Page 2349 - Business Finance
Indian Potash inks pact with PhosAgro to import fertilisers worth USD 1 bln
Indian Potash Ltd has agreed to import up to 2 million tonnes of fertilisers worth USD 1 billion (over Rs 7,300 crore) from Russia's PhosAgro, the world's leading producer of phosphate-based nutrients, over the next three years. PhosAgro Friday announced the signing of an agreement with the Russian Direct Investment Fund (RDIF) and the IPL that covers cooperation in the sphere of mineral fertilisers. The signed agreements were exchanged in the presence of Russian President Vladimir Putin and Prime Minister Narendra Modi here Friday, PhosAgro said in a statement. "As part of a framework for mutually beneficial cooperation, IPL intends to purchase for the Indian market up to 2 million tonnes of high-quality mineral fertilisers produced by PhosAgro -- DAP and NPK with various nutrient content -- in 2019-2021. The total value of deliveries is estimated at USD 1 billion," the statement said. Under the agreement, RDIF, PhosAgro and IPL also plan to consider the possibility of jointly ...
Samsung Electronics flags record Q3 operating profit
Samsung Electronics Friday forecast a record operating profit of 17.5 trillion won (USD 15.4 billion) in the third quarter led by solid demand for its memory chips. Sales for July to September are expected to reach 65 trillion won, the world's largest maker of smartphones and memory chips said in a regulatory filing. The earnings forecast from the South Korean electronics giant beat market consensus of about 17.2 trillion won according to market researcher FnGuide, with analysts expecting a jump in profits on a strong performance by the company's semiconductor unit. Third-quarter operating profit was up 20.4 per cent from a year ago while sales jumped by 4.7 per cent. "Operating profit seems to be at its peak now," Greg Roh, an analyst at Hyundai Motor Securities, told Bloomberg News. "Early next year might be the right time to buy Samsung before growth picks up again in the bottom half of next year," he added. Samsung shares rose as much as 1.8 per cent in early trading in ...
Pvt retailer join PSUs in subsidising petrol, diesel
India's biggest private fuel retailer Nayara Energy, formerly known as Essar Oil, will join state-owned oil companies in subsidising petrol and diesel by Re 1 per litre, its chief executive B Anand said Friday. The government had Thursday cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned oil marketing companies to absorb another Re 1 so that retail prices come down by Rs 2.50 per litre. "We welcome the government move. It is a positive development and was needed to provide relief to consumers," Anand told reporters here. Nayara, which owns 4,756 petrol pumps out of the 63,275 retail outlets in the country, will "align with OMCs" on absorbing Re 1, he said. As a result of the duty and subsidy from oil companies, petrol price in Delhi was cut by Rs 2.5 per litre to Rs 81.50 a litre. Similarly, diesel rates were reduced to Rs 72.95 a litre from all-time high of Rs 75.45. BJP-ruled states matched the Thursday's announcement with a similar reduction in ...
Oriental Hotels sells Gateway Hotel to Varun Group
Oriental Hotels, an associate of Tata group firm Indian Hotels Company (IHCL), Friday announced the sale of its Gateway Hotel Beach Road, Visakhapatnam to Varun Group for an undisclosed amount. The management and the overall operations of the hotel will continue to be with IHCL, while the hotel undergoes extensive renovation and enhancement, Oriental Hotels said in a statement. Commenting on the development, OHL MD & CEO Pramod Ranjan said: "This sale will bring down OHL's debt significantly". The transaction is in synergy with IHCL's pivotal business strategy, Aspiration 2022, aimed at unlocking higher value from efficiencies through a three-pronged strategy of restructuring, reengineering and reimagining the company's portfolio, he added. "We are happy to partner with IHCL which will continue to manage this hotel for us and we look forward to a fruitful relationship, ensuring the best possible growth for the hotel," Varun Group Chairman V Prabhu Kishore said.
Average spot power price jumps to Rs 4.69/unit in Sep
Average spot power price surged 41 per cent in September to Rs 4.69 per unit as compared to Rs 3.34 per unit in August this year at Indian Energy Exchange (IEX), mainly due to higher demand, coal shortage and lower wind as well as hydro power generation. "The average Market Clearing Price (MCP) at Rs 4.69 per unit registered 41 per cent increase over 3.34 per unit price in August 2018 and 15 per cent increase over Rs 4.09 per unit in same month (September) last year," Indian Energy Exchange (IEX) said in a statement. According to the statement, the key reasons for increase in volume as well as prices in the day-ahead market included but not limited to increase in demand for power in eastern, western and southern states, low availability of coal with thermal power plants; reduced generation from wind and hydro based capacity, and scanty rainfall and dry weather in southern states in second half of the month. However, the IEX said that One Nation, One Price was realised for 28 days in ..
Power Mech wins 2 orders worth Rs 530 cr
Power Mech said Friday the company has bagged two orders worth Rs 530 crore that include a Rs 350 crore contract from Indian Railways for rail electrification. The company has bagged its maiden contract in the Railway Electrification Segment for a contract price of Rs 350 crore to be completed within a period of 24 months, a BSE filing said. According the statement, it got another order for structural & architectural works for Maitree Rampal Power Project in Bangladesh for a contract price of Rs 180 crore, it added.
Thomas Cook India to acquire 24% stake in TravelJunkie Solutions
Travel services firm Thomas Cook India Friday said its board has given nod for the acquisition of a 24 per cent stake in Mumbai-based travel tech start-up 'TravelJunkie Solutions' by its arm TC Tours Ltd. The board of the company has approved the acquisition of a 24 per cent strategic stake in TravelJunkie Solutions Pvt Ltd, via its wholly owned subsidiary TC Tours Ltd, Thomas Cook India said in a filing to the BSE. The company, however, did not provide any financial details about the stake acquisition. TravelJunkie Solutions has developed Ithaka, a chat-based mobile application, serving individual travellers by recommending authentic local experiences for different destinations and helping plan their trip and book activities, hotels and flights, it added. Commenting on the development, Thomas Cook India Group Chairman Madhavan Menon said: "We are very excited with this strategic investment that also marks our first investment in the exciting travel tech space." For Thomas Cook, the ..
NCLAT adjourns hearing over CCI's Walmart-Flipkart deal approval to Nov 12
The NCLAT Friday adjourned its hearing over the petition filed by traders' body CAIT against fair trade regulator CCI's approval of Walmart's USD 16 billion acquisition of Flipkart. Now the matter has been listed for the next hearing on November 12 before a two-member bench of the the National Company Law Appellate Tribunal (NCLAT). Earlier on September 6, the NCLAT which is also an appellate authority over the Competition Commission of India (CCI), had asked Wal-Mart International Holdings Inc to file a reply before it explaining way of doing business in India. The CAIT, which has filed an appeal before the NCLAT challenging the go-ahead by the CCI on Walmart's acquisition of home-grown Flipkart, was also asked to file its understanding over the Walmart's business model in India. In its reply filed before the appellate tribunal, CAIT had alleged that Walmart has been found "guilty of predatory behaviour" in countries like Germany, Mexico and South Africa and "may repeat such ...
India gold discounts widen; Bangladesh launches trade policy
MUMBAI/BENGALURU (Reuters) - Higher domestic prices dented demand for physical gold in India, prompting dealers to offer the biggest discounts in 3-1/2 months this week, while neighbouring Bangladesh approved its first policy to regulate imports and exports of the metal.
India invites Huawei to take part in 5G trials
Putting speculation about its participation in India's 5G roll-out process to rest, Chinese telecom giant Huawei on Friday said it has received an invitation from the Department of Telecommunications to take part in the trials for development of 5G use cases in India.
Hitachi Koki rebrands itself as HiKoki
With aggressive business plans for India, Japanese power tools manufacturer Hitachi Koki Friday announced that it has rebranded itself as HiKoki. Revealing the business plans, HiKoki India Executive Director and secretary Dattatreya Joshi said the company foresees growth opportunities shifting to Tier II and III cities. "We are looking to strengthen our base in this area and increase our market share. We are aiming to make India our growth engine for the coming years," he told reporters here. He said that during 2017-18 fiscal, HiKoki India sold 3.6 lakh tools and aims to sell four lakh tools in the current financial year. "We have a pan India presence with over 100 outlets all over the country," Joshi said. Already having a manufacturing unit in Peenya, the company aims to expand its manufacturing facility as part of the Centre's call for 'Make in India' and shift some of the facilities from China to India. Joshi said, Maruti Suzuki, Toyota, L&T, Tata Motors, Ashoka
Lenovo and ZTE tumble on fears over China hack report
HONG KONG (Reuters) - Lenovo and ZTE Corp shares slid on Friday, hurt by worries about overseas sales after Bloomberg reported that the systems of multiple U.S. companies had been compromised by malicious computer chips inserted by Chinese spies.
Set to grow our presence across channels in India: Motorola
Aiming to make deeper inroads in the Indian smartphone market, Lenovo-owned Motorola is set to play both in the online and offline segment to cement its position in the country, a top company official has said.
Supreme Infrastructure India gets extension to hold AGM
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Markets continue free-fall as RBI keeps rate unchanged; post 5th weekly loss
Equity markets racked up heavy losses for the third straight session Friday after the RBI unexpectedly maintained status quo on rates but changed its stance to "calibrated tightening" amid the rupee breaching the 74-mark. The BSE Sensex plunged 792.17 points to end at a near six-month low of 34,376.99, while the broader NSE Nifty dropped 282.80 points to 10,316.45. This was the fifth straight weekly loss for the benchmarks. The Sensex declined by a massive 1,850.15 points or 5.10 per cent, and the Nifty lost 614 points or 5.50 per cent, this week. The Reserve Bank Friday unexpectedly maintained status quo on the benchmark interest rate but warned that rising oil prices and tightening of global financial conditions pose substantial risks to growth and inflation. The central bank changed its policy stance to 'calibrated tightening' from 'neutral', while affirming its commitment to achieve the medium-term objectives to contain price rise. Marketmen were expecting the six-member Monetary .
Investors pile into emerging markets at fastest pace since April: BAML
LONDON (Reuters) - Investors pumped money into emerging market equities and debt at the fastest rate since April, while government bonds sold off and Italian funds suffered "huge redemptions", a Bank of America Merrill Lynch analysis of EPFR data showed on Friday.
Rising use of plastics to drive oil demand to 2050: IEA
LONDON (Reuters) - Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.
Airlines agree to provide more aircraft in Germany - transport ministry
HAMBURG (Reuters) - Airline executives have committed to providing more aircraft in Germany as part of a raft of measures to avoid backlogs and delays, a spokesman for Germany's transport ministry said on Twitter on Friday.
Indices plunge post RBI policy decision; Sensex down nearly 800 points (Third Lead)
The key Indian equity indices crashed by over two per cent on Friday as the Reserve Bank of India (RBI)'s changed policy stance from "neutral" to "caliberated tightening", along with a weak rupee and uncertainty in global trade, dented investors risk-taking appetite.