Page 2584 - Business Finance
Sun Pharma shares continue to fall, down 4 pc
Shares of Sun Pharmaceutical Industries fell for the second straight session Monday, dropping almost 4 per cent after USFDA issued Form 483 with observations on inspection of its Halol facility in Gujarat. The stock fell 3.72 per cent to end at Rs 639.50 on BSE. Intra-day, it lost 4.24 per cent to Rs 636. It was the worst performer among the 30-share basket. On NSE, shares of the company declined 3.95 per cent to close at Rs 638. In terms of equity volume, 6.99 lakh shares of the company were traded on BSE and over 99 lakh shares changed hands on NSE during the day. Shares of Sun Pharmaceutical had on Friday fallen by nearly 2 per cent. The United States Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) of the company's Halol facility from August 27 -31, 2018, Sun Pharmaceutical said in a BSE filing, Friday. "At the conclusion of the inspection, the agency issued a Form 483, with six observations," it added. As per the US health regulator, FDA Form 483 ...
Wall Street set for higher open as tax cut hopes outplay trade fears
(Reuters) - U.S. stocks were set to open higher on Monday as hopes for a new round of tax cuts overshadowed fears of an escalation in the Sino-U.S. trade war.
Andhra cuts petrol, diesel prices by Rs 2
In a move to provide some relief to people reeling under increasing fuel prices, the Andhra Pradesh government on Monday announced reduction in Value Added Tax (VAT) on petrol and diesel by Rs 2 per litre in the state.
Coca-Cola in race to buy Horlicks from GlaxoSmithKline
US-based Coca-Cola Co, is in the race to acquire malt-based health drink Horlicks from GlaxoSmithKline (GSK), which has put the popular brand in India on sale, according to media reports. Quoting sources, UK-based Sunday Telegraph has said the value of the transaction could be around three billion british pounds (USD 3.9 billion). The company "is mulling a three billion british pounds (USD 3.9 billion) swoop for Horlicks after GlaxoSmithKline (GSK) hoisted a 'for sale' sign above the 145-year-old brand," the report said. It further said that besides Coca-Cola, several global FMCG makers as Nestle, Kraft Heinz are in the race to acquire Horlicks from GSK. "As a matter of policy we do not comment on any speculative news. At this point in time there is nothing to report on the said matter," CocaCola said in an e-mail statement. The Atlanta-based cola major had acquired the Costa Coffee chain from UK-based leisure group Whitbread in a USD 5 billion deal recently. If the deal happens, then
Saudi sovereign fund picks Goldman, BAML, Klein for SABIC sale: sources
DUBAI (Reuters) - Saudi Arabia's sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process said.
Russia raises second-quarter economic growth to 1.9 percent
Russia's gross domestic product grew by 1.9 percent in the second quarter of 2018 in year-on-year terms, the state statistics service said on Monday, raising its previous economic growth assessment.
Petrol at Rs 89.97 in Maharashtra's Parbhani
Petroonl prices on Monday shot up to Rs 89.97 in Maharashtra's Parbhani, the highest in India, an official said.
Viacom18 ups regional play, launches new Kannada movie channel
Media and entertainment firm Viacom18 has expanded its regional offering with the launch of its new Kannada movie channel named Colors Kannada Cinema. This is its second movie channel by the firm after Rishtey Cineplex that was launched in 2016. "The network's third channel in the lucrative Kannada market, Colors Kannada Cinema, underlines Viacom18's aggressive expansion in the growing regional broadcast entertainment space," it said in a statement Monday. With a library of 450 films, the channel will go on air from September 24. "This move would help us to increase our market share, both in terms of viewership and revenue, in the country's third biggest regional market," said Sudhanshu Vats, group chief executive officer, Viacom18. The company is a 51:49 joint venture between Reliance Industries and US media conglomerate Viacom. Viacom18 claims to have a leadership position in the Kannada segment with its general entertainment channels, Colors Kannada and Colors Super, ..
Srei Equipment Finance, Hinduja Leyland Finance among 4 cos to get Sebi's go ahead for IPO
Srei Equipment Finance and Hinduja Leyland Finance are among the four companies that received markets regulator Sebi's approval recently to float initial share sales. Aavas Financiers and Penver Products are the other two companies to get the Sebi's nod for share sale proposals. Penver Products received Sebi's observations on September 5, while the remaining three firms got it on September 7, according to the latest update with the markets watchdog. Srei Equipment Finance had filed its draft papers with Sebi in November last year, seeking its clearance to float an IPO, while other three firms had approached the markets watchdog in June this year. Sebi's observations are necessary for any company to launch public issues like initial public offer, follow-on public offer (FPO) and right issue. With this, the number of companies getting Sebi's approval to float an initial public offer (IPO) has reached 48 this year so far. Going by the draft papers, Srei Equipment Finance's IPO comprises .
New ICT policy for TN
Tamil Nadu Chief Minister K. Palaniswami on Monday said the new Information Communication Technology (ICT) Policy, 2018 will address the aspirations of all the stakeholders.
'UP to clear Rs 10,000 cane dues before start of new season'
Uttar Pradesh Cane Development Minister Suresh Rana said Monday the state will ensure the entire cane arrears of around Rs 10,000 crore are paid to farmers before the start of the new season from October. A proposal to provide Rs 5,535 crore for the purpose of clearing cane dues of both cooperative and private sector will be placed before the cabinet in the coming week, he said. Sugarcane crushing season in Uttar Pradesh, the country's leading sugar producing state, starts from October 20 and continues till November 5. "Cane arrears have come down to around Rs 10,000 crore. We have kept a target to bring the dues to zero before the start of the new season from October 20," Rana told reporters on the sidelines of 59th annual general meeting of the National Federation of Sugar Factories Ltd (NFSFL) here. The state government will place a cabinet proposal seeking approval of Rs 5,535 crore funds, which was allocated in the state budget for sugar sector, he said. As per the proposal, Rana
Fuel prices reduced by Rs. 2 in Andhra
In the wake of hike in fuel prices across the country, Andhra Pradesh Chief Minister Chandrababu Naidu on Monday announced a reduction in petrol and diesel price by Rs. 2 each, in the state.The new rates of petrol and diesel will come into effect from Tuesday morning, while the orders for the implementation of the new rates will be issued later today.Introducing the resolution in the session, Naidu said the prices of petrol and diesel reached its peak with the "anti-people" policies of Central Government for the past four years. Extending support to the nationwide protest against petrol and diesel price hike, the Chief Minister said that the state government decided to reduce the price of petrol and diesel to reduce burden on common man despite financial crisis in the state.The Chief Minister further condemned the statement of Union Petroleum minister Dharmendra Pradhan where he said that the petroleum prices have been increased due to hike in prices in international market and ...
Russia, Japan agree to develop industrial facility for $800 million
MOSCOW (Reuters) - Russian Direct Investment Fund, Japan's Marubeni Corporation and Russia's AEON Corporation have agreed to develop an industrial facility in the Russian city of Volgograd, the Russian investment fund said on Monday.
CBS to pay $120 million to Moonves pending probe outcome
(Reuters) - CBS Corp said on Monday it will pay $120 million to former chief executive officer Leslie Moonves if an internal investigation into allegations of harassment fails to provide grounds for his dismissal.
U.S. government contractor SAIC to buy Engility for $1.5 billion
WASHINGTON (Reuters) - Science Applications International Corp (SAIC) said on Monday it has agreed to acquire Engility Holdings Inc for $1.5 billion in stock, a deal that will turn it into the second-largest U.S. government services contractor.
Jai Corp update on proposed amalgamation of subsidiaries
Since the financial statements of both UIVCL and UIWAPL are already being consolidated with the financial statements of the Company, no material financial impact is expected to result from the proposed amalgamation.
UK enjoys fastest growth in almost a year after World Cup and weather boost
LONDON (Reuters) - Britain reeled off its fastest economic growth for nearly a year in the three months to July thanks to strong consumer spending lifted by the World Cup and unusually warm weather, official figures showed on Monday.
Turkish economic growth dips, lira crisis darkens outlook
ISTANBUL (Reuters) - Turkish economic growth slowed to 5.2 percent year-on-year in the second quarter, data showed on Monday, in what officials described as an "economic rebalancing" before an expected second-half slowdown as Turkey grapples with a currency crisis.
Global Markets: Europe leads fightback after Asian shares floored again
LONDON (Reuters) - Gains in Europe helped steady global stock markets on Monday, after rising anxiety about the U.S.-China trade war and further Fed rate hikes gave Asia its longest losing streak since the end of 2015.
Funding Circle plans October listing in British 'fintech' first
LONDON (Reuters) - Funding Circle will test investor demand for British peer-to-peer lenders in a listing scheduled for October and expected to value it at more than 1.5 billion pounds ($1.94 billion).