Page 2718 - Business Finance
Craftsman Automation gets Sebi's go-ahead for IPO
Auto component maker Craftsman Automation has received capital markets regulator Sebi's go-ahead to launch an initial public offering. With this, the total number of companies getting Sebi's approval to float an initial public offer (IPO) has reached 42 so far this year. Craftsman Automation had approached markets watchdog in June seeking its clearance to float an initial share-sale and obtained its "observations" on August 24, as per the latest update with Securities and Exchange Board of India (Sebi). The regulator's observations are necessary for any company to launch public issues such as initial public offer (IPO), follow-on public offer (FPO) and rights issue. Going by the draft papers, Craftsman Automation's IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 43,83,320 shares by promoters. The promoters offloading the stakes include Srinivasan Ravi (2.10 lakh shares), Marina III (SINGAPORE) (over 15.59 lakh), IFC (14.14 ...
World stocks at highest in over two weeks, China's yuan rallies
LONDON (Reuters) - World stocks rose to their highest level in over two weeks on Monday, following reassuring comments from the U.S. Federal Reserve chief, signs of progress on a U.S.-Mexico NAFTA trade deal and a bid by China's central bank to stabilise the yuan.
Italy minister says China visit not aimed at finding new buyers for debt: China radio
ROME (Reuters) - Italian Economy Minister Giovanni Tria said on Monday, during a visit to the Chinese capital, that the goal of his trip is not to find new buyers for Italian debt, denying recent speculation in the Italian media.
Market spurts on positive global cues
The key equity indices surged to an all-time high on Monday, following positive global cues and boosted by gains in bank stocks. The barometer index, the S&P BSE Sensex, rose 442.31 points or 1.16% to 38,694.11, as per the provisional closing data. The Nifty 50 index rose 134.85 points or 1.17% to 11,691.95, as per the provisional closing data.
Turnover on NSE's F&O segment rises
Reliance Industries August 2018 futures at premium
Jaiprakash Associates Ltd leads losers in 'A' group
LIC Housing Finance Ltd, IL&FS Transportation Networks Ltd, Reliance Naval & Engineering Ltd and Kwality Ltd are among the other losers in the BSE's 'A' group today, 27 August 2018.
JB Chemicals gains as USFDA completes inspection
JB Chemicals & Pharmaceuticals rose 0.84% to Rs 332.50 at 14:37 IST on BSE after the company announced successful USFDA inspection of solid oral dosage forms formulations manufacturing facility at Panoli, Gujarat.
Sanghvi Forging & Engineering Ltd leads losers in 'B' group
BSEL Infrastructure Realty Ltd, Metkore Alloys & Industries Ltd, Premier Polyfilm Ltd and Ravikumar Distilleries Ltd are among the other losers in the BSE's 'B' group today, 27 August 2018.
Quick Wrap: Nifty PSU Bank Index records a surge of 2.16,NIFTY climbs 1.17%
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Noble Group wins lifeline as shareholders back $3.5 billion debt restructuring
SINGAPORE (Reuters) - Noble Group Ltd won approval from shareholders on Monday for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia's biggest commodity trader.
Sundaram Finance Holdings Q1 net profits rise over 3 fold
The city-based Sundaram Finance Holdings Ltd today reported a over three-fold increase in its net profit at Rs 20.01 crore for the April-June quarter. The holding company for all non-financial service investments of the Sundaram Finance Group had registered a net profit of Rs 6.35 crore during the corresponding quarter of the previous year. Total revenues for the quarter under review went upto Rs 28.03 crore from Rs 10.31 crore registered during the year ago quarter. The majority of the company's investments was in the auto-component sector which include Sundaram-Clayton, Wheels India, IMPAL, Brakes India and Turbo Energy. Shares of Sundaram Finance Holdings Ld ended at Rs 124 a piece in the National Stock Exchange, up by 4.33 per cent over the previous close.
SBI should declare GSPC as bankrupt: Jairam Ramesh
Citing a Reserve Bank of India (RBI) notification, senior Congress leader Jairam Ramesh on Monday said that the State Bank of India should declare Gujarat State Petroleum Corporation (GSPC) as bankrupt by 5 p.m.
Eicher Trucks & Buses bags order for 350 trucks from Bangladesh
Eicher Trucks & Buses, a part of VE Commercial Vehicles (VECV), today said it has bagged an order for 350 heavy duty trucks from Bangladesh Road Transport Corporation (BRTC). The delivery of the order is expected within 8 months, the company said in a statement. "The commercial vehicle industry in Bangladesh has been growing rapidly in the past few years. This market is a key export region for us and there is a growing demand for fuel efficient, reliable trucks to fulfil customer requirements," said SS Gill, VECV Senior VP and Head, International Business. The company's channel partners in Bangladesh have strengthened the after sales network and parts distribution and there are now 29 touch points where trucks and buses can be serviced and over 220 retail points where parts are available, he added.
Indian Bank donates Rs 4.01 Cr to CMDRF, Kerala
: Public sector Indian Bank today said it has contributed Rs four crore to the Kerala Chief Minister Distress Relief Fund for rehabilitation work in the flood affected state. The Executive Director of city-headquartered bank A S Rajeev handed over a cheque of Rs 4.01 crore to Chief Minister Pinarayi Vijayan recently. "The amount comprises Rs 3.01 crore collective contribution by the bank employees and Rs one crore from the bank", Indiab Bank said in a statement. Over 300 people have lost their lives and four lakh are still in relief camps in Kerala.
German cartel watchdog to examine RWE-E.ON cross-shareholding
BONN, Germany (Reuters) - Germany's antitrust regulator will examine a deal by utility groups RWE and E.ON to carve up Innogy with a focus on a cross-shareholding between the two firms that is part of the transaction.
Tesla shares fall 5 percent after Musk abandons buyout
(Reuters) - Shares in Tesla Inc lost almost 5 percent on Monday after it abandoned a plan to take the electric carmaker private, with some analysts suggesting it should either replace Chief Executive Elon Musk or appoint another strong senior manager.
RBI deadline ends on finalising NPAs' resolution
A major deadline in the process of resolving the country's most pressing corporate and banking problem of NPAs, or bad loans, is ending on Monday with the RBI having set a six-month time frame for finalising resolution plans for around 70 large stressed accounts worth over Rs 3.8 lakh crore.
Shell to buy out Total in Hazira LNG terminal
Royal Dutch Shell today said it will acquire French oil major Total SA's 26 per cent stake in the company that operates 5 MTPA Hazira LNG terminal in Gujarat. The size of the deal was however not disclosed. "Shell Gas BV, a subsidiary of Royal Dutch Shell plc, has signed a binding Letter of Intent (LoI) with Total Gaz Electricit Holdings France to acquire its 26 per cent equity in the Hazira LNG and Port venture in India, subject to regulatory approvals,"it said in a statement. Hazira LNG & Port venture comprises two companies -- Hazira LNG that operates an LNG regasification terminal in Gujarat and Hazira Port, which manages a direct berthing multi-cargo port at Hazira. "The move would allow Shell commercial and operational flexibility over Hazira to maximise integrated value and offer creative customer value propositions," it said.? This portfolio action is consistent with Shell's strategy to deepen its presence in the gas value chain in India, the fourth largest LNG consumer in
ICEX to launch trading in steel long futures from Aug 28
Indian Commodity Exchange (ICEX) today said it is launching trading steel long futures on its trading platform from Tuesday August 28. With this, ICEX will widen its product offerings to its existing product portfolio of diamond derivatives, a statement issued here said. The futures trading in steel long will provide the industry with a more structured and healthy price discovery platform as well as a national level benchmark price as a ready reference for the participants, enabling them to mitigate price risk. Initially, three contracts expiring in November 2018, December 2018 and January 2019 will be available for trading. The trading lot size and delivery unit of the contract is 10 MT, with compulsory delivery at Ghaziabad the designated delivery location. The price will be quoted ex-warehouse Ghaziabad (basis centre) exclusive of GST and other levies, but inclusive of basic customs duty and other related duties in case of imports, the release said. Elaborating about
Axis Securities launches trading in commodity derivatives
Axis Securities today said it has become the first subsidiary of a bank to launch trading in commodity derivatives with the Multi Commodity Exchange (MCX). The Reserve Bank of India (RBI) last September had allowed banks to offer broking services to clients on Sebi registered commodity exchanges like MCX and NCDEX. Axis Securities managing director and chief executive officer Arun Thukral said the move to allow bank-led brokers to offer commodity derivatives will not only expand the market volumes significantly but will also increase retail customer participation. The trading was introduced under its flagship brand, Axis Direct, and all its existing and new customers will now be able to trade in 29 commodity futures and five options contracts, covering bullion, industrial metals, energy and agricultural segments. "With the launch of commodities derivatives, we have expanded the choice for derivative traders to choose a wide spectrum of commodities, index or equity as an .