Page 2779 - Business Finance
India sovereign credit risk from rupee decline is limited: Fitch Ratings
Fitch Ratings on Monday said that its outlook on the recent sell-off in the rupee illustrates that India's sensitivity to shifts in the market sentiments towards emerging markets, with further pressure as global monetary tightening progresses.However, the impact of currency weakness on India's sovereign credit profile is likely to be limited by relatively strong external finances, especially the low level of external debt."Currency depreciation could nevertheless add to existing pressures in the corporate and banking sectors," said Fitch Ratings in its statement.It added that the rupee has been among the emerging-market currencies affected by pressures from global monetary tightening and, more recently, contagion from the Turkey crisis. It has depreciated by around 9% against the US dollar since the start of 2018, making it the worst-performing major currency in Asia (see chart).Adding to this, Fitch added that India's vulnerability to currency risk and capital outflows is unlikely to
Insight: Trade war puts new strains on America Inc's factories in China
SHENZHEN, China/SHANGHAI/HONG KONG (Reuters) - Larry Sloven arrived in southern China three decades ago, just as the region was taking off as the low-cost manufacturing centre of the world. Since then, he has exported millions of dollars of goods, ranging from power tools to LED lights, to some of America's biggest retailers.
Crystal Crop acquires 4 brands from US-based FMC Corporation
Agro-chemical firm Crystal Crop, which soon plans to launch its Rs 1,000-crore IPO, today announced acquisition of four brands from American company FMC Corporation for an undisclosed amount. This acquisition will boost the company's revenue by around Rs 100 crore annually, sources said. The company's revenue stood at Rs 1,285 crore during 2016-17 fiscal. In the first nine month of 2017-18 fiscal, its revenue was at Rs 1,071 crore. This is Crystal Crop's third acquisition in 2018. The first was a chemicals plant from Cytec India Specialty Chemicals and Materials Private Ltd and the second was Indian sorghum, pearl millet and fodder seeds business from Syngenta India. In a statement, Crystal Crop said that the acquisition of brands -- Furadan, Splendour, Metcil and Affinity Force -- from the FMC Corporation will strengthened its insecticide and herbicide portfolio. "We believe in acting as an enabler to Indian farmers to improve their farming income and this acquisition is a step in ...
Sun Pharmaceuticals Industries Ltd up for five straight sessions
The stock is quoting at Rs 623.75, up 0.04% on the day as on 12:44 IST on the NSE. Sun Pharmaceuticals Industries Ltd is up 35.44% in last one year as compared to a 18.47% gain in NIFTY and a 15.17% gain in the Nifty Pharma.
Oracle Financial Services Software Ltd soars 0.2%, up for fifth straight session
The stock is quoting at Rs 4044.5, up 0.2% on the day as on 12:44 IST on the NSE. Oracle Financial Services Software Ltd is up 18.33% in last one year as compared to a 18.47% spurt in NIFTY and a 44.05% spurt in the Nifty IT.
Tata Global Beverages Ltd spurts 1.03%, rises for fifth straight session
The stock is quoting at Rs 245.5, up 1.03% on the day as on 12:44 IST on the NSE. Tata Global Beverages Ltd is up 25.16% in last one year as compared to a 18.47% spurt in NIFTY and a 26.56% spurt in the Nifty FMCG.
Ola launches inaugural UK services in South Wales
Taxi aggregator Ola on Monday launched its UK services across South Wales.The ride-hailing app will allow customers the option of Private Hire Vehicles (PHVs) and Taxis on one user-friendly platform, which will include additional transportation options in the future to provide passengers with greater choice.To celebrate its UK launch, Ola is offering customers a limited number of discounted rides to try its new service. Customers can download the Ola app on Google Play or the iOS App Store and register for an account to begin booking rides.Ola places the quality of rides at the heart of its approach, and welcomes drivers to its platform to reap the benefits of market-leading introductory commission rates - as low as 10 percent for PHV drivers and 5 percent for Taxis - as well as payments made daily, to help them earn more money and access it easily."Ola has received positive feedback from drivers in South Wales and looks forward to providing passengers with a dynamic, new responsible .
Chinese yuan, rupee lead gains as risk appetite returns
(Reuters) - Most Asian currencies started the week on a high note after news of impending lower-level trade talks between the United States and China returned risk appetite to regional markets.
Oil prices mixed as economic concerns weigh, Iran sanctions loom
SINGAPORE (Reuters) - Oil prices were mixed on Monday, weighed down by concerns over slowing economic growth but supported by the expected impact of U.S. sanctions on Iran, which will start targeting the petroleum industry from November.
Sensex, Nifty hit record highs on firm global cues, rupee recovery
The key Indian equity indices of the S&P BSE Sensex and the NSE Nifty50 touched fresh record levels on Monday, supported by firm global cues and a recovery in the Indian rupee.
Positive market breadth
Fresh buying in index pivotals propelled the key benchmark indices to intraday high in early afternoon trade, with the Sensex and the Nifty, both, scaling fresh record high. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 316.48 points or 0.83% at 38,264.36. The Nifty 50 index was up 78.20 points or 0.68% at 11,548.95. Auto stocks rose. Telecom stocks saw mixed trend. Positive Asian stocks boosted sentiment on domestic bourses.
Soybean futures slip on weak global lead
Soybean prices softened by Rs 16 to Rs 3,355 per quintal in futures trade today on narrowing bets amid pessimistic overseas lead. Marketmen said following a weak global markets stance, traders offloaded their holdings, which marked the down slide in soybean futures prices. At the National Commodity and Derivatives Exchange, soybean for October moved down by Rs 16, or 0.47 per cent, to Rs 3,355 per quintal, showing an open interest of 52,020 lots. Similarly, the delivery for November eased by Rs 12, or 0.36 per cent, to Rs 3,356 per quintal, revealing an open interest of 29,780 lots.
Corrected: Chinese yuan, rupee lead gains as risk appetite returns
(Corrects fifth paragraph to reflect U.S. tariffs on $16 billion of Chinese goods, not tariffs of $16 billion)
Coriander futures rise 1.11% on positive spot cues
Coriander prices rose by 1.11 per cent to Rs 4,938 per quintal in futures trade today as participants built up their positions, taking positive cues from spot market on pick up in demand. Moreover, tight stocks on account of restricted arrivals from major growing belts supported the upmove. At the National Commodity and Derivatives Exchange, coriander for delivery in September rose by Rs 54, or 1.11 per cent, to Rs 4,938 per quintal with an open interest of 38,900 lots. Similarly, the spice for delivery in October was trading higher by Rs 54, or 1.03 per cent, to Rs 5,318 per quintal in 6,110 lots. Market analysts attributed the rise in coriander futures to fresh positions created by traders due to upsurge in demand in the physical market against tight stocks on fall in supplies from producing regions.
Robust demand lifts cardamom futures by 2.99%
Cardamom prices advanced 2.99 per cent to Rs 1,317.40 per kg in futures trade today as participants built up fresh positions amid upsurge in demand. At the Multi Commodity Exchange, cardamom for delivery in October shot up by Rs 38.30, or 2.99 per cent, to Rs 1,317.40 per kg in business turnover of 5 lots. Likewise, the spice for delivery in September was up by Rs 23.50, or 1.73 per cent, to Rs 1,385 per kg in 57 lots. Analysts said fresh positions created by traders due to pick-up in demand in the physical market against restricted supplies from growing regions, pushed up cardamom prices in futures trade.
Weizmann Ltd leads gainers in 'B' group
B A G Films & Media Ltd, Crest Ventures Ltd, Kavveri Telecom Products Ltd and Skipper Ltd are among the other gainers in the BSE's 'B' group today, 20 August 2018.
Guar seed futures fall 1.22%
Guar seed prices tumbled 1.22 per cent to Rs 4,580 per quintal in futures trade today after participants liquidated bets in tune with weak physical markets. Marketmen said off-loading of holdings by traders in tune with weak trend at the spot markets due to sluggish demand from guar gum makers weighed on guar seed futures prices. At the National Commodity and Derivatives Exchange, guar seed for delivery in November dropped by Rs 56.50, or 1.22 per cent, to Rs 4,580 per quintal with a business turnover of 7,760 open lots. Also, the most-traded delivery in October slipped by Rs 49, or 1.06 per cent, to Rs 4,552 per quintal, clocking an open interest of 1,20,410 lots.
Citi group invests USD 35 mn in realty portals PropTiger, Housing & Makaan.com
News Corp-backed Elara Technologies, which owns realty portals Housing.com, PropTiger.com and Makaan.com, has raised USD 35 million (around Rs 245 crore) as debt from Citi Singapore to invest in new products, technology and expansion for next phase of growth, a top company official said. Singapore-based Elara Technologies would hire 150 employees to strengthen its sales team, taking the total headcount to 1,500, said Dhruv Agarwala, who is group CEO of all the three portals -- Housing, PropTiger and Makaan. News Corp and its Australia-based group firm REA as well as SAIF Partners, Softbank and Accel Partners are major shareholders in Elara Technologies, a digital real estate marketing and transactions services firm. "We have raised USD 35 million fund from Citi Singapore as debt. This amount will be used for investing in technology, product, branding, strengthening of sales team and geographical expansion of all the three platforms," Agarwala told PTI. Elara Technologies has raised ...
Infosys shares fall 4% on CFO Ranganath's exit
Shares of Infosys today defied broader market sentiment and fell as much as 4 per cent in morning trade on bourses following the sudden resignation of its Chief Financial Officer MD Ranganath. On August 18, Ranganath, fondly known as Ranga, who has been working with Infosys for close to two decades, resigned in a surprise move that raises questions about stability at the country's second largest IT services firm. Ranganath, took over the CFO role in 2015 after the exit of Rajiv Bansal. Following the sudden exit, shares of the company opened on a weak note at Rs 1,388.70, then fell to Rs 1,373.55, down 4.03 per cent over its previous closing price. Similar movement was seen on NSE as well, where the stock opened at Rs 1,388.00, then fell 3.97 per cent to a low of Rs 1,373.50. He is leaving the company to "pursue professional opportunities in new areas" and will continue in his current position till November 16, 2018, Infosys had said in a statement. The board, which accepted the ...
Hindustan Construction Company Ltd leads gainers in 'A' group
PTC India Financial Services Ltd, K P R Mill Ltd, Cadila Healthcare Ltd and Larsen & Toubro Ltd are among the other gainers in the BSE's 'A' group today, 20 August 2018.