Page 1660 - Business Finance
GSK to buy cancer drugmaker Tesaro for $5.1 billion
LONDON (Reuters) - GlaxoSmithKline has agreed to buy U.S. cancer drug specialist Tesaro for $5.1 billion, marking a major biotech investment by the drugmaker as its seeks to rebuild its pharmaceuticals portfolio.
'Consumers trust pvt firms more than govt with personal data'
Consumers in the country trust private companies more than the government when it comes to sharing their personal data, according to a KPMG survey. Technology companies and the banking sector are the most trusted (75 per cent each) entities in the country, followed by wealth management firms (62 per cent) and power and utility firms (62 per cent). The government, at 51 per cent, was the least trusted entity for consumers, as per the survey, which took into account responses from 3,000 people in the country. However, in terms of global average of consumers trust in government (37 per cent), India fared much better. "Lack of faith in governments reflects the consequences of years, if not generations, of political infighting, constitutional crises and changing political landscapes," the KPMG survey 'Me, My life, my wallet' said. The survey comes at a time when the Supreme Court has barred private entities like telecom companies, banks and payment service providers from ...
HUL, GSK Consumer shares rise 4 pc after boards approve merger
Shares of Hindustan Unilever and GlaxoSmithKline (GSK) Consumer Healthcare Monday surged 4 per cent on BSE after their boards approved the merger of the two companies. The stock of HUL jumped 4.12 per cent to close at Rs 1,825.90. Intra-day, it gained 4.89 per cent to hit 52-week high of Rs 1,839.5. The scrip of GSK went up by 3.75 to end at Rs 7,542.85. During the trading session, it soared 5.73 per cent to Rs 7687.2. Anglo-Dutch FMCG giant Unilever Monday said it will acquire health food and drinks portfolio of GSK in India and over 20 other markets predominantly in Asia for a consideration of 3.1 billion pound. As part of the transaction, Unilever's Indian arm Hindustan Unilever will acquire GSK Consumer Healthcare (GSK CH India) via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore. In separate regulatory filings HUL and GSK announced that their respective boards have approved their merger.
Over 18.10 lakh registered companies, only 62% active at end of October: Official data
The country has more than 18 lakh registered companies but only 62 per cent of them were actively functioning at the end of October, according to official data. The majority of active companies were engaged in business services. With more than 6.46 lakh companies shuttered and many others undergoing various regulatory processes, including liquidation, the total number of active entities stood at 11.16 lakh during the period. Latest data from the corporate affairs ministry showed that there were a little over 18.10 lakh registered companies at the end of October. In terms of total registered companies, nearly 62 per cent of them were active last month. Entities are required to get registered under the Companies Act, which is implemented by the ministry, to function as companies. Among the total number of registered companies, 6.46 lakh entities were shut down and 39,736 companies were in the process of being deregistered. "Out of the 6,46,882 closed companies, 10,574 companies were ...
Flair Writing, Neccon Power get Sebi's go ahead to launch IPO
Pen manufacturer Flair Writing Industries and Assam-based Neccon Power and Infra have received markets regulator Sebi's go ahead to float initial public offerings. With this, the total number of companies getting clearance from the Securities and Exchange Board of India (Sebi) has reached 75 this year so far. Neccon Power and Flair Writing filed their IPO papers with Sebi in September and obtained the regulator's 'observations' on November 29 and November 30 respectively, according to the latest update with the capital markets watchdog. Sebi's observations are necessary for any company to launch public issues such as initial public offer (IPO), follow-on public offer (FPO) and rights issue. Flair Writing's IPO comprises equity shares of face value of Rs 10 each aggregating up to Rs 450 crore. This include fresh issue of shares aggregating up to Rs 330 crore and an offer for sale of up to Rs 120 crore. The company plans to utilise proceeds from the fresh issue for the purchase of ...
Global Markets: Stocks surge after China-U.S. trade truce, Wall Street set for jump
LONDON (Reuters) - A truce between U.S. and Chinese leaders on trade tariffs boosted global markets on Monday, fuelling an advance of nearly one percent by world stocks, setting up gains on Wall Street and pushing emerging-market currencies higher against the dollar.
Tencent Music presses play on $1.2 billion U.S. IPO
HONG KONG/NEW YORK (Reuters) - Tencent Music Entertainment launched its hotly-anticipated U.S. initial public offering (IPO) of up to $1.2 billion on Monday after global stock markets were boosted by a truce brokered by U.S. and Chinese leaders in their trade conflict.
Nexstar to buy Tribune Media in $6.4 bln deal
(Reuters) - Nexstar Media Group Inc said on Monday it agreed to buy Tribune Media Company in a deal valued at $6.4 billion.
Be careful while shipping furniture across foreign shores
As the advent of e-commerce has altered consumer behaviour in terms of buying furniture online, overseas shipping of heavy furniture plays a key role in the success of online firms. Experts suggest some tips which can help deliver a seamless experience.
Bajaj Auto November sales grow 25 pc to 4,06,930 units
Bajaj Auto Monday reported 25 per cent jump in total sales at 4,06,930 units in November, compared with 3,26,458 units in the same month last year. Total domestic sales were at 2,34,818 units last month, compared with 1,79,835 units in November 2017, a growth of 31 per cent, Bajaj Auto said in a statement. The company's total motorcycle sales during the month increased 31 per cent to 3,46,544 units, against 2,63,970 units sold in the same month last year. Total commercial vehicle sales witnessed a decline of 3 per cent to 60,386 units in November, against 62,488 units in the same month last year. Overall exports grew 17 per cent to 1,72,112 units in November, from 1,46,623 units in the year-ago month.
Output growth, renewable energy in int'l coal meet agenda
Technocrats from across the world are set to deliberate a host of issues surrounding the country's coal sector, including growth in production and the use of non-conventional energy, at an upcoming conference in Madhya Pradesh. The two-day international conference on Opencast Mining Technology and Sustainability will seek to address some of the challenges in way of the government's ambitious 1-billion tonne coal production target by fiscal 2021-22. Union Coal Minister Piyush Goyal had recently called for revival of the production aim in Coal India Ltd's foundation day address, and urged its employees to take up the challenge. The December 14-15 seminar at Singrauli is organised by Coal India subsidiary Northern Coalfields Ltd, in association with the Indian Institute of Technology (BHU), Varanasi and AKS University, Satna. "This would be the first-of-its-kind conference on open cast mining, technology and sustainability in India. We are expecting a huge number of ...
Sun Pharma drops 7.5% on reports Sebi may reopen insider trading case
Shares of Sun Pharmaceutical Monday dived 7.5 per cent after reports suggested that markets regulator Sebi may reopen an insider trading case against the firm and probe alleged lapses by some of its promoters. The company's shares fell 7.52 per cent to end at Rs 455.30 apiece on the BSE. During the day, the stock declined 10.22 per cent to Rs 441.95. On the NSE, the scrip of the company slumped by 7.53 per cent to close at Rs 455.50. In terms of volume, over 48 lakh shares were traded on the BSE, while over 6 crore units changed hands on the NSE. According to sources, Sebi is likely to reopen an insider trading case against Sun Pharmaceutical Industries as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas. The development comes after a whistle-blower reportedly approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others, they added. In August 2017, Sun Pharmaceutical, its ...
Indian Navy to induct 56 ships, submarines, third aircraft carrier
The Indian Navy will be procuring a third aircraft carrier and inducting 56 warships and submarines to augment its maritime capabilities, Naval Chief Admiral Sunil Lanba said here on Monday.The third aircraft carrier is in its third and final phase of construction at Kochi, while the sea trials for the warships are expected to commence in mid-2020.Apart 56 warships and the aircraft carrier, 32 ships, and submarines are presently under construction at different Indian shipyards. These include the aircraft carrier, Vikrant, P-15B Class Destroyers, P17A class stealth Frigates, P28 ASW Corvettes, Offshore Patrol Vessels and Scorpene class submarines."The Indian Navy has been at the forefront of self-reliance in defense production,' right since Independence," he said at the Indian Navy's annual press conference.He also said that on the aviation front, a long-standing critical shortfall in the naval helicopter fleet has been finally addressed with the accord of AoN (Acceptance of Necessity)
Yes Bank appoints ex-Irdai chief Vijayan as additional director
Yes Bank Monday announced appointment of T S Vijayan, former Irdai chairman, as an additional director for five years with immediate effect. The private sector lender is grappling with governance as well as non-performing asset issues and has seen resignations of three independent directors, including Chairman Ashok Chawla, in the recent past. "We would like to inform that the board of directors of the bank on December 3, 2018, have approved the appointment of T S Vijayan as an additional director (independent) of the bank with immediate effect and his appointment as independent director for a period of 5 years...," the bank said in a regulatory filing. Vijayan was chairman of the Insurance Regulatory and Development Authority of India (Irdai). He has also held senior positions in various capacities at the Life Insurance Corporation of India and became its chairman in 2006. Yes Bank further said the appointment of Vijayan will be subject to approval of shareholders at the next general
Reduction of grants by Centre hits welfare schemes: Pondy CM
: Puducherry Chief Minister V Narayanasamy Monday hit out at the Central government for slashing grants to the Union Territory, which has led to 'crippling' the implementation of several welfare schemes. He said this while presenting awards to differently abled students in recognition of their performance in public examinations during the celebration of the International Day of Disabled here. The Chief Minister said the territorial government was in a financial crisis owing to the reduction of grants by the Centre from 90 per cent to 70 per cent, which has now been further reduced to 25 per cent. "We are in a predicament to implement welfare schemes," he said. Implementation of the recommendation of the seventh Pay Commission required around Rs 500 crore, but this was not not made available from the Centre and this has put the territorial administration in a predicament, he said. Because of the efforts to mobilise resources locally, the territorial government was able to
Rupee breaks 4-day winning run, drops 88p at 70.46 per dollar as crude rebounds
Snapping its four-day rising streak, the rupee Monday dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency as oil prices rebounded and the US currency gained strength. Forex dealers said increased dollar demand from importers amid firming global crude oil prices and a strong dollar weighed on the rupee sentiment. Crude prices rebounded on Monday after Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman agreed to extend their agreement to limit production to arrest a slump in global prices. Crude oil prices surged over 3.85 per cent to USD 61.75 per barrel in global markets. The rupee opened lower at 69.87 and fell further to settle lower by 88 paise or 1.26 per cent, its biggest single-day loss in since August 13, at 70.46 per US dollar. The rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency Friday. Forex dealers said the American currency ...
CIS: Sebi fines Maitrya Services, Servehit Housing
Markets regulator Sebi has slapped a total fine of Rs 2.6 crore on Maitreya Services and Servehit Housing & Infrastructure as well as their directors for raising funds from investors through unregistered collective investment schemes (CISs). The regulator has levied a fine of Rs 1.5 crore on Maitreya Services and its directors, besides imposing a penalty of Rs 1.1 crore on Servehit Housing as well as its directors, the Securities and Exchange Board of India (Sebi) said in separate orders. According to the Sebi, Maitreya Services mobilised over Rs 1,331 crore from nearly 27 lakh investors through unregistered CISs. Of this, 11.37 lakh investors were yet to be repaid over Rs 298 crore. Besides, the Sebi said that the company failed to comply its order passed in March 2013, wherein it had asked the firm to refund the money, along with interest. "The noticees (Maitreya Services and its directors -- Varsha Madhusudan Satpalkar and Janardan Arvind Parulekar) have sponsored and/ or ...
NMDC fixes prices of Iron Ore
with effect from 01 December 2018
World outlook darkens as factory activity slips, orders fall
LONDON/TOKYO (Reuters) - Global economic prospects appear gloomy as year-end approaches after factory activity and export orders weakened in November, prompting analysts to predict no quick rebound amid persistent global trade tensions.
US-China decision to not impose higher tariffs de-escalates hostilities temporarily: Moody's
The US and China agreeing to put off imposition of higher tariffs temporarily de-escalates hostilities between the two nations, but will not bridge the wide gulf between their economic, political and strategic interests, Moody's said on Monday. Moody's Investors Service Managing Director, Sovereign Risk Group, Marie Diron said the US-China relations will remain contentious as the US and China are too strong to cede their respective national interests in negotiations with each other. In a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the annual G-20 Summit in Argentina, Trump agreed to postpone for 90 days a scheduled increase in tariffs on USD 200 billion in Chinese imports, while Xi agreed to purchase a very substantial amount of US products so as to reduce the USD 375 billion trade deficit between the two countries. Signalling an end to the six-month-long trade war, Trump agreed that on January 1, 2019, he will leave the tariffs