Presence of more companies in the market will lead to more innovation, quality and R&D activities, said domestic steel players on Thursday while reacting to the entry of global steel giant ArcelorMittal in India."We don't see ArcelorMittal as a challenge," JSW Steel Chairman Sajjan Jindal told PTI on the sidelines of the ISA Steel Conclave here.More the number of players, more the research & development (R&D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers.Close Jindal Steel and Power Chairman Naveen Jindal said, "We see its (ArcelorMittal's) entry as a positive step." related news Tech Mahindra, Business Finland ink MoU for R&D in 5G, 6G Honda Civic retains title of best-selling executive sedan with 30% growth MoM Laurus Labs gets 3 observations from USFDA for Visakhapatnam facility Tata Steel Chief Financial Officer Koushik Chatterjee also said there should be … [Read more...] about ArcelorMittal India entry: Domestic steel firms say more players in market to spur innovation
The Indian rupee has recovered from the lows and trading at day's high level at 71.75 per dollar, with selling seen in the domestic equity market.It opened flat at 71.83 per dollar versus previous close 71.81.The rupee ended 10 paise lower at 71.81 against the US dollar on November 20, on concerns about US-China trade deal progress.Close Oil prices retreated on Thursday as a spat over Hong Kong added to worries of a delay in any US-China trade deal, after posting steep gains in the previous session on bullish US crude inventory data. related news Rupee drops 10 paise to 71.81 per dollar as US-China tensions weigh Rupee off day's low, trades at 71.82 per dollar Rupee recovers 13 paise to end at 71.71 against USD The Sensex was down 73.40 points or 0.18% at 40578.24, and the Nifty was down 26.10 points or 0.22% at 11973.00.According to ICICIdirect, the dollar-rupee November contract on the NSE was at 71.86 in the previous session. Open interest declined 1.84% in … [Read more...] about Rupee gains, trades at day’s high
To clear its loan obligations, debt laden Essel Group on November 20 announced plans to sell 16.5 percent stake in its flagship company Zee Entertainment Enterprises to financial investors.Promoter Subhash Chandra along with his family owes over Rs 7,000 crore to domestic lenders, including mutual funds, and Russian lender VTB.The promoter and promoter group holds 22.37 percent equity in ZEE, of which 96 percent was pledged with lenders, as per shareholding data available on the exchanges.Also read: Is Subhash Chandra’s stake reduction good news for Zee shareholders?With this stake sale, mutual fund experts believe that fund houses will get back their capital stuck with the Essel Group. “All lenders debt will be cleared through this stake sale, and in some cases fund houses will be able to recover their lost valuations,” said Dhirendra Kumar, CEO, Value Research, a mutual fund research firm.In September, Essel group had made a part payment to the … [Read more...] about Subhash Chandra stake stake in ZEE | Will it release logjam for MFs?
The government and the RBI will work towards ways to provide relief on liquidity-related issues for NBFCs and devise simpler lending norms for MSMEs at the latter's board meeting that is scheduled to be held on November 19, a top government official said."Some resolution on liquidity and credit related issues is expected in the meeting," the official quoted above said.Discussions on 'economic capital framework', through which the government wants RBI to transfer to a substantial chunk of the central bank's reserves, is a work in progress.Close "It will take some time for these issues to get resolved. It may take two-three meetings," the official added. related news Banking | Should RBI have a Deputy Governor based outside Mumbai? Cube Highways bids Rs 5,011cr to bag third TOT bundle: Report KfW to lend Rs 1735cr to Andhra Pradesh for zero budget natural farming Apart from this, there could be discussions pertaining to the Prompt Corrective Action (PCA) framework prescribed … [Read more...] about RBI board meet: Liquidity relief for NBFCs and simpler lending norms for MSMEs to top agenda
The Reserve Bank of India (RBI) net sold $18.662 billion of the greenback in the spot market, during the first seven months of the current financial year, according to RBI data.In the same period last year, RBI was a net purchaser of the greenback, as it had bought $16.301 billion. In September, 2018, RBI sold $31 million of the US currency in the spot market on a net basis, as per the latest RBI data.In the reporting month, the central bank purchased $1.012 billion, while selling $1.043 billion in the spot market. In August, and July, it had sold $2.323 billion and 1.87 billion, respectively, on a net basis.Close The apex bank said that In April, May and June, it had, on net basis, sold $2.483 billion, $5.767 billion and $6.184 billion of the US currency, respectively. In September 2017, RBI had net bought $1.259 billion of dollar, after it purchased $3.788 billion and $2.529 billion in the spot market. related news Banking | Should RBI have a Deputy Governor based outside … [Read more...] about RBI net sells $18.66 billion between April-September