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Business & Economy

Zomato launches operations in 25 new Indian cities

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Food ordering app Zomato on Wednesday said it has launched its restaurant reviews and ratings platform across 25 new cities in India, taking the number to 63 cities.
 
The cities are Thiruvananthapuram, Vijayawada, Raipur, Madurai, Jodhpur, Thrissur, Ajmer, Manali, Alappuzha, Gorakhpur, Ooty, Kota, Manipal, Dharamshala, Jammu, Haridwar, Jalandhar, Rishikesh, Mussoorie, Udupi, Cuttack, Shimla, Palghat, Pushkar and Srinagar. 
 
"India continues to be our highest priority market and we will continue to expand and build further depth within the country. We are doing everything to take Zomato to more cities - to enable the growth of the restaurant industry and help our audience make better food choices," said Oytun Calapover, Global Head - Listings Business, Zomato.
 
Zomato launched its online ordering and food delivery services in May 2015. Globally, Zomato is present in 24 countries and serves more than 50 million users every month.
 
IANS
 
 
 
 
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Global cues depress equity indices; oil and gas stocks slump

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Broadly negative global cues pulled the key Indian equity indices lower on Wednesday afternoon.
 
According to analysts, benchmark Asian markets fell due to the ongoing trade war concerns and a rise in crude oil prices.
 
On the domestic indices, heavy selling pressure was witnessed in oil and gas, banking and capital goods stocks, they said.
 
At 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,714.70 points, down 54.45 points or 0.51 per cent from the previous close of 10,769.15 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,543.89 points, traded at 35,333.34 points (1 p.m.) -- down 156.70 points or 0.44 per cent -- from its previous session's close of 35,490.04 points.
 
The Sensex has so far touched an intra-day high of 35,618.85 and a low of 35,335.55 points. The BSE market breadth was bearish so far with 2,007 declines and 467 advances.
 
The top gainers on the Sensex were Hindustan Unilever, Tata Consultancy Services, HDFC Bank, Infosys and HDFC whereas ICICI Bank, Power Grid, NTPC, Tata Motors (DVR) and Larsen and Toubro were the major losers.
 
On the NSE, Tech Mahindra, Bharti Infratel and Hindustan Unilever were the highest gainers while Hindustan Petroleum, BPCL and Indian Oil Corp lost the most.
 
IANS
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Markets open on a higher note on Wednesday

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
 
The Sensex of the BSE, after opening at 35,543.89 points, touched a high of 35,618.85 and a low of 35,492.83 points.
 
On Tuesday the Sensex closed at 35,490.04 points.
 
The Sensex was trading at 35,494.44 points up by 4.40 points or 0.01 per cent.
 
On the other hand, the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 10,785.50 points after closing at 10,769.15 points.
 
The Nifty was trading at 10,758.95 points in the morning.
 
IANS
 
 
 
 
 
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Prabhu invites Australian Superfunds to invest in India

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Indian Commerce and Industry Minister Suresh Prabhu met representatives of about 25 Australian Superfunds, which have huge investible assets, here today and invited them to invest in India.
 
Mr. Prabhu briefed them about the work being done by the Government in transforming and reforming India and about the many investment opportunities opening up in the country.
 
In particular, he spoke about structural changes such as the introduction of the Goods and Services Tax (GST), shifting of informal sector resources to the formal sector through financial inclusion and increased digitalisation and the measures being taken in making the processes of doing business in India easier.
 
He mentioned that the high growth of the Indian economy has largely been driven by the private sector and invited the Australian Superfunds to invest in India.
 
Investment opportunities in various infrastructure projects such as industrial corridors, ports, smart cities, airports and railway projects were highlighted by him. This was followed by further presentations by Invest India and Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) on details of specific investment projects that Australian Superfunds could invest in.
 
Mr. Prabhu also delivered the Leaders of Asia address on “India’s Growth Story: Opportunities for Australia” here today.
 
In his address, Mr Prabhu mentioned the sectors of knowledge-based agriculture, services, education and manufacturing as the key areas of mutual cooperation between the India and Australia.
 
Economic interdependence was the best way to further relationships between countries. India and Australia were natural partners who could build such interdependence and leverage each other’s economic advantages, he added.
 
Later in the day, he held a meeting with the Premier of New South Wales Gladys Berejiklian. She said Australian business would not like to miss the opportunities India has to offer and that investments into India would fructify in the near future.
 
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Mr Prabhu also met leaders of the Indian diaspora in Sydney. During the interaction, he highlighted the major reforms being undertaken in India. He emphasised the positive contributions of Indian diaspora not only to Australia but also to India.
 
The Minister’s visit began with the 15th India-Australia Joint Ministerial Commission (JMC) which was held on June 25 in Canberra.  The meeting was jointly chaired by Mr Prabhu and Australian Minister for Trade, Tourism and Investment Steven Ciobo.
 
The JMC met after a gap of four years in a very warm and cordial atmosphere. The Ministers discussed at length ways to increase two-way investment flows between the two countries. In this regard, both sides agreed to have greater collaboration between Austrade, the Australian Trade and Investment Commission and Invest-India, which is the National Investment Promotion and Facilitation Agency of India.
 
The talks culminated in the signing of an MoU between Austrade and Invest India in order to facilitate bilateral investment flows.
 
In Canberra, Mr Prabhu called on Australian Prime Minister Malcolm Turnbull. He also had extensive bilateral meetings with Treasurer Scott Morrison, David Littleproud, Minister for Agriculture and Water Resources and Minister for Foreign Affairs Julie Bishop. All the meetings were very cordial where matters of mutual interest were discussed.
 
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PM explains policy reforms to India Inc in Mumbai

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Prime Minster Narendra Modi on Tuesday interacted with Indian business leaders representing a wide spectrum of the economy and discussed various policy reforms and initiatives of the government in the past four years.
 
In his two-hour long meeting with 41 top Indian corporate heads, the industry's contribution to the country's economic growth and development was also discussed in detail.
 
Industry representatives are understood to have appreciated the improvement in the business environment in the country and said this would lead to realization of India's growth potential, besides endorsing the PM's vision of New India.
 
Speaking of his recent discussions with start-ups and entrepreneuers, Modi pointed out that a positive mindset and a 'can do' spirit is now pervading the country and urged the corporate sector to invest in a big way, especially in the agriculture sector.
 
Stressing the need to promote domestic manufacturing, he dwelt on the need to boost production in areas like medical devices, electronics and defence equipments.
 
Earlier, Finance Minister Piyush Goyal gave an overview of the government's initiatives in the past four years to steer the Indian economy to a higher trajectory, besides the policy initiatives, holistic approaches to development, spirit of innovation and technology.
 
IANS
 
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EDF, GE sign deal to build six nuclear reactors at Jaitapur in India

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French state-run power utility Électricité de France (EDF) and American conglomerate General Electric (GE) toay said they had signed a strategic cooperation agreement for the construction of six EPR-type nuclear reactors at Jaitapur in Maharashtra, India.
 
The announcement was made by Xavier Ursat, Group senior executive vice president of EDF in charge of new nuclear projects and engineering, and Andreas Lusch, President and CEO of GE’s Steam Power business.
 
A statement issued by the two companies said the agreement lays the foundations for a long term partnership concerning the construction of the conventional island on each of the six reactor units. 
 
GE Power will design the conventional island for the Jaitapur nuclear plant and supply its main components. The company will also provide operational support services and a training programme to respond to the requirements of NPCIL, the Indian owner and operator of the future nuclear power plant, currently under discussion. 
 
EDF will be responsible for engineering integration covering the entire project (nuclear island, conventional island and auxiliary systems) and will provide all the requisite input data, it said.
 
"EDF and GE Power will move forward with the work currently being performed to freeze the project’s technical options, fine-tune industrial arrangements between both companies and finalize the design-engineering and procurement schedule.
 
"The signing of this strategic cooperation agreement is an important step in implementing the Industrial Way Forward Agreement which was signed with NPCIL on the 10th of March 2018. Under the terms of this agreement, EDF will supply EPR technology and will be responsible for building and coordinating industrial partners for this project.
 
"GE Power is a long-standing partner of the EDF Group. The company is the main supplier of conventional-island components for many French power plants like Flamanville-3 as well as Hinkley Point C in the UK. GE Power has decades of experience and a manufacturing footprint in both France and India," the statement said.
 
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“This strategic agreement marks the beginning of a new phase in the implementation of the world’s biggest nuclear project at Jaitapur. We are proud to be supported by an experienced partner whose expertise is widely recognised across the globe. This long term agreement with GE, underpinned by a synergy of combined skills and the convergence of our long-term strategies in India, is yet another promising brick supporting the future of this project which is essential for the future of India’s energy mix and for EDF," Ursat said.
 
“We are delighted to build on our long-standing partnership with EDF by signing this agreement related to Jaitapur. This represents 60 years of nuclear partnership between our two companies and demonstrates deep expertise in nuclear project development. GE Power also has a long history of helping India produce power and we’re pleased that our Arabelle steam turbines will be part of the solution to ensure reliable, CO2-free power for their growing economy," said Lusch.
 
The conventional island comprises all components and systems that are used for converting steam generated by the nuclear reactor into electrical power (all Turbine Hall systems and components including steam turbine, power generator, condenser, moisture separator-reheater system, auxiliary systems and power evacuation systems).
 
The  Arabelle steam turbines -- either in operation or being manufactured -- represent about 50 GW of power globally. This technology has been in operation for more than 15 years and is the largest steam turbine in operation today, the statement added.
 
The EPR is a third generation pressurised water reactor (PWR) design. It has been designed and developed mainly by Framatome (part of Areva between 2001 and 2017) and EDF in France, and Siemens in Germany. 
 
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Mixed global cues, weak rupee keep equity indices flat

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Noting a mixed trend in the global markets, the key Indian equity indices ended their volatile trade on Tuesday on a flat note.
 
Although the indices had opened in the red, they pared their losses around an hour into the trade, with the BSE Sensex gaining over 100 points by the afternoon session.
 
By the end of the day's trade, the indices ended flat, with minor gains, noting mixed global cues -- weak Asian markets and positive Europeran markets.
 
Depreciation in the Indian rupee also eroded investor sentiments during the day, analysts said.
 
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,769.15 points, up 6.70 points or 0.06 per cent from the previous close of 10,762.45 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,355.72 points, closed at 35,490.04 points -- up 19.69 points or 0.06 per cent -- from its previous session's close of 35,470.35 points.
 
The Sensex touched an intra-day high of 35,616.64 and a low of 35,338.09 points. The BSE market breadth, however, was bearish so far with 1,786 declines and 850 advances.
 
"Sensex and Nifty closed marginally higher on Tuesday, amid mixed sentiment in global equity markets. European stocks edged higher despite a sell-off in Asian markets amid escalating trade tensions between the US and other major economies," said Tradebulls Director and Chief Operating Officer Dhruv Desai.
 
HDFC Securities' Head of Retail Research, Deepak Jasani told IANS: "Markets ended flat on Tuesday after a volatile intra-day session that saw the Nifty swinging from positive to negative territory several times during the day."
 
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On the currency front, the Indian rupee weakened by 12 paise against the US dollar to 68.25, from its previous close of 68.13 per greenback. 
 
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 538.40 crore while the domestic institutional investors bought stocks worth Rs 238.05 crore.
 
Sector-wise, the S&P BSE consumer durables index rose by 107.77 points, the FMCG stocks were up 85.13 and the IT stocks ended 83.38 points higher from its previous close.
 
On the other hand, S&P BSE auto index fell by 117.02 points, the healthcare index was down 83.02 points and the capital goods index ended lower by 59.56 points.
 
Stock-wise, the major gainers on the Sensex were Coal India, up 2.10 per cent at Rs 264.50; Maruti Suzuki, up 1.80 per cent at Rs 8,950.10; Tata Consultancy Services (TCS), up 1.77 per cent at Rs 1,852.70; Bharti Airtel, up 1.75 per cent at Rs 380.15; and Asian Paints, up 1.57 per cent at Rs 1,273.70 per share.
 
The top losers were Tata Motors, down 4.31 per cent at Rs 277.35; Reliance Industries, down 2.48 per cent at Rs 978.70; Power Grid, down 1.82 per cent at Rs 191.45, Tata Motors (DVR), down 1.69 per cent at Rs 165.90; and Tata Steel, down 1.64 per cent at Rs 549.35 per share.
 
IANS
 
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Kerala allots land to Nissan for digital innovation hub

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The Kerala government on Tuesday allotted 70 acres of land at the Technocity campus and 25,000 sq feet space at the Technopark campus here to Japan's Nissan Motors to set up a digital innovation hub.
 
This campus will be named the "Nissan Knowledge City". Their other hubs are located in Japan, China, France and the US.
 
The company will initially begin operations in 25,000 sq ft space in the Technopark Phase III campus.
 
Nissan's digital innovation hub will host a team of engineers and scientists, working to create innovations in automated and electronic vehicles space.
 
The company will be initiating research and development work in artificial intelligence, cognitive analytics, machine learning and other digital technologies.
 
On setting up operations, the company is expected to generate 3,000 direct and many more indirect employment opportunities.
 
"With Nissan's strategic engagement, we are confident that we will be able to rope in a host of IT companies also to our state," said Technopark CEO Hrishikesh Nair.
 
IANS
 
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Equity indices pare losses to trade higher on Tuesday afternoon

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The key Indian equity indices traded in the green on Tuesday afternoon as they pared the losses made in the early morning trade.
 
The indices had opened on a flat-to-negative note due to decline in the global markets and the ongoing trade war concerns.
 
During the afternoon session, FMCG and IT stocks witnessed healthy buying activity.
 
At 12.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,799.95 points, up 37.50 points or 0.35 per cent from the previous close of 10,762.45 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,355.72 points, traded at 35,595.68 points (12.30 p.m.) -- up 125.33 points or 0.35 per cent -- from its previous session's close of 35,470.35 points.
 
The Sensex has so far touched an intra-day high of 35,600.77 and a low of 35,338.09 points. The BSE market breadth, however, was bearish so far with 1,451 declines and 876 advances.
 
The top gainers on the Sensex were Bharti Airtel, Coal India, ITC, Tata Consultancy Services (TCS) and HDFC whereas Tata Motors, Reliance Industries, Tata Steel, ICICI Bank and Tata Motors (DVR) were the major losers.
 
On the NSE, Ultratech Cement, Hindalco Industries and Bharti Airtel were the highest gainers while Tata Motors, Reliance Industries and Cipla lost the most.
 
IANS
 
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Group of Eminent Personalities to study the SEZ Policy holds its first meeting

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The group of eminent personalities constituted by the Union Government to study the Special Economic Zones (SEZ) Policy held its first meeting here on June 22 under the aegis of Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu.
 
The Minister requested the members of the group to review the entire ecosystem of SEZs to suggest policy changes to make SEZ policy simple and transparent, with a view to removing regulations in the industry without compromising on environmental concerns.
 
Baba Kalyani, Chairman, Bharat Forge, who is chairman of the group, pointed out that biggest challenge today was the creation of jobs and the focus of the group would be to address this issue. The group will make suggestions for a shift from fiscal incentives to employment-based incentives, reframe the boundaries and introduce grandfathering clause for existing provisions, he added.
 
The group has decided to meet in the middle of July and to submit its report by the end of August, an official press release added.
 
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Livestock export from Nagpur airport to begin this month

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Livestock export from Nagpur airport will begin from June 30 when the first lot of sheep and goat will be sent to Sharjah in the United Arab Emirates (UAE) and around 1 lakh livestock will be exported over a period of three months from the Nagpur airport.
 
An official press release said the project is taking off due to the joint efforts of Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN), Air India, Agriculture Ministry and Commerce Ministry. 
 
"The export of livestock will benefit farmers of the Vidarbha region which is witnessing farmer’s suicides and in order to explore new avenues to improve farmer’s income, this project has been undertaken," it said.
 
According to the release, shepherds and farmers of the region will greatly benefit from this trade. "It would lead to more of them taking up sheep and goat rearing as a side business. When there is drought or when the farmer is in need of money he will be able to sell the sheep and goat. Women too can take this up as a business and make it a source of earning," it said.
 
Maharashtra Chief Minister Devendra Fadnavis, Union Minister of Road Transport & Highways, Nitin Gadkari and Union Minister of Industry & Commerce Suresh Prabhu will be present when the first batch of livestock is sent from Nagpur, the release added.
 
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Key equity indices open flat on weak global cues

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The key Indian equity indices opened on a flat-to-negative note on Tuesday tracking weakness in the global markets.
 
At 9.20 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,750.05 points, down 12.40 points or 0.12 per cent from the previous close of 10,762.45 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,355.72 points, traded at 35,433.58 points (9.20 a.m.) -- down 36.77 points or 0.10 per cent -- from its previous session's close of 35,470.35 points.
 
The Sensex has so far touched an intra-day high of 35,439.51 and a low of 35,338.09 points.
 
The BSE market breadth was bearish with 711 declines and 473 advances so far.
 
IANS
 
 
 
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Modi to inaugurate annual meeting of AIIB in Mumbai on Tuesday

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Prime Minister  Narendra Modi will visit Mumbai tomorrow where he will inaugurate the third annual meeting of the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
 
The theme for this year’s meeting is “Mobilizing Finance for Infrastructure: Innovation and Collaboration.”  
 
Leaders from varied organizations and levels of government will be sharing ideas and experiences for creating a sustainable future through sound infrastructure investment.
 
This year will also see the launch of the inaugural Asian Infrastructure Forum, which will gather infrastructure practitioners in a practical and project-driven discourse, focused on matching innovative finance to critical infrastructure needs.
 
Later, the Prime Minister will meet business leaders and captains of industry, for a discussion on issues such as economic growth, infrastructure development, policy initiatives, investment, innovation and job creation, an official press release added.
 
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India looking forward to AIIB investments in nine more projects: Goyal

 
Finance will not hinder massive construction in India: Goyal
 
 
Railways  and Coal Minister Piyush Goyal, who is also holding charge of Finance, said here today that India is looking forward to investments in nine more projects from the Asian Infrastructure Investment Bank (AIIB).
 
Addressing a press conference on the sidelines of the Third Annual Meeting of AIIB here, he said India had picked up almost 28 percent of the bank's total lending so far of $ 1.4 billion for seven projects.
 
Welcoming delegates from 86 countries, Mr. Goyal pointed out that, in just three short years, India has hosted three major events for international multilateral banks; the New Development Bank (NDB), African Development Bank (ADB) and now the Asian Infrastructure Investment Bank (AIIB) in quick succession.
 
Lauding AIIB for its robust processes, he said that it is a matter of great pride that a concept that was floated in 2014 was able to mature in 6-7 months, and by 2015 a Multilateral Development Bank was in place with India being the second largest stakeholder with over 8% stake.
 
Mr. Goyal said Goyal said that AIIB has focused its investment in India on lending to rural infrastructure, energy and power, environmental protection, transportation and telecommunication, water supply and sanitation and urban development and logistics and it is a matter of great pride that India is the largest recipient of the $ 4.2 billion funds disbursed by it.
 
Lising the robust framework and easy to navigate policies being the key reasons for the investment flow into infrastructure in the country, he said India is a "sweet spot where the rule of law prevails to attract investments".
 
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Earlier participating in the Governors' Seminar-I on the theme of "Mobilizing Finance for Infrastructure", the Finance Minister pointed out that integrity of people and process would decide the investment discourse.
 
The Minister mentioned that Mumbai as a city has improved its ranking in the Cleanliness Index significantly during the last few years and is engaging with international global efforts for better quality of life.
 
By 2022, the Government, as part of  thePrime Minister’s plan, will ensure every citizen to has shelter over  his head, 24x7 electricity, good toilet, clean drinking water, access by road to his house and internet connectivity, he said.
 
Industries Department, Government of Maharashtra is the nodal Department, Maharashtra Industrial Development Corporation (MIDC), Government of Maharashtra is the nodal agency, Confederation of Indian Industry (CII) is the Professional Conference Organiser (PCO), and Research and Information Systems for Developing Countries (RIS) is the knowledge partner, for the third Annual Meeting of AIIB.
 
The AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, it commenced operations in January 2016 and has now grown to 86 approved members from around the world.
 
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Global cues subdue equity indices, Sensex ends 200 points lower

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Weak global cues pulled the key Indian equity indices lower on Monday, with the benchmark BSE Sensex falling over 200 points.
 
Heavy selling pressure was witnessed in the auto, banking and capital goods stocks.
 
Globally, stock markets slumped due to the escalating trade war concerns.
 
In the domestic market, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,762.45 points, down 59.40 points or 0.55 per cent from the previous close of 10,821.85 points.
 
Similarly, the barometer 30-scrip Sensex of the BSE, which had opened at 35,783.75 points, closed at 35,470.35 points -- down 219.25 points or 0.61 per cent -- from its previous session's close of 35,689.60 points.
 
The Sensex touched an intra-day high of 35,806.97 and a low of 35,430.11 points. 
 
In the broader markets, the S&P BSE mid-cap declined by 0.80 per cent and the S&P BSE small-cap ended 0.89 per cent lower from its previous close. The BSE market breadth was bearish with 1,775 declines and 819 advances so far.
 
"Markets corrected on Monday after witnessing a rally last Friday. The weakness came on the back of weak global cues as trade tensions continued between US and China," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund, said: "Sentiment across Asia was negative after the US Treasury department announced its decision to scrutinise Chinese investments in sensitive US industries concerned with economic and national security."
 
Major Asian markets closed on a negative note and the European indices like FTSE 100, CAC 40 and DAX traded in the red, Jasani said.
 
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On the currency front, the Indian rupee weakened by 29 paise against the US dollar to 68.13, from its previous close of 67.84 per greenback.
 
Investment-wise, provisional data with exchanges showed that foreign institutional investors purchased scrip worth Rs 198.68 crore while the domestic institutional investors sold stocks worth Rs 86.22 crore.
 
Sector-wise, the S&P BSE IT index and the Teck (technology, media and entertainment) index were the gainers on Monday, ending higher by 115.29 points and 40.56 points respectively.
 
On the other hand, S&P BSE auto index slumped by 371.94 points, the banking index was down 279.83 points and the capital goods index ended 233.08 points lower from its previous close.
 
Stock-wise, the major gainers on the Sensex were Infosys, up 2.07 per cent at Rs 1,272.30; Kotak Mahindra Bank, up 0.70 per cent at Rs 1,329.45; Vedanta, up 0.70 per cent at Rs 230.25; IndusInd Bank, up 0.65 per cent at Rs 1,967.10; and HDFC Bank, up 0.58 per cent at Rs 2,093.95 per share.
 
The top losers were Tata Motors (DVR), down 7.08 per cent at Rs 168.75; Tata Motors, down 5.94 per cent at Rs 289.85; ICICI Bank, down 3.79 per cent at Rs 289.45, Coal India, down 2.28 per cent at Rs 259.05; and Larsen and Toubro, down 2.05 per cent at Rs 1,269 per share.
 
IANS
 
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Reliance Jio signs US$ 1 billion equivalent K-SURE covered term loan facility

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Telecom services provider Reliance Jio Infocomm Limited (RJIL), a subsidiary of the Mukesh Ambani-led Reliance Industries Limited (RIL), today said it had signed a US$ 1 billion equivalent term loan facility covered by Korea Trade Insurance Corporation (K-SURE) on June 22.
 
The facility will be used to finance goods and services procured primarily from Samsung Electronics and Ace Technologies Corp., a press release from the company said.
 
The facility, which  has door to door tenor of 10.75 years, is K-SURE’s largest deal in India as well as the largest deal supported by K-SURE in the telecom sector globally.
 
This transaction marks the fourth K-SURE covered facility for the Reliance group in the last five years and the second K-SURE covered facility for RJIL in the last three years, the release said.
 
The facility was arranged by Australia and New Zealand Banking Group Limited and The Hongkong and Shanghai Banking Corporation Limited. In addition, it saw participation from BNP Paribas; Commerzbank AG; Citibank N.A.; ING Bank; JPMorgan Chase Bank, N.A.; Mizuho Bank, Ltd.; MUFG Bank, Ltd. and Banco Santander, S.A.
 
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Global cues depress equity indices; auto stocks fall

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Decline in international markets and rising global trade tensions subdued the key Indian equity indices on Monday afternoon.
 
According to analysts, heavy selling pressure was witnessed in the auto, oil and gas and banking stocks.
 
At 12.46 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,799.80 points, down 22.05 points or 0.20 per cent from the previous close of 10,821.85 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,783.75 points, traded at 35,607.21 points (12.48 p.m.) -- down 82.39 points or 0.23 per cent from its previous session's close of 35,689.60 points.
 
The Sensex has so far touched an intra-day high of 35,806.97 points and a low of 35,584.24. The BSE market breadth was tilted towards the bears with 1,333 declines and 1,013 advances so far.
 
The top gainers on the Sensex were Vedanta, Sun Pharma, Infosys, Hindustan Unilever and IndusInd bank whereas Tata Motors (DVR), Tata Motors, ICICI Bank, Coal India and Power Grid were the major losers.
 
On the NSE, Vedanta, Sun Pharma and Ultratech Cement were the highest gainers while Tata Motors, BPCL and Hindustan Petroleum lost the most. 
 
IANS
 
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Saudi Aramco, ADNOC sign MoU for refinery and petrochemicals complex in India

Indian Minister for Petroleum & Natural Gas Dharmendra Pradhan and UAE Foreign Minister Sheikh Abdullah bin Zayed bin Sultan Al Nahyan witnessing the signing of an MoU between Saudi Aramco and ADNOC to invest in the proposed Ratnagiri Refinery & Petrochemicals (RRPCL), in New Delhi on June 25, 2018.
Indian Minister for Petroleum & Natural Gas Dharmendra Pradhan and UAE Foreign Minister Sheikh Abdullah bin Zayed bin Sultan Al Nahyan witnessing the signing of an MoU between Saudi Aramco and ADNOC to invest in the proposed Ratnagiri Refinery & Petrochemicals (RRPCL), in New Delhi on June 25, 2018.
The Saudi Arabian Oil Company (Saudi Aramco) and the Abu Dhabi National Oil Company (ADNOC) signed a memorandum of understanding (MoU) here today to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra in what will be the single biggest foreign investment in the refining sector in India.
 
The project will be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL), an official press release said.
 
The MoU was signed between Saudi Aramco President and CEO, Amin H. Nasser and Dr. Sultan Ahmed Al Jaber, UAE Minister of State & ADNOC Group CEO. 
 
The signing was witnessed by United Arab Emirates (UAE) Foreign Minister Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, who is on an official visit to India, and Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan.
 
Earlier, Saudi Aramco had joined the project by signing an MoU with the Indian consortium on April 11 this year on the sidelines of the 16th  International Energy Forum Ministerial. Saudi Aramco had said at that it time that it would include another strategic partner to co-invest in the project as an overseas investor.
 
RRPCL, which is promoted by a consortium of India PSUs consisting of Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limtied (HPCL), will now have Saudi Aramco and ADNOC as overseas strategic partners, the release said.
 
"The project will be set up as a 50:50 joint partnership (50:50) between the consortium from India and Saudi Aramco and ADNOC. This will be single largest overseas investment in the Indian refining sector," the release said.
 
According to it, the  strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.
 
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The mega refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million metric tonnes per annum). It will produce a range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The refinery will also provide feedstock for the integrated petrochemicals complex, which will have a capacity of producing approximately 18 million tonnes per annum of petrochemical products.
 
RRPCL will rank among the world’s largest refining and petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around Rs. 3 lakh crore (US$ 44 billion).
 
RRPCL was formed as a joint venture company on September 22, 2017  between IOCL, BPCL and HPCL with equity participation of 50:25:25, respectively.
 
A preliminary feasibility study has been conducted by the public sector Engineers India Limited (EIL), which has also provided the basic technical configuration of the project. Certain pre-project activities have also been initiated.  A demand supply market study for petrochemicals has also been completed through IHS Markit, a reputed global consultant. A further configuration study through an international consultant is being taken up shortly which will lead to carrying out the Detailed Feasibility Study for the project, culminating into a final investment decision, the release added.
 
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11 PSB chiefs to appear before Parliamentary panel on Tuesday

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Senior officials of 11 public sector banks (PSBs) will appear before the Parliamentary Standing Committee on Finance on Tuesday on the issue of the banks' massive non-performing assets (NPAs), or bad loans, and increasing number of fraud cases, according to official sources here.
 
The committee, headed by Congress leader M. Veerappa Moily, is preparing a report on the "Banking Sector in India - Issues, Challenges and the Way Forward, including Non-Performing Assets/Stressed Assets in Banks/Financial Institutions".
 
The PSBs due to make presentations before the Parliamentary panel and respond to their queries on June 26 are Allahabad Bank, Bank of India, Central Bank of India, Dena Bank, IDBI Bank, Corporation Bank, UCO Bank, Indian Overseas Bank, Oriental Bank of Commerce, Bank of Maharashtra and United Bank of India, Finance Ministry sources said. 
 
The accumulated NPAs in the Indian banking system have touched the staggering level of Rs 9 lakh crore, of which the bad loans of state-run banks amount to over Rs 7.5 lakh crore.
 
In February, the banking system was rocked by the Rs 13,000 crore fraud reported by state-run Punjab National Bank (PNB) allegedly committed by the accused diamantaire Nirav Modi and his uncle Mehul Choksi, both of whom are absconding. 
 
IANS
 
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Key Indian equity indices open flat

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The key Indian equity indices opened on a flat to negative note on Monday.
 
The 30-scrip Sensitive Index (Sensex), was trading 20.89 points or 0.06 per cent lower soon after opening.
 
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 9.20 points or 0.09 per cent lower at 10,812.65 points.
 
The Sensex of the BSE, which opened at 35,783.75 points, was trading at 35,668.71 points (at 9.16 a.m.), lower 20.89 points or 0.06 per cent from the previous day's close at 35,689.60 points.
 
The Sensex touched a high of 35,806.97 points and a low of 35,658.19 points in the trade so far.
 
IANS
 
 
 
 
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Global factors, monsoon's progress to drive equity indices

Global factors such as concerns over trade wars and further developments on tariffs, along with the decision of the Organisation of Petroleum Exporting Countries (OPEC) to marginally increase oil production, would drive the domestic equity market in the week ahead.
 
According to market analysts, progress in the monsoon rains and the macro-economic data due later in the week would also give the market cues.
 
"The rise in oil prices after the modest supply increase by OPEC would dampen the sentiment in stocks, bonds and the FX (forex) markets," Delta Global Partners' Founder and Principal Partner Devendra Nevgi told IANS.
 
Global event risks, especially the developments on trade wars between the US and China, would be closely monitored, he said.
 
Geojit Financial Services' Head of Research, Vinod Nair said: "Progressing monsoon and positive outlook on rural market is giving boost to the economy, which is already showing signs of improvement."
 
However, the risk of downgrade in financial year 2019 earnings followed by weak fourth quarter earnings would test investors sentiment, Nair said.
 
Besides, cues from economic data like Consumer Price Index, Index of Industrial Production and Wholesale Price Index data to be released later in the week also would be a determining factor in the market movement, he added.
 
According to Equity99's Senior Research Analyst, Rahul Sharma: "Stock specific action will remain the flavor of the week in an otherwise dull and direction-less trading market where investors look for global clues."
 
Sector-wise, oil marketing companies, IT and pharma stocks would be in focus, Nevgi said, adding that invesment-wise the support to the markets "continue to come from domestic investors, given the selling by foreign investors". 
 
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In the week gone by, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,088.81 crore, while the domestic institutional investors purchased stocks worth Rs 4,720.76 crore.
 
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 4,528.63 crore, or $665.71 million, in the week ended on June 22.
 
In the coming week, Gaurav Jain, Director of Hem Securities, feels trading could be volatile as traders would roll over positions in the F&O segment from the near month June 2018 series to July 2018 series.
 
On a technical basis, the key Indian equity indices, Jasani said, are likely to witness "further upside" in the coming week once the immediate resistance level of 10,837 points on the Nifty50 is breached. Crucial supports to watch for resumption of weakness are at 10,710 points , he said.
 
In the week just ended, both the key Indian equity indices -- S&P BSE Sensex and the Nifty 50 on the National Stock Exchange -- rose for the fifth consecutive week, although with marginal gains. The indices ended higher on a weekly basis due to value buying, even as the trade was largely volatile and bearish.
 
The wider Nifty50 closed trade at 10,821.85 points -- up 4.15 points or 0.04 per cent -- from its previous close.
 
Similarly, the barometer 30-scrip Sensex rose by 67.46 points or 0.19 per cent to close at 35,689.60 points on a weekly basis.
 
IANS
 
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Prabhu reviews the development of Konkan region

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Minister of Commerce & Industry and Civil Aviation Suresh Prabhu chaired a meeting here yesterday to review the development of Konkan region.
 
The meeting focussed on the development of agriculture, services and manufacturing sector in the region.
 
Reviewing the agriculture sector in Konkan region, the Minister directed officials to run campaigns on Geographical Indicators (GIs) so as to increase awareness about the benefits of GI tag for the produce of the region. He directed officials to prepare a policy for establishing GI stalls at all airports of India.
 
Moreover, he also suggested displaying GI products from all over India at all international airports of the country. Plans to develop GI Tourism Circuits including the circuit covering Mahabaleshwar-Ratnagiri, Sindhudurg and Nasik were also discussed.
 
To boost tourism, the Minister directed Airports Authority of India (AAI) to operationalize Sindhudurg-Ratnagiri Airport on a priority basis.
 
In order to boost agricultural activity in the region, prospective role and contribution of Agricultural and Processed Food Products Export Development Authority (APEDA), Spice Board and Rubber Board was discussed. The Minister said representatives from Self Help Groups (SHGs) and Farmers’ Groups should also be consulted.
 
In the manufacturing sector, the discussions focused on leather, gem & jewellery and packaging sectors. To boost packaging sector in the Konkan region, Mr Prabhu directed the officials to conduct a feasibility study for establishing a campus for Indian Institute for Packaging (IIP) in Sindhudurg-Ratnagiri district.
 
In the service sector, steps will be taken to give a boost to the IT and ITES industry. It was decided to actively involve NABARD in the process. The Minister stressed that the Commerce Ministry will coordinate with other Union Ministries and State Governments to smoothen the development of the Konkan region.
 
The meeting was attended by senior officials of the Department of Commerce, Civil Aviation, APEDA, MPEDA, Spice and Rubber boards and officers from the Konkan region.
 
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RITES IPO subscribed over 66 times, to bring Rs. 466 crore revenue to government

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The initial public offering (IPO) of the Railways' Central Public Sector Enterprise (CPSE) RITES was subscribed 66.75 times and the Government is expected to get revenue of Rs. 466 crore from the disinvestment.
 
The Government is selling 12.6 percent of its stake in the company, or 2.52 crore equity shares, including 12 lakh shares to employees, through the IPO.
 
An official press release said the issue received bids for 168.20 crore shares worth Rs 30,630 crore against the issue size of 2.52 crore shares worth Rs 466 crore. The segment meant for qualified institutional buyers (QIBs) was subscribed 71 times, non-institutional investors 194 times, while the retail investors segment was subscribed over 13 times.
 
The numbers are likely to go up as these are based on the information available at 6 pm yesterday, the release said.
 
RITES IPO is one of the highest subscribed IPOs in recent times. Price band for the issue has been fixed at Rs 180-185 per share, with a discount of Rs 6 for retails investors and employees.
 
RITES is the first CPSE to launch an IPO in the current fiscal besides being the first Railway CPSE to be listed on the stock markets after Concor in 1994-95, the release added.
 
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Modi says India's share in global exports must be raised to 3.4%

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Prime Minister Narendra Modi today urged the Department of Commerce to resolve to raise India's share in total global exports to at least 3.4 percent from the current level of 1.5 percent.
 
Speaking after laying the foundation stone of Vanijya Bhawan, that will, on completion, house the offices of the Department of Commerce here, he emphasized the need for an increase in exports and said States must be made active partners in this effort.
 
Similarly, the Prime Minister said, efforts must be made to raise domestic manufacturing output, to reduce imports. In this context, he gave the example of electronics manufacturing. The Union Government has taken a number of steps to boost domestic manufacturing, he added.
 
Expressing confidence that the building will be completed well within the stipulated time, he said it would be in keeping with the spirit of the new India and moving away from old practices, under which important building projects, even in the capital, had been inordinately delayed.
 
In this context, he mentioned the Dr Ambedkar International Centre, the Dr Ambedkar National Memorial, the Pravasi Bharatiya Kendra and the new office building for the Central Information Commission.
 
Mr Modi said this was also the result of breaking silos within the working of the Government. He expressed the hope that the new office building ‘Vanijya Bhawan’ would further facilitate elimination of silos in India’s commerce sector. Speaking about the country’s demographic dividend, he said, “it is our collective responsibility to fulfil the aspirations of our youth.”
 
Talking of adoption of digital technology, he said the land on which the new building was being constructed, was earlier occupied by the Directorate General of Supplies and Disposal. This has now been replaced by the Government e-Marketplace (GeM), which has seen transactions worth Rs 8,700 crore in a short time, he added.
 
Mr Modi urged the Department of Commerce to work towards further expansion of GeM, and leverage it for the benefit of the country’s MSME sector. He also spoke of the benefits of GST and said the Union Government was making constant efforts to create a people-friendly, development-friendly and investment-friendly environment.
 
He mentioned various macro-economic parameters and other indicators to explain how India was now playing an important role in the global economy. It is now among the top five fin-tech countries, globally. Ease of trading and ease of doing business were all related to “ease of living” in an interconnected world, he added.
 
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Nothing unusal, says ADCB; 1.6 lakh deposited Rs 746-cr banned notes, says NABARD

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The National Bank for Agriculture & Rural Development (NABARD) on Friday attributed the country's highest deposits of Rs 745.59 crore in banned currencies at the Ahmedabad District Cooperative Bank (ADCB) to the latter's massive size and performance.
 
After a political storm over the IANS report on RTI revelations about ADCB, in which Bharatiya Janata Party (BJP) President Amit Shah is a director, the NABARD came out in strong defence of the Ahmedabad-based bank.
 
"NABARD conducted 100 per cent verification in ADCB which revealed that the bank had complied with all the KYC guidelines of the RBI while accepting the demonetised notes," it said in a statement here.
 
"During the period when the banks were permitted to accept deposits, 1.6 lakh customers of the bank deposited/exchanged the demonetised notes aggregating to Rs 746 crore, which was only about 15 percent of the total deposits of the bank," NABARD said.
 
Confirming the figure of deposits of the banned Rs 500 and Rs 1,000 currency notes worth Rs 745.59 crore, NABARD said the ADCB has 16 lakh accounts spread across 194 branches, making it Gujarat's biggest DCCB.
 
It said of the 16 lakhs accounts, barely 1.6 lakh customers or 9.37 percent exchanged or deposited the old notes.
 
Of these less than Rs 2.5 lakhs were deposited in 98.66 percent of the accounts in which deposits/ exchanges were made.
 
NABARD also said of the total number of accounts with ADCB, only 0.09 percent comprised accounts with deposits of more than Rs 2.5 lakh.
 
"The average deposit amount in ADCB was Rs 46,795, which was lower than average per depositor in 18 DCCBs of Gujarat," it added.
 
In contrast, the NABARD said that the DCCBs in Maharashtra and Kerala had deposits that were higher than the DCCBs in Gujarat.
 
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Our Gujarat Correspondent, Darshan Desai adds: ADC Bank chairman Ajay Patel says there was "nothing unusual" about the bank receiving as much as Rs 746 crore deposits in the first five days of demonetisation announced by Prime Minister Narendra Modi on November 2016.
 
Asked how could the bank staff managed to handle so much money in just five days when making deposits after demonetisation required a detailed procedure, Patel told IANS, "We have 194 branches across Gujarat, not just one."
 
"So it is no big deal. And for any other clarification about the deposits in our bank, the NABARD has issued a detailed press release. You can refer that," he added, speaking in Gujarati.
 
The NABARD statatement lauded the ADCB, saying the bank had total business levels of over Rs 9,000-crore, is one of the top 10 DCCBs in the country, and was recently awarded for best performance by the Federatoin of Cooperative Banks, and its deposit base of Rs 5,330-crore is the highest among all the Gujarat banks.
 
Moreover, calling it a "farmer friendly bank", it said the bank has adopted technology to the core to enhance ease of doing banking to farmers, is among the first few DCCBs in India to offer modern mobile banking and limited Internet banking facilities to its customers.
 
IANS on Thursday highlighted how the ADCB became the most sought-after bank for deposits of the Rs 500 and Rs 1,000 currencies which were abruptly demonetised by Prime Minister Narendra Modi on November 8, 2016.
 
The issue created a controversy with several opposition parties, including Congress President Rahul Gandhi and the CPI-M targeting the BJP on the issue.
 
Mumbai Youth Congress President Ganesh Yadav has announced a protest on Saturday to demand a CBI probe against Shah on all the charges against him, suspension of the Rajkot DCCB Chairman Jayesh V. Radadiya who is a cabinet minister in Chief Minister Vijay Rupani's government, and stringent action against both the banks and its officials.
 
Earlier in the day, the AICC issued a hard hitting statement detailing the other DCCBs in Gujarat which are controlled by the ruling BJP.
 
IANS
 
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