Page 8 - Business Finance
Steelbird to hike helmets production capacity with Rs 150 cr investment
Helmet maker Steelbird Hi-tech India Tuesday said it is investing Rs 150 crore to enhance production capacity at its plant at Baddi in Himachal Pradesh. The company has bought 15,600 square meters of land adjoining to the existing plants. "With an investment of over Rs 150 crore, the plant will be equipped with the sector's latest technology...It will soon be equipped to manufacture 44,500 helmets per day," Steelbird Hi-tech India said in a statement. It will help the company to expand its product portfolio, add more models to the existing one and cover the entire spectrum of customer from low-end to premium-end, the company added. The current capacity at the plant is 22,000 helmets per day. Commenting on the company's plans, Steelbird Helmets Managing Director Rajeev Kapur said, "road safety has become a very important concern in our country because so many fatalities are occurring and the government is putting a lot of efforts to save human lives. And this move is in sync with the ..
Nickel futures up 0.35 pc on spot demand
Nickel prices edged up by 0.35 per cent to Rs 888.90 per kg in futures trade Tuesday amid pick-up in demand from alloy-makers at the domestic spot market. On the Multi Commodity Exchange, nickel to be delivered in July was trading higher by Rs 3.10, or 0.35 per cent, to Rs 888.90 per kg with a turnover of 4,467 lots. Analysts said expansion of positions by traders tracking pick-up in demand from alloy-makers mainly supported nickel prices here.
Spot demand lifts zinc futures by 0.84%
Zinc prices rose 0.84 per cent to Rs 203.45 per kg in futures trade Tuesday tracking a firm trend at the physical market on the back of pick-up in demand. On the Multi Commodity Exchange, zinc for July contracts was trading higher by Rs 1.70, or 0.84 per cent, to Rs 203.45 per kg with a business turnover of 3,620 lots. Marketmen said fresh positions created by participants due to pick-up in demand from consuming industries in the spot market mainly led to rise in zinc prices.
Reliance raises USD 1.85 bn in long-term loan
Oil-to-telecom conglomerate Reliance Industries (RIL) Tuesday said it has signed pacts with overseas lenders to avail long-term loans of USD 1.85 billion (about Rs 12,900 crore) to finance its capital expenditure. The fund raising comes amid reports of the company planning to infuse as much as Rs 20,000 crore into its telecom unit, Jio, to bolster broadband and e-commerce play ahead of a potential entry into 5G mobile telephony services in future. "The company has entered into agreements with offshore lenders for availing long-term loans aggregating USD 1.85 billion, primarily for meeting a part of its planned capital expenditure, in the normal course of its business," RIL said in a regulatory filing. Without giving details of the loans such as tenure and the interest rate, it went on to say that the company on an ongoing basis evaluates financing opportunities with lenders in the normal course of business and would make requisite disclosures as per regulations. In a separate filing ..
Silver futures up 0.46% on positive global trend
Silver futures traded higher by 0.46 per cent to Rs 38,250 per kg Tuesday after speculators raised bets driven by a firm trend overseas. At the Multi Commodity Exchange, silver for delivery in July was up by Rs 175, or 0.46 per cent, to Rs 38,250 per kg in a business turnover of 12,570 lots. The white metal to be delivered in September too rose by Rs 170, or 0.44 per cent, to Rs 38,740 per kg in 8,646 lots. Analysts said widening of positions by traders in sync with a firm trend on global markets for precious metals mainly influenced silver prices here. In the international market, silver traded higher by 0.45 per cent at USD 15.53 an ounce in Singapore.
Oyo managing 5 lakh rooms in China, becomes largest hotel brand
Oyo Hotels and Homes said on Tuesday it has expanded its presence to more than 337 cities in China with five lakh rooms and emerged as the largest single hotel brand.In a year-and-a-half, Oyo has surpassed the scale of traditional and established hotel chain brands in the country such as Home Inn, Hanting and others.The world's sixth largest and fastest-growing chain of leased and franchised hotels, homes and living spaces has allocated nearly 100 million dollars (out of the 600 million dollars committed earlier) to invest in China towards quality and system improvements and customer service.The company said in a statement that it has hired over 10,000 people and created jobs for over two lakh Chinese hospitality enthusiasts. It has also announced the appointment of Zhu Lei, a seasoned professional with over 16 years of experience, as its Chief Revenue Officer."As we move into the next phase of growth at Oyo Jiudian, our focus will continue to be on hiring and retaining top talent ...
Hindalco Industries Ltd soars 1.39%, gains for fifth straight session
Hindalco Industries Ltd is quoting at Rs 200.95, up 1.39% on the day as on 12:49 IST on the NSE. The stock is down 9.87% in last one year as compared to a 8.86% jump in NIFTY and a 13.87% jump in the Nifty Metal.
SucSEED Backs i2iFunding Second Time, India's Leading Online NBFC - Peer to Peer (P2P) Lending Platform
/ -- Happy with its performance, SucSEED Venture Partners backs its portfolio company RNVP Technology Private Limited second time. Known as i2iFunding, an RBI registered leading peer to peer lending platform in India, which verifies and matches borrowers looking for unsecured loans with interested lenders. (Logo: https://mma.prnewswire.com/media/894229/SucSEED_Logo.jpg ) i2iFunding provides affordable unsecured loans to borrowers such as people with no credit history, small businessmen, self-employed personnel, grade 4 government employees, newly employed salaried personnel, and many others who are not serviced by banks or NBFCs. i2iFunding has disbursed loans of value more than Rs. 36 crs and has crossed monthly disbursal of Rs. 4 crs. i2iFunding has raised more than $1 million so far. Vaibhav Kumar Pandey, co-founder of i2iFunding, said, "Majority of India is still credit starved as it lacks traditional data which banks use to provide loan. As a result, these borrowers resort to ...
Benchmarks hit day's high
Key indices firmed up and hit fresh intraday high in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 97.04 points or 0.25% at 39,220.53. The Nifty 50 index was up 29.5 points or 0.25% at 11,729.15.
IndusInd Bank inaugurates branch at Jewar, Uttar Pradesh
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Nucleus Software launches latest version of its lending solution - FinnOne Neo 4.0
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Lupin allots 7890 equity shares
Under ESOP
Jindal Photo Ltd leads gainers in 'B' group
Parenteral Drugs (India) Ltd, Indoco Remedies Ltd, Igarashi Motors India Ltd and Kwality Ltd are among the other gainers in the BSE's 'B' group today, 25 June 2019.
RBI's Complaint Management System To Improve Customer Experience In Grievance Redressal Process
The newly launched Complaint Management System (CMS), symbolizes Reserve Bank of India or RBI's commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints received at the Reserve Bank, noted the RBI Governor Shaktikanta Das. Sustaining the confidence of consumers in banks and other Financial Service Providers (FSPs) through prompt and effective grievance redressal, together with empowering customers through education is pivotal for maintaining trust in the banking system.
Government Announces Sale Of Five Dated Securities For Rs 17000 Crore
The Government of India has announced the Sale (Re-issue) of (i) 7.00% Government Stock, 2021' for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) 7.27% Government Stock, 2026' for a notified amount of Rs 3,000 crore (nominal) through price based auction,(iii) Government of India Floating Rate Bonds, 2031 for a notified amount of Rs 5,000 crore (nominal) through price based auction, (iv) 7.62% Government Stock, 2039 for a notified amount of Rs 2,000 crore (nominal) through price based auction, and (v) 7.63% Government Stock, 2059 for a notified amount of Rs 4,000 crore (nominal) through price based auction.
Emami Ltd leads gainers in 'A' group
Torrent Power Ltd, IFCI Ltd, Cox & Kings Ltd and Manappuram Finance Ltd are among the other gainers in the BSE's 'A' group today, 25 June 2019.
Gross NPAs of PSBs declines to Rs 8.06 lakh crore end March 2019: FM
PSBs have recovered Rs 359496 crore in last four financial years including record recovery of Rs 123156 crore in 2018-19
Moderate growth in air passenger markets, but weak air cargo demand
Preliminary traffic figures for May released on Tuesday by the Association of Asia Pacific Airlines (AAPA) showed moderate growth in international air passenger markets with sustained regional economic expansion supporting business and leisure travel markets.However, air cargo demand fell further as export activity continued to slow in the face of challenging business conditions.A combined total of 30.4 million international passengers were carried by Asia Pacific airlines in May, reflecting a 4.4 per cent increase compared to the same month last year.Demand in revenue passenger kilometres (RPK) grew by 4.5 per cent year-on-year, surpassing the 3.6 per cent increase in available seat capacity, resulting in a 0.7 percentage points increase in the average international passenger load factor to reach 78.5 per cent for the month.The wider imposition of trade tariffs dampened demand and affected global supply chains, leading to declines in new export orders. Consequently, the region's ...
RBL Bank allots 3.95 lakh equity shares under ESOP
Consequent to the above allotment, the paid up share capital of the Bank has increased from 42,73,18,817 equity share of Rs. 10 each aggregating Rs. 4,27,31 ,88,170 to 42,77,13,969 equity shares of Rs. 10 each aggregating Rs. 4,27,71 ,39,690.
Qatar to invest USD 3 bn in cash-strapped Pakistan
Qatar has decided to invest USD 3 billion in cash-strapped Pakistan to help the latter in shoring up its crumbling economy.This was announced on Monday after a two-day visit of Qatar's Emir Sheikh Tamim Bin Hamad Al Thani to Pakistan as the Imran Khan-led government continues to battle a ballooning balance-of-payment crisis."Upon the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani, HE Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al-Thani announced new investments in the form of deposits and direct investments in the Islamic Republic of Pakistan worth a total of USD 3 billion," the Qatar News Agency said.With this new investment package, the size of the Qatari-Pakistani economic partnership will amount to USD 9 billion, it said.Taking to Twitter, Abdul Hafeez Sheikh, the Pakistan Prime Minister's financial adviser, said, "Want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing US $3 Billion in #deposits and ..