Page 2605 - Business Finance
Govt invites bids for outright sale of CEL
The government Friday invited bids for sale of 100 per cent stake in Central Electronics Ltd (CEL). The department of Investment and Public Asset Management (DIPAM) has invited Expression of Interest (EoI) from interested bidders having minimum net worth of Rs 50 crore as on March 31, 2018. The last date for submission of bids is October 21, 2018, as per the EoI floated by DIPAM. The government had last year cleared a proposal for 100 per cent stake sale in CEL through strategic sale with transfer of management control. Incorporated in 1974, CEL is under the administrative control of Ministry of Science and Technology. The CPSE is wholly owned by the government and had a net worth of Rs 50.34 crore as on March 2017. The government has budgeted to raise Rs 80,000 crore in 2018-19 from minority stake sale in CPSEs and strategic sale. So far this fiscal, over Rs 9,220 crore has been raised by divesting stake in state-run companies.
Metal and mining stocks shine
Stocks gyrated near day's high in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 80.03 points or 0.21% at 38,322.84. The Nifty 50 index was up 32.50 points or 0.31% at 11,569.40. Metal and mining stocks gained.
NCLAT wants to know India business models from Wal-Mart International and Flipkart
The National Company Law Appellate Tribunal (NCLAT) has asked US retail major WalMart and e-commerce major Flipkart to explain their way of doing business in India. NCLAT, which is also an appellate authority over the Competition Commission of India (CCI), has asked Wal-Mart International Holdings Inc to file its reply before it by September 20, 2018. It has also asked trader's body CAIT, which has filed an appeal before NCLAT challenging the go ahead by fair trade regulator CCI on Walmart's USD 16 billion acquisition of home-grown Flipkart, to file its understanding over the Walmart's business model in India. "Before going into the merit of the appeal, we intend to know the manner in which Wal-Mart International Holdings, Inc. and Flipkart Private Ltd do their business in the relevant market in India," said an NCLAT bench headed by Chairman Justice S J Mukhopadhaya. The tribunal further said: "The appellant (CAIT) may file relevant list of dates and their understanding of sales by ...
Gur steady in Delhi, edges up in Muzaffarnagar
Quiet conditions persisted at the wholesale gur (jaggery) market in the national capital Friday following scattered demand amid adequate stocks. Meanwhile, Muzaffarnagar gur market exhibited a rising tendency with gur Raskat prices rising by Rs 50 per quintal on brisk demand from beer making industries. Prices of other gur varieties remained unalatered on some support. Marketmen said a spurt in demand from beer industries against paucity of stocks, especially, pushed up gur Raskat prices. In Muzaffarnagar, gur Raskat prices rose by Rs 50 to close at Rs 2,800-2,850 per quintal. Following are today's rates (in Rs per quintal): Gur chakku Rs 3,300-3,400, pedi Rs 3,600-3,700, dhayya Rs 3,700-3,800 and shakkar Rs 3,800-3,900. Muzaffarnagar: Rasket Rs 2,800-2,850, chakku Rs 2,950-3,050, khurpa NA and Ladoo NA. Muradnagar: Pedi Rs 3,350-3,400 and dhayya NA.
Gadkari asks auto industry to change 'mindset', be future-oriented
Union transport minister Nitin Gadkari Friday asked the auto companies for a "little change in mindsets" by giving more priority to future, while assuring them of government support with clear policies. Speaking at the MOVE, global mobility summit, the minister said the government was clear with its policy to reduce import of oil and end pollution, for which it is encouraging alternative fuel technologies such as biofuels and electric mobility. "Our policies are clear. We want to encourage you, we want to support you... but there is a small requirement on your part for a little change in mindsets and give more priority to future," Gadkari said. He was responding to comments from auto industry leaders, who wanted clear policy road map for future mobility. Citing example of fixing 12 per cent GST for electric vehicles, Gadkari said the government is clear with its policies to encourage alternate fuels such as ethanol, methanol, besides electric vehicles. The minister said the auto ...
Yes Bank Ltd leads losers in 'A' group
SREI Infrastructure Finance Ltd, Reliance Naval & Engineering Ltd, IIFL Holdings Ltd and Sun Pharma Advanced Research Company Ltd are among the other losers in the BSE's 'A' group today, 07 September 2018.
Swiss steelmaker loses U.S. defence contract, weighs appeal
ZURICH (Reuters) - Swiss steelmaker Schmolz+Bickenbach has lost a $420 million contract to supply the U.S. Air Force with warhead bodies used in bunker-busting bombs and is considering an appeal, it said on Friday.
German industry hit by trade tension, auto bottleneck
BERLIN (Reuters) - German exports and industrial output both fell unexpectedly in July, hit by U.S. President Donald Trump's protectionist trade policies and bottlenecks in the auto sector caused by new environmental standards.
Flipkart aims over 30% phone sales this festive season
Flipkart aims to account for over 30 per cent of the phone sales this festive season as it lines up new launches through handset partners and dishes out more financing options to woo Indian shoppers. The Walmart-backed company, which is locked in a fierce competition with US-based Amazon, claimed that about 25 per cent of the total phones sold in the country are through its platform. "We are confident that we will be able to expand our leadership further and by the end of the festive sales (Big Billion Days or BBD), we should have 30-32 per cent share," Flipkart, Senior Director (Smartphones), Ayappan Rajagopal told PTI. The company had, in April, said it aims to touch 40 per cent market share by 2020 as part of its 'Mobiles 40by20' strategy. "Our platform will have a number of new launches in alliance with our handset partners (during the festive sale). There will be devices across price points...we expect strong volumes coming especially in the Rs 10,000-15,000 category as well as ..
Vivanta Industries Ltd leads losers in 'B' group
Ambition Mica Ltd, Kesar Enterprises Ltd, Centum Electronics Ltd and Rollatainers Ltd are among the other losers in the BSE's 'B' group today, 07 September 2018.
Volumes spurt at Jindal Poly Films Ltd counter
Jindal Poly Films Ltd notched up volume of 6.34 lakh shares by 14:14 IST on NSE, a 14.14 fold spurt over two-week average daily volume of 44821 shares
Havells India offers essential electrical goods at discount in Kerala
As part of the contribution, Havells India will offer most of its products at a discount of 40% inclusive of GST until 30 September 2018. The entire dealer and retail network of Havells has joined hands to the cause of rebuilding Kerala.
Board of Motherson Sumi Systems recommends bonus issue in ratio of 1:2
At meeting held on 07 September 2018
Global Markets: World shares driven towards worst week since March by trade tensions
LONDON (Reuters) - World shares limped toward their worst week in almost six months on Friday, with Asia carving out a 14-month trough as investors braced for a new salvo of Sino-U.S. tariffs.
Paytm enables Visa credit card payment on its platform
Digital payments platform Paytm on Friday said it has tied up with global payment service provider Visa to enable credit card payments through its mobile app.
British healthcare firm BTG buys U.S. vascular device maker
(Reuters) - British healthcare company BTG Plc has acquired U.S. medical device maker Novate Medical, adding to its portfolio a vascular device for managing blood clots.
Sundaram BNP Paribas cuts interest rates on home improvement
: Sundaram BNP Paribas Home Finance, the subsidiary of Non-Banking Finance Company Sundaram Finance Ltd, Friday announced a marginal cut in the rate of interest offered for its customers in flood-hit Kerala. The city-based company, which has a strong presence in the neighbouring state, said customers taking loans to carry out repairs and renovation for homes following the floods would be offered interest rates at 8.50 per cent (variable) as against the normal 8.90 per cent. Processing fees for customers opting to take up such loans would be waived, Sundaram BNP Paribas Home Finance said in a statement. Sundaram BNP Paribas Home Finance Ltd is a Joint Venture between Sundaram Finance Ltd and BNP Paribas Personal Finance. The company has over 110 branches and serves 50,000 customers across the country. As many as 491 people have lost their lives in Kerala in torrential rains and floods since May 29, when the south west monsoon set in over the state.
Maruti Suzuki commences fleet testing of Electric Vehicles in India
Testing of these Electric Vehicles will help to gather critical inputs based on customer perspectives. This extensive real life usage of the vehicles will help in validation and development of new technology. This exercise will help to create a reliable and suitable Electric Vehicle to delight Indian customers.
State Bank of India says Anshula Kant appointed MD
(Reuters) - Top lender State Bank of India said on Friday that the government had appointed Anshula Kant as the bank's managing director.
Gold softens on slack demand, global cues
Gold prices slipped by Rs 60 to Rs 31,450 per 10 gram at the bullion market on Friday on muted demand from local jewellers and a weak global trend. Silver too traded lower by Rs 300 to Rs 37,500 per kg due to reduced offtake by industrial units and coin makers. Traders said besides fall in demand from local jewellers and retailers at prevailing levels, a weak trend overseas mainly weighed on the precious metal. Globally, gold fell 0.03 per cent to USD 1,199.10 an ounce and silver by 0.18 per cent to USD 14.10 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 60 each to Rs 31,450 and Rs 31,300 per 10 gram, respectively. The precious metal had gained Rs 310 in the last two days. Sovereign however remained flat at Rs 24,500 per piece of eight gram. In step with gold, silver ready drifted lower by Rs 300 to Rs 37,500 per kg and weekly-based delivery by Rs 90 to Rs 37,025 per kg. Silver coins however remained unaltered at Rs ...