Page 3322 - Business Finance
JSW Steel posts 5% rise in crude steel production in June qtr
JSW Steel today reported a 5 per cent year-on-year increase in its crude steel production at 4.12 million tonnes (mt) in the June quarter. The company had produced 3.91 mt of crude steel in the Q1 FY18, according to a company release. "JSW Steel reported crude steel production 4.11 million tonnes for Q1 FY 2018-19, registering growth of 5 per cent over corresponding quarter of FY 2017-18," it said. Its production of long rolled products rose by 12 per cent at 0.93 mt in the June quarter, against 0.83 mt in the same period last year. The production of flat rolled products increased by 4 per cent to 2.87 mt against 2.76 mt. JSW Steel is a part of the diversified USD 13 billion JSW Group, which has a presence in steel, energy, infrastructure and cement. It has an installed steel-making capacity of 18 mt per annum (mtpa). The company's plant at Vijayanagar in Karnataka is the largest single location steel producing facility in the country with a capacity of 12 mtpa.
Single GST rate slab ridiculous suggestion: Piyush Goyal
Union Finance Minister Piyush Goyal today said that the proposal of some political parties for a single GST rate slab was a "ridiculous suggestion". Some political outfits had been clamouring for doing away with the four-slab Goods and Services Tax (GST) rate structure and the Congress had promised to reduce it to one slab if voted to power in 2019. "One rate of tax is a ridiculous suggestion. It would be a burden on the poor and the middle class if items of daily use like salt, sugar and clothes were taxed at 18 per cent," Goyal said at an Indian Chamber of Commerce event here. He said that the past Congress-led UPA government had proposed a 18 per cent single GST slab looking at the tax collections and concessions given to the poor. "The rate proposed earlier would have not been accepted. Also, the GST structure would have not worked," Goyal, who also holds charges of coal, railways and corporate affairs ministries, said. Goyal has been looking after the finance ...
China's CATL to build electric car battery plant in Germany: BMW
Chinese firm CATL will build a battery factory in central Germany to supply the country's auto industry through its transformation toward electric cars, high-end manufacturer BMW said today. "We are very pleased that CATL has decided to build a factory for battery cells in Erfurt," capital of Thuringia state, the Munich-based firm said in a statement, adding it has a deal with the world's largest battery maker to buy cells worth 4.0 billion euros ($4.7 billion) in China and Germany.
Sterlite Tech surges 9% on acquiring European optical cable firm
Shares of Sterlite Technologies today rose nearly nine per cent as the company's unit has agreed to buy European specialised optical cable maker Metallurgica Bresciana. The stock opened at bullish note on BSE and finally settled at 8.62 per cent higher at Rs 315.05. During the intra-day trade, the stock had climbed as much as 10.25 per cent to Rs 319.80. Similar movements were seen on NSE, wherein the stock had ended at Rs 315.20, a surge of 8.84 per cent from the previous close. During the trading session, the stock had touched a high of Rs 319.70 and a low of Rs 296.30. In terms of volume, 9.15 lakh shares changed hands on BSE, while 67.14 lakh stocks got traded on NSE. On Friday, Sterlite Tech, in a regulatory filing had announced the signing of definitive agreements for acquisition of a European specialised optical cable manufacturer based in Italy, in a bid to expand its global presence. Sterlite Tech, through its wholly-owned Italian subsidiary Sterlite Technologies S.p.A, will .
Va Tech WABAG board gives nod to raise funds
The Board of water treatment player VA Tech WABAG Ltd today approved the proposal to raise funds through non-convertible debentures of up to Rs 300 crore. The city-based company, in a filing to Bombay Stock Exchange, said, the decision to raise funds was to support the future growth opportunities and any funding required for working capital needs. "...the Board of Directors has approved the proposal for raising of funds through issuance of secured/unsecured redeemable Non-Convertible Debentures (NCDs)by way of private placements for upto Rs 300 crore as and when required through one or more tranches," the company said in the filing. It was also decided to seek an enabling resolution from the shareholders at the annual general meeting scheduled in August, it said. The company said the board had earlier approved the fund raising proposal through issuance of securities by way of "public/private placements including qualified institutional placements (QIPs) for up to Rs 400 .
Panasonic appoints Vivek Sharma as new MD for Indian Electricals Business
Anchor Electricals Private Limited, a wholly owned subsidiary of Panasonic Corporation on Monday announced appointment of Vivek Sharma as the company's new Managing Director to spearhead its electricals business.In his new role, Sharma will be responsible for driving the electricals arm of the organization and oversee growth of all businesses comprising wiring devices, switchgears; wires, cables and tapes, conduit pipes, lighting, solar, housing, power tools and indoor air quality.An industry veteran, he comes with over 32 years of experience across FMCD, lighting and consumer electronics sector. Previously, he was associated with private equity firm Everstone Capital Partners, as Partner Operations, focusing on acquisitions in the small domestic appliances domain."Vivek Sharma's appointment comes at an opportune moment as the organisation is undergoing transformation from hardware to solutions. His versatility and astute business knowledge will enable the company to implement the ...
Focus: Aramco more resilient to oil slump than listed rivals - accounts
LONDON (Reuters) - Saudi Aramco is more resilient to oil price slumps than its biggest listed rivals, its 2016 accounts indicate, giving a rare insight into the state energy giant's finances ahead of a proposed flotation.
Sensex soars to 5-month high; Nifty tops 10,800-level on global cues
Market benchmark Sensex surged by around 277 points to close at more than five-month high of 35,934.72 today on heavy buying in energy, capital goods, power and banking stocks following positive leads from global markets and a strengthening rupee. The broad-based NSE Nifty too went past the 10,800-mark as investors shifted focus on corporate earnings from trade tensions. The BSE Sensex rallied for the second day by rising 276.86 points or 0.78 per cent to settle at 35,934.72, the highest closing level since January 31, when it had closed at 35,965.02. The NSE Nifty ended 80.25 points or 0.74 per cent higher at 10,852.90. Asian markets mostly closed higher and European stock markets advanced in opening trade, tracking gains on Wall Street on Friday after a strong jobs data for June allayed fears of impact of the US-China trade dispute. Appreciating rupee against the dollar and fresh buying by domestic institutional investors added to the momentum, brokers said. Investors were also ...
Indices clock strong gains on upbeat global cues
Key benchmark indices logged strong gains in a steady session of trade. The barometer index, the S&P BSE Sensex, advanced 276.86 points or 0.78% at 35,934.72. The Nifty 50 index gained 80.25 points or 0.74% at 10,852.90. Shares of index heavyweight Reliance Industries gained. However, shares of software major TCS dropped. Upbeat global stocks boosted sentiment on the domestic bourses.
CEAT to make passenger car, 2-wheeler tyres at TN plant
: Tyre manufacturer CEAT Ltd today said it would manufacture radial tyres for lorries, buses and cars and also two-wheeler tyres in its proposed facility at Sriperumbudur near here, for which it inked a pact with Tamil Nadu Government last week. Top management of CEAT Ltd exchanged documents with the Industries Department officials in the presence of Chief Minister K Palaniswami at the Secretariat last week for setting up the greenfield facility at a cost of Rs 4,000 crore spread over 10 years. In a filing to BSE, the tyre manufacturer said the investments would be for "incremental manufacturing capacity of car, lorry, bus radial tyres and two-wheeler tyres." The company board had cleared an investment of Rs 2,800 crore over five years on December 16, 2016, it said. At a meeting on February 1, 2018, the board had approved additional investments of Rs 706 crore totalling Rs 3,506 crore, CEAT said. "To implement the project, the company signed a memorandum of ...
GiftaLove.com concluding fine points for advancing worldwide Rakhi delivery services
GiftaLove.com, India's one-stop online gift shopping destination is all set to entice people with its extravagant Rakhi Collection 2018.To send Rakhi to USA, Canada, UK and across the globe, the portal is a reliable name leveraging on years of efficient delivery services.From inception in the year 2013 till today, GiftaLove.com had become a very accredited and favourite name for online gift shopping in India. In the span of 5 years, the portal has served more than 1 Lakh people with its impressive and extensive gifting solutions.For a birthday, anniversary, housewarming, Mother's Day, New Year and other celebratory moments falling round the year, the portal offers extensive ranges of gifts, flowers, cakes and lot more.Now for the upcoming Raksha Bandhan celebration, the portal has already commenced imperative initiatives. This time, the Rakhi threads and Rakhi Gifts Collection 2018 will be extensive embracing unique and trendy options of Rakhi for brothers as well as Rakhi gifts ...
Oil steadies as drilling increases in tight market
LONDON (Reuters) - Oil prices steadied on Monday as an increase in U.S. drilling, likely to lead to higher shale production, balanced evidence of tightening supply.
Sugar prices climb on paucity of stocks, brisk demand
Sugar prices zoomed by whopping margins of Rs 150 per quintal at the wholesale market in the national capital today owing to sturdy summer season demand from stockists and bulk consumers, triggered by a halt in supplies. Marketmen said bumper summer season demand from stockists and bulk consumers such as soft-drinks and ice-cream makers along with thin supplies from mills reflected the sharp rise of Rs 150 per quintal in the sweetener's prices. Sugar ready M-30 and S-30 prices jumped up by Rs 150 each to end the day at Rs 3,700-3,850 and Rs 3,690-3,840 per quintal. Mill delivery M-30 and S-30 prices also shot up by Rs 80 each to finish the day at Rs 3,400-3,590 and Rs 3,390-3,580 per quintal, respectively. In mill gate section, sugar Khatuli and Simbholi jumped up by Rs 150 each to Rs 3,550 and Rs 3,530, Dhanora spurted by Rs 130 to Rs 3,530, while Mawana registered a rise of Rs 100 at Rs 3,470 per quintal. Prices of Budhana and Thanbabhavan surged by Rs 90 each to Rs 3,440 and Rs ...
Axis Bank allots 2750 equity shares
Under ESOP
Sun Pharma signs Akshay Kumar as Revital H Brand Ambassador
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Xiaomi's weak debut signals trouble for upcoming Hong Kong tech listings
HONG KONG (Reuters) - Xiaomi Corp made a weak debut in Hong Kong on Monday, with the Chinese smartphone maker's shares sliding as much as 6 percent on valuation concerns, in an ominous sign for its technology sector peers lining up listings in the city.
Home sales across major cities up 15% in April-June: Report
Sales of housing units across nine major cities in the country grew by 15 per cent during the April-June period compared to the previous January-March quarter, a report said here on Monday.
Sun Pharma signs Akshay Kumar as brand ambassador for Revital H
Drug major Sun Pharmaceutical Industries today said Sun Pharma Consumer Healthcare has signed Bollywood star Akshay Kumar as the brand ambassador of health supplement Revital H. "In Akshay Kumar, we have found a perfect ambassador who is not only physically fit but also exudes great energy at all times attributes that define Revital H at its core," Sun Pharma CEO India, Emerging Markets and Consumer Healthcare Kal Sundaram said. Shares of Sun Pharmaceutical Industries were today trading at Rs 569.45 per scrip in the afternoon trade on BSE, up 1.97 per cent from its previous close.
US-China trade war to impact FPI inflows: Report
The US-China trade war will impact foreign investment into the country, and the Reserve Bank of India (RBI) will have to sell foreign currencies to defend the rupee at the 69 level to a dollar, a report said today. "We expect the US-China trade war to further discourage FPI (foreign portfolio investment) flows, although the direct real impact will be limited with exports just 12 per cent of GDP," brokerage Bank of America Merill Lynch said in a note. Domestic impact of the trade war will be felt more in the financial markets, it said, adding that the situation is akin to the 2008 global financial crisis. This will force the RBI to "step up" forex sales to defend the rupee at the 69 level against the dollar, it said. Apart from the likely impact to investment flows, there are other factors like adversities on seasonal elements, banks' low nostro balances and stronger USD globally which will put pressure on the rupee and the RBI has to contend with, it added. If the flows .
Select edible oils edge up on increased buying by millers
Select edible oil prices rose by up to Rs 100 per quintal at the wholesale oils and oilseeds market today on increased buying by vanaspati millers. Castor oil in the non-edible section also went up on increased offtake by consuming industries. Traders said increased buying by vanaspati millers against restricted arrivals from producing belts mainly pushed up select edible oil prices. In the national capital, mustard expeller (Dadri) oil inched up by Rs 50 to Rs 7,900 per quintal. Mustard pakki and kachi ghani oils followed suit and were enquired higher by Rs 10 each to Rs 1,285-1,330 and Rs 1,335-1,435 per tin, respectively. Groundnut mill delivery (Gujarat) oil also edged up by Rs 50 to Rs 8,450 per quintal, while groundnut solvent refined traded higher by Rs 10 to Rs 1,730-1,830 per tin. Sesame mill delivery oil too gained Rs 100 to Rs 9,800 per quintal. Among non-edible oils, castor oil traded higher by Rs 100 to Rs 7,400-7,500 per quintal. Following are today's quotations (in Rs ..