Page 3460 - Business Finance
Gold claws higher on weak dollar, but more downside seen
LONDON (Reuters) - Gold prices edged up from six-month lows on Friday as the dollar slipped, but the modest nature of the recovery suggested speculators might still be poised to punish the metal further.
Oil up over 2 percent as OPEC raises output modestly
LONDON (Reuters) - Oil prices rose sharply on Friday as OPEC agreed a modest increase in output to compensate for losses in production at a time of rising global demand.
Electricity duty hiked in rural areas in Pb
The Punjab government has hiked rate of electricity duty by two per cent for all category of consumers in rural areas. The rate has been enhanced from 13 to 15 per cent with effect from April 1, 2018, on the power supplied by the Punjab State Power Corporation Limited (PSPCL), an official statement said. The opposition SAD condemned the "inhuman burden being put on the common man with repeated hikes in power tariff and duties," even as it demanded roll back of the hike. Former finance minister Parminder Singh Dhindsa said the latest order of the PSPCL would put a heavy burden on all rural consumers. Dhindsa said repeated increase in power tariffs and electricity duty has resulted in a 17 to 20 per cent increase in domestic power tariff in the past 15 months of the Congress rule. "Earlier in October last year, the government had effected a nine to twelve per cent increase in domestic power tariff in one go with retrospective effect from April, 2017. "Even the industrial sector, ...
RITES IPO subscribed over 67 times on last day
Railways consultancy firm RITES initial public offer garnered strong investor demand, with the issue getting subscribed more than 67 times on the last day of bidding today. The share sale of the state-owned firm to raise about Rs 466 crore received bids for over 169 crore shares against the total issue size of 2.52 crore shares, resulting in a total subscription of 67.12 times, NSE data till 1945 hrs showed. The category set aside for qualified institutional buyers (QIBs) was subscribed 71.72 times, non-institutional investors 194.56 times and retail investors 14.72 times, merchant banking sources said. Till yesterday, the IPO was subscribed 2.11 times. The price band for the issue, which opened for subscription on Wednesday, has been fixed at Rs 180-185 per share. RITES is the first state-owned firm to hit the IPO market in the current fiscal. Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets are managing the issue.
Trump threatens 20 percent tariff on European Union cars
WASHINGTON (Reuters) - U.S. President Donald Trump threatened to impose a 20 percent tariff on all European Union-assembled cars coming into the United States, a month after the administration launched an investigation into whether auto imports pose a national security threat.
Airbus warns of threat to UK jobs from no-deal Brexit
PARIS/LONDON (Reuters) - Airbus issued its strongest warning yet over the impact of Britain's departure from the European Union, saying a withdrawal without a deal would force it to reconsider its long-term position and put thousands of British jobs at risk.
Spotlight on Infosys promoters at AGM on Saturday
With the return of co-founder Nandan M. Nilekani as Infosys Chairman, the spotlight at the IT firm's 37th Annual General Meeting (AGM) on Saturday will be back on its promoters, who skipped the last AGM as they fell foul with its previous board and management.
Sri Lanka's Hambantota port to attract $500m investments: Official
Sri Lanka's southern Hambantota Port is aiming to attract investments worth $500 million as plans are afoot to set up port related industries inside the port as well as general operation expansion, Ports Minister Mahinda Samarasingha said on Friday.
Reliance Energy restores power to Mumbai colony after CM intervenes
Reliance Energy on Friday evening announced that it will resume full power supply to the residents of a Mumbai colony after the intervention of Chief Minister Devendra Fadnavis.
Trump threatens 20 per cent tariff on all imported EU cars
US President Donald Trump today threatened to impose a 20 per cent tariff on cars imported from the European Union, after the bloc's additional tariffs on dozens of American products took effect. "Based on the Tariffs and Trade Barriers long placed on the US (...) by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US Build them here!" he said.
RITES IPO subscribed over 66 times
RITES is the first CPSE to launch an IPO in the current fiscal besides being the first Railway CPSE to be listed on the stock markets after Concor in 1994-95.
Sebi imposes Rs 25L fine on 2 promoters of Parsoli Corporation
Markets regulator Sebi today imposed a penalty of Rs 25 lakh on two promoters of financial services firm Parsoli Corporation Ltd (PCL) for failing to make a public offer to acquire shares from the public. The promoters are Zafar Yunus Sareshwala and Uves Yunus Sareshwala. In an order, Sebi said the promoters "have failed to make a public offer through merchant banker to acquire shares of PCL from public shareholders" by paying them the value determined in the manner prescribed in Sebi (Delisting of Equity Shares) Regulations, as directed by the regulator through a ruling in July 2010. Based on an investigation into "fraudulent transfer of shares of PCL", Sebi had passed an order in July 2010 restraining the firm and promoters from the securities market for seven years. Besides, the promoters were also directed to make a public offer through a merchant banker to acquire shares from public shareholders. Taking into consideration the facts/ circumstances of the case, Sebi said Zafar ...
CEMS sets up 24 labs for skill development in maritime sector
The government today said 24 labs have been set up by Centre of Excellence in Maritime & Shipbuilding (CEMS), a startup for skill development in the sector. " The Centre of Excellence in Maritime & Shipbuilding (CEMS)...has announced setting up of 24 labs - 6 in Mumbai and 18 in Vizag campus," the shipping ministry said in a statement. Promoted by Indian Register of Shipping in partnership with Siemens and support from Sagarmala, shipping ministry, CEMS aims to build competency in the field of maritime and shipbuilding sector through skill development in the latest manufacturing technologies for shipbuilding, repair and ancillary sectors. "CEMS has established one of the first of its kind of infrastructure in Asia Pacific with 24 labs. With the setting up of these labs in Mumbai and Vizag, CEMS is well-positioned to build competency in the maritime & shipbuilding sector through various courses ably supported by world class infrastructure," the statement added.
Energy, financials push Wall St higher; tech weighs
(Reuters) - Energy and bank stocks led the S&P and Dow higher on Friday, though a decline in technology shares capped gains and pushed the Nasdaq slightly lower.
Expert Views: OPEC agrees modest hike in oil supply
(Reuters) - NITESH SHAH, DIRECTOR, RESEARCH, WISDOMTREE
Nothing unusal, says Bank; 1.6 lakh deposited Rs 746-cr banned notes, says NABARD
The National Bank for Agriculture & Rural Development (NABARD) on Friday attributed the country's highest deposits of Rs 745.59 crore in banned currencies at the Ahmedabad District Cooperative Bank (ADCB) to the latter's massive size and performance.
Fine Organic Industries IPO subscribed 9 times on Day 3
Chemical manufacturer Fine Organic Industries initial public offer was subscribed nearly 9 times on the last day of bidding today. The IPO, to raise little over Rs 600 crore, received bids for 4,78,34,875 shares against the total issue size of 53,65,497 shares, translating into an overall subscription of 8.92 times, data available with the NSE till 1930 hrs showed. Qualified institutional buyers (QIBs) portions was subscribed 12.86 times, non-institutional investors 21 times and retail investors 1.44 times, merchant banking sources said. Till yesterday, the IPO was subscribed 39 per cent. Fine Organic Industries on Tuesday raised Rs 180 crore from anchor investors. The IPO is of 76,64,994 shares (including anchor portion of 22,99,497 shares). Price band for the offer has been fixed at Rs 780-783 per share. JM Financial and Edelweiss Financial Services are managing the issue. The shares of the Mumbai-based firm are proposed to be listed on the BSE and NSE. Fine Organic Industries had ..
Emami subsidiary invests $5.65 lakh in US FMCG
Emami Ltd on Friday said its Dubai-based wholly owned subsidiary has invested $5.65 lakh in acquiring 7.54 per cent stake in US-based fast moving consumer goods (FMCG) company Loli Beauty Inc.
Delhi sees lowest load-shedding for June in three years
The national capital till June 19 has witnessed the lowest load-shedding for the month as compared to the previous two years, government data said.
Nifty reclaims 10,800, up 80 pts
The NSE Nifty rose by 80.75 points to 10.821.85, led by recovery during the fag-end volatile trading session backed by buying in pharma, banking, financial services, FMCG and infra sectors. The index hovered between 10,837 and 10,710.45 during the session with an intra-day movement of 126.55 points. The rally in local stocks was also supported by positive global cues. European stocks, along with US futures, advanced following better-than-expected macro economic data from the euro zone's largest economies. Most Asian stocks ended higher. Globally, investors awaited the outcome of the OPEC meeting and also monitored trade developments between the US and China. Reliance Industries, which was down by 1.88 per cent, capped some gains. Sector-wise, PSU banks fell nearly 2 per cent, metals 1.08 per cent, infra 1 per cent, pharma 1 per cent, auto 0.94 per cent, realty 0.79 per cent, FMCG 0.66 per cent, IT 0.28 per cent, banks 0.23 per cent, private banks 0.07 per cent and media 0.04 per ...