Page 3463 - Business Finance
Global Markets: Stocks set for worst week in 3 months on trade war worries
LONDON (Reuters) - World shares rose on Friday but were set to end a second week lower amid intensifying worries over the fallout of a trade dispute resulting from U.S. tariffs, while oil prices were higher ahead of an OPEC meeting later in the day.
European shares bounce, but eye worst week since March on trade tremors
LONDON (Reuters) - Strong financials stocks and better-than-expected euro zone economic data helped drive a bounce in European shares at the end of a tumultuous week marred by trade war worries.
Iraqi oil ministry says OPEC should be careful before altering output deal
BAGHDAD (Reuters) - OPEC oil producers should be careful before altering its deal on production levels so output does not exceed market needs, which would lead to lower prices, Iraqi's oil ministry said on Friday.
Euro zone banks to repay only a fraction of ultra-cheap ECB cash
FRANKFURT (Reuters) - Euro zone banks will repay 11 billion euros of ultra cheap funding to the European Central Bank, returning only a fraction of their borrowings two years ahead of schedule, the ECB said on Friday.
Bombay Dyeing & Manufacturing Company acquires additional shares in JV in Indonesia
With this additional acquisition, the shareholding of the Company in the Joint Venture will rise to 86% from 33.89% at present, thereby making it a subsidiary of the Company. This is a strategic move to wind up the loss making Joint Venture in due course.
Sensex, Nifty clock modest gains
Trading for the week ended on a buoyant note as the key benchmark indices logged modest gains amid high intraday volatility. The barometer index, the S&P BSE Sensex, gained 257.21 points or 0.73% at 35,689.60. The Nifty 50 index gained 80.75 points or 0.75% at 10,821.85. Index heavyweights HDFC, HDFC Bank and ITC gained. Index heavyweight Reliance Industries dropped. Most pharma shares rose.
Exclusive: S&P Global expects Brexit to see 30-40 analysts move from London
LONDON (Reuters) - The world's biggest credit ratings agency S&P Global expects to move around 30-40 of its analysts out of London as a result of Brexit, the firm's president and chief executive has told Reuters.
Alok Industries' majority lenders approve RIL acquisition bid
Majority of lenders of textiles firm Alok Industries have approved Reliance Industries' resolution plan to acquire the debt ridden company. The Committee of Creditors (COC) of Alok Industries had earlier rejected RIL's resolution plan submitted on April 12 for acquiring the firm in conjunction with JM Financial Asset Reconstruction Company. Following this, Alok Industries was facing insolvency. "Pursuant to the order dated June 11, 2018 passed by National Company Law Tribunal, Ahmedabad, the Resolution Plan was put to vote before the CoC of the Company on June 20, 2018. "Pursuant to the voting, the Resolution Plan has received the assent of 72. 192% of the voting share of the CoC," RIL said in a regulatory filing. Alok Industries also confirmed the development in a separate filing. On May 25, Alok Industries had informed that the Resolution Professional of the company has filed an application before the NCLT for liquidation of the company and no order has been passed by it. It had ...
GST to help warehousing sector grow 20% annually for 3 yrs:JLL
Implementation of goods and services tax (GST) will result in a 20 per cent CAGR growth in the Indian warehousing sector between 2018 and 2020, says realty consultant JLL. According to the survey by JLL, GST is playing a pivotal role in boosting both the hub and spoke model as well as the growth of the multi-modal logistics park (MMLP). "The advancement in technologies and infrastructure, along with government's support through policy initiatives has paved the way for positive improvements. In the early stages of evolution, India is showing tremendous potential for development which can be seen in its improvement in global rankings as well," JLL said in its report. Also, there will be around 25 new MMLPs in the next few years, according to the study. The report estimates that warehousing in India will increase by 112 per cent by end of 2021. "Of the same, Grade A warehousing space is expected to grow by over 170 per cent while Grade B will grow by nearly 85 per cent from
Phoenix Mills acquires retail properties in Indore for Rs 234 cr
Phoenix Mills today said it has acquired an under construction retail asset in Indore for Rs 234 crore. The acquisition has been done through its 100 per cent subsidiary Insight Hotels and & Leisure. Phoenix Mills has acquired the asset for Rs 2.34 billion in an auction conducted by an asset reconstruction company, the company said in a regulatory filing. This brownfield expansion will add about 1.1 million sq ft to the company's retail asset portfolio. The site offers further development potential of about 8 lakh sq ft. Commenting on the acquisition, the company's joint managing director Shishir Shrivastava said, "Indore is an under-served market for quality retail and entertainment experiences while the population has a high propensity to spend." "80 per cent of the civil structure is already complete and we expect the mall to be operational in late FY21," he added. With acquisitions of two land parcels in Pune and Bengaluru and two brownfield acquisitions in Lucknow and Indore,
ADNOC to sign deal on Monday for stake in Indian refinery: government source
NEW DELHI (Reuters) - Abu Dhabi National Oil Co (ADNOC) will sign an agreement with Saudi Aramco and Indian companies on Monday for an up to 25 percent stake in a planned $44 billion refinery and petrochemical project in India, a government source said.
Indian FMCG firms interested in cobots: Danish firm
Danish robot manufacturer Universal Robots is seeing an increased interest for its cobots (collobrative robots) from the Indian FMCG sector, while globally the company plans to double its turnover this year, said top company officials.
Malaysia picks new central bank chief, she puts focus on stability
KUALA LUMPUR (Reuters) - Malaysia named its new central bank governor on Friday, choosing a woman who had been a former deputy governor assisting investigations into the 1MDB scandal, and who has most recently held a senior role at the International Monetary Fund.
Wall Street Weekahead: Supercharged telecom sector could become investor favorite
SAN FRANCISCO (Reuters) - An overhauled telecommunications sector featuring most of the so-called FANG stocks could debut as Wall Street's hottest bet when it kicks off in September, boosted by a rising wave of media and television acquisitions.
Oil prices rise as OPEC meets
LONDON (Reuters) - Oil prices rose more than 1 percent on Friday as OPEC tried to agree a deal to increase output to compensate for losses in production at a time of rising global demand.
CIS: Sebi bans NICL India, directors from markets
Regulator Sebi has banned Madhya Pradesh-based NICL India Ltd and its three present directors from the securities market for at least four years and directed them to refund the money the firm had collected through illegal collective investment schemes from the investors. The directors -- Phool Singh Choudhary, Harish Sharma and Abhishek S Chouhan -- have also been restrained from holding position as directors or key managerial personnel of any listed company for a period of four years, Sebi said in a fresh ruling dated June 21. The ruling has come more than three years after the regulator had passed an interim order in January 2015, wherein it had "prima facie" observed that NICL India was involved in illegal mobilisation of funds from the public through schemes which were in the nature of collective investment schemes (CIS) without obtaining certificate of registration from the Sebi. The schemes related to purchase and development of land and the company had raised nearly Rs 7 crore .
Markets stage strong comeback; log 5th weekly gains
Benchmarks weathered volatility to end sharply higher today, propelled by a late-session surge as investors snapped up healthcare, telecom and financials stocks amid mixed global cues. The BSE Sensex, which was trading flat with a negative bias for the major part of the day, spurted 257.21 points or 0.73 per cent to finish at 35,689.60. The broader NSE Nifty, after shuttling between 10,710.45 and 10,837, ended at 10,821.85 -- up 80.75 points or 0.75 per cent. Sentiment was buoyed after data showed that foreign portfolio investors (FPIs), who had been net sellers for the past several sessions, were back to buying mode on the domestic bourses. FPIs bought shares worth a net Rs 1,126.75 crore, while domestic institutional investors (DIIs) picked up equities to the tune of Rs 663.57 crore yesterday, provisional data showed. Both the Sensex and Nifty posted their fifth straight weekly gains, rising 67.46 points, or 0.19 per cent, and 4.15 points, or 0.04 per cent, respectively. On the ...
Goa Carbon temporarily shuts down Bilaspur unit
From 22 June 2018
RITES IPO subscribed 66.59 times so far on last day
Railways consultancy firm RITES initial public offer received strong investor demand, with the issue getting subscribed 66.59 times so far on the final day of bidding today. The share sale to raise about Rs 466 crore received bids for over 167 crore shares against the total issue size of 2.52 crore shares, as per the NSE data till 1615 hrs. 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.
Banking, healthcare stocks help equity indices end in green
Last hour buying in banking, healthcare and auto stocks lifted the key equity indices after a largely choppy trade on Friday.