Page 3348 - Business Finance
Delisting not to impact Vedanta's credit profile, rating: Moody's
Mining mogul Anil Agarwal's plan to delist Vedanta Resources from the London Stock Exchange will not immediately affect the company's credit profile or rating, Moody's Investors Service said today. "This is based on our expectation that Volcan (holding company) will not extract incremental cash from Vedanta to provide additional liquidity for itself," Moody's said. In its issuer comment on Volcan offering USD 1 billion to acquire 33.47 per cent share it doesn't hold in Vedanta, Moody's said if Volcan requires the company to pay higher dividends to service its cash needs, it will tighten cash flow and add pressure to the corporate family rating. "Vedanta's rating is based on the consolidated credit profile of Vedanta and its subsidiaries and does not take into account Volcan's indebtedness. "Any change in Vedanta's policies, such that Vedanta is used as a financing vehicle for Volcan, will be viewed negatively and will also weigh on Vedanta's credit profile and rating," it said. On ...
Infosys shares plunge 4.5 pc; m-cap sinks Rs 13,125 cr
Shares of Infosys came under selling pressure today, tumbling 4.5 per cent and wiping out Rs 13,125 crore from its market valuation ahead of its June quarter earnings next week. The stock slumped 4.47 per cent to settle at Rs 1,284.50 on BSE. During the day, it tanked 5.63 per cent to Rs 1,268.85. The IT major was the worst hit among the 30 Sensex constituents. At NSE, shares of the company dropped 4.36 per cent to close at Rs 1,286.50. Led by the drop in the stock price, the company's market valuation plunged Rs 13,124.88 crore to Rs 2,80,551.12 crore. On the equity volume front, 4.57 lakh shares of the company were traded on BSE and over 85 lakh shares changed hands at NSE during the day.
FPIs turn net buyers
Net inflow of Rs 325.06 crore on 4 July 2018
Ind-Swift Laboratories intimates of fire accident at R&D Centre at Mohali
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8 out of 10 car purchases in India to be 'mobile influenced' by 2022, says FB-KPMG report
About 81 per cent of car purchases and 68 per cent of two-wheeler sales in the country are expected to be influenced by digital marketing, especially on mobile phones, by the year 2022, a report by Facebook and KPMG said today. Also, optimising the role of 'mobile' in the marketing media mix for automobile industry can help create a potential sales opportunity of over 3.6 million vehicles between brands by 2022, the report said. "(Potential) buyers are spending more time researching their vehicle purchases on their smartphones than at a dealership. This makes it imperative for automotive marketers to devise their strategies, keeping in mind that 'mobile' will be the engine that will drive their growth," Facebook India and South Asia Director Sandeep Bhushan said. He added that with insights from the report, the company intends to help automotive brands reduce friction in the consumer journey and suggest to them relevant mobile marketing strategies to offer seamless purchase ...
Singapore raises stamp duty, tightens housing loan limits
SINGAPORE (Reuters) - Singapore announced increases to its residential buyers' stamp duty for some categories and tightening of housing loan limits to cool the property market and keep price increases in line with economic fundamentals.
China says to deepen financial reforms, sees no sharp yuan fall
BEIJING (Reuters) - China will deepen financial sector reforms and fend off major risks in the economy, the banking and insurance regulator said on Thursday.
Asian cues, weak rupee depress key equity indices
Weak sentiments in the benchmark Asian markets subdued the key Indian equity indices on Thursday.
Zebra Technologies launches new mobile printer, RFID solution in India
Aiming to empower workers in the field, in the warehouse and on the retail floor with on-demand printing capabilities, Zebra Technologies, a global leader in providing solutions and services to enterprises, on Thursday launched a new mobile printer and radio-frequency identification (RFID) solution in India.
BoB raises lending rates by 5 bps
State-run Bank of Baroda today said it has raised its lending rates by five basis points across various tenures, effective July 7. The bank increased its one-year marginal cost of funds based lending rates (MCLR) to 8.50 per cent. The increase in the MCLR is attributed to higher cost of fund and rising interest rate scenario, the bank said in a statement today. The overnight, one month, three months and six months rates have been revised to 8 per cent, 8.05 per cent, 8.15 per cent and 8.35 per cent, respectively. Last month also the bank had increased its MCLR by five basis points for all the tenures. In its second bi-monthly monetary policy review, the Reserve Bank of India (RBI) on June 7 had hiked the repo rate by 0.25 per cent to 6.25 per cent, for the first time in over four years. Repo rate is the rate at which the RBI lends to other banks in case of any shortfall of funds. Following the RBI rate hike, many lenders increased their lending rates across various ...
Ambani 'bahu' makes debut at RIL AGM
Shloka Mehta, the to-be daughter-in-law of richest Indian Mukesh Ambani, today made a debut at the annual shareholder meeting of Reliance Industries, one of the most keenly watched affairs in corporate India. Mehta, 27, who just last week got engaged to Ambani's elder son Akash at a star-studded party, sat in the front row between her fiancee's younger brother Anant and his grandmother Kokilaben Ambani. She watched as Akash and his twin sister Isha demonstrated the company's latest offering, high-speed fiber broadband, and second-generation JioPhone. Ambani arrived for the 41st Annual General Meeting (AGM) with his wife Nita and Anant. Akash and Isha followed in a separate car. The Ambani family owns 47.48 per cent of the country's largest corporate entity. The AGM, however, was a restrained or transactional affair, with product launches, demos and future outlook being presented by Ambani, the chairman and managing director. Compared to the last AGM, where shrill cries on Jio, the ...
Singapore proposes fines on Grab, Uber, says merger harms competition
SINGAPORE (Reuters) - Singapore's anti-trust body proposed fines on ride-hailing firms Grab and Uber, provisionally finding that their merger had reduced competition and suggesting remedies such as the sale of their car-leasing businesses.
China warns U.S. is 'opening fire' on the world with tariff threats
BEIJING (Reuters) - The United States is "opening fire" on the world with its threatened tariffs, China warned on Thursday, saying no one wants a trade war but it will respond the instant U.S. measures go into effect, as Beijing ramped up the rhetoric in the heated dispute.
Apparel exports to decline by 10 per cent in FY19 due to GST
India's apparel exports downturn may continue and is expected to decline by overall 10 per cent in FY19, a senior industry official said here. In 2017-18 exports declined by 4 per cent to USD 16.7 billion. "Country's apparel exports have taken a beating from October 2017 onwards. The introduction of GST has resulted in non-refund of several embedded taxes. Consequently exports for the financial year 2017-18 declined by 4 per cent to USD 16.7 billion from 17.38 billion in the previous year," the Clothing Manufacturers Association of India (CMAI) president Rahul Mehta told reporters here. The downturn continued in FY 2018-19 with a month on month decline of 8-10 per cent and it is expected to witness overall decline by 10 per cent in FY19, Mehta said. The country exports nearly 70 per cent of cotton garments and 20 per cent jump in cotton prices in last few months has also hit exports severly, he said. The industry is having talks with the textile ministry and the ...
RIL shares fall nearly 3%; m-cap slumps Rs 15,699 cr
Shares of Reliance Industries fell by nearly 3 per cent on a day when Mukesh Ambani announced new offerings at the company's annual general meeting. The stock gave up early gains and ended 2.53 per cent lower at Rs 965 on BSE. During the day, it fell by 3 per cent to Rs 960.10. On NSE, shares of the company dropped 2.57 per cent to close at Rs 964.65. The company's market valuation also slumped by Rs 15,699.5 crore to Rs 6,11,462.50 crore. In terms of equity volume, 12.90 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day. Ambani today unveiled an ultra high-speed fixed line fibre broadband for homes and enterprises across 1,100 cities and announced plans for an e-commerce platform that may rival the likes of Amazon. The new offerings alongside the strengthening of the mainstay energy and petrochemicals business will help double size of oil-to-telecom conglomerate Reliance Industries to USD 125 billion by 2025, he told the ...
Sensex snaps 2-day winning run on trade turbulence; Infy, RIL tumble
Benchmarks reversed a two-session winning run to finish modestly lower today, reflecting losses across Asian peers ahead of imposition of additional US tariffs on Chinese exports. The BSE Sensex fell over 70.85 points to close at 35,574.55, while the Nifty shed 20.15 points to 10,749.75. Index heavyweight Reliance Industries slumped 2.53 per cent after the conglomerate's Chairman Mukesh Ambani unveiled a mega fixed-line broadband initiative, among other plans. However, Infosys was the biggest loser in the Sensex pack, sinking 4.47 per cent ahead of its June quarter earnings next week. Investors dialled down share purchases after a robust two-session upmove, while foreign capital outflows continue unabated, brokers said. Asian markets mostly ended lower as caution crept in ahead of the July 6 deadline for imposition of US tariffs on Chinese goods, posing risks of a wider flare-up of trade tensions. After opening higher, the 30-share Sensex quickly slipped into the red, largely in line .
Parag Milk Foods ties up with ColoPlus AB for 'colostrum'
Parag Milk Foods today said it has collaborated with Swedish firm ColoPlus AB for the technical know-how and patent of 'colostrum' for Asia, the Middle East and Africa to strengthen its health and nutrition portfolio. The company today also launched its first natural immunity booster called 'GO Colo Power' in the country. "This collaboration and the launch of GO Colo Power in the country will enable us to strengthen our offerings in the health and nutrition segment," Parag Milk Foods chairman Devendra Shah told PTI here. The country's health and immunity booster market is pegged at around Rs 3,000-3,500 crore and the company is planning to grab 7-9 per cent market share with the new product launch in the next three years, Shah said. Colostrum is the first, pre-milk fluid, from cow after the calf was born, which is rich in bovine immunoglobulin. The firm will first distribute it through e-commerce platform in eight metros and 40 tier II cities, and then will gradually ...
Bank of England's Carney boosts expectations for August rate hike
NEWCASTLE, England (Reuters) - Bank of England Governor Mark Carney on Thursday boosted expectations of an interest rate hike next month, saying he had become increasingly confident that the British economy's weak start to the year mostly reflected bad weather.
Stocks end with modest losses
Key benchmark indices settled with modest losses as gains in index heavyweight ITC helped cushion steep losses triggered by slide in index heavyweights Infosys and Reliance Industries. The barometer index, the S&P BSE Sensex, fell 70.85 points or 0.20% to settle at 35,574.55. The Nifty 50 index fell 20.15 points or 0.19% to settle at 10,749.75. IT stocks were mostly lower. Realty stocks dropped.
Tata Global Beverages to exit loss-making subsidiaries
Tata Global Beverages Ltd today said it would exit loss-making subsidiaries and focus on profitable ones that can be scaled up. The company, however, would have to maintain subsidiaries in certain locations, owing to legal issues, Chairman N Chandrasekaran told shareholders at the annual general meeting here. "The whole idea is to have subsidiaries which can be scaled up and are profitable," he said. "It is important to pick up growth rate and grow profitably. Growth in the domestic market is required. Mix of product portfolio is critical and is going to be a big focus for us," Chandrasekaran said. The growth, he said, could be either organic or inorganic. Tata Global Beverages' market share in the domestic tea market was 20 per cent, while it was three to four per cent for coffee. The company would make an investment of Rs 150 crore in addition to the ongoing capex of Rs 300 crore, he said. Regarding the Tata Starbucks outlets, he said that each store takes two to three