Page 3353 - Business Finance
Nickel futures edge up on spot demand
Nickel prices edged higher by 0.28 per cent to Rs 973.60 per kg in futures trade today as speculators raised their bets, supported by uptick in demand at the domestic spot market. At the Multi Commodity Exchange, nickel for delivery in July edged higher by Rs 2.70, or 0.28 per cent to Rs 973.60 per kg in a business turnover of 7564 lots. Similarly, the metal for delivery in August contracts was up by Rs 2.50, or 0.26 per cent to Rs 977.60 per kg in 143 lots. Analysts said widening of positions by participants due to upsurge in demand from alloy-makers in the physical markets, mainly led to the rise in nickel prices at futures trade.
Telecom shares decline
Key indices were range bound near the day's low in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 94.12 points or 0.26% at 35,551.28. The Nifty 50 index was down 29.90 points or 0.28% at 10,740. Investors were cautious ahead of a deadline when tariffs from the US and China are due to be enforced.
Breadth turns negative
Key barometers declined and hit fresh intraday low in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was down 81.26 points or 0.23% at 35,564.14. The Nifty 50 index was down 25.55 points or 0.24% at 10,744.35. Investors were cautious ahead of a deadline when tariffs from the US and China are due to be enforced.
Banaras Beads Ltd leads gainers in 'B' group
Shree Rama Newsprint Ltd, Bannari Amman Spinning Mills Ltd, Raj Television Network Ltd and Kavveri Telecom Products Ltd are among the other gainers in the BSE's 'B' group today, 05 July 2018.
Zuari Agro seeks shareholders' nod to raise up to Rs 755 cr for revamp project
Zuari Agro Chemicals has sought shareholders' nod to raise up to Rs 755 crore through various modes to mainly fund revamp of its ammonia-urea plants. It proposes to raise 32 million Euro (approx Rs 255 crore) by Foreign Currency Convertible Bonds (FCCBs) to support the revamp project. The company said it plans to raise up to Rs 500 crore by issuing Compulsory Convertible Debentures (CCDs) via rights issue to existing investors for the revamp and general corporate purposes. "The company is in process of implementing the integrated revamp of ammonia-urea-steam, power generation facilities...at an investment of Rs 1,387 crore," Zuari Agro said in a postal ballot notice to shareholders. Last year, Zuari Agro announced plans for revamp of ammonia-urea plants at a cost of over Rs 1,300 crore. Zuari Agro has an integrated facility in Goa with an annual installed capacity of 9,46,000 tonne of fertilisers. The entire manufacturing facility comprises four separate plants, namely ammonia, urea,
German industrial orders jump in May, but backdrop risky
BERLIN (Reuters) - German industrial orders bounced back in May with a stronger-than-expected jump after four consecutive monthly drops, data showed on Thursday, as demand from domestic customers and the rest of the euro zone picked up.
Gold futures weaken by 0.12% on global cues
Gold prices shed 0.12 per cent to Rs 30,578 per 10 grams in futures trade today as participants trimmed positions, tracking a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in August declined by Rs 36, or 0.12 per cent, to Rs 30,578 per ten gram in business turnover of 777 lots. Likewise, the yellow metal for delivery in October contract was trading lower by Rs 21, or 0.07 per cent, to Rs 30,865 per ten gram in 7 lots. Analysts said the slide in gold futures was mostly in tune with a weak trend overseas. Markets also awaited minutes from the US Federal Reserve's June policy meeting later in day. Meanwhile, gold fell 0.23 per cent to USD 1,253.60 an ounce in Singapore.
Reliance Brands picks 12.5% stake in luxury apparel firm Future101
Reliance Brands has acquired 12.5 per cent stake in luxury apparel firm Future101 Design for Rs 9.50 crore. In a BSE filing, Reliance Industries said, "Reliance Brands, a subsidiary of the company, has purchased 12.5 per cent equity stake in Future101 Design Pvt Ltd (Future101) for Rs 9.50 crore". The acquisition of minority stake is in the nature of strategic investment, it added. Future101 is engaged in manufacturing, distribution and sale of luxury apparels in India. "Future101 belongs to a similar industry as Reliance Brands. We expect growth in this sector and value creation from this investment," the company said. Future101 reported an annual turnover of Rs 22.18 crore in 2017-18.
RIL becomes India's largest tax payer in the private sector
Reliance Industries Chairman Mukesh Ambani on Thursday said that Reliance is India's largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector.Speaking at the Reliance Industries' 41st Annual General Meeting, Mukesh Ambani highlighted that Jio's subscribers grew from 124 million at the end of last year to 210 million at the end of FY18."Jio and retail's share in overall EBITDA from 2 percent to 13 percent," he said while adding that Jio is now India's most widespread mobile network that has a larger reach than even the 2G players.Talking about the unprecedented growth, Ambani said that Jio is committed to making India one of the top 5 fixed broadband countries in the world.Calling Jio as India's only mobile video network, Mukesh Ambani announced that there are more than 25 million JioPhone users in India.RIL's consolidated net profit for the fourth-quarter (January-March) of fiscal 2017-18 stood at Rs 9,435 crore, up by 17.3 percent ..
Infosys, Tata Motors lead Nifty lower amid U.S. tariff overhang
(Reuters) - Indian shares were marginally lower on Thursday with big names such as Infosys Ltd and Tata Motors Ltd losing ground while a looming deadline for imposition of U.S. tariffs on China played on investors' minds.
Japan's Taiyo Nippon to buy some Praxair European assets for $5.9 billion
TOKYO (Reuters) - Taiyo Nippon Sanso Corp said on Thursday it had agreed to buy part of the European businesses of Praxair Inc for 5 billion euros ($5.9 billion) in a move aimed at boosting its global competitiveness.
IL&FS Transportation Networks Ltd leads gainers in 'A' group
Gati Ltd, CESC Ltd, Future Lifestyle Fashions Ltd and Firstsource Solutions Ltd are among the other gainers in the BSE's 'A' group today, 05 July 2018.
Crude palm oil sheds 0.19% on low demand
Crude palm oil prices drifted lower by 0.19 per cent to Rs 624 per 10 kg in futures market today as speculators cut exposure, driven by easing demand at the spot market. Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in August was trading down by Rs 1.20, or 0.19 per cent, at Rs 624 per 10 kg in a business turnover of 95 lots. Likewise, the oil for delivery in July shed Rs 1.10, or 0.17 per cent, to Rs 627.10 per 10 kg in 103 lots. Analysts said off-loading 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.
Kirloskar Brothers update on license of trademark
Such assignments were made by the Company to KPL through various agreements, the first of which was entered into in 1967, on the understanding that KPL would license the Trademark back to the Company. KPL had accordingly, from time to time, entered into various user agreements with KBL, granting KBL the license/ right to use the Trademark with respect to certain products which KBL was manufacturing.
Reliance unveils fibre broadband service
MUMBAI (Reuters) - Indian oil-to-telecoms conglomerate Reliance Industries unveiled a new fibre broadband system across 1,100 cities on Thursday, stepping up its push on internet services.
Subscribers doubled 215 mn in 22 months, JioPhone users stand at 25 mn: Mukesh Ambani
Reliance Jio has doubled its subscriber base to 215 million in 22 months, Reliance Industries' (RIL) Chairman & Managing Director Mukesh D. Ambani said here on Thurday.
China push to end reliance on US tech at trade fight's core
Fears that China is threatening US technology leadership in robots, electric cars and other advanced technologies are pushing the world's two biggest economies toward a full-blown trade war as the two sides prepare to impose tariffs Friday on billions of dollars' worth of each other's products. In fact, China remains heavily reliant on technologies from the West. Tech giant ZTE Corporation's near-death experience after Washington barred it from buying US components was a stark reminder that China's industry leaders cannot function without American technology. ZTE's chairman warned that the ban imposed in April over its exports to Iran and North Korea might destroy China's No. 2 maker of network gear. To regain access, the company agreed to a USD 1 billion fine and to replace its executive team. ZTE is far from alone. China assembles some 90 per cent of the world's smartphones, computers and other electronics. But most of the revenue flows to American companies that supply computer ...
Vegoils: Palm oil extends losses over China-U.S. tariff threats
KUALA LUMPUR (Reuters) - Malaysian palm oil futures were poised for a third straight session of declines on Thursday, as traders took a cautious stance over mounting China-U.S. trade war friction and on the lack of bullish news.
Ghost ships no more: Explorers resume oil, gas search as prices perk up
SINGAPORE (Reuters) - A growing fleet of ships is scanning oceans in search of new oil and gas fields as energy companies, now with more cash thanks to stronger crude prices, gradually resume spending on seismic services after a four-year downturn.
Zinc futures soften by 0.35% on global cues
Zinc prices declined by 0.35 per cent to Rs 187.30 per kg in futures trade today as speculators cut their bets amid weak trend overseas. At the Multi Commodity Exchange, zinc for delivery in August fell by 65 paise or 0.35 per cent to Rs 187.05 per kg in business turnover of 20 lots. Similarly, the metal for delivery in July contract shed 50 paise or 0.27 per cent to Rs 187.30 per kg in 1,257 lots. Analysts attributed the slide in zinc prices at futures trade to a weak trend overseas as speculators stepped up selling ahead of new trade tariffs on goods from China and the US which could dampen demand for industrial metals. Globally, zinc for delivery in three month tumbled 3.2 per cent to finish at USD 2,700 a tonne, the lowest since June last year on the London Metal Exchange yesterday.