Page 3269 - Business Finance
Global Markets: Trade data lifts U.S. dollar; stocks flat on mixed earnings
NEW YORK (Reuters) - The safe-haven U.S. dollar touched to a two-week high on Friday after data showed a record Chinese trade surplus, while Wall Street stocks were little changed on mixed bank earnings and gains in industrials.
Dalmia Cement eyes premiumisation, entering northern markets
Dalmia Bharat Cement is focusing on premiumisation and also weighing options including organic and inorganic route to enter newer markets of north India, an official said here on Friday.
EU regulators concerned about Siemens, Alstom rail merger, to probe further
BRUSSELS (Reuters) - Siemens and Alstom's plan to create a Franco-German rail champion could reduce competition and lead to higher fares for travellers, EU antitrust regulators said on Friday as they opened a full-scale investigation into the deal.
Nifty snaps 5-day winning streak, settles with small losses
NSE Nifty snapped its 5-day winning rally to close marginally down by 4.30 points today due to late profit booking in media, PSU banks, realty, FMCG, parma and metal counters despite higher global cues. Caution crept in as investors were roiled by dismal macro data, as retail inflation hit a five-month high in June and stayed above the central banks target for the eighth straight month, raising chances of a rate hike. The Consumer Price Index (CPI) inflation rose to a five-month high of 5 per cent in June, while the Index of Industrial Production (IIP) slowed to a seven-month low of 3.2 per cent in May. Overseas, Asian stocks rose as China refrained from detailing retaliation plans against increasing the US tariff. European stocks were trading higher in early deals, tracking overnight gains on Wall Street amid expectations of strong US earnings. The broader NSE Nifty index managed to hold the key 11,000-level at 11,018.90, losing a marginal 4.30 points, or 0.04 per cent. It shuttled ..
U.S. import prices post biggest drop in over two years
WASHINGTON (Reuters) - U.S. import prices fell the most in more than two years in June as prices for petroleum products fell and a strong dollar weighed on the costs of other goods.
IFC sells shares of AU Small Finance Bank worth Rs 201 crore
World Bank arm International Finance Corporation (IFC) today sold 32 lakh shares of AU Small Finance Bank for Rs 201.6 crores through an open market transaction. However, the buyer of the shares could not be ascertained immediately. According to bulk deal data available with the BSE, International Finance Corporation FDI AC offloaded a total of 32,00,000 shares, amounting to 1.12 per cent stake of AU Bank. At the end of March quarter IFC held 7.95 per cent stake in the company. AU Bank today slumped by 2 per cent to end at Rs 634.05. The bank made its stock market debut last year after existing investors sold a part of their stake in the company. It received licence from the RBI to set up a small finance bank in December 2016 and commenced its operations from April 2017. In an another bulk deal, Cinnamon Capital sold 21,96,577 shares of Godrej Properties for Rs 154.72 crore. The shares were purchased by Jasmine Capital Investments Pte Ltd. Shares were sold at an average price of Rs ..
Infosys net up 3.7 per cent in first quarter
Global software major Infosys on Friday reported Rs 3,613 crore consolidated net profit for the first quarter of fiscal 2018-19, registering a 3.7 per cent annual growth from Rs 3,483 crore in the same period year ago.
Dalmia Bharat eyes premiumisation; acquisitions on radar
Dalmia Bharat Cement may soon abandon the mass cement segment as it tries to move up the value chain with premiumisation while weighing options on organic and inorganic growth to enter newer markets of North India. "Premium and super-premium cement brands account for 60 per cent of revenues and in the next two years it would rise to at least 80 per cent. Ideally, we will go 100 per cent," Dalmia Bharat Senior Executive Director Marketing B K Singh said. He was in city to launch a new premium cement brand 'Dalmia FBC'. The company is currently present in East, Northeast and South India. "It has been the objective of this company to emerge as a pan-India player and not limit itself to certain geographies," Singh said. With the fate of Binani Cement hanging in the balance, Dalmia Bharat Cement had not ruled out options of acquisition of other cement companies or units for the North India foray. We had been trying to enter north (India) and attempt for Binani was a step ...
China market jolt far less contagious than 2015 shock
LONDON (Reuters) - Three years after a financial shock in China rocked world markets, a slower-motion 20 percent reversal of China's main stock index and the yuan's worst month on record have had much less of a viral effect around the globe.
Pharma companies must invest in R&D to keep growing: Prabhu
Noting that India is now recognized globally as a key player in the generic medicine industry, Commerce Minister Suresh Prabhu on Friday asked pharmaceutical companies to invest in research and development (R&D) for further growth of the sector.
No privatisation of Dredging Corporation of India: Gadkari
Union Shipping Minister Nitin Gadkari on Friday ruled out privatisation of Dredging Corporation of India (DCI) and said the company will be acquired by three major ports and made more efficient.
Board of Prabhat Telecoms (India) decides to change trading platform
At meeting held on 13 July 2018
Infosys gives bonus shares to mark 25 years of listing
Global software major Infosys on Friday announced 1:1 bonus share to mark 25 years of its public listing in India and increase the liquidity of its equity shares.
Vedanta re-appoints Navin Agarwal as Whole Time Director
Metals and mining giant Vedanta Ltd today said Navin Agarwal has been re-appointed as Whole Time Director of the company. Agarwal's re-appointment as Whole Time Director is for another five-year period starting from August 1, 2018 and subject to shareholders' approval at the forthcoming annual general meeting of the company, Vedanta said in a regulatory filing. In the filing, the company also said that it has "re-elected Agarwal as Chairman of the company with effect from August 1, 2018". Shares of the company today ended 0.35 per cent down at Rs 210.60 apiece on BSE.
Essar commissions Vizag iron ore handling complex
Essar Group today said it has commissioned the country's largest iron ore handling complex at Vizag port which was built at a cost of Rs 830 crore. Road Transport and Shipping Minister Nitin Gadkari inaugurated the facility, the company said in a statement. "The Vizag iron ore handling complex is a facility that is truly a national asset. We are committed to realising the government's vision of port-led development," said Prashant Ruia, Director-Essar. With its modern cargo handling equipment, the iron ore handling complex will have the fastest vessel turnaround time for iron ore among Indian ports, the company said. Following the project completion, the cargo loading capacity of the facility has been upgraded to 24 million tonnes per annum. The iron ore handling complex can now berth Super Capesize vessels up to 200,000 DWT, with a depth of 20 metres, on the outer harbour of Vizag Port. Vizag Terminal Ltd (EVTL) took over the project in 2015 on a Design-Build-Finance-Operate-Transfer
Bank of Baroda gets shareholders' nod to raise Rs 6,000 cr
Public sector Bank of Baroda has received approval from shareholders to raise up to Rs 6,000 crore by issuing equity shares through various modes, including QIP, rights issue or a follow on public offer. "Bank of Baroda today received approval from shareholders to raise additional up to Rs 6,000 crore through equity capital by way of QIP/ FPO/ preferential issue/ rights issue/ ADR-GDR/ private placement/ compulsorily convertible debentures and any other mode or combination of these at premium/ discount," the bank said in a statement post its annual general meeting held today. The meeting was chaired by Chairman Ravi Venkatesan in presence of MD & CEO P S Jayakumar and other key officials and board of directors. "Bank of Baroda, has been able to make significant strides in becoming competitive and improving market share and profitability. The consequence of embarking on a fundamental transformation exercise in 2015 is that the bank has emerged as one of the strongest large banks in
Wall Street flat as industrials offset slide in bank stocks
(Reuters) - U.S. stock indexes were little changed on Friday as a slide in financials on the three big Wall Street banks reporting mixed results was offset by gains in industrials as the U.S.-China trade rhetoric eased overnight.
Infosys retains revenue forecast as seeks recovery
MUMBAI/BENGALURU (Reuters) - India's second-biggest IT firm Infosys Ltd retained its revenue outlook for the fiscal year to March, with its chief executive upbeat about demand for the company's services in the key markets of United States and Europe.
See good demand environment across US, Europe: Infosys CEO
India's second largest software company Infosys today said it sees a "good" demand environment in large markets such as the US and Europe, but stuck to the previously-set revenue growth target of 6-8 per cent for the full financial year. "Overall, we see a good demand environment across the US, Europe and Asia Pacific. In terms of the sector demand, we see strength in energy, utilities, retail, insurance and manufacturing," Infosys CEO, Salil Parekh told reporters. Parekh -- a former Capgemini executive who, earlier this year, was brought in as the CEO to restore growth and order at the Bengaluru based IT firm after a public spat between key founders and the past management - said Infosys has clinched USD 1.1 billion of large deals during the June quarter of which 40 per cent were in financial services. Infosys has maintained revenue growth forecast at 6-8 per cent in constant currency terms for fiscal 2019, and also reiterated the operating margin guidance of 22-24 per cent for ...
PVR, INOX shares tumble up to 13 pc after Maharashtra allows moviegoers to carry outside food
Shares of PVR and INOX Leisure today slumped up to 13 per cent after Maharashtra government allowed outside food in multiplexes and malls. The scrip of PVR tumbled 13.10 per cent to close at Rs 1,214.20 on the BSE. Intra-day, it dived 13.75 per cent to Rs 1,205. Shares of INOX Leisure slumped 5.43 per cent to end at Rs 238.70. During the day, it plunged 14 per cent to Rs 217. Multiplexes and malls in Maharashtra have been directed to allow people to bring eatables from outside, state minister Ravindra Chavan told the Legislative Council today. On the high prices of food and beverages inside multiplexes and theatres, Chavan said a central government rule, set to be implemented from August 1 this year, will give relief to cinema patrons visiting such places.