Page 1012 - Business Finance
Global Markets: Asian shares search for direction as US-China trade talks begin
SYDNEY (Reuters) - Asian shares barely moved on Monday as investors were unable to shake worries about global growth, U.S. politics and the Sino-U.S. trade war, keeping the safe haven dollar near a six-week top against major currencies.
India-UK trade not to be affected by Brexit: Simon
Trade relations between India and the UK is not likely to be affected after Brexit, British trade commissioner to South Asia Crispin Simon has said. "Bilateral trade between Britain and India stands at USD 25 billion. India is an important trading partner and after Brexit, it is not to be affected", Simon told PTI. Britain had been allowed to establish new trading arragements outside the EU following Brexit, he said. The bilateral trade between Britain and India was growing at 17 per cent per annum, he said, adding "there is a nice momentum". Though the balance of trade was in favour of Britain, the "new trade deal will have a positive effect". The sectoral areas of bilateral trade between the two countries are technology, finance and renewable energy for which green finance was available, he said. Imports to India was USD 13 billion, while exports from India was USD 12 billion, he said. "There is demand for green finance in India", Simon said.
Just Eat shareholder Cat Rock calls for merger talks
(Reuters) - Just Eat Plc shareholder Cat Rock Capital Management LP on Monday urged the British takeaway ordering website to start merger discussions, saying it would benefit from a deal rather than relying on a new chief executive officer.
KRBL slumps after weak Q3 outcome
KRBL fell 8.09% to Rs 331.20 at 11:30 IST on BSE after consolidated net profit declined 12.82% to Rs 107.22 crore on 19.45% rise in net sales to Rs 935.80 crore in Q3 December 2018 over Q3 December 2017.
Pharma shares decline
Stocks cut losses in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 112.06 points or 0.31% at 36,434.42. The Nifty 50 index was down 53.25 points or 0.49% at 10,890.35. Pharma shares declined.
Just Eat shareholder calls for merger talks
(Reuters) - Cat Rock Capital Management LP on Monday urged Just Eat Plc to start merger discussions, saying the London-listed takeaway ordering website would benefit from a deal rather than relying on a new chief executive officer to turn around the business.
Copper futures fall 0.98% on profit-booking
Copper prices traded lower 0.98 per cent to Rs 438.35 per kg in futures market Monday as speculators reduced their positions to book profits. Muted demand in the domestic spot market, too, weighed on the prices. At the Multi Commodity Exchange, copper for delivery in February shed Rs 4.35, or 0.98 per cent, to Rs 438.35 per kg in business turnover of 2,480 lots. Analysts said participants reduced their holdings to book profits at current levels amid weak demand at the domestic spot market.
Lead futures soften 1.14% on low demand
Lead prices weakened 1.14 per cent to Rs 146.90 per kg in futures trade Monday as participants reduced exposure amid fall in demand from consuming industries in the spot markets. At the Multi Commodity Exchange, lead for delivery in February fell by Rs 1.70, or 1.14 per cent, to Rs 146.90 per kg in a business turnover of 631 lots. Analysts said cutting down of positions by traders owing to muted demand from battery-makers in the spot market led to the slide in lead futures.
Equity indices slip further on weak sentiment
Equity benchmark indices opened lower on Monday with selling pressure on auto, banking, FMCG and realty shares.At 11:10 am, the S&P BSE Sensex was down 182 points at 36,364 while the Nifty 50 was lower 72 points at 10,871.At the National Stock Exchange, Dr Reddy Labs was trading 6 per cent lower, ONGC was down 4 per cent while Indiabulls Housing Finance and Adani Ports slipped 3.8 per cent each.Meanwhile, Asian stock markets were trading mixed as investors awaited the outcome of a fresh round of trade talks between the United States and China later this week in Beijing.China and Taiwan markets crawled up on hopes that US and Chinese officials will make progress on a wide-ranging of trade disputes that have weighed on the global economy.
Crude oil futures fall 1.3% on weak overseas cues
Crude oil futures plunged by Rs 49 to Rs 3,711 per barrel Monday as speculators reduced bets amid a weakening trend overseas. At Multi Commodity Exchange, crude for delivery in February dropped by Rs 49, or 1.30 per cent, to Rs 3,711 per barrel in 7,010 lots. Marketmen said trading sentiments at futures trade dampened after crude oil prices fell in global markets. Meanwhile, West Texas Intermediate (WTI) crude fell 1.35 per cent to USD 52.01, while Brent crude fell 0.93 per cent to USD 61.52 per barrel on the New York Mercantile Exchange.
Gold futures fall 0.29 pc on weak global cues
Gold prices traded lower 0.29 per cent to Rs 33,144 per 10 gram in futures trade Monday after participants cut positions amid a weak global trend. At the Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 98, or 0.29 per cent, at Rs 33,144 per 10 gram in a business turnover of 630 lots. Similarly, gold to be delivered in March fell by Rs 85, or 0.26 per cent, to Rs 33,040 per 10 gram in 677 lots. Analysts said off-loading of positions by traders following a weak trend overseas influenced gold prices in futures trade. Meanwhile, gold prices fell 0.24 per cent to USD 1,311.90 an ounce in New York Monday.
Silver futures decline 0.32 pc on global cues
Silver prices fell 0.32 per cent to Rs 40,001 per kg in futures trade Monday as speculators trimmed positions tracking a weak trend overseas. At the Multi Commodity Exchange, silver for delivery in February fell by Rs 128, or 0.32 per cent, to Rs 40,001 per kg in a business turnover of 1,049 lots. Similarly, the white metal for delivery in March contracts was trading lower by Rs 122, or 0.30 per cent, to Rs 39,983 per kg in 661 lots. Analysts said offloading of positions by participants in line with a subdued trend overseas led to the fall in silver prices at futures trade. Globally, silver fell 0.44 per cent to USD 15.84 an ounce in New York.
Volumes spurt at Eveready Industries India Ltd counter
Eveready Industries India Ltd notched up volume of 2.88 lakh shares by 10:48 IST on BSE, a 42.2 fold spurt over two-week average daily volume of 6820 shares
Voltas to set up manufacturing unit in Tirupati
Continuing its thrust on Research and Development, Voltas aims to create technologically advanced products which are expected to start rolling out from the second half of 2020. The Company plans to invest over Rs. 500 crore while putting together an OEM base for home appliances, and simultaneously creating local employment opportunities in the region.
Essel Propack inaugurates its first greenfield unit in Kamrup, Assam
The unit has been set up under the auspices of the "Advantage Assam" scheme of the Government of Assam. The new unit will augment the capacity making it a strategic sourcing site for the customers from North-East of India.
Sensex down 110 points, Nifty below 10,950
The Sensex slid over a 100 points after opening in the green while the Nifty shed close to 50 points during the morning trade session on Monday.
US team in Beijing for trade talks
US negotiators were in Beijing on Monday for another round of talks on a trade deal with the clock ticking towards a March 1 deadline set by President Donald Trump. Preliminary discussions by lower-level officials were to be held, before US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin step in for the main event on Thursday and Friday. Washington suspended plans in December to increase tariffs on USD 200 billion worth of Chinese imports - to 25 per cent from the current 10 per cent - to give negotiators space to resolve a trade spat that has triggered fears of a global economic slowdown. A previous round of talks in Washington last month ended without a deal. Deputy trade representative Jeffrey Gerrish would lead the US delegation in preparatory meetings to begin on Monday, the White House has said. The talks will include officials from the agriculture, energy and commerce departments. Gerrish left his hotel in downtown Beijing on Monday morning without
Graphic: Sanctions, OPEC cuts push Asia's sour crude oil prices above Brent
SINGAPORE (Reuters) - Middle East oil benchmarks Dubai and DME Oman have nudged above prices for Brent crude, an unusual move as U.S. sanctions on Venezuela and Iran along with output cuts by OPEC tighten supply of medium to heavy sour oil, traders and analysts said.
Engineers India enters into MoU with Mongol Refinery, Mongolia
For setting up oil refinery in Mongolia
Board of ISGEC Heavy Engineering approves interim dividend and sub-division of shares
At meeting held on 09 February 2019