Page 90 - Business Finance
Crude oil futures climb 1.53 pc on global cues
Crude oil rose 1.53 per cent to Rs 3,779 per barrel in futures market Monday as speculators created fresh bets, taking positive cues from global markets. On the Multi Commodity Exchange, crude oil for delivery in June contracts was trading higher by Rs 57, or 1.53 per cent, to Rs 3,779 per barrel in a business turnover of 18,941 lots. On similar lines, crude to be delivered in July contracts rose by Rs 57, or 1.52 per cent, to Rs 3,805 per barrel with a business turnover of 1,796 lots. Speculators built fresh positions on expectations of tighter global crude supplies amid reports that Saudi Arabia said Opec and Russia were close to an agreement on extending supply-cuts. The prices also gained steam after US-Mexico averted a trade war allaying fears of global slowdown. Meanwhile, West Texas Intermediate gained 0.56 per cent to USD 54.29, and Brent crude traded 0.49 per cent higher at USD 63.60 per barrel.
Slowdown in global trade adversely affects economic growth: Goyal
Slowdown in global trade and investment is of serious concern as it adversely affects economic growth, development and job creation, Commerce and Industry Minister Piyush Goyal has said. He has called for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system. These issues were discussed during the minister's bilateral meetings with countries including Japan, the US, UK, China, France, Singapore, Korea, Spain, Canada, EU, Mexico, Saudi Arabia, South Africa, Chile and Australia. "The minister held a series of bilateral talks with a number of countries on the side lines of the two-day G20 Ministerial on Trade and Digital Economy in Tsukuba, Japan, on 8-9 June," the commerce ministry said in a statement Monday. During the meetings, the minister has emphasised the need for reciprocal market access for Indian products.
Eros International announces $20 million share repurchase plan
Entertainment major Eros International Plc has approved a share buyback programme of up to 20 million dollars of outstanding common shares, a development that comes less than a week after rating company Care cut its creditworthiness, citing delays or likely defaults in serving debt availed from banks."The board of directors believes the equity value of Eros International is seriously undervalued in the public markets. Accordingly, it has approved a share buyback programme of up to 20 million of outstanding common shares," the company said in a statement on Monday.Share repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions.Eros' share repurchase programme does not obligate it to repurchase any specific number of shares and may be suspended or discontinued at any time, it said. This includes restricted deposits of 46.6 million dollars."I am pleased to inform shareholders that we now have a strong financial ...
Videocon loan case: Chanda Kochhar skips ED questioning
Former ICICI Bank CEO and managing director Chanda Kochhar on Monday skipped questioning by the Enforcement Directorate (ED) in connection with a Rs 1,875-crore Videocon loan case citing poor health.
Hyva lines up Rs 60 cr investment in India by 2020
Hyva, a world leader in front-end tipping systems, Monday said it has lined up Rs 60 crore investment in India by 2020. The Netherlands-based firm, which caters to the commercial vehicle and environmental services industries, will utilise Rs 300 million each in 2019 and 2020 to enhance production capacity and expand its Pune plant. "India is a major market for us, not only it is a large sales market but also a core market for the manufacturing operations of Hyva,"company's CEO Marco Mazzu said in a statement. The company has over 40 per cent market share in front-end tipping solutions globally and is now eyeing Indian market, he added. Hyva started India operations in 1997, and has four plants in Navi Mumbai, Jamshedpur, Bengaluru and Pune. It serves various clients including Tata Motors, Volvo India, Daimler India Commercial Vehicles, VE Commercial Vehicles, among others. Headquartered in Alphen aan den Rijn in the Netherlands, the company operates in more than 110 countries with ...
Lupin Ltd slips for fifth straight session
Lupin Ltd is quoting at Rs 723.85, down 0.87% on the day as on 13:24 IST on the NSE. The stock tumbled 10.58% in last one year as compared to a 10.47% rally in NIFTY and a 5.23% fall in the Nifty Pharma index.
Reliance Infrastructure Ltd drops for fifth straight session
Reliance Infrastructure Ltd is quoting at Rs 62.5, down 15.48% on the day as on 13:24 IST on the NSE. The stock tumbled 85.71% in last one year as compared to a 10.47% rally in NIFTY and a 16.27% spurt in the Nifty Energy index.
China Stocks cheer risk-on sentiment
China's General Administration of Customs said on Monday that exports in May inched up 1.1% year-on-year, while imports fell 8.5% during the same period, as a result, China's overall trade surplus was $41.65 billion in May. In April, China's overall trade surplus in April was $13.8 billion, far below the projected $35 billion. That's partly due to an unexpected rise of 4% in imports, and a surprise fall of 2.7% in exports for the month.
Unsold stocks of luxury flats down 12 pc in last one year: ANAROCK
Stable prices have made luxury housing more attractive with unsold units priced between Rs 1.5-2.5 crore falling by 12 per cent in the last one year, according to property consultant Anarock. "The slowdown in Indian residential real estate over the last few years caused most high net-worth individuals (HNIs) to shun luxury housing and look at other investments within or outside real estate. "However, our latest study indicates that HNIs are now using the tail end of the slowdown in luxury residential market to their advantage," Anarock Chairman Anuj Puri said. He attributed the revival in demand for luxury homes to stagnant prices and attractive deals offered by cash-starved real estate developers. "To put it in numbers, the current unsold stock of luxury homes (priced between Rs 1.5 crore to Rs 2.5 crore) has reduced to about 42,650 units (in Q1 2019) against 48,300 units as in Q1 2018," Puri said. Among the top seven cities, the Mumbai Metropolitan Region (MMR) accounted for the ...
CVC awaits sanction to prosecute 123 corrupt govt employees; 45 from banks
The Central Vigilance Commission (CVC) is awaiting sanction from different organisations to prosecute 123 government employees, including IAS officers and those working in central probe agencies like CBI, ED and Income Tax Department, for over four months for their alleged involvement in corruption. Of the total accused, the highest of 45 are from different state-run banks. According to norms, sanction for prosecution has to be decided within four months. A total of 57 cases involving these officers are pending sanction for prosecution from different government organisations, according to latest data by the probity watchdog. The highest number of eight cases is pending with the Ministry of Personnel, which acts as the nodal department for anti-corruption matters, followed by five each with the Ministry of Railways and the government of Uttar Pradesh. Separate cases involving an additional superintendent of police of the Central Bureau of Investigation, assistant director of the ...
Silver futures shed on low demand
Silver prices fell 0.37 per cent to Rs 36,847 per kg Monday as participants reduced their exposure in tandem with low demand at the spot market. On the Multi Commodity Exchange, silver to be delivered in July contracts was trading lower by Rs 497, or 0.37 per cent, to Rs 36,847 per kg in a business turnover of 22,397 lots. Similarly, the white metal for delivery in September contracts was down by Rs 464, or 1.23 per cent, to Rs 37,325 per kg in 5,121 lots. Analysts attributed the weakness in silver prices at futures trade to cutting down of positions by participants to book profits at current levels. Meanwhile, silver was trading 1.77 per cent higher at USD 14.77 an ounce in New York.
dunnhumby names Manoj Madhusudanan as Head of India
dunnhumby, the global leader in Customer Data Science, announced today the appointment of Manoj Madhusudanan as Head of India.Manoj will focus on ensuring that dunnhumby India operates successfully as a key strategic location for dunnhumby and its clients. He will report to David Jack, Chief Technology & Product Officer."We are all extremely pleased to announce that Manoj Madhusudanan is now heading our team in India," said David."I am excited by the prospect of having an experienced leader entirely focused on establishing our India office as unequivocally one of the key engines of our business - delivering ever-improving science, product engineering, technical and commercial operations and raising the profile of our great teams within the global Business and Technology community. Manoj's experience and leadership will shape the strategy for our India office and accelerate our plans for global growth", he added.Manoj has most recently been the CEO of start-up Ziligence, an AI ...
Budget may consider sops to MSME export units
The Finance Ministry is keen on key employment and export boosting steps to be accomodated in the Budget. It may consider fiscal incentives like interest rate subvention, lower tax rates for upto certain turnover threshold for key MSME sectors who do the twin objective of exports and employment.
Australia Market huts for Queen's Birthday holiday
Asian financial markets advanced on Monday, 10 June 2019, after China released better-than-expected trade data for May and news that U.S. President Donald Trump had suspended plans to impose tariffs on Mexico after the two countries arrived at an agreement on immigration. However, market topside capped, as the stand-off between China and the United States remains unresolved, with eyes on a possible meeting between Trump and Xi Jinping at the G20 summit in Japan this month. MSCI's gauge of Asia-Pacific shares ex-Japan flashes 1.3% gains.
NIIT Technologies Ltd rises for third straight session
NIIT Technologies Ltd is quoting at Rs 1340.1, up 1.34% on the day as on 12:54 IST on the NSE. The stock is up 23.54% in last one year as compared to a 10.21% jump in NIFTY and a 18.64% jump in the Nifty IT index.
Infosys Ltd soars 1.59%, Gains for third straight session
Infosys Ltd is quoting at Rs 750.85, up 1.59% on the day as on 12:54 IST on the NSE. The stock is up 18.96% in last one year as compared to a 10.21% gain in NIFTY and a 18.64% gain in the Nifty IT index.
Bajaj Holdings & Investment Ltd adds around 1%
Bajaj Holdings & Investment Ltd is quoting at Rs 3646.95, up 1.04% on the day as on 12:54 IST on the NSE. The stock is up 26.7% in last one year as compared to a 10.21% jump in NIFTY and a 21.72% jump in the Nifty Financial Services index.
Imran Khan asks Pakistanis to declare their assets by Jun 30
Prime Minister Imran Khan on Monday asked Pakistanis to take advantage of the tax amnesty scheme and declare their undisclosed assets by June 30 to contribute in the development of the country which is grappling with a severe financial crunch. Addressing the nation ahead of the federal budget for fiscal year 2019-20 to be announced Tuesday, Khan said. "We will need to change ourselves if we want to become a great country." "I am appealing to all of you to take part in the Asset Declaration Scheme that we have brought, because if we don't pay taxes, we will not be able to raise our country up," Khan said. The premier said that people have until June 30 to declare their benami assets, benami bank accounts and money that was kept abroad. Benami is a term used for a transaction, contract, or property that is made or held under a name that is fictitious or is that of a third party who holds as ostensible owner for the principal or beneficial owner. "After June 30, you will not get this ...
Consolidate debt affordably by transferring your home loan to Bajaj Housing Finance Limited
A home loan balance transfer allows you to refinance an existing home loan through a new financial institution that offers you a more affordable interest rate.Making use of this facility can be profitable, especially if the difference in interest rates is substantial, and you have just started making repayments. Apart from making repayment more economical, a home loan balance transfer helps you get access to additional financing via a top-up loan.Offered by lenders like Bajaj Housing Finance Limited (BHFL), these top-up loans can be used for any allowable purpose you desire, even to consolidate debt. In fact, it can be a very smart way of tackling mountains of higher EMIs as it offers you an affordable interest rate and convenient repayment terms. Here's a look at the benefits in store when you consolidate debt by carrying out a home loan balance transfer with Bajaj Housing Finance Limited and availing a top-up loan.Top-up loans offer to fund over and above your home loan sanction. ...
India's merchandise exports to rise by 2.5 pc in Q1 FY20: Exim Bank
Export Import (Exim) Bank has forecast that India's merchandise exports will increase from 81.9 billion dollars to 84 billion dollars with an expected growth rate of 2.5 per cent during the first quarter (April to June) of 2019-20 over the corresponding quarter of the previous year.Of this, non-oil exports are likely to increase from 70.1 billion dollars to 73 billion dollars with an expected growth rate of 4.2 per cent.The forecasts are based on Exim Bank's Export Leading Index (ELI). Forecast of growth in India's total merchandise exports and non-oil exports will continue to be released on a quarterly basis during the first week of June, September, December and March with continuous improvisation to the model.For the year 2018-19, Exim Bank -- based on the ELI model -- had forecasted India's merchandise exports to amount to 331.8 billion dollars which compares well with the official estimates of 331.02 billion dollars.The model and the forecast results have been reviewed by a ...