Page 1663 - Business Finance
Volumes soar at J B Chemicals & Pharmaceuticals Ltd counter
J B Chemicals & Pharmaceuticals Ltd recorded volume of 2.12 lakh shares by 14:13 IST on NSE, a 8.4 times surge over two-week average daily volume of 25225 shares
Market turns volatile
Volatility struck bourses in mid-afternoon trade as the key indices once again regained positive zone after erasing sharp intraday gains. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 25.47 points or 0.07% at 36,219.77. The Nifty 50 index was up 5.90 points or 0.05% at 10,882.65.
HUL board apporves merger with GlaxoSmithKline Consumer Healthcare
FMCG major HUL Monday said its board has approved the merger with GlaxoSmithKline Consumer Healthcare (GSKCH India) through an-all equity deal, valuing the total business of the latter at Rs 31,700 crore. The transaction is an all equity merger with 4.39 shares of HUL being allotted for every share in GSKCH India, which sells consumer healthcare prodcts, including popular drink brand Horlicks. "HUL has reached a definite agreement with GSKCH India in this regard," the company said in a statement. Commenting on the development, HUL CMD Sanjiv Mehta, Chairman and Managing Director said: With this proposed strategic merger with GSKCH India, we will be expanding our portfolio with great brands into a new category catering to the nutritional needs of our consumers." Post the acquisition, he said the turnover of the company's Foods and Refreshment (F&R) business will exceed Rs 10,000 crore. "We will become one of the largest F&R businesses in the country," Mehta added. The GSKCH ...
RCom unit furnishes Rs 1,400 cr corporate guarantee to Telecom Department
Reliance Communications Monday said its subsidiary Reliance Realty has furnished corporate guarantee of Rs 1,400 crore to Telecom Department as directed by the Supreme Court, stepping closer towards concluding its spectrum sale to Reliance Jio. The Supreme Court on November 30, had asked the Department of Telecom (DoT) to give a no-objection certificate (NoC) to Reliance Communications to sell its spectrum to Reliance Jio, provided a corporate guarantee of the said amount is furnished by its group firm in favour of government. "As per the order....of the Supreme Court of India, Reliance Realty Limited, a 100 per cent subsidiary of RCOM, has submitted the corporate guarantee of Rs 1,400 crore to the DoT. As per the said order, DoT is to approve the spectrum trading within this week," RCom spokesperson said in a statement. RCom said that the proceeds from the spectrum deal will be used to clear the dues of Ericsson and RITL (Reliance Infratel) minority investors, and added that Reliance
World Bank doubles funding for Climate Action
The World Bank Group on Monday announced that it will be doubling its current 5-year investments to around USD 200 billion in support for countries to take ambitious climate action for the year 2021-2025."The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world's poorest countries," stated the World Bank Group.Terming climate change as an "existential threat" to world's poorest and vulnerable, World Bank Group President, Jim Yong Kim said, "These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change. We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future."World Bank also stated that USD 200 billion is made up of ...
Sun Pharma slumps 10 pc as Sebi plans to reopen insider trading case
Shares of Sun Pharmaceutical tumbled over 10 per cent Monday as markets regulator Sebi may reopen an insider trading case against the firm and probe alleged lapses by some of its promoters. The stock, which opened on a negative note, further declined 10.22 per cent in intra-day trade to Rs 441.95 on BSE. At 1405 hrs the scrips were trading at Rs 453.70, down 7.84 per cent from the previous close. On the NSE, the shares fell 10.44 per cent to Rs 441.15, its lowest during the intra-day trade. 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 whistleblower 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 managing director Dilip Shanghvi and nine other entities settled
Trump says China to cut tariffs on U.S.-made autos after trade war truce
WASHINGTON/BEIJING (Reuters) - China has agreed to "reduce and remove" tariffs below the 40 percent level that Beijing is currently charging on U.S.-made vehicles, U.S. President Donald Trump said, as a trade war truce between the two countries gathers pace, cheering markets.
China agrees to reduce tariffs on US cars: Trump
China has agreed to cut tariffs on cars it imports from the US, President Donald Trump has said, a day after he negotiated a ceasefire in the trade war with Beijing.
India's 2nd International real estate awards hit Goa
With an aim to recognise developers and other service providers in the real estate/property sector across India, the second edition of International Brand Equity Real Estate Awards 2018 was held recently in Goa, India.A group of expert's speakers had a conversation on varied topics like opportunities and projections; projects in pipeline and market opportunities; recent developments and key risk in real estate sector demand outlook for real estate sector and so on.The International Brand Equity the Best Real Estate Brands Awards India focuses on India development and aims to recognize developers and other service providers in the real estate/property sector across India, Asia, and Middle East.The process of choosing winners begins with inviting entries. Builders, developers, property advisors, IPCS/brokers/realtors, and so on, send in their entries for the awards.Gaurav Singh, Head of Events, International Brand Equity said that the nomination process attracted a lot of interest from .
Qatar to withdraw from OPEC in 2019
Qatar's Energy Minister Saad Sherida al-Kaabi on Monday announced that Qatar will withdraw from the Organisation of the Petroleum Exporting Countries (OPEC) in January 2019.Qatar Petroleum while confirming the withdrawal, tweeted, "Qatar announces it was withdrawing from the Organization of Petroleum Exporting Countries "OPEC" effective 1 January 2019."Qatar joined the organisation consisting of 15 oil producing countries in 1962.While addressing a press conference, al-Kaabi stated that the decision was taken as Qatar's wants to focus its efforts to increase its natural gas production, reported Al Jazeera."Achieving our ambitious growth strategy will undoubtedly require focused efforts, commitment and dedication to maintain and strengthen Qatar's position as the leading natural gas producer," he added.The decision comes days before the OPEC meeting which is scheduled to be held on December 6.OPEC, headquartered in Vienna, Austria, accounted for half of the global oil production and ...
Mahindra First Choice Services acquires key assets of Carnation Auto
This asset acquisition does not include the liabilities and past dues of CAPL which is currently under liquidation. MFC Services will now increase its penetration in metro cities, especially in Delhi, the NCR and Mumbai, which are strategic to its business growth plans.
Ashok Leyland slips after weak November sales
Ashok Leyland fell 4.45% to Rs 107.25 at 14:03 IST on BSE after total sales fell 9% to 13,121 units in November 2018 over November 2017.
Russia's Uralkali to sell China small potash volumes at $290 per tonne: agencies
MOSCOW (Reuters) - Russian fertiliser producer Uralkali has signed a contract to sell "minor volumes" of potash to China for $290 per tonne, Russian news agencies reported on Monday citing the company's shareholder Dmitry Mazepin.
Asian shares in November post biggest monthly gains in 10 months
(Reuters) - Asian shares posted their biggest monthly gain in 10 months in November on hopes U.S.-China trade tensions would ease and on expectations of fewer U.S. rate hikes in the coming quarters.
Sensex reverses gain, trades flat; rupee crosses 70
Reversing early gains, the key equity indices traded in the red during the afternoon trade session on Monday as investors reacted to disappointing macro-economic data and a rise in global crude oil prices.
Insight: Betting on ethanol, Brazilian mills turn sour on sugar
LONDON/SAO PAULO (Reuters) - Brazilian sugar companies are increasing their capacity to produce ethanol in the face of depressed global sugar prices and government policies expected to boost demand for the biofuel.
Qatar to withdraw from OPEC and focus on gas exports
DOHA (Reuters) - Qatar said on Monday it was quitting OPEC from January 2019 but would attend the oil exporter group's meeting this week, saying the decision meant Doha could focus on cementing its position as the world's top liquefied natural gas (LNG) exporter.
TVS Motor sales up 27% in November
TVS Motor Company Monday reported 27 per cent increase in total sales at 3,19,965 units in November. The company had sold 2,51,965 units in the same month last year, TVS Motor Company said in a statement. The Chennai-based firm said domestic two-wheeler sales were at 2,60,253 units last month as against 2,03,138 units in November 2017, a growth of 28 per cent. Motorcycle sales during the month grew by 29 per cent at 1,19,883 units as compared to 93,202 units November 2017. Scooter sales stood at 1,11,763 units last month as against 78,397 units in November 2017, a growth of 43 per cent, it said. TVS Motor Company said its three-wheeler sales rise 48 per cent to 12,823 units in November 2018 from 8,642 units registered in the year-ago month. During the month, exports were at 58,476 units, a growth of 24 per cent from 47,207 units in November 2017. Two-wheeler exports grew by 17 per cent to 46,889 units last month from 40,185 units in November 2017, it added.
HCL becomes preferred services partner for Broadcom
HCL Technologies on Monday said it became preferred the services partner for chip-making giant Broadcom Inc's enterprise software products and will provide professional services, education and training services.
Soybean prices fall Rs 12 on scanty demand
Soybean prices dipped by Rs 12 to Rs 3,382 per quintal in futures trade Monday as investors cut down their holdings amid subdued overseas lead. Marketmen said trimming of positions by participants following a weak trend in global markets led to fall in soybean prices. At the National Commodity and Derivatives Exchange, soybean for January 2019 eased by Rs 12, or 0.35 per cent, to Rs 3,382 per quintal, having an open interest of 1,24,940 lots. Soybean for February next year fell by Rs 7, or 0.2 per cent, to Rs 3,432 per quintal, clocking an open interest of 29,060 lots.