Page 2700 - Business Finance
German consumer morale darkens unexpectedly - GfK survey
BERLIN (Reuters) - The mood among German shoppers deteriorated unexpectedly for the second month in a row heading into September, a survey showed on Wednesday, casting some doubt about the strength of a consumer-led upswing in Europe's largest economy.
Rupee hits record low, dealers say RBI intervention mild
MUMBAI (Reuters) - The Indian rupee touched a record low of 70.475 to the dollar on Wednesday, tracking weakness in Asian peers and on strong month-end dollar demand back home.
Global Markets: Asia shares subdued, dollar befuddled by trade doubts
SYDNEY (Reuters) - Asian shares crept marginally higher on Wednesday as optimism over the U.S.-Mexico trade deal was quickly clouded by caution ahead of a looming deadline on tariffs with China.
Strong sales in China, India drive Pernod Ricard profit growth
PARIS (Reuters) - French spirits maker Pernod Ricard on Wednesday said sales and profit growth accelerated in full year 2017/18, driven by strong demand in China and India, as well as robust sales in the United States, its top market.
Benchmarks turn range bound
Key benchmarks were trading in narrow range near flat line in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was up 10.99 points or 0.03% at 38,907.62. The Nifty 50 index was almost flat at 11,738.10. Traders booked profits after recent gains, which were backed by favourable global cues.
Chana up 0.55% in futures trade on high demand
Chana prices strengthened by 0.55 per cent to Rs 3,989 per quintal in futures trade today as participants widened positions, driven by firm demand from dal mills in the spot market. Besides, tight stocks positions due to fall in arrivals from producing regions, fuelled the uptrend. At the National Commodity and Derivatives Exchange, chana for delivery in September rose by Rs 22, or 0.55 per cent to Rs 3,989 per quintal with an open interest of 61,950 lots. On similar lines, the commodity for delivery in October gained Rs 21, or 0.52 per cent to Rs 4,092 per quintal in 28,850 lots. Analysts attributed the rise in chana prices to surging demand in the spot markets against tight stocks position on restricted supplies from the producing regions.
Mentha oil futures rise 0.77% on good spot demand
Mentha oil futures traded higher by 0.77 per cent to Rs 1,798.10 per kg today as participants raised bets amid uptick in demand from consuming industries at the spot market against restricted arrivals from producing regions. At the Multi Commodity Exchange, mentha oil for delivery in September shot up by Rs 13.70, or 0.77 per cent to Rs 1,798.10 per kg in business turnover of 186 lots. Similarly, the oil for delivery in August was trading higher by Rs 12.90, or 0.75 per cent to Rs 1,742 per kg in 20 lots. Marketmen said expanding of positions by traders after demand picked up from consuming industries at the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
Volumes jump at Kirloskar Oil Engines Ltd counter
Kirloskar Oil Engines Ltd saw volume of 1.66 lakh shares by 10:48 IST on BSE, a 17.9 fold spurt over two-week average daily volume of 9249 shares
Crude palm oil futures edge up on spot cues
Crude palm oil prices edged higher by 0.03 per cent to Rs 592.70 per 10 kg in futures market today as speculators built up fresh positions following robust demand at the spot market. At the Multi Commodity Exchange, crude palm oil for delivery in September edged up by 20 paise, or 0.03 per cent to Rs 592.70 per 10 kg in business turnover of 174 lots. Similarly, the oil for delivery in August was enquiring higher by 10 paise, or 0.02 per cent to Rs 592.60 per 10 kg in 130 lots. Analysts said fresh positions created by participants, driven by improved demand in the spot market against restricted supplies from growing regions, mainly influenced crude palm oil prices at futures trade.
Cardamom futures gain 0.69% on rising demand, tight supply
Cardamom prices were higher by 0.69 per cent to Rs 1,375 per kg in futures trade today as participants raised their bets, taking positive cues from spot markets on surging demand. Tight stocks position on fall in arrivals amid flood over vast areas of Kerala, also supported the uptrend. At the Multi Commodity Exchange, cardamom for delivery in October rose by Rs 9.40, or 0.69 per cent to Rs 1,375 per kg in business turnover of 1 lot. Likewise, the spice for delivery in September gained Rs 8.40, or 0.61 per cent to Rs 1,379 per kg in 12 lots. Analysts said widening of positions by traders on the back of rising demand in the physical markets against paucity of stocks, kept cardamom prices higher at futures trade.
Glenmark inks licensing pact for generic Tiotropium Bromide dry powder inhaler in Western Europe
Glenmark Pharmaceuticals Europe has entered into a strategic, exclusive licensing agreement for marketing generic Tiotropium Bromide dry powder inhaler, used in the treatment of chronic obstructive pulmonary disease, in Western Europe. Glenmark Pharmaceuticals EVP & Business Head of Europe and Latin America Achin Gupta said, respiratory is a core area of focus for Glenmark and this deal shows our commitment to increase product offerings within this segment. "There is significant opportunity in the inhalers market and we believe that this deal will give further impetus to Glenmark's growth in Europe," he added. This is the second inhalation product in-licensed by Glenmark for the European market after Fluticasone/Salmeterol dry powder inhaler, the company said. Tiotropium Bromide DPI is a generic version of Boehringer Ingelheim's Spiriva Handihaler. Quoting IQVIA data, Glenmark said Boehringer Ingelheim's Spiriva Handihaler recorded sales of USD 724 million in the European Union in
Nickel futures gain 0.22 pc on spot demand
Nickel prices rose 0.22 per cent to Rs 953.40 per kg in futures trade today as speculators enlarged positions on positive cues from spot markets amid short-covering. At the Multi Commodity Exchange, nickel for delivery in current month traded higher by Rs 2.10, or 0.22 per cent, to Rs 953.40 per kg, in a business turnover of 476 lots. The metal for delivery in September was higher by Rs 2, or 0.21 per cent, to Rs 958.10 per kg in 48 lots. Market analysts attributed rise in nickel futures to raising of bets by participants on the back of a firm trend at domestic spot markets following increased demand from alloy-makers amid covering-up of short positions in view of approaching August expiry.
thinQbate partners with Hatcher+; to gain additional capital, network
Mumbai-based incubator thinQbate has partnered with data-driven venture capital firm Hatcher+ to gain additional capital and AI-based platforms to assist in assessing candidates and tracking performance.
RInfra board to meet today to approve transfer of Mumbai power biz to Adani Transmission
Reliance Infrastructure (RInfra) said its board will meet today to consider and approve the transfer of integrated Mumbai power business to Adani Transmission. RInfra said it has obtained all relevant approvals from fair trade regulator Competition Commission of India (CCI), shareholders of the company, Maharashtra Electricity Regulatory Commission, and others for sale of Mumbai power business to Adani Transmission for Rs 18,800 crore. "A meeting of the board of directors of the company has been convened today, August 29, 2018, to consider and approve, inter-alia, the transfer of integrated Mumbai power business to Adani Transmission," Reliance Infrastructure said in a BSE filing. Last week, Reliance Infrastructure had defaulted on payment of redemption of non-convertible debentures (NCDs) amounting to Rs 133.38 crore. The company had, however, said it expects to make these payments in the next few days from the proceeds from of Mumbai power business to Adani Transmission. All lenders
Positive market breadth
Key indices were trading near flat line in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 11.99 points or 0.03% at 38,908.62. The Nifty 50 index was down 2.10 points or 0.02% at 11,736.40. Traders booked profits after recent gains, which were backed by favourable global cues.
Gold prices up Rs 25 on positive global cues
Gold prices went up by Rs 25 at Rs 30,260 per 10 gram in futures trade today after speculators raised bets, driven by a firming global trend. At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 25, or 0.08 per cent, to Rs 30,260 per 10 gram, in a modest business turnover of one lot. The yellow metal for delivery in October, too, was trading higher by Rs 21, or 0.07 per cent, to Rs 30,045 per 10 gram in 132 lots. Analysts attributed the rise in gold prices at futures trade here to raising of bets by investors tracking a firming trend overseas where it recovered after falling as much as one per cent yesterday. Meanwhile, gold was trading 0.26 per cent higher at USD 1,203.60 an ounce in Singapore today.
Hong Kong Market trades mixed
OFFSHORE MARKET NEWS, US stock market closed higher on Tuesday. The Dow Jones Industrial Average jumped 14.38 points or 0.1% to 26,064.02, the Nasdaq ticked up 12.14 points or 0.2% to 8,030.04 and the S&P 500 inched up 0.78 points or less than a tenth of a% to 2,897.52.
China Market falls on profit booking
NEWS FROM THE PRESS: 68% of listed firms see net earnings grow in H1 -- A total of 68.2 percent of listed firms on the Shanghai and Shenzhen bourses posted year-on-year growth in net profits for the first half of 2018, according to reports from the Economic Information Daily. As of yesterday morning, among the 2,361 listed companies that have published financial data for the period, 1,616 saw net profits rise from the previous year, while 190 suffered declines. Out of all the companies, 383 saw their net profits at least double from the previous year. Operating revenue of the 2,361 listed firms gained 14 percent to 10.24 trillion yuan (US$1.5 trillion). Better performance in corporate profits came from the upstream cyclical industries, including oil, steel, building material and chemical industries. Listed companies in sectors including new energy vehicles, biomedical and communication reported rising profits as new growth drivers continue to boost China's economy.
Cloud storage firm Box's shares fall on weak forecast
(Reuters) - Cloud storage provider Box Inc on Tuesday forecast current-quarter below analysts' estimates, clouding a strong second-quarter beat and sending its shares down nearly 4 percent in extended trading.
Japan Nikkei rises on softer yen
Shares of exporters such as automakers and tech companies were higher, thanks to yen depreciation against greenback. Among major exporters, Panasonic and Sony rose almost 1% each, while Canon added 0.3%. Toyota Motor was up 0.3% and Honda Motor climbed up 0.4%.