Page 336 - Business Finance
IHCL ties up with Singapore's GIC to invest Rs 4,000 cr in hotel acquisitions
Tata Group's hospitality arm IHCL Friday said it has tied up with Singapore's sovereign wealth fund GIC to invest Rs 4,000 crore to acquire hotels. The Indian Hotels Company (IHCL) will put in 30 per cent equity in every such acquisition, while the rest will come from GIC, according to an official statement. Investments will be done over the next three years and the joint platform will look at potential hotel assets in India, it said, adding fully operational hotels in the luxury, upper upscale and upscale segments in India. "This collaboration is in line with Aspiration 2022 and our vision to scale up, create greater enterprise value and make IHCL South Asia's most iconic and profitable hospitality company," IHCL's managing director and chief executive Puneet Chhatwal said. The company, which runs hospitality brands including Taj, Vivanta and Ginger expects to acquire strategic and marquee assets that need new ownership, branding and positioning through the platform, he said. Each ...
Short covering buoys equity market; auto stocks rise
Short covering ahead of exit polls for general elections pushed the key Indian equity indices higher during Friday's mid-afternoon session.
Mahindra, Tata attract farmers at Africa's biggest agricultural expo
India's automobile majors, Mahindra and Tata, made their presence felt at Africa's biggest annual agricultural expo with their new range of products useful for farming and construction. Hundreds of farmers from across the continent flocked the four-day Nampo Agricultural Trade Show in Bothaville in South Africa (NAMPO) that ended on Friday. Mahindra and Tata, who have been taking part in the event for some time now, were among the 800 exhibitors that showcased their products during the expo. Mahindra South Africa's new range of tractors and farming implements, which were unveiled recently, were on display for the first time at the exhibition. The company also showcased its full range of products, including generators, PikUps, SUVs and construction equipment. With the PikUp now locally manufactured, we are able to develop special edition models that fit our customers' tastes, while still keeping our affordable prices, Rajesh Gupta, CEO of Mahindra South Africa, said. It is very fitting
Radha Madhav Corporation Ltd leads losers in 'B' group
Sastasundar Ventures Ltd, Manaksia Aluminium Company Ltd, L T Foods Ltd and Arvind Fashions Ltd are among the other losers in the BSE's 'B' group today, 17 May 2019.
Volumes spurt at Chambal Fertilisers & Chemicals Ltd counter
Chambal Fertilisers & Chemicals Ltd registered volume of 29.35 lakh shares by 14:19 IST on NSE, a 11.49 fold spurt over two-week average daily volume of 2.55 lakh shares
Aluminium futures slip 0.03% on muted demand
Aluminium prices softened 0.03 per cent to Rs 150.35 per kg in futures trade Friday as speculators cut bets amid subdued demand at the domestic spot market. At the Multi Commodity Exchange, aluminium for delivery in May contracts eased by 4 paise, or 0.03 per cent, to Rs 150.35 per kg in a business turnover of 1,609 lots. Similarly, the metal for delivery in June contracts was trading lower by 15 paise, or 0.1 per cent, to Rs 150.90 per kg in 1,112 lots. Analysts said offloading of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on aluminium prices.
Nickel futures fall 0.09% on muted demand
Nickel prices fell 0.09 per cent to Rs 849.90 per kg Friday after traders trimmed their holdings amid easing demand at the spot market. On the Multi Commodity Exchange, nickel for the May contracts was trading lower by Rs 6.80, or 0.09 per cent, at Rs 849.90 per kg in a business volume of 10,650 lots. Marketmen said, offloading of positions by participants due to muted demand from alloy makers at the spot market weighed on prices here.
British Steel says secures liquidity lifeline
British Steel said Friday it has secured the "required liquidity" from owners and lenders to avoid its collapse, as the troubled steelmaker battles "significant" Brexit strains and sector turmoil. "British Steel has the backing of its key stakeholders, including shareholders and lenders, and operations continue as normal," a company spokeswoman said. "As the business navigates the significant uncertainties caused by Brexit, and explores options to strengthen the business for the long term, we are pleased to confirm that we have the required liquidity while we work towards a permanent solution. "We are grateful for the support that our stakeholders and the British government have provided to date." British Steel had stated Tuesday that it was seeking more state support to help ensure its survival -- but the UK government has refused extra funds, according to the BBC. A collapse of British Steel would have sparked the loss of up to 5,000 jobs at the group's sprawling steelworks in ...
RICS to bring Leadership events in CRE and FM sectors with Colliers International
Royal Institution of Chartered Surveyors (RICS) recently set-up a Leadership Forum on Corporate Real Estate and Facility Management, to create a collaborative and participative platform that will aid in steering and leading the dialogue on key issues related to the sector and its professionals.Forum members comprise of senior industry professionals, who are experts and leaders in their respective field and can help provide the organisation with sound business advice and bring fresh ideas, in order for RICS to be an 'advocate of change' and address key industry issues, leverage important relationships and embed standards at the very heart of the sector.As part of this framework, 'Colliers International' will be Knowledge Partner for the key leadership forums and a large industry conference that RICS plans to organise this year in the CRE and FM sector.These events will take place across Delhi, Mumbai, and Bengaluru. The partnership with Colliers will aid in highlighting the importance .
Zinc futures shed 0.85% on profit-booking
Zinc futures Friday fell 0.85 per cent to Rs 215.35 per kg as speculators booked profits tracking a weak trend in the spot market. At the Multi commodity Exchange, zinc for delivery in May contracts eased by Rs 1.85, or 0.85 per cent, to Rs 215.35 per kg in a business turnover of 4,545 lots. The metal for delivery in June contracts also fell by Rs 1.80, or 0.84 per cent, to Rs 212 per kg in 611 lots. Marketmen said, trimming of positions by participants to book profits amid low demand in the spot market mainly exerted pressure on zinc prices.
Appointment of R Gandhi as additional director a positive move: Yes Bank
Yes Bank Friday said appointment of former RBI Deputy Governor R Gandhi as an additional director on its board is a positive move which will not impede smooth functioning at the private sector lender. Welcoming the appointment in a statement, the city-headquartered bank said the appointment is "very positive and constructive measure" to strengthen the board. It added the Reserve Bank of India (RBI) is supportive of a "strong and successful" Yes Bank. It can be noted that there are very few precedents of such action by RBI in the private sector bank space and none in the new-age private sector banks. The Yes Bank scrip took a beating since the appointment of Gandhi, but was trading 0.40 per cent up at Rs 138.35 a piece at 1310 hrs Friday. "We warmly welcome the appointment of R Gandhi to the Board of Yes Bank by RBI under Section 36AB of the Banking Regulation Act, 1949. This is a very positive and constructive measure aimed at further strengthening the Board," a bank statement ...
Copper futures fall 0.7% on profit-booking
Copper prices traded lower 0.7 per cent to Rs 425.40 per kg in futures market Friday as speculators reduced their positions on low demand. On the Multi Commodity Exchange, copper for delivery in June contracts shed Rs 3, or 0.7 per cent, to Rs 425.40 per kg in a business turnover of 18,254 lots. Analysts said participants reduced their holdings to book-profits at current levels amid weak demand at the spot market.
Syndicate Bank extends losses
Syndicate Bank is quoting at Rs 32, down 1.54% on the day as on 13:24 IST on the NSE. The stock tumbled 26.1% in last one year as compared to a 7.06% rally in NIFTY and a 9.62% spurt in the Nifty PSU Bank index.
Australia Market extends gains to third day
The local market extended gains for third day in row as investor sentiment was lifted by robust economic data released from the United States overnight and as concerns over the US-China trade war receded slightly. Excessive worries over the US-China trade war that sent stocks sharply lower earlier this week are receding, with the assumption that any actual punitive measures would come in late June or later.
Japan Market gains on solid U.S. data, yen's softer tone
Total 30 issues of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Oil & Coal Products, Information & Communication, Mining, Services, Marine Transportation, and Glass & Ceramics Products issues being notable gainers. .
L&T Finance Holdings allots 1.45 crore CRPS on private placement basis
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Indian Hotels Co enters into strategic partnership with Government of Singapore Investment Corporation (GIC)
Key Highlights of the framework are:
Hathway Cable & Datacom Ltd eases for fifth straight session
Hathway Cable & Datacom Ltd is quoting at Rs 25.15, down 1.37% on the day as on 13:23 IST on the NSE. The stock tumbled 38.56% in last one year as compared to a 7.06% rally in NIFTY and a 33.35% fall in the Nifty Media index.
Apollo Tyres Ltd slips for fifth straight session
Apollo Tyres Ltd is quoting at Rs 175.7, down 0.2% on the day as on 13:24 IST on the NSE. The stock tumbled 38.56% in last one year as compared to a 7.06% rally in NIFTY and a 27.2% fall in the Nifty Auto index.
Open to addressing US security concerns: Huawei
Facing a ban on doing business with American suppliers, Chinese telecom giant Huawei has said that it is still open to addressing US security concerns.