Page 3718 - Business Finance
Vedanta says impact of copper operations shutdown in India marginal
Confirming that it has received an order from the Government of Tamil Nadu to close its copper smelter plant in Tuticorin with immediate effect, the United Kingdom-based Vedanta plc admitted that it would have a marginal impact on other business segments of the group.In a media statement, Vedanta plc said, "The permanent closure of Vedanta's Indian copper operations is credit negative because it will reduce the company's scale and business diversity, adding pressure to its other business segments to maintain their strong performance and make up the total revenue and EBITDA decline."The statement further said, "We expect Vedanta's other businesses - zinc, aluminium and oil and gas - to deliver a solid performance in the fiscal year ending March 2019 (fiscal 2019), mirroring strong commodity prices and higher production volumes. As such, the copper smelter shutdown has no immediate impact on Vedanta's ratings.We expect the company's scale, as measured by pro forma revenue for fiscal ...
UK factories pick up but still weak beneath surface: Markit
LONDON (Reuters) - Growth among British manufacturers picked up speed in May for the first time in six months, but the improvement masked underlying weakness among the country's factories, a survey showed on Friday.
Soybean futures add more losses on weak global cues
Soybean prices fell further by Rs 20 to Rs 3,556 per quintal in futures trade today as participants engaged in liquidating bets in sync with a weak trend overseas. Marketmen said persistent fall in soybean prices was mostly attributed to offloading of bets by participants, taking negative leads from the global markets. At the National Commodity and Derivatives Exchange, soybean for delivery in July contracts moved down by Rs 20 or 0.56 per cent to Rs 3,556 per quintal, showing an open interest of 81,730 lots. Soybean for delivery in June also eased by Rs 14 or 0.39 per cent to Rs 3,535 per quintal, with an open interest of 1,10,340 lots.
Venezuela stops payment of oil dues to OVL
Cash-strapped Venezuela has stopped payments of oil dues to ONGC Videsh Ltd(OVL), leading to a USD 450 million pile-up, its MD & CEO Narendra K Verma said. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has 40 per cent stake in Venezuela's San Cristobal field, which produces around 18,000 barrels of oil per day. Venezuelan national oil company Petroleos De Venezuela S.A. (PDVSA), which holds the remaining 60 per cent stake, has not paid the dividend to Indian firm since 2009. OVL had received its dividend from the sale of crude oil produced from the field totalling USD 56.224 million for 2008. But dividends for 2009 to 2013 totalling USD 537.631 million remained unpaid due to cash flow difficulties being faced by PDVSA. No dividend was declared thereafter. "We had in November 2016 signed an agreement with PDVSA that provided for dues to be cleared in instalments. We received three instalments totalling USD 88 million but subsequent ones have stopped," Verma .
India, Singapore agree to improve business access
India and Singapore have agreed to improve access for businesses in each other's markets as they concluded the second review of the Comprehensive Economic Cooperation Agreement (CECA). The review includes enhancements such as expanded tariff concessions for an additional 30 products and improved rules to provide more flexibility for Singapore exports into India to qualify for preferential tariffs under the agreement, Singapore's Ministry of Trade and Industry (MTI) said. The second review of the CECA was concluded in the presence of Prime Minister Narendra Modi and his Singaporean counterpart Lee Hsien Loong. Modi is here on a three-day visit. "The upgraded agreement will enable more Singapore companies to qualify for lower tariffs," Minister for Trade and Industry S Iswaran said. "This improves local exporters' access to the Indian market. I encourage our companies to make full use of the upgraded agreement and explore more opportunities for collaboration in India." Another key ...
Paushak announces change in company secretary and compliance officer
With effect from 31 May 2018
Tata Chem exits fertiliser biz; completes sale of Haldia unit
Tata Chemicals today said it has completed the sale of its Haldia fertiliser unit in West Bengal and the trading business to Netherlands-based Indorama Holdings BV for Rs 872.84 crore. In a regulatory filing, the company said it has sold the Phosphatic fertiliser business and the trading business comprising bulk and non-bulk fertilisers by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV. "The company has received a consideration of Rs 872.84 crores (subject to usual post completion adjustments) from IRC today," Tata Chemicals said in the filing. The consideration includes Rs 572.76 crore cash and letters of credit/bank guarantees. Subsidy receivables were not included in the transaction. Thus, on completion of the transaction, the divestment business of the company stands transferred to IRC Agrochemicals effective June 1, 2018, it added. Tata Chemicals had recently said that its divestment was in line with its ...
Metals merry-go-round: hiring picks up as prices recover
MELBOURNE (Reuters) - Metals traders are moving jobs for the first time in years as a price recovery spills into the trading sector, and more hires are expected as brokers eye opportunities from China's mainland exchanges opening to investors abroad.
Euro zone factory growth at 15-month low in May, outlook subdued
LONDON (Reuters) - Euro zone factory growth slowed to a 15-month low last month, hampered by extra holidays, and forward-looking indicators suggest it will at best remain subdued in coming months, a business survey showed.
April GST collections cross Rs 94K cr
Revenue collection under the Goods and Services Tax (GST) in April crossed Rs 94,000 crore and was higher than the average monthly collection of Rs 89,885 crore during 2017-18, the government said on Friday.
Profit booking pulls equity indices lower, banking stocks down
Profit booking by investors along with fears of a resurgent US-China trade war pulled the key Indian equity indices lower on Friday afternoon.
Ford India sales up 11% to 26,188 units in May
Ford India today reported 11.42 per cent rise in total sales at 26,188 units in May against 23,503 units in the same month last year. The company said its domestic sales stood at 9,069 units last month as against 6,742 units in May 2017, up 34.51 per cent. Exports grew to 17,119 units as compared to 16,761 units in May last year, Ford India said in a statement. "Our continued focus on executing our strategic pillars of strong brand, right products, competitive cost and effective scale have ensured our growth which continues to be better than the industry," Ford India President and MD Anurag Mehrotra said. At macroeconomic level, the outlook is positive thanks to a good monsoon forecast, he added. "However, the industry needs to exercise caution given the rising commodity and fuel prices that are expected to result in higher inflation," Mehrotra said.
Divis Laboratories Ltd slips for fifth straight session
The stock is quoting at Rs 1041.7, down 0.55% on the day as on 13:29 IST on the NSE. Divis Laboratories Ltd jumped 68.44% in last one year as compared to a 10.94% rally in NIFTY and a 11.35% fall in the Nifty Pharma index.
National Aluminium Company Ltd down for fifth straight session
The stock is quoting at Rs 69.95, down 0.71% on the day as on 13:29 IST on the NSE. National Aluminium Company Ltd jumped 6.55% in last one year as compared to a 10.94% rally in NIFTY and a 22.11% spurt in the Nifty Metal index.
China hopes Chinese and U.S. consumers benefit from trade ties
BEIJING (Reuters) - China hopes its people and those of the United States, especially consumers, will continue to gain from mutually beneficial U.S.-Sino trade relations, Vice Finance Minister Zhu Guangyao said on Friday.
MOIL Ltd drops for fifth straight session
The stock is quoting at Rs 186.65, down 0% on the day as on 13:29 IST on the NSE. MOIL Ltd jumped 5.69% in last one year as compared to a 10.94% rally in NIFTY and a 22.11% spurt in the Nifty Metal index.
Mentha oil futures rise 1.57 pc on pick up in demand
Mentha oil prices rose 1.57 per cent to Rs 1,144.70 per kg in futures market today as speculators raised bets amid pick-up in demand from consuming industries in the domestic spot market. Tight stocks position on restricted supplies from major growing regions of Chandausi in Uttar Pradesh also supported mentha oil prices. At the Multi Commodity Exchange, mentha oil for delivery in July rose by Rs 17.70, or 1.57 per cent, to Rs 1,144.70 per kg, clocking a business volume of 6 lots. The oil for June month delivery was trading Rs 14.10, or 1.25 per cent, higher at Rs 1,139 per kg, with a trading volume of 343 lots. Marketmen said raising of bets by speculators, driven by rising demand from consuming industries at the spot market against restricted supplies from Chandausi led to the rise in mentha oil prices in futures trade.
Mahindra sales up 12 pc to 46,849 units in May
Auto major Mahindra and Mahindra (M&M) today reported 12 per cent increase in total sales at 46,849 units in May. It had sold 42,003 units in the same month previous year, M&M said in a statement. In the domestic market, sales were up 8 per cent to 43,818 units last month compared with 40,710 units in May 2017. Exports also more than doubled to to 3,031 units as against 1,293 units in the year-ago month. Sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, were up 2 per cent at 20,715 units compared with 20,392 units in May 2017. Commercial vehicle sales were up 15 per cent at 18,748 units last month against 16,261 units in the year-ago period, it said. M&M President Automotive Sector Rajan Wadhera said: "At Mahindra we have by and large maintained our growth momentum during the month of May 2018, especially in commercial vehicles." On the back of a buoyant economy, the company's MHCV division continues to outperform while exports have also ...
Sensex, Nifty hit fresh intraday low
Key benchmark indices hit fresh intraday low in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 85.01 points or 0.24% at 35,237.37. The Nifty 50 index was down 41.65 points or 0.39% at 10,694.50.
Cardamom futures up 1.61 % on spot demand
Cardamom prices rose by 1.61 per cent to Rs 910 per kg in futures trade today as speculators created fresh positions after uptick in demand at the spot market. Further, tight stocks and less availability of good quality cardamom also fuelled the uptrend in the physical markets At the Multi Commodity Exchange, cardamom for June contracts edged higher by Rs 14.50, or 1.61 per cent, to Rs 910 per kg in a business turnover of 6 lots. Likewise, the spice for delivery in July contract traded higher by Rs 10.10, or 1.15 per cent, at Rs 891 per kg with a trading volume of just one lot. Analysts said, fresh positions built up by the traders due to pick-up in demand at the spot market against restricted arrivals from producing regions pushed up cardamom futures.