Page 1621 - Business Finance

HCL Technologies to acquire select IBM Software products for $1.8 bn

The software products in scope represent a total addressable market of more than $50 billion and include: Appscan for secure application development, BigFix for secure device management, Unica (on-premise) for marketing automation, Commerce (on-premise) for omni-channel eCommerce, Portal (on-premise) for digital experience, Notes & Domino for email and low-code rapid application development, and Connections for workstream collaboration.

OPEC and partners face steep challenge to reach oil cut deal

OPEC will meet with 10 partner countries, including Russia, on Friday to try to thrash out an agreement on oil production cuts, a day after the group's members failed to reach a deal. The oil cartel had been expected to sign off on cuts to stem a plunge in oil prices at a meeting on Thursday, but it broke up without an accord. "No, I am not confident" about the chances of a deal, Saudi oil minister Khalid Al-Falih told reporters after a long day of negotiations at OPEC's headquarters in Vienna. However, OPEC and its non-cartel members -- who account for around half of global output -- agree on one thing: a glut on the market has led to oil prices falling by more than 30 per cent in the space of two months. However, the major players among the oil giants all have their own reasons to look to others to act. For Russia, which leads the non-member countries in the so-called OPEC+ alliance, "it's much more difficult to cut than for other countries, because of our climatic conditions," ...

Market drifts higher in early trade

Domestic stocks drifted higher in early trade on bargain hunting after three-day fall. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 109.16 points or 0.31% at 35,421.29. The Nifty 50 index was up 24.40 points or 0.23% at 10,625.55.

KSK Energy Ventures Ltd Slips 4.97%

KSK Energy Ventures Ltd has added 54.95% over last one month compared to 4.9% fall in S&P BSE Utilities index and 0.81% rise in the SENSEX

Goa Carbon Ltd Surges 3.26%

Goa Carbon Ltd has lost 6.35% over last one month compared to 0.05% fall in S&P BSE Energy index and 0.63% rise in the SENSEX

HCL Tech slips after acquiring select IBM products for $1.8 billion

HCL Technologies was down 4.44% to Rs 967 at 9:21 IST on BSE after the company said it will acquire select IBM software products for $1.8 billion.

Equity indices open in green, Sensex up 150 points

The Indian equity indices opened on a positive note on Friday tracking broadly positive Asian markets.

Asian markets tentatively higher at end of volatile week

Asian investors battled to finish a volatile week with some stability Friday as they weigh the outlook for China-US trade talks and uncertainty in oil markets, while looking ahead to the release of key US jobs data. After the furious selling of the past two days, there was some optimism after a report said the Federal Reserve could slow down its pace of interest rate hikes next year, providing some much-needed relief to under-pressure dealers. The general mood across trading floors is of unease, just days after the euphoria of Donald Trump's G20 tariffs ceasefire deal with China's Xi Jinping that put the row off for 90 days while they try to resolve the crisis. No sooner had the rally from that announcement run its course than questions began to be raised about the details and whether the world's top two economies could actually resolve their differences. That was compounded by news that a top executive at Chinese telecoms giant Huawei had been arrested in Canada and faces extradition

A firm opening on the cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 40 points at the opening bell.

HCL Tech in focus on acquiring select IBM products for $1.8 billion

HCL Technologies (HCL) said it will acquire select IBM software products for $1.8 billion. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews. The software products in scope represent a total addressable market of more than $50 billion and include Appscan for secure application development, BigFix for secure device management, Unica (on-premise) for marketing automation, Commerce (on-premise) for omni-channel eCommerce, Portal (on-premise) for digital experience, Notes & Domino for email and low-code rapid application development, and Connections for workstream collaboration. HCL and IBM have an ongoing IP Partnership for five of these products. The announcement was made after market hours yesterday, 6 December 2018.

Indian IT firm HCL Tech to acquire select IBM software products for USD 1.8 billion

Indian IT company HCL Technologies Friday said it will acquire select IBM software products for USD 1.8 billion (over Rs 12,700 crore) in an all-cash deal. The transaction, subject to "completion of applicable regulatory reviews", is slated to close by mid-2019, HCL Technologies said in a statement. 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, HCL Tech said in a regulatory filing. "IBM and HCL Technologies today announced a definitive agreement under which HCL will acquire select IBM software products for USD 1.8 billion," it said. With this acquisition, HCL Tech will get software products in areas of marketing, commerce, security and collaboration, a "highly profitable revenue stream" containing a significant annuity component, and access to over 5,000 large clients across industries and geographic markets, along with sales and marketing teams, the filing ...

OPEC will 'seriously consider' PM Modi's views on slashing oil prices

The Organisation of the Petroleum Exporting Countries (OPEC) would "seriously consider" Prime Minister Narendra Modi's views on lowering global crude oil prices, Saudi Energy Minister Khalid Al-Falih said on Thursday.Upon his arrival in Vienna for the crucial meet, which seeks to stabilise the global price of crude oil, Al-Falih underscored that Prime Minister Modi cares for Indian consumers and raised the issue during the recently-concluded G20 summit in Argentina."We would take the views of Prime Minister Modi's seriously. Privately, he made those points in Buenos Aires (during the G20 summit) to us (Saudi Arabia), that he cares for the Indian consumers. I have seen him several times at energy events in India, where he has been vocal about it," the minister said.India is the world's third largest oil consumer and imports about 80 per cent to meet its energy requirements.When asked about US President Donald Trump's demand on lowering crude oil prices, Al-Khalih elaborated: "Trump is .

Oil drops as OPEC makes supply cut dependent on Russian support

SINGAPORE (Reuters) - Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

Ride-hailing firm Lyft is racing to leave Uber behind in going public

Lyft's valuation is likely to end up between $20 billion and $30 billion, a source said

HPCL to buy Iranian oil in Jan after six-month gap: sources

NEW DELHI (Reuters) - State-run Indian oil refiner Hindustan Petroleum Corp will buy Iranian crude in January after a gap of six months, with the nation's overall purchases from Tehran at 9 million barrels in the month, four industry sources said.

Noble Group's $3.5 billion restructuring at risk as authorities block new listing

SINGAPORE (Reuters) - Noble Group's $3.5 billion debt rescue plan was thrown into doubt on Thursday when Singapore authorities said they would block the re-listing of shares in what was once Asia's top commodity trader.

Oil firms on drop in US crude stocks, market awaits OPEC/Russia supply decision

SINGAPORE (Reuters) - U.S. oil prices stabilised on Friday, buoyed by a fall in U.S. crude oil inventories, but sentiment remained weak as producer group OPEC postponed a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

Oil firms on drop in U.S. crude stocks, market awaits OPEC/Russia supply decision

SINGAPORE (Reuters) - U.S. oil prices stabilised on Friday, buoyed by a fall in U.S. crude oil inventories, but sentiment remained weak as producer group OPEC postponed a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

Battered Asia shares try to rally on talk of Fed pause

SYDNEY (Reuters) - Asian share markets tried to find their footing on Friday as speculation the Federal Reserve might be "one-and-done" with U.S. rate hikes helped salve some wounds after a punishing week.

US stocks close mixed as fears for economic slowdown continue

US stocks closed mixed as fears for economic slowdown continued.