Page 2286 - Business Finance
Oil stocks continue to remain strong; HPCL surges over 5%
Shares of oil marketing companies remained strong for second consecutive day Friday, surging up to 5.4 per cent, on falling global crude oil prices. The scrip of Hindustan Petroleum Corporation Ltd soared 5.36 per cent to end at Rs 218.25, Bharat Petroleum Corporation gained 3.59 per cent to Rs 288.65 and Indian Oil Corporation rose 1.98 per cent to Rs 133.60 on BSE. Shares of oil marketing companies were in high demand Thursday also, surging up to 15 per cent on falling global crude oil prices. Meanwhile, the BSE Sensex Friday surged 732.43 points to end at 34,733.58.
China's trade surplus with US hits record high despite Trump's biting tariffs
US President Donald Trump's much-touted hefty tariffs on Chinese imports are yet to have a negative effect as the Communist nation's trade surplus with America ballooned to a record high of USD 34.1 billion in September, latest official data showed Friday. Trump has been steadily hiking tariffs on Chinese exports to the US since June demanding Beijing to bring down the trade deficit amounting to USD 375 billion. The US escalated the trade war in September by imposing 10 per cent tariffs on USD 200 billion worth of Chinese goods being imported. Trump threatened to impose tariffs on another USD 267 billion worth of products virtually covering almost all Chinese exports to the US totalling about USD 522.9 billion However, as the new US tariffs came into effect only on September 24, their impact is unlikely to be seen until later in the year or early in 2019, analysts said. Data released by Chinese customs on Friday showed a 10 per cent increase from the USD 31.05 billion surplus booked ..
Cipla allots 24,298 equity shares
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Hong Kong Market rebounds 2.1%
China's monthly trade surplus with the United States rose to a record high of US$34.1 billion in September on the back of an escalating trade war that shows little sign of cooling. The figure, released on Friday by the customs administration, represented a 10% increase from the US$31.05 billion surplus booked for August, suggesting Washington's tariffs on imports of Chinese products have yet to have the desired effect of narrowing the trade gap between the two countries. China's trade surplus with the US in September was greater than its total trade surplus of US$31.7 billion. Its total exports grew faster than expected in the month - 14.5% year on year in dollar terms, compared with 9.8% in August - while import growth slowed to 14.3% from 20%, the customs administration said.
Mnuchin: Trump respects Fed but likes low interest rates - CNBC
WASHINGTON (Reuters) - U.S. Treasury Secretary Steve Mnuchin said on Friday that President Donald Trump does not feel he needs to attack the Federal Reserve and respects its independence.
Global Markets: Resurgent shares still set for biggest weekly loss since February
LONDON (Reuters) - Shares worldwide were set for their biggest daily gains in nearly a month on Friday as European and Asian markets recovered from a days-long sell-off that left them set for their worst week since February.
MTNL gets shareholders' nod to raise authorised share capital to Rs 10k cr
State-run telecom firm MTNL Friday said its shareholders have approved proposals to raise authorised share capital by over 12 times to Rs 10,000 crore and borrowing limit by around 38 per cent to Rs 25,000 crore. "To increase the authorised share capital of the company from Rs 800 crore to Rs 10,000 crore, a total of 99.9421 per cent shareholders voted in favour of the resolution...the following resolution was passed as a special resolution," MTNL said in a regulatory filing. The resolution to raise the borrowing powers of the board from Rs 18,000 crore to Rs 25,000 crore was passed as a special resolution. "A total of 99.9203 per cent shareholders voted in favour of the resolution," it said. The decisions were taken at the company's AGM Thursday. MTNL has requested the government to grant it 4G spectrum in lieu of equity worth around Rs 6,500-7,000 crore and extend its mobile licence, which is expiring in 2019, till 2021. MTNL Chairman and Managing Director PK Purwar had earlier said
G20 fails to mend trade rift, chair urges protagonists to resolve disputes
NUSA DUA, Indonesia (Reuters) - Trade tensions within the Group of 20 leading industrialised and emerging economies could only be solved by the countries directly involved, the chairman of a meeting of finance leaders from the G20 said after a gathering in Bali on Friday.
NSE launches commodity derivative contracts in gold, silver
National Stock Exchange of India Ltd (NSE) Friday launched commodity derivatives contract in gold and silver. To start with, the exchange said it will focus on key non-agri commodities and gradually broaden our product offerings to agri-commodities. Commodity futures contracts on Gold (1 Kg), Gold Mini (100 gms) and Silver (30 Kg) are now available for trading on NSE, an exchange statement said here. The contracts will be physically settled on expiry with Ahmedabad as the base centre. NSE is also planning to extend delivery centres to all major metros. The introduction of commodities to it existing suite of asset classes gives the broking community a complete NSE advantage to trade and clear at one single location, it said in a statement. "NSE is committed to deepen the Indian commodity markets by providing convenient and cost-efficient onshore hedging mechanism for domestic as well as global participants. Investors would also be able to trade in multiple asset classes .
China Market swings to gains
Chinese customs data showed that exports rose 14.5% from a year earlier in September 2018, well above August's 9.8% gain, while imports grew at 14.3% in September 2018 from 19.9% in August, resulting trade surplus of US$34.13 billion in September, surpassing the record of US$31.05 billion in August.
Nifty October 2018 futures at small premium
TCS, Reliance Industries, Bajaj Finance October 2018 futures at premium
JPMorgan profit boosted by higher interest rates
(Reuters) - JPMorgan Chase & Co reported higher-than-expected quarterly profit on Friday as gains from higher interest rates and a growth in loans helped the bank offset weakness in bond trading revenue.
US firm Ametek opens India tech centre in Bengaluru
Company's Vice-President Emanuela Speranza said India was a key market and a resource for its research and development hub and sourcing
India's networking market grows 5.5% during Q2: IDC
India's networking market that includes Ethernet switch, Routers and WLAN segments witnessed a 5.5 per cent year-on-year (YoY) growth in Q2 2018 with increased investments across the enterprise and service provider deployments, the International Data Corp (IDC) said in a report on Friday.
Domestic shares rally amid global recovery
The domestic equity market bounced back strongly on Friday, recovering from a brutal selloff in the previous session, after European and Asian shares staged a smart recovery.
Quick Wrap: Nifty Metal Index rises 3.98%, NIFTY jumps 2.32%
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Nokia chairman reopens old wounds with new book
HELSINKI (Reuters) - Nokia's chairman has pointed the finger at his predecessor over the mobile phone maker's fall from grace in a book that has reopened old wounds in Finland, where the company remains a source of national pride.
Empty shelves, poor customer service speed Sears' demise
(Reuters) - Sandy Hetrick drove 15 miles from her home to a Sears in Media, Pennsylvania on Wednesday to buy folding chairs and clothes.
Indian fashion student bags international award
Indian fashion design student Ashita Singhal has won the 2018 Global James McGuire Business Plan Competition Award for her business concept titled 'Paiwand', a fashion company that upcycles textile waste from fashion designers and turns it into designer fabrics and clothing.
Britain's RBS pays first dividend in decade
LONDON (Reuters) - Britain's Royal Bank of Scotland on Friday paid its first dividend in a decade, returning 2 pence per share to around 190,000 shareholders who haven't seen a payout since RBS's government bailout in 2008.