Page 2039 - Business Finance
ArcelorMittal says reached pact with Liberty House for sale of Dudelange, Liege assets
ArcelorMittal said Friday it has reached an agreement with Liberty House for the sale of its assets in Luxembourg and Belgium. The assets are the final part of a divestment package the Luxembourg-headquartered company agreed with the European Commission (EC) during its merger control investigation into ArcelorMittal's acquisition of Ilva SpA. "ArcelorMittal... has received a binding offer from Liberty House Group for the acquisition of ArcelorMittal Dudelange (Luxembourg) and the following finishing lines at ArcelorMittal Lige (Belgium): hot dipped galvanising lines 4 and 5 in Flemalle; and hot-rolled pickling, cold rolling and tin packaging lines in Tilleur," the company said in a statement. It said closing of the transaction is subject to the completion of the company's acquisition of Ilva, corporate approvals and is conditional on EC approval and the conclusion of consultations with local and European Works Councils. "The Company has now received binding offers for the complete ...
China's Xi promises tax cuts, other help to entrepreneurs
President Xi Jinping has promised tax cuts and other help to China's entrepreneurs in a renewed effort to revive growth in a cooling, state-dominated economy amid a mounting tariff battle with Washington. Xi's comments, reported Friday by state media, follow a decline in Chinese economic growth to a post-global crisis low of 6.5 per cent over a year ago in the three months ending in September. The fight with US President Donald Trump has added to pressure on communist leaders to rev up economic activity that has weakened since Beijing clamped down on bank lending last year to rein in surging debt. The comments appeared to be aimed at shoring up confidence among entrepreneurs who generate China's new jobs and wealth amid complaints Beijing is dragging its feet on economic reforms and reining in the dominance of state industry. The economic slowdown, coupled with Beijing's dispute with Trump, has fed gloom among investors. China's stock market has tumbled 30 per cent since January. The .
ASSOCHAM Flags Industry Concerns On Liquidity Crisis, Recommends Credit Line To NBFCs
In view of the current liquidity crisis faced by Indian economy, ASSOCHAM Secretary General, Uday Kumar Varma voiced industry concerns and the growing unease among investors and businesses at large, according to a latest update from the industry body. He highlighted that due to the various factors that have triggered this liquidity crunch, beginning with the IL&FS default and measures to keep the Rupee from depreciating further, the money markets have seen higher costs of borrowing capital. He further added that in view of the liquidity challenges, monetary policy easing by way of lowering interest rates would give the necessary boost to investor confidence.
Sensex trades above 35,000 mark
Key equity indices were hovering near day's high in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 570.14 points or 1.66% at 35,002.11. The Nifty 50 index was up 176 points or 1.70% at 10,556.45. Strength in index pivotals, HDFC, HDFC Bank and Reliance Industries boosted indices higher. Trading sentiment got a boost amid fall in global crude prices and rising rupee. Positive global cues also triggered buying. The Sensex was trading above the psychologically important 35,000 mark.
China seeks to rebrand global image with import expo
Facing a blizzard of trade complaints, China is throwing an "open for business" import fair hosted by President Xi Jinping to rebrand itself as a welcoming market and positive global force. More than 3,000 companies from 130 countries selling everything from Egyptian dates to factory machinery are attending the China International Import Expo, opening Monday in the commercial hub of Shanghai. Its VIP guest list includes prime ministers and other leaders from Russia, Pakistan and Vietnam. The United States, fighting a tariff war with Beijing, has no plans to send a high-level envoy. Xi's government is emphasizing the promise of China's growing consumer market to help defuse complaints Beijing abuses the global trading system by reneging on promises to open its industries. "This says, look, we're not a global parasite that is creating massive deficits, we are buying goods," said Kerry Brown, a Chinese politics specialist at King's College London. The event also is part of efforts to ...
China making efforts to make yuan dominant currency: Indian-American economist Gopinath
China is following a recipe of what it takes to become a dominant currency, but currently the yuan remains far behind the US dollar in international financial transactions unrelated to trade, according to prominent Indian-American economist Gita Gopinath. Gopinath, who would become the first woman chief economist of the International Monetary Fund (IMF) in January, is currently the John Zwaanstra Professor of International Studies and Economics at the prestigious Harvard University. "China is following a market recipe of what it takes to become a dominant currency," Gopinath said in response to a question at the 19th Jacques Polak Annual Research Conference on 'International Spillovers and Cooperation' organised by the IMF here. China is trying to convince its trading partners invoicing in renminbi, the official Chinese currency, but it does not have the financial institutions as is the case with the US dollar, she said, adding that it has to be both trade and finance. So, if one does
PNB shares tank over 7% post disappointing Q2 numbers
Shares of Punjab National Bank Friday slumped over 7 per cent after the company posted a staggering loss of Rs 4,532.35 crore for the second quarter ended September 2018 on rising bad loans. The scrip tanked 7 per cent to close at Rs 69.05 on BSE. Intra-day, it dived 8.35 per cent to Rs 68.05. At NSE, shares of the company dropped 7.20 per cent to end at Rs 68.95. The company's market valuation also fell by Rs 1,598.02 crore to Rs 21,222.98 crore on BSE. In terms of equity volume, 91.75 lakh shares of the company were traded on BSE and over 9 crore shares changed hands at NSE during the day. The state-owned bank had a net profit of Rs 561 crore in the July-September quarter of 2017-18. Its total income during the September quarter of 2018-19 declined to Rs 14,035.88 crore as against Rs 14,205.31 crore in the year-ago period, PNB said in a BSE filing. The bank's gross non-performing assets (NPAs) as a proportion of gross advances rose sharply to 17.16 per cent (Rs 81,250.83 crore) at ..
Bata Q2 net profit rises 29.77% to Rs 55.66 crore
Footwear major Bata India today reported a 29.77 per cent increase in its standalone net profit to Rs 55.66 crore for the second quarter ended September 30, 2018. The company had posted a net profit of Rs 42.89 crore in the July-September quarter a year ago. Its total income stood at Rs 687.96 crore during the quarter under review. It was Rs 601.72 crore in the corresponding quarter last fiscal, Bata said in a BSE filing. "We have built up growth momentum in second quarter with portfolio refresh across categories, and we hope to continue it as we get into the peak festival season. Our strategy of using youth icons to push our key categories has yielded positive results," said Sandeep Kataria, chief executive officer, Bata India. Shares of Bata settled at Rs 1,007.65 apiece on the BSE, down 0.65 per cent, from their previous close.
Final Diwali sale on Snapdeal to provide extra discounts
Snapdeal's 3-day final Diwali Sale edition of its Mega Diwali Sale starts 2nd November and will run till 4th November.This edition of the sale provides users great savings by 'Stock and Save' options on regular use products like whey protein and pet food.This sale also provides users discounts on their future travels via a 20 per cent discount on Cleartrip Gift cards, which can be used for hotel and flight bookings over the next 12 months. There is also a 10 per cent flat discount on Thomas Cook cards and a flat 10 per cent saving on forex purchases via Bookmyforex cards.This edition of the sale will provide extra discounts on the best selling items like Sarees, Bedsheets, LED lights, Utensils, Mixer grinders, Speakers, Geysers, Blankets, and Dryfruits.The sale has also added winter items like kids' sweatshirts, warm Gym-wear and fall jackets to its selection. There is a toy clearance sale to help buyers make the most of the Diwali holidays.For the ones who wish to complete the ...
Domestic indices gain amid hopes of ease in trade tension
Key domestic indices ended the day's trade on Friday after registering sharp gains over signs of easing trade tensions between the US and China as the Sensex surged 580 points and Nifty advanced by over 170 points.
British Indian tycoon to buy 3 more of Lakshmi Mittal's European plants
UK-based Liberty Steel, part of Indian-origin tycoon Sanjeev Gupta's global GFG Alliance, on Friday announced a conditional agreement to buy three additional European steel plants being sold by NRI steel billionaire Lakshmi N Mittal's ArcelorMittal. The company said it will acquire two Belgian steel mills and one in Luxembourg from ArcelorMittal in addition to the four it said last month it would be acquiring in the Czech Republic, Romania, Macedonia and Italy. Both deals are subject to approval by the European Commission and other local processes, including the conclusion of information consultations with local and European Works Councils. Liberty said it has struck a conditional agreement to buy the Flemalle and Tilleur sites, which employ a total of around 700 people near Liege, Belgium, and the 300-people Dudelange, Luxembourg facility. "These are high quality, landmark assets with skilled and experienced workforces that we are looking forward to welcoming into the worldwide GFG ..
Garg cites improved financial parameters to take jibe at Acharya
In an apparent dig at RBI Deputy Governor Viral Acharya's 'wrath of financial markets' comment, Economic Affairs Secretary Subhash Chandra Garg Friday said vital economic indicators are showing improvement, including rupee trading below 73 to a dollar. Acharya, in his much talked about speech last week, had raised the issue of autonomy of central bank and undermining the central bank's independence could be "potentially catastrophic". "Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution; their wiser counterparts who invest in central bank independence will enjoy lower costs of borrowing, the love of international investors, and longer life spans," Acharya had said. The Deputy Governor's comment had generated controversy, hinting at the growing rift between the government and the central bank. Taking to twitter Friday, Garg ..
Future Enterprises reports Q2 net profit of Rs 6.99 crore
Future Enterprises Friday reported a standalone net profit of Rs 6.99 crore as against a net loss of Rs 1.94 crore for the second quarter ended September 30, 2018. The company, earlier known as Future Retail (FRL), reported total income of Rs 1,222.40 crore in the quarter under review, up 5.92 per cent, as against Rs 1,154 crore in the corresponding period last year, Future Enterprises said in a BSE filing. Shares of Future Enterprises were trading 2.17 per cent higher at Rs 40.05 on the BSE.
Sensex climbs 580 points to reclaim 35k-mark; banking, auto shares steal the show
Market benchmark Sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday, propelled by financials and auto stocks, amid cooling global crude prices, rising rupee and fresh flow of foreign funds. Positive leads from most other Asian markets that jumped to three-week highs and a positive opening of European shares on easing concerns over the US-China trade war too buoyed sentiments here, brokers said. The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points, or 1.68 per cent, higher at 35,011.65. This is its highest closing since October 4, when it had finished at 35,169.16. The NSE Nifty leaped 172.55 points, or 1.66 per cent, to 10,553 after touching a high of 10,606.95 during the session. On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or .
Xiaomi India ships over 1 mn Mi TVs in 9 months
Xiaomi India on Friday said it has shipped more than one million Mi LED TVs in the last nine months.
JB Chemicals Q2 net profit dips marginally to Rs 51.44 cr
Drug firm JB Chemicals & Pharmaceuticals Friday reported a marginal dip in net profit to Rs 51.44 crore for the quarter ended September 30, 2018. The company had posted a net profit of Rs 51.72 crore for the corresponding period of the previous fiscal, JB Chemicals & Pharmaceuticals said in a filing to the BSE. Company's revenue from operations stood at Rs 404.27 crore for the quarter under consideration. It was Rs 347.31 crore for the same period a year ago. Shares of JB Chemicals & Pharmaceuticals were trading at Rs 308.00 in the afternoon trade on the BSE, down 2.05 per cent from its previous close.
Indian consumer sentiment sees marginal rise in Oct: Report
Consumer sentiment in India increased marginally in October as consumers remained upbeat about spending conditions despite turmoil in currency markets, says a report. The GICI (Genesis India Consumer Indicator) - a monthly indicator tracking consumer sentiment pan India across personal finances, business conditions and buying conditions) increased slightly in October to 62.43 from 61.38 in September, nearly matching the record high levels seen in July. A result above 50 indicates respondents are optimistic while a reading below 50 indicates that pessimists outweigh optimists. "Overall this was another positive survey showing consumer confidence close to the record high seen in July," said Chief Economist of GMMR, Philip Uglow. Genesis Management and Market Research (GMMR) compiles GICI index. Uglow further said, "consumers remain upbeat about spending conditions, shrugging off the recent turmoil in currency markets, although there are some signs that this optimism may have ...
ABFRL reports Q2 net profit of Rs 43 crore
Aditya Birla Fashion and Retail Ltd (ABFRL), formerly known as Pantaloons Fashion, Friday reported net profit of Rs 42.73 crore for the September quarter. It reported a loss of Rs 9.96 crore during July-September 2017. ABFRL's total income stood at Rs 2,026.04 crore during the quarter under review. It was Rs 1,811.34 crore in the year-ago period, the company said in a BSE filing. Revenue from operations, part of total income, is not comparable with previous year period due to implementation of GST with effect from July 1, 2017. "Sales are recorded net of GST whereas earlier the same was recorded gross of excise duty which formed part of expenses," it added. ABFRL's shares were trading 2.83 per cent higher at Rs 192.90 apiece on BSE.
Govt Policy reforms have begun to show concrete results in terms of big jump in India's ranking on Ease of doing business: ASSOCHAM
India has made highest progress registered in construction permits followed by Trading Across Borders and Starting a Business, Getting Electricity and Getting Credit. However, on the other hand, performance in some other areas created headwinds, limiting the extent of rank improvement. These included areas such as Enforcing Contracts, Registering Property, Resolving Insolvency and Paying taxes. This will enhance competitiveness of Indian economy and generate higher investments, both domestic and foreign.
Shares advance as crude slips, rupee recovers
The market climbed on Friday in line with global stocks as crude prices fell and the rupee extended gains to touch a one-month high. The barometer index, the S&P BSE Sensex, rose 579.68 points or 1.68% to 35,011.65, as per the provisional closing data. The Nifty 50 index rose 177.40 points or 1.71% to 10,557.85, as per the provisional closing data. Global shares rose on hopes of a trade agreement between China and the United States. The Sensex ended above the psychologically important 35,000 mark after moving above and below that level in intraday trade. Weakness in IT shares capped gains.