decisions such as the introduction of the Goods and Services Tax (GST) and opening up of more sectors .
Market extends gains
Key benchmarks extended gains and hit fresh intraday high in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 157.24 points or 0.44% at 35,913.50. The Nifty 50 index was up 45.15 points or 0.42% at 10,780.60. Positive Asian cues boosted investors sentiment.
Mahindra & Mahindra Financial Services Ltd recovers after recent losses
Mahindra & Mahindra Financial Services Ltd is quoting at Rs 386.35, up 1.05% on the day as on 12:49 IST on the NSE. The stock is down 8.83% in last one year as compared to a 3.71% gain in NIFTY and a 9.09% gain in the Nifty Financial Services index.
Rise in health spending pushing 100mn people to extreme poverty: WHO
Health spending, which accounts for 10 per cent of global gross domestic product (GDP), is pushing 100 million people into extreme poverty each year, says a report by the World Health Organization (WHO).
Zinc futures fall 0.75 pc on low demand
Zinc prices fell 0.75 per cent to Rs 192.45 in futures trading Thursday as traders cut down bets tracking a weak trend at domestic spot markets due to a fall in demand from consuming industries. In futures trading at the Multi Commodity Exchange, zinc for delivery in March fell by Rs 1.45, or 0.75 per cent, to Rs 192.45 per kg in a business turnover of 1,435 lots. Apart from trimming of positions by speculators to book profits, low demand at the domestic spot markets weighed on zinc prices at futures trade, analysts said.
Lupin Ltd eases for fifth straight session
Lupin Ltd is quoting at Rs 759.6, down 0.4% on the day as on 13:19 IST on the NSE. The stock tumbled 5.06% in last one year as compared to a 3.9% rally in NIFTY and a 2.48% fall in the Nifty Pharma index.
MTNL shares jump 19% on likely revival measures
State-owned telecom service provider MTNL stocks surged up to 19 per cent on Thursday on expectations that the Digital Communications Commission (DCC), previously Telecom Commission, will approve a revival plan for the cash-strapped company.
Tata Steel Ltd spurts 1.29%, rises for third straight session
Tata Steel Ltd is quoting at Rs 497.5, up 1.29% on the day as on 12:49 IST on the NSE. The stock is down 21.97% in last one year as compared to a 3.71% gain in NIFTY and a 28.52% gain in the Nifty Metal index.
IIFL Home Finance, Maharashtra govt sign MoU for building houses under PMAY
IIFL Home Finance Wednesday signed a memorandum of understanding (MoU) with the Maharashtra government for capacity building for affordable housing through credit-linked subsidy scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY). Through this MoU, housing department of Maharashtra will make provisions and facilitate permissions for IIFL Home Finance (IIFL HFL) to educate customers and enlighten them about the benefits of PMAY, a statement from the company said. Under the agreed terms and conditions, IIFL HFL will be able to conduct on the spot counselling for home buyers visiting its branches, give presentations to defined audiences, and proactively call potential customers to facilitate home loans helping them avail CLSS subsidy benefits, it said.
Steel Authority of India Ltd jumps more than 2%
Steel Authority of India Ltd is quoting at Rs 48.95, up 2.19% on the day as on 12:49 IST on the NSE. The stock is down 41.66% in last one year as compared to a 3.71% jump in NIFTY and a 28.52% jump in the Nifty Metal index.
Barclays $4.6 billion 2018 profit underwhelms as Brexit bites
LONDON (Reuters) - Barclays reported a lower-than-forecast attributable profit of 3.5 billion pounds ($4.56 billion) for 2018, as it took a 150 million pound provision against Brexit losses and its trading business weathered a difficult fourth quarter.
Shell, PetroChina spat holds up biggest Australian coal seam gas project
MELBOURNE/SINGAPORE (Reuters) - Royal Dutch Shell and PetroChina are at loggerheads over gas sales pricing at their Arrow Energy joint venture, holding up development of Australia's biggest coal seam gas resource, three industry sources said.
Oil hovers near 2019 highs amid OPEC cuts, but economic slowdown weighs
SINGAPORE (Reuters) - Oil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy.
Australia's Westpac sued for making loans customers could not repay
SYDNEY (Reuters) - Australia's Westpac Banking Corp was sued on Thursday by customers who said the bank had lent them money they could not afford to repay, the second such case the firm has faced in the past year.
Supreme Court exempts Saridon from the List of Banned FDCs
In September 2018, PEL had been awarded a stay order from the Supreme Court on the ban, which allowed it to continue manufacturing, distribution and sale of the FDC. Saridon, amongst the most trusted heritage analgesic brands in India, enjoys strong customer allegiance globally.
Bank of India sees bargain buying
Bank of India is quoting at Rs 83.55, up 2.08% on the day as on 12:49 IST on the NSE. The stock is down 35.23% in last one year as compared to a 3.71% gain in NIFTY and a 12.33% gain in the Nifty PSU Bank index.
Union Bank of India stays supported
Union Bank of India is quoting at Rs 72.05, up 3.45% on the day as on 12:49 IST on the NSE. The stock is down 32.88% in last one year as compared to a 3.71% jump in NIFTY and a 12.33% jump in the Nifty PSU Bank index.
Sharp spurt in Central Bank of India
Central Bank of India is quoting at Rs 31.45, up 5.71% on the day as on 12:49 IST on the NSE. The stock is down 51.98% in last one year as compared to a 3.71% slide in NIFTY and a 12.33% slide in the Nifty PSU Bank index.
Aluminium futures up 0.42% on spot demand, global cues
Aluminium prices inched up by 0.42 per cent to Rs 132.60 per kg in futures trade Thursday as speculators created fresh positions amid rising spot demand and positive overseas trends. At the Multi Commodity Exchange, aluminium for delivery in February edged up by 55 paise, or 0.42 per cent, to Rs 132.60 per kg in 4,226 lots. Globally, aluminium rose 0.65 per cent to USD 1,868 per metric ton. Analysts said positions built up by participants on the back of rising demand from consuming industries in the physical markets, coupled with positive global cues, led to the rise in aluminium prices.
Millwood Kane International Partners With Ayia Napa Marina, Cyprus in India
/ -- Millwood Kane, a 25-year old investment consulting firm, is now an official partner of Cyprus's Flagship development - Ayia Napa Marina, a 300 million-euro project located in Ayia Napa, a Mediterranean resort town on the southeast coast of Cyprus Millwood Kane International (MKI) an investment consulting firm with real estate at its core announced its partnership with Ayia Napa Marina, Cyprus's flagship development to promote the brand in the Indian market. With a great history of working with partners to deliver strong returns on their real estate investments, Millwood Kane International brings 25 years of knowledge and insight into various industries and markets enabling clients to harness lucrative and creative cross-border opportunities across Europe, Africa and Middle East using Cyprus as a hub. (Photo: https://mma.prnewswire.com/media/824981/Harris_Koureas_Nish_Bhatt.jpg ) A 300 million-euro project, Ayia Napa Marina aims to tap into the niche Indian audience looking for ..