Page 2719 - Business Finance
Sensex breaches 36,700-mark; Nifty touches 11,700 point
The key Indian equity indices -- S&P BSE Sensex and the NSE Nifty50 -- crossed the psychological marks of 36,700 points and 11,700 points for the first time on Monday before closing the day's trade just below the landmark levels.
Refined palmolein softens in listless trade
Refined palmolein softened in an otherwise listless Vashi oils and oilseeds wholesale market here today following mild demand from retailers. While, groundnut oil, castor seeds bold, castor oil commercial and linseed oil ruled steady in absence of any worthwhile buying activity. In the edibles section, refined palmolein eased marginally by Rs 2 to Rs 668 per 10 kg from last Saturday's closing level of Rs 670 and groundnut oil ended unaltered to Rs 900 per 10 kg. Moving to non-edibles segment, castor seeds bold, castor oil commercial and linseed oil closed unchanged at Rs 4,565 per 100 kg, Rs 943 per 10kg and Rs 950 per 10 kg, respectively.
Foreigners barred from buying in planned Malaysian city
Foreigners will be barred from buying properties in a planned USD 100-billion Malaysian city, the country's leader said today, after the huge development aimed at mainland Chinese buyers sparked widespread criticism. Forest City, an "eco-city" of high rises and waterfront villas, will sit on four man-made islands in Malaysia's southern state of Johor, just an hour from Singapore. The development, designed to house 700,000 people, is being built by Hong Kong-listed real estate giant Country Garden and a firm partly owned by Johor's sultan, and is due to be completed by 2035. It was developed with wealthy mainland Chinese buyers in mind. But Prime Minister Mahathir Mohamad, who has already axed multi-billion dollar deals struck with Beijing by Malaysia's former government, said foreigners would not be allowed to buy properties in the project. "One thing is certain, that city that is going to be built cannot be sold to foreigners," Mahathir told a press conference. "We are not going to ..
Benchmark indices race to fresh highs on global cues
Market benchmarks closed at new peaks today on account of widespread buying in banking, power and metal stocks, tracking positive global cues as investors welcomed US Federal Reserve's "gradual approach" to raising rates. The BSE Sensex surged over 442 points to close at its life-time high of 38,694.11 and the broader NSE Nifty ended at a fresh record of 11,691.95, rising 134.85 points. Both the benchmarks Sensex and Nifty recorded their biggest single-day gains of 442.35 and 134.85 points, respectively, in nearly five months. On April 5 this year, the 30-share Sensex had rallied 577.73 points and the Nifty 50 had jumped 196.75 points. Last week, US Federal Reserve Chairman Jerome Powell had said that a "gradual approach" to interest rate hikes would be in the best interest of the US economy and jobs generation, helping Wall Street boost sentiment at the week's close. Asian shares too ended higher and European markets were firm in their early deals, tracking Friday's gain on the US ...
Oil falls ahead of OPEC+ monitoring committee call
LONDON (Reuters) - Oil prices fell on Monday on concerns the U.S.-China trade dispute will erode global economic growth, and ahead of a conference call between members of a committee monitoring an OPEC and non-OPEC deal on output cuts.
Amaravati development needs $2-4 tln investment: Naidu
Andhra Pradesh chief minister N Chandrababu Naidu today said his government has envisaged an investment of USD 2-4 trillion for the development of Amaravati, the greenfield capital city. Addressing a gathering after listing the 'Amaravati Bond' on the Bombay Stock Exchange today, he said raising funds is not a problem if there is proper decision making and execution mechanism in place. "Our infrastructure development plans need USD 2-4 trillion. Today the Centre is estimating only USD 1 trillion for infrastructure development. But for Amaravati, we do not see any problem in mobilising even USD 2-4 trillion," he said. "If there is no trust and no proper policy framework, there could be a problem (in raising funds). However, if we can do our work efficiently with proper execution, then there is no money constraint," he added. It can be noted that the Andhra Pradesh government early this month had raised Rs 2,000 crore by way of issuance of 'Amaravati Bond 2018', which ...
Studds Accessories files IPO papers with Sebi
Studds Accessories Ltd, manufacturer of helmets and two-wheeler accessories, has filed draft papers with capital markets regulator Sebi to float an initial share-sale. The initial public offer (IPO) comprises fresh issuance of shares worth Rs 98 crore besides an offer for sale of 39.39 lakh equity shares by promoters Madhu Bhushan Khurana and Sidhartha Bhushan Khurana, and other existing shareholders, according to the draft papers. Proceeds of the issue will be used to part-finance the motorcycle helmet and accessories as well as bicycle helmet manufacturing facilities in Faridabad and for general corporate purposes. Further, the company believes that listing of the equity shares will enhance its visibility and brand image among existing and potential customers. Edelweiss Financial Services and IIFL Holdings will manage the company's public issue. Apart from Studds Accessories, companies namely AGS Transact Technologies, Harsha Engineers, Senco Gold, Sansera Engineering, Dodla Dairy, .
Noble Group shareholders approve $3.5 billion debt restructuring
SINGAPORE (Reuters) - Noble Group Ltd won approval on Monday from a majority of shareholders for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia's biggest commodity trader.
EU trade truce with Trump lifts German business morale
BERLIN (Reuters) - German business morale improved for the first time this year in August as a trade truce between the European Union and United States made company executives less concerned about a transatlantic trade war.
RCom completes sale of fibre assets to Reliance Jio for Rs 3,000 cr
Anil Ambani-led Reliance Communications (RCom) today said it has completed the planned sale of optical fibre assets worth Rs 3,000 crore, to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO). The announcement marks the wrapping-up of yet another portion of a larger deal inked between RCom and Reliance Jio in December last year, that involved the sale of wireless spectrum, tower, fibre and media convergence nodes. In all, the mega deal packed in 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometres of fibre and 248 media convergence nodes for an estimated price tag of Rs 25,000 crore. "Reliance Communications Limited today announced the completion of the sale of its fibre assets and related infrastructure assets, worth Rs 3,000 crore, to Reliance Jio Infocomm Limited (RJIO)," Reliance Communications said in a BSE filing today. With the conclusion of fibre monetisation deal, 1,78,000 kilometers fibre stand transferred to RJIO, which is ...
Escorts inks JV pact with Japan's Tadano for high capacity mobile cranes
Farm and construction equipment maker Escorts today said it is setting up a joint venture (JV) with Japan's Tadano to manufacture rough terrain and truck mounted cranes in the country. Tadano, which is Japan's largest mobile crane manufacturer, would hold 51 per cent stake in the JV with Escorts chipping in with the rest 49 per cent stake. The JV would cater to an expanding market in the 20-80 tonnage category. "The new joint venture with Tadano Group is a step towards catering to market demand for smarter, safer and bigger mechanised infrastructure solutions in the higher tonnage category," Escorts Ltd Chairman and Managing Director Nikhil Nanda told reporters here. Production by the JV is expected to commence at Faridabad in the third quarter of this financial year itself, Nanda said. Tadano President and CEO Koichi Tadano said the JV would initially focus on the domestic market and later could also look at exporting to other markets. "Escorts has a strong technology legacy and ...
Sugar prices improve on strong demand, tight supply
Sugar prices went up by Rs 50 per quintal at the wholesale market in the national capital today following strong demand from bulk consumers as well as retailers amid tight supplies. Marketmen said brisk buying by stockists and bulk consumers in view of festive season amid approaching new month amid tight supplies from mills, mainly attributed the rise in sugar prices. Sugar ready M-30 and S-30 prices hardened by Rs 50 each to finish the day at Rs 3,420-3,540 and Rs 3,410-3,530 per quintal. Mill delivery M-30 and S-30 prices also rose by Rs 35 each to conclude at Rs 3,160-3,310 and Rs 3,150-3,300 per quintal respectively. In the mill gate section, sugar Budhana and Thanabhavan traded higher by Rs 35 each to Rs 3,215 and Rs 3,205, while Asmoli, Dorala, Khatuli and Sakoti advanced by Rs 30 each to Rs 3,290, Rs 3,220, Rs 3,310 and Rs 3,190 per quintal respectively. Following are today's quotations (in Rs per quintal) Sugar retail markets - Rs 35-40 per kg. Sugar ready: M-30 Rs ...
T-Hub programme picks 5 startups to develop solutions for HSBC
T-Hub, a global startup catalyst and HSBC, one of the world's largest banking and financial services organizations, on Monday announced the selection of five startups in the first wave of the Accelerator 2030 programme.
Zoomcar brings car subscription model to Coimbatore
: Zoomcar, India's largest self-drive shared mobility platform, today introduced car subscription model in the city with full-fledged operations. ZAP Subscribe is the flagship fractional sharing programme of Zoomcar where one can subscribe a car for 6, 12 or 24 months and technically have the flexibility of having a new car whenever they want, a Zoomcar release said. Coimbatore is one of the largest markets for Zoomcar today in the state as the subscriber base has doubled since the launch of ZAP Subscribe, the company said adding the number of registered users in the city is 1,000+ with almost 50+ pre-books. A majority of the subscriber base comes from working-class professionals and small and medium scale business people, while the largest OEM partners for subscription model cars are Maruti, Hyundai, Ford, Mahindra and Tata. ZAP Subscribe is a revolutionary way to get a personal car, without the hassles of down payment, service, and insurance and the subscription model
World stocks at highest in over two weeks, China's yuan firms
LONDON (Reuters) - World stock markets rose to their highest level in more than two weeks on Monday as reassuring comments from the U.S. Federal Reserve chief, an easing in trade war jitters and a bid by China's central bank to stabilise the yuan lifted risk appetite.
SpiceJet operates India's first flight partially powered by bio-fuel
Budget passenger carrier SpiceJet on Monday successfully operated India's first test flight partially powered by bio-fuel.
Gold at Rs 31,000 amid festive buzz
Gold hit the Rs 31,000-mark today by gaining Rs 100 to trade at over one month high on persistent buying by local jewellers amid festive buzz, even as the metal weakened overseas. Silver also advanced by Rs 50 to Rs 38,300 per kg due to increased offtake by industrial units and coin makers. Traders said increased buying by local jewellers to meet festive season demand at domestic spot market mainly kept gold prices higher, but a weak trend overseas capped the rise. Globally, gold fell 0.07 per cent to USD 1,204.40 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity climbed Rs 100 each to Rs 31,000 and Rs 30,750 per 10 gram, respectively, a level last seen on July 17. The precious metal had gained Rs 280 in previous two days. Sovereign however remained unaltered at Rs 24,500 per piece of 8 gram in limited deals. Following gold, silver ready strengthened by Rs 50 to Rs 38,300 per kg and weekly-based delivery by Rs 150 to Rs 37,150 per kg. On the other ..
OYO appoints Prasidha Menon as Head of Communications
OYO on Monday announced the appointment of Prasidha Menon as the Head of Communications.A seasoned communications professional with over 13 years of experience, Prasidha will be responsible for driving OYO's reputation forward and delivering against the company's mission of redefining the future of living, through sustained corporate reputation management programs and targeted brand-building campaigns."In the last five years of building OYO ground up, we have witnessed the significance of quality communication and the role good content and authentic storytelling can play in building, protecting and, nurturing brand. With Prasidha taking on this mantle, we are certain that more and more people will second OYO's mission of creating beautiful living spaces, for everyone, anywhere. We are really excited to welcome her to the OYO family," said founder and CEO, OYO Hotels, Ritesh Agarwal."It is heartwarming to see a group of dynamic young individuals, determined to make a difference, ...
Volumes soar at MOIL Ltd counter
MOIL Ltd clocked volume of 42.46 lakh shares by 14:14 IST on NSE, a 23.58 times surge over two-week average daily volume of 1.80 lakh shares
Centre of excellence in bio-tech in TNAU
A Centre of Excellence in Biotechnology is being set up at Tamil Nadu Agricultural University (TNAU) here for promoting biotechnology research in the state. The Rs 430 crore centre is part of the state government's proposal to create Centres of Excellence in key areas to make Tamil Nadu a knowledge capital, innovation hub and a preferred destination for global investors, a TNAU release said today. To be set up in an area of five acres with all necessary infrastructure and equipment, it will be a joint venture between the state government, the NABARD, TNAU, private industries and philanthropists. The Centre will be a world-class infrastructure for research and development in biotechnology and allied areas to strengthen biotechnology research, education, skill development among others, the release said. It will act as a hub for high-quality research by interlinking TNAU and other academic and research institutes of Tamil Nadu with International collaborations.