Page 885 - Business Finance

Rupee slides 15 paise vs USD in early trade

The rupee weakened by 15 paise to trade at 71.38 against the US dollar in early trade Monday amid heavy foreign fund outflows and subdued domestic equity markets. At the forex market, the domestic unit opened weak at 71.35 and slipped further to 71.46. However, it pared some losses to trade at 71.38. The rupee had closed 7 paise lower against the greenback Friday at 71.23. On a weekly basis, it had registered a loss of 8 paise. Foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore Friday, provisional data showed. Brent crude futures, the global oil benchmark, was trading 0.11 per cent lower at USD 66.19 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, dipped 0.17 per cent to 96.74. Meanwhile, the benchmark BSE Sensex fell 111.30 points, or 0.31 per cent, to 35,690.58 in early trade.

Reliance Infrastructure Ltd Spikes 10.4%

Reliance Infrastructure Ltd has lost 57.33% over last one month compared to 6.74% fall in S&P BSE Utilities index and 1.69% drop in the SENSEX

Brent crude oil slips away from 2019 high after China reports car sales drop

SINGAPORE (Reuters) - Oil prices fell on Monday after climbing to their highest this year earlier in the session as China reported automobile sales in January fell for a seven month, raising concerns about fuel demand in the world's second-largest oil user.

How 3 South Asians are shaking up the mobile industry in Singapore

Singapore, Feb 18 (ANI): Circles.Life, a fast-growing Mobile Virtual Network Operator (MVNO), started as an idea three acquaintances hashed out sometime in 2013.Rameez Ansar, Abhishek Gupta, and Adeel Najam were frustrated with the service they were getting from mobile operators in Singapore.They felt that although the way people were using their mobile phones has changed dramatically, the telecom operators (telcos) have not evolved the customer experience to match and have stuck with traditional plans and services. They do not offer modern customers the flexibility and customisation they need.They concluded that among the many underserved segments, the biggest market gap is that of data and technology-savvy customers who use large amounts. People are consuming more data due to technological breakthroughs and changing usage habits but were limited by current plans offered by mobile operators.The trio set off to lease network bandwidth from M1, the third largest mobile operator in ...

Signet industries expands production capacity

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U.S. agency submits auto tariff probe report to White House

WASHINGTON (Reuters) - The U.S. Commerce Department sent a report on Sunday to U.S. President Donald Trump that could unleash steep tariffs on imported cars and auto parts, provoking a sharp backlash from the industry even before it is unveiled, the agency confirmed.

Market may see firm opening

Shares may open higher tracking positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 23.50 points at the opening bell.

Asia bulls dare to hope on trade talks, stimulus

SYDNEY (Reuters) - Asian share markets bounced broadly on Monday as investors dared to hope for both progress at Sino-U.S. trade talks in Washington this week and more policy stimulus from major central banks.

JNPT announces key strategic initiatives

Jawaharlal Nehru Port Trust (JNPT) has announced key strategic initiatives as part of its inclusive growth and expansion plans aimed towards driving the next phase of transformation of the Port and to accelerate the overall growth of the maritime sector.The new projects include, increasing the draft of JN Port-Mumbai Harbour channel which will enable the port to handle large container vessel fleets of 12,500 TEUs.Other projects include foundation laying ceremony of development of Free Trade Warehouse at JNPT-SEZ which accentuates JNPT SEZ as a preferred investment destination.Another project is the unveiling of Shiv Smarak, a recreational facility being developed within 111 hectares of land under 12.5 oer cent PAP scheme, with the focus to promote art and cultural heritage and support in community building which will benefit the society at large.These projects once implemented will elevate the stature of JNPT among the leading global ports and also expand the country's business ...

Tata Motors plans to showcase 13 vehicles in e-commerce expo 2019

The variants have been developed after extensively researching the requirements of the e-commerce industry

JNPT development works will generate 125,000 jobs, says Nitin Gadkari

JNPT has won the bid for Dighi port and now it will undertake all the necessary developments to revamp the port

Niti Aayog delegation visits Saudi Arabia, Invest India grid launched

Invest India Grid was launched in Saudi Arabia during the visit of Niti Aayog delegation with 40 opportunities of investment, trade and business also identified during the visit.

Cancellation of lease: HC grants interim relief to BBTCL

In a relief to the Bombay Burmah Trading Corporation Limited (BBTCL), the Madras High Court has restrained officials from interfering with lawful operation of its tea estate in Tirunelveli district consequent to an order of the Tamil Nadu government cancelling the lease of over 8,000 acres. Justice V Parthiban gave the interim injunction effective till February 21 on a fresh writ petition filed by the plantation company and posted the matter to that day for further hearing. The petitioner sought the temporary injunction after the commissioner of land administration had on January 30 cancelled the 99-year lease of land given to the company valid till February 2028 for alleged violation of lease conditions. The court, in its order last week, restrained the land administration and forest department officials in any manner interfering with the lawful operation of the tea estate, including the company's rights of ingress and egress and movement of men and materials for its business. On ...

Liquidity crunch may continue in Q4: Ficci-IBA survey

Liquidity constraints witnessed in the economy are likely to continue for the remaining part of the financial year, industry chamber Ficci said citing a survey, here on Sunday.

Dealings of European missile manufacture under scanner

A leading European arms manufacturer MBDA, which supplies missiles for the Rafale jets, has come under the scanner of probe agencies here for its suspected links with lobbyist Deepak Talwar, who was extradited from Dubai last month.

Jobless growth turning into job-loss growth: Manmohan Singh

Pointing to domestic challenges like agrarian crisis, declining employment opportunities and prevalence of divisive forces, former prime minister Manmohan Singh here on Sunday painted a grim picture of the Indian economy and said the jobless growth was fast turning into the "jobloss growth".

Leading European maker of missiles under ED scanner

At the height of the Rafale jet controversy, dealings of a leading European manufacturer of missiles MBDA has come under the scanner of Indian investigating agencies. MBDA is a major missile supplier for the Rafale jets and is involved in the Rs 30,000 crore offset programme associated with the 36 warplanes.

Russia's Gazprombank decided to freeze PDVSA accounts: source

MOSCOW (Reuters) - Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Sunday.

Be ready for another week of volatility, choppy markets (IANS Insight-Market Watch)

Markets were under pressure last week and lost on every single trading day. Considering that there were losses for five days, the cumulative amount was not that very large. BSE SENSEX lost 737.53 points or 2.02 per cent to close at 35,808.95 points. NIFTY was down 219.20 points or 2.00 per cent at 10,724.40 points. The broader market lost a little more with BSE100, BSE200 and BSE500 down 2.33 per cent, 2.26 per cent and 2.30 per cent down. The bigger pain continues to be in the mid and small cap which were down 2.71 per cent and 2.96 per cent respectively.

Jet Airways likely to get over Rs 3,000 cr funds

Loss-making Jet Airways is likely to receive fund infusion worth over Rs 3,000 crore post debt-rejig and investments by Etihad Airways as well as National Investment and Infrastructure Fund (NIIF) while founder Naresh Goyal might remain the promoter with less than half of the existing majority stake of 51 per cent, according to sources. While the final contours of debt-restructuring and consequent changes are being worked out, an analyst said that Etihad Airways should come as the main driver for Jet Airways as lenders and shareholders would not be able to bring in much value addition. Abu Dhabi-based Etihad, which currently owns 24 per cent in the full service carrier, is a strategic partner and is expected to pump in around Rs 1,400 crore, sources said. On February 14, Jet Airways' board approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline. After receiving approval from shareholders, during their meeting ...