Page 2654 - Business Finance
Chana futures extend fall on subdued demand
Chana prices fell by 1.56 per cent to Rs 3,907 per quintal in futures trade today as participants indulged in trimming bets amid subdued demand at the spot markets. Moreover, forecast of higher production of kharif pulses amid scattered buying by millers in local wholesale market also exerted pressure on chana prices. Analysts said besides profit-booking by participants at the existing level, higher output forecast and decline in demand in the physical market weighed on chana futures. At the National Commodity and Derivatives Exchange, chana for delivery in October fell by Rs 62, or 1.56 per cent, to Rs 3,907 per quintal with an open interest of 42,240 lots. Similarly, the commodity for September drifted lower by Rs 48, or 1.24 per cent, to Rs 3,817 per quintal. The open interest of the contract stood at 51,470 lots.
PureCircle appoints Navneet Singh as head of South East Asia region
Natural sweetener brand PureCircle announced the appointment of Navneet Singh as Head of the South East Asia region. "Navneet will be actively involved in global business affairs across Asia. In the given role, Navneet will be responsible for strategic sales and marketing," the company said in a statement. PureCircle said Navneet will report to the Group Vice President and Head of Sales Suzanna Bancroft, and will be based in PureCircle's India and South Asia office. "India is an important market for PureCircle, as the company aims to make stevia the next mass natural sweetener in the country by strengthening its core leadership," it added.
Global Markets: Asian stocks down for third session as trade, EM worries persist
TOKYO (Reuters) - Asian stocks dropped for the third consecutive session on Monday, hit by worries over further escalation of the U.S-China trade war and unstable emerging market currencies.
Albert David Ltd leads gainers in 'B' group
Hikal Ltd, Diligent Media Corporation Ltd, HOV Services Ltd and Shreyans Industries Ltd are among the other gainers in the BSE's 'B' group today, 03 September 2018.
Tesla misses on Model 3 car production target: Report
Despite Chairman and CEO Elon Musk claiming that Tesla will ramp up production of its Model 3 car to 6,000 units per week, the electric carmaker has reportedly missed the goal and made only 4,300 units in the last week of August.
Network 18 Media & Investments Ltd leads gainers in 'A' group
Mahindra CIE Automotive Ltd, Hindustan Construction Company Ltd, Trident Ltd and Gujarat Fluorochemicals Ltd are among the other gainers in the BSE's 'A' group today, 03 September 2018.
Automobile, pharma firms big beneficiaries of export incentive scheme
Automobile and pharmaceutical companies have emerged as big beneficiaries of the commerce ministry's export incentive scheme 'MEIS' as they have received the major portion of the disbursals. Under the Merchandise Exports from India Scheme (MEIS), the government provides duty benefits at different rates depending on product and country. Rewards under the scheme are payable as percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty. The top 10 companies that have obtained maximum disbursals during 2017-18 under the scheme includes JSW Steel (Rs 301.5 crore), Ford India (Rs 272.8 crore), Bajaj Auto (Rs 246.5 crore), Dr Reddys Lab (Rs 240.6 crore), Aurobindo Pharma (Rs 211.3 crore), Mylan lab (Rs 192.9 crore), Hyundai Motor India (Rs 189.3 crore), Vedanta Ltd (Rs 180 crore), Lupin Ltd (Rs 155 crore), and Nissan Motor India (Rs 150 crore). The other firms which have gained from the ..
Oman expects oil prices to stay between $70-$80 per barrel this year - WAF
DUBAI (Reuters) - Oman's Oil Minister Mohammed bin Hamad al-Rumhi said on Monday he expects oil prices to remain between $70 to $80 a barrel this year, Omani news website WAF reported on Twitter.
Wipro shares jump over 8% as company bags biggest order till date
Shares of Wipro Monday surged more than 8 per cent in morning trade on bourses after the IT services major said it had bagged USD 1.5 bn deal from Alight Solutions, its biggest deal till date. The shares were reacting to the development as 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. The shares of the company today opened on a bullish note and touched an intra-day high of Rs 328, up 8.73 per cent over its previous closing price. Similar movement was seen on NSE as well, where the stock touched a high of Rs 327, up 8.54 per cent, over its last close. "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 transformation of Alight's offerings and enhance the
Mahindra tractor sales up 7% at 17,785 units in August
Home-grown auto major Mahindra and Mahindra Monday reported 7 per cent increase in total tractor sales at 17,785 units in August this year. The company had sold 16,641 units in the same month last year, Mahindra and Mahindra said in a BSE filing. Domestic sales were at 16,375 units as against 15,356 units in the year-ago month, up by 7 per cent, it added. Exports during the month stood at 1,410 units as against 1,285 units in the same month last year, a growth of 10 per cent, Mahindra and Mahindra said in a statement. "The announcement of higher minimum support price (MSP) for Kharif crops will drive positive sentiments in the upcoming festive season. In the exports market, we sold 1,410 tractors with a growth of 10 per cent over August 2017," Rajesh Jejurikar, president of farm equipment sector, Mahindra and Mahindra, said.
Debt payoffs improves credit profile of Reliance Infrastructure
Brickwork withdraws 'D' ratings for Reliance Infrastructure's NCDs totalling Rs 468.70 cr
Strong market breadth
Stocks trimmed gains in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 55.25 points or 0.14% at 38,700.32. The Nifty 50 index was up 16.55 points or 0.14% at 11,697.05.
Sensex rises by over 100pts, Nifty above 11,700
The market indices on Monday opened on a positive note, owing to gains recorded in the IT, pharmaceutical and automobiles sectors.The BSE's Sensex rose by 103.61 points to 38,748.68, while Nifty traded marginally above 11,700 at 11,709.65.Shares of Wipro rose by over six percent, a day after it bagged a ten-year engagement to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions LLC, a technology-enabled health, wealth, HR and finance solutions provider.Among other top gainers are Bajaj Auto and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance incurred significant losses.The Indian rupee gained in early trade, as it opened 19 paise higher at 70.80 per dollar.
Cardamom futures climb 3.88% on higher demand
Cardamom prices rose further by 3.88 per cent to Rs 1,395 per kg in futures trade today on frantic buying by stockists and retailers due to increased demand from domestic and export markets. Furthermore, fall in arrivals from Kerala due to floods in several districts including largest cardamom growing-Idukki also added to the upside. At the Multi Commodity Exchange, cardamom for delivery in October was trading higher by Rs 52.10, or 3.88 per cent, at Rs 1,395 per kg in a business turnover of 48 lots. The current month's contract of the spice was trading higher by Rs 40.50, or 3 per cent, to Rs 1,390.50 per kg with trading volume of 16 lots. Analysts said speculative positions built up by traders on the back of pick-up in export and domestic demand against restricted arrivals from Kerala due to floods in several districts including largest cardamom growing-Idukki, pushed up cardamom prices.
Refined soya oil futures edge up 0.30 pc on tight supply
Refined soya oil prices advanced by 0.30 per cent to Rs 742 per 10 kg in futures trade today as speculators built up their positions, triggered by tight stocks on fall in arrivals from producing belts. At the National Commodity and Derivatives Exchange, refined soya oil for October rose by Rs 2.25, or 0.30 per cent, to Rs 742 per 10 kg with an open interest of 24,590 lots. Similarly, the oil for delivery in September was trading higher by Rs 2.15, or 0.29 per cent to Rs 737.90 per 10 kg in 36,140 lots. Analysts said fresh positions created by traders, driven by paucity of stocks on restricted supplies from producing belts mainly attributed the rise in refined soya oil prices at futures trade.
Wheat futures rise 0.80% on speculative buying
Wheat prices surged by 0.80 per cent to Rs 2,020 per quintal in futures trade today as speculators made fresh bets. At the National Commodity and Derivatives Exchange, wheat for delivery in September shot up by Rs 16, or 0.80 per cent, to Rs 2,020 per quintal with an open interest of 3,140 lots. Similarly, the wheat for October gained by Rs 10, or 0.49 per cent, to Rs 2,032 per quintal in 680 lots. Analysts attributed rise in wheat futures to fresh positions created by traders amid pause in arrivals from growing regions.
Sonalika reports 23.2 pc jump in tractor sales in August
Domestic tractor maker Sonalika Monday reported 23.2 per cent increase in total sales at 7,369 units in August, aided by a massive 90 per cent growth in overseas shipments. The total sales, including exports, during August 2017 were 6,036 units, International Tractors Limited (ITL), which makes Sonalika brand of tractors, said in a statement. "The company has registered an overall sales growth of 23.2 per cent with 7,369 tractors in August'18 as compared to 6,036 tractors in the same period last year," it said. Tractor exports nearly doubled to 2,082 units as compared to 1,095 units shipped out in the same month year- ago, thereby logging a 90 per cent growth during the period, it said. "We are delighted with the overall growth of 23.2 per cent which was driven by a phenomenal 90 per cent growth in exports. An all time high performance of Asia and Europe markets has helped us achieve this extraordinary growth," Sonalika Group's executive director Raman Mittal said. "In ..
Petrol, diesel prices at highest-ever levels on rupee woes
Petrol and diesel prices in the country touched their highest levels Monday mainly due to dramatic fall in rupee and a sharp rise in crude oil rates. Petrol price in Delhi rose to a record Rs 79.15 a litre and diesel climbed to a fresh high of Rs 71.15, according to price notification of state-owned fuel retailers. This follows ?a 31 paise/litre hike in prices on Monday. Rates have breached the previous high of Rs 78.43 a litre hit on May 28. On that day, the rate in Mumbai was Rs 86.24 per litre. A litre of petrol in Mumbai costs Rs ?86.56 on Monday. Prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Diesel rates on Monday were hiked by 39 paise a litre, the steepest increase since the daily revision in prices was introduced in mid-june 2017. Diesel now costs Rs ?75.54 per litre in Mumbai. Since August 16, petrol prices have risen by over Rs 2 per litre. Diesel prices on the other hand have risen by Rs 2.42 a litre during this ...
Mfg sector activity eases in Aug on softer output expansion, fall in new orders
The country's manufacturing sector activity eased for the second consecutive month in August, mainly on account of slower gains in output and decline in fresh orders, a monthly survey said Monday. The Nikkei India Manufacturing Purchasing Managers' Index fell to 51.7 in August from 52.3 in July, as operating conditions improved at the slowest pace since May. This is the 13th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. "August data signalled a further loss of growth momentum across India's manufacturing sector, reflecting slower gains in output and new orders," said Aashna Dodhia, Economist at IHS Markit and author of the report. The PMI data suggested domestic demand conditions improved at a slower pace than the preceding month, while new export orders rose at the fastest pace since February. Meanwhile, in response to sustained periods of expansion in ...
Copper futures drop 0.51% on weak overseas trend
Amid weak global cues, copper prices fell by 0.51 per cent to Rs 421.65 per kg in futures market today as speculators cut their bets. At the Multi Commodity Exchange, copper for delivery in November fell by Rs 2.15, or 0.51 per cent to Rs 421.65 per kg in business turnover of 487 lots. Similarly, the metal for delivery in February shed Rs 2.10, or 0.49 per cent to Rs 427.45 per kg in 1 lot. Analysts said sentiments turned bearish after London copper was at its lowest in 10 days today as jitters over renewed trade tensions between the United States and China weighed on risk appetite and pushed up the dollar. Meanwhile, copper for delivery in three months traded flat at USD 5,976 a tonne, having earlier slipped to USD 5,952.50, its weakest since August 23 on the London Metal Exchange. Also, Shanghai Futures Exchange copper fell 1 per cent to 48,100 yuan (USD 7,037) a tonne.