Page 3565 - Business Finance

Sensex jumps 185 points in early trade

The BSE Sensex rallied about 185 points to 35,877.41 in early session today, buoyed by robust industrial output data amid mixed Asian cues. Industrial output expanded by 4.9 per cent in April this year, spurred by higher growth in manufacturing and mining sectors, as per official data released after market hours yesterday. Retail inflation, however, inched up to 4.87 per cent in May on increase in food prices. The 30-share barometer spurted by 184.89 points, or 0.51 per cent, to 35,877.41. The gauge had gained 248.85 points in the previous two sessions. Sectoral indices such as healthcare, IT, consumer durables, teck, auto, metal, PSU and banking advanced. In the Sensex kitty, Sun Pharma, Dr Reddy's, TCS, Axis Bank, Infosys, Yes Bank, Wipro, SBI, Bajaj Auto, Adani Ports, Tata Motors and Tata Steel climbed by up to 3.19 per cent. The NSE Nifty index was trading higher by 46.05 points, or 0.42 per cent, at 10,888.90. Meanwhile, domestic institutional investors (DIIs) bought shares worth

Yes Bank to acquire 9.95% stake in India INX

For consideration of Rs 10.497 crore

TCS to consider share buyback on June 15

India's largest software services firm Tata Consultancy Services (TCS) will consider a proposal to buy back shares at its board meeting to be held later this week. "...the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on June 15, 2018," TCS said in a BSE filing late last night. The Mumbai-based company, however, did not disclose any further details about the buyback proposal. During its Q4 FY2018 earnings call, TCS CEO Rajesh Gopinathan had said the company's intention is "to keep capital return close to 80-100 per cent of annual free cash flow". Last year, TCS had undertaken a Rs 16,000-crore mega buyback offer, entailing 5.61 crore shares at a price of Rs 2,850 per equity share. The buyback process had seen Tata Sons tendering over 3.60 crore shares, accounting for 64.2 per cent of the total shares bought back by the company. Other large investors who participated in the buyback were Government of Singapore, ...

Rupee slips 13 paise on dollar demand, inflation concerns

The rupee fell 13 paise to 67.62 against the US dollar in early trade today due to increased demand for the American currency from importers amid foreign fund outflows and rising retail inflation. Retail inflation jumped to a four-month high of 4.87 per cent in May on costlier food items such as fruits, vegetables and cereals coupled with high fuel rates. However, industrial production expanded by 4.9 per cent in April on improved performance by manufacturing and mining sectors as also a robust offtake of capital goods. Forex dealers said dollar strengthening against other currencies overseas as investors await a key Federal Reserve decision later in the day also weighed on the rupee sentiment. However, a higher opening in the domestic stock market limited the rupee's losses, they said. Foreign institutional investors (FIIs) sold shares worth Rs 1,168.88 crore yesterday, as per the provisional data. Yesterday, the rupee had closed 7 paise down at 67.49 against the US ...

AT&T wins court approval to buy Time Warner over Trump opposition

WASHINGTON (Reuters) - AT&T Inc won court approval on Tuesday to buy Time Warner Inc for $85 billion, rebuffing an attempt by U.S. President Donald Trump's administration to block the deal and likely setting off a wave of corporate mergers.

Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.

TCS may rise on buyback plan

TCS said that its board of directors will meet on 15 June 2018 to consider a proposal for buyback of equity shares of the company. The announcement was made after market hours yesterday, 12 June 2018.

Asian stocks step back as investors brace for Fed

TOKYO (Reuters) - Asian shares slipped back on Wednesday as investors looked to the Federal Reserve policy decision later in the day and any clues it might give on future rate hikes, shifting focus away from the historic U.S.-North Korea summit in Singapore.

Toyota Motor to invest $1 billion in ride-hailing firm Grab

SINGAPORE (Reuters) - Toyota Motor Corp has agreed to invest $1 billion in Southeast Asian ride-hailing firm Grab as a lead investor in the company's ongoing financing round, which was launched after it bought Uber Technologies' regional business.

Investors wipe $3 billion off China's ZTE market value after U.S. settlement

HONG KONG (Reuters) - Chinese telecommunications giant ZTE Corp had about $3 billion wiped off its market value as it resumed trade on Wednesday after agreeing to pay up to $1.4 billion in penalties to the U.S. government.

Global Markets: Asian stocks step back as investors brace for Fed

TOKYO (Reuters) - Asian shares edged slightly lower on Wednesday as investors looked to the Federal Reserve policy decision and any clues it might give on future rate hikes, shifting focus away from the historic U.S.-North Korea summit in Singapore.

GST refund drive extended till June 16

The special fortnight-long drive to process pending Goods and Services Tax (GST) refunds has been extended by two more days till June 16.The government launched the second "Special Drive Refund Fortnight" from May 31 to June 14. During the first Refund Fortnight from March 15 to 29, an amount of Rs 5350 crore was sanctioned.During this fortnight, over Rs 7500 crore has been sanctioned.All exporters whose refunds have been held up on account of short payment have been directed to make the payment of Integrated Goods and Services Tax (IGST) equal to short payment and follow the instructions of Circular No.12/2018-Customs dated 29.5.2018.In IGST short payment cases, small exporters whose aggregate IGST refund amount for the period July 2017 to March 2018 is up to Rs 10 lakh will have to submit self-certified copies of proof of payment of IGST to the concerned Customs office at the port of export. Others can submit a certificate from a Chartered Accountant including the proof of ...

Musk: Tesla to lay off 9% workers

Tesla CEO Elon Musk has announced that the luxury auto manufacturing firm will lay off 9 per cent of its workforce to show that it can be profitable after being unable to move into the black so far in the 15 years since it was founded.

Videocon shares plunge around 5% on CIRP commencement

Videocon Industries' stocks plunged more than 4.90 per cent on Tuesday, a day after it said that "Corporate Insolvency Resolution Process" (CIRP) has been commenced against the company.

China's poultry giant goes to lab in quest for meatier chickens

BEIJING (Reuters) - China's top poultry producer, Guangdong Wen's Foodstuff Co Ltd, is turning to genetic science to target the country's fast-growing supermarket and fast-food sectors.

Oil prices fall on prospect of rising supplies

SINGAPORE (Reuters) - Oil prices fell on Wednesday, pulled down by rising supplies in the United States and expectations that voluntary production cuts led by producer cartel OPEC could be loosened.

Gundlach says 'excellent time' to shift into emerging markets

NEW YORK (Reuters) - The recent selloff in emerging markets has provided investment opportunities not seen in years, Jeffrey Gundlach, executive of DoubleLine Capital, said on Tuesday, and he urged moving at least some money into emerging market bonds.

Sorrell's downfall set to dominate WPP investor meeting

LONDON (Reuters) - Investor anger over the departure of WPP boss Martin Sorrell will burst into the open on Wednesday when shareholders tackle management over its handling of a boardroom battle that has gripped the British corporate scene.

Kim invited Trump to visit North Korea during meeting: KCNA

North Korean leader Kim Jong Un invited President Donald Trump to come to Pyongyang during their historic Singapore summit and also agreed to visit the United States, state media reported today. "Kim Jong Un invited Trump to visit Pyongyang at a convenient time and Trump invited Kim Jong Un to visit the US," the state-run KCNA news agency said. "The two top leaders gladly accepted each other's invitation, convinced that it would serve as another important occasion for improved DPRK-US relations," the report added, using the official abbreviation for North Korea.

S&P 500 ends up; Time Warner shares jump after hours

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended higher on Tuesday, boosted by gains in the technology and utilities sectors, and shares of media and telecom companies jumped in extended trade after AT&T won court approval to buy Time Warner.