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Friday, November 10, 2017

Limited space for further cut in lending rate: SBI chief
State Bank of India Chairman Rajnish Kumar yesterday said that there is limited space for further easing of the lending rate. It seems so, he said in reply to a question if the rate cut cycle is over for now. "If you look at the bond yields, they have gone up in the recent past. So, I think the headroom available for cutting down the interest rates, both deposit and lending (seems limited). Deposit rate unless you cut you cannot cut lending rate ... For time being we are in for much more stable interest rate," he said. Last week, the country's largest lender State Bank of India (SBI) reduced its lending rate for home and auto loans by 0.05 percentage point.

Ultra Media & Entertainment Group launches 'Ultra Digital Cinema'
Ultra Media & Entertainment has launched “Ultra Digital Cinema”  a new venture that provides a unique “hi tech” platform for cinema & other content delivery in India & worldwide. Ultra will be installing a high end built in projector & server in a single box in every exhibitor’s premises to avoid any copying of the content from a standalone server scenario. They also will provide a superfast broad band connection for every screen through which the content will be distributed hence giving the exhibitors a flawless connectivity to their cloud. Ultra will be recovering their investment on each screen from the Film Producers / Distributors and the various brands that will advertise in the cinema halls. Ultra Digital Cinema will be providing their film content distribution service to theatres all over India and globally. In India, the company will be targeting around 500 screens by the end of calendar year 2018,

Fujifilm India launches Uvistar Hybrid 320 UV printer
Fujifilm India has launched the new Uvistar Hybrid 320 at its state-of-the-art Demo Centre for Wide Format Inkjet Printers in Mumbai on Wednesday. Uvistar Hybrid 320 is an all-round UV production printer with the flexibility to produce many kinds of display print. From superwide roll to multi-sheet rigid printing, the Uvistar Hybrid 320 offers the potential to broaden production capabilities in one investment. The release of the Uvistar Hybrid 320 is designed to build on Fujifilm’s position as one of the leaders in the super wide format market, providing printers with the very best in high quality, flexible and productive wide format inkjet technology. It is driven by patent Fujifilm technology and has been specifically designed to provide high quality at affordable costs. With this launch, the new Uvistar Hybrid 320 joins Fujifilm India’s Wide-Format printer portfolio.

HPCL Q2 net profit soars 147% to Rs 1,735 cr
State-owned Hindustan Petroleum Corp Ltd (HPCL) yesterday reported a 147% jump in its second quarter net profit on account of higher refinery margins and inventory gains. Net profit in July-September at Rs 1,735 crore was 147% higher than Rs 701 crore in the same period a year ago, HPCL Chairman and Managing Director Mukesh K Surana told reporters. The company earned USD 7.61 on turning every barrel of crude oil into fuel in the quarter as compared to USD 3.23 per barrel gross refining margin in the same period a year ago. "Throughput at both our refineries totalled 4.64 million tonnes as compared to 4.04 million tonnes last year," he said.

IT expertise at banks' board level a must, says RBI ED
With cyber threat emerging as a major risk for the financial sector, the Reserve Bank yesterday said banks need to have a board with IT expertise to ensure speedy implementation of measures to address this challenge. Banks need to have a broader organisational framework to prepare for cyber security threats. "With banking becoming more technology driven, IT expertise at the board level has become a necessity," Reserve Bank's Executive Director Meena Hemchandra said at a CII organised cyber security summit.

Tata Motors net soars threefold to Rs 2,502 crore
Homegrown auto major Tata Motors yesterday reported a threefold jump in consolidated profit at Rs 2,502 crore in the quarter to September from Rs 848 crore in same quarter last fiscal. Consolidated revenue grew 10.34% to Rs 70,156 crore as against Rs 63,577 crore a year ago, Tata Motors said in a release. The sales (including exports) of commercial and passenger vehicles stood at 1,52,979 units, a growth of 13.8%. Medium and heavy commercial vehicle segment grew by 28%, while ILCV surged 35% and small commercial vehicle volumes rose 38%, the company said.

33 Indians to become MD from Jan 1: Goldman Sachs
Goldman Sachs yesterday said that 509 people, include 33 of Indian nationality will be promoted as Managing Directors effective from January 1, 2018. The global investment firm said that these include 13 in India itself. "33 people of the 509 promoted to Managing Director are of Indian nationality," Goldman Sachs said. The individuals who have been promoted to MD in India are Karthik Anbalagan, Technology Division; Lavanya Ashok, Merchant Banking Division; Vineet Birman, Securities Division; Rohini Eapen, Operations Division; Reto Frei, Internal Audit Division and Ankit Jain, Risk Division.

Ford India launches new SUV EcoSport
Ford India yesterday launched its new upgraded version of popular compact SUV EcoSport priced between Rs 7.31 lakh and Rs 10.99 lakh.
Anurag Mehrotra, President and MD,Ford India and Vinay Raina, Executive Director-Marketing, Sales and Service, Ford India at the New Ford EcoSport launch in New Delhi yesterday.

Asahi India Glass commences production at Taloja plant
Glass maker Asahi India Glass (AIS) yesterday announced commencement of production at its Taloja plant. Along with the company's fifth auto glass plant in Gujarat, the Taloja plant will further add to the scale and flexibility of AIS in providing seamless supplies to customers, the company statement said.

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