Page 2699 - Business Finance
Castor seed futures up 0.26 per cent
Castor seed prices was up by 0.26 per cent to Rs 4,616 per quintal in futures trade today on optimistic positions created by investors amid positive cues from the physical markets. Marketmen attributed the rise in castor seed futures prices to building up of positions by participants, driven by soaring demand at the spot markets from consuming industries such as soap, paint and lubricants along with paucity of ready stocks on pause in supplies. At the National Commodity and Derivatives Exchange counter, castor seed, rates for most-active September improved to Rs 4,616 by rising Rs 12 or 0.26 per cent. It clocked business turnover of 94,360 open interest lots. In a similar fashion, the delivery in far-month October was trading higher by Rs 10 or 0.21 per cent to Rs 4,676 per quintal, revealing an open interest of 72,020 lots.
Resurgent Power Ventures to acquire 75% stake in 3X660 MW coal based Prayagraj Power project
Resurgent Power is a Joint Venture based out of Singapore and is held 26% by Tata Power through its wholly owned Singapore based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank and investors of international repute.
Oil dips on rising U.S. supply, potential Venezuela production investment
SINGAPORE (Reuters) - Oil prices fell on Wednesday, pulled down by a reported rise in U.S. crude inventories and hopes that a plunge in Venezuela's output could be halted.
Atal Bihari Vajpayee's prime ministership: An infrastructure primer
Infrastructure and economic policies under Atal Bihari Vajpayee's prime ministership provide us with some crucial pointers on creating high-quality infrastructure.
Airtel gets govt nod to offload 15% stake in DTH arm to Warburg Pincus
Bharti Airtel today said its DTH arm Bharti Telemedia has received government's approval for transfer of its 15 per cent stake to private equity firm Warburg Pincus. The said approval has been granted by the Ministry of Information and Broadcasting, Airtel said in a regulatory filing. "...Bharti Telemedia Limited, a subsidiary of the company, has been granted the approval dated August 28, 2018, from the Ministry of Information and Broadcasting for transfer of its 15 per cent stake to an affiliate of Warburg Pincus," Bharti Airtel said. Under the deal announced in December 2017, Bharti Airtel had said it plans to sell 20 per cent stake in its DTH arm Bharti Telemedia to an affiliate of Warburg Pincus for about USD 350 million. Of the 20 per cent, Bharti Airtel would sell its 15 per cent stake in direct-to-home arm and the balance will be sold by another Bharti entity which holds 5 per cent stake in the company. Sources aware of the approval explained that while the filing only ...
Mustard seed futures weaken on negative spot cues
Mustard seed prices dropped by Rs 40 to Rs 3,960 per quintal in futures trade today as traders cut down holdings, tracking a weak trend at the physical markets lead. Marketmen said subdued trend at the spot markets due to soaring stocks on persistent arrivals from growing regions against muted demand from oil mills, pulled down mustard seed futures prices. Besides, considerable fall in mustard cake demand from cattle-feed industries due to cheaper availability of other alternates too put pressure on prices, they added. At the National Commodity and Derivatives Exchange, mustard seed delivery for September was trading lower by Rs 40 or 1.00 per cent to Rs 3,960 per quintal, having a business turnover of 88,670 open lots. Likewise, the delivery in October dropped by Rs 33 or 0.81 per cent to Rs 4,041 per quintal, with an open interest of 35,810 lots.
India may breach 3.3% fiscal deficit target as oil prices rise: Moody's
Credit rating agency Moody's Investors Service today said there are risks of India breaching the 3.3 per cent fiscal deficit target for the current financial year as higher oil prices will add to short-term fiscal pressures. According to the US-based agency, the current account deficit (CAD), which is the difference between inflow and outflow of foreign currency, will widen but will not jeopardise India's external position; and the gap will remain significantly narrower than five years ago. Higher oil prices add to short-term fiscal pressures, following cuts in the goods and services tax on some items and relatively high increases in minimum support prices for some crops. We see risks that the deficit will be wider than budgeted, Moody's said. The government has budgeted fiscal deficit to be at 3.3 per cent of gross domestic product (GDP) in the current fiscal ending March 2019. Fiscal deficit during April-June quarter of current fiscal had touched 68.7 per cent of Budget ...
Spot demand lifts guar seed futures
Guar seed prices improved by Rs 11 to Rs 4,215 per quintal in futures trade today as participants enlarged their holdings in tune with upbeat physical markets. At the National Commodity and Derivatives Exchange, guar seed for delivery in November fell by Rs 11 or 0.26 per cent to Rs 4,215 per quintal, in an open interest of 8,510 lots. Guar seed for the most-traded delivery in October rose by Rs 5.50 or 0.13 per cent at Rs 4,181 per quintal, with an open interest of 1,03,980 lots. The rise in guar seed prices at futures market was mostly attributed to raising of bets by traders amid a firm trend at the spot markets, analysts said.
Guar gum futures gain Rs 62 per quintal
Guar gum prices spurted by Rs 62 to Rs 8,977 per quintal in futures trade today on accumulation of bets and robust exports demand. Marketmen said raising of bets by speculators, triggered by a firm trend at the physical markets on the back of strong export demand, led to the rise in guar gum prices. In addition, depreciating rupee which collapsed to a new low of 70.52 against the dollar on month-end demand from importers, too, boosted sentiments, they added. At the National Commodity and Derivatives Exchange, guar gum for the most-traded delivery in October surged by Rs 62 or 0.70 per cent to Rs 8,977 per quintal, with an open interest of 61,220 lots. Also, the rates for November were higher by Rs 56 or 0.62 per cent to Rs 9,060 per quintal, open interest stood at 3,940 lots.
Housing Development & Infrastructure Ltd leads gainers in 'A' group
Future Consumer Ltd, JSW Steel Ltd, Indiabulls Real Estate Ltd and Coffee Day Enterprises Ltd are among the other gainers in the BSE's 'A' group today, 29 August 2018.
Turkish finance minister says does not see big risk to economy: Hurriyet
ISTANBUL (Reuters) - Turkish Finance Minister Berat Albayrak said he does not see a big risk to the country's economy or financial system, the Hurriyet daily reported on Wednesday.
Aston Martin sets out plans to float on London Stock Exchange
LONDON (Reuters) - Luxury carmaker Aston Martin intends to float on the London Stock Exchange, completing a turnaround after new models and a surge in volumes helped the iconic brand return to profitability following years of losses.
Sensex, Nifty muted after all-time highs, IT slips
(Reuters) - Indian stock indexes were muted on Wednesday, following record-setting gains in the previous two sessions, as losses in IT stocks offset an advance in energy and materials shares.
Rupee sinks to new low of 70.52, slumps 42 paise against US dollar
The rupee today collapsed to a lifetime low of 70.52 by plunging 42 paise against the dollar on strong month-end demand for the American currency amid foreign fund outflows. Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure. At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar against 70.10 previously and dropped further to a new low of 70.52 in late morning deals, down by 42 paise. Furthermore, dollar's strength against some currencies overseas also put pressure on the rupee, dealers said. Overseas, the US dollar inched higher against basket of currencies in early Asian trade, after dipping to a four-week low overnight. Relief over the US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time. A sharp surge in trade deficit too impacted the rupee. Trade deficit soared to a near five-year high of USD 18 billion. Yesterday, the ...
JSW Steel spurts, Lupin falls on Nifty rejig
Shares of JSW Steel surged and Lupin declined at 11:36 IST on BSE as the former is set to replace the latter from the Nifty 50 index with effect from 28 September 2018.
Robotics company GreyOrange expands to US
Expanding its global footprint, Singapore-headquartered supply chain robotics company GreyOrange has announced the establishment of its US headquarters in Atlanta, Georgia.
Oil dips on rising U.S. supply, but looming Iran sanctions prevent bigger fall
SINGAPORE (Reuters) - Oil prices dipped on Wednesday, pulled down by a reported rise in U.S. crude inventories, although falling exports from Iran ahead of U.S. sanctions prevented the market from sinking further.
Equity indices flat on profit booking, mixed Asian cues
The key Indian equity indices traded on a flat note on Wednesday tracking mixed Asian cues and profit booking by investors after the indices soared to record levels in the last two trading sessions.
China faces increased economic risks in second half: state planner
BEIJING (Reuters) - China's economy is facing increasing risks in the second half of the year and policymakers need to step up efforts to hit key development goals, the head of the state planning agency warned, as U.S. trade tensions intensify.