Page 3071 - Business Finance
Maruti Suzuki drops after poor monthly sales
Maruti Suzuki India fell 1.89% to Rs 9,327 at 11:48 IST on BSE after the company said that its total sales fell 0.6% to 1.64 lakh units in July 2018 over July 2017.
PetroVietnam, Japanese firms sign South China Sea gas deal amid tensions with Beijing
HANOI (Reuters) - Vietnam's state oil firm PetroVietnam said on Wednesday it has signed an agreement with two Japanese companies to sell gas from a South China Sea oil block close to waters disputed by Beijing.
Volkswagen posts consensus-beating underlying second-quarter profit
WOLFSBURG, Germany (Reuters) - German carmaker Volkswagen posted a forecast-beating 23 percent rise in underlying second-quarter operating profit on Wednesday, even as difficulties conforming to a new anti-pollution rules continue to cause a slowdown in passenger car sales.
Oil falls as U.S. inventories swell, economic growth slows
TOKYO/SINGAPORE (Reuters) - Oil prices fell on Wednesday after industry data showed U.S. stockpiles of crude unexpectedly rose, and as economic growth slowed, especially in Asia, amid the escalating trade dispute between the United States and China.
Global Economy: Asian factories slow as China-U.S. trade conflict starts to bite
HONG KONG (Reuters) - Manufacturing activity across Asia slowed in July, deepening concerns about the region's economic outlook as an intensifying trade conflict between the United States and China sent shudders through their trading partners.
Rio Tinto H1 profit rises 12 percent, hikes interim dividend
(Reuters) - Global miner Rio Tinto said on Wednesday its first-half profit rose 12 percent, missing expectations, but hiked its interim dividend and earmarked an additional $1 billion to share buybacks.
Global Markets: Asian shares lose steam as U.S. tariff plan stokes trade fears
SHANGHAI (Reuters) - Asian shares gave up ground on Wednesday, with weak data in the region and fears of an imminent escalation in the tariff war between the United States and China pulling markets lower even as strong earnings out of the U.S. provided some support.
Wheat futures slip 0.55% on firm supply
Wheat prices slipped by 0.55 per cent to Rs 1,980 per quintal in futures trade today as speculators cut down holdings, triggered by higher supplies in the spot market against low demand. At the National Commodity and Derivatives Exchange, wheat for delivery in September fell by Rs 11, or 0.55 per cent, to Rs 1,980 per quintal with an open interest of 2,050 lots. Similarly, the wheat for delivery in August contracts shed Rs 5, or 0.25 per cent, to Rs 1,967 per quintal in 5,560 lots. Market analysts said offloading of positions by traders on the back of sufficient stocks position on increased supplies from producing belts in the physical markets against easing demand, weighed on wheat prices in futures trade.
Work on 103-km Kolhapur-Vaibhavwadi section of Konkan Railway to begin soon: Govt
Work on the 103-kilometre Kolhapur-Vaibhavwadi section of Konkan Railway will begin soon, a line which would link the coastal region of Maharashtra with the western area of the state and help development of ports and harbours, the commerce ministry today said. This decision regarding this was taken at a review meeting of Konkan Railway chaired by Commerce and Industry Minister Suresh Prabhu here yesterday. In the meeting, Prabhu stated that the construction of this line will facilitate movement of petroleum from the world's largest integrated refinery and petrochemical complexes being built near Vaibhavwadi in Ratnagiri district. The ministry said that the USD 40-billion mega refinery is being built by IOC, BPCL and HPCL; and is expected to be commissioned by 2022. "Kolhapur-Vaibhavwadi line will facilitate movement of petroleum and petrochemicals from the refinery to the coast. The future economic growth of Maharashtra depends on connectivity of its coastal areas with the rest of the
Zinc futures soften on global cues, low demand
Zinc prices moved down 1.57 per cent to Rs 179.10 per kg in futures trade today as speculators cut bets, driven by a weak trend overseas amid fall in demand at the spot market. At the Multi Commodity Exchange, zinc for delivery in August fell by Rs 2.85, or 1.57 per cent to Rs 179.10 per kg in a business turnover of 4022 lots. On similar lines, the metal for delivery in September contracts was trading lower by Rs 2.55, or 1.40 per cent to Rs 179.30 per kg in 71 lots. Analysts said offloading of positions by traders in line with a weak trend overseas amid slackened demand from consuming industries in the physical market weighed on zinc prices in futures trade. Globally, zinc for delivery in three-month dropped 0.9 per cent to USD 2,603 a tonne on the London Metal Exchange.
Refined soya oil futures remain weak on negative spot cues
Refined soya oil prices fell further by 0.42 per cent to Rs 739.20 per 10 kg in futures market today as speculators reduced their holdings, taking negative cues from spot market on low demand. Besides, adequate stocks position on increased supplies from growing regions, too weighed on prices. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in September fell by Rs 3.10, or 0.42 per cent, to Rs 739.20 per 10 kg with an open interest of 34,670 lots. Likewise, the oil for delivery in August contracts was trading lower by Rs 2.40, or 0.32 per cent, to Rs 742.35 per 10 kg in 36,910 lots. Analysts said cutting down of positions by participants on the back of tepid demand in the physical markets against sufficient stocks position on increased arrivals from producing belts, kept refined soya oil prices down at futures trade.
Board of Elgi Equipments approves acquisition of Australian firm F.R.Pulford & Son
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Nickel futures fall 0.90% as participants trim bets
Nickel prices dropped by 0.90 per cent to Rs 956 per kg in futures market today as traders cut their bets, driven by muted demand from consuming industries in the spot market. At the Multi Commodity Exchange, nickel for delivery in August declined by Rs 8.70, or 0.90 per cent, to Rs 956 per kg in a business turnover of 2,875 lots. Similarly, the metal for delivery in September contracts shed Rs 8, or 0.83 per cent, to Rs 960.60 per kg in 36 lots. Analysts said the fall in nickel prices in futures trade was mostly attributed to trimming of positions by participants on the back of subdued demand from alloy-makers at the domestic spot market amid weakness in select base metals overseas.
Sensex, Nifty hit fresh intraday low
Key barometers reversed trend and hit fresh intraday low in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 43.22 points or 0.11% at 37,563.36. The Nifty 50 index was down 2.60 points or 0.02% at 11,353.90.
Copper futures drop 0.88% on global cues, muted demand
Amid weak global cues and sluggish demand at the domestic spot market, copper prices traded lower by 0.88 per cent to Rs 426.35 per kg in futures market today as speculators cut their bets. Besides, sluggish demand from consuming industries at domestic spot market, fuelled the downtrend. At the Multi Commodity Exchange, copper for delivery in August fell by Rs 3.80, or 0.88 per cent, to Rs 426.35 per kg in a business turnover of 3,745 lots. Similarly, the metal for delivery in November contracts moved down by Rs 3.35, or 0.77 per cent, to Rs 433.80 per kg in 92 lots. Analysts said sentiment turned bearish after London copper edged lower today, with risk appetite curbed by news that the Trump administration may propose a higher 25 percent tariff on USD 200 billion of Chinese imports. US President Donald Trump's government had initially announced it would seek to impose a tariff of 10 per cent, and raising the level to 25 per cent would escalate the dispute over trade between the ...
Baidu profit up 45% on growth in news app and AI push
Chinese online search giant Baidu today said net profit for the second quarter jumped 45 percent, fuelled by growth in its personalised news app and artificial intelligence (AI) projects. The firm logged a net income for April-June of 6.4 billion yuan (USD 967 million). "We had another strong quarter in Q2 with search exhibiting robust revenue growth driven by AI-powered monetisation capabilities, and Baidu feed continuing strong traffic and monetisation momentum," said Robin Li, chairman and chief executive. The Beijing-based company said its total revenues swelled 32 per cent and about three-quarters of its profit came from mobile revenue. Baidu App, which offers personalised news feeds and search, saw daily active users rise 17 per cent year on year to 148 million in June. "The mobile Baidu App shows healthy user and activation trends,"CICC analyst Natalie Wu said, according to Bloomberg News. "We see still high monetisation potential for Baidu feeds in the coming six to 12 ...
Barley futures fall 1.31% on weak spot cues
Barley prices fell by Rs 21.50 to Rs 1,615.50 per quintal in futures trade today on heavy sell-off by participants amid weak physical markets cues. Marketmen said subdued trend in the spot markets due to mounting stocks amid fall in demand from beer making industries, mainly discouraged traders. They preferred to off-load holdings, which led to fall in the barley futures prices. At the National Commodity and Derivatives Exchange, barley delivery for the September contract dipped by Rs 21.50, or 1.31 per cent, to Rs 1,615.50 per quintal, with a business turnover of 6,120 open lots. Also, the delivery of the immediate contract August dropped by Rs 13.50, or 0.84 per cent, to Rs 1,596.50 per quintal with an open interest of 5,060 lots.
Asian factories slow as China-U.S. trade conflict starts to bite
HONG KONG (Reuters) - Manufacturing activity across Asia slowed in July, deepening concerns about the region's economic outlook as an intensifying trade conflict between the United States and China sent shudders through their trading partners.
Crude oil futures fall 0.78% on overseas cues
Crude oil prices drifted lower by 0.78 per cent to Rs 4,697 per barrel in futures trade today as speculators cut bets, driven by a weak trend overseas. At the Multi Commodity Exchange, crude oil for delivery in August fell by Rs 37, or 0.78 per cent, to Rs 4,697 per barrel in a business turnover of 3,265 lots. Similarly, the oil for delivery in September contracts lost Rs 30, or 0.64 per cent, to Rs 4,645 per barrel in 201 lots. Analysts said sentiment remained weak as oil prices fell in global markets after industry data showed US stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July. Globally, Brent fell 21 cents, or 0.28 per cent, to USD 74 a barrel while West Texas Intermediate (WTI) crude oil shed 34 cents, or 0.49 per cent to USD 68.42 a barrel, on the New York Mercantile Exchange.
Silver futures weaken by 0.28% on global cues
Taking cues from the global market, silver prices moved down by 0.28 per cent to Rs 38,215 per kg in futures trade today as participants reduced their exposure. At Multi Commodity Exchange, silver for delivery in September fell by Rs 106, or 0.28 per cent, to Rs 38,215 per kg in a business turnover of 509 lots. Likewise, the white metal for delivery in December contracts was trading lower by Rs 102, or 0.26 per cent, to Rs 39,062 per kg in six lots. Analysts attributed the slide in silver futures to a weak trend in the precious metals overseas. Globally, silver fell 0.32 per cent to USD 15.44 an ounce in Singapore.