Page 1732 - Business Finance

Market opens higher on bargain hunting

Key benchmark indices were trading higher in early trade on bargain hunting after recent steep losses amid positive leads from other Asian markets. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 156.18 points or 0.45% at 35,137.20. The Nifty 50 index was up 48 points or 0.46% at 10,574.75.

Airtel Africa appoints Global Banks for an intended IPO on an international stock exchange

This follows the recent subscription of shares in Airtel Africa by six leading global investors comprising of Warburg Pincus, Temasek, Singtel, SoftBank Group International and others for an aggregate consideration of USD 1.25 Billion. Earlier this month, Airtel Africa also announced its newly constituted Board of Directors that includes representatives from Bharti Airtel and the investors.

IRB Infrastructure Developers gets revision in ratings for bank facilities

From India Ratings and Research

BEML may advance after winning order from DMRC

BEML has been awarded the Letter of Acceptance from DMRC for supply of 378 metro coaches (63 metro trains) to Mumbai Metro Line - 2 & 7 project. The contract is worth about Rs 3015 crore and the scope of work include design, manufacture, supply, testing & commissioning of 378 metro coaches, supply of spares and training of personnel. As per the contractual timelines, train deliveries are scheduled to commence from July 2020 until September 2022. The announcement was made on Friday, 23 November 2018 when the stock markets were closed for local holiday.

Shares may rise on bargain hunting

Market is seen opening higher on bargain hunting after recent steep losses amid positive leads from other Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.

Dell, Soros-backed Waypoint Leasing files for bankruptcy

NEW YORK (Reuters) - Waypoint Leasing Holdings Ltd, the helicopter leasing company backed by investment firms for billionaires George Soros and Michael Dell, said on Sunday it had voluntarily filed for bankruptcy in New York and planned to restructure.

Logitech ends negotiations to acquire Plantronics

(Reuters) - Logitech International SA, a Swiss manufacturer of keyboards and webcams, has ended discussions to acquire Plantronics Inc, a U.S. maker of Bluetooth earpieces and gaming headsets, the companies said on Sunday.

Asian shares tick up but oil rout dampens sentiment

TOKYO (Reuters) - Asian shares edged higher on Monday, though investors were cautious as plunging oil prices fanned worries about a dimming outlook for the global economy.

Chinese shares open mixed; yuan weakens

Chinese stocks opened mixed on Monday, with the benchmark Shanghai Composite Index up 0.05 per cent to open at 2,580.84 points.

InterGlobe Aviation Chairman Devadas Mallya passes away

InterGlobe Aviation, which operates the country's largest airline IndiGo, Sunday said its Chairman Devadas Mallya Mangalore passed away in the morning. He was also a Non Executive Independent Director. In a filing to the BSE, InterGlobe Aviation informed about the "sad and sudden demise of Devadas Mallya Mangalore, Chairman and Non Executive Independent Director of the company, today morning". He had served as Chairman and Managing Director of Bank of Baroda and Bank of Maharashtra. Mallya's sudden demise is an irreparable loss to the company and all the directors and employees of the company convey their deepest condolences to his family, it added. Other board members of InterGlobe Aviation include promoters Rakesh Gangwal and Rahul Bhatia, Non Executive Independent Director Anupam Khanna and Non Executive Director Rohini Bhatia.

Formula 1 keeps Pirelli as sole tire supplier until 2023

Formula One (F1) inked a new deal with Pirelli to continue as exclusive tire supplier until 2023, Formula One management announced on Sunday.

Renault-Nissan leaders to meet amid tensions over Ghosn ouster

PARIS/BEIJING (Reuters) - Renault-Nissan executives will attempt this coming week to shield their joint operations from a looming power struggle between the carmakers, following alliance boss Carlos Ghosn's shock arrest over misconduct allegations.

OMCs to set up 2,500 new petrol pumps in Bengal: Official

State-owned Oil Marketing Companies (OMCs) in West Bengal will set up around 2,500 additional petrol pumps over the next three to four years, an official said on Sunday. The process to seek application for the new pumps in the state by Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum kicked off on Sunday. The OMCs will also try to have provisions for CNG in the proposed pumps, said Dipankar Roy, state coordinator of oil companies in Bengal and IOC executive director. This is the first major retail expansion of petrol pumps after 2014. At present, there are about 2,235 pumps in West Bengal. In the last four years, demand for petrol and diesel in the state increased 45.9 per cent and 31.1 per cent, respectively, Roy said. A joint venture between IOC and the Adani Group will set up 80 CNG stations in the next seven years in Burdwan East and Burdwan West districts, the official said.

CAIT raises various demands in letter to PM

Traders' body CAIT Sunday said it has written to Prime Minister Narendra Modi highlighting the need for an e-commerce policy, incentives for digital payments, national policy for retail trade, besides other issues. In a communication sent to the Prime Minister, the Confederation of All India Traders (CAIT) has demanded complete overhauling of the country's retail trade. In the letter, CAIT Secretary General Praveen Khandelwal alleged that the current e commerce is greatly vitiated by online companies by indulging into predatory pricing, deep discounting and loss funding, thereby creating an uneven level playing field and influencing the pricing which is against FDI Policy 2016 Press Note No. 3 of the Government. Therefore, there is an urgent need of an e-commerce policy by the government and formation of a Regulatory Authority to monitor and regulate e commerce business in the Country and to create a level playing field, Khandelwal said. Besides, CAIT said bank charges should not be ..

Aston Martin to more than double production by 2025 - CEO

ABU DHABI (Reuters) - Luxury carmaker Aston Martin, has not yet seen a slowdown in its key markets and aims to more than double the number of cars it makes by 2025, its chief executive said on Sunday.

Transport fuel prices continue to fall on global slide

Domestic fuel prices continued to decline on Sunday, with petrol down 40-41 paise and diesel rates slashed by 45-46 paise across major metros, in line with the downward trend in Brent crude oil, which has fallen below the $60 per-barrel-mark.

Punjab govt committed to boost tourism and industry: Minister

Punjab Commerce and Industries Minister Sunder Sham Arora said the government was committed to take every step necessary to ensure more investments in the industrial sector and promotion of tourism in the state. Arora, after inaugurating the Punjab Day celebrations at the ongoing India International Trade Fair here, said the tourism tagline of the state is: 'India Begins Here', and the same is true in more ways than one. The iconic Golden Temple in Amritsar has been acknowledged as the most-visited destination in the world as per the London-based Guinness Book of World Records. It is also cleanest religious place in India. Arora announced that the state had notified its first cultural policy and revised the tourism policy, with an aim to promote cultural and natural heritage. The minister said the Amarinder Singh-led government had notified the business and industrial policy, 2017, under which it signed 143 memorandum of understandings (MoUs) worth Rs 4,335 crore. Arora said Punjab ...

Khadi sales jump 4-fold in FY18; KVIC to run 'Khadi Express' train to boost sales

State-run Khadi and Village Industries Commission (KVIC) has said the sale of Khadi products rose over three-fold in the last three fiscals and 'Khadi Express' train will be run to create awareness about the segment. According to KVIC, the Khadi turnover was Rs 811 crore in 2014-15 and it increased to Rs 2,509 crore in 2017-18. "We have written a letter to Indian Raiways for running a Khadi Express train which would exhibit Khadi products linked with Mahatama Gandhi in view of his 150th birth anniversary," KVIC Chairman Vinai Kumar Saxena told PTI BHASHA. The five-bogie Khadi Express train would also have the facility to sell the Khadi products to people and will run through all those places in the country where Mahatama Gandhi had stayed. The train will be stationed at those stations for one day. The demand of Khadi products has increased as Prime Minister Narendra Modi himself appealed to the people of the country to buy these clothes, he said. Saxena said the sale of Khadi products

Indian bank frauds up, will continue rising: Deloitte

Rounding off the year of India's biggest banking fraud on state-run Punjab National Bank (PNB), British professional services multinational Deloitte on Sunday said such frauds will continue to rise with banks continuing to "lack a holistic anti-financial crime compliance programme".

Oil PSUs to allot 65,000 petrol pumps ahead of general elections

Ahead of general elections, public sector oil companies plan to allot about 65,000 petrol pumps across the country to nearly double the existing retail network, officials said Sunday. Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) Sunday issued advertisements for setting up 55,649 petrol pumps across the country. "This does not include any sites in poll-bound states," HPCL's state-level coordinator Vishal Bajpai told reporters here. Assembly elections are on in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram and advertisement for these would be issued after polling is completed. IOC, which already has 27,377 petrol pumps across the country, has advertised for setting up 26,982 more in states that are not going to polls. BPCL will add 15,802 outlets to its existing strength of 14,592 and HPCL would add 12,865 petrol pumps to its existing tally of 15,287. Delhi has 390 petrol pumps and 170 more are to be set up, Bajpai ...