Page 2525 - Business Finance
Sugar stocks continue to see handsome gains; surge up to 20%
Shares of sugar companies continued to rally for the third straight session Monday, surging up to 20 per cent on a hike in ethanol price for blending in petrol by 25 per cent. Rana Sugars zoomed 20 per cent, Avadh Sugar 19.99 per cent, Dhampur Sugar Mills 19.99 per cent, Uttam Sugar Mills 19.98 per cent, Bajaj Hindusthan 19.95 per cent, Simbhaoli Sugars 19.95 per cent, Dwarikesh Sugar Industries 19.88 per cent, Mawana Sugars 19.28 per cent and Sakthi Sugars 19 per cent on BSE. Also, Triveni Engineering & Industries surged 11.41 per cent, Balrampur Chini Mills soared 8.07 per cent and EID Parry India 7.50 per cent. Shares of sugar companies had jumped as much as 20 per cent Friday also. On Wednesday last week, sugar stocks had zoomed as much as 18 per cent on BSE. The government Wednesday approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar production and reduce oil imports. The move of
China to raise gasoline, diesel prices
China will raise the retail prices of gasoline and diesel by 145 yuan (about USD 21) per tonne from Tuesday, the country's top economic planner announced Monday. The National Development and Reform Commission (NDRC) price monitoring centre attributed the rising prices to a crude oil price hike in the global markets. It has also asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure stable supply and pricing. Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly. The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations, state-run Xinhua news agency reported.
Sebi eases public issue norms; cos can announce price band 2-day before IPO
Markets regulator Sebi has relaxed initial public offer (IPO) norms to allow companies to announce the price band two days before an offering. At present, the price band has to be announced five working days before the initial share sale opens for subscription. The markets watchdog also said that financial disclosures will need to be made for three years, compared with the earlier five years, the Securities and Exchange Board (Sebi) said in a notification dated September 11. While amending the ICDR (Issue of Capital and Disclosure Requirements) regulations, the regulator said that restated and audited financial disclosures in the offer document would be on consolidated basis only. Besides, the audited standalone financials of the issuer and material subsidiaries would need to be disclosed on the website of the issuer company. The new IPO norms include 'immediate relatives' within the definition of promoter and promoter groups. The simpler disclosure norms are aimed at promoting firms .
FPIs resume buying
Net inflow of Rs 957.12 crore on 14 September 2018
Kent RO targets over Rs 950 cr revenue in 2018-19, plans to
: Water purifier maker Kent RO Systems, is aiming to cross revenue of Rs 950 crore in the current financial year and it has plans to set up its third manufacturing plant in Noida over the next four to five years, a top company official said Monday. "Last year we did Rs 850 crore turnover and this year we expect to cross Rs 950 crore," Kent RO Systems Chairman Mahesh Gupta told reporters here after launching its new range of water purifiers here. The company is growing at 15 per cent CAGR and aims to achieve Rs 1,500 crore turnover in another three years, he added. The company is presently manufacturing its range of water purifiers at its plant at Roorkee at Uttaranchal, and its new plant at Noida will be formally inaugurated on September 24. "It (second) is five lakh unit capacity plant and we invested Rs 150 crore through internal resources," Gupta said adding in the next 4-5 years the company will set up one more plant also in Noida for which land has been already ...
Micron Technology to set up facility in Hyderabad
Micron Technology Inc, a global leader in semiconductors, will set up a facility in Hyderabad with an investment of over Rs 300 crore, it was announced here on Monday.
Global shares knocked lower after new U.S. tariff threat on Chinese goods
LONDON (Reuters) - Stock markets headed south on Monday as investors took fright at news that Washington was set to announce a new round of tariffs on Chinese goods in the latest escalation of their trade conflict.
GCPL board approves bonus share allotment
FMCG major Godrej Consumer said Monday that a board committee has approved allotment of one bonus equity share for every two equity shares held by company shareholders. The Godrej Group firm will allot 34.07 crore fully paid-up bonus equity shares to existing shareholders, according to a BSE filing. "The Management Committee of the Board of Directors, at its meeting held on September 17, 2018, has approved allotment of 34.07 crore fully paid-up bonus equity shares to the existing shareholders in the ratio of one bonus equity share of face value Re 1 each credited as fully paid up for every two equity shares of face value Re 1," GCPL informed BSE. Godrej Consumer Pvt Ltd (GCPL) has already gets shareholders approval on September 5, 2018, through postal ballot. "The post issued paid up capital of the company is now Rs 102.21 crore," the regulatory filing said. In July this year, the board of Godrej Consumer had approved issue of one equity share for every two equity shares held by ...
Icra downgrades long-term ratings of OBC; outlook negative
Rating agency Icra Monday downgraded the long-term ratings of state-run Oriental Bank of Commerce's borrowing programme to A+ from AA-, with a negative outlook, on weak financial performances and high NPA level. It has downgraded the long-term rating for the bank's Rs 3,000-crore Basel III compliant tier II bonds to A+ from AA- and Rs 1,200-crore Basel II compliant lower tier II bonds to A+ from AA-. The rating on OBC's Rs 500-crore Basel II compliant upper tier II bonds has been downgraded to A- from A+. "The rating downgrade factors in the bank's weak financial performance as reflected in the elevated level of fresh slippages, the high non-performing advances (NPA) level, significant losses and consequently weakened capital ratios," the agency said in a report. Icra said the credit provisions are expected to remain significantly high in relation to the core operating profits given the expectation that the high level of slippages and elevated level of NPAs will continue
Chola raises Rs 1,057 crore from ADB by issuing bonds
Murugappa Group's financial services arm Cholamandalam Investment and Finance Company has secured over Rs 1,000 crore funding from Asian Development Bank by issuing bonds to the multi-lateral funding agency. Chola Monday announced that it has issued unlisted non-convertible debentures (NCDs) in tenors of 3-5 years for Rs 1,056.90 crore (USD 150 million) to Asian Development Bank (ADB). Chola is focussed on lending to the small road transport operators (SRTO) and SME borrowers, a company statement said. The inroads made by Chola in tier IV and tier V towns in lesser penetrated regions augurs well to meet the objectives of financial inclusion of ADB to the under-served and lower income customer segments, Chola said. Half of the money raised from ADB will be invested in lagging states of the country so as to improve the growth prospects and employment opportunities in these areas, Chola said further. SRTOs, engaged in logistics, distribution and transport-related industries, will be ...
Petrol, diesel should come under GST: Petroleum Minister
Expressing concern over the continuous rise in fuel prices, Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that petrol and diesel should come under the ambit of Goods and Services Tax (GST)."I want petrol and diesel to come under the ambit of GST. The GST Council should take a decision on this. State governments are more powerful than the Centre in the GST Council meeting," Pradhan said.He further urged Odisha Chief Minister Naveen Patnaik to "reduce VAT on petrol and diesel like other state governments."The minister added that "central government had already deducted excise duty on petrol and diesel a few months ago."Fuel prices continue to rise daily across India. In New Delhi, petrol is now being sold at Rs 82.06 per litre (increased by Rs 0.15 per litre), while the price of diesel has been hiked by Rs 0.6 per litre to Rs 73.78 per litre.In Mumbai, the petrol price is close to touching Rs 90 per litre, while diesel is being sold at Rs 78.33 per ...
MERC to undertake third-party verification of agri sales
State electricity regulator MERC has decided to undertake third-party verification of agricultural sales to get an accurate assessment of agricultural consumption in Maharashtra. It will take at least a year to complete the assessment as the regulator will have to consider the sales of different agricultural seasons as the energy requirements may differ, according to Maharashtra Electricity Regulatory Commission (MERC) member Mukesh Khullar. "We feel there are discrepancies in the data received on agricultural sales from state discom MSEDCL. To ensure accurate assessment of such sales, we have decided to set up a committee which will undertake third-party verification," Khullar told reporters at an interactive session organised by the Mumbai Press Club. "We hope that the report will be completed by March 2020," he said. When asked about the need for another committee to conduct the same study, which was done by MSEDCL in the past on the directives of the MERC through an
Prashant Kumar takes charge as CFO of SBI
The country's largest lender State Bank of India Monday said Prashant Kumar has taken over the charge as the chief financial officer (CFO). He has taken over the charge from Anshula Kant, who has now been elevated as managing director (stressed assets, risk and compliance). Prior to this, Kumar was deputy managing director (HR) and CDO of the bank. He has also worked as as DMD and chief operating officer (COO) of the bank. **************** Uber Eats offers insurance to delivery partners with Tata AIG * Uber Eats, the food delivery network of global ride sharing app Uber, Monday announced a comprehensive insurance programme for delivery partners in the country in partnership with private sector insurer Tata AIG. This programme insures Uber Eats delivery partners for up to Rs 5 lakh against accidental death and permanent disability, when they are on the road providing delivery services through the Uber Eats App. The policy also provides cover of Rs 2 lakh against medical
7th edition of IoT, AI Innovation Conclave, 2018: enhancing human cognitive outcomes
Industry leaders from the tech-media-telecom to the healthcare sectors congregated at the Taj Vivanta, Bengaluru, to discuss the scope and future of Internet of Things (IoT) and Artificial Intelligence (AI) in India. One of the largest thought leadership fora on technological disruption in the country, the 'IoT & AI Innovation India Conclave 2018' drew over 25 eminent speakers from key industries and 200 senior business executives, and spoke on how their organizations have benefited from the ability to get real-time data from IoT devices.The availability of IoT data can reduce cost, increase accuracy and increase efficiency, providing solutions to eliminate mundane tasks in everyday life. Mr. Aman Khanna, Founder and Director of Konnect Worldwide Business media strongly believes that over the years this conclave has proved to be a unified platform to connect all the business leaders across various verticals of businesses to network, innovate, and ideate.We always strive to ...
Mate Labs raises USD 550,000 from Omphalos Ventures
Mate Labs, an AI based start-up from Bangalore that focuses on providing easy solutions for non-developers and businesses, has announced raising funds worth USD 550,000 from lead investor Omphalos Ventures India LLP and other investors."We observed that large enterprises around the world were building platforms for developers, and no one considered building something for the non-developers to easily integrate into their business models," said CEO and co-founder, Mate Labs, Rahul Vishwakarma."We are excited and humbled by this new move, and will be focusing on putting all the resources in our upcoming project," added Vishwakarma.Mate Labs built this platform through their proprietary technology which makes the automation possible. The team have spent months developing a technology which is intelligent in itself and also keeps learning how to do the defined tasks even better - something that was unknown in the BI and Analytics domain."We believe that this is a gap offers up a huge white
Govt may extend deadline for imposition of higher duties on 29 US products
The government will further extend the deadline for the imposition of higher customs duties on 29 products, including almond, walnut and pulses, imported from the US, a senior official said Monday. In June, India decided to impose retaliatory tariffs from August 4. But it was extended by another 45 days till September 18. "We are still in discussion with the US authorities. The deadline will be extended tonight," the government official said. The duty hike move by India was in retaliation to the March 9 decision of US President Donald Trump to impose heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war. Senior officials of India and the US are in discussions to finalise a kind of trade deal. Both the sides holding two track discussions -- to increase trade in short and medium term, and identify long term trade potentials. India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products, ...
'Banning private sector's entry in ITIs not a solution'
The Ministry of Skill Development and Entrepreneurship on Monday said the government cannot ban the entry of private players into Industrial Training Institutes (ITIs) just because their performance was "bad".
Turnover on NSE's F&O segment rises
Reliance Industries, Bajaj Finance, Divi's Laboratories September 2018 futures at premium
HFCs', MFIs' borrowing cost may rise over 30bps in FY19:Report
With interest rates cycle reversing, cost of borrowing for housing finance companies (HFCs) and microfinance institutions (MFIs) is likely to increase by over 30 basis points in the current fiscal year, and by another 40-50 basis in FY20, a report said Monday. The lending rates are also likely to go up, but the pace and intensity of the increase in rates will depend on product competitiveness, existing interest rates, and a company's dominance in the industry, rating agency Crisil said in its report. "The interest rate trajectory is expected to remain elevated for a while. Players with higher exposure to market borrowings and short-term instruments will see greater impact on their cost of borrowings in the near term," it said. According to the report, the rates on commercial papers (CPs) and non-convertible debentures (NCDs) have already increased by over 100 bps in the past year or so, even as the one-year marginal cost of funds-based lending rate (MCLR) has risen 30 ..
Quick Wrap: Nifty Financial Services Index registers a drop of 1.68,NIFTY Crashes 1.19%
Powered by Capital Market - Live News