Page 868 - Business Finance
Sensex extends slide to 9th session; IT stocks drag
Benchmark Sensex nursed losses for the ninth session on the trot Tuesday following a bruising sell-off in IT stocks amid unabated foreign fund outflows. Lacklustre global cues and rising geopolitical instability further soured risk sentiment, analysts said. The 30-share BSE Sensex, which opened in the positive zone, suddenly dived in late afternoon trade amid heavy selling in IT and financial counters. It finally finished at 35,352.61, down by 145.83 points, or 0.41 per cent. Similarly, the broader NSE Nifty declined 36.60 points, or 0.34 per cent, to 10,604.35. TCS was the top loser in the Sensex pack, tumbling 3.39 per cent, followed by NTPC, IndusInd Bank and Infosys. On the other hand, Vedanta, ICICI Bank, ONGC, M&M, L&T, Tata Steel, SBI and Bajaj Finance were among the gainers, rising up to 3.38 per cent. "The fall was mainly due to the sudden fall in the IT stocks like TCS, Wipro and Infosys. "There is a certain level of inaction stemming from the European economic ...
KCR suggests 'amnesty scheme' to disclose black money
: Telangana Chief Minister K Chandrasekhar Rao Tuesday said the Centre needs to come out with an 'amnesty scheme' for tax evaders in order to encourage them to disclose black money. Sharing his concerns with the NK Singh-headed 15th Finance Commission which is currently on a tour of the state, KCR said, "We also need to bring out an attractive and practical tax amnesty scheme for bringing black money to the country and to invest it in infrastructure." The amnesty scheme brought out in Indonesia in 2016-17 resulted in a disclosure of US $ 366 billion (Rs 24 lakh crore). In another amnesty scheme in Italy in 2009, people declared US $ 137 billion (Rs 9.79 lakh crore). Every Indian should be a proud tax payer and partner in nation building, the chief minister said in a official press release. The tax payer may voluntarily pay even if it is just Re 1, the release quoted KCR as saying. Referring to water shortage, he said,"We should target to supply water to every village in .
Emami shares zoom nearly 15% as promoters sell stake
Shares of Emami Ltd zoomed nearly 15 per cent Tuesday after the group said its promoters have sold 10 per cent stake in the flagship firm for around Rs 1,600 crore. The company's shares advanced 14.80 per cent to close at Rs 407.60 on BSE. During the day, it jumped 17.64 per cent to Rs 417.70. At NSE, shares zoomed 12.58 per cent to close at Rs 407.50. On the traded volume front, 12.16 lakh shares were traded on BSE, while over 80 lakh on NSE. The transaction was executed on stock exchanges on Monday and the purchasers included SBI Mutual Fund, PremjiInvest, Amundi, IDFC, L&T Mutual Fund and others, the group said in a statement. The stake sale proceeds will be used to pare promoter debt which was used in creation of assets like cement and solar power among others, it added. The conclusion of the stake sale will ease liquidity position of the promoter group and reduce the debt, Emami Ltd Director Mohan Goenka said.
Indices settle with modest losses
Domestic stocks erased intraday gains to settle with modest losses in a volatile session of trade. Broader market outperformed the main stock indices. The Nifty reversed gains after touching 10,700 mark in mid-afternoon trade.
Quick Wrap: Nifty IT Index declines 2.08%
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No more trysts with exchange business: Jignesh Shah
Having burnt his fingers in the National Spot Exchange Ltd (NSEL), its founder and current 'mentor' of '63 moons technologies' (formerly Financial Technologies) Jignesh Shah said he would not invest any more into stock or commodity exchanges.
Sensex marks worst losing streak in nearly 8 years
(Reuters) - Indian shares erased early gains to end lower on Tuesday, with the benchmark BSE Sensex clocking ninth straight session of falls, its longest losing streak in nearly eight years.
UK jobs market defies economy's Brexit slowdown
LONDON (Reuters) - British workers' pay growth maintained its fastest pace in a decade in late 2018 and job creation stayed strong, data showed, suggesting the labour market was buoyant ahead of Brexit as the broader economy slowed.
Honda to close UK car plant as Brexit looms
LONDON/TOKYO (Reuters) - Honda will close its only British car plant in 2021 with the loss of up to 3,500 jobs, a major departure of Japanese investment announced just over a month before the United Kingdom is due to leave the European Union.
WTO warns of global trade slowdown as indicator hits nine-year low
GENEVA (Reuters) - A quarterly leading indicator of world merchandise trade slumped to its lowest reading in nine years on Tuesday, which should put policymakers on guard for a sharper slowdown if trade tensions continue, the World Trade Organization said on Tuesday.
Honda to shut plant in Britain, imperiling 3,500 jobs
Honda Motor Co plans to close its car factory in western England in 2021, the company said Tuesday, in a fresh blow to the British economy as it faces its March 29 exit from the European Union. The Japanese automaker announced the decision, which will imperil 3,500 jobs and possibly many more, at a news conference in Tokyo. Honda's president and CEO, Takahiro Hachigo, told reporters the decision was not related to Brexit, but was based on what made most sense for its global competitiveness in light of the need to accelerate its production of electric vehicles. "We still don't know what sort of changes Brexit will bring at this point," he said. "We have to wait until we have a better idea about the situation." Hachigo said the company would begin discussions with affected workers at the factory in Swindon right away. "I very much regret this," he said, adding that "this was the best choice the circumstances." Honda makes its popular Civic model at the factory, 115 kilometers (70 miles)
CKB Logistics selects Ramco Systems's logistics suite
: Enterprise software provider Ramco Systems Tuesday said Indonesia's logistic service provider PT. Cipta Krida Bahari Logistics has rolled out the first wave of Ramco ERP (enterprise resource planning) to digitise supply chain, financials and warehouse operations business. The signing of deal with CKB Logistics is a milestone for Ramco Systems which forayed into the Indonesian market in 2017. Targeted at third-party logistics providers, freight forwarders and courier service providers, Ramco's Logistic Suite would be covering modules to manage finance, rating and billing, assets and transport at CKB Logistics, a press release said here. "An ERP built for logistics service providers was an unchartered market opportunity. We embarked on building this comprehensive suite to address the LSPs and have found very good traction," Ramco Systems chairman P R Venketrama Raja said. "The successful go-live at CKB will be a key milestone in our logistics ERP journey", he ...
SpiceJet to start 12 new domestic flights from March 31
SpiceJet on Tuesday stated that it will start 12 new direct flights on its domestic network from March 31, 2019. "SpiceJet is the first Indian carrier to introduce daily direct flights on the Bhopal-Surat-Bhopal, Gorakhpur-Mumbai-Gorakhpur and Jaipur-Dharamshala-Jaipur sectors," the airline said in its statement. The airline also announced on Tuesday that it will start two new flights on Delhi-Bhopal route as well as on Bhopal-Delhi route. It will also be flying a new daily flight from March 31 between Bhopal and Mumbai. "SpiceJet is celebrating the launch by announcing an introductory promotional fare starting at Rs 2499 on Bhopal-Mumbai sector, Rs 3299 on the Bhopal-Delhi sector, Rs 3457 on the Bhopal-Surat sector, Rs 4399 on Gorakhpur-Mumbai sector and Rs 4099 on Jaipur-Dharamshala and Rs 3699 on Dharmshala - Jaipur routes" the airline said in its statement. The airline would be deploying a mix of its fleet of Boeing 737 and Bombardier Q-400 aircraft on these new routes.
Government raises age cap of start-ups from 7 to 10 years
A business entity will now be considered a start-up up to 10 years from its date of incorporation or registration instead of the existing period of 7 years, the government said on Tuesday."An entity will (also) continue to be recognised as a start-up if its turnover for any of the financial years since incorporation and registration has not exceeded Rs 100 crore in place of existing Rs 25 crore earlier," said an official statement.The relaxation of norms will make it easier for start-ups to thrive in the country.Union Minister of Commerce and Industry Suresh Prabhu also cleared the proposal aimed at simplifying the process of exemptions for start-ups under the crucial section 56(2) (viib) of the Income Tax Act.The consideration of shares received by eligible startups for shares issued or proposed to be issued by all investors will now be exempt up to an aggregate limit of Rs 25 crore.However, this will exclude investments by non-residents, alternative investment funds category I ...
China Stocks extend gains
The mainland's equity gauge jumped 2.7% on Monday after banks' new loans surged to a record in January and off-the-balance-sheet lending reversed declines, raising expectations that economic growth will pick up on increasing financing demand.
Turnover in F&O segment rises
Nifty February 2019 futures at premium
Qualcomm set to consolidate position in chip market: Report
With smartphone original equipment makers (OEMs) preferring Qualcomm chipsets in all major segments and third-party chip use continuing to rise in the smartphone market, the company is set to consolidate its market position in India in 2019, according to a report on Tuesday.
Government widens start-up definition, enhances angel tax exemption limit
India on Tuesday revised the definition of start-ups, while also enhancing the limit of angel tax exemption.
Bahrain bank joins hands with Intellect to digitise business
: City-based Intellect Design Arena Ltd, a financial technology product company, has been selected by BBK, one of the Bahrain's leading banks, to implement a comprehensive digital transformation of its banking business. "BBK is known for its leadership in deploying technology- enabled services and in retaining that position understanding how imperative it is to have a digital environment that supports innovation and customisation," BBK general manager (IT and operations group) Jamal Al-Sabbagh said. "Intellect will integrate our transaction banking offerings into a self-service digital portal with a bank- assisted service allowing our clients to consistenly view, monitor and control their consolidated financial data," he said. Commenting on the deal, iGTB's CEO Manish Maakan said, "BBK joins a growing body of nearly 30 transaction banks. This digital transformation initiative based on our model-bank repertoire of proven customer journeys will completely transform BBK's .