Showing posts with label IFTTT Press Trust Of India. Show all posts
Showing posts with label IFTTT Press Trust Of India. Show all posts

Tuesday, 6 November 2018

Flipkart, Amazon see bumper festive sale

New Delhi, Nov 6 (PTI) With festive sales drawing to a close, e-tailing giants Amazon and Flipkart have claimed bumper sale on their platforms, and that they were ahead of the competition, as they received orders from customers from over 99 per cent of the pin codes in the country.

Citing a survey by Kantar IMRB and other reports, Amazon India Senior Vice President and Country Head Amit Agarwal said Amazon emerged as “the most visited and transacted shopping destination in India this festive season” (October 10-15, October 24-28 and November 2-5).

“With 99.3 per cent of pin codes placing at least one order, 89 per cent of new customers coming from smaller towns, almost 70,000 small and medium businesses getting at least one order and new Prime memberships growing by nearly 2X, we are humbled that India trusts us to find, discover and buy anything online,” he said.

Asked about another report stating that Flipkart cornering 51 per cent share of the festive sale between October 9-14, Agarwal said, “we don’t comment on reports that are based on non-scientific methodologies”.

The said industry report had stated that Amazon.in had a 32 per share in the first leg of the festive sale before Dusshera.

Both Walmart-backed Flipkart and Amazon have claimed record-breaking sales numbers across categories like smartphones, large appliances and fashion during their festive sales.

“The current sale (November 1-5) is already more than 2X of our Big Billion Days sale this year. We were the clear leaders in the fashion category… we had all brands (of smartphones) except one…competition is no where close to that,” Flipkart Head of Growth Smrithi Ravichandran said.

She added that customers on an average spent Rs 7,500 on various purchases during this festive sale and that its gross merchandise value (GMV) was up 90 per cent over last year.

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Rupee recovers 21 paise to 72.91 against US dollar

Rupee increases by 21 ps against US dollars

Mumbai, Nov 6 (PTI) The rupee recovered 21 paise to 72.91 against the US dollar early Tuesday on increased selling by exporters.

The dollar’s weakness against some currencies overseas and a better opening of the domestic equity market also supported the rupee, dealers said,.

At the interbank forex market, the rupee opened strong at 72.98 and advanced further to trade at 72.91, reflecting a rise of 21 paise over its previous close of 73.12 against the dollar.

On Monday, the Indian rupee tumbled 67 paise to close at 73.12 against the US dollar on increased demand for the American currency from importers and unabated foreign fund outflows.

Meanwhile, the benchmark Sensex rose 118.44 points, or 0.34 per cent, to 35,069.36 in opening trade Tuesday.

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Temporary exemptions to some countries to keep oil prices down: Trump on Iran sanctions

Trump on Iran sanctions that some countries will be exempted

Washington, Nov 6 (PTI) Defending his decision to give temporary exemptions to eight countries, including India and China, from the ban on Iranian oil imports, US President Donald Trump has said it was done so to keep global oil prices down.

The US on Monday imposed “the toughest ever” sanctions on a defiant Iran aimed at altering the Iranian regime’s “behaviour”. The sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.

However, Secretary of State Mike Pompeo said that eight countries — India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey — were temporarily allowed to continue buying Iranian oil as they showed “significant reduction” in oil purchase from the Persian Gulf country.

“We have the toughest sanctions ever imposed. But on oil, we want to go a little bit slow because I don’t want to drive the oil prices in the world up,” Trump told reporters at Joint Base Andrews outside Washington on Monday before leaving on a campaign trail for the mid-term polls.

He, however, emphasised that his effort to keep the oil prices down has nothing to do with Iran.

When asked about his decision to give temporary exemptions to eight countries from the ban on Iranian oil imports, Trump said, “I’m not looking to be a great hero and bring it down to zero immediately. I could get the Iran oil down to zero immediately, but it would cause a shock to the market. I don’t want to lift oil prices.”

“If you notice, oil prices are going down very substantially, despite the fact that already half of their capacity is gone. But I don’t want to do that,” he said.

“I saw some people saying, ‘Oh, why aren’t you tougher on that?’ Well, the sanctions are very tough and I don’t want to lift the oil prices worldwide by clamping down 100 per cent. It will be gradual,” the US president said.

However, the Democratic Party leadership criticized Trump for giving exemptions to some of the major Iranian oil importers.

House Democratic Whip Steny H Hoyer said, “Rather than achieving its stated goal of eliminating Iran’s oil exports altogether, the administration has issued ‘exemptions’ for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale.”

“These exemptions are premised on significant reductions of Iranian oil imports by countries such as China and Turkey when there is minimal evidence of such reductions. This waters down the integrity of sanctions and communicates to the rest of the world that others do not have to abide by the US restrictions,” he said.

Hoyer alleged that by “tearing” up the Joint Comprehensive Plan of Action (JCPOA), the Trump administration has isolated the United States and undermined the multilateral efforts to curb Iran’s “dangerous” behaviour.

Congressman Adam Schiff, the ranking member of the House Intelligence Committee, said by reinstating sanctions without justification, Trump is pitting the United States against European allies and increasing its reliance on Saudi Arabia at a time when that country is “implicated in a plot to assassinate” on foreign soil a journalist and its outspoken critic.

“The downside risks to this policy are manifold it could cause Iran to restart its nuclear enrichment efforts, bringing us closer to a military confrontation,” he said.

Schiff said, “The Trump administration’s unilateral re-imposition of these sanctions will also accelerate efforts to facilitate transactions through alternative financial channels that are not reachable by the US sanctions and into which we will have limited visibility.”

US National Security Advisor John Bolton claimed that the 2015 nuclear deal with Iran failed to permanently block all paths to an Iranian nuclear bomb.

“Further, its negotiators failed to secure any restrictions on Iran’s other destabilizing activities, including the regime’s ballistic missile development and proliferation,” he told a New York audience.

President Donald Trump had in May pulled the US out of the landmark Iran nuclear deal, an Obama-era accord which he has repeatedly criticised as “disastrous”.

Democratic Senator Tom Udall, who is also a member of the Senate Foreign Relations Committee, said, “Led by people like John Bolton, who believe that we should bomb Iran, I fear the Trump administration is marching toward another catastrophic war in the Middle East.”

“This administration’s reckless withdrawal from the JCPOA has squandered our best opportunity to prevent a nuclear Iran, moving us closer to a military conflict that the American people don’t want all while undercutting our most importance alliances abroad,” he said.

But Senator Bob Corker, the chairman of the Senate Foreign Relations Committee, said the Trump administration deserves credit for re-imposing sanctions and dramatically reducing Iran’s oil exports and revenues.

Imposing maximal economic pressure on Iran is vital for getting Tehran back to the table, he said.

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Temporary exemptions granted to eight countries to keep oil prices down: Trump on Iran sanctions

US Sanctions Iran

Washington, Nov 6 (PTI) President Donald Trump on Monday defended his decision to give temporary exemptions to eight countries, including India and China, from the ban on Iranian oil imports, saying it was done so to keep global oil prices down and avoid causing a shock to the market.

The US on Monday imposed “the toughest ever” sanctions on a defiant Iran aimed at altering the Iranian regime’s “behaviour”. The sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.

However, Secretary of State Mike Pompeo said that eight countries — India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey — were temporarily allowed to continue buying Iranian oil as they showed “significant reduction” in oil purchase from the Persian Gulf country.

“We have the toughest sanctions ever imposed. But on oil, we want to go a little bit slow because I don’t want to drive the oil prices in the world up,” Trump told reporters at Joint Base Andrews outside Washington on Monday before leaving on a campaign trail for the mid-term polls.

He, however, emphasised that his effort to keep the oil prices down has nothing to do with Iran.

When asked about his decision to give temporary exemptions to eight countries from the ban on Iranian oil imports, Trump said, “I’m not looking to be a great hero and bring it down to zero immediately. I could get the Iran oil down to zero immediately, but it would cause a shock to the market. I don’t want to lift oil prices.”

“If you notice, oil prices are going down very substantially, despite the fact that already half of their capacity is gone. But I don’t want to do that,” he said.

“I saw some people saying, ‘Oh, why aren’t you tougher on that?’ Well, the sanctions are very tough and I don’t want to lift the oil prices worldwide by clamping down 100 per cent. It will be gradual,” the US president said.

However, the Democratic Party leadership criticized Trump for giving exemptions to some of the major Iranian oil importers.

House Democratic Whip Steny H Hoyer said, “Rather than achieving its stated goal of eliminating Iran’s oil exports altogether, the administration has issued ‘exemptions’ for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale.”

“These exemptions are premised on significant reductions of Iranian oil imports by countries such as China and Turkey when there is minimal evidence of such reductions. This waters down the integrity of sanctions and communicates to the rest of the world that others do not have to abide by the US restrictions,” he said.

Hoyer alleged that by “tearing” up the Joint Comprehensive Plan of Action (JCPOA), the Trump administration has isolated the United States and undermined the multilateral efforts to curb Iran’s “dangerous” behaviour

Congressman Adam Schiff, the ranking member of the House Intelligence Committee, said by reinstating sanctions without justification, Trump is pitting the US gainst European allies and increasing its reliance on Saudi Arabia at a time when that country is “implicated in a plot to assassinate” on foreign soil a journalist and its outspoken critic.

“The downside risks to this policy are manifold it could cause Iran to restart its nuclear enrichment efforts, bringing us closer to a military confrontation,” he said.

Schiff said, “The Trump administration’s unilateral re-imposition of these sanctions will also accelerate efforts to facilitate transactions through alternative financial channels that are not reachable by the US sanctions and into which we will have limited visibility.”

US National Security Advisor John Bolton claimed that the 2015 nuclear deal with Iran failed to “permanently block all paths to an Iranian nuclear bomb”.

“Further, its negotiators failed to secure any restrictions on Iran’s other destabilizing activities, including the regime’s ballistic missile development and proliferation,” he told a New York audience.

Democratic Senator Tom Udall, who is also a member of the Senate Foreign Relations Committee, said, “Led by people like John Bolton, who believe that we should bomb Iran, I fear the Trump administration is marching toward another catastrophic war in the Middle East.”

“This administration’s reckless withdrawal from the JCPOA has squandered our best opportunity to prevent a nuclear Iran, moving us closer to a military conflict that the American people don’t want all while undercutting our most importance alliances abroad,” he said.

But Senator Bob Corker, the chairman of the Senate Foreign Relations Committee, said the Trump administration deserves credit for re-imposing sanctions and dramatically reducing Iran’s oil exports and revenues.

Imposing maximal economic pressure on Iran is vital for getting Tehran back to the table, he said.

In May, President Trump had pulled the US out of the 2015 landmark JCPOA terming it as disastrous”. Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran had agreed to stop its nuclear programme in exchange for relief from economic sanctions.

After the US’ withdrawal from the deal, Trump signed fresh sanctions against Iran, which claims its nuclear programme is peaceful and for civilian purpose.

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SBI fraud: 8 bank officials, Harshad Mehta’s brother acquitted

Fraud Alert SBI

Mumbai, Nov 6 (PTI) A Mumbai court has acquitted nine people, including Ashwin Mehta, brother of 1992 securities scam kingpin Harshad Mehta, in a case of duping the State Bank of India (SBI) to the tune of Rs 105 crore.

Justice Shalini Phansalkar Joshi, who presides over the special court set up for cases related to the 1992 securities scam, said in her judgement last week that there was no hesitation in holding that that the prosecution had failed to prove the case beyond reasonable doubt.

Ashwin Mehta was a constituted attorney of Harshad Mehta and also one of the stock brokers in his brother’s firms.

Apart from Ashwin Mehta, those acquitted are Rama Sitharaman, officer in-charge of securities division of the SBI, and seven other officials — Bhushan Raut, C Ravi Kumar, S Suresh Babu, P Muralidharan, Ashok Agarwal, Janardhan Bandhopadhyay and Shyam Sundar Gupta.

According to the prosecution, the bank’s officials in collusion with the Mehta brothers entered into a conspiracy to cheat SBI Caps, the investment banking branch of the country’s largest lender, to the tune of Rs 105 crore in the sale and purchase transactions of securities from 1991 to 1992.

SBI Caps routed all 24 transactions via Harshad Mehta and allegedly suffered a loss, according to the Central Bureau of Investigation (CBI), the prosecuting agency in the case.

The case against prime accused Harshad Mehta was ‘abated’ after he died in 2001.

The CBI claimed the fund diversion could not have taken place without the knowledge of the accused bank officers.

The court, however, accepted the defence arguments that the funds were diverted from the main branch of the bank and hence, the case against the accused officers, who were in the securities division, could not be accepted.

“In light of the various gaps and missing links left open by the prosecution, may be on account of death of Harshad Mehta and the discharge of many accused in the case from time to time, the fact remains that the charge of conspiracy could not be proved,” the court said.

The court also noted that there was a major lacuna in the sanction given to prosecute the officials under the Prevention of Corruption Act.

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Ola accelerates international expansion with New Zealand foray

Ola expands in NY

New Delhi, Nov 6 (PTI) After Australia and the UK, Indian ride-hailing company Ola is now foraying into New Zealand and will offer it’s services in Auckland, Wellington and Christchurch.

The company, which started it’s international operations earlier this year, in a statement, said customers can book rides within the three major cities and can also be picked up from Auckland and Wellington airports.

Entering New Zealand is an important step for Ola, and the ride-sharing industry here. Over recent weeks, we have received enthusiastic feedback from drivers across Auckland, Wellington and Christchurch,” Brian Dewil, New Zealand Country Manager for Ola said.

Ola’s service will include safety features like in-app emergency button that enables customers to instantly share important ride information, such as real-time ride tracking, location co-ordinates and vehicle and driver information.

Every vehicle is inspected to ensure it is roadworthy and every driver undertakes a police check, Ola said.

Ola operates in seven cities across Australia with over 50,000 drivers registered on the platform and has completed over two million rides, the statement added.

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Monday, 5 November 2018

PNB MetLife gets Sebi’s go-ahead for IPO

PNB MetLife gets green signal from Sebi for IPO

New Delhi, Nov 5 (PTI) PNB MetLife India Insurance Company has received market regulator Sebi’s go-ahead to float an initial public offer (IPO).

The insurer, which had approached the regulator in July seeking its clearance to launch IPO, obtained Sebi’s “observations” on November 2, as per the latest update with the market watchdog.

Sebi’s observations are necessary for any company to launch public issues like initial public offer, follow-on public offer and rights issue.

According to the draft papers, the company IPO will put up 49,58,98,076 shares for sale, worth 24.64 per cent stake dilution.

PNB will offer up to 8,04,95,242 shares in the IPO, while Metlife International Holdings LLC will offload 12,90,36,281 stocks.

The listing of shares will enhance the PNB MetLife brand name and provide liquidity to the existing shareholders, the draft paper said.

The shares are proposed to be listed on stock exchanges.

The issue is being managed by Kotak Mahindra Capital Company, DSP Merrill Lynch, Citigroup Global Markets India and PNB Investment Services.

PNB MetLife joins a growing list of insurance companies that have gone public. These include SBI Life Insurance Company, New India Assurance Company, General Insurance Corporation of India, HDFC Standard Life Insurance and ICICI Lombard General Insurance Company.

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Ahead of Diwali, LifeCell Aims to Create Social Impact

Excessive competition can at times put particular sector under stress: Jaitley

Stress On sectors

New Delhi, Nov 5 (PTI) Excessive competition at times can result in stress in a particular sector, Finance Minister Arun Jaitley said pointing out that these are challenges of the growing economy.

He also said that with the growing economy, the role of each regulator will expand.

“Excessive competition at times can result in pricing of nature that the sector of the economy itself feels stressed because everybody then tends to follow the leader,” he said at an event organised by anti-trust regulator Competition Commission of India.

“Therefore, what do you do in a such situation of this kind. These are all challenges which are going to emerge as economy moves further and expands further,” he said.

If the current growth rate continues for a decade or two, he said, Indian economy expansion is going to be exponential.

“The size is going to increase, the size of industry is going to increase, the size of services sector will increase and the role of each regulator while exercising self restraint will also expand,” he said.

Explaining the object of the competition law, the Finance Minister said that protection of consumer interest was a key pillar of this.

“The government wanted effective market players, reasonably optimum in number so that the consumer interest is protected. That was the object of the competition law when the state withdraws and leave the economy to markets. What happens that aberration develops in the market. So for that purpose, a regulator with a keen eye on the markets was created and that was the Competition Commission of India,” he said.

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Tata Motors inks pact with Gulf Oil

TataMotors

Mumbai, Nov 5 (PTI) Tata Motors Monday signed an agreement with Gulf Oil to launch a range of co-branded lubricants for its passenger vehicle segment.

Under the partnership, the two firms will be selling co-branded Tata Motors genuine oil in the high street bazaar market, a release said quoting Mayank Pareek, president for passenger vehicle business unit.

The products launched under this range include engine, gear,brake and coolant oils. Additionally, the product range would offer best technology for Tata Motors’ consumers and will be continuously upgraded from time to time depending on the requirements, as per the release.

Abhibus wins contract from Kerala road transport corpn

Mumbai: Abhibus, an online market place for bus ticketing, on Monday said it bagged an online bus ticket reservation system project from the Kerala State Road Transport Corporation (KSRTC).

Kerala becomes the fifth state road transport corporation in the country that Abhibus will be engaged with after Telangana, Andhra, Karnataka, Himachal, a release said here.

The online bus ticket reservation system provides an option for the users to reserve bus tickets by visiting the official website of KSRTC.

Abhibus will also deploy a highly user-friendly mobile app for KSRTC that can used for reserving ticketing through their mobile phones.

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IOC shares tank 5.5% as Q2 profit drops

IOC

New Delhi, Nov 5 (PTI) Shares of Indian Oil Corp (IOC) slumped 5.5 per cent Monday after the company reported a 12.6 per cent drop in its second quarter net profit.

The stock dropped 5.50 per cent to settle to Rs 140.05 on BSE. Intra-day, it tanked 6.20 per cent to Rs 139.

At NSE, shares of the company plunged 5.16 per cent to close at Rs 140.60.

In terms of equity volume, 13.23 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

Net profit of Rs 3,246.93 crore, or Rs 3.43 per share, in July-September compared with a net profit of Rs 3,696.29 crore, or Rs 3.90 a share, in the same period of previous year, IOC Chairman Sanjiv Singh had said. PTI

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Cipla Q2 net profit falls 16 pc to Rs 367 cr

New Delhi, Nov 5 (PTI) Pharma major Cipla Monday reported a 15.64 per cent fall in its consolidated net profit to Rs 366.91 crore for the second quarter ended September 30, 2018.

The company had posted a net profit of Rs 434.95 crore for the corresponding period of the previous fiscal, Cipla said in a BSE filing.

Consolidated total revenue from operations of the company stood at Rs 4,011.90 crore for the quarter under consideration. It was Rs 4,082.41 crore for the same period a year ago.

“We had a modest quarter but maintained a strong performance in our private market segment across geographies.

I am pleased to see that our limited competition assets in the US are ramping up to drive quarter on quarter growth,” Cipla MD and Global CEO Umang Vohra said.

The company also recently announced the approval of Metoprolol, another limited competition asset, he added.

“As we enter the second half of this fiscal, multiple headwinds are likely to impact our reported performance. Having said that, we are focusing on positioning our businesses for long term growth,” Vohra added.

Shares of Cipla were Monday trading at Rs 566.10 on the BSE, down by 6.97 per cent from their previous close.

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Penna Cement files Rs 1,550-cr IPO papers with Sebi

IPO Launches

New Delhi, Nov 5 (PTI) Penna Cement Industries has filed draft papers with capital markets regulator Sebi to raise Rs 1,550 crore through an initial public offer (IPO).

The IPO comprises fresh issuance of shares worth up to Rs 1,300 crore, besides, an offer for sale of up to Rs 250 crore by company’s promoter PR Cement Holdings, according to the draft red herring prospectus (DRHP) filed with Sebi.

Proceeds of the issue will be utilised for repayment of certain borrowings availed by the company and for other general corporate purposes.

Edelweiss Financial Services, IIFL Holdings, JM Financial and Yes Securities will manage the company’s public issue.

The Hyderabad-headquartered firm is among the leading cement players in south India with a strong brand recall and extensive distribution network.

It has four integrated manufacturing facilities and two grinding units spread across Andhra Pradesh, Telangana and Maharashtra, with an aggregate cement production capacity of 10 million tonne per annum (MMTPA) as of June 30, 2018.

Last month, Emami Cement had filed papers with the Securities and Exchange Board of India (Sebi) to raise Rs 1,000 crore through initial share-sale.

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Axis Bank shares jump over 2 pc post Q2 earnings

Stock maRKET GAINERS

New Delhi, Nov 5 (PTI) Shares of Axis Bank Monday rose over 2 per cent after the company reported a 83 per cent jump in its net profit for the quarter ending September.

The stock gained 2.35 per cent to settle at Rs 624.30 on BSE. Intra-day, it surged 3.76 per cent to Rs 632.90.

On NSE, shares of the company rose by 2 per cent to end at Rs 623.10 .

In terms of equity volume, 15.37 lakh shares of the company were traded on BSE and over 2 crore shares changed hands on NSE during the day.

Private lender Axis Bank Friday reported a 83 per cent jump in its net profit at Rs 790 crore for the quarter ending September on the back of healthily growth in core income and a decline in provisions for bad loans.

The bank had registered a net profit of Rs 432 crore in the July-September quarter of 2017-18, according to a company statement.

Total income of the bank rose to Rs 15,959.37 crore during the second quarter of 2018-19 as against Rs 13,820.62 crore in the same period of the preceding fiscal.

The net non-performing assets (NPAs) fell to 2.54 per cent as on September 30, 2018 as against 3.12 per cent in the same period a year ago.

Provisions and contingencies for the quarter were reduced to Rs 2,927.38 crore from Rs 3,140.41 crore parked for September quarter of 2017-18.

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DLF’s FY19 sales bookings may cross Rs 2,250-cr projection

DLF Financials

New Delhi, Nov 5 (PTI) Realty major DLF’s sales bookings in 2018-19 may be higher than the Rs 2,250 crore guidance provided by the company at the beginning of this fiscal, driven by better demand for its completed inventories.

The sales bookings is likely to jump over two-fold this fiscal as the company had sold flats worth Rs 1,000 crore only, during 2017-18, due to a six-month suspension of sales to comply with the new real estate law.

Real Estate (Regulation and Development) Act, 2016 (RERA) came into effect from May 2017.

According to an investor presentation, the company achieved gross sales bookings of Rs 780 crore and net sales bookings of Rs 625 crore during the second quarter of this fiscal.

“At the current sales momentum, it looks like the new sales bookings may cross our sales guidance of Rs 2,000-2,250 crore for this fiscal,” DLF’s group CFO Saurabh Chawla told analysts in a conference call last week.

During the first half of this fiscal, the company has already achieved gross sales bookings of Rs 1,450 crore and net sales bookings of Rs 1,225 crore.

DLF also sees good opportunity for itself from the current liquidity crisis in the NBFC sector, which it expects would lead to lower supply.

“DLF is well positioned to grab this opportunity as it has completed units to offer in the market,” the company said in an investors presentation.

DLF said, it was focusing on monetising its finished inventory of about Rs 12,900 crore, which has reduced in last few quarters from about Rs 15,000 crore.

The sales of completed housing units would result in surplus cash flows that it plans to utilise in debt reduction, reinvestment in projects and build cash reserves.

DLF said it wants to “maintain high amount of cash on the books to mitigate any unforeseen circumstances/events”.

The company targets to make its development (residential) business free from debt, which stood at around Rs 7,000 crore at the end of September quarter.

Apart from internal accruals, DLF said promoter infusion of Rs 2,250 crore against issue of warrants and proposed sales of shares through QIP (qualified institutional placement) would help the company in bringing down its net debt.

DLF is waiting for capital market to stabilise, to launch its QIP through which it is planning to raise about Rs 4,000 crore.

“We are waiting for a calmer market to launch QIP,” Chawla told analysts. It plans to issue up to 17.3 crore shares to qualified institutional investors to raise funds.

On Thursday, DLF reported an over 26-fold jump in consolidated net profit at Rs 374 crore for the September quarter. Total income rose to Rs 2,304 crore in the July-September quarter of this fiscal from Rs 1,751 crore in the corresponding period of the previous year.

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S&P places Tata Motors’ long-term rating on ‘CreditWatch’ with negative implications

Tata Motors On watch

New Delhi, Nov 5 (PTI) S&P has placed homegrown auto major Tata Motors’ long-term credit rating on ‘CreditWatch’ with negative implications, reflecting the risk that credit metrics could deteriorate.

The move to place ‘BB’ long-term issuer credit rating on Tata Motors on CreditWatch with negative implication follows interim results which were weaker than expected, dragged down by Jaguar Land Rover, S&P said in a statement.

“We believe the company is likely to miss our expectation for fiscal 2019 unless it takes swift corrective steps,” it added.

Last month, Tata Motors reported a consolidated net loss of Rs 1,009 crore for the second quarter ended September 30, 2018, mainly due to a weak performance by its British arm Jaguar Land Rover (JLR).

Its total revenue from operations rose 3.3 per cent to Rs 72,112.08 crore as compared to Rs 69,838.68 crore in the year-ago period.

The company’s British arm JLR had reported 11 per cent decline in revenue to 5.6 billion pounds.

On a standalone basis, the company reported a net profit of Rs 109.14 crore. It had reported a net loss of Rs 283.37 crore in the second quarter of 2017-18.

S&P further said, “The CreditWatch with negative implication is driven by our view that Tata Motors’ adjusted credit metrics may have weakened and the company’s credit profile may no longer support its rating if it fails to post a sharp recovery in the remainder of the year.”

Under CreditWatch, S&P focuses on identifiable events and short-term trends that cause ratings to be placed under special surveillance with negative implications indicating a rating may be lowered.

It further said, “In our view, faster volume growth at Tata Motors’ India operations of 39.5 per cent, albeit on a lower base, and a 10-12 per cent depreciation in the Indian rupee seem to have tempered the impact of decline in JLR volumes.”

The agency said it would “lower the rating by one notch if we assess that the chances of an immediate turnaround in JLR’s performance is unlikely, resulting in Tata Motors’ leverage (funds from operations [FFO]-to-debt ratio) to remain sustainably below 25 per cent over the next 12-18 months.”

S&P said it aimed to resolve the CreditWatch status over the next 90 days, by drafting a revised base case, after having better understanding of Tata Motors’ financial performance and revival plans.

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Rated Indian companies, banks can withstand sharp rupee depreciation: S&P

Ruppe can stand against depreciation

New Delhi, Nov 5 (PTI) S&P Global Ratings Monday said most of its rated Indian companies and banks can withstand the recent sharp depreciation in the rupee, but a deep and sustained decline could squeeze their margins.

S&P Global Ratings, in a report, said most emerging market issuers are buffered against further currency depreciation and do not face immediate downgrade risk from currency depreciation.

In India, most rated Indian corporates and banks can withstand the recent sharp depreciation in the rupee since their overseas borrowings either have dollar-linked earnings or are hedged, S&P said.

Indian rupee has fallen over 12 per cent this year and is currently hovering around 73 to a US dollar.

“Nevertheless, a deep and sustained decline in the currency could have broader economic effects on Indian corporates, including through knock-on effects of inflation and higher imported commodity costs squeezing margins. This would also result in an adverse impact on bank’s asset quality, and may delay the recovery of Indian banks,” S&P said.

S&P Global Ratings said that it sees low risk from currency depreciation for companies in India, China and the rest of Southeast Asia and South Africa, while those in Argentina and Turkey are the most vulnerable to depreciation. The rest of Latin America and Indonesia are in the medium-risk category.

The US-based agency said for many emerging market countries, the pace of currency depreciation has been less severe relative to the ‘taper tantrum’ and the global and Asian financial crises.

Factors like rising trade tensions, tightening of monetary policies in advanced economies, and the dollar’s strength will continue to test emerging markets, it said.

“Interest-rate normalisation, combined with uncertainties around global trade and desynchronising global growth, is exacerbating pressures on emerging market currencies,” S&P Global Ratings economist Vince Conti said.

“Nevertheless, the uneven movements across emerging markets show investors are discriminating based on economic fundamentals and policy frameworks,” Conti added.

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Crude oil futures fall 0.80 pc on weak global cues

Crude oil prices

New Delhi, Nov 5 (PTI) Continuing its slide, crude oil futures fell by another 0.80 per cent, to Rs 4,572 per barrel

on Monday as speculators indulged in trimming their holdings in line with a weak trend in the Asian trade.

Crude oil for delivery in November was trading lower by Rs 37, or 0.80 per cent, to Rs 4,572 per barrel with a business volume of 2,093 lots at Multi Commodity Exchange (MCX).

Also, oil prices for December shed Rs 35, or 0.76 per cent to Rs 4,598 per barrel, with a business volume of 247 lots.

Traders said persistent fall in crude oil at futures market is largely in sync with a weak trend overseas on higher supply from world’s major crude producers and profit-booking by participants.

Meanwhile, West Texas Intermediate fell 0.70 per cent, to USD 62.70 and Brent was trading 0.55 per cent down at USD 72.43 a barrel.

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US sanctions on Iran come into force; Pompeo dodges question on commitment from India, China

Us sanction Irans

Washington, Nov 5 (PTI) The Trump administration has said it is confident that “the toughest ever” sanctions against Iran which came into force on Monday will have the intended effect of altering the Iranian regime’s behaviour, even as it dodged a question on whether the US has firm commitments from India and China to stop all oil purchases from Tehran within six months.

The sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.

India and China — the two biggest buyers of Iranian crude, have so far appear to have skipped the punitive American sanctions targeting the Iranian oil and financial sectors.

The two Asian giants are believed to be among the eight countries that have been given the rare exemptions from the Iranian sanctions that kicked off on Monday.

The Trump administration said it has asked these countries including Turkey, Iraq, Italy, Japan and South Korea to bring down their oil purchase to zero as soon as possible.

US Secretary of State Mike Pompeo, during a a talk show on Fox News, repeatedly parried questions when asked about the commitment from India and China on zero-oil purchase from Iran.

“Watch what we do. Watch as we’ve already taken more crude oil off the market than any time in previous history. Watch the efforts that President Trump’s policies have achieved. We’ve done all of this, too, while making sure that American consumers don’t suffer, he said, as he avoided giving a direct answer on India and China.

I am very confident that the sanctions that will be re-imposed this Monday, not only the crude oil sanctions, that the financial sanctions that are being put in place by the Treasury Department and over 600 designations of individuals and companies in Iran will have the intended effect to alter the Iranian regime’s behaviour. That’s our expectation. It’s the reason for President Trump’s policy, he asserted.

India, which is the second biggest purchaser of Iranian oil after China, is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, sources in New Delhi had said last week.

The reimposition of US sanctions on Iran, Pompeo asserted are the toughest ever on this country.

They’re aimed at a singular purpose, denying the world’s largest state sponsor of terrorists the capacity to do things like they did this past couple weeks, attempted assassination campaign in the heart of Europe, he said.

These sanctions have already had an enormous impact. We’ve already reduced Iranian crude oil experts by over a million barrels per day. That number will fall farther. There’s a handful of places were countries that have already made significant reductions in their crude oil exports need a little bit more time to get to zero, and we’re going to provide that to them, he said.

The State Department did not respond to a PTI question as to what will happen if India does not bring down its oil purchase from Iran to zero, as being demanded by it, in next six months.

It also did not respond to a question on the fate of the the strategically crucial Iranian port of Chabahar, which India sees as critical for reaching landlocked Afghanistan and Central Asia.

In May, President Donald Trump had pulled US out of the 2015 Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous . Under the Obama-era deal, involving five permanent members of the UN Security Council and Germany, Iran agreed to stop its nuclear programme in exchange for relief from economic sanctions.

Iran has dismissed these charges and continues to keep its stand that its nuclear programme is for peaceful purposes.

In another interview to CBS News, Pompeo said the European companies will not be permitted to do business with both the United States and with Iran.

Frankly since May, since the President’s announcement of withdrawal from the ill-fated agreement, European companies have fled Iran in great numbers. Hundreds of businesses have departed Iran, he said.

The whole world understands that these sanctions are real, that they are important, that they drive the Iranian people’s opportunity to make the changes in Iran that they so desperately want and stop Iran from having the wealth and money that they need to continue to foment terror around the world, Pompeo said.

Brian Hook, the special adviser to the secretary of state and special representative for Iran, told PBS News that the US is not looking to give any exceptions or waivers to its sanctions regime.

Going forward, next year, we anticipate a much better supplied oil market, and that will help us accelerate, I think, the path to zero, he asserted.

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Gold futures slide on weak global cues

Gold futures go weak

New Delhi, Nov 5 (PTI) Gold prices fell 0.13 per cent to Rs 31,957 per 10 gam in futures trade on Monday as participants cut down their bets amid a weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in February next year were trading lower by Rs 42, or 0.13 per cent, to Rs 31,957 per 10 gram in a business turnover of 63 lots.

Also, the metal for delivery in December declined by Rs 22, or 0.09 per cent, to Rs 31,723 per 10 gram in 309 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants, taking weak cues form global market.

Meanwhile, gold fell 0.04 per cent to USD 1,232.70 an ounce in Singapore Monday.

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