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The stock surged 8% to Rs 620, extending its past three days 11% gain on the BSE. from Markets https://ift.tt/2SAU015
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Showing posts from October, 2018
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Policybazaar.com has partnered with Accrivis Network Pvt. Ltd., a data integration platform provider, to implement blockchain solutions to enhance customer centricity through data security and application integration for making the purchase of insurance a seamless affair.By integrating this technology, Policybazaar.com is looking to detect and minimise the rampant frauds that are on-going in the insurance ecosystem affecting both the business and the consumer.At the moment, Indian insurance industry loses USD 6.25 billion or nearly 10% of its revenue attributed to various frauds, of which 86% are attributed to Life insurance sector, which is more than six times of general insurance segment that witnesses frauds to the tune of 14%."We are a technology driven entity and are always keen on integrating emerging technologies that simplify the process of selling and buying insurance in a secured manner. In addition to allaying security issues of consumers using online channels, blockcha...
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The first every repayment, of Rs 300 million, to investors in the now-defunct National Spot Exchange (NSEL) in an arrangement by the city police's economic offences wing (EOW), has been made. The latter is one of the many probe agencies into the Rs 56-billion default in 2013 to the investors.There were 26 defaulting entities, after having borrowed from the investors, delacring they were unable to pay. Around Rs 5 bn has been repaid to the investors since the default but this is the first one via the EOW, which had attached properties of the defaulters and even promoters/directors of NSEL. According to sources, the EOW plans another Rs 1 bn of payment to the investors in the next two months. Around Rs 580 million is still with the EOW in an escrow account and it has asked the high court here for permission to distribute it. A few days earlier, the EOW had successfully auctioned five properties of Mohan India, one of the defaulters, getting Rs 400 mn. This money will be fully receive...
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In what is being deemed as going against the spirit of the law, tax authorities are avoiding issuing a nil withholding tax certificate to entities from Mauritius and Singapore that have bought shares prior to April 1, 2017. As per the amended treaties with these countries, shares bought prior to April 1, 2017 are eligible for grandfathering and no capital gains is to be paid on sale of these shares. Capital gains on derivatives and fixed income securities also remain exempt."Tax authorities have become a lot more reluctant to issue the nil or lower withholding certificate in the light of India's renegotiated tax treaties with countries such as Mauritius and Singapore and the grandfathering clause provided by these," said a tax expert, on condition of anonymity. Foreign entities can ask for a tax withholding certificate under section 195 and section 197 of the I-T Act. The assessee can ask for a nil withholding certificate if it believes that it does not have any tax liabi...
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Implementing Bitcoin at similar rates at which other technologies have been incorporated could alone produce enough emissions to raise global temperatures by two degrees Celsius as soon as 2033, according to a study. "Bitcoin is a cryptocurrency with heavy hardware requirements, and this obviously translates into large electricity demands," said Randi Rollins, a master's student at the University of Hawaii at Manoa in the US. Purchasing with Bitcoins and several other cryptocurrencies, which are forms of currency that exist digitally through encryption, requires large amounts of electricity, according to the study published in the journal Nature Climate Change. Bitcoin purchases create transactions that are recorded and processed by a group of individuals referred to as miners. Miners group every Bitcoin transaction made during a specific timeframe into a block. Blocks are then added to the chain, which is the public ledger, researchers said. The verification process by m...
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The profit margins of textile mills improved during the second quarter (July-September) of the current financial year. Input costs were low, driven largely by a fall in cotton prices.Leading players Welspun India, Trident and Vardhman Acrylic reported emphatic growth in turnover and net profit, as did Raymond and Surat Textiles.Welspun India, for example, posted 21.4 per cent growth in net profit at around Rs 1.217 billion, over the same period last year. Sales grew 11 per cent, to Rs 17.8 bn. "Raymond's overall performance was above our expectations, driven by broad-based growth across divisions. Sales increased 16 per cent, Ebitda (operating earnings) by 36 per cent and net profit by 63 per cent, above our expectations. Management commentary was cautious on Q3 growth trends but it expects growth to improve from Q4, due to the wedding season. While Raymond has maintained its 100 basis points (bps) margin expansion guidance (estimate) for the year, we believe that upsides are ...
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LIC Housing Finance reported a net profit of Rs 5.7 billion for the quarter ended September 30, about 12 per cent higher than the same period a year before. Total income also rose 12 per cent, to Rs 42 bn. These numbers exceeded the expectation and helped it offset a 13 per cent increase over the year in cost of funds, to Rs 31.4 bn in the quarter. These results, along with a healthy outlook, pushed the stock's price at the day's close to Rs 415.85 on the National Stock Exchange, up 2.6 per cent from Friday. The loans portfolio grew to Rs 1,760 bn, a year-on-year growth of 10 per cent. Disbursements rose 30 per cent, to Rs 142.7 bn. Vinay Sah, managing director, said strong growth in the affordable housing segment in both value and volume terms had aided the loan growth. Loans to this section were 13.5 per cent of the total in the quarter. "We expect the trend in disbursal to continue," he said.A worry factor is steep decline in the share of loans to individual borrow...
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Investor wealth soared over Rs 3 lakh crore Monday driven by a rally in the broader market where the BSE benchmark index zoomed 718 points. Sharp gain in stocks, send the market capitalisation of the BSE-listed companies higher by Rs 3,11,665.6 crore to Rs 1,36,43,642.98 crore. Snapping its two-day losing streak, the 30-share BSE index ended 718.09 points, or 2.15 per cent, higher at 34,067.40. "The equity markets remained buoyant throughout the trading session with impressive buying across sectors including PSU banks, power and tech. The market assumed an upward push with many of the factors of the past two weeks probably brushed aside for the time being," said Joseph Thomas, Head Research, Emkay Wealth Management. From the 30-share pack, 23 stocks ended higher led by ICICI Bank, SBI, Adani Ports, Axis Bank and Larsen & Toubro. On BSE, 1,815 stocks advanced, while 775 declined and 163 remained unchanged. In the broader market, the S&P BSE midcap index rose by 2.80 pe...
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Gold is likely to lose its sheen this 'Dhanteras' due to liquidity crunch amidst rising prices and other investment options, say market experts and the industry. If the sluggish sentiment prevails this will be the second consecutive year of poor sales. In 2017, the Dhanteras season saw sales plunging more than 30 per centover the 2016 levels when sales were reasonably goodas the note ban was announced post Diwali. But last year was one of the worst for the industry in recent yearsas it was after the note ban and GST implementation coupled with tighter KYC norms for high value purchases. "I am not expecting good business this 'Dhanteras' as the consumer sentiment is not so good due to lack of liquidity in the market. "I am expectingsales to decline by 5-10 per cent from last year or at best to be at par," All India Gem & Jewellery Domestic Council (GJC) chairman Nitin Khandelwal told PTI. Bullion prices have been heading north for quite some time now, ...
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Indian public sector companies have already placed orders with Iran for crude oil supply during November, a senior government official said here on Friday. "Our public sector companies have already placed orders for the month of November with Iran," said Sunjay Sudhir, joint secretary for international cooperation at the Ministry of Petroleum & Natural Gas. "Iran, historically, has been a key supplier of crude for India," he stressed after presenting investment opportunities in the Indian Strategic Petroleum Reserve programme Phase II (ISPR) to Singapore-based investors. "In India, we are guided by our consideration for energy security," Sudhir said. He also said Indian officials were in talks with the US on waivers relating to Washington's sanctions on dealing with Iran. Sixty-five per cent of India's crude supply comes from the Middle East from Iraq, Saudi Arabia and Iran. The other two main suppliers are Venezuela and Nigeria. Crude oil supp...
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Nasscom president Debjani Ghosh Thursday said cryptocurrencies were illegal and asked players to obey the law and seek clarification from the government if they are unhappy with it. Ghosh said from Nasscom perspective, it was very clear that cyptocurrencies were illegal. "It is law of the land and hence, we have to work with it. If we do not agree, we have to go back to the government and speak about why cryptocurrenciesaren't correct," she said. Cryptocurrency players have reportedly raised concern over police action against them. Founders of Unocoin, Sathvik Viswanath and B V Harish were recently arrested for opening Bitcoin ATM in the city in violation of RBI norms, police said. Ghosh said Nasscom had not gone into the details of the Unocoin case and were waiting for it. "The genesis of this problem, however, lies in the failure of policymaking not keeping pace with rapid technological changes. Nasscom's focus would be to say, how do you synergise technologica...
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S&P Global Ratings said Thursday Bharti Airtel's sale of a minority stake in its Africa subsidiary will ease some pressure on the rating of the India-based telecom company. Six global investors, including Warburg Pincus, Temasek, Singtel and SoftBank Group International, have agreed to invest USD 1.25 billion through a primary equity issuance in Airtel Africa. "Bharti Airtel's sale of a minority stake in its Africa subsidiary will ease some pressure on the rating on the India-based telecommunications company. Bharti will use the proceeds of about USD 1.25 billion to repay of debt," S&P Global Ratings said in a statement. Despite the reduction in leverage, S&P said it continues to see risk of a downgrade if the business performance of Bharti does not improve in line with our expectation over the next 12-18 months, such that the ratio of funds from operations to debt remains below 20 per cent, it said. Bharti continues to prudently manage its leverage by exp...
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With sales volumes disappointing at the start of the festival season, Maruti Suzuki, the country's largest passenger vehicle company, could be facing a difficult December quarter.This is on account of both lacklustre demand and higher input costs. The company is hopeful of a recovery closer to the Diwali season, led by rural demand. However, flooding in Kerala, higher insurance, financing and fuel costs have derailed demand.After flat sales growth in July and a three per cent drop in August, volumes in September rose by only 0.7 per cent, resulting in a 1.5 per cent fall in the September quarter. Given a weak October so far, volumes would have to rise sharply for the company to meet its full-year forecast for 2018-19 of double-digit volume growth. It had achieved 10.5 per cent growth in the first half of the financial year. The demand outlook, given the Rs 3,500 year-on-year increase in average discounts in the September quarter to Rs 18,750, does not bode well. The other worry for...
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Two co-founders of Unicoin, engaged in banned crypto currency exchange, have been arrested, days after their firm launched a Bitcoin ATM kiosk at a mall here in violation of RBI norms, police said Wednesday. Sathvik V was arrested Wednesday, a day after the detention of the other co-founder Harish B V, they said adding the ATM had been sealed. Two laptops, a mobile phone, a device for crypto currencies and Rs 1.79 lakh cash were seized among others from 37-year old Harish, police said. Both the arrested co-founders hailed from Tumakuru and had set up his firm Uncoin Technologies Private Limited to undertake business in virtual currency. The firm inaugurated the ATM kiosk in a city mall last week without permission from the competent authorities, police said. Harish was produced before the first additional chief metropolitan magistrate court, which remanded him in police custody for further questioning. Police asked people not to get lured by the claims of making quick .. from Markets...
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The Co-founder of Unicoin, engaged in banned crypto currency exchange, has been arrested, days after he launched a Bitcoin ATM kiosk at a mall here in violation of RBI norms, police said Wednesday. 37-year old Harish B V 37, hailing from Tumakuru in Karnataka, was arrested Tuesday and two laptops, a mobile phone, a device for crypto currencies and Rs 1.79 lakh cash were seized among others from him, they said. Harish, who had set up his firm Uncoin Technologies Private Limited to undertake business in virtual currency, had inaugurated the ATM kiosk in a city mall last week without permission from the competent authorities, police said. Police, who took the action on their own, produced him before the first additional chief metropolitan magistrate court, which remanded him in police custody for further questioning. Police asked people not to get lured by the claims of making quick bucks through illegal crypto currency. RBI had told the Supreme Court in July that allowing from Markets ...
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The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) signed between India and Singapore in June, 2018 on the constitution of a Joint Working Group (JWG) on FinTech. The Joint Working Group on FinTech between India and Singapore has been constituted for cooperation in the area of FinTech between the two countries. from Markets https://ift.tt/2qb0E15
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The proposed industrial policy may suggest leveraging of blockchain technology to digitise land records to enable MSMEs to access easy loans against assets or properties, an official said. Use of blockchain technology to digitise land records would enhance ease of asset-based lending to micro, small and medium enterprises (MSMEs), the official said. Property records are generally used as collateral for loans by MSME units and it requires lot of efforts to scrutinise those records. The official said that several states and municipalities are digitising land records but there is no common format or security standards. Blockchain technology can be used to digitise land records across the country as it would simplify the process of proving loans against property for MSMEs, they added. The policy may also suggest other ways to ease the process of lending to these units. Commerce and Industry Minister Suresh Prabhu earlier this month had stated that the policy was ready and would soon be ......
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A Vadodara-based businessman has filed a complaint that three persons hailing from New Delhi and Pune duped him of Rs 3 crore in a transaction involving over 64 bitcoins, a senior police official said Sunday. Deputy Police Commissioner Jaydeepsinh Jadeja said that, based on the complaint by Pravesh Nike, a case had been registered against Amit and Ajay Bharadwaj from Delhi and Hemant Bhopena from Pune. Nike claimed that the three, whom he met through an online group trading in bitcoins, reneged on their promise to give a return of ten per cent on bitcoin transactions. He alleged that the three also removed the word "bitcoin" from the agreement documents signed by both parties and replaced it with the term "crypto currency". Jadeja said that a case had been registered against the three under relevant sections of the IPC and Information Technology Act and probe was underway. Bitcoin, a kind of virtual currency, is not legal tender as per Union government laws and ther...
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Dissatisfaction has risen among staffers at the Securities and Exchange Board of India (Sebi) at recent transfer orders and the policy in this regard.A letter on Wednesday from the Sebi Employee Association (SEA) to chairman Ajay Tyagi says the staffers "are collectively feeling let down".A e-mail from this publication to the Sebi management was not answered. According to sources, the human resource (HR) department had on Monday issued a transfer orders for about 80 people, a tenth of the total staff strength at the markets regulator. That was a sequel to an SEA protest on promotion policy, beside opposition to an order of October 4 for the transfer of Manoj Kumar, cheif general manger and president of SEA.In the letter to the chairman, SEA has cited a circular on the transfer policy, dated August 22 last year. It has said this policy is being breached. According to this, the management had to seek the preference of an officer before issuing a transfer order, especially when ...
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Indian exports of Cashew Kernels to USA has declined from 33,898 metric tonne (MT) at Rs 15.05 billion in 2013-14, to 13,179 MT at Rs 9.06 billion in 2017-18. During 2013-14, US was the largest export destination for cashew kernels exporters from India.The decline has also been evident in European countries and in other traditional strongholds, with the competitors like Vietnam offering same quality products at a lower rate. The Cashew Exports Promotion Council of India has said that it is looking at marketing strategies to recapture the lost share in these traditional markets.Exports of cashew kernels to US was around 33,898 MT at a value of Rs 15.05 billion in 2013-14, which has come down to 13,179 MT at Rs 9.06 billion in 2017-18. Exports to Netherlands, the third largest export destination for India, has also declined in volume from 9918 MT to 8650 MT from 2013-14 to 2017-18, while in terms of value, it has grown from Rs 4.23 billion to Rs 5.84 billion during the respective ... f...
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The rupee's depreciation against the dollar and strong domestic demand continues to support steel prices, buoying stock prices for entities in the sector, unlike the volatility seen in most other commodity stocks. Tata Steel and JSW Steel, the two most favoured ones among analysts, have significantly outperformed the broader indices over the past three months. The trend is likely to sustain, say the analysts, who believe Steel Authority of India (SAIL) and Jindal Steel and Power (JSPL) will also gain.Flat steel products, used for making automobiles, white goods and the like, saw prices hiked last month by Rs 500-1,000 a tonne. Analysts expect a similar rise in October, too. Prices of long steel products, which find use in construction, have risen since their August low. Finished steel consumption growth, up from 3.1 per cent in 2016-17 to 7.8 per cent in 2017-18, is to maintain a high single-digit in FY19, says Fitch Ratings.One reason for the higher steel pricing is rupee ... fr...
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The price of standard gold hit its highest in five years at Zaveri Bazaar here, following a sharp increase in the international market and robust consumer demand this festive season.Data from the India Bullion and Jewellers Association (Ibja) showed standard gold was at Rs 31,900 per 10g in the spot bullion on Monday, up nearly 0.6 per cent from its previous close of Rs 31,735 per 10g. The rise has been on for four days in a row.Silver also rose here, to trade at Rs 38,540 a kg.The jump in gold indicates renewed consumer interest as a safe-haven investment avenue amid a volatile stock market, continuous depreciation in the rupee against the dollar, sustained rise in crude oil prices and uncertainty on real estate. Disappointing short-term returns in other investment options, including equities, has prompted investors to take advantage of the current low gold prices abroad."Robust buying sentiment was seen on Monday after the 15 days of inauspicious Shraddha Paksha which ended ... ...
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/ -- On September 30th, the team at DATx, a blockchain project focused on building industry infrastructure, announced the addition of cross-chain interoperability functionality to the DATxChain (Decentralized Application Transformational Chain), the DATx public chain. With the increasingly fragmented nature of the blockchain industry, the DATx team believes only by increasing communication between chains will blockchain technology reach wide commercial adoption. What is cross-chain interoperability? Cross-chain interoperability is the ability of two different blockchains to transfer information between each other. Currently, cross-chain interoperability has yet to be acheived on a significant scale due to technical barriers in differing protocols between chains. Advocates believe cross-chain interoperability will allow for a more efficient token economy by connecting blockchains specialized for different markets, making cryptocurrency a real competitive alternative to the fiat ... fr...
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Amidst the overhang and risks of subsidy sharing, stocks of all public sector (PSU) oil and gas companies have seen sharp cuts recently. GAIL, too, fell about 12 per cent in October, before seeing some rebound in the past two days. While the government has not indicated of any move to push PSU oil companies to share subsidy, says Nilesh Ghughe at HDFC securities if it does, GAIL stands to be the last in the pecking order, while ONGC/OIL India would be first ones to share subsidy burden followed by oil marketing companies. Hence, there is least risk for GAIL. Moreover, on the earnings front, there are multiple triggers. Higher crude oil prices support GAIL's earnings by way of rising realisation in petrochemicals business and higher trading margins. Foreign brokerage, CLSA recently said that GAIL is their preferred play on higher crude prices (along with ONGC and Vedanta), as this may raise spreads in its LPG production business and could also mean higher LNG trading margins. The sp...
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Investor wealth eroded by Rs 2.69 lakh crore Thursday hit hard by massive sell-off in the equity market where the BSE benchmark index plummeted over 1,000 points in intra-day trade. The 30-share index plunged 759.74 points, or 2.19 per cent, to end at 34,001.15. Following the weak show by equities, the market capitalisation (m-cap) of BSE-listed companies witnessed an erosion of Rs 2,69,347.81 crore to Rs 1,35,70,402.59 crore. "Indian stock markets have fallen sharply on Thursday. This is a continuation of the sharp fall we have witnessed in the stock prices over the last couple of weeks (except for one or two days). "While most of the earlier fall could be attributed largely to domestic factors - be it the IL&FS effect and fears of contagion thereon, or the ever increasing fuel prices due to the combined effect of weakening rupee and rising global crude prices etc the reason for Thursday's fall is clearly global, with the US markets falling sharply," said Dheera...
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ESAF Small Finance Bank has completed private placement of its common stock worth Rs 4.64 billion. PNB MetLife India Insurance Co. Ltd, Bajaj Allianz Life Insurance Co Ltd and ICICI Lombard General Insurance Co Ltd along with seven other investors took stake in the Small Finance Bank.PNB MetLife India Insurance Co Ltd and ESAF Multi-State Co-operative took a stake of 4.99 per cent each in the Bank. Bajaj Allianz Life Insurance and ICICI Lombard General Insurance picked up 4.08 per cent and 1.45 per cent stake respectively. ICICI Securities Ltd served as the advisor for the private placement. Polymath Advisors, Mumbai also associated with ESAF SFB in these transactions. With the infusion of additional capital the net worth of the bank has increased to Rs 8.07 billion and the CRAR to 27.9 percent. The proceeds from the private placements will be used for general corporate purposes, capital management and to support future growth. ESAF has collected Rs 3 billion worth deposits in the ... ...
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Investor wealth soared over Rs 3 lakh crore Wednesday as the stock market made a strong recovery, with the BSE benchmark index surging 461.42 points. The Sensex jumped 461.42 points or 1.35 per cent to end at 34,760.89. Led by the sharp rally in stocks, the market capitalisation of BSE-listed companies zoomed Rs 3,08,467.04 crore to Rs 1,38,39,750.40 crore. The Sensex had lost nearly 175 points Tuesday. "Market turned positive from over sold region led by financial stocks and marginal gain in the rupee," said Vinod Nair, Head of Research, Geojit Financial Services. Rupee recovery from record lows also boosted market sentiment. The rupee recovered by 34 paise to 74.05 (intra-day) against the dollar at the forex market Wednesday. From the 30-share pack, 25 scrips advanced, while 5 ended with losses. Axis Bank and SBI led the gainers pack surging up to 6.6 per cent. At BSE, 2,058 stocks advanced, while 611 declined and 131 remained unchanged. In the broader market space, the S...
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Export of silver jewellery has fallen as much as 88 per cent so far this financial year, shows data compiled by the apex industry body, the Gems and Jewellery Export Promotion Council (GJEPC). The cumulative export figure for April-August, first five months of 2018-19, was $239 million (Rs 16.3 billion), compared to $2,008.2 mn (Rs 129.4 bn) in the corresponding period last year. However, during this period, overall gems and jewellery export rose, by 7.3 per cent in rupee terms to Rs 1,131 bn and nearly 1.9 per cent in dollar terms to $16.7 bn.Indian export of silver jewellery and artifacts was a record high of a little above $4 bn in 2016-17, taking major market share from Thailand. That has since reversed -- silver jewellery exporters from Thailand have made their articles more attractive with contemporary and modern designs. While Indian exporters continued to offer the same style of ornaments, failing to move in line with consumer demand.Pramod Agrawal, chairman of GJEPC, said ... ...