Page 3327 - Business Finance
Mentha oil futures gain 2.10% on spot demand
Mentha oil prices climbed 2.10 per cent to Rs 1,411.80 per kg in futures market today as participants increased their bets amid rise in demand from consuming industries at the spot market. Besides, tight stocks position on restricted supplies from major growing regions of Chandausi in Uttar Pradesh also supported the upside in mentha oil prices. At the Multi Commodity Exchange, mentha oil for delivery in month's contract was higher by Rs 29.10, or 2.10 per cent, at Rs 1,411.80 per kg with a business volume of 727 lots. The oil for August delivery was also up by Rs 28.70, or 2.05 per cent, to Rs 1,430 per kg with a trading volume of 179 lots. Marketmen said widening of positions by traders following pick up in demand from consuming industries in the physical market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
TATA-MISTRY CHRONOLOGY
Following is the chronology in the Tata Sons-Cyrus Mistry case: 1. October 24, 2016: Tata Sons ousts Cyrus Mistry from the post of chairman; names Ratan Tata as interim chairman. 2. October 25, 2016: Mistry writes to Tata Sons' board accusing 'shadow control' by the Tata Trustees. 3. December 19, 2016: Mistry resigns as director from all Tata group firms. 4. December 20, 2016: Mistry moves National Company Law Tribunal (NCLT) alleging oppression of minority shareholders and mismanagement. 5. January 12, 2017: Tata Sons names N Chandrashekaran as Chairman. 6. February 6, 2017: Mistry removed from the post of director of Tata Sons' board. 7. September 21, 2017: Tata Sons' board approves plan to become a private company. 8. June 12, 2018: NCLT sets July 4 as date of order. 9. July 4, 2018: NCLT defers judgement till July 9. 10. July 9, 2018: NCLT dismisses Cyrus Mistry's pleas challenging his removal as chairman of Tata Sons. The tribunal says Mistry was removed as ...
NCLT dismisses Cyrus Mistry's plea against removal as Tata
The National Company Law Tribunal (NCLT) today dismissed the pleas of Cyrus Mistry challenging his removal as Chairman of Tata Sons. Mistry was removed as the Tata Sons board and majority of its members lost confidence in him, the NCLT Mumbai's main bench of B S V Prakash Kumar and V Nallasenapathy said in a judgement. The tribunal said it was not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group. Mistry was removed because the board and majority of its members lost confidence in him after he sent out certain crucial information about the company to the I-T department, leaked details to the media and came out openly in public against the company's shareholders and its board, the bench said. In October 2016, Mistry was ousted as Tata Sons Chairman. Two months later, he and his family-run investment firm, Cyrus Investments, approached the NCLT as minority shareholders against the ...
Sterlite Tech jumps on acquiring Italian optical cable firm
Sterlite Technologies rose 4.12% to Rs 302.50 at 11:09 IST on BSE after the company said one of its subsidiaries will acquire a European specialised optical cable manufacturer for 47 million euros in an all-cash deal.
Copper futures rise 1.36% on global cues, spot demand
Copper prices went up by 1.36 per cent to Rs 444.10 per kg in futures market today as speculators built up fresh positions, taking positive from global markets. Pick up in demand at the domestic spot markets too fuelled the uptrend. At the Multi Commodity Exchange, copper for delivery in far-month November rose by Rs 5.95, or 1.36 per cent, to Rs 444.10 per kg in a business turnover of 201 lots. Similarly, the metal for delivery in August contracts gained Rs 5.80, or 1.34 per cent, to trade at Rs 437.40 per kg in 4962 lots. Market analysts said sentiment was bolstered after London copper snapped back sharply today from near one-year lows hit in the session, as a weak dollar forced short holders to cover positions even amid simmering trade war tension. Globally, copper for delivery in three-month rallied by 1.6 per cent to USD 6,383.50 after prices slumped to USD 6,221.50 a tonne on Friday, which was the weakest since late July 2017 on the London Metal Exchange. Shanghai Futures ...
China's FX reserves post surprise gain, withstand June market chaos
BEIJING (Reuters) - China's foreign exchange reserves unexpectedly rose in June, bolstered by an increase in the value of its U.S. Treasury holdings in an otherwise volatile month for Chinese markets, which were battered by fears about a Sino-U.S. trade war.
'Round Up' pesticide cancer link on trial
During more than a century of business, US agrochemical colossus Monsanto has been vilified for products critics say harm people and the environment. In the first trial of its kind, a Californian dying of cancer is suing Monsanto, claiming its popular herbicide Roundup caused his disease -- a case that could have sweeping ramifications. A jury today is scheduled to begin hearing pitches from opposing sides, with witnesses to follow. The stakes are high for Monsanto, which could face massive losses should a jury order it to pay out damages over the product, whose main ingredient is glyphosate, a substance some say is dangerously carcinogenic. Dewayne Johnson, a 46-year-old father of two, says he is sick because of contact with Roundup, which he used for two years from 2012 as a groundskeeper for the Benicia school district near San Francisco, his lawyer Timothy Litzenburg told AFP. "A major part of that job was spraying Roundup or Ranger Pro (a similar Monsanto product).... He sprayed .
Volumes soar at The Ramco Cements Ltd counter
The Ramco Cements Ltd clocked volume of 7.23 lakh shares by 10:47 IST on BSE, a 141.41 times surge over two-week average daily volume of 5110 shares
Hong Kong Market rises as Wall Street's gains lift mood
The improvement in sentiment came in spite of Friday's developments on the trade front when U.S. tariffs on $34 billion in Chinese goods took effect, ramping up the country's ongoing trade spat with China. China followed up by promptly imposing duties of its own on the same value of U.S. products. China's Ministry of Commerce said it had no choice but to respond to the U.S. after the latter "launched the largest trade war in economic history." U.S. President Donald Trump said on Friday that an additional $16 billion of Chinese goods would be subject to tariffs in two weeks, and that he was considering further slapping duties on an additional $500 billion in Chinese products.
Western Japan companies hit by rain, but share losses limited
TOKYO (Reuters) - Shares of some companies hurt by torrential rain in western Japan fell on Monday, but losses were modest with Mazda Motor Corp even gaining as investors bet that damages and disruptions to supply chains would be limited.
Australia Market advances as mining stocks rally
Shares of materials and resources were key contributor to the benchmark gains, thanks to strong rebound in copper on the London Metal Exchange. BHP Billiton (BHP), Rio Tinto (RIO) and Fortescue Metals (FMG) were up by as much as 2%.
Gold futures gain 0.20% on positive global cues
Gold prices went up by 0.20 per cent to Rs 30,622 per 10 grams in futures trade today as speculators built up fresh positions, tracking a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in August moved up by Rs 62, or 0.20 per cent, to Rs 30,622 per ten grams in a business turnover of 167 lots. Similarly, the yellow metal for delivery in October was trading higher Rs 38, or 0.12 per cent, at Rs 30,900 per ten grams in 5 lots. Market analysts said fresh positions created by traders were in sync with a firm global trend, as the dollar hovered close to a 3.5-week low after US jobs data showed an increase in the unemployment rate and slower wage growth, influencing gold prices at futures trade here. Globally, gold rose 0.33 per cent to USD 1,258.70 an ounce in Singapore.
Jaguar Land Rover reports muted growth in June sales
Retail sales for June were up year-on-year in our Overseas markets (16.7%), in North America (7.4%) and in the UK (0.9%) China was down 9.5% as the reduction in import duties on passenger vehicles, starting 1 July, continued to result in deferred purchases as well as increased incentives in advance of the 1 July effective date. Europe was also down slightly(-3.8%).
Silver futures rise 0.34% on global cues
Tracking a firm trend overseas, silver prices rose by 0.34 per cent to Rs 39,903 kg in futures market today as speculators created fresh positions. At the Multi Commodity Exchange, silver for delivery in September gained Rs 137, or 0.34 per cent, to Rs 39,903 per kg in a business turnover of 583 lots. Likewise, the white metal for delivery in July contracts was trading higher by Rs 130, or 0.32 per cent, at Rs 40,737 per kg in 7 lots. Analysts said fresh positions built up by participants in tandem with a firm global trend, led to the rise in silver prices in futures trade. Globally, silver rose 0.53 per cent to USD 16.10 an ounce in Singapore.
Strong market breadth
Stocks trimmed gains in morning trade after an initial upmove. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 152.62 points or 0.43% at 35,810.48. The Nifty 50 index was up 44.35 points or 0.41% at 10,817. Telecom stocks rose. Cement stocks saw mixed trend.
Starbucks' Schultz urges investor support despite China concerns
SHANGHAI (Reuters) - Starbucks Corp's outgoing Executive Chairman Howard Schultz said on Monday that a recent slowdown in China would be short-lived, seeking to salve investor concerns that the U.S. coffee chain is under pressure in the fast-growing market.
Oil prices edge up as investors eye tight market
TOKYO (Reuters) - Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed U.S. crude inventories fell to their lowest in more than three years.
Sensex rises over 200 pts on firm Asian cues
The benchmark Sensex today rose over 200 points, while Nifty reclaimed the 10,800-mark on widespread buying in metals, auto, IT and banking counters, amid firm Asian cues and a strengthening rupee. The 30-share BSE Sensex jumped 244.84 points, or 0.69 per cent, to 35,902.70. The gauge had gained 83.31 points in the previous session on Friday. All sectoral indices, led by metal, auto, infrastructure, power, capital goods, healthcare and bankex, were in the green, rising up to 1.61 per cent. The NSE Nifty recaptured the key 10,800-level by rising 68.35 points, or 0.63 per cent, to 10,841.00. Major gainers were Tata Steel, Vedanta, Yes Bank, Tata Motors, RIL, M&M , Asian Paints, ICICI Bank, Axis Bank, Bajaj Auto, Power Grid, Coal India, Maruti Suzuki, NTPC, L&T, SBI, IndusInd Bank, Bharti Airtel, and Infosys, gaining up to 1.85 per cent. Investors are also looking forward to the quarterly results of IT majors TCS and Infosys that will kick-start the earnings season later this ...
Maruti Suzuki gains after decent production in June
Maruti Suzuki India rose 0.70% to Rs 9370 at 9:42 IST on BSE after the company said its total production rose 11.75% to 1.32 lakh units in June 2018 over June 2017.
Xiaomi shares drop after poor Hong Kong debut
In a disappointing start, Chinese smartphone maker Xiaomi's shares nose dropped nearly five per cent on Monday after the company debut its IPO at the Hong Kong Exchange at bottom end of its target range.