Page 2648 - Business Finance
India's August manufacturing output eases on lower demand: PMI
A slower rise in demand further eased the pace of India's manufacturing sector output in August, as the economy continued to face headwinds, key economic data showed on Monday.
L&T Infotech falls over 1% as promoter proposes to offload stake
Shares of Larsen & Toubro Infotech Monday fell by over 1 per cent after its promoter L&T proposed to offload stake in the company. The scrip lost 1.39 per cent to end at Rs 1,771.20 on the BSE. During the day, it dropped 3.68 per cent to Rs 1,730. On the NSE, shares of the company slipped 1.36 per cent to close at Rs 1,773.15. In a regulatory filing Larsen & Toubro Infotech on Friday said its promoter Larsen & Toubro Ltd (L&T) proposes to sell its stake in the company. L&T proposed to sell up to 59 lakh equity shares representing 3.41 per cent of the total paid up equity share capital of Larsen & Toubro Infotech, with an over subscription of 46.28 lakh equity shares representing 2.67 per cent through stock market route on Monday and Tuesday. The floor price of the offer will be Rs 1,700 per equity share of the company. For the quarter ended June, L&T had 14,03,11,322 shares amounting 81.54 per cent stake in L&T Infotech.
Anil Agarwal to take Vedanta Resources private on Oct 1
Mining mogul Anil Agarwal-led Vedanta Resources looks to delist from London Stock Exchange on October 1, after the holders of 26 per cent of shares have agreed to sell their stake to his family trust Volcan Investments, as per a regulatory filing. "The board of directors of Volcan Investments Ltd (Volcan Investments) is pleased to announce that the recommended cash offer by Volcan Investments for Vedanta Resources Plc has become unconditional in all respects," Volcan Investments said in a regulatory filing to the London Stock Exchange Monday. Volcan is a holding company wholly owned by Agarwal's discretionary trust. "Volcan Investments intends to procure that Vedanta Resources will apply to the London Stock Exchange and the UKLA (UK Listing Authority) to cancel the admission of Vedanta shares to trading on the London Stock Exchange's main market for listed securities and the admission to listing of Vedanta shares on the premium listing segment of the official List, respectively. This .
Wipro shares end 2.5% higher on deal boost
Shares of Wipro Monday settled 2.5 per cent higher after the IT services major announced winning USD 1.5 billion contract from Alight Solutions. Its shares trimmed most of the early gains to end 2.49 per cent up at Rs 309.15 on the BSE. During the day, the stock jumped 8.73 per cent to Rs 328. Wipro was the biggest gainer among the 30 blue chips. On the NSE, its shares went up by 2.35 per cent to close at Rs 308.35. In terms of equity volume, 14.98 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. The deal was announced Sunday. Under the 10-year deal, Wipro will provide a comprehensive suite of solutions and services to the Illinois-based Alight Solutions that provides technology-enabled health, wealth, HR and finance solutions. "This deal will result in revenues of USD 1.5 to 1.6 billion for Wipro over the tenure. This is Wipro's largest win to date," Wipro said in a statement Sunday. This engagement will enable the digital ...
'SC stay on construction may hit project delivery timelines'
The stay on construction activities in Maharashtra, Madhya Pradesh, Uttarakhand and Chandigarh by the Supreme Court may impact the delivery timelines of housing and infrastructure projects, a report said Monday. The real estate sector could be further hurt due to delay in project deliveries and related Rera implications in the form of penalties, the report by Care Ratings added. The Supreme Court last week had imposed a stay on all construction activities in Maharashtra, Madhya Pradesh, Uttarakhand and Chandigarh for not framing any policy on solid waste management. The three states Maharashtra, Madhya Pradesh and Uttarakhand account for about 15 per cent of the gross value added (GVA) from construction. Further, constructions in these states and Union territories have been stayed until the policy is framed. Care Ratings said there is lack of clarity on the type of construction under stay, and the order is expected to impact construction activity of real estate projects ..
Icra keeps ratings of IDBI Bank's bond programmes under watch
Rating agency Icra Monday said it has placed long-term ratings for Rs 4,286.20 crore upper tier II bonds programme and Rs 1,708.80 crore basel II compliant perpetual bonds of IDBI Bank on Rating Watch with Developing Implications (RWD). "The ratings on the upper tier II bonds and basel II compliant perpetual bonds are placed on RWD due to the deterioration in the capital adequacy ratios, which were below the regulatory levels," Icra said in a release today. Maintaining the capital ratios above regulatory levels is critical for servicing the banks Basel II debt capital instruments2 In May 2018, the rating agency had highlighted the banks weak capital ratios and had noted that it would require regular capital infusion from the government to keep its capital ratios above regulatory levels. In June 2018, IRDAI approved life insurance major LIC's proposal to take over 51 per cent stake in IDBI. LIC is proposed to increase it's stake to 51 per cent from 7.98 per cent, through .
JD.com CEO returns to China after arrest in U.S. sexual misconduct case
BEIJING (Reuters) - The CEO of JD.com Inc, Richard Liu, has returned to China, the Chinese e-commerce giant said on Monday, days after he was arrested by police in the U.S. city of Minneapolis on suspicion of criminal sexual conduct and later released.
Nifty ends below 11,600-level, down 98 points
NSE benchmark Nifty fell sharply in late trade, down 98 points to 11,582.35 led by sharp sell-off mainly in FMCG, banking and energy amid negative global cues. Sentiment was also affected by the Indian rupee hitting a record low and rising crude oil prices. The rupee hit a fresh all-time low of 71.21 against the US dollar, raising concerns on the macroeconomic front. Overseas, most European stocks declined on heightened concerns of an escalating trade war between the US and China. Asian stocks were trading lower as trade-war fears increased after the US and Canada missed a deal deadline set for Friday. The Nifty 50 index fell 98.15 points, or 0.84 per cent, to end at 11,582.35, its lowest closing level since 24 Aug 2018. The index rose 71.30 points at the day's high of 11,751.80. It fell 113.10 points at the day's low of 11,567.40. It saw an intra-day movement of about 184.40 points. On the sectoral front, FMCG dropped by 2.44 per cent, followed by private bank 1.16 per cent, energy ..
Vedanta Resources to delist from London Stock Exchange by October
Mining mogul Anil Agarwal's Volcan Investments Ltd announced on Monday that it is set to delist Vedanta Resources from the London Stock Exchange on October 1 after a successful buyout of the company's shares. Volcan, controlled by Agarwal as Executive Chairman, already owns nearly 67 per cent in Vedanta Resources. It said on Monday that its cash offer for the FTSE 250 mining company had become "unconditional in all respects" after Agarwal offered USD 10.89 per Vedanta share, equivalent to approximately 825 pence. The offer valued Vedanta in total at around USD 3.07 billion, and the stake Volcan is now buying is worth around USD 1.03 billion. With all conditions met, Vedanta will now apply to have its share delisted from the London Stock Exchange with effect on October 1, the company said. Volcan Investments now holds or has received acceptances for 92.31 per cent of Vedanta's shares. "Volcan Investments further announces that the Offer will remain open until further notice. In ...
Indian markets dive on fresh concerns over SEBI's foreign fund rules
MUMBAI (Reuters) - Indian markets fell sharply on Monday after a set of fund managers raised fresh concerns over an April circular from the market regulator related to tighter rules on foreign funds ownership by entities of Indian origin, which they said could lead to massive dollar outflows from the economy.
Oversupply to render sugar price recovery uncertain: Icra
Excess supply of sugar is likely to make a sustanable price price recovery uncertain, according to a report. While sugar prices have recovered to around Rs 32,500-33,000 per tonne (ex-mill Uttar Pradesh) from a low of Rs 26,500 per tonne in May on the back of recent government measures, the sustainability is uncertain given the oversupply conditions, Icra said in a report. As per the report, domestic sugar production is expected to increase by 10 per cent to around 35 million tonne in SY2018, as per early estimates, which will add to the existing surplus situation. "Another year of bumper production at 35 million tonne in SY2019, as per the preliminary estimates, is likely to be higher by at least 9 million tonne than consumption, adding to the existing sugar surplus. This increase in production by about 60 per cent annually is likely to result in closing stocks between 9 9.5 million tonne even after the 2 million tonne exports," Icra Ratings senior vice president and .
Karnataka govt announces Rs 50 lakh grant for startups
The Karnataka government announced Monday a grant worth Rs 50 lakh forstartups providing solutions for rural development in the state. "To encourage any innovation that will be focused at rural development and well-being with a strong social impact, my department will be willing to support startups across the state with a grant of Rs 50 lakh," Social Welfare Minister Priyank Kharge said at a conferenceorganised by Shell E4, the company's startup hub. The hub featured a unique gathering of energy focused startups, Venture Capitalists, Energy Experts and Academia, among others, the company said. The day also served as the graduation event for Shell E4's first cohort of energy and sustainability start-ups. Launched in 2017, Shell E4 Startup Hub aims to foster a vibrant ecosystem of energy entrepreneurs by bringing togethertalent, technology, capital and know-how to accelerate India'stransition towards a sustainable energy future, it said. Earlier this year, Shell selected ..
Ad giant WPP names Read as CEO for post-Sorrell era
LONDON (Reuters) - WPP named company veteran Mark Read as its new CEO on Monday to steer the world's biggest advertising company through a period of unprecedented change and following the acrimonious exit of its founder Martin Sorrell.
Banks with over 10 branches to have internal ombudsman: RBI
The Reserve Bank of India (RBI) Monday asked all scheduled commercial banks with more than 10 branches to appoint an internal ombudsman (IO). The apex bank has, however, excluded regional rural banks (RRBs) from appointing IOs. The internal ombudsman scheme was introduced by the RBI to strengthen the internal grievance of banks and to ensure that the complaints of the customers are redressed. In order to further enhance the independence of the IO and also to strengthen the monitoring system over functioning of the IO mechanism, the central bank said it has reviewed the arrangement in the form of 'Internal Ombudsman Scheme, 2018'. "The IO shall examine customer complaints which are in the nature of deficiency in service on the part of the bank, that are partly or wholly rejected by the bank," RBI said in a release. The scheme covers, appointment/tenure, roles and responsibilities, procedural guidelines and oversight mechanism for the IO. The central bank further said as ...
Rupee free fall continues, plunges to new life low of 71.21 vs USD
The Indian rupee Monday crashed to yet another historic low of 71.21, losing 21 paise at the close against the US dollar as nagging concerns over rising crude oil prices and trade war tensions continued to hurt forex market sentiment. It was a virtual collapse for the Indian unit during the late afternoon session despite a strong start as investors hit the panic button and even government's efforts to calm investor nerves failed to yield any result. A sharp rally in global crude prices further dampened the overall trading mood. Benchmark Brent crude oil was trading at USD 78 a barrel. The domestic currency opened with strong gains largely helped by weekend robust macro numbers also some technical bounces after recent record fall. However, overall forex market sentiment suffered a sudden reversal of fortune contrary to expectation largely moving in line with local equities, reversing all early strong gains. India's economy grew at a delightful 8.2 per cent rate in April-June this year .
NCLT approves 1:10 swap ratio for ICEX, NMCE merger
The National Company Law Tribunal (NCLT) has approved the swap ratio of 1:10 for the merger of National Multi Commodity Exchange (NMCE) with the Indian Commodity Exchange (ICEX), a top ICEX executive said. The board of directors of both the exchanges will meet this week to formalise the merger. Announced in July last year, the merger will create the country's third largest commodity exchange, after Multi Commodity Exchange of India (MCX) and National Commodity & Derivatives Exchange (NCDEX). "The NCLT has approved the swap ratio of one share of NMCE for 10 shares of ICEX," Sanjit Prasad, chief executive officer, ICEX, told PTI. "Following the NCLT approval of merger, ICEX will become India's third largest commodity exchange with average daily turnover of Rs 300 crore," he added. With the merger, all commodity contracts on the NMCE will be migrated on to the ICEX platform and all members of NMCE will be allowed to trade on ICEX, according to him. Both agri and non-agri
We're present in 20% homes globally: Chipmaker MediaTek
Mobile phone chipset maker MediaTek on Monday said it is aiming to make technology more accessible and that nearly one in three smartphones are powered by MediaTel chipsets.
Rupee touches record low of 71.12 against US dollar
The Indian rupee on Monday nosedived to all-time record low of 71.12 against the United States dollar.Despite opening 19 paise higher at 70.80 per dollar earlier today, it witnessed a drop of 32 paise by the afternoon thereby crossing the 71 mark.Meanwhile, BSE's Sensex rose by 103.61 points to 38,748.68, while Nifty traded marginally above 11,700 at 11,709.65.The market indices today opened on a positive note, owing to gains recorded in the IT, pharmaceutical and automobiles sectors.
Investor complaints hit 6-yr high of 43,000 in FY18
The number of investor complaints against listed firms and market intermediaries has risen to over 43,000 in 2017-18, making it the highest in six years, despite regulator Sebi continues to dispose of such grievances expeditiously. According to latest annual report of Securities and Exchange Board of India (Sebi), the regulator received 43,131 investor complaints last fiscal as compared to 40,000 in 2016-17. This was the highest since 2011-12, when more than 46,548 complaints were received. As of March this year, 30,46,585 complaints were cumulatively registered with Sebi, which was higher than 30,03,454 recorded at March-end last year. However, during the same period the number of pending actionable complaints have been reduced from 4,476 to 3,771. Out of total pending grievances, only 647 were pending for more than six months compared to 984 such cases pending as on March 31, 2017. "The number of pending grievances has been steadily declining over the years due to expeditious ...
Turkey's central bank promises action after inflation surges to 18 percent
ISTANBUL (Reuters) - Turkey's central bank signalled on Monday it would take action against "significant risks" to price stability, a rare move to calm financial markets after inflation surged to its highest in nearly a decade and a half.