Page 3430 - Business Finance
Weak market breadth
Key benchmark indices extended fall and hit fresh intraday low in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 96.85 points or 0.27% at 35,393.19. The Nifty 50 index was down 48.05 points or 0.45% at 10,721.10. Small and Mid-Cap stocks dropped sharply. Capital goods stocks fell. Realty stocks declined.
Takeover target IWG warns on profit due to growing pains
LONDON (Reuters) - IWG, the London-listed serviced office provider at the centre of a takeover battle, downgraded its 2018 operating profit forecast by 15-20 million pounds on Wednesday, blaming the cost of opening new space and a weak performance in Britain.
Oil prices rise on U.S. push to shut out Iran, supply disruptions
SINGAPORE (Reuters) - Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after U.S. officials told importers to stop buying Iranian crude from November.
MEIL eyes foray into ports, airports & mining segments
Infrastructure firm Megha Engineering & Infrastructures Ltd (MEIL) has plans to foray into ports, railways, airports and mining segments, a top company official has said. The company currently has presence in irrigation, drinking water, hydrocarbons, power, solar power and transportation. "We want to get into all infra... even we want to go for ports, we want to go for railways, mining, and airports," MEIL Director B Srinivas Reddy told PTI. MEIL has completed 70 projects across different verticals in the 2017-18 work year, according to the company. Reddy said the company has touched a turnover of Rs 20,000 crore in 2017-18, and target for the current financial year is Rs 26,000 crore. The company has an order book of about Rs 72,000 crore, he said. MEIL has no immediate plans to go in for an IPO, he said. "Right now, we do not have any such ideas. Internally also, we have discussed it. But, of course, future, may be, we may go, depending on the funds requirement. ...
Guar gum futures spurt by Rs 122 per quintal
Amid a firm trend at the physical markets, guar gum prices shot up by Rs 122 to Rs 7,630 per quintal in futures trade today as participants widened their bets. Marketmen said raising of bets by participants, tracking a firm trend at the spot markets on export demand and thin supplies of guar seed from growing belts, led to the rise in guar gum prices at futures trade here. At the National Commodity and Derivatives Exchange, guar gum for delivery in July hardened by Rs 122 or 1.62 per cent to Rs 7,630 per quintal, clocking an open interest of 43,305 lots. Guar gum for delivery in far-month August also surged by Rs 113 or 1.44 per cent to Rs 7,958 per quintal, in an open interest of 19,305 lots.
Crude palm oil futures rise by 0.55 pc on good demand
Crude palm oil prices were up by 0.55 per cent to Rs 634.50 per 10 kg in futures trade today as speculators indulged in enlarging positions, driven by a firm demand at the spot market. Besides, a firming trend in overseas markets supported the uptrend. At the Multi Commodity Exchange, crude palm oil for July rose by Rs 3.50 or 0.55 per cent to Rs 634.50 per 10 kg in a business turnover of 293 lots. Similarly, the oil for delivery in the current month went up by Rs 2.20 or 0.34 per cent to Rs 642.40 per 10 kg in 297 lots. Analysts said widening of positions by participants, tracking rising demand in the spot market against tight stocks position on restricted supplies from producing regions mainly kept crude palm oil prices higher at futures trade.
Barley futures slip on weak spot cues
Barley prices drifted lower by Rs 14 to Rs 1,481 per quintal in futures trade today as traders cut down their holdings in line with subdued physical markets. Marketmen said the fall in barley prices at futures market was mostly attributed to a weak trend at the physical markets due to ample stocks on increased arrivals from producing belts amid slackness in demand from beer-making industries. At the National Commodity and Derivatives Exchange, barley for the most-traded delivery in August dropped by Rs 14 or 0.94 per cent to Rs 1,481 per quintal, with an open interest of 8,000 lots. Similarly, the delivery of the July fell by Rs 11 or 0.74 per cent to Rs 1,470 per quintal, with the business turnover of 7,810 open lots.
HCL Tech firms up after acquisition
HCL Technologies rose 1.32% to Rs 921.30 at 11:57 IST on BSE after the company said it signed a definitive agreement to acquire Germany-based IT and engineering services provider, H&D International Group.
HCL acquires Germany-based IT service provider
HCL Technologies on Wednesday announced the aquisition of Germany-based IT and engineering services provider H&D International Group for an undisclosed sum.
India 4th as web attacks on the rise globally: Report
India ranked fourth in the list of top 10 target countries for Web Application Attacks as bot-driven abuse and distributed denial of service (DDoS) attacks continued to rise from November 2017 till April this year, Cloud delivery network provider Akamai Technologies said on Wednesday.
Rising demand lifts chana futures by 0.95 pc
Chana prices went up by 0.95 per cent to Rs 3,493 per quintal in futures trade today as participants enlarged positions, driven by rising demand in the spot market. At the National Commodity and Derivatives Exchange, chana for delivery in far-month August moved up by Rs 33, or 0.95 per cent, to Rs 3,493 per quintal with an open interest of 57,390 lots. On similar lines, the commodity for delivery in July was trading higher by Rs 30, or 0.87 per cent, to Rs 3,453 per quintal in 88,210 lots. Analysts said widening of positions by traders following rising demand in the spot market against restricted supplies from producing regions mainly led to the rise in chana prices at futures trade.
Global Markets: Asia shares sideswiped by China skid, oil extends gains
SYDNEY (Reuters) - Asian share markets were under stress on Wednesday as further falls in Chinese stocks and the yuan sent ripples across the region, while oil climbed as the United States leaned on allies to stop buying Iranian crude.
Oil rises on supply disruptions, U.S. push to shut out Iran
SINGAPORE (Reuters) - Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after U.S. officials told importers to stop buying Iranian crude from November.
Trade war or not, China Inc already reining in American brands
SHANGHAI (Reuters) - As Beijing and Washington veer towards a full-blown trade war, American brands in China face what may be an even bigger threat: local rivals armed with innovative products and the Chinese government's blessing.
Asian units slip as trade rift moves awaited; rupee falls most
(Reuters) - Most Asian currencies edged down on Wednesday as investors waited to see the next development in the trade tussle involving the United States and China.
Vegoils: Palm oil gains on weaker ringgit, tracking Dalian oils
KUALA LUMPUR (Reuters) - Malaysian palm oil futures rose in early trade on Wednesday, supported by a weaker ringgit and stronger related oils on China's Dalian Commodity Exchange (DCE).
JSW Steel to expand steel manufacturing capacity at JSW Vijayanagar Works
With capital investment of Rs 7500 crore
EID Parry (India) Ltd leads gainers in 'A' group
Vakrangee Ltd, Jai Corp Ltd, Cyient Ltd and Tech Mahindra Ltd are among the other gainers in the BSE's 'A' group today, 27 June 2018.
Wheat up by 0.44% on speculative buying
Wheat prices were up by 0.44 per cent to Rs 1,840 per quintal in futures trade today as speculators built up fresh positions. At the National Commodity and Derivatives Exchange, wheat for delivery in far-month August edged up by Rs 8, or 0.44 per cent to Rs 1,840 per quintal with an open interest of 1,590 lots. Similarly, the wheat for delivery in July contracts was trading higher by Rs 5, or 0.28 per cent to Rs 1,822 per quintal in 8,760 lots. Analysts said fresh positions created by traders due to pick-up in demand in the physical market and a pause in arrivals from producing belts, mainly helped wheat prices to trade higher at futures trade.
IDAP starts fund raising to launch derivatives platform for Crypto Assets
Indian Fintech startup, IDAP Global has initiated raising capital for its pilot project, idap.io, the first complete derivatives ecosystem for crypto assets. IDAP is doing an Initial Coin Offering (ICO), joining startups that have bypassed traditional funding in favor of the Kickstarter style crowd-funding powered by cryptocurrencies and blockchain.With its diverse product offerings and a major focus on crypto-based derivatives, idap.io is on the cusp of tapping into a multi-billion-dollar market. At present, only a handful of exchanges across the world offer crypto derivatives for trading. Besides, the products offered are severely limited and available only for one or two major virtual coins like Bitcoin and Ethereum. However, idap.io will provide a consolidated marketplace for a wide variety of crypto derivatives for multiple top coins and tokens.The idap.io project is a global endeavor, powered by a team of founding members who are engineers turned traders who made the switch to ..