Page 27 - Business Finance
Nifty June 2019 futures at premium
Turnover spurts in F&O segment
Oil shippers boost security after attacks on tankers in Gulf
A series of attacks on oil tankers near the Persian Gulf has ratcheted up tensions between the US and Iran - and raised fears over the safety of one of Asia's most vital energy trade routes, where about a fifth of the world's oil passes through its narrowest at the Strait of Hormuz. The attacks have jolted the shipping industry, with some of the 2,000 companies operating ships in the region on high alert and ordering their vessels to transit the Strait of Hormuz only during the daylight hours and at high speed. Washington's accusation that Iran is behind the attacks targeting oil tankers comes as tensions flare between the two countries. The US has deployed an airstrike carrier and bombers to the region, and announced this week it will send 1,000 more troops. European powers are facing a deadline from Tehran to ease the effects of punishing US sanctions - described by its leaders as "economic warfare" - or Iran will break out of the limits set on its uranium enrichment by the landmark
Sitharaman-led first GST Council meet to decide on tax cut on e-vehicles, NAA extension
The GST Council will on Friday consider slashing GST rate on electric vehicles to 5 per cent, from 12 per cent currently, along with extension of the tenure of the anti-profiteering authority by a year till November 2020, an official said. The 35th meeting of the GST Council and the first under Finance Minister Nirmala Sitharaman will also consider a couple of anti-evasion steps such as integration of e-way bill with NHAI's FASTag from April 1, 2010, and asking businesses with a turnover of over Rs 50 crore to issue e-invoice for B2B (business-to-business) sales, as well as asking states to make e-ticketing mandatory for all movie halls. The Council will also consider tweaking GST rate on lottery. An 8-member group of state finance ministers could not reach a consensus on whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued. Currently, a state-organised lottery attracts 12 per cent GST, while a state-authorised lottery ...
L&T to get 3 Board positions in Mindtree
Construction major L&T, which is in the midst of a hostile takeover of Mindtree Ltd, has secured three board positions at the IT services firm, giving it a firm control over the company. IT firm Mindtree Thursday said L&T CEO and MD SN Subrahmanyan will join its Board as Non-Executive Director with effect from July 16. The Nomination and Remuneration Committee and the Board of Directors of Mindtree have also approved and recommended the appointments of Jayant Damodar Patil and Ramamurthi Shankar Raman as non-executive directors, subject to shareholders' approval at Mindtree's Annual General Meeting on July 16, a BSE filing said. Patil is a whole-time director and Senior Executive Vice-President for L&T's Defence business, while Raman presently oversees the finance functions across the L&T Group, it added. "Subroto Bagchi, who retires by rotation at the 20th AGM on July 16, 2019, has not offered himself for re-appointment," the filing noted. The committee has also ...
Econo Trade India reports standalone net loss of Rs 0.86 crore in the March 2019 quarter
Sales decline 73.19% to Rs 1.70 crore
Eduexel Infotainment reports standalone net loss of Rs 0.01 crore in the March 2019 quarter
Reported sales nil
Sheetal Diamonds reports standalone net loss of Rs 0.09 crore in the March 2019 quarter
Sales decline 52.90% to Rs 1.95 crore
Federal Bank raises Rs 300 cr via bonds
Private sector lender Federal Bank Thursday said it has raised Rs 300 crore by issuing Basel III compliant bonds on private placement basis. The credit investment and raising capital committee of the bank at its meeting held Thursday approved the allotment of 1,000 rated, unsecured, redeemable, non-convertible, Basel III compliant lower tier II subordinated bonds with an option to retain oversubscription of up to 2,000 bonds aggregating to Rs 300 crore on private placement basis, the bank said in a regulatory filing. The bonds, with a tenure of 10 years, will bear coupon rate of 9.75 per cent per annum payable annually. Banks in India have to comply with the internationally agreed Basel III norms by March 31, 2020, one year later than the earlier accepted timeframe. These norms are being accepted by banks globally to reduce the risks arising out of interconnectedness of financial institutions by enhancing and improving their risk management techniques and architecture to address the ..
Shristi Infra looks at global markets for expansion
Real estate firm Shristi Infrastructure Development Corporation is eyeing overseas markets for expansion, an official said Thursday. The company has also drawn up 'Vision 2022' for entering the affordable housing segment in places like Asansol and Guwahati. "We are looking at expanding in global markets like Dubai and Nigeria," MD Sunil Jha told reporters here. Jha said the residential market in Dubai is expected to improve after 2020. "We are in favour of having a local partner in Dubai, who will either have the money or the expertise," he said. The company is already in the process of setting up township projects in Asansol and Guwahati. "With the realty sector becoming more organised, the overall outlook for the industry looks progressive in the times to come," Jha added. Shristi Infrastructure Development Corporation posted a consolidated revenue of Rs 307.25 crore from operations and net loss of Rs 20.5 crore for the fiscal ended March.
Quick Wrap: Nifty Pharma Index rises 3.06%, NIFTY jumps 1.20%
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Gujarat Credit Corporation reports standalone net loss of Rs 0.13 crore in the March 2019 quarter
Reported sales nil
VBC Ferro Alloys reports standalone net loss of Rs 5.18 crore in the March 2019 quarter
Sales reported at Rs 4.19 crore
Unprecedented rally in Jet Airways shares; zoom over 122 pc
Shares of Jet Airways witnessed an unprecedented rally on the bourses Thursday, bouncing back sharply after days of massive fall to close the day over 122 per cent higher. After a highly volatile trading day, the scrip skyrocketed 93.35 per cent to close at Rs 64 on the BSE, helped by robust fag end buying. During the day, it zoomed 133.68 per cent to Rs 77.35. Earlier in the day, shares of the company had touched its all-time low of Rs 27, down 18.42 per cent. At the NSE, shares rose by 122.20 per cent to close at Rs 73.55. In intra-day trade, it touched a high of Rs 82.75 and an all-time low of Rs 26.55. With Thursday's gain, the scrip halted the 13-days downtrend. In the last 13 trading days, shares of Jet Airways have tumbled 78 per cent. A consortium of 26 bankers, led by the State Bank of India, earlier this week took the airline to the National Company Law Tribunal (NCLT) to recover their dues of over Rs 8,500 crore. Jet Airways, started over 25 years ago, stopped flying on ...
UK Treasury chief issues stiff no-deal Brexit warning
Britain's Treasury chief is urging Conservative Party leadership contenders to be honest with the public and spell out what they would do if their plans for leaving the European Union falter. Philip Hammond is expected to use his Mansion House showcase speech in the City of London on Thursday to say the candidates should outline what their Plan B might be if Parliament rejects both the Brexit deal negotiated by outgoing Prime Minister Theresa May as well as taking on Brexit with no deal at all. He plans to urge candidates to offer realistic strategies for taking the economy out of a "holding pattern" in which it has been stuck as May sought to get the deal through the House of Commons possibly even if it means another referendum on leaving the EU. "We cannot allow ourselves to be forced to choose between our democracy and our prosperity," Hammond's excerpts said. "If the new prime minister cannot end the deadlock in Parliament, then he will have to explore other democratic mechanisms
Heritage Foods sets new time-frame to make Rs 6,000 crore
: Heritage Foods, a leading dairy company, has set a revenue target of Rs 6,000-crore by year 2024 as against year 2022 envisaged earlier. For thefinancial year 2019 on a consolidated basis, the net turnover of the company grew by 6 per cent to Rs2,515 crore compared to last year. Speaking to analysts in a recently held earnings call, president of Heritage Foods M Sambasiva Rao said though the situation has improved now, there was a glut in the market as milk prices have come down at the farm gate-level forcing the company to reduce the sales price for certain markets for milk and milk products as well, resulting in subdued growth. Now, the markets have changed, situations too have and the glut scene disappeared, most of the opening stocks at the milk powder got exported, liquidated, he said. "Having reviewed the situation we thought we should be able to deliver our targeted number of Rs 6000 crore. We did not want to alter our target number, our mission Rs 6000-crore ..
Sensex soars 489 pts as dovish Fed lifts global markets
The BSE Sensex rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut in the near future. After gyrating over 700 points during the day, the BSE gauge settled 488.89 points, or 1.25 per cent, higher at 39,601.63. The index hit an intra-day high of 39,638.64 and a low of 38,933.78. Similarly, the broader NSE Nifty closed 140.30 points, or 1.20 per cent, higher at 11,831.75. During the day, the index touched a high of 11,843.50 and a low of 11,635.05. Yes Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent. Other gainers included Sun Pharma, IndusInd Bank, L&T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent. HUL, HDFC Bank, ITC and NTPC were the only losers in the index, shedding up to 0.26 per cent. Meanwhile, shares of Jet Airways witnessed a massive rebound, ending 93 per cent higher, after tanking nearly .
Rivigo launches National Freight Index
Technology-enabled logistics firm Rivigo Thursday launched the National Freight Index (NFI) with an aim to bring transparency and boost efficiency in the market. The NFI is the barometer of the road freight market in India and is based on Rivigo rate exchange, which gives a live spot rate on over 7 million lane and vehicle type combinations in the country. The move is aimed at bringing transparency to the road freight market place and transforming the logistics sector. "In the existing logistics market structure, there are high inefficiencies due to information asymmetry, which leads to a great loss of value. NFI will enable unrestricted access and sharing of freight rate information. This will bring transparency in the market and propel the logistics sector towards efficiencies and growth," GazalKalra, Co-Founder, Rivigo, addressing a press meet here said. The NFI offers an aggregated picture of both live rates and historical trends of spot price movements in the road freight ...
Market ends with strong gains
Key benchmark indices ended with robust gains on Thursday, supported by positive global stocks. The Nifty ended above 11800 mark. Strong rally in the final hour of trading session was supported by pharma, metal and banks stocks.
Piramal Enterprises spurts on bargain hunting
Piramal Enterprises jumped 7.77% to Rs 1,878.20 at 15:11 IST on BSE on bargain hunting after a recent slide.
Jet Airways (India) snaps 13-day losing streak
Jet Airways (India) surged 43.66% to Rs 47.55 at 15:07 IST on BSE on bargain hunting after a recent slump.
