Page 2732 - Business Finance
Vedanta to invest $300-400mn to expand Electrosteel's capacity
Metals and mining giant Vedanta will spend around USD 300-400 million in recently acquired Electrosteel Steels to expand its capacity to 2.5 million tonnes per annum (mtpa), a top company official said. This investment will be part of the company's overall USD 8-billion (about Rs 56,000 crore) capex plan over the next three years, according to Vedanta chairman Navin Agarwal. "Electrosteel Steels is currently processing at a full capacity of 1.5 mtpa, and we will soon start work to expand capacity to 2.5 mtpa at a very nominal capex of USD 300-400 million," Agarwal told reporters on the sideline of the firm's annual general meeting (AGM) today. In March, Vedanta acquired assets of Electrosteel Steels, which marked its entry into steelmaking in India. "Our acquisition of Electrosteel has lot to do with the integration of our iron ore business," said Agarwal. Replying to a query on the firm's troubled copper smelter at Tuticorin in Tamil Nadu, Agarwal said, "At this time our
Reliance Communication Bond holders approve monetization and exchange offer
Pursuant to the Exchange Offer, the Bond Holders will receive monetization proceeds upto US$ 118 mn. The balance amount of US$ 182 mn will be exchanged with US$ 55 million Bonds to be issued by Global Cloud Xchange Limited (GCX), a foreign subsidiary of RCOM.
Exclusive: China to keep hitting back at U.S. over trade, to boost government spending - finance minister
BEIJING - China will keep hitting back at Washington as more U.S. trade tariffs are imposed, but its counter-strikes will remain as targeted as possible to avoid harming businesses in China - whether Chinese or foreign, Finance Minister Liu Kun said.
Sensex snaps four sessions of gains; ICICI Bank top drag
(Reuters) - Indian shares closed lower on Friday after four straight sessions of gains, as investors took a breather following a record-setting spree.
Don't force Cyrus Mistry to sell his shares: NCLAT to Tata Sons
The National Company Law Appellate Tribunal (NCLAT) on Friday directed Tata Sons to not force former chairperson Cyrus Mistry into selling his shares in the company, till his appeal is pending.The appellate tribunal, however, said that the decision on the conversion of Tata Sons into a private firm would be taken after the final argument. The next hearing has listed for September 24.In its last hearing on August 14, the NCLAT had reserved its order on Mistry's plea, challenging the conversion of Tata Sons into a private company.Last month, the NCLAT's Mumbai bench had rejected a plea filed by Mistry against his dismissal as chairman of the business conglomerate.Following this, Mistry moved NCLAT through his investment firms - Cyrus Investments Pvt. Ltd and Sterling Investment Corp. Pvt. Ltd, against the order by NCLAT's Mumbai bench.
Applications open for MICA, Ahmedabad's flagship course
MICA, Ahmedabad, India's premier Business Management institute focused on Strategic Marketing and Communication Management, has opened applications for the phase-I admission process of its 2019-21 batch for the 2-year, full-time flagship Post-Graduate Diploma in Management-Communications (PGDM-C) course.Applicants who wish to participate in the admission process have to appear for an entrance exam conducted by the institute, known as MICAT. As quoted by the Admissions Chair and Associate Professor of MICA, Ruchi Tewari, "MICAT is a robust; scientifically validated battery of tests which has been improvised to suit the needs of the multitude external stakeholders. It tests students creative and analytical ability which offers a fairground to every candidate to perform well which reflects in the diversity of the batch we have over years. Additionally, the exam is conducted twice a year in over 48 cities in the country."MICAT is conducted twice a year and better of the two scores is ...
Market provisionally settles with small losses
Key equity indices logged small losses after swinging either ways in a small range. The barometer index, the S&P BSE Sensex, fell 84.96 points or 0.22% at 38,251.80, as per the provisional closing data. The Nifty 50 index fell 25.65 points or 0.22% at 11,557.10, as per the provisional closing data.
Gold up as dollar slips ahead of Fed chairman's speech
LONDON (Reuters) - Gold prices rose on Friday as the dollar came under pressure ahead of a speech from the U.S. Federal Reserve chairman, which could yield clues to the direction of U.S. monetary policy.
Sensex slips from record, falls 85 pts; logs 5th weekly gains
Benchmark Sensex shed about 85 points to close at 38,251.80 today after three straight record-setting sessions on emergence of profit-booking amid caution in global markets. However, both the key indices Sensex and Nifty finished with gains for the fifth straight week. Investors were also cautious after the rupee depreciated further against the US dollar to quote at 70.24 (intra-day). Sentiment took a hit largely in sync with a weak trend in global markets amid escalating trade tensions between the US and China as talks between the two countries ended without any significant outcome. The BSE 30-share barometer, after a higher start at 38,366.79, advanced to 38,429.50 in morning trade on continued buying by investors. However, across-the-board profit booking at record levels pulled it down to a low of 38,172.77. It finally settled 84.96 points, or 0.22 per cent lower at 38,251.80. The gauge had gained 673.20 points in the previous four sessions and closed at an all-time high of ...
Norway's $1 trillion wealth fund should keep oil stocks - commission
OSLO (Reuters) - Norway's trillion-dollar sovereign wealth fund should continue to invest in oil and gas companies, a government-appointed commission recommended on Friday, contradicting earlier advice from the central bank, and boosting the shares of oil firms.
Maruti's quick response team with bikes to provide road side assistance to customers
Country's largest carmaker Maruti Suzuki India (MSI) today launched an initiative to provide quick road side assistance to its customers with a fleet of 350 bikes. The new initiative, Quick Response Team (QRT) on Bikes, would offer road side assistance to customer cars in 251 cities in the first phase. "We are starting with 350 bikes in over 250 cities in the first phase. The initiative would be expanded to 500 cities by end of 2020," MSI MD and CEO Kenichi Ayukawa told reporters here. The launch of the QRT on bikes is a strategic decision to rapidly help attend customer cars that may have broken down on the road, he added. "We are confident that this initiative will take Maruti Suzuki service for customer care to the next level of convenience," Ayukawa said. The QRT bikes would be able to reach the distressed vehicle in lesser time in cities with heavy traffic thus reducing the stress level of the owner as well, he added. MSI Executive Director (Service) Partho Banerjee said that the
India's natural gas production declines 5.1% in July 2018
Natural gas production dips 1.2% in April-July 2018
India's crude oil refinery output jumps 12.6% in July 2018
Crude oil refinery output improves 8% in April-July 2018
India's crude oil production dips 5.4% in July 2018
Crude oil production declines 3.2% in April-July 2018
Oil up as U.S. sanctions on Iran cloud supply outlook
LONDON (Reuters) - Oil prices rose on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply.
Alibaba's revenue jumps but investments to prolong margin squeeze
BEIJING (Reuters) - Alibaba Group Holding Ltd, China's biggest e-commerce firm, warned on Thursday investments in its delivery business would keep pressuring profits even as it reported its strongest-ever quarterly revenue growth, largely in line with estimates.
Manpasand Beverages sets up new facility in UP with Rs 180 cr investment
Fruit juice maker Manpasand Beverages today said it has completed the setting up a new, Rs 180 crore manufacturing facility in Uttar Pradesh (UP). "The new facility is located in Varanasi. We propose to focus on manufacturing our existing range of products. With this, we will be better positioned to cater the markets of North and East India," Manpasand Beverages said in a BSE filing. Investment for this new facility is approximately Rs 170-180 crore. The company said the facility will lead to capacity addition of 45,000 to 50,000 cases per day from its existing capacity of around 2,25,000 cases per day. Earlier this month, Manpasand Beverages said it is planning to invest Rs 1,500 crore to set up 10 new manufacturing plants in the country by 2020 in its effort to drive volume. Manpasand stock was trading 4.96 per cent lower at Rs 122.60 on BSE.
Hexaware Technologies Ltd leads losers in 'A' group
Jaiprakash Associates Ltd, Kwality Ltd, Manpasand Beverages Ltd and New India Assurance Company Ltd are among the other losers in the BSE's 'A' group today, 24 August 2018.
Magma Fincorp standalone net profit rises 75.75% in the June 2018 quarter
Sales rise 0.75% to Rs 533.46 crore
GTN Industries reports standalone net loss of Rs 1.09 crore in the June 2018 quarter
Sales rise 66.25% to Rs 81.28 crore