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Rate cuts only if banks pass it on to customers: Rajan
Posted on 4th August 2015
After opting for status quo in policy rates, Reserve Bank Governor Raghuram Rajan on Tuesday said any more cut will depend on further transmission of previous rate cuts by banks, softening in inflation and progress of monsoon.

“We are looking whether the recent increase in inflation is temporary and whether the monsoon will continue to be near normal. The oil price development is very beneficial and we will await greater transmission of our past actions by banks while we look and monitor developments for emerging room,” Dr. Rajan told reporters during the customary post-policy interaction with journalists here this morning.

Sensex ends 115 points down, Nifty settles at 8,517
Posted on 4th August 2015
The BSE Sensex ended 115.13 pts down at 28,071.93 after RBI kept the policy rates unchanged. NSE Nifty closed 26.15 points down at 8,516.90.

Asian Paints, BPCL, Bank of Baroda were among top gainers in the Nifty. Stocks of Idea, Cairn, ONGC and GAIL were among the top losers in the Nifty.

SBI will not cut lending rates in the near future
Posted on 4th August 2015
Top public sector lender State Bank of India (SBI) today ruled out any interest rate cut for its borrowers, even as the RBI chided banks for not having passed the full benefits of the last three reductions in its policy rate.

SBI Chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors, including credit growth, and she does not see any room for any cut in the near future.

By diversifying into other FMCG businesses and scaling them up; these have been profitable for 2 years
Posted on 4th August 2015
At the annual general meeting of cigarettes-to-hotels major ITC on last Friday (July 31), chairman Y C Deveshwar came down hard on what he described as a restrictive regime for the domestic tobacco industry. In the process, Deveshwar informed shareholders of his "back-up" plan — a diversification exercise he initiated over a decade ago — to derisk the cigarette business. The latter gives ITC 40 per cent of its revenues and 85 per cent of its profits.

This initiative, which is a foray into fast moving consumer goods (called FMCG others by the company; here referred to as FMCG), is becoming critical to ITC as regulatory and taxation issues impact cigarette volumes.

HCL Tech Q4 profit drops 2.8% to Rs1,783 crore
Posted on 3rd August 2015
New Delhi: HCL Technologies Ltd, India’s fourth-largest software exporter, on Monday posted a decline of 2.8% in its net income to Rs.1,783 crore for the three months ended June compared with the year-ago period.

Net sales rose 16.1% to Rs.9,777 crore compared with the same period last year. Sequentially, net profit rose 5.9%, while revenue grew 5.5% over the same period. In dollar terms, net profit was $279 million, an 8.8% decrease over a year ago, on revenue of $1.53 billion, up 9.3%.

World Bank's no to coal-projects funding unlikely to affect Coal India
Posted on 3rd August 2015
Cash-rich Coal India (CIL) is unlikely to be affected by World Bank's decision to limit investment. The miner has been funding projects from internal accruals and is confident of doing so in the future.

World Bank, which in the late 1990's had announced to lend $1.03 billion to Coal India along with a Japanese lending agency, recently announced that it would not be funding the sector, as such companies "have pushed back efforts to fight climate change by arguing fossil fuels are a cure to energy poverty, which is holding back developing countries".

BMW and Audi Jointly to Acquire Nokia’s Mapping Technology HERE
Posted on 3rd August 2015
None of the players involved in the deal has agreed to comment on the matter.

Nokia, the mobile phone making moghul of the yesteryears, is offloading its maps business so as to focus on integrating its 15.6 billion euro purchase of Alcatel Lucent, the deal which would give a significant boost to the market share of Nokia, making it the world’s second largest network equipment maker.

Online Marketplace Glowship Raises Investment led by Infuse Ventures
Posted on 3rd August 2015
Infuse Ventures, India’s sustainability and clean technology fund backed by IIM Ahmedabad’s technology business incubator CIIE (Centre for Innovation Incubation and Entrepreneurship) has announced an undisclosed amount of investment in Glowship is an online marketplace platform for energy and environment related products, solutions & services.

Launched in 2015, the Glowship marketplace platform aims to provide consumers an access to a wide range of products and solutions in the energy and environment category.

Maruti Suzuki India shares gain on robust sales figures
Posted on 3rd August 2015
Maruti Suzuki India shares gained over 2 per cent in the afternoon trade on Monday after the car maker had reported robust sales figure for the month of July on August 1.

Maruti Suzuki India sold a total of 1,21,712 units in July 2015, a growth of 20.1 per cent. This include 1,10,405 units in the domestic market and 11,307 units in exports.

BSE Sensex up over 100 points, Nifty above 8,550; bank stocks surge
Posted on 3rd August 2015
The BSE Sensex continued to trade in the positive terrain and was trading over 100 points up on Monday despite muted Asian markets.

At 2.14 pm, Sensex was up 117.06 points at 28,231.62. Similarly, Nifty was up 24.75 points at 8,557.60 during the same time.

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