Page 1222 - Business Finance
Hinduja Global Solutions inaugurates new facility at Jacksonville, Florida
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Global shipping rates slump in latest sign of economic slowdown
SINGAPORE (Reuters) - Freight rates for dry-bulk and container ships, carriers of most of the world's raw materials and finished goods, have plunged over the last six months in the latest sign the global economy is slowing significantly.
SC upholds insolvency code, set back for operational creditors
The Supreme Court on Friday upheld the Insolvency and Bankruptcy Code 2016 (IBC) in its entirety and constitutional validity, causing a setback to operational creditors who include Suppliers, customers and contractors.
Crude oil futures rise 1.19% on positive overseas cues
Crude oil prices spurted 1.19 per cent to Rs 3,836 per barrel in futures trade Friday as speculators raised their exposure, tracking a rebound in global markets. At the Multi Commodity Exchange, crude for delivery in February went up by Rs 45, or 1.19 per cent to, Rs 3,836 per barrel in a business turnover of 2,304 lots. Analysts said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade where it bounced back. Meanwhile, West Texas Intermediate crude prices rose 1.32 per cent to USD 53.83, while Brent, used to price international oils, was up 1.13 per cent at USD 61.78 a barrel at the New York Mercantile Exchange.
Mexico fuel explosion death toll rises to 107
The death toll from a fiery pipeline explosion in central Mexico reached 107 Thursday, the government announced, with 40 people also injured in the blast last week. Last Friday, the fuel-line in Hidalgo state was deliberately punctured, drawing hundreds of people looking to gather gasoline before it ignited. The disaster occurred as the government wages a huge effort to clamp down on fuel theft, which costs Mexico an estimated $3 billion in 2017. So-called "huachicol" -- as the stolen fuel is known in Mexico -- costs about half of market price. Mexico is regularly rocked by deadly explosions at illegal pipeline taps, a dangerous but lucrative business whose players include powerful drug cartels and corrupt Pemex insiders.
Sensex, Nifty pare gains; breadth turns negative
Key benchmarks trimmed gains in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 198.52 points or 0.55% at 36,393.62. The Nifty 50 index was up 48.60 points or 0.45% at 10,898.40. The Nifty was trading below 10,900 mark after crossing that level in early trade.
Gold rises as U.S. government shutdown deepens global growth concerns
(Reuters) - Gold prices edged higher on Friday on concerns about a prolonged U.S. government shutdown at a time when global growth is already slowing, with markets also waiting on U.S.-China trade talks due next week.
Nifty, Sensex follow Asian peers higher; Yes Bank surges
(Reuters) - Indian shares advanced in line with other Asian peers on Friday, driven by gains in energy and financials, with Yes Bank Ltd jumping nearly 14 percent after the private-sector lender named a new chief executive officer.
Oil rises 1 percent as U.S. threatens sanctions against Venezuela
SYDNEY/SINGAPORE (Reuters) - Oil prices rose more than 1 percent on Friday as turmoil in Venezuela triggered concerns that its crude exports could soon be disrupted.
Silver futures up 0.31% on positive global leads
Silver futures traded 0.31 per cent higher at Rs 39,003 per kg Friday as speculators created fresh positions, tracking a firm trend overseas. At the Multi Commodity Exchange, silver for delivery in March traded higher by Rs 120, or 0.31 per cent, at Rs 39,003 per kg in business turnover of 438 lots. The February contract of silver too gained Rs 115, or 0.30 per cent, to Rs 39,028 per kg in 847 lots. Traders said building up of fresh positions by participants, triggered by a firming trend in global market, influenced silver prices at futures trade here. Globally, silver rose 0.20 per cent to USD 15.43 an ounce in New York.
Gold futures up 0.14% on global cues
Gold prices were higher by 0.14 per cent in futures trade Friday after speculators created fresh positions amid a firming trend overseas. In futures trade at the Multi Commodity Exchange, gold for delivery in April was trading higher by Rs 45, or 0.14 per cent, at Rs 32,159 per 10 gram in a business turnover of 131 lots. Gold to be delivered in February also gained Rs 39, or 0.12 per cent, to quote at Rs 32,052 per 10 gram in a business volume of 268 lots. Analysts said fresh positions built up by participants, tracking a firm trend overseas, led to the rise in gold prices at futures trade here. Gold prices edged up 0.09 per cent to USD 1,282.70 an ounce in New York, supported by worries over a slowing global economy and a prolonged US government shutdown. However, the safe-haven metal gains were capped by a strong technical resistance and a firmer dollar.
Nickel futures up 0.69% on spot demand, firm global cues
Supported by rising spot demand and positive global cues, nickel prices rose 0.69 per cent to Rs 836.90 per kg in futures trade Friday after participants widened their positions. At the Multi Commodity Exchange, nickel for delivery in January was trading higher by Rs 5.70, or 0.69 per cent, to Rs 836.90 per kg in a business turnover of 652 lots. The metal for delivery in February also gained Rs 4.70, or 0.56 per cent, at Rs 841.10 per kg in a business volume of 116 lots. Meanwhile, at the London Metal Exchange, three-month nickel was trading higher at USD 11,760 per tonne. Analysts attributed the rise in nickel prices in futures trade to strong demand from alloy-makers at the domestic spot markets and a firm trend overseas.
Embraer to sell commercial division to Boeing for $4.2 bn
Brazilian aircraft manufacturer Embraer has signed a contract to sell majority of its commercial division to US firm Boeing that will create a new civil avaiation company.
Volumes spurt at Deepak Fertilizers & Petrochemicals Corp Ltd counter
Deepak Fertilizers & Petrochemicals Corp Ltd registered volume of 4.65 lakh shares by 10:48 IST on BSE, a 5.64 fold spurt over two-week average daily volume of 82547 shares
Deepak Fertilisers spurts after clarification
Deepak Fertilisers & Petrochemicals Corporation rose 8.65% to Rs 115.55 at 10:50 IST on BSE after the company issued clarification on certain rumours relating to repayment of commercial papers.
Board of Hindustan Foods approves proposal for acquisition 40% stake in ATC Beverages
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Positive market breadth
Key equity indices were trading near day's high in morning trade. At 10:33 IST, the barometer index, the S&P BSE Sensex, was up 227.66 points or 0.63% at 36,422.76. The Nifty 50 index was up 65.35 points or 0.60% at 10,915.15. The Nifty was trading above 10,900 mark after crossing that level in early trade. Positive cues from other Asian shares boosted investors sentiment.
Global economy in real danger if U.S.-China trade war escalates - Reuters poll
BENGALURU (Reuters) - A synchronised global economic slowdown is under way and any escalation in the U.S.-China trade war would trigger a sharper downturn, according to Reuters polls of hundreds of economists from around the world.
Sterlite Tech Continues Stellar Performance; Expands Solutions set to Address Global Data Networks Capex
/ -- Quarter Revenue at Rs 1,335 Cr (+60% YoY); Net Income at Rs 146 Cr (+62% YoY) Order Book crosses Rs 10,000 Cr as of Q3FY'19 Ongoing network solutions capability build, opening addressable market of $75Bn Capacity expansion of 50 mn fibre km and 33 mn km fibre cable on track Sterlite Tech (BSE: 532374) (NSE: STRTECH), a global data network solutions company, posted financial results for the third quarter ended December 31, 2018. With hyper growth in network creation for 5G, FTTx, citizen networks and data centres, Sterlite Tech continued solid performance, reporting a positive quarter with the highest-ever order book, crossing Rs 10,000 Cr. (Logo: https://mma.prnewswire.com/media/568301/Sterlite_Logo.jpg ) Data has been growing exponentially, with over 10X scale expected in global IP traffic from 2012 to 2022, driving a hyper build cycle of networks globally by traditional and new players. While globally telcos are embracing digital for enhanced customer experience, large ...
Board of KJMC Corporate Advisors (India) approves scheme of amalgamation
At meeting held on 23 January 2019