Page 7 - Business Finance
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Market snaps 2-day fall
Key equity indices snapped two-day fall, backed by strength in oil & gas shares. Firmness in Reliance Industries, HDFC and Axis Bank pushed indices higher. The Nifty closed a tad below 11,800 mark after crossing that level in the intraday.
State Bank of India reports consolidated net profit of Rs 1244.47 crore in the March 2019 quarter
Total Operating Income rise 13.01% to Rs 65784.53 crore
Intellect Design Arena strikes deal with Bank of Mongolia
: Financial technology provider Intellect Design Arena Tuesday said it has struck a new deal with Central Bank of Mongolia to implement its quantum central banking solution. According to the deal, a press release said, the solution would accelerate the digital transformation initiatives of the bank under the payment system modernisation project funded by the Asian Development Bank. According to Intellect Design Arena, the Bank of Mongolia's digital transformation agenda would aim at a stable financial system besides strengthening the country's economic performance, the release said. A report of Asia Development Outlook had said in April 2019 that Mongolia's economic growth was expected to remain solid in the next two years, it said. Bank of Mongolia Governor Bayartsaikhan Nadmid and Intellect Head-APAC Indranil Chaudhury exchanged documents of the deal recently, the release said. "...we selected the Intellect Quantum Central Banking Solution for Intellect's experience in
SBI Life Insurance tumbles as OFS begins
SBI Life Insurance Company was down 4.19% to Rs 680.70 at 11:53 IST on the BSE after the company said one of its promoters, BNP Paribas Cardif, will sell up to 2.5% stake in the life insurance firm through offer for sale.
Gold glitters, jumps Rs 200 amid positive global market
Gold prices jumped by Rs 200 to Rs 34,470 per 10 gm in the national capital Tuesday on increase in demand from local jewellers and positive global markets as investors are preferring the yellow metal as safe haven amid US-Iran tensions. Tracking the movement of gold, silver prices also rose by Rs 110 to Rs 39,200 per kg on higher uptake by coin makers and industrial units. Traders said increased buying by local jewellers and positive global market pushed spot gold prices in the domestic markets. Globally, gold prices were trading higher at USD 1,429.80 an ounce, while silver prices were up at USD 15.52 an ounce in New York. Market analysts said global gold prices are hovering near six-year highs amid ongoing stand-off between the US and Iran, as investors are preferring the yellow metal as a safe investment. "The international spot gold prices traded near USD 1,430 an ounce to six-year high witnessing strong buying on safe haven," HDFC Securities Senior Analyst (Commodities) Tapan ...
Norway's sovereign wealth fund allowed to again invest in Walmart
Norway's central bank said Tuesday that the country's sovereign wealth fund, the world's largest, will once again be able to invest in Walmart and five other companies which had been excluded on ethical grounds. The Norwegian fund, which manages more than USD 1 trillion in assets, withdrew from the American retail giant in 2006 "based on an assessment of serious or systematic violations of human rights", relating to poor working conditions within the company and lack of monitoring of supply chains. The Council on Ethics, an advisory body that guides the fund's investments, ruled that "the grounds for exclusion are no longer present", according to a statement released by the Norwegian central bank, which manages the fund. The decision concerns Walmart's American parent company and the group's Mexican subsidiary. The central bank is also opening the door for the fund to invest in two branches of the Anglo-Australian mining giant Rio Tinto, Canadian fertiliser company Nutrien, Mexican ...
ICICI Bank eyeing 20 pc growth in retail loan in Kerala FY'20
Private sector ICICI Bank Tuesday said it aimed to grow its retail loan disbursement in Kerala by over 20 per cent to Rs 3,100 crore in FY20. The bank planned to achieve this growth by rapidly expanding disbursement of consumer loans and mortgage loans, the two main pillars of retail loans, its Executive Director Anup Bagchi said. Retail consumer loans have witnessed significant growth in Kerala over the last few years. There has been a robust growth in the state's economy. We see the potential of increasing the disbursement of consumer loans and mortgages in Kerala by over 20 per cent to Rs 3,100 crore in FY20, he told a press conference here. The disbursement of consumer loans, which comprises of personal and auto loans, was expected to grow by nearly 22 per cent to Rs 2,200 crore while mortgages, including home loan, by close to 20 per cent to nearly Rs 900 crore, he said. In the consumer loan portfolio, personal loans and unsecured business loan were seeing a ...
Fleeca India eyes 200 service centers this year
Tyre management service provider Fleeca India has said it will expand its number of outlets to 200 by the end of this year. The company, presently, operates 55 service centers. "We have a network of 55 centers on Delhi-Mumbai highway and we will be increasing it to 200 on a franchise model. Besides, we will be introducing the service in car segment which in present available for trucks," Tikam Chand Jain, founder and CEO of the company said here. New service centers of the Jaipur-based company will be located on Delhi-West Bengal and Mumbai-West Bengal routes. He said that the company inspects, analyse and retread tyres of commercial vehicles and is operational across 8 states - Maharashtra, Gujarat, Rajasthan, West Bengal, Madhya Pradesh, Chhattisgarh, among others. "We inspect nearly 50,000 tyres per month. It increases cost efficiency and product longevity. For assisting the transporters, a mobile app is operational. "The company facilitates retreading of tyres. However, only 25 to
Critics hit out at millions spent on Harry and Meghan's home
Prince Harry and his wife Meghan's new home in Windsor cost 2.4 million pounds (USD 3.05 million) of taxpayers' money to renovate, royal accounts showed Tuesday, prompting criticism from anti-monarchy campaigners. Queen Elizabeth II's grandson and his wife moved into Frogmore Cottage on the Windsor Castle estate before the birth of their son Archie on May 6. The residence, west of London, had been split into five separate homes but was turned back into one property in a six-month refurbishment ahead of their move-in. "The property had not been the subject of work for some years and had already been earmarked for renovation," said Michael Stevens, who runs the monarchy's accounts. "The building was returned to a single residence and outdated infrastructure was replaced to guarantee the long-term future of the property. "All fixtures and fittings were paid for by their royal highnesses," added Stevens, whose title is Keeper of the Privy Purse. The cost was revealed as the British ...
IFCI spurts after board OKs offloading stake in NSE
IFCI was up 14.68% to Rs 9.14 at 14:39 IST on the BSE after the company said its board approved selling the remaining 2.44% stake in NSE.
Oyo crosses 5 lakh room inventory in China, to invest USD 100 mn in 2 yrs
Hospitality firm Oyo Hotels and Rooms Tuesday said it has crossed 5 lakh rooms inventory in China, and plans to invest USD 100 million in that country in next two years as part of ongoing expansion. Oyo Hotels and Rooms is investing in China for quality as well as system improvements and customer service. Within a span of around one and a half year of operation in China, Oyo Hotels and Rooms has expanded its presence to over 337 cities and 5 lakh rooms, the company said in a statement. "The company has allocated approximately USD 100 million out of the USD 600 million earlier committed to being invested in China, towards quality & system improvements and customer service in the next two years," said Oyo China COO Sam Shih. Besides, Oyo also claimed that it has now become the largest single hotel brand in China. "As we move into the next phase of growth at Oyo, our focus will continue to be on hiring and retaining top talent while at the same time optimising operational efficiency .
Reliance Power Ltd leads losers in 'A' group
Reliance Infrastructure Ltd, ICICI Lombard General Insurance Company Ltd, Reliance Capital Ltd and Reliance Communications Ltd are among the other losers in the BSE's 'A' group today, 25 June 2019.
Nucleus Software's Latest Version of FinnOne Neo to Help Lenders Accelerate Their Path to Digital Revenues
/ -- Transform operations with enhanced digital capabilities including voice assisted loan servicing Boost innovation and agility with market leading loan products and services Dramatically improve efficiency with best-in-class benchmark performance Nucleus Software , the leading provider of lending and transaction banking solutions to the global financial services industry, today announced the launch of the latest version of its award-winning lending solution - FinnOne Neo 4.0. The new version comes with a wide range of features that will help lenders capitalize quickly on rapidly evolving market trends and changing customer requirements and, above all, to turn the digital opportunities into profits. (Logo: https://mma.prnewswire.com/media/893543/Nucleus_Software_Logo.jpg ) Technology shifts are forcing businesses to transform. According to Gartner, by the year 2030, digitization will make 80% of heritage financial services firms irrelevant - by going out of business, or becoming ...
Subex joins GLF's communications blockchain network
Digital technology provider Subex said on Tuesday that it will be a part of the ITW Global Leaders' Forum's Communications Blockchain Network (CBN), a blockchain-based consortium which aims to revolutionise the ICT service provider industry's commercial settlement infrastructure.Through its mission to accelerate the adoption of automated settlement applications, CBN represents an opportunity worth billions of dollars to the global industry in terms of costs savings and revenues from new products and services.The ITW Global Leaders' Forum is a global network of leaders from the world's largest international carriers who convene to discuss strategic issues and to agree on collaborative activities, with the aim of upholding the principle of interoperability and ubiquitous international and technological coverage.The CBN, which is expected to go live in the coming months, will be governed by a collaborative structure. Besides technology providers like Subex, the platform will see support .
Cottonseed oil cake futures fall on weak demand
Cottonseed oil cake prices dipped by Rs 43 to Rs 2,688 per quintal in futures trade Tuesday, tracking a muted trend at physical markets. On the National Commodity and Derivatives Exchange, cottonseed oil cake contracts for July delivery fell by Rs 43, or 1.57 per cent, to Rs 2,688 per quintal with an open interest of 51,760 lots. Cottonseed oil cake for August delivery also traded down by Rs 49, or 1.77 per cent, at Rs 2,717 per quintal.
Rushil Decor Ltd leads losers in 'B' group
RPP Infra Projects Ltd, GSS Infotech Ltd, Vikas Ecotech Ltd and Vikas Multicorp Ltd are among the other losers in the BSE's 'B' group today, 25 June 2019.
Volumes spurt at Hindustan Aeronautics Ltd counter
Hindustan Aeronautics Ltd notched up volume of 5.09 lakh shares by 14:19 IST on NSE, a 67.27 fold spurt over two-week average daily volume of 7571 shares
ICICI Lombard tumbles on fresh selling pressure
ICICI Lombard General Insurance Company was down 7.85% to Rs 1085.05 at 13:59 IST on the BSE after multiple block deals on stock exchanges.