Business | GG2.Net Business | GG2.Net 2017-05-29 en // Garavi Gujarat <![CDATA[London stocks dip following Manchester attack]]>
London stocks dipped on Tuesday, with sentiment dented by a deadly terror attack in Manchester, while eurozone equities climbed on upbeat data and US stocks continued to rally. The British capital's FTSE 100 index of leading blue-chip companies wobbled between gains and losses during the day, before finally closing down 0.2 percent."Trading was inevitably overshadowed by last night's terror attack in Manchester," noted Russ Mould, investment director at stockbroker AJ Be]]>
<![CDATA[Adani defers Carmichael coal mine investment decision]]>
Indian energy giant Adani on Monday deferred a final investment decision on its much- delayed 21.7 billion dollar Carmichael coal mine in Australia after the Queensland government failed to decide on royalties amounting to millions of dollars for the controversy-hit project. Adani wanted the Queensland government to delay the start of royalty obligations on the coal mine it hopes to build in Queensland's Galilee Basin, media reports said. A final investment decision (FID) on Carmichael wa]]>
<![CDATA[Indian-origin steel tycoon bags global award in UK]]>
 Britain's Indian-origin steel tycoon Sanjeev Gupta has bagged a top global award for his successful acquisitions and drive to transform the steel industry in the UK, India and beyond. Gupta, the executive chairman of the Liberty House Group which has been behind a series of acquisitions of former Tata Steel and Caparo assets in the British steel industry, received the title of 'CEO of the Year' at the prestigious Platts Global Metals Awards in London on Thursday night. ]]>
<![CDATA[GM to stop selling cars in India, manufacturing to continue]]>
General Motors Co will stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world's most competitive markets where it has less than a one percent share of passenger car sales. The decision was announced as part of a series of restructuring actions from the Detroit automaker on Thursday, and marks a significant blow to India's strategy of encouraging domestic manufacturing. GM says it would no longer market its Chevrol]]>
<![CDATA[Mukesh Ambani leads Forbes list of Global Game Changers]]>
Reliance Industries Chairman Mukesh Ambani leads a Forbes list of 'Global Game Changers' who are transforming their industries and changing the lives of billions of people around the globe. Forbes' second annual Global Game Changers list includes 25 "intrepid business leaders" who are "unsatisfied with the status quo" and "transforming their industries and changing the lives of billions of people around the globe." Ambani, 60 comes at the top of the l]]>
<![CDATA[ London stocks hit new peak, Frankfurt and Paris sag]]>
The London stock market touched yet another record high in initial deals on Tuesday, but Frankfurt and Paris drifted lower. The British capital's benchmark FTSE 100 index reached a new pinnacle at 7,469.82 points. It later stood as 7,467.47, up 0.2 percent compared with Monday's close. In the eurozone, Frankfurt's DAX 30 shed 0.2 percent to 12,787.69 points and the Paris CAC 40 recoiled 0.4 percent to 5,398.15.  ]]>
<![CDATA[Infosys plans to hire 10,000 American workers, open 4 US tech centers]]>
      Indian IT major Infosys will hire about 10,000 locals in the US over the next two years and set up four technology and innovation hubs there, as part of its efforts to tide over visa-related issues+ . Through these new hires and centres, Infosys will also focus on enhancing its play in new technology areas like artificial intelligence (AI), machine learning, user experience, cloud and big data. Infosys CEO Vishal Sikka said the first hub, which will open i]]>
<![CDATA[Sensex reclaims 30,000-level, zooms 134 pts in early trade]]>
    BSE benchmark Sensex recouped over 134 points to trade above the 30,000-mark in early trade today on the back of widespread gains triggered by encouraging corporate earnings.   The 30-share index rose by 134.33 points, or 0.44 per cent, to 30,052.73. The gauge had lost 214.95 points in the previous two sessions.   All the sectoral indices led by consumer durables, PSU, metal, auto, bank and IT were trading in the positive zone, rising by up to 0]]>
<![CDATA[Indian pleads guilty to running call center scam]]>
A 43-year-old Indian in the US has pleaded guilty to illegally running a multi-million dollar Ahmedabad-based call centre and defrauding individuals. Bharat Kumar Patel was arrested for his role in the fraud and money laundering scheme alongside 55 other individuals and five call centers in an indictment returned by a federal grand jury in the Southern District of Texas on October 19. The sentencing of Patel is scheduled for July 7, 2017. As part of the guilty plea he has agreed t]]>
<![CDATA[TCS, US univ to set up facility for cutting edge research]]>
A prestigious US university and Tata Consultancy Services have collaborated to set up a state-of-the-art facility here which its promoters say would lay the groundwork for the fourth industrial revolution by conducting cutting edge research. The collaboration comes more than a century after Jamshedji Tata came to this city known as the steel-making capital to understand technologies which he would later use to launch India's own industrial revolution. Top Indian industrialist Rata]]>
<![CDATA[ 'Adani's project will supply lower quality coal to India']]>
Indian energy giant Adani is planning to supply lower quality coal with high ash content to non-premium markets like India from its controversy-hit Carmichael coal and mine project in Australia's Queensland state, according to a media report on Monday. "The Carmichael mine will produce two coal products: product one, a low ash and moderate energy product most suitable for Asian premium markets, and Product two, a high ash or lower energy product most suitable for non premium markets,]]>
<![CDATA[India to cut Iranian oil purchases in row over gas field]]>
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with the Persian Gulf nation despite Western sanctions over Tehran's nuclear programme. However, previously close ties have been strained sinc]]>
<![CDATA[Westinghouse files for bankruptcy, Indian nuke power units under cloud]]>
Westinghouse Electric, U.S. nuclear unit of Japanese major Toshiba filed for Chapter 11 protection from creditors on Wednesday (29) just three months after huge cost overruns were flagged, as the Japanese parent seeks to limit losses that threaten its future. Bankruptcy will allow Pittsburgh-based Westinghouse, once central to Toshiba's diversification push, to renegotiate or even break its construction contracts, though the utilities that own the projects could seek damages. It could]]>
<![CDATA[Aus. govt company seeks to invest in Adani's coal mine project]]>
An Australian government-owned investment firm is keen to fund the "infrastructure pieces" of Indian energy giant Adani's controversial 21 billion dollar coal mine project in Queensland. Chief executive of the Queensland Investment Corporation (QIC) Damien Frawley said the company wants to explore infrastructure opportunities around the state, including in Adani's project. Even though the company has not been approached for investment in]]>
<![CDATA[BoB PMLA case: ED arrests two businessmen]]>
The Enforcement Directorate has arrested two people in connection with its probe in the Rs 6,000 crore Bank of Baroda money laundering case. Officials said businessmen, Manmohan Singh and Gagandeep Singh, were placed under arrest late yesterday under the provisions of the Prevention of Money Laundering Act (PMLA). They said the two will be produced before a court on Wednesday for further custody. The businessmen have been accused of channeling an alleged R]]>
<![CDATA[Rupee gains 9 paise more against dollar at 64.95]]>
The rupee advanced 9 paise against  the dollar to breach the 65 level at 64.95 -- a fresh 17-month  high -- in early session on Wednesday on increased liquidation of the American currency by exporters and banks.A higher stock opening and continued foreign inflows made the going easy for the rupee.  However, the dollar's recovery against some currencies  overseas restricted the rupee upmove. On Monday, scripting its second-biggest single]]>
<![CDATA[Aus govt company seeks to invest in Adani's coal mine project]]>
An Australian government-owned fund manager company has expressed interest to invest in "infrastructure pieces" of Indian energy giant Adani's USD 21 billion controversial coal mine project in Queensland. Chief executive of QIC Damien Frawley said the company, whose major clients include defined benefit superannuation scheme for Queensland public servants, was keen to explore infrastructure opportunities around the state.  Even th]]>
<![CDATA[India home to 101 billionaires, Mukesh Ambani tops list: Forbes]]>
India is home to world's fourth highest number of billionaires with Reliance Industries chief Mukesh Ambani leading the club of more than 100 super rich Indians, according to a new list released by Forbes magazine. The Forbes list of the 'World's Billionaires' 2017 consists of 2,043 of the richest people in the world who have a combined net worth of $7.67 trillion, a record 18-per cent increase over the past year.The list has been topped by Microsoft co-founder Bill Gates ]]>
<![CDATA[ Idea board approves merger with Vodafone India]]>
 Idea Cellular on Monday approved its amalgamation with Vodafone India and Vodafone Mobile Services, a move that will create the country's biggest telecom services provider with a customer base of over 394 million. The board of directors of Idea Cellular at its meeting held on Monday approved the "scheme of amalgamation of Vodafone India Limited (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMSL) with the company", Idea said in a regulatory filing.]]>
<![CDATA[ Eastern Eye Asian Rich List - Hindujas top list of wealthiest Asians in UK ]]>
NRI businessmen Hindujas have retained their position as the richest Asians in the UK in 2017 with an estimated wealth of 19 billion pounds, an increase of 2.5 billion pounds over last year, according to an annual ranking of the richest Asians in Britain. Steel tycoon Lakshmi N Mittal secured the second place with a fortune of 12.6 billion pounds - up from 6.4 billion pounds last year - in the Eastern Eye Asian Rich List, Britain's 101 Wealthiest Asians 2017, released last night. ]]>
<![CDATA[ Sensex at 2-year high, Nifty hits new peak on Fed move]]>
The prospects of a gradual approach to US rate hike gave markets more reason to rejoice as the Sensex today added 188 points to close at a 2-year high of 29,586 and the Nifty hit a new peak of 9,154, buoyed by strong capital flows. The NSE index rose to a record 9,158.45 (intra-day) before ending the day at a new closing high of 9,153.70, up 68.90 points, or 0.76 per cent, breaching its previous record of 9,087 on March 14. The Federal Reserve, as expected, hiked the benchmark interest ra]]>
<![CDATA[Nifty takes a leap, hits record 9,123 on BJP's poll success]]>
The BJP's landslide victory in UP and Uttarakhand worked wonders for the market as the Nifty hit an all-time high of 9,123 and the Sensex soared 616 points in opening trade on Tuesday after a gush of capital inflows. What made mood more buoyant was better than expected industrial output numbers. IIP (index of industrial production) in January bounced back by expanding 2.7 per cent year-on-year. All sectoral indices led by bank, capital goods and realty were in the positive zone with gains]]>
<![CDATA[ JLR unveils Ratan Tata's passion project Range Rover Velar]]>
Tata Motors-owned Jaguar Land Rover has unveiled a new model at a grand ceremony here. Gerry McGovern, Land Rover Chief Design Officer, credited the final product to Tata Group chairman emeritus Ratan Tata. "I would like to thank Ratan Tata. Ever since he saw the first sketch of the Velar, he became a passionate advocate of it," McGovern said at the function. "Design has the power to enrich people's lives... this is a vehicle with emotionally charged DNA and unquestionable ]]>
<![CDATA[ Bharti Airtel to acquire Telenor India]]>
Telecom operator Bharti Airtel Will acquire the business of Telenor India for an undisclosed sum in all seven circles where it holds spectrum. Airtel on Thursday said it has "entered into a definitive agreement with Telenor South Asia Investments Pte Ltd to acquire Telenor (India) Communications Private Limited." In a separate statement, Telenor said that the transaction will not trigger any impairment. As of fourth quarter 2016, the remaining value of tangible and intangible assets]]>
<![CDATA[ Jio crossed 100-mn subscribers mark in just 170 days: Ambani]]>
Reliance Jio has crossed the 100 million customers mark in 170 days of launch, its Chairman Mukesh Ambani said on Tuesday as he announced a slew of offers, including 20 per cent more data than any rival from April. Reliance Jio, he said, will continue to offer free voice calls and national roaming post April 1, when its promotional free voice and data offer ends. For existing customers, he announced that the current benefits will continue under a new tariff plan for another 12 months by payme]]>
<![CDATA[Tatas to lead, not follow: Chandrasekaran]]>
N Chandrasekaran on Tuesday took over as Chairman of Tata Sons, promising disciplined capital allocation and shareholder returns in group companies, while exhorting them to "lead, not follow." "We will work together to deliver business performance which are industry leading in all our businesses and lead, not follow," the 53-year-old Tata veteran said in a statement on assuming charge this morning. Tata vetran Chandra, as he is popularly known, has been elevated to the pos]]>
<![CDATA[Sensex slips 25 points on profit-booking, global cues]]>
   The benchmark BSE Sensex fell about 25 points to 28,414.48 in early trade on Tuesday on profit-booking by investors after recent gains, amid a weak trend in overseas markets. The 30-share barometer fell 24.80 points, or 0.08 per cent, to 28,414.48, with auto, banking, technology and IT  stocks succumbing to the flurry in profit-booking. The index had gained 783.32 points in the past four  sessions. Also, the NSE Nifty slipped below the key 8,800-mark by  fa]]>
<![CDATA[Apple to start India manufacturing in coming months with iPhone SE: source]]>
Apple Inc will in the coming months start assembling its lower-priced iPhone SE models at a contract manufacturer's plant in the southern Indian technology hub of Bengaluru, an industry source with direct knowledge of the matter said on Friday. Apple's Taiwanese manufacturing partner Wistron Corp is setting up a plant in Bengaluru to focus solely on assembling iPhones, a separate source told Reuters earlier this month. Apple's move comes as it seeks to boost its share in t]]>
<![CDATA[ Demonetisation great move for India in longer term: Apple CEO]]>
The demonetisation drive undertaken by the Indian government is a "great move" in the longer term, Apple CEO Tim Cook said as he emphasised the company's strong intention to "invest significantly" in the country. Cook, in first quarter fiscal year 2017 earnings release conference call, said despite the demonetisation exercise, US-based iPhone maker performed well in the Indian market. "Despite the demonetisation move in India that created lots of economic pres]]>
<![CDATA[Sensex spurts in opening trade ahead of Budget]]>
Market rose by over 64 points in opening trade today as investors built up positions ahead of the Union budget, which is slated to be unveiled later in the day. The rupee appreciating 24 paise to 67.63 against the dollar added to the positivity. The 30-share BSE index, which had lost 226.50 points in the previous two sessions, recovered 64.15 points, or 0.23 per cent, to 27,720.11. Similarly, the NSE Nifty moved up 21.90 points, or 0.26 per cent, to 8,583.20. Fresh positions created by retail]]>
<![CDATA[Rupee gains 11 paise against dollar in early trade]]>
Rising for the fifth straight day, the rupee advanced by another 11 paise to 67.84 against the dollar in early trade today on increased selling of the US currency by banks and exporters. Forex dealers said, a weakening dollar against other currencies overseas supported the rupee but a lower opening in the domestic equity market capped the gains.  Yesterday, the rupee had hit its two-week high of 67.95, appreciating by 8 paise on sustained unwinding of American  currency by exporters]]>
<![CDATA[Sensex, Nifty fall for 2nd day; econ survey, budget in focus]]>
Indian shares fell for a second consecutive session on Tuesday on caution ahead of an annual economic survey and the federal budget, while risk sentiment was hit as Asian shares fell on worries over U.S. President Donald Trump's immigration policy. The finance ministry's chief economic adviser, Arvind Subramanian, will later in the day unveil the economic survey, which will contain assumptions underpinning the annual budget - and float new policy ideas. India's government ]]>
<![CDATA[ Mastercard eyeing to tap growing Indian e-commerce market]]>
Identifying India as one of the "fastest" growing e-commerce nations, a leading global credit card company has said it will increase its investments in the country where it has already grown by 30 per cent in the last two years. "India is one of the top priorities in the region. We have increased our investments in India by over 30 per cent in the  last two years and we are going to increase it even more," Sam Ahmed, Mastercard's senior vice-president of marketing]]>
<![CDATA[ India gets first bite of Apple, iPhone maker to make in Bengaluru]]>
The Government of Karnataka today said it welcomes Apple Inc.’s proposal to commence initial manufacturing operations in the city. “Apple’s intentions to manufacture in Bengaluru will foster cutting edge technology eco system and supply chain development in the state, which are critical for India to compete globally,” an official release signed by Karnataka IT Minister Priyank Kharge said It said Apple’s representatives, led by Priya Balasubramaniam, VP i]]>
<![CDATA[Sensex slips 51 pts after a power-packed show]]>
After Wednesday's strong momentum  powered by the Budget proposals, the benchmark BSE Sensex fell about 51 points in initial trading on Thursday due to a rush to take profit amid weak Asia cues. The NSE Nifty broke below the key 8,700-mark.  The 30-share BSE index dropped 50.61 points, or 0.18 per cent, to 28,091.03, with metal, auto, capital goods, IT and realty stocks feeling the squeeze. The gauge had rallied 486 points on Wednesday, spurred by a series of market-friendly]]>
<![CDATA[Rupee ticks up 5 paise as dollar selling continues]]>
 Looking good for the seventh session, the Indian rupee advanced another 5 paise to 67.42 against the USD in early trade on Thursday as there was no let-up in  selling of the American currency by exporters and banks. The dollar turned weak globally, which supported the rupee upmove. But this was offset by fresh losses in domestic  equities, dealers said. On Wednesday, the local currency ended at 1-1/2 month high  of 67.47 by rising 40 paise, its biggest single-day gain thi]]>
<![CDATA[Vodafone says pressures in India and UK to weigh on earnings]]>
Vodafone, the world's second biggest mobile phone group, said it would meet the "lower end" of its earnings guidance for the full year as its battles intensifying competition in India and Britain. The difficult performance in India, where new entrant Jio has shaken up the market, overshadowed continued growth in Europe, with the exception of its home British market. It reported a 1.7 percent rise in overall organic service revenue for its third quarter. "We anticipate inten]]>
<![CDATA[India announces GAAR implementation from April]]>
Seeking to assuage investor concerns ahead of implementation of GAAR from April 1, the Indian Tax authorities on Friday (27) said the provisions of tax avoidance rules will not apply to a transaction that does not carry a tax benefit based on the jurisdiction it is routed through. It said adequate procedural safeguards are in place to ensure that General Anti-Avoidance Rules (GAAR), which seek to prevent companies from routing transactions through other countries to av]]>
<![CDATA[Unions back Tata Steel pension plan]]>
           UK Steel workers' unions have given their backing to Indian conglomerate Tata Steel UK's pension plan in a bid to rescue thousands of jobs and allow a merger with German major ThyssenKrupp to go ahead. Union representatives held a meeting on Thursday to discuss the changes announced, which would see the British Steel Pension Scheme (BSPS) close to future accrual and replaced with a defined contribution scheme. "We do not make this reco]]>
<![CDATA[Rupee slides 16 paise against dollar]]>
  Rupee weakened by 16 paise to 68.23 against the dollar in early trade on Friday, halting its two-day rising streak following month-end demand from importers and banks for the American currency which strengthened overseas.Forex dealers said, increased demand for the dollar kept pressure on the rupee but a higher a opening in the domestic equity market capped the fall.The rupee had gained 8 paise to close at 68.07 on Wednesday on selling of dollars by banks and exporters amid lower g]]>
<![CDATA[Sensex soars 148 pts as Feb F&O series opens strong]]>
  The Sensex rallied about 148 points to 27,856 in early session on Friday, maintaining its positive form for the fourth day as the February derivatives series took off on a strong footing amid positive Asian cues. The 30-share Sensex, which gained 673.64 points in the previous three straight sessions, added 147.57 points, or 0.53 per cent, at 27,855.71. All sectoral indices of BSE led by oil and gas, power and PSU were in the positive zone, rising by up to 1.34 per cent. The NSE]]>
<![CDATA[ Saurashtra trade body to host international show in Rajkot]]>
The Saurashtra Vyapar Udhyog Mahamandal will host the third International Trade Show in Rajkot to give a global platform to local traders. "The five-day trade show will start from February 11  in Rajkot and conclude on February 15," SVUM president Parag Tejura said on Tuesday. "The United Kingdom is the country partner while various government sectors have also extended support for the success of the show," he said. "Over 500 delegates from around 30 countrie]]>
<![CDATA[ Budget Quote on Education and startup sector]]>
  Writing to you on behalf of Clone Futura Education. Below is a pre-budget quote by Ms. Vidushi Daga who is an Indian businesswoman, Founder and Director  of Clone Futura Education. Would be great if you could incorporate the same in the budget story that you’re working on. “Firstly Credit and debit cards need to work across all growing list of locations. Issuers should be able to meet this need by using channel-agnostic payment credentials that work in a fast, safe]]>
<![CDATA[ Rupee trims early gains, down 2 paise at 68.20]]>
The rupee surrendered its early strong gains against the American currency and ended marginally lower by two paise at 68.20 despite dollar outlook remaining lacklustre.  Dealers attributed stray dollar buying by some banks on behalf of their clients to meet their import requirements.  However, calmer local equities which survived largely unhurt alongside smooth supply of dollars towards the fag-end limited any major fall.    The forex market displayed a remarkable leve]]>
<![CDATA[ Quote on Pre Budget Expectations in the Healthcare Sector]]>
With the Union Budget 2017 round the corner, Dr. P. M. Bhujang, President, Association of Hospitals has highlighted few expectations that would help Trust Hospitals to become the most efficient health-care delivery model for your perusal. Kindly incorporate the same in case you’re doing a story on the same. I have also attached Dr. P. M. Bhujang’s photograph and profile as well. “He emphasized that the import duty rates on medical equipment used by hospitals for life saving ]]>
<![CDATA[Sensex sheds 71 pts on weak Asian cues]]>
  The benchmark Sensex fell by about 71 points to slip below the key 27,000-mark in the opening trade today, on sustained foreign fund outflows amid weak Asian cues as investors await US President Donald Trump's economic plan details. The 30-share index was 70.92 points or 0.26 per cent lower at 26,963.58 in early trade with sectoral indices led by IT, healthcare, banking and capital goods, trading in the negative zone, falling by up to 0.78 per cent. The gauge had lost 274.10 po]]>
<![CDATA[ Sensex builds on gains, rises 26 pts in early trade]]>
            The benchmark Sensex moved up nearly 27 points in early trade on Thursday, extending Wednesday's gain on sustained buying by participants amid a mixed trend in other Asian markets. The 30-share index rose 26.97 points, or 0.10 per cent, to 27,284.61, with sectoral indices led by oil & gas, consumer durables, capital goods, PSU and healthcare trading higher by up to 0.84 per cent. The gauge had gained 21.98 points in the previous sessio]]>
<![CDATA['Digital transformation can save trillions of dollars in cost']]>
 Digital transformation across industries can help save trillions of dollars in cost and consumers stand to benefit more from it provided there are  policy incentives to improve societal outcomes, says a report.The findings of the World Economic Forum Digital Transformation Initiative (DTI) found much of the value that digitalisation can potentially generate for society would remain trapped unless efforts are stepped up to align private sector investment incentives with long term pu]]>
<![CDATA[Rupee falls 13 paise to end at 68.08 vs dollar; pound surges]]>
  The rupee pared its early gains against the US dollar to end lower by 13 paise at 68.08 on renewed dollar demand from importers amid worries over capital outflows. A sudden reversal of dollar weakness alongside continued FII outflows largely impacted the trading sentiment even as emerging market currencies remained subdued.        The US dollar regained some lost ground ahead of release of data on inflation and industrial production as well as a speech by Federa]]>
<![CDATA[Sensex up as banking stocks gain ahead of earnings]]>
  Indian shares were up on Wednesday as financial stocks gained on an upbeat start to the earnings season and ahead of quarterly results from major banks.The Nifty Bank index hit its highest in two months, with HDFC Bank and ICICI Bank leading the gains. "December quarter earnings as a whole have been mostly in-line or better than expected barring the IT sector," said Siddhartha Khemka, head of research equities at Centrum Wealth."Going forward, market maybe expect]]>