Page 2275 - Business Finance
Nifty, Sensex fall on weaker rupee, higher crude
(Reuters) - Indian shares fell on Monday as rising oil prices and a weakening rupee added to woes during the earnings season, amid weak Asian cues.
Mustard seed futures surge 0.53 pc
Mustard seed prices rose further by adding Rs 22 to Rs 4,184 per quintal in futures trade Monday, as traders were seen raising their holdings in sync with a firm trend at the physical markets. Market players said operators creating long positions amid a firm trend at the spot markets, largely supported the upside in mustard seed prices in futures trade here. At the National Commodity and Derivative Exchange, mustard seed for delivery in November gained Rs 22, or 0.53 per cent, to Rs 4,184 per quintal with an open interest of 63,010 lots. In a similar manner, the delivery for October contracts rose Rs 19, or 0.47 per cent, to Rs 4,070 per quintal, having an open interest of 1,470 lots.
Cardamom futures gain 1.61% on spot demand
Cardamom prices surged 1.61 per cent to Rs 1,385 per kg in futures trade today, driven by addition of bets amid increase in demand at the domestic spot market. Tight supply from key producing regions also helped prices to go higher. At the Multi Commodity Exchange, cardamom for delivery in November contract rose by Rs 21.90, or 1.61 per cent, to Rs 1,385 per kg with trading volume of 12 lots. According to traders, widening of position by participants, tracking rising demand at the physical markets in view of ongoing festive season, kept cardamom prices higher in futures trade.
Dr Reddy's to sell Hyderabad API unit to Therapiva
Drug major Dr Reddy's Laboratories (DRL) Monday said it will sell its active pharmaceutical ingredient (API) business unit in Hyderabad to generics pharmaceutical company Therapiva Private Ltd. In a regulatory filing, Dr Reddy's Laboratories said it has entered into a definitive agreement for the sale of its API manufacturing business unit in Jeedimetla, Hyderabad, to Therapiva. Therapiva is a joint venture between Omnicare Drugs India, a wholly owned subsidiary of Neopharma LLC, Abu Dhabi and Laxai Life Sciences. The sale includes all related fixed assets (land and building), current assets, current liabilities, and its employees, the company said. "The divestiture of our API manufacturing business unit is a step towards streamlining our manufacturing operations and optimising our cost structures," said Sanjay Sharma, Executive Vice President & Head, Global Manufacturing Operations of Dr Reddy's Laboratories. The company however, did not disclose any financial details. "... this .
Barometers extend intraday losses; breadth positive
Key barometers extended losses and hit fresh intraday low in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 158.51 points or 0.46% at 34,575.07. The Nifty 50 index was down 48.10 points or 0.46% at 10,424.40.
Chana futures gain 0.96% on strong demand
Chana prices went up by 0.96 per cent to Rs 4,212 per quintal in futures trade Monday, as participants enlarged their positions, tracking a firm trend at the spot market on surging demand. At the National Commodity and Derivatives Exchange, chana for delivery in October rose by Rs 40, or 0.96 per cent, to Rs 4,212 per quintal with an open interest of 1,650 lots. Analysts said expanding of positions by traders on the back of strong demand in view of ongoing festive season and increased offtake by dal mills in the physical market mainly attributed the rise in chana prices at futures trade.
Nickel goes up 0.84 pc in futures trade on global cues
Supported by a firming trend overseas and strong demand at the domestic market, nickel prices were trading higher by 0.84 per cent to Rs 940.60 per kg in futures trade Monday. At the Multi Commodity Exchange, nickel for delivery in the current month contracts gained Rs 7.80, or 0.84 per cent, to Rs 940.60 per kg in business turnover of 467 lots. Metal for delivery in November also rose by Rs 7.60, or 0.81 per cent, to trade at Rs 946 per kg in 56 lots. Analysts attributed the persistent rise in nickel futures to widening of positions by participants on the back of firm global trend. Besides, strong demand from alloy-makers at the domestic spot markets supported the upside, they said.
Silver futures surge Rs 147 on firm global cues
Silver prices rose by Rs 147 to Rs 39,087 per kg in futures trade Monday on speculative buying by investors following its gains in overseas markets. At the Multi Commodity Exchange, silver for delivery in November spurted by Rs 147, or 0.38 per cent, to Rs 39,087 per kg in a business turnover of 650 lots. The white metal for delivery in December was trading higher by Rs 142 or 0.36 per cent to Rs 39,060 per kg in 189 lots. Analysts said speculative buying driven by firm global trend lifted silver prices at futures trade. Meanwhile, silver rose 0.24 per cent to USD 14.71 an ounce in Singapore.
Crude oil futures climb 1.62 pc on Asian cues
Crude oil rose 1.62 per cent to Rs 5,333 per barrel in futures market today as speculators created fresh bets, taking positive cues from Asian markets. At the Multi Commodity Exchange, crude oil for delivery in November contracts was trading notably higher by Rs 85, or 1.62 per cent, to Rs 5,333 per barrel in a business turnover of 256 lots. In a similar fashion, crude to be delivered this month was up by Rs 82, or 1.56 per cent, to Rs 5,325 per barrel with a business turnover of 1,250 lots. Analysts said, speculators built fresh positions after oil prices rose in Asia following rising diplomatic tensions between Riyadh and the West, giving lift to crude oil prices in futures trade here. Meanwhile, West Texas Intermediate gained 82 cents, or 1.15 per cent, to USD 72.16, while Brent crude traded USD 1.06, or 1.32 per cent, higher at USD 81.49 per barrel.
Exclusive: HNA held talks with Ant, others as it weighs options for IT unit Pactera - sources
HONG KONG (Reuters) - China's HNA Group is exploring an outright sale and other options for its IT outsourcing unit Pactera and has held talks with investors including Ant Financial, people with knowledge of the situation said.
Gold futures rise 0.38 pc on fresh bets
Gold prices Monday rose 0.38 per cent to Rs 31,968 per 10 grams in futures trade as participants created fresh positions, tracking firm trend overseas. At the Multi Commodity Exchange, gold for delivery in December rose by Rs 122 -- or 0.38 per cent -- to Rs 31,968 per 10 grams in a business turnover of 227 lots. Also, the delivery in February contracts gained Rs 119, or 0.37 per cent at Rs 32,200 per 10 gram in business volume of 36 lots. Analysts said fresh positions were created by traders in line with firm global trend as Asian stocks eased due to concerns about a potential decline in China's economic growth amid ongoing trade war and signs of tightening monetary policy by the US Federal Reserve. Globally, gold rose USD 4, or 0.33 per cent to USD 1,222.50 an ounce in Singapore.
Jay Bharat Maruti standalone net profit declines 1.26% in the September 2018 quarter
Sales rise 25.63% to Rs 549.75 crore
Volumes spurt at V-Mart Retail Ltd counter
V-Mart Retail Ltd notched up volume of 14850 shares by 10:47 IST on BSE, a 12.04 fold spurt over two-week average daily volume of 1233 shares
Global Markets: Asian shares resume decline, Saudi tensions lift oil prices
TOKYO (Reuters) - Asian shares slipped on Monday as worries over Sino-U.S. trade disputes, a possible slowdown in the Chinese economy and higher U.S. borrowing costs tempered optimism despite a rebound in global equities late last week.
SoftBank's Saudi ties unnerve investors as shares drop 8 percent
TOKYO (Reuters) - SoftBank Group Corp saw its shares drop on Monday as fallout from the disappearance of a Saudi journalist spread to the Japanese conglomerate, whose nearly $100 billion Vision Fund is almost half financed by Saudi Arabia.
Copper futures edge up on spot demand
Amid pick up in demand at the domestic spot market, copper prices traded higher by 0.25 per cent to Rs 460.70 per kg in futures trade on Monday as speculators enlarged their positions. At the Multi Commodity Exchange, copper for delivery in November contracts traded higher by Rs 1.15, or 0.25 per cent, to Rs 460.70 per kg in a business turnover of 81 lots. Likewise, the metal for delivery in February next year contracts edged up by 80 paise, or 0.17 per cent, to Rs 467.05 per kg in 76 lots. Analysts said firm trend in base metals at the physical markets, mainly led to rise in copper prices in futures trade.
L&T arm bags orders worth Rs 1,000 cr in Q2
Infrastructure major Larsen and Toubro (L&T) Monday said that its heavy engineering arm has bagged additional orders worth over Rs 1,000 crore during the September quarter. The L&T Heavy Engineering, the heavy engineering arm of Larsen & Toubro, has secured additional orders worth 1,050 crore in the second quarter this fiscal. "These include three super heavy hydrocracking reactors for an Indian refinery...to be built for the first time in the world. The total order inflow in H1 FY19 for the process plant and nuclear equipment business of heavy engineering has reached Rs 2,661 crore, a significant achievement after a prolonged subdued market scenario," Larsen and Toubro said in a BSE filing. L&T Whole-Time Director (Power, Heavy Engineering and Nuclear) Shailendra Roy said these orders reflect the confidence the clients have in the company for supplying such critical reactors. "We see a growing demand in the market due to buoyant crude prices and tightening of emission
Info Edge (India) gains after trimming Zomato stake
Shares of Info Edge (India) was up 2.63% at Rs 1525 at 10:43 IST on BSE.
Hindustan Petroleum Corporation Ltd Slides 5.5%, S&P BSE Oil&Gas index Shed 1.46%
Hindustan Petroleum Corporation Ltd has lost 18.28% over last one month compared to 12.04% fall in S&P BSE Oil&Gas index and 8.95% drop in the SENSEX
Rolta India Ltd Spikes 4.98%, S&P BSE IT Sector index Rises 1.53%
Rolta India Ltd has lost 52.16% over last one month compared to 7.81% fall in S&P BSE IT Sector index and 8.79% drop in the SENSEX