Page 1617 - Business Finance
HCL Tech plunges 5 pc on USD 1.8 bn deal with IBM
Shares of HCL Technologies dived 5 per cent on Friday after the company announced acquisition of select IBM software products for USD 1.8 billion in an all-cash deal. The stock dropped 4.98 per cent to close at Rs 961.55 on BSE. Intra-day, the scrip had hit a low of Rs 935, down 7.6 per cent. On NSE, the stock slumped 5 per cent to close the counter at Rs 961.9. During the trading session, the scrip had touched a low of Rs 934.45 and a high of Rs 1,000. A total of over 1.10 crore scrips were traded during the day on the stock exchanges. HCL Technologies Friday said in a regulatory filing that it will acquire select IBM software products for USD 1.8 billion (over Rs 12,700 crore) in an all-cash deal. The deal is subject to "completion of applicable regulatory reviews" and is slated to close by mid-2019. The deal entails seven products in areas including security, marketing and collaboration solutions, and represents a total addressable market of more than USD 50 billion, the firm said .
J&J distributor found guilty of profiteering after GST rate cut
The GST anti-profiteering authority has found a distributor of Johnson & Johnson (J&J)guilty of not passing on the tax rate cut benefit of over Rs 5 lakh to consumers. The case before the National Anti Profiteering Authority (NAA) states that the distributor had hiked the base price of two products -- J&J baby shampoo 100ml and J&J baby powder 200gm -- after the GST Council slashed tax on them to 18 per cent from 28 per cent on November 15, 2017. The Directorate General of Anti Profiteering (DGAP), which investigated the complaint against the said distributor, went through its books of accounts for the period November 15, 2017 to March 31, 2018. It was found that the base price of the baby shampoo was increased from Rs 57.24 to Rs 62.10 a piece following the November 15 rate cut. Similarly, the base price of the baby powder was increased to Rs 87.67 from Rs 80.82 a piece. NAA, while asking the distributor to deposit over Rs 5 lakh to consumer welfare fund, directed it .
In biggest Indian IT deal, HCL Tech to buy $1.8 billion of IBM software
MUMBAI/BENGALURU (Reuters) - HCL Technologies will buy some software assets from U.S.-based IBM Corp for $1.8 billion, the companies said on Friday, marking the largest purchase ever by an Indian IT services firm.
Govt appoints Krishnamurthy Subramanian as Chief Economic Advisor
The government Friday appointed ISB Hyderabad professor Krishnamurthy Subramanian as Chief Economic Adviser for a period of three years. The post of CEA had been lying vacant since Arvind Subramanaian left the finance ministry after a four-year stint in Jlu this year. "The Appointments Committee of the Cabinet (ACC) has approved for the appointment of Dr Krishnamurthy Subramanian, Associate Prof. and ED (CAF), ISB, Hyderabad, to the post of Chief Economic Adviser," said a government notification. His appointment will be for a period of three years, it said. An IIT-IIM alumnus, Subramanian holds Ph D (Financial Economics) from Booth School of Business, University of Chicago, the US. The government had invited applications for the post CEA in July. The key responsibilities of the CEA include providing policy inputs on industrial development and foreign trade, conducting analysis of trends in industrial production and releasing statistical information on key economic indicators. It could
Nissan blamed Ghosn probe for CEO no-show in Amsterdam: sources
PARIS/TOKYO (Reuters) - Nissan told Renault its Chief Executive Hiroto Saikawa was unable to attend an Amsterdam meeting because he was assisting Tokyo prosecutors investigating alleged misconduct led by Carlos Ghosn, chairman of the carmakers' alliance, sources with knowledge of the matter told Reuters.
Krishnamurthy Subramanian new Chief Economic Adviser
The government on Friday appointed Hyderabad-based Indian School of Business (ISB) Associate Professor Krishnamurthy Subramanian as the Chief Economic Adviser (CEA) in the Finance Ministry for a period of three years.
China's ByteDance to raise about $1.45 billion for its venture fund - the Information
(Reuters) - Beijing ByteDance Technology Co, one of the world's most valuable startups, is in talks to raise about $1.45 billion (9.97 billion yuan) to invest in artificial intelligence and media content, The Information website reported on Friday.
China's Anta Sports-led group buying Finland's Amer Sports for $5.2 billion
(Reuters) - A consortium led by China's Anta Sports made an offer to acquire Finland's Amer Sports in a deal that values the company at 4.6 billion euros ($5.23 billion), the Chinese firm said on Friday.
Timex Makes the Festive Season Memorable for its Consumers; Announces the Lucky Winners of Diwali - Howzatt Offer
/ -- 20 lucky people won a free trip to London Customers also won other exciting prizes like iPad, silver coins and discount on watches Adding more delight to its happy customers, Timex, one of the leading watchmakers in India, announced the lucky winners of the Timex Howzatt offer. Timex is taking 20 lucky winners of Diwali Howzatt offer for a free trip to London in 2019. To top it all, many customers also won other compelling prizes like iPad, silver coins and attractive discount on watches. (Logo: https://mma.prnewswire.com/media/680504/Timex_Logo.jpg ) With the onset of festive season, Timex announced the Howzatt offer in India between 10th October 2018 to 15th November 2018 through a massive advertising campaign. The campaign excited Timex customers to not only own a watch from the global brand but also win exciting prizes. Under the offer customers who bought any 'Timex' or 'Helix' brand watch from www.shop.timexindia.com or from any authorized retailer, got a golden ...
Gold prices dip on sluggish buying by jewellers
Gold prices Friday slipped by Rs 20 to close at Rs 32,100 per 10 gram in the bullion market here due to subdued buying by local jewellers. Silver, on the other hand, gained Rs 75 to close at Rs 37,700 per kg on higher demand from industrial units and coin makers. Traders said subdued demand from local jewellers amid flat global market pulled down gold prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purities fell by Rs 20 each to close at Rs 32,100 and Rs 31,950 per 10 gram, respectively. However, sovereign gold held steady at Rs 24,900 per piece of 8 gram. Globally, gold remained almost flat at USD 1,238.80 an ounce and silver was near unchanged at USD 14.44 an ounce in New York yesterday. Meanwhile, silver ready rose by Rs 75 to Rs 37,700 per kg, while weekly-based delivery fell by Rs 44 to Rs 37,206 per kg. Silver coins, however, maintained the previous levels at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
Corporate India needs to accelerate on risk management: Experts
India's corporate sector, including small and middle size companies, needs to accelerate internal process of risk management and scale up the best practices to keep pace with the fastest growing national economy, according to experts. The experts, who participated in the Singapore Global Convention 2018 from December 5 to 7, called for more efforts to match the in-house standards and processes set by American and European corporations and stressed on the need to adopt Enterprises Risks Management (ERM). ERM are the methods and processes used by organisations to manage risks and seize opportunities related to the achievement of their objectives. "Given the opportunities in India, we need the corporate world fully internally risk protected and adopt the ERM framework," Atul Temurnikar, co-founder and chairman of the Global Indian International School in Singapore and also the chairman of the convention, said. According to the experts, the improvement in business operations among the ...
Pakistan unlikely to get IMF bailout by Jan 15: Report
Cash-strapped Pakistan's quest for a USD 8 billion IMF bailout package by January 15 may not realise as the global lender wants the government to adopt tougher measures to address the external sector imbalances before sending the country's case to its Executive Board, a media report said Friday. Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. The Express Tribune, quoting sources in the ministry of finance, said that the two sides made their first contact on Thursday for the first time since November 20 when they concluded their first round of talks for the bailout package. Finance Minister Asad Umar and the IMF's Washington-based mission chief Harald Finger made contact through a video link, the report said. The two sides discussed the developments that took place during three weeks. Talks between Pakistan and the IMF remained inconclusive last ...
Nickel futures gain 0.92 on increased demand
Nickel prices rose by 0.92 per cent to Rs 774.70 per kg in futures trade Friday as participants increased their bets amid pick-up in demand from alloy-makers in domestic markets amid positive global cues. At the Multi Commodity Exchange, nickel for delivery in current month was up by Rs 7.10, or 0.92 per cent, to Rs 774.70 per kg in a business turnover of 16,451 lots. Market analysts said expanding of positions by traders following hardening of demand from alloy makers helped nickel prices to trade higher. Besides, a firm trend in the base metals pack in global markets influenced the nickel prices here, they said.
Musk's Boring Company postpones first tunnel launch in US
Elon Musk's infrastructure and tunnel construction firm Boring Company has postponed the much-anticipated launch of its first tunnel under Los Angeles in the US.
Nissan to recall 150,000 cars due to improper checks
Nissan Friday announced plans to recall approximately 150,000 vehicles owing to improper tests on new units, dealing a fresh blow to the Japanese car giant following the shock arrest of former chairman Carlos Ghosn. "Nissan has recently found several non-conformities that may have caused inaccurate pass/fail judgements during the inspection process," the company said in a statement, adding it would "promptly" recall as many as 150,000 units in Japan. It confirmed that improper tests were carried out on brakes, speedometers and other systems before shipment at its domestic assembly plant. Nissan plans to notify authorities of the recall on Thursday, it added. The manufacturer was forced to recall more than one million vehicles last year after admitting staff without proper authorisation had conducted final inspections on some units intended for the domestic market before they were shipped to dealers. In a separate case that erupted in July, Nissan admitted data on exhaust emissions and
Volkswagen to hike car prices in India by up to 3% from Jan 1
German auto major Volkswagen Friday announced up to 3 per cent increase in prices of its vehicles across models in India from January 1, 2019. The upward price revision is due to increased input cost and fall in rupee, the company said in a statement. Steffen Knapp, director, Volkswagen Passenger Cars, said following the dynamic changes within the economy and rising input costs followed by a depreciating rupee, there has been a foreseen requirement to increase prices in the passenger vehicle segment. "A diminutive percentage increase will assist the company in restoring equilibrium for the upcoming months," he said. Volkwagen is carrying out an upward revision of up to 3 per cent in the prices of its product range with effect from January 2019, the release said. Knapp said that a part of the increase has been absorbed by the company. Other major automakers like Maruti Suzuki, Toyota Kirloskar Motor and Isuzu Motors India have already announced hike in their vehicle ...
NTPC may buy Centre's stake in SJVN, parleys on with HP govt
State-run NTPC is likely to acquire the Central government's stake in SJVN Ltd, but the Himachal Pradesh government has expressed some reservations relating to this transaction, an official said. At the current market price, sale of 63.79 per cent stake in SJVN would fetch the Centre about Rs 6,700 crore. SJVN is a joint venture between the Centre and the Himachal Pradesh government, with a joint holding of 90.63 per cent. At the end of September, Centre held 63.79 per cent stake in SJVN, while HP Government held 26.85 per cent. An official said the discussions are going on for purchase of Centre's stake in SJVN, but Himachal Pradesh government has some concerns. "We are looking at NTPC acquiring Centre's share in SJVN. The matter is stuck because of resistance from Himachal Pradesh government. We are discussing it," the official said. If the acquisition goes through, this would be the third such transaction amongst Central Public Sector Undertaking (CPSEs). In January, ONGC bought ...
Jeera futures up 1 pc on rise in demand
Jeera prices rose 1.21 per cent to Rs 18,895 per quintal in futures trade Friday as speculators created fresh positions, driven by pick-up in demand from stockists and overseas enquiries. Tight stocks position following restricted arrivals from the growing regions fuelled the uptrend. At the National Commodity and Derivatives Exchange, jeera for delivery in January rose by Rs 225, or 1.21 per cent, to Rs 18,895 per quintal, with an open interest of 3,114 lots. Likewise, the contract for February was trading higher by Rs 75, or 0.42 per cent, at Rs 17,730 per quintal with an open interest of 786 lots. Traders said speculative positions built up by participants amid rising domestic as well as export demand, mainly led to the rise in jeera prices in futures trade.
Silver futures surge Rs 186 on firm global cues
Silver prices rose by Rs 186 to Rs 37,404 per kg in futures trade Friday on speculative buying by investors, tracking positive trend overseas. At the Multi Commodity Exchange, silver for delivery in November spurted by Rs 186, or 0.50 per cent, to Rs 37,404 per kg in a business turnover of 650 lots. The white metal for delivery in March next year was trading higher by Rs 193, or 0.52 per cent, to Rs 37,411 per kg in 23, 919 lots. Analysts said speculative buying driven by firm global trend lifted silver prices here. Meanwhile, silver rose 0.94 per cent to USD 14.53 an ounce in Singapore.
Eicher Motor to further beef up its global market share with new 650cc bikes
With two new 650cc motorcycles, Eicher Motors Ltd now hopes to further consolidate and grow its market share in the global mid-weight motorcycles (250cc to 750cc) segment, said a senior company official.