Page 3273 - Business Finance

SEAMEC's subsidiary - SEAMEC International FZE acquires bulk carrier

The vessel is having the Marshall Island Flag.

British regulator sets 14 pound floor under Sky shares

LONDON (Reuters) - Britain's takeover regulator has decided that Disney must offer 14 pounds a share for Sky if it succeeds in buying Rupert Murdoch's Twenty-First Century Fox, in a key ruling in the takeover battle for the broadcaster.

Comm min working on national integrated logistic policy

The commerce and industry ministry is working on a national integrated logistics policy which will focus on increasing the warehousing capacity, an official statement said. This was highlighted by Commerce Minister Suresh Prabhu during his meeting with a World Bank team here. The team was led by Caroline Freund, Director of Trade, Regional Integration and Investment Climate and Junaid Ahmad, Country Director for the World Bank in India. The minister also informed the team that work is being done towards identifying specific products and markets to increase India's exports by USD 100 billion. "The policy will reduce the cost of goods and make Indian product more competitive," Prabhu said. In the meeting, it was agreed that a workshop will be conducted with the World Bank and concerned ministries to identify specific interventions required to streamline logistics in the country.

FPIs turn net sellers

Net outflow of Rs 875.71 crore on 12 July 2018

Kitex Garments to set up apparel manufacturing unit in Odisha

Kerala-based Kitex Garments Limited has proposed to set up an apparel manufacturing unit at Gopalpur in Odisha's Ganjam district at an investment of Rs 177 crore, officials said today. The project will create employment opportunities for over 5,000 people, with a majority of them being women, they said adding that the proposal came through Odishas Single Window for Investor Facilitation and Tracking (GO-SWIFT) portal. This was the 300th investment proposal which came through GO-SWIFT, which was launched in November 2017 by Chief Minister Naveen Patnaik, officials said. The project proposals submitted on GO-SWIFT to set up manufacturing units envisage a cumulative investment commitment of Rs 18,208 crore with an employment potential of over 29,000 people, the officials said. The investment proposals belong to a variety of sectors ranging from food processing, seafood, aluminium downstream, apparel, cement, tourism and others. "We are committed to ensuring investor delight

Maharashtra asks multiplexes to allow outside food, cap prices

MUMBAI (Reuters) - Maharashtra has asked multiplex owners to permit movie-goers to bring their own food items as well as reduce the price of eatables sold inside the premises, a state minister said on Friday.

Global Markets: Stocks rally before earnings, trade war jolt boosts dollar

LONDON (Reuters) - World stocks rose for a second consecutive week on Friday as investors prepared for an expected run of strong earnings in the United States, although fears about the U.S.-China trade conflict kept gains in check and pushed the dollar higher.

JPMorgan profit beats on better-than-expected trading, loan growth

(Reuters) - JPMorgan Chase & Co's quarterly profit topped Wall Street's expectations on Friday, as trading revenue came in much higher than expected and demand for loans increased on the back of a strengthening U.S. economy.

Fortis bid won by Malaysia's IHH Berhad, to invest Rs 4,000 cr

Fortis Healthcare on Friday said its board has unanimously accepted a binding offer from IHH Healthcare Berhad of Malaysia to invest Rs 4,000 crore in it by way of preferential allotment at Rs 170 per share.

Cyient shares tank over 6 pc as Q1 net profit dips

Shares of IT firm Cyient today plunged over 6 per cent after the company reported a decline in consolidated net profit for the three months ended June 30 of this fiscal. The company's stock tumbled 6.16 per cent to close at Rs 696.30 on the BSE. Intra-day, it slumped 7 per cent to Rs 690. On the NSE, shares of the company tanked 5.98 per cent to end at Rs 700. In terms of equity volume, 1 lakh shares of the company were traded on the BSE and over 20 lakh shares changed hands on the NSE during the day. IT firm Cyient yesterday reported a 6 per cent decline in consolidated net profit to Rs 82.5 crore attributable to shareholders of the company for the three months ended June 30, this fiscal. The company had posted a net profit of Rs 87.8 crore in the same period previous year. Revenue from operations rose 19.1 per cent year-on-year to Rs 1,080 crore during the recently-concluded June quarter, the company said in a regulatory filing.

Kesoram Ind scouting for partner for loss-making tyres biz

Kesoram Industries Limited, a B K Birla group company, is on the lookout for a partner for its loss-making tyres business, a company official today said. Kesoram Industries manufactures tyres for buses and trucks under the 'Birla Tyres' brand name and is now planning to enter the passenger car segment. "We want to enter the passenger car radial tyres business where the margins are high as compared to commercial segment where the volumes are high," whole-time director and CFO of Kesoram Industries Tridib Kr Das said. There is also a possibility of a demerger of the tyres business from Kesoram, which also manufactures cement and rayon, once the new partner is inducted, Das told reporters after the company's annual general meeting here. Investment bankers have been appointed to find a partner, he said. Replying to shareholders, Das said that the cement business has been earning positive EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) margins unlike ..

Nifty July futures at small premium

Turnover on NSE's F&O segment drops

Prabhu asks pharma companies to invest in R&D

Commerce and Industry Minister Suresh Prabhu today asked pharmaceutical companies to invest in research and development (R&D) to bolster the growth of the sector. He said that the government is taking steps to make the firms more innovative. "All companies in pharma industry must ensure that they must invest good part of their topline in R&D. Because if you do not have pipeline of new drug delivery or new molecules, you will always have problem down the line," he said at a conclave here. India is now recognised as a key player globally in the generic medicine industry. He also asked the companies to make a proper balance between making profits and protecting consumer interests. "We must have a trade-off. We cannot take only one of that issue for granted .... "We will make sure that the industry grows and at the same time the consumer interest is also adequately protected," he added. It is not just in India, but all over the world, there is a clamour for controlling drug ...

Wall Street: Trade policy uncertainty could bolster U.S. defensive stock sectors

NEW YORK (Reuters) - As the United States ramps up import tariffs and long-date U.S Treasury debt yields remain low, stocks in so-called defensive sectors may have room to run higher in price, even though expectations for the currently quarterly earnings seasons are high.

Malaysia's IHH Healthcare nears takeover of Fortis with $1.1 billion bid

MUMBAI/KUALA LUMPUR (Reuters) - Malaysia's IHH Healthcare Bhd is set to take control of India's Fortis Healthcare after its bid of up to $1.1 billion was chosen over a rival's, giving it ownership of over 30 hospitals amid a private healthcare boom in India.

Sensex, Nifty settle with small losses

Key benchmark indices settled with small losses in a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 6.78 points or 0.02% to settle at 36,541.63. The Nifty 50 index fell 4.30 points or 0.04% to settle at 11,018.90. Volatility was high as stocks reacted to inflation data that rose less than expected while IIP fell more than expectations.

Board of Infosys approves bonus issue

At meeting held on 13 July 2018

Infosys June-quarter profit rises about 4 percent, misses estimates

(Reuters) - Infosys Ltd, India's No.2 software services exporter, posted a 3.7 percent rise in quarterly profit on Friday, missing estimates, hurt by a one-off charge related to fair value reduction of Panaya, which the company is trying to dispose of.

Vegoils: Palm oil falls nearly 2 percent to three-year low on weaker related oils

KUALA LUMPUR (Reuters) - Malaysian palm oil futures fell to their lowest in nearly three years on Friday evening in a fourth session of losses, tracking declines in related edible oils.

Bank, LIC,GIC unions to protest against govt policies tomorrow

Employee unions of banks and state-run insurance companies will stage a sit-in at Azad Maiden in the city tomorrow to protest against privatisation of banks, allowing foreign direct investment (FDI) in the insurance sector and to expedite wage revision. The protest is called by the Co-ordination Committee of Bank, Insurance and Financial Sector Unions (CCBIFU), a joint platform of unions - All India Bank Employee Association (AIBEA), All India Banks Officers Association (AIBOA) and All India LIC Employees Federation (AILICEF), a release from CCBIFU said today. Employee unions from General Insurance Corporation of India (GIC Re), New India Assurance and United India Insurance are also participating, it added. The unions are protesting against the Financial Resolution and Deposit (FRDI) Bill, privatisation of banks, disinvestment in General Insurance Corporation of India (GIC Re), outsourcing of jobs in banks and other state-run insurance players and FDI in the insurance .