Page 881 - Business Finance
Volumes spurt at TVS Srichakra Ltd counter
TVS Srichakra Ltd notched up volume of 33084 shares by 14:13 IST on NSE, a 12.91 fold spurt over two-week average daily volume of 2563 shares
BJP MP says Manmohan's jobless growth charge is factually
BJP MP Rajeev Chandrasekhar Monday said former Prime Minister Manmohan Singh's charge of jobless growth is factually wrong as the NDA government had so far spent Rs 10 lakh crore on the infrastructure sector, which has been creating downstream jobs as confirmed by EPFO data. He said Singh was perhaps referring to the leaked draft survey conducted by National Sample Survey Office (NSSO) to buttress his claims on high jobless growth rate. "Manmohan Singh's charge of jobless growth is factually wrong as he has perhaps referred to NSSO data, which simply is a survey, not real data like Employees' Provident Fund Organisation (EPFO)," Chandrasekhar said in a statement. "During the last five years of Modi government public spending in infra sector has been to the tune of Rs 10 lakh crore in roads, ports and railways. All of this is construction, creating downstream jobs," he added. It is election season so expectedly some people will use survey data in a context that suits them .
Shares continue trading with modest losses
Key equity indices were hovering near day's low in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 232.24 points or 0.65% at 35,576.71. The Nifty 50 index was down 61.75 points or 0.58% at 10,662.65.
L&T arm wins over Rs 7,000-cr contract for building major airport
Infrastructure major Larsen & Tourbo (L&T) Monday said its construction arm has won a contract for building a major airport. The engineering and construction company, however, did not provide the exact value of the contract; but specified that as per its classification, the mega project is in the range of over Rs 7,000 crore. "L&T Construction has secured a mega contract for design and construction of a major airport. The engineering, procurement and construction orders have been secured to execute development works of a major airport," L&T said in a statement. It, however, did not specify the name of the airport. The company said the scope of work includes design, engineering, procurement and construction of passenger terminal building, a new runway, rehabilitation of a runway, taxiways and aprons, a new elevated eastern cross taxiway, landside roads, utility infrastructure, drainage and modifications for the existing terminal. Larsen & Toubro is an Indian ...
VBL to acquire PepsiCo franchise rights in South, West India
PepsiCo India's bottling partner Varun Beverages Monday said its board has approved plans to acquire franchise rights of the beverages and snacks major in South and West regions. The board has approved the company's intent to enter into a binding agreement with PepsiCo India Holdings to acquire franchise rights in the two regions for a national bottling, sales and distribution footprint in seven states and five UTs, Varun Beverages Ltd (VBL) said in a regulatory filing. Upon completion of these acquisitions, VBL will be a franchise of PepsiCo beverages business across 27 states and seven Union Territories (UTs), it added. "The proposed acquisitions are in line with the company's strategy to expand into contiguous territories and will help to acquire greater scale, operational productivity and efficiency leading to higher revenues and profitable growth," it said. VBL, however, did not disclose financial details of the proposed acquisitions. Commenting on the development, VBL Chairman ..
C P Kukreja Architects acquires Indian arm of US-based design firm dbHMS
Leading architecture company C P Kukreja Architects (CPKA) Monday said it has acquired the Indian arm of Chicago-based design firm dbHMS. CPKA Managing Principal Dikshu C Kukreja said in a statement this acquisition would enable the company to provide world-class expertise to its clients in India. "The country is poised for unprecedented development in the years to come and it is important that the foundation of our work is based on sustainability and environmentally responsible design," he added. With this acquisition, the company also plans to expand in Africa as well as South Asian countries including Sri Lanka, Bangladesh, Nepal, Bhutan, among others. dbHMS is a US-based company incorporated in 2002. It started operations in India in 2010. The organisation was an integral part in designing the renowned Nalanda University, IIT Gandhinagar, among others. Delhi-based CPKA, which was established in 1969, has designed Gautam Buddha University in Greater Noida and international airport
RBI governor to meet bank chiefs on rate cuts this week
Reserve Bank of India (RBI) Governor Shaktikanta Das will meet the heads of public and private sector banks on February 21 to seek their views on cutting interest rates for borrowers.On Monday, the RBI Central Board met Finance Minister Arun Jaitley for the customary post-Budget meeting in the national capital.The RBI's Monetary Policy Committee (MPC) had cut the repo rate by 25 basis points to 6.25 per cent on February 7, and shifted its stance from 'calibrated tightening' to 'neutral' after factoring in the sliding inflation rate."The transmission of rates is very important when the RBI announces rate cuts," said Das after meeting Jaitley. "We are in touch with the CEOs and Managing Directors of both public and private sector banks. We will discuss the issue with them on February 21 and see what needs to be done."The central bank had cut repo rate for the first time in 17 months. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to .
UK clearing houses approved to continue EU business under no deal Brexit
LONDON (Reuters) - Europe's financial markets regulator has given UK-based derivatives clearing houses permission to continue serving EU clients in the event of a no-deal Brexit - a major boost to London's battle to remain the central market for euro clearing.
Oil prices hit 2019 highs amid supply cuts, trade talk hopes
SINGAPORE (Reuters) - Oil prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, U.S. sanctions on Iran and Venezuela, and hopes that the Sino-U.S. trade dispute may soon end.
Dewan Housing yet to decide on stake sale
(Reuters) - Dewan Housing Finance Corp Ltd is yet to take a decision on bringing in strategic investors, the Indian debt-laden housing finance company said on Monday after a report that it was in talks about selling stake.
Sensex hovers near 35,600 level
Weakness persisted on the bourses in afternoon trade. At 13:24 IST, the barometer index, the S&P BSE Sensex, was down 207.08 points or 0.58% at 35,601.87. The Nifty 50 index was down 60 points or 0.56% at 10,664.40.
Godrej Consumer Products Ltd down more than 2%
Godrej Consumer Products Ltd is quoting at Rs 649.75, down 2.11% on the day as on 13:19 IST on the NSE. The stock tumbled 6.09% in last one year as compared to a 2.73% rally in NIFTY and a 9.91% spurt in the Nifty FMCG index.
Crude oil prices up 1.4% on upbeat global cues
Crude oil prices rose 1.4 per cent to Rs 4,047 per barrel in futures market Monday as speculators created fresh positions taking positive cues from the overseas market. At the Multi Commodity Exchange, crude oil for delivery in March contracts rose by Rs 56, or 1.4 per cent, to Rs 4,047 per barrel in a business turnover of 3,640 lots. Crude to be delivered in April also gained Rs 44, or 1.09 per cent, to trade at Rs 4,090 per barrel in 131 lots. Analysts said speculators built positions after oil prices gained steam in global market over reports of production cut from OPEC and expected impact of US sanctions on Venezuela on global oil supply. A couple of bullish oil price forecasts also led to speculators widening positions. Globally, West Texas Intermediate for March delivery gained 0.85 per cent to USD 56.06, while Brent crude for April rose 0.57 per cent to USD 66.63 per barrel.
Maruti Suzuki India Ltd eases for fifth straight session
Maruti Suzuki India Ltd is quoting at Rs 6883.5, down 0.67% on the day as on 13:19 IST on the NSE. The stock tumbled 21.1% in last one year as compared to a 2.73% rally in NIFTY and a 26.49% fall in the Nifty Auto index.
No RBI decision yet on interim dividend quantum to be paid to government
The RBI decides independently on the quantum of interim dividend to be paid to the Centre and a central bank committee is currently examining the issue, the government said on Monday.
Castor seed prices dip by Rs 84 on muted demand
Castor seed prices dipped by Rs 84 to Rs 5,216 per quintal in futures trade Monday after investors widened their bets amid firm trends. At the National Commodity and Derivatives Exchange, castor seed for March was trading higher by Rs 84, or 1.58 per cent, to Rs 5,216 per quintal with an open interest of 151,625 lots. Besides, castor seed for April fell by Rs 78, or 1.45 per cent, to Rs 5,290 per quintal having an open interest of 20,465 lots.
RBI to discuss monetary policy transmission with banks
NEW DELHI (Reuters) - The Reserve Bank of India (RBI) will talk to lenders later this month about a pass-through on lower policy interest rates, said Governor Shaktikanta Das on Monday.
Corrected: Oil prices near 2019 highs on supply cuts, trade talk optimism
(Corrects first paragraph to Sino-American trade dispute, not Afro-American trade dispute)
Power Finance not to extend open offer to REC's minority holders
(Reuters) - Power Finance Corp Ltd said on Monday the company was not considering extending the open offer to the minority stakeholders for its deal with REC Ltd.
Yes Bank shares plunge over 8 pc post RBI censure
Shares of Yes Bank tumbled over 8 per cent Monday after the Reserve Bank warned the lender of regulatory action for disclosure of nil divergence report in violation of norms. The company's shares plummeted 8 per cent to Rs 201 on BSE. At NSE, shares plunged 8.21 per cent to Rs 201. Later, the stock recovered some of the lost ground and was trading at Rs 212.30, down 2.93 per cent during the afternoon trade on BSE. Yes Bank in a press release earlier last week had said the RBI has not found any divergence in the asset classification and provisioning done by the lender during 2017-18. In a regulatory filing Friday, Yes Bank said it has received a letter from the RBI which noted that the Risk Assessment Report (RAR) was marked 'confidential' and it was expected that no part of the report be divulged except for the information in the form and manner of disclosure prescribed by regulations. "Therefore, the press release breaches confidentiality and violates regulatory guidelines. Moreover,