Page 63 - Business Finance
Tata Steel, ThyssenKrupp merger would have spiked steel prices: EU
The European Commission has said it was forced to block a proposed merger between Indian steel major Tata Steel and German giant ThyssenKrupp over concerns that it would have led to a spike in the metal's prices. The Commission, the executive arm of the 28-member European Union (EU), formally tabled its decision this week after ThyssenKrupp announced its decision to withdraw from the joint venture plans last month in anticipation of the EU ruling. "Without remedies addressing our serious competition concerns, the merger between Tata Steel and ThyssenKrupp would have resulted in higher prices. So we prohibited the merger to avoid serious harm to European industrial customers and consumers," said Commissioner Margrethe Vestager, in charge of competition policy at the European Commission. "Steel is a crucial input for many things we use in our everyday life, such as canned food and cars. Millions of people in Europe work in these sectors and companies depend on competitive steel prices ..
China's trade rep says 'external pressures' can help economy
Chinese media reported Thursday that the country's top trade negotiator said "external pressures" can help the country's economy. Vice Premier Liu He, speaking at a forum in Shanghai, described the pressures that China is currently facing as an "inevitable test," according to Hong Kong's South China Morning Post and mainland Chinese media outlets. "The external pressure will help us improve innovation and self-development, speed up reform and opening up, and push forward with high-quality growth," Liu said. He did not directly reference the U.S.-China trade dispute, according to the South China Morning Post. The U.S. has accused China of stealing trade secrets and forcing American companies to transfer technology. China says the U.S. is trying to stifle its economic development. Each country has imposed higher import duties on billions of dollars of goods from the other side. Last month, the US Commerce Department placed Huawei on a list that effectively bars US firms from selling ...
Gaming industry sees 12bn attacks in 17 months: Akamai
The gaming industry has become a rising target with 12 billion credential stuffing attacks in 17 months, Cloud delivery network provider Akamai Technologies said on Thursday.
Indiabulls Housing Finance shares zoom nearly 12 pc
Shares of Indiabulls Housing Finance rose nearly 12 per cent Thursday after a petition alleging misappropriation of funds was withdrawn from the Supreme Court. The company's scrip jumped 11.78 per cent to close at Rs 694.30 on the BSE. During the day, it climbed 12.64 per cent to Rs 699.70. At the NSE, shares zoomed 11.85 per cent to close at Rs 694.70. In terms of traded volume, 34.28 lakh shares were traded on the BSE and 4.85 crore shares on the NSE during the day. Indiabulls Housing Finance Ltd (IBHFL) shares dropped 8 per cent Tuesday following allegations of siphoning off Rs 98,000 crore of public money. The scrip declined nearly 8 per cent the following day also. In a big relief to IBHFL, the petitioner who had approached the Supreme Court alleging misappropriation of funds, withdrew the plea on Thursday, the company said. The petition now withdrawn alleged that IBHFL misappropriated Rs 98,000 crore of public money, a claim termed "frivolous and bizarre" by the company, which .
Has India influenced the IMF approach? Book by IAS officer seeks to answer
India would play a key role in the International Monetary Fund (IMF), further improving its policy tools to evolve with changes in the economic environment to support its global mandate and the member country's needs, says a book by senior IAS officer V Srinivas. The book, titled 'India's Relations with the International Monetary Fund 25 Years in Perspective 1991-2016', provides insights into India's role as a founding member of the IMF and the rise of China in the international monetary system among other major developments at the Fund. India's macroeconomic performance stands out over the past 25 years. After the 1991 crisis and stand-by arrangement program with the IMF, wherein significant structural reforms were witnessed, India experienced high growth surpassed only by China and East Asian countries, the book said. "India became the world's fastest growing major economy. India's rise from a debtor country to a creditor country at the IMF with significant increases in its voting .
Equitas Holdings consolidated net profit rises 96.99% in the March 2019 quarter
Sales rise 18.48% to Rs 575.35 crore
Jackson Investments reports standalone net loss of Rs 0.12 crore in the March 2019 quarter
Sales decline 32.14% to Rs 0.19 crore
MFS Intercorp reports standalone net loss of Rs 0.02 crore in the March 2019 quarter
Sales reported at Rs 0.55 crore
No capital need for SBI from government: Chairman
State Bank of India Chairman Rajnish Kumar on Thursday said the bank does not need any capital from the government.
Samsung struggles to make global strategy amid US-China trade war
Samsung Electronics Co. has been facing a double whammy of a weak memory chip and smartphone market, as well as uncertainties from a trade war between the US and China, so this is the right moment for its senior management to discuss ways to deal with the rising business challenges.
Equity indices end flat, Jet Airways down over 16 pc
Equity benchmark indices ended flat on Thursday amid tepid global cues as investors remained unclear over possible outcome of a trade deal between the United States and China.The market sentiment picked up during late hours but failed to wipe out morning losses. The BSE S & P Sensex closed 15 points lower at 39,741 while the Nifty 50 showed a gain of 8 points to settle at 11,914.At the National Stock Exchange (NSE), most sectoral indices were in the negative zone. Nifty bank, financial service, realty and media gained some ground.Shares of Jet Airways sunk 16.7 per cent to a record low at Rs 91.95 per share after NSE said the airline will soon no longer be traded in the derivatives market. In a bid to curb speculative trading, intraday trading in the stock will also be barred from June 28.Yes Bank shares dropped 13.47 per cent and IndusInd Bank's by 4.62 per cent after Swiss multinational brokerage house UBS slashed their price target by 47 per cent and 18 per cent respectively, ..
Nifty June 2019 futures at premium
Turnover in F&O segment jumps
Pillar Investment Co reports standalone net profit of Rs 0.19 crore in the March 2019 quarter
Sales reported at Rs 0.26 crore
Mcnally Sayaji Engineering reports standalone net loss of Rs 0.03 crore in the March 2019 quarter
Sales reported at Rs 0.06 crore
Fredun Pharmaceuticals standalone net profit rises 51.35% in the March 2019 quarter
Sales rise 53.74% to Rs 31.07 crore
Swojas Energy Foods reports standalone net profit of Rs 0.03 crore in the March 2019 quarter
Reported sales nil
Jet Airways shares tumble nearly 18 pc after bourses announce trading restrictions
Shares of Jet Airways Thursday cracked nearly 18 per cent after stock exchanges decided to impose restrictions on its stock trading from June 28. The scrip plunged 16.71 per cent to close at Rs 91.95 on the BSE. During the day, it dropped 23.18 per cent to Rs 84.80 -- its multi-year low. On the NSE, shares tumbled 17.72 per cent to close at Rs 90.75. In terms of traded volume, 35.05 lakh shares were traded on the BSE and over three crore shares changed hands on the NSE during the day. Led by the sharp fall in the scrip, its market valuation fell by Rs 209.47 crore to Rs 1,044.53 crore on the BSE. Jet Airways shares have been falling for ninth consecutive days, tumbling 39 per cent on the BSE. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. The cash-starved company suspended operations in April and lenders are working on ways for revival of the ...
NBFC liquidity, NPAs figure in Sitharaman's pre-Budget meet
Finance Minister Nirmala Sitharaman's pre-Budget consultations with financial and capital market stakeholders on Thursday discussed creation of a dedicated liquidity window for non-banking finance companies (NBFCs)sector, review of interest rates on Small Savings Schemes and banks' non-performing assets (NPAs or bad loans), among other issues, an official said.
Branded developers share in total housing supply rise to 56 pc in 2018: Anarock
Housing demand appears to be shifting from fly-by-night developers to those having better execution track record, as launch of new homes by real estate players with high-recall brands accounted for more than half of the total housing supply in 2018, a report says. According to property consultant Anarock, with hundreds of housing projects stuck across major cities of the country, the potential homebuyers have become risk-averse and are investing money in projects developed by branded players. Anarock has defined branded developers as those who have been operating for a decade and more or those with sizeable areas under development either locally or pan-India. Newly-formed entities of large conglomerates also have been included. "In metros as well as tier II and tier III cities, a real estate developer's brand name wields considerable clout," said Prashant Thakur, Director & Head Research, Anarock. Real estate players with high-recall brands account for a whopping 56 per cent ...
Mizoram registers 14.82 pc growth in GSDP
Mizoram registered a growth of 14.82 per cent in its Gross State Domestic Product (GSDP), according to the Economic Survey 2018-19. The GSDP at current prices was estimated at Rs 19,174.34 crore in 2017-18 as against Rs 16,698.76 crore in 2016-17, said the Economic Survey tabled in the assembly on Thursday. The Economic Survey 2018-19 was presented by Chief Minister Zoramthanga along with the budget papers. It said the primary sector, comprising agriculture and allied activities, contributed 29.93 per cent to the Gross State Value Added (GSVA) while the industry sector contributed 25.05 per cent of the GSVA. The industry sector consists of mining and quarrying, manufacturing, construction and electricity, gas, water supply and other utility services. However, the service sector continued to have the highest contribution to the GSVA at 45.03 per cent. Per capita income of Mizoram for the year 2017-2018 was projected at Rs 1,51,682 as against the previous year's estimate ..