Page 2282 - Business Finance
Emami Cement files DRHP for Rs 1,000-crore IPO
Emami Cement on Friday filed the draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for its Rs 1,000-crore initial public offering (IPO).
Sebi imposes Rs 7 lakh fine on three entities for disclosure lapses
Markets regulator Sebi Friday imposed a total fine of Rs 7 lakh on three entities for failing to disclose the change in their shareholding in PMC Fincorp. Sebi fined Seabird Retails Pvt Ltd and Seabird Distributors Pvt Ltd Rs 3 lakh each, while it imposed a penalty of Rs 1 lakh on Economy Suppliers Pvt Ltd for violating PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeover) Regulations. In an order, the regulator observed that during the period from March 2012 to August 2014, the shareholding of entities crossed the threshold of 5 per cent on several occasions. Also, on a number of instances the change in their stake was more than 2 per cent. Under PIT and SAST provisions, an entity which holds more than 5 per cent shares in any listed company is under obligation to make requisite disclosures to the company and exchanges in two working days. Besides, if there is a change of more than 2 per cent in the shareholding of an entity already having ...
Hindustan Zinc's mined metal output grows 6 pc to 2.32 lakh tonnes
Vedanta Group firm Hindustan Zinc Friday said its mined metal production grew 6 per cent to 2,32,000 tonnes in the second quarter of the ongoing fiscal. The output of mined metal had stood at 2,19,000 tonnes in July-September 2017, Hindustan Zinc Ltd (HZL) said in a BSE filing. During the July-September 2018, the company said its refined lead output grew 30 per cent to 49,000 tonnes from 38,000 tonnes in the year-ago-quarter. The production of silver rose 23 per cent to 1,72,000 tonnes as against 1,40,000 tonnes in July-September of the previous fiscal. The output of refined zinc fell by 16 per cent to 1,62,000 tonnes from 1,92,000 tonnes in the year-ago period. The company also registered an 8 per cent in its output of integrated metal at 2,12,000 tonnes as against 230,000 tonnes during the same quarter in 2017-18 fiscal. "The mined metal production from mines was at an all-time high...driven by increase in ore production," HZL said. Shares of the company today ended 2.66 per cent up
Tech bounce leads Wall Street higher after two-day tumble
(Reuters) - Wall Street rose on Friday following its worst two-day slide in eight months as technology and other high-growth stocks led a fight back, while early gains from strong earnings of the biggest U.S. lenders, including JPMorgan, faded.
India's September retail inflation picks up, remains below RBI's medium-term target
NEW DELHI (Reuters) - India's retail inflation rose marginally in September, nudged up by food and fuel prices, but short of the Reserve Bank of India's 4 percent medium-term target, strengthening views it could tighten monetary policy in December following unchanged rates last week.
Tata Sponge Iron Jul-Sep net profit flat at Rs 27.63 cr
Tata Sponge Iron, an associate firm of Tata Steel, said Friday its consolidated net profit remained flat at Rs 27.63 crore during the quarter ended on September 30, 2018. The net profit during the year-ago quarter stood at Rs 27.62 crore, Tata Sponge Iron Ltd said in a filing to BSE. During the July-September 2018, the company said its total income rose to Rs 231.09 crore from Rs 176.66 crore in the corresponding three-month period of 2017. The company is engaged in the production of sponge iron by direct reduction method of iron ore and power generation from waste heat. Shares of the company today ended 3.54 per cent up at Rs 837.45 apiece on BSE.
Govt fixes sovereign gold bond rate at Rs 3,146/gram
The government has fixed the price at Rs 3,146 per gram for the new series of sovereign gold bonds (SGBs) opening Monday. The Government of India in consultation with the RBI has decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode, a Finance Ministry statement said. For such investors the issue price of Gold Bond will be Rs 3,096 per gram of gold, it said. The Sovereign Gold Bonds would be issued every month from October 2018 to February 2019 as per the calendar specified, the RBI had said in a release earlier this week. The bonds would be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices, and stock exchanges -- National Stock Exchange and BSE. The first tranche of the scheme would be open for subscription from October 15-19 and the bonds would be issued on October 23. The next tranche would be open from November 5-9 and issuance would be on ...
World markets stress indicators still relatively calm
LONDON (Reuters) - World stock markets suffered their worst tumble this week since February's violent shakeout with some $2.6 trillion of investor wealth lost, but there was no clear trigger apart from long-brewing worries on U.S. interest rates, trade wars, China and emerging markets.
Wall Street Week Ahead: New communication sector's shine could soon wear off
NEW YORK (Reuters) - The mash-up of old and new media may not be a winning combination for the new S&P communication services sector as its highest fliers face regulatory threats and challenges to user growth.
Brent turns lower as weaker demand view weighs
NEW YORK (Reuters) - Brent crude gave back early gains and turned lower Friday after a closely watched forecaster deemed supply adequate and the outlook for demand weakening, while U.S. crude pared gains but stayed in positive territory on a lift from Wall Street.
Cyber fraud detected at State Bank of Mauritius
Unidentified hackers transferred Rs 147 crore from State Bank of Mauritius to accounts in other commercial banks in London, Paris and New York earlier this month, Mumbai police said Friday. Officials of the Nariman Point branch of the bank in south Mumbai had filed a complaint in this regard with the Economic Offences Wing (EOW) of the police here on October 5. The hackers broke into the bank's systems and transferred Rs 147 crore to four bank accounts, one each in London and Paris and two in New York, a senior EOW official told PTI Friday. As the banks where the money was being transferred found the transactions suspicious, they alerted State Bank of Mauritius and the fraud came to light, he said. Before the transfers could be stopped, Rs 29 crore had been withdrawn, but the remaining amount was recovered by the bank, the official said. The EOW was conducting further probe with the help of the Cyber Cell of police, he added. The bank had issued a statement after the ...
Record fuel prices hit Indian petrol, diesel demand in September
NEW DELHI (Reuters) - India's monthly diesel consumption fell for the first time in 10 months year-on-year in September, while petrol sales grew by the least in four months as record high pump prices dented demand, government data showed on Friday.
Citigroup profit beats on higher bond trading, lower costs
(Reuters) - Citigroup Inc reported a better-than-expected quarterly profit on Friday, helped by lower expenses, higher bond trading revenue and strength in its consumer banking business in Mexico.
September CPI inflation up at 3.77%, August industrial output falls to 4.3% (Roundup)
Higher food and fuel prices marginally accelerated India's September retail inflation to 3.77 per cent from 3.69 per cent in August, even as the country's industrial output took a sharper fall in August with a slower rise of 4.3 per cent as compared to 6.52 per cent in July, official data showed on Friday.
Global Markets: Shares rebound but remain on track for weekly loss
NEW YORK (Reuters) - Stock markets worldwide bounced back on Friday after a multi-day selloff that left the equity markets on track for their biggest weekly losses in months, while U.S. Treasury yields moved higher and the dollar held its gains.
Row over Essar Steel: Russia's VTB Bank moves SC for clarification
Russia's VTB Bank Friday moved the Supreme Court seeking clarification of its October 4 verdict by which mining major ArcelorMittal and NuMetal were granted another opportunity to bid for Essar Steel. VTB Bank has recently indicated that it was likely to bid alone for the debt-ridden Essar Steel. A lawyer, who is in the know how of the development, confirmed that VTB Bank has moved the top court seeking clarification of the verdict. A bench of justices R F Nariman and Indu Malhotra had said that ArcelorMittal and VTB Bank-promoted NuMetal can bid for Essar Steel, provided the two pay off the non-performing assets (NPAs) of their related corporate debtors within two weeks from October 4. It, however, had held that ArcelorMittal India Pvt Ltd and NuMetal Ltd were ineligible to file resolution plans for corporate debtor Essar Steel -- which had NPAs or bad debts amounting to Rs 45,000 crore -- as per the criteria laid down in the amended Insolvency and Bankruptcy Code (IBC). As per the ..
Centre sanctions Rs. 32.60 crores to HP for dairy sector
The Centre has sanctioned Rs 32.60 crore to Himachal Pradesh for strengthening the dairy sector, an official spokesperson said Friday. The amount was sanctioned in a meeting held in New Delhi Friday by the project sanctioning committee under the chairmanship of union Secretary, Animal Husbandry, Dairy and Fishery department, Milkfed Chairman Nihal Chand Sharma said. HP Milk Federation proposed Rs 109 crore project to the centre and in the first phase, Rs32.60 crore has been sanctioned to the state, he added. He said that the Milkfed would set up two new plants at Mandi and Rampur having capacity of 50000 litres per day for ensuring hygienic milk production in the state. The Milkfed has recently entered into a memorandum of understanding (MoU) with Civil supplies Corporation to market its HIM ghee and HIM sweets through 5,000 shops of Civil supplies Corporation in the state, he added. The state government has also decided to open sale counters at all the bus stands in the state for ...
Power becomes costlier in Punjab as utilities hike surcharge
Power utilities in Punjab Friday decided to levy increased surcharge on consumers, leading to hike in cost of electricity in the state. Disclosing this here, officials said that fuel cost adjustment (FCA) surcharge has been raised to 12 paise per unit for both metered and unmeteredpower connections in the state. Earlier, the Punjab State Power Corporation Limited (PSPCL) was charging 8 paisa per unit from the metered and unmetered connections, he said. PSPCL has notified its September 20 decision taken by the board of directors in which the FCA surcharge was revised to 12 paise per unit for both metered and unmetered power connections, they said. The hike in FCA surcharge was approved by Punjab State Electricity Regulatory Commission (PSERC) recently. Meanwhile, OppositionShiromani Akali Dal (SAD) condemned the fuel surcharge imposed by the Congress government, saying such measures had resulted in repeated hikes in power tariff and put an unbearable burden on the common man. While ...
US firm sets up new centre for engineering in Bengaluru
US-based AQR Capital Management Friday announced the setting up of a centre for engineering here. The centre would focus on developing and enhancing solutions primarily on cloud-based platform, trading systems, data and visualisation tools, portfolio analytics and micro-service to support front office platforms, a press release said. "Bengaluru has an inherent start-up culture and were looking to attract top talent in the region to join our organisation," chief technology officer of AQR Neal Pawar said in the release. The team here would collaborate with the US engineering group on the development of technology central to research, portfolio management and trading systems of the AQR, the release said. The centre would also help AQR further expand its presence across the globe and the company already has offices in the UK, Hong Kong and Australia, it added.
United Breweries forays into non-alcoholic beverage segment
United Breweries Limited (UBL) has forayed into the non-alcoholic beverage segment with the launch of Kingfisher Radler in Ahmedabad, Gujarat, the company said Friday. The introduction of Radler caters to a segment of health-conscious, young adults who are on the lookout for a refreshing new alternative, UBL said in a regulatory filing. United Breweries is widening its product portfolio and addressing new consumers and new consumption occasions. This product category, malt based non-alcoholic beverage, is growing fast in Europe and we are pioneering the effort in India," UBL Chief New Business Officer Ramesh Visvanathan said. The product would be made widely available across outlets carrying soft drinks, through company's new distribution network for non-alcoholic beverages, he added. The company will also launch Kingfisher Radler in Karnataka.