Page 3440 - Business Finance
Castor seed futures recover on spot demand
Castor seed prices bounced back by Rs 30 to Rs 4,204 per quintal in futures trade today after participants created fresh positions, tracking a firm trend at the spot market on rising demand. At the National Commodity and Derivatives Exchange, castor seed to be delivered in August contracts improved by Rs 30, or 0.72 per cent, to Rs 4,204 per quintal with an open interest of 31,960 lots. Castor seed for delivery in July also rose by Rs 24, or 0.58 per cent, to Rs 4,157 per quintal with an open interest of 87,810 lots. The recovery in castor seed prices at futures market was mostly attributed to building up of fresh positions, triggered by a better trend at the spot markets on the back of increased demand from soap, paint and other consuming industries against pause in supplies from growing belts.
BJP involved in power scam in Arunachal Pradesh, says APCC chief
Itanagar (Arunachal Pradesh) [India], June 26 (ANI): Accusing the Bharatiya Janata Party (BJP) government of committing one after another scam unchecked, APCC president Takam Sanjoy alleged that another such scam is in offing and would surface soon.Navayuga Engineering, operator of Krishnapatnam Port, along with Sikkim Power Investment Corporation (SPIC) have submitted binding bids for 15,000-crore planned hydro power project in Arunachal Pradesh that is undergoing insolvency proceedings, Sanjoy told ANI in an exclusive interview here today quoting report of a national daily.The former MP further claimed that "1,750-mw project awarded by the GoAP to Athena Energy Ventures (AEV) on a 40-year concession has been stalled due to incomplete forest clearances and insufficient funds, he claimed. The AEV owes Rs 550 crore to Indian Bank and Corporation Bank as working capital dues that the lenders were unable to recover from the former."Navayuga's bid is pegged at Rs 300 crore, sources ...
Oil markets tense amid outages, OPEC policy and escalating trade rows
SINGAPORE (Reuters) - Oil markets were tense on Tuesday, rising on a Canadian production outage and uncertainty over Libyan crude exports, but weighed down by climbing OPEC supplies and the intensifying trade conflict between the United States and other major economies.
Jeera futures edge higher 0.77% on pick-up in demand
Jeera prices firmed up by 0.77 per cent to Rs 17,640 per quintal in futures trade today as speculators created fresh positions, driven by pick up in demand from stockists. Besides, tight stock positions following restricted arrivals from the growing regions fuelled the uptrend. At the National Commodity and Derivatives Exchange, jeera for delivery in far-month August contract rose by Rs 135, or 0.77 per cent, to Rs 17,640 per quintal, with an open interest of 1,281 lots. Likewise, contract for July was increased by Rs 125, or 0.72 per cent, to Rs 17,440 per quintal, as the open interest of contract stood at 5,307 lots. Traders said speculative positions built up by participants amid rising domestic as well as export demand led to the rise in jeera prices.
Piramal subsidiary sells stake in PISA to UK's Alliance Medical Acquisitionco
Piramal Enterprises today said it subsidiary has divested its entire stake in Piramal Imaging SA (PISA) to UK's Alliance Medical Acquisitionco. "On June 25, 2018, Piramal Holdings (Suisse) SA (a wholly-owned subsidiary of Piramal Enterprises Ltd) has entered into a definitive agreement thereby divesting its entire stake in Piramal Imaging SA (PISA), its subsidiary, to Alliance Medical Acquisitionco (Alliance)" Piramal Enterprises said in a BSE filing. The company said, total consideration for this sale is base consideration of USD 1 plus USD 1,177,682 towards working capital adjustment on completion of the sale, plus deferred consideration which would be contingent on future profits over a period not exceeding 10 years from the date of completion of the transaction. Consequent to the divestment, Piramal Imaging and Piramal Imaging GmbH, wholly-owned subsidiaries of PISA will also become subsidiaries of Alliance and cease to be step-down subsidiaries of Piramal Enterprises, it ...
No spike in inflation due to rising crude prices: Modi
The rising crude prices have not resulted in a spike in inflation and the macroeconomic fundamentals of the country remain strong, Prime Minister Narendra Modi said here today. Addressing the third annual meeting of the governors of the Asian Infrastructure Investment Bank (AIIB), Modi also said the BJP-led government is committed to fiscal consolidation. "Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range," he said. The government is firmly committed to the path of fiscal consolidation, he said, adding the government debt as percentage of GDP is consistently declining. "India has achieved a rating upgrade after a long wait," Modi said, adding India has emerged as a "bright spot" in global economy, driving global growth with a USD 2.6-trillion GDP, that is expected to grow at 7.4 per cent this year. "The external sector remains .
JMC Projects bags orders worth Rs 1,966 crore
Civil engineering and EPC firm JMC Projects (India) today said it had secured orders worth Rs 1,966 crore in the domestic market. "JMC-led consortium has secured two turnkey projects under the Micro Lift Irrigation Scheme worth Rs 2,650 crore from Narmada Valley Development Authority (NVDA) in Madhya Pradesh. The share of JMC in these projects is around Rs 1,600 crore," JMC Projects said in a regulatory filing. The company said it has also bagged an order for construction of township for National Mineral Development Corporation (NMDC) for approx Rs 366 crore in Chhattisgarh JMC Projects (India) is an arm of Kalpataru Power Transmission. Shares of JMC Projects were trading 2.86 per cent up at Rs 540 apiece on BSE.
Cottonseed oil cake futures rise on short covering
Cottonseed oil cake prices went up by Rs 14 to Rs 1,511 per quintal in futures trade today as traders accumulated fresh positions, driven by a firming trend at the physical market. Marketmen said building up of fresh positions by participants, tracking a better trend at the spot markets on the back of pick-up in demand from animal feed makers amid tight stocks due to pause in supplies led to the rise in cottonseed oil cake prices in futures trade. At the National Commodity and Derivatives Exchange, cottonseed oil cake for the most-traded delivery in July contract recovered by Rs 14 or 0.94 per cent to Rs 1,511 per quintal, with an open interest of 1,46,390 lots. Similarly, the delivery in August gained Rs 11.50 or 0.75 per cent to Rs 1,553.50 per quintal, with an open interest of 54,180 lots.
WB govt takes steps to boost banking services in rural areas
With an aim to extend banking services in rural areas, the state government has decided to develop around 2600 deposit mobilising Primary Agriculture Cooperative Sector (PACS) as customer service points, based on the recommendations by a state-level monitoring panel. A statement issued by the monitoring panel for cooperative sector has said the initiative to upgrade the PACS has to be taken up by the district or state cooperative banks by digitally connecting the customer service points with the core banking solution of cooperative banks. The panel, formed this January under the chairmanship of chief secretary Malay Dey, has secretaries of finance cooperation, panchayats and rural development departments as members. "Work has already been initiated in 1133 PACS. The entire project will be completed by the end of financial year 2019-20," the release said. The district and state cooperative banks should open full-fledged bank branches wherever possible in the "unbanked" ..
Avanti Feeds Ltd leads gainers in 'A' group
PC Jeweller Ltd, GlaxoSmithkline Consumer Healthcare Ltd, Info Edge (India) Ltd and Astral Poly Technik Ltd are among the other gainers in the BSE's 'A' group today, 26 June 2018.
Info Edge jumps after agreement with SoftBank for joint investment
Info Edge (India) rose 5.05% to Rs 1235 at 11:50 IST on BSE after the company said it has signed an agreement with SoftBank to jointly invest $90 million in the parent of PolicyBazaar.
Cement stocks advance
Key benchmark indices extended gains and hit intraday high in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 74.81 points or 0.21% at 35,545.16. The Nifty 50 index was up 22.20 points or 0.21% at 10,784.65. Cement stocks advanced. Telecom stocks saw mixed trend.
Coriander futures up 1.27 pc on spot demand, tight supplies
Coriander prices climbed 1.27 per cent to Rs 4,690 per quintal in futures trade today as participants enlarged their positions amid rising spot demand. Further, tight supplies from major producing belts fuelled the uptrend. At the National Commodity and Derivatives Exchange, coriander for far-month August delivery rose by Rs 60, or 1.27 per cent, to Rs 4,690 per quintal, with an open interest of 8,270 lots. On similar lines, the contract for this month was trading higher by Rs 56, or 1.22 per cent, to Rs 4,625 per quintal, with an open interest of 30,010 lots. Market analysts attributed the rise in coriander futures to upsurge in demand in the physical market against adequate stocks position on fall in supplies from producing regions.
Sensex inches higher; ITC, HDFC lead gains
(Reuters) - Indian shares edged higher on Tuesday, unfazed by falls in Asia, led by gains in index heavyweights such as ITC Ltd and Housing Development Finance Corp (HDFC).
Mentha oil futures spurt 1.94 pc on pick-up in demand
Mentha oil prices jumped 1.94 per cent to Rs 1,182.50 per kg in futures market today as participants raised their bets, taking positive cues from the spot market on pick-up in demand from consuming industries. Restricted supplies from the major producing belts of Chandausi in Uttar Pradesh also supported the uptrend. At the Multi Commodity Exchange, mentha oil for delivery in the current month contract was higher by Rs 22.50, or 1.94 per cent, to Rs 1,182.50 per kg, clocking a business volume of 135 lots. The oil for July delivery was trading higher by Rs 18.90, or 1.59 per cent to Rs 1,201.20 per kg, with a trading volume of 308 lots. Marketmen said raising of bets by speculators, driven by surging demand from consuming industries at the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
Balmer Lawrie & Company announces board meeting date
On 7 July 2018
Sensex up 86 points in late morning deals
The BSE Sensex recovered from its weak start to trade 86.22 points higher in late morning trade today on buying in FMCG, telecom, IT, consumer durables and metal sectors amid weak Asian cues. Investors remained cautious on escalating trade tensions between the US and other leading economies, including the EU, China and India. Selling was witnessed in energy, industrials, healthcare and power stocks. The 30-share index was trading at 35,556.57, showing a gain of 86.22 points, or 0.24 per cent at 1105 hrs. The broader Nifty-50 index was trading lower by 24.70 points, or 0.23 per cent, at 10,787.15. Major gainers were Coal India 3.05 per cent, Bharti Airtel 1.47 per cent, HDFC 1.44 per cent, ITC 1.01 per cent and Asian Paints 0.95 per cent. Losers included Tata Motors 2.24 per cent, ICICI Bank 1.47 per cent, RIL 1.36 per cent and Tata Motors 0.92 per cent. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 198.68 crore on net basis, while domestic institutional ...
Big losses at Wall Street
Stocks sell off amid trade tensions
Future Group signs JV agreements with Generali Group
To increase Generali's stake in insurance ventures in India from 25.5% to 49%
Generali Group to raise its stake in Indian insurance joint ventures to 49 pc
Italy's Generali Group will raise its stake in Indian insurance joint ventures -- Future Generali India Life Insurance Company and Future Generali India Insurance Company -- to 49 per cent from 25.5 per cent at present. In a regulatory filing, Kishore Biyani-led Future Enterprises said it has entered into amended and restated joint venture agreements pertaining to its insurance JVs with Generali Group. Future Enterprises said the purpose of entering into the agreement is "to increase Generali's stake in insurance ventures...to 49 per cent from present 25.5 per cent subject to necessary regulatory and statutory approvals." In a joint statement, Generali Group said the agreement to increase its stake in the India insurance joint ventures "underscores its commitment to growing its presence in the local insurance market". "Through this transaction Generali has committed up to approximately Euro 120 million (approx Rs 958.79 crore) to the partnership which will continue to leverage the ...