Page 880 - Business Finance
Sensex, Nifty end in red as heavyweights drag
(Reuters) - The Sensex and Nifty closed lower on Monday, dragged by losses across most sectors, as investors awaited cues after lacklustre growth in December quarter corporate earnings.
'Make in India', other schemes of government mere rhetoric: Yechury
CPI(M) general secretary Sitaram Yechury on Monday called the government's flagship 'Make in India' programme a "jumla" (rhetoric) as, he alleged, investments and exports in the manufacturing sector have dropped sharply in the past five years. The 'Make in India' programme was also criticised by political leaders after the Vande Bharat Express, India's first semi high-speed train, broke down on Saturday while returning to the capital from Varanasi, a day after it was launched. The locomotive-less train, previously known as Train18, was manufactured under the ambitious scheme by the Integral Coach Factory, Chennai. "Modi's 'Make in India', like all his other schemes, has turned out to be a jumla and PR. Investment, employment, and exports in India's manufacturing sector have all declined sharply in the past five years," Yechury said on Twitter. He said agricultural, manufacturing, employment and income growth are at a low under this government. "Agricultural growth low, manufacturing ..
Sensex sinks 311 pts; Nifty drops below 10,700-mark
Falling for the eighth straight session, the BSE Sensex plunged over 311 points Monday on heavy selling in banking, FMCG, IT, auto and pharma stocks amid sustained foreign fund outflows. The 30-share index settled 310.51 points, or 0.87 per cent lower at 35,498.44. The broader NSE Nifty fell 83.45 points, or 0.78 per cent, to 10,640.95. Banking shares weakened after Reserve Bank Governor Shaktikanta Das said he will meet heads of public and private sector banks this week to discuss transmission of interest rate cuts to borrowers. Earlier this month, the Reserve Bank cut the benchmark interest rate by 0.25 per cent to 6.25 per cent. However, only a handful of banks, including SBI, have reduced their rates, that too by just 0.05 per cent. Top losers in the Sensex pack included TCS, Yes Bank, ITC, Sun Pharma, Reliance, Coal India, Asian Paints, SBI, Maruti, HUL, HCL Tech and ICICI Bank, falling up to 2.91 per cent. ONGC, Tata Motors, Axis Bank, Vedanta, NTPC, IndusInd Bank and HDFC ...
MPS Infotecnics forges strategic partnership with Mobishastra Technologies and Pennybase Technology Solutions
The strategic Partnership with the above mentioned entities will allow all the parties to the agreement to collaborate and participate for Customer Acquisition, Implementation, Pilots of IT Products primarily focused on Blockchain in states / Union of India and to facilitate the establishment of channels of communication that permit the creation and interchange of information, for the successful pilots and implementation (through purchase orders, work orders or tenders) of all the IT products via Turnkey Contracts or Service Contract, though not exclusive to these.
Sensex declines over 300 pts; Nifty slides below 10,650
Shares ended with steep losses amid broad based selling pressure. The barometer index, the S&P BSE Sensex, fell 310.51 points or 0.87% to 35,498.44, as per the provisional closing data. The Nifty 50 index fell 83.45 points or 0.78% to 10,640.95, as per the provisional closing data.
JSPL shines after bagging additional order from Indian Railways
Jindal Steel & Power rose 1.37% to Rs 140.50 at 15:12 IST on BSE after the company announced securing additional order from Indian Railways for 30,000 Tonnes Long Rails.
Tiger Logistics (India) to handle international logistics for Maruti Suzuki India
Further, the Company has also been appointed by one of the renowned International auto makers as L.S.P. (Logistics Service Provider).
Apunka Invest Commercial to acquire Panorama Studios under loan conversion agreement
Upon the aforesaid acquisition, the company will acquire 7,612 equity shares of the face value of Rs. 10/ - (Rupees Ten only) @ Premium of Rs. 2,486/- each on a private placement basis for consideration other than cash.
World stocks lifted to 2-1/2 month highs by trade optimism
London (Reuters) - Hopes of progress in Sino-U.S. trade talks and expectations of policy stimulus from central banks lifted world stocks to 2-1/2 month highs on Monday, though European gains were dampened by concerns over the car sector's outlook.
Citi in talks to buy Canary Wharf office building - source
LONDON (Reuters) - Citigroup is in talks to buy the tower housing its European headquarters in London's Canary Wharf district, which is on the market with a price tag of around 1.2 billion pounds ($1.55 billion), a source familiar with the matter said.
Jute mills fail to submit undertakings on statutory dues, centre extends deadline
With jute millers not furnishing undertakings on payment of statutory dues to workers and prompt payment for raw jute supplies within the stipulated date citing ongoing discussions with the Ministry of Textiles, the Jute Commissioner has extended the deadline to February 20.
Punjab budget: Petrol, diesel rates slashed
The Punjab government on Monday slashed the rates of petrol and diesel by Rs 5 and Re 1, respectively in the annual budget presented for the state.
KPIT Technologies Ltd leads losers in 'A' group
Himadri Speciality Chemical Ltd, Finolex Industries Ltd, Va Tech Wabag Ltd and Radico Khaitan Ltd are among the other losers in the BSE's 'A' group today, 18 February 2019.
Singapore to spend 30 percent of 2019 expenditures on defence, security - finance minister
(Reuters) - Singapore will set aside about 30 percent of its total budgeted expenditure for the 2019 fiscal year to support defence, security and diplomacy efforts, Finance Minister Heng Swee Keat said on Monday in an annual budget speech.
12-hour trade bandh in Odisha as tribute to martyred CRPF
Business activities came to a halt across Odisha Monday following a nationwide trade bandh called by the Confederation of All India Traders (CAIT) as a tribute to the CRPF jawans martyred in Pulwama terror attack. Shops, business establishments and commercial markets remained shut throughout the state as different traders bodies extended support to the 12-hour trade bandh. Normal life remained largely unaffected as vehicles plied as usual in the state during the trade bandh, backed by Odisha Byabasayee Mahasangh in solidarity with the nation and families of 40 martyred soldiers. While medicine shops and petrol outlets were kept out of the purview of the trade bandh, some of them voluntarily shut operations for sometime as a mark of solidarity, a functionary of the mahasangh said. Traders and business outfits spontaneously supported the call all over the state including places like Cuttack, Bhubaneswar, Sambalpur, Rourkela, Berhampur, Sundargarh, Balasore, Bhadrak, ...
India needs fewer and mega banks: Jaitley
Finance Minister Arun Jaitley on Monday said India needs fewer and mega banks to achieve economies of scale in the sector. After the amalgamation of five associates and Bharatiya Mahila Bank with SBI in 2017, the government earlier this year approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda. "With the experience in the past really has been of SBI merger, now it is second one which is taking place," Jaitley said after the customary post-budget address to the RBI board. "India needs fewer and mega banks which are strong because in every sense, from borrowing rates to optimum utilisation, the economies of scale as far as banking sector is concerned are of great help," he said. The Union Cabinet last month approved the merger of the three banks to create the country's third-largest lender after SBI and ICICI Bank. The amalgamation, the first-ever three-way consolidation of banks in India, would be effective from April 1, 2019. After the merger, the number of public ...
Indian delegation to Saudi Arabia pitches for trade cooperation
A high-level Indian delegation led by Niti Aayog CEO Amitabh Kant to Saudi Arabia has called for bilateral cooperation with the Gulf nation in sectors like energy, food processing, pharmaceuticals and infrastructure. The delegation visited Saudi Arabia for two days from February 16. It comes ahead of the visit of Saudi Arabia Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to India on February 19 and 20. The delegation took part in Niti Aayog-Saudi Centre for International Strategic Partnerships (SCISP) workshop and discussed cooperation opportunities in sectors like energy, food processing, pharmaceuticals, infrastructure, mining, ICT, tourism, defence, among others. "During this workshop, Invest India Grid was launched in Saudi Arabia. Invest India is setting up a dedicated team for facilitating Saudi investments in India," the Niti Aayog said in a statement. Six working groups have identified 40 investment, trade and business opportunities with vast potential for expansion, .
The Hindu signs exclusive two-year partnership deal with Taboola, launches Taboola Feed and Taboola Newsroom
Taboola, the leading discovery and recommendation platform, today announced an exclusive partnership with The Hindu, one of India's leading publishers.Taboola will work as The Hindu's sole content recommendation partner, allowing advertisers to place their content on The Hindu directly through Taboola. Set for a two-year duration, the partnership will see The Hindu website implement Taboola Feed, a vertical-scrolling feed that enable users to access content including articles, in-feed video and premium content. The Hindu website, which gets 25 million users per month, will launch Taboola Feed on desktop, mobile web and in-app to increase user engagement and generate additional revenue. Similar to how people experience social networks, Taboola Feed encourages audiences to stay engaged on a publisher's site by scrolling through a personalized stream of content, video and other experiences the user might be interested in discovering next.The Hindu will also leverage Taboola Newsroom's ...
Gillanders Arbuthnot & Company Ltd leads losers in 'B' group
Orient Green Power Company Ltd, Tejnaksh Healthcare Ltd, DFM Foods Ltd and Pioneer Embroideries Ltd are among the other losers in the BSE's 'B' group today, 18 February 2019.
Magnet Networks launches award winning IoT solutions in India
An Irish company's technology is enabling a new way of smart living and redefining the traditional rental model globally. Dublin-based Magnet Networks - a leading IoT solutions, Telecommunications, Data Connectivity and Security Services provider, offering solutions to homes, businesses and enterprise customers has grown from its headquarters in Ireland to offices in London, United States, Australia, Singapore and has now expanded to India. Isha Saraf, Regional VP South East Asia and India, will be heading Magnet's business in India.By locating in India, Magnet Networks is able to provide 'in-country' technical and support services to its largest global clients. Since 2016, along with providing connectivity solutions throughout Europe, US and India for some of the world's largest brands, Magnet Networks have provided professional services to many organizations and government agencies seeking to understand, develop and deliver on a Smart City Vision- be it Smart Buildings, Smart ...