Page 2608 - Business Finance
Japan eyes extra budget, challenging efforts to rein in debt
TOKYO (Reuters) - Japan would consider the need for an extra budget in the current fiscal year to support areas devastated by a recent chain of natural disasters, Finance Minister Taro Aso said on Friday, which could complicate efforts to restore tattered public finances.
Suzuki to start testing EV prototype in India from October - chairman
NEW DELHI (Reuters) - Japans's Suzuki Motor Corp will start testing prototypes of electric vehicles in India by October, its chairman said on Friday.
Playtech sells stake in Plus500 for $228 million
(Reuters) - Playtech Plc has sold its entire 10 percent shareholding in online retail trading platform Plus500 for about 176 million pounds ($228 million), the company said on Friday, giving no details on the buyer.
Sun Pharma tumbles on report Halol plant gets USFDA observations
Sun Pharmaceutical Industries fell 3.79% to Rs 651 at 11:42 IST on BSE on reports that the US drug regulator issued six observations to the company's Halol plant for inspection in August 2018.
DMK to participate in Bharat Bandh on Sep 10
DMK President M.K. Stalin on Friday said his party will actively participate in the Bharat Bandh called by the Congress on September 10 against the oil price hike.
Guar gum futures fall Rs 198 a quintal on weak export demand
Guar gum prices tumbled by Rs 198 to Rs 9,440 per quintal in futures trade Friday as investors indulged in offloading their positions amid muted export demand. Marketmen said cutting down of the holdings by investors, weak export demand for oil drilling industries and profit-booking led to fall in guar gum prices. At the National Commodity and Derivatives Exchange counter, guar gum for delivery in far-month November contracts crashed by Rs 198, or 2.05 per cent, to Rs 9,440 per quintal, with an open interest of 6,620 lots. Likewise, the most-traded, delivery in October month contracts plummeted by Rs 178, or 1.87 per cent, to Rs 9,345 per quintal, with the business turnover of 59,995 open interest lots.
Rupee firms up by 24 paise to 71.75 vs USD in morning deals
The rupee was trading higher by 24 paise to 71.75 against the US currency in late morning deals on Friday due to sustained bouts of dollar selling from banks and exporters. Earlier, the rupee resumed slightly higher at 71.95 against yesterday's closing level of 71.99 a dollar at the interbank foreign exchange market here. The rupee traded in wide range as heavy dollar demand pulled down it to 72.04 only to be supported by good supply of dollars from Reserve Bank of India through banks which helped its recovery, It was trading 71.75 at 1025 hours. The domestic unit hovered between 72.04 and 71.75 during morning deals. Overseas, the US dollar moved in tight ranges against other major peers in early Asian trade, while eased against the yen after a report suggested that Japan would be the next country with which US President Donald Trump will take up trade issues. Meanwhile, the 30-share BSE Sensex is trading higher by 44.75 points, or 0.12 per cent, at 38,287.56 at 1045 hours.
Positive market breadth
Key benchmark indices hovered near the flat line in a small range in mid-morning trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 8.57 points or 0.02% at 38,251.38. The Nifty 50 index was up 10.05 points or 0.09% at 11,546.95. Most cement stocks declined. Telecom stocks saw mixed trend.
Caplin Point gains after successful USFDA inspection at sterile injectable site
Caplin Point Laboratories rose 2.75% to Rs 513 at 11:19 IST on BSE after the company said that its sterile injectable site has completed the USFDA audit with no observations.
Sensex recovers 52 pts in late morning deals
The BSE Sensex erased earlier losses to trade higher by 52.34 points in late morning deals in a range-bound trade despite lower Asian cues even as the rupee recovered sharply from its earlier lows. Good rally in telecom, consumer durables, FMCG, auto, energy, metal and realty stocks lifted the key indices. The rupee too recovered 24 paise against the US dollar. Banks, power and finance shares witnessed mild selling. The 30-share index was trading at 38,295.15, showing a gain of 52.34 points, or 0.14 per cent, at 1100 hrs. The broader Nifty-50 index was also trading higher at 11,556.90, up 20.00 points, or 0.17 per cent. Major gainers were Bajaj Auto 3 per cent, Hero Motocorp 2.18 per cent, Tata Motors DVR 1.80 per cent, Tata Motors 1.72 per cent and Wipro 1.56 per cent. Losers include, Sun Pharma 4.10 per cent, Yes Bank 3.14 per cent, SBIN 1.92 per cent and Power Grid 1.66 per cent. Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 455.00 crore on net basis, while ...
Second round bids by NuMetal, Vedanta for Essar Steel valid, says NCLAT
The National Company Law Appellate Tribunal (NCLAT) Friday ruled that second round bids put in by Russia's VTB Bank-based NuMetal and Vedanta for acquisition of Essar Steel are valid but the same of ArcelorMittal is contingent upon the company clearing Rs 7,000 crore dues of Uttam Galva and KSS within three days. A two-member bench of the NCLAT headed by Chairman Justice S J Mukhopadhaya directed lenders of the Essar Steel to expeditiously take a decision. It held that NuMetal was not related to promoters of Essar Steel and so was eligible for submitted a resolution plan for the company. "As of March 29, Numetal was not a shareholder in one of the related parties, hence the stigma of Section 29A of the IBC goes. Numetal is eligibile and section 29A as of March 29, 2018 does not apply," the bench said. However, in case of ArcelorMittal, it held that the company was connected to Uttam Galva and KSS Petron, which are classifed by many banks as NPA. "The stigma would continue till the ...
Mentha oil futures down 0.64% on profit-booking
Mentha oil moved down by 0.64 per cent to Rs 1,734.50 per kg in futures market today as speculators booked profits, driven by a fall in demand at the spot market. Besides, adequate stocks position in the spot markets on higher supplies from major producing belts of Chandausi in Uttar Pradesh too fuelled the downtrend. At the Multi Commodity Exchange, mentha oil for delivery October month fell by Rs 11.10, or 0.64 per cent, to Rs 1,734.50 per kg in business turnover of 17 lots. Likewise, the oil for delivery in September contracts shed Rs 8.60, or 0.50 per cent, to Rs 1,714 per kg in 137 lots. Analysts said besides profit-booking by participants, fall in demand from consuming industries at spot market against ample stocks position weighed on mentha oil futures.
Chana futures slide 0.44% on weak spot cues
Chana prices declined by 0.44 per cent to Rs 3,852 per quintal in futures trading today as speculators trimmed their positions, taking negative cues from spot markets. At the National Commodity and Derivatives Exchange, chana for delivery in September month fell by Rs 17, or 0.44 per cent, to Rs 3,852 per quintal with an open interest of 38,000 lots. Similarly, the commodity for delivery in October month lost Rs 16, or 0.40 per cent, to Rs 3,975 per quintal in 49,600 lots. Market analysts attributed the persistent fall in chana futures to offloading of positions by traders owing to slackened demand in the physical market against ample stocks position.
Wheat futures advance by 0.89% on positive spot cues
Wheat prices strengthened by 0.89 per cent to Rs 2,047 per quintal in futures trading today as speculators widening their positions, taking positive cues from spot market on pick up in demand. At the National Commodity and Derivatives Exchange, wheat for delivery in September was trading higher by Rs 18, or 0.89 per cent to Rs 2,047 per quintal with an open interest of 2,670 lots. Analysts said expansion of positions by traders due to improved demand in the physical market amid a pause in arrivals from producing belts, mainly kept wheat prices higher at futures trade.
Volumes soar at Blue Star Ltd counter
Blue Star Ltd clocked volume of 84041 shares by 10:47 IST on BSE, a 45.76 times surge over two-week average daily volume of 1837 shares
Fortis Healthcare update on inter-subsidiary transaction in respect of RHT Health Trust
FHIL Entity Interest in RHT Before the Sale of Units (%) - 24.95 Interest in RHT After the Sale of Units (%) - 25.14
Focus: Banks turn to espressos, dancing robots to help keep US branches alive
NEW YORK (Reuters) - Free Wi-Fi, discounted cappuccinos, artwork, and a dancing robot are among the features banks across the United States are touting to convince customers that even in an era of smartphones it is still worth it to visit a bank branch.
Copper futures slide 1.13% as participants cut bets
Copper prices drifted lower by 1.13 per cent to Rs 419.60 per kg in futures trade Friday as speculators cut down their positions, tracking a weak demand at the spot market amid weak global cues. At Multi Commodity Exchange, copper for delivery in November fell by Rs 4.80, or 1.13 per cent, to Rs 419.60 per kg in a business turnover of 2,908 lots. Similarly, the metal for delivery in far-month February declined by Rs 4.65, or 1.08 per cent, to Rs 425.70 per kg in 46 lots. Marketmen attributed the fall at futures trade to offloading of positions by participants due to muted demand at the domestic spot market and weakness in copper prices at the London Metal Exchange (LME) on concerns over demand as a trade war between the US and top industrial metals consumer China intensifies. At the LME, three-month copper eased 0.1 per cent to USD 5,924 a tonne, while the most-traded contract for metal on the Shanghai Futures Exchange gained 0.5 per cent to 47,820 yuan a tonne.
Gold marginally down in futures trade on profit-booking
Gold prices softened by 0.14 per cent to Rs 30,505 per 10 gram in futures trading as traders trimmed their bets to book profits even as the precious metal strengthened overseas. At Multi Commodity Exchange, gold for delivery in October declined by Rs 42 or 0.14 per cent to Rs 30,505 per ten gram in business turnover of 312 lots. The metal for delivery in far-month December was trading lower by Rs 40 or 0.13 per cent to Rs 30,732 per ten gram in modest business turnover of one lot. Analysts said cutting down of positions by participants to book profits by participants weighed on gold prices in futures trade here but a firm trend overseas, limited the fall. Meanwhile, gold edged up 0.14 per cent to USD 1,201.40 an ounce in Singapore.
Silver futures plunge Rs 159 per kg on weak global cues
Silver prices tumbled by Rs 159 to Rs 37,778 per kg in futures trade today as speculators cut holdings amid a weakening trend overseas. Silver for delivery in far-month March was trading sharply lower by Rs 159 or 0.42 per cent at Rs 37,778 per kg in a business turnover of 8 lots in futures trading at the Multi Commodity Exchange (MCX). The white metal for delivery in December slumped Rs 147, or 0.40 per cent, at Rs 37,004 per kg with a business turnover of 873 lots. In the international market, silver traded 0.14 per cent lower at USD 14.11 an ounce in Singapore today. Market analysts said besides a weak trend in precious metals in global market, profit-booking by participants led to a fall in silver prices in futures trade here.