Page 3289 - Business Finance
Sensex hits record high, Nifty trades over 11,000 mark
The benchmark BSE Sensex touched an all-time high of 36,699.53 points on Thursday, tracking gains in the Asian markets.
Italian JV to tap pre-owned phones segment with retail chain
An Italian company is looking to tap the Indian market in the refurbished smartphones space with brick and mortar stores. Phoneup India, a 50:50 joint venture between Phoneup Italy and Francorp, will focus on pre-owned mobile phones and repair of smartphones through a retail chain, Phoneup Italy founder Gerardo Taglianetti told PTI. "According to estimates, India has an unorganised market of 70 million refurbished smartphones. Further, the grey refurbished phone market is restricted to the big cities of the country. Phoneup India wants to tap this segment," Phoneup India head Sanjeev Arora said. At present, several online e-commerce sites are active in the pre-owned phones segment, but there are no organised retail chains in this category, Arora said. The company plans to set up about 100 stores in the next one year from the existing seven shops. Arora said Phoneup pre-owned phones would carry a 12-month warranty.
Broadcom buys business software firm CA for USD 18.9 bn
Semi-conductor giant Broadcom, which recently failed in a bid to buy US rival Qualcomm, announced a cash deal to buy software and services firm CA Technologies for USD 18.9 billion. Broadcom described CA as a major provider of information technology management software, in an acquisition that would help the chip maker diversify its offerings. "This transaction represents an important building block as we create one of the world's leading infrastructure technology companies," Broadcom chief executive Hock Tan said in a release. The deal was approved by the boards of both companies. Broadcom will pay UD 44.50 per share of CA stock; about 20 per cent over the closing price for common shares at the end of formal market trading yesterday, according to the company. "We are excited to have reached this definitive agreement with Broadcom," CA Technologies chief Mike Gregoire said in the joint release. "This combination aligns our expertise in software with Broadcom's leadership in the ...
Stocks extend intraday gains
Strong buying frenzy in index heavyweights Reliance Industries, HDFC and HDFC Bank pushed the key benchmark indices to fresh intraday high in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 383.49 points or 1.06% at 36,649.42. The Nifty 50 index was up 114.40 points or 1.04% at 11,062.70. Capital goods stocks rose. An overnight slump in crude oil prices and positive Asian stocks boosted sentiment on the domestic bourses.
Crude palm oil futures slide 0.50 pc on low demand
Crude palm oil prices went down by 0.50 per cent to Rs 620.60 per 10 kg in futures market today as speculators cut down positions in line with weak international prices and on muted spot demand. Besides, higher inventories dragged CPO prices in futures trade. At the Multi Commodity Exchange, crude palm oil for delivery in the current month was trading down by Rs 3.10, or 0.50 per cent lower at Rs 620.60 per 10 kg in a business turnover of 567 lots. Likewise, oil for delivery in August shed Rs 2, or 0.32 per cent, to Rs 614.50 per 10 kg in 565 lots. Analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position kept crude palm oil prices lower in futures trade.
Mentha oil futures slip 1.57% on profit-booking
Mentha oil futures moved down by 1.57 per cent to Rs 1,496.60 per kg in futures market today as speculators booked profits at prevailing levels amid fall in demand in the spot market. Besides, adequate stocks position on higher supplies from major producing belt of Chandausi in Uttar Pradesh fuelled the downtrend. At the Multi Commodity Exchange, mentha oil for delivery in the current month's contract drifted lower by Rs 23.90, or 1.57 per cent, to Rs 1,496.60 per kg in business turnover of 1,013 lots. Similarly, the oil for delivery in August contract was trading lower by Rs 14.70, or 0.96 per cent, to Rs 1,524 per kg in 292 lots. Analysts said besides profit-booking by participants, fall in demand from consuming industries in spot market against ample stocks position weighed on mentha oil futures.
LPG Subsidy fiasco: Airtel Payments Bank gets RBI, UIDAI nod to resume taking new customers
Airtel Payments Bank today said it has received requisite approvals from the Reserve Bank to begin taking new customers. Also, Aadhaar-issuing authority UIDAI has allowed it to use the 12-digit unique identification number-based e-KYC, it said in a statement. The development comes nearly seven months after Airtel along with Airtel Payments Bank came under fire for allegedly opening payments bank accounts of its mobile subscribers without their consent, and LPG subsidy worth crores was deposited into these accounts. RBI thereafter had directed Airtel Payments Bank not to on-board new customers while Aadhaar-issuing body UIDAI had suspended the e-KYC licence of both Airtel and the payments bank. The company had denied any wrong doing and streamlined its processes to comply with the regulations. UIDAI, in March this year, restored Airtel's authorisation to conduct Aadhaar-based verification of its mobile subscribers, but did not lift the suspension on its payments banks' e-KYC ...
Maize futures up 1.14 pc
Maize prices hardened by Rs 1.14 per cent to Rs 1,246 per quintal in futures trade today on rise in holdings by investors in line with encouraging physical markets sentiments. Marketmen said, participants built up positions driven by a strong demand for poultry feed makers and a pause in supplies from growing regions in the spot markets drove the upside movement in prices of maize futures. At the National Commodity and Derivatives Exchange, maize for August delivery increased by Rs 14, or 1.14 per cent, to Rs 1,246 per quintal, with the business turnover of 10,720 open lots. Meanwhile, the delivery for July went up by Rs 10, or 0.83 per cent, to Rs 1,210 per quintal, in an open interest of 1,970 lots.
Metal and mining stocks shine
Fresh buying in index pivotals propelled the key benchmark indices to fresh intraday high in mid-morning trade, with the Sensex hitting fresh record high. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 319.21 points or 0.88% at 36,585.14. The Nifty 50 index was up 99.10 points or 0.91% at 11,047.40. Metal and mining stocks rose as copper prices rose in global commodity markets. An overnight slump in crude oil prices and positive Asian stocks boosted sentiment on the domestic bourses.
Digjam Ltd leads gainers in 'B' group
Zicom Electronic Security Systems Ltd, Vardhman Polytex Ltd, 3P Land Holdings Ltd and Autolite (India) Ltd are among the other gainers in the BSE's 'B' group today, 12 July 2018.
Aban Offshore receives LoA for deployment of three jack-up rigs in UAE
Through its wholly owned step down subsidiary
Airtel Payments Bank gets RBI nod to start enrolling new customers
After running into rough weather due to Aadhaar-related e-KYC issues, Airtel Payments Bank on Thursday said it has received requisite approvals from the Reserve Bank of India and UIDAI to start acquiring new customers.
Reliance Industries reclaims USD 100-bn m-cap mark
Reliance Industries today reclaimed the USD 100-billion m-cap mark in morning trade on the bourses, as the company shares hit a fresh 52-week high of Rs 1,091 apiece. The shares of RIL have risen for the fifth consecutive session today, and surged to a 52-week high of Rs 1,091 on the BSE, amid aggressive business plan announced in the AGM, ahead of its June quarter earnings. Shares of the company today opened at Rs 1,043.15, then touched its 52-week high of Rs 1,091, up 5.27 per cent over its previous closing price. Following the uptick in the counter, the market capitalisation (m-cap) of the company touched Rs 6,88,513.11 crore (around USD 100 billion). Similar movement was seen on the NSE, where the stock opened at Rs 1,044.35, then surged 5.02 per cent to touch a 52-week high of Rs 1,091. The company had last scaled this milestone in October 2007. Following the surge in the counter, the benchmark Sensex soared 400 points to claim a record high and was quoted at 36,696.64 points, up
Sensex rallies 400 pts to hit record high; RIL shares surge 5%
The BSE Sensex soared over 400 points to hit its record high after Reliance Industries (RIL) reclaimed USD 100 billion (approx Rs 6,86,604 crore) market capitalisation as its shares a hit 52-week high today. RIL, HDFC and HDFC Bank collectively contributed nearly 300 points to the gains on Sensex. At 1200 hrs, the 30-share index rallied 413.89 points, or 1.14 per cent, higher to 36,679.82, surpassing its previous high of 36,444 recorded on January 29, 2018. The broader Nifty-50 index is also trading above the key 11,000-level at 11,071.50, a gain of 123.20 points, or 1.13 per cent. Heavy buying was seen on banking, pharma and metals counters. Top gainers were Reliance Industries (up 5.18 per cent), Yes Bank (4.43 per cent), L&T (1.98 per cent), SBI (1.89 per cent), HUL (1.88 per cent), HDFC (1.73 per cent) and HDFC Bank (1.35 per cent). Following the uptick in the RIL counter, the market capitalisation of the company touched Rs 6,88,513.11 crore. Profit-booking was witnessed IT, ..
Sensex hits record high; energy shares, banks lead
(Reuters) - India's benchmark BSE index touched an all-time high on Thursday, driven by gains in financial stocks such as HDFC Bank Ltd and energy shares including Reliance Industries Ltd as optimism around corporate earnings and stronger Asian shares boosted sentiment.
Vegoils: Palm oil slumps to nearly 3-year low on weaker Dalian oils
KUALA LUMPUR (Reuters) - Malaysian palm oil futures dropped to their lowest in nearly three years on Thursday, tracking overnight declines in related edible oils, but trimmed losses later in the session on the back of a weaker ringgit.
Mustard seed futures rise on positive physical leads
Mustard seed prices went up by Rs 23 to Rs 4,162 per quintal in futures trade today following optimistic purchasing by speculators on the back of strong spot market leads. Market players said operators were raised holdings in line with positive physical markets leads, which reflected up movements in the mustard seed futures prices. In the spot market, mustard seed prices remained in demand due to fall in arrivals from producing areas coupled with sturdy buying by oil mills, they quoted. At the National Commodity and Derivatives Exchange, mustard seed delivery for August moved up by Rs 23, or 0.56 per cent, to Rs 4,162 per quintal, with the business turnover of 1,37,110 open lots. Likewise, the delivery for July looked up by Rs 18, or 0.44 per cent, to Rs 4,110 per quintal, in an open interest of 8,850 lots.
Cottonseed oil cake futures gain on physical cues
Cottonseed oil cake prices rose by Rs 18.50 to Rs 1,696 per quintal in futures trading today on fresh positions created by the participants due to higher physical market sentiments. Market players attributed the upsurge in cottonseed oil cake futures prices to the shortage of ready stocks amid a spurt in cattle-feed makers demand in the spot markets. At the National Commodity and Derivatives Exchange, cottonseed oil cake delivery for July gained by Rs 18.50, or 1.10 per cent, to Rs 1,696 per quintal, showing an open interest of 1,910 lots. In a similar step, the delivery for August advanced by Rs 17.50, or 1.02 per cent, to Rs 1,741 per quintal, in an open interest of 1,38,560 lots.
Time Technoplast Ltd leads gainers in 'A' group
GMR Infrastructure Ltd, India Cements Ltd, Mangalore Refinery And Petrochemicals Ltd and Rattanindia Power Ltd are among the other gainers in the BSE's 'A' group today, 12 July 2018.
Soybean futures lift on positive global cues
Soybean prices pushed up by Rs 49 to Rs 3,595 per quintal in futures trade today as traders indulged in creating holdings tracking a robust trend overseas. Market players said speculators were raising exposure induced by upbeat global markets sentiments, which influenced the upside in soybean futures prices. At the National Commodity and Derivatives Exchange, soybean delivery for July surged by Rs 49, or 1.38 per cent, to Rs 3,595 per quintal, with an open interest of 30,910 lots. The delivery for October also went ahead by Rs 14, or 0.41 per cent, to Rs 3,457 per quintal, in an open interest of 40,740 lots.