Page 22 - Business Finance
Welspun Corp gains after MP plant kicks off commercial production
Welspun Corp rose 1.17% to Rs 138.30 at 14:12 IST on BSE after the company announced that its plant in Madhya Pradesh started commercial production of pipes.
Aurobindo Pharma tumbles after USFDA warning for Srikakulam plant
Aurobindo Pharma was down 5.96% to Rs 589.55 at 10:10 IST on the BSE after the company said it received a warning letter from the US drug regulator for Srikakulam plant.
Castor seed prices dip by Rs 64 on muted demand
Castor seed prices dipped by Rs 64 to Rs 5,350 per quintal in futures trade Friday after participants tightened their bets amid muted trend. On the National Commodity and Derivatives Exchange, castor seed contracts for July traded lower by Rs 64, or 1.18 per cent, at Rs 5,350 per quintal in 19,222 lots. Castor seed contracts for August also dipped by Rs 68, or 1.24 per cent, to Rs 5,428 per quintal with an open interest of 69,015 lots. Marketmen said trimming of bets by traders due to easing demand in physical market against adequate stocks, mainly led to the fall in castor seed prices at futures trade here.
FTAs are against Make in India, need to approach EU pact with caution: SIAM
Arguing that free trade agreements (FTAs) with competing countries do not benefit Indian automobile industry, SIAM has called for 28 items, including hybrid, electric cars and three-wheelers to be kept in negative list in all such pacts. Automobile industry body Society of Indian Automobile Manufacturers (SIAM) said "it is extremely concerned about the way India is negotiating FTAs with various nations and groupings", specially with European Union (EU) which has demanded inclusion of import of completely built units to be included in the agreement. "SIAM has consistently submitted that FTAs with competing countries do not benefit Indian automobile industry, it is against the concept of Make in India for local value addition and local employment," it said in a white paper. "Hence, CBUs (Completely Built Unit) of vehicles and engines should be kept in India's Negative List under India-EU FTA, RCEP (Regional Comprehensive Economic Partnership) Agreement," it added. In the paper titled ...
Moody's assigns Baa3 to Adani Ports' proposed bonds
Ratings agency Moody's Investors Service Friday assigned 'Baa3' rating to the proposed senior unsecured bonds of Adani Ports and Special Economic Zone Limited (APSEZ). APSEZ will apply the proceeds of the USD bond issuance to capital expenditure, refinancing part of existing indebtedness and other permissible uses under the external commercial borrowings guidelines. "APSEZ's Baa3 issuer rating primarily reflects the company's strong market position as the largest port developer and operator in India by cargo volume, and the strength of its landmark Mundra Port concession in Gujarat," the company said in a statement. The Baa3 issuer rating is also predicated on the company continuing to execute its various projects within time and cost budgets, while adhering to regulatory approval processes to minimize the risk of future difficulties. The issuer rating and the ratings of APSEZ's existing senior unsecured bonds remain unchanged at Baa3, the statement said, adding the outlook on the ...
CIL Nova Petrochemicals Ltd leads losers in 'B' group
Radaan Mediaworks (I) Ltd, MSP Steel & Power Ltd, Welspun Investments & Commercials Ltd and Anik Industries Ltd are among the other losers in the BSE's 'B' group today, 21 June 2019.
Guar gum futures dip on muted demand
Guar gum was trading down by Rs 28 to Rs 8,540 per five quintal in futures trade Friday amid tepid export demand at the physical markets. On the National Commodity and Derivatives Exchange, guar gum for delivery in June contracts was trading up by Rs 28, or 0.33 per cent, at Rs 8,540 per five quintal with an open interest of 55,150 lots. Guar gum contracts for July contracts also dipped by Rs 61, or 0.7 per cent, to Rs 8,638 per five quintal, mirroring an open interest of 10,940 lots.
Volumes jump at Sobha Ltd counter
Sobha Ltd saw volume of 21.27 lakh shares by 14:19 IST on NSE, a 10.1 fold spurt over two-week average daily volume of 2.11 lakh shares
249 startups given financial support by FFS in last three years: Goyal
A total of 249 startups have been supported in the past three years with the Fund of Funds for Startups (FFS), the government said on Friday.The Department for Promotion of Industry and Internal Trade (DPIIT) is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.Financial assistance was given to 62 startups in 2016-17, 58 in 2017-18, 98 in 2018-19 and 31 till June 13 in 2019-20, said Minister of Commerce and Industry Piyush Goyal.FFS contributes to the corpus of SEBI registered Alternative Investment Funds (AIFs). These AIFs in turn have to invest at least twice the contribution under FFS in startups, as defined by the Government of India.Each AIF sets up its own investment committee and the investment committee of each fund takes a decision on its investment decisions, said Goyal in a written reply to the Rajya Sabha."These decisions are largely a matter of business decisions which depend on a host of factors like uniqueness, .
Yasasu to hire 500 ITI students for waste management
Waste management is a growing sector and there will be an abundance of opportunities going ahead. Yasasu Green one of the leading companies in waste processing has successfully set new standards of hiring by creating opportunities for the cross-functional industry.Yasasu Green has collaborated with ITI Pusa to not only initiate cross-industrial hiring approach but also to support the more employment opportunities for ITI students wherein such benchmark will widen the job opportunities for these students. This initiative will invigorate skilled professionals for great careers prospect in Waste Management."This is our 2nd visit within six months wherein we have been successful in creating awareness among these students about the sector, opportunity and career possibilities in Yasasu Green. We have also established a benchmark by not only diversified our hiring pattern but also successfully trained and developed them for handling higher responsibilities. We are also happy to mention here
China Market extends gains on Sino-U.S. trade hopes
Investors' focus has now shifted to a meeting between US President Donald Trump and China's President Xi Jinping during a Group of 20 summit in Japan next week, with hopes that they can put negotiations back on track to de-escalate a trade war.
Refined soya oil futures slide 0.18% on adequate stocks
Refined soya oil prices eased by 0.18 per cent to Rs 741.2 per 10 kg in futures trade Friday as speculators trimmed their bets, triggered by adequate stocks at spot markets. At the National Commodity and Derivatives Exchange, refined soya oil for July contracts declined by Rs 1.3, or 0.18 per cent, to Rs 741.2 per 10 kg with an open interest of 48,840 lots. Likewise, the oil for August contracts fell by 5 paisa, or 0.07 per cent, to Rs 729.5 per 10 kg in 21,900 lots. Market analysts said, cutting down of positions by participants amid decline in demand against ample stocks mainly influenced the prices.
Coriander futures rise 0.01% on spot demand
Coriander prices rose by 0.01 per cent to Rs 7,000 per quintal in futures market Friday as participants built up fresh positions amid rising spot demand. Besides, tight stocks on account of restricted arrivals from major growing regions weighed on coriander futures. On the National Commodity and Derivatives Exchange, coriander for August contracts edged higher by Re 1, or 0.01 per cent, to Rs 7,000 per quintal with an open interest of 27,850 lots. Market analysts attributed the rise in coriander futures to upsurge in demand in the physical market against tight stocks position. On similar lines, the delivery for September contracts was trading higher by Rs 200, or 2.83 per cent, to Rs 7,267 per quintal with an open interest of 110 lots.
Government Clarifies That There Is No Proposal At Present To Decrease Amount Of Fertilizers Subsidies
Union Minister for Chemicals and Fertilizers, D.V. Sadananda Gowda, while giving a written reply to a question on subsidies on fertilizers, in Rajya Sabha today, stated that there is no proposal at present to decrease the amount of subsidies on fertilizers. In a written reply to another question in Rajya Sabha today, Gowda stated that there is no proposal for fixing a Nutrient - Based Subsidy rate (NBS) for urea and hence, question does not arise to decontrol the prices of urea in the market.
Emir of Qatar to visit Pakistan on June 22
Pakistan on Friday said Emir of Qatar Sheikh Tamim bin Hamad Al-Thani will arrive in Islamabad on Saturday on a two-day visit during which investment deals worth billions of dollars are expected to be signed between the two allies. Pakistan provides immense investment opportunities for Qatari investors in various fields, Pakistan's Foreign Minister Shah Mahmood Qureshi told reporters here. The Emir of Qatar will arrive Islamabad on June 22 on a two-day visit, he said, adding that the visit will enhance bilateral ties between the two countries in diverse fields, including economic relations. Earlier on Sunday, Prime Minister Imran Khan said that the Emir will announce investments deals worth USD 22 billion during his visit. "This comes as a second major investment in the country after the Kingdom of Saudi had announced to invest USD 21 billion in Pakistan in three phases under its investment plan," he said. Saudi Crown Prince Mohammed bin Salman during his visit to Pakistan in February
Copper futures fall 0.23 pc as speculators trim bets
Copper futures traded 0.23 per cent lower at Rs 444.20 per kg Friday as speculators off-loaded bets to book profits. Furthermore, subdued demand at domestic spot market pushed down metal prices here. At the Multi Commodity Exchange, copper for delivery in the current month shed 95 paisa, or 0.23 per cent, to Rs 444.20 per kg in a business turnover of 12,144 lots. Analysts attributed the fall to off-loading of positions by participants amid muted demand at the domestic spot market.
UPL firms up on value buying
UPL rose 1.12% to Rs 879.30 at 13:40 IST on BSE on bargain hunting after a recent slide.
Japan Nikkei falls on profit booking
Total 26 subsectors out of 33 subsectors of the Topix's index declined, with Pharmaceutical, Construction, Real Estate, Warehousing & Harbor Transportation Services, and Insurance issues being notable losers, while Mining, Oil & Coal Products, and Nonferrous Metals issues were notable gainers.
Sitharaman exhorts states to work in cohesion with centre on economic goals
Finance Minister Nirmala Sitharaman Friday exhorted states to work together with the centre, stating that while the centre sets the direction of economic growth, it is for the states to ensure effective implementation on ground. Asserting that goals cannot be achieved unless states and the centre work together, the minister sought cooperation of all states and union territories to achieve the aspirations of the people while assuring her full support in this regard. "No goals can be achieved if states and the centre don't work together in cohesion... The centre has the responsibility of setting the direction of the economic growth while it's the responsibility of the states to implement in the field," Sitharaman said in her opening remarks at the pre-budget consultation Meeting with state finance ministers. In a series of tweets, the finance ministry said that Sitharaman sought the cooperation of all the states and union territories in achieving the aspirations of the people and ...
Mahindra Finance inks JV with Canadian co Manulife for AMC
MahindraFinancial Services, through its subsidiary Mahindra Asset Management, has formed a joint venture with global financialservices group Manulife. The 51:49 joint venture aims to expand fund offering and retail fund penetration. "We welcome Manulife as a strategic partner, to further drive our efforts at increasing mutual fund penetration," Mahindra Finance vice chairman and managing director Ramesh Iyer said. Mahindra Asset Management has an annualised average asset under managementofRs 5,019 crore and over 1.6 lakh customers. It currently offers nine different investment schemes. The Toronto-based Manulife provides financial advice, insurance we well as wealth and asset management solutions for individuals, groups and institutions. As of March 2019, it had over USD 849 billion in asset under management.
