Business News

Gold Prices decline by Rs 70 to Rs 28,030

Gold Prices decline by Rs 70 to Rs 28,030

For the ninth day, gold prices have declined by Rs 70 in the national capital today. The current price of 10 gram gold is Rs 28,030. On the other hand, silver has held stable at 42,600 per kilogram on scattered enquiries from industrial units.

According to traders, a weakening global trend has caused sustained selling by stockists where gold has fallen towards a two-month low as investors assess whether the economy of the United States is strong enough for the Federal Reserve to lift the rates, reserved pressure on the prices of gold.

Indian Stocks Trade Strong on Tuesday

Indian Stocks Trade Strong on Tuesday

Indian Stocks remained strong for the trading session on Tuesday. Major gainers in today's session were Mahindra & Mahindra, ONGC, Bajaj Auto and Hindalco.

Cement counters led by UltraTechCement, ACC, Ambuja Cements and Grasim were trading higher. Among major losers were BPCL, HCL Tech, NMDC and Hero Motocorp.

Crompton Greaves declined 4.5 percent in today's session as the company announced quarterly results. The 6.5 percent growth in year-on-year net profit was below street expectations.

Bharti Airtel Now Serving Over 300 Million Consumers

Bharti Airtel Now Serving Over 300 Million Consumers

The largest telecom operator in India, Bharti Airtel, has crossed 300 million customers landmark for all services including fixed line, mobile, DTH and DSL in the country. Bharti Airtel also operates in some select markets in Africa.

After humble start in 1995, Bharti Airtel reached 100 million consumers mark in 2009. The next 100 million came pretty quick in 2012. Bharti has become the fourth largest telecom services companies in the world in terms of consumer base.

Bank of Baroda Posts 17 Percent Increase in Net Profit

Bank of Baroda Posts 17 Percent Increase in Net Profit

Public sector major Bank of Baroda has surprised the markets with 17 percent increase in quarterly net profit. The bank registered net profit of Rs1,362 crore during the first quarter compared to Rs 1,167 crore during the same period last year.

Bank of Baroda stock was up by more than a percent. The net interest income grew by 15 percent at Rs 3,328 crore. The non-interest income of the bank declined by 17 percent to Rs 1,024 crore during the first quarter.

Indian Equities Trade Marginally Higher

Indian Equities Trade Marginally Higher

Indian markets drifted lower in the afternoon session. The markets opened positive on Tuesday with support from energy and FMCG stocks. The market breadth was positive in the afternoon with 1250 advances and nearly 1200 declines.

BSE Sensex was up by just 50 points at 2.30 pm and NSE Nifty was in the green at 6706. Among major gainers in today's trade were ITC, Reliance, ONGC, Tata Steel and ICICI Bank. Among losers were Tata Power, Power Grid, Ambuja Cements and Hindalco.

Diageo announces tender offer for up to 26% stake in USL

Diageo announces tender offer for up to 26% stake in USL

Advancing with its plan to gain majority control over United Spirits Ltd (USL), Diageo Plc on Tuesday announced its plans to launch a tender offer to buy up to 26 per cent more stake in the Indian distiller.

Diageo already holds 28.8 per cent stake in USL and if the just launched open offer is successful, its stake in the Indian firm will soar to more than 54 per cent.

Citigroup to axe 300 Jobs in Global Markets Division

Citigroup to axe 300 Jobs in Global Markets Division

Global financial giant, Citigroup Inc has announced its decision to cut 200 to 300 jobs in its division handling stock and bond trades in order to cut costs.

The third largest banking firm in the United States is aiming to cut its costs in order to be able to revive its business. The latest cut in jobs will result in about 2 per cent cut in its total workforce of the bank's global markets business, according to the people closer to the matter. The banking giant had a total staff of 251,000 people as of December of the previous year.

Micromax looking to acquire Pantech

Micromax looking to acquire Pantech

India's second largest smartphone marker, Micromax Informatics Ltd has indicated that it is looking to acquire a stake in South Korean counterpart, Pantech Co Ltd in a move to exapnd its presence in the international market.

The low cost handset maker is planning to expand its presence in the upmarket segment of the global smartphone market. Pantech, which is South Korea's third largest smartphone maker, is under a debt-restructuring programme following continued losses due to increasing competition from rivals.

India’s industrial output shrinks 1.9% in February

India’s industrial output shrinks 1.9% in February

India's industrial sector suffered a contraction of around 2 per cent in February, dampening down hopes of economic revival and underlining the need for the more government measures to boost the economic activity.

The Index of Industrial Production (IIP), a measure of industrial output, slipped 1.9 per cent year-on-year in the month of February, against a growth of 0.8 per cent in January this year.

IIFL Wealth acquires majority stake in India Alt

IIFL Wealth acquires majority stake in India Alt

IIFL Wealth Management Ltd. has confirmed that that it has acquired a majority stake in India Alternatives Investment Advisors Private Ltd. (India Alt).

India Alt is a private equity fund registered with capital market regulator SEBI. With an initial commitment of Rs 230 crore, it makes investments primarily in mid-growth stage companies.

IIFL Wealth is the private wealth management division of IIFL Group, which is making efforts to expand its presence in the private equity industry and provide an additional offering under its asset management platform.