Page 3739 - Business Finance
Copper futures slip 0.11% on low demand
Copper prices weakened by 0.11 per cent to Rs 458.35 per kg in futures trade today as speculators reduced their exposures, amid subdued demand at spot market. At the Multi Commodity Exchange, copper for delivery in June month declined by 50 paise, or 0.11 per cent, to Rs 458.35 per kg in business turnover of 2,543 lots. On similar lines, the metal for delivery in far-month August contracts shed 45 paise, or 0.10 per cent, to Rs 463.35 per kg in 60 lots. Analysts attributed the weakness in copper futures to offloading of positions by traders owing to sluggish demand from consuming industries in the physical market.
Turmeric futures rise on firm demand
Turmeric prices rose 0.97 per cent to Rs 7,240 per quintal in futures trade today after participants built up fresh positions on the back of pick-up in domestic and export demand. At the National Commodity and Derivatives Exchange, turmeric for delivery in July was trading higher by Rs 70, or 0.97 per cent, to Rs 7,240 per quintal with an open interest of 10,010 lots. The spice for delivery in June also increased by Rs 68 or 0.95 per cent at Rs 7,166 per quintal, in an open interest of 10,575 lots. Analysts said fresh positions created by participants following upsurge in domestic as well as export demand at the spot market against restricted supplies from producing regions, mainly pushed up turmeric prices at futures trade.
Coriander futures slide 1.10% on subdued demand
Coriander prices fell 1.10 per cent to Rs 4,368 a quintal in futures market today as participants cut down positions amid muted domestic as well as export demand against ample stocks position. Besides, rising arrivals from major producing belts and profit-booking at higher levels also weighed on the sentiment. At the National Commodity and Derivatives Exchange, coriander prices for delivery in July contract declined by Rs 49, or 1.10 per cent, to Rs 4,368 per quintal with an open interest of 13,160 lots. On similar lines, June contract was trading lower by Rs 29, or 0.67 per cent, to Rs 4,288 per quintal in 27,670 lots. Analysts attributed the fall in coriander futures to subdued demand in the physical market against adequate stocks position on increased supplies from producing regions.
Upsurge in demand lifts lead futures by 0.15 pc
Lead prices inched up 0.15 per cent to Rs 164.75 per kg in futures market today as traders built up fresh positions amid uptick in demand at the spot market. At the Multi Commodity Exchange, lead for delivery in May month edged up by 25 paise, or 0.15 per cent to Rs 164.75 per kg in business turnover of 440 lots. Likewise, the metal for delivery in June contract was trading higher by 10 paise, or 0.06 per cent to Rs 165.70 per kg in 210 lots. Analysts said fresh positions created by participants backed by upsurge in demand from battery-makers in the physical market mainly led to the rise in lead prices at futures trade.
Board of Asian Hotels (West) approves fund raising up to Rs 75 crore
At meeting held on 30 May 2018
L&T Shipbuilding's auditors raise 'going concern' doubts
Multiple years of losses have substantially eroded the networth of engineering major L&T's shipbuilding arm and led its independent auditors to cast significant doubt over whether the company can continue as a "going concern". L&T, the parent, however said its investment in L&T Shipbuilding is strategic and affirmed its financial support. In accounting parlance, the 'going concern assumption' typically means that the company will remain in business for the foreseeable future without being forced to halt operations and liquidate its assets. The company's current liabilities exceeds its current assets as at the balance sheet date. These conditions indicate the existence of material uncertainty that may cast significant doubt about the company's ability to continue as a going concern, M/S Sharp & Tannan, the auditors, said in the FY17 balance sheet. They added the company, which is 97 per cent owned by L&T, with the rest of the holding being with Tamil Nadu Industrial
Manpasand Beverages hits lower circuit for fourth straight session
Shares of Manpasand Beverages plunged 10 per cent to hit their lower circuit limit for the fourth consecutive session today on account of the resignation of its auditing firm with effect from May 26, 2018. The stock has been on a downtrend for the seventh consecutive sessions and has cracked as much as 49.87 per cent since May 22. Shares of the company today opened at Rs 223.50, down 9.99 per cent over its previous closing price on the BSE. Similar movement was seen on NSE where the stock opened at Rs 223.15, down 9.99 per cent over its last close. Auditing major Deloitte Haskins & Sells resigned as statutory auditors of Manpasand Beverages, as the fruit juice maker failed to provide them with "significant information" on the financial results for the year ended March 31, 2018. The board meeting of Manpasand Beverages, to consider and approve the financial results for the year ended March 31, 2018, was scheduled to be held on May 30. However, the said meeting now stands ...
Startup MoU signed ahead of PM Modi's visit to Singapore
Singapore startups can now gain faster entry to India's vibrant startup ecosystem to form partnerships and co-innovate with Indian startups after a state-owned enterprise here has signed a Memorandum of Understanding with one of the largest global entrepreneurship organisations of Indian-origin. The MoU between Enterprise Singapore (ESG) and The Indus Entrepreneurs (TiE) Singapore was signed yesterday, a day before Prime Minister Narendra Modi's arrival in the country on a three-day visit. The MoU kick-starts an incubation programme that aims to foster collaboration between Singapore and Indian start-ups through jointly organised networking events, workshops and sessions with in-market mentors. Singapore startups can now gain faster entry to India's vibrant startup ecosystem to form partnerships and co-innovate with Indian startups, said ESG in a statement yesterday. The MOU with TiE Singapore, one of the largest global entrepreneurship organisations of Indian-origin which began in ...
Board of Power Grid Corporation of India recommends final dividend
Of Rs 2.8 per share
Sensex regains 35,000 in volatile trade
Volatility ruled the roost in mid-morning trade as the key benchmark indices once again gained strength after trimming gains in morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 135.32 points or 0.39% at 35,041.43. The Nifty 50 index was up 37.10 points or 0.35% at 10,651.45. The Sensex was trading above the psychological 35,000 level after moving above and below that level in intraday trade. Shares from IT and telecom sectors saw mixed trend. Positive Asian stocks boosted sentiment.
Ind-Ra: Short term power prices to remain high
Ind-Ra believes that in the event of rising demand and lack of domestic coal availability, imported coal usage could increase in India. This is likely to determine the marginal cost of electricity production and, thus, could keep short-term power prices high.
RBI seen turning hawkish in June, raising rates in August: Reuters poll
BENGALURU (Reuters) - The Reserve Bank of India (RBI) will hike rates in August on concerns that already above-target inflation will climb further, according to economists in a Reuters poll, in contrast to a survey just a month ago which saw an increase only in the second half of 2019.
Unions blame IBA for impacting Rs 43K cr of transactions during strike
The unions in the banking sector are squarely blaming the Indian Banks' Association (IBA) for forcing them to resort to a strike that entered the second and last day on Thursday.
Rupee pares gains, drops 15 paise against US dollar
The rupee pared its initial gains to trade lower by 15 paise at 67.58 against the US dollar in late morning deals following sudden bouts of dollar demand from importers and banks, despite higher local equities. Earlier, the rupee inched a tad higher at 67.42 against yesterday's closing level of 67.43 per dollar at the inter- bank foreign exchange here. The domestic unit gained further to trade higher at 67.32 before slipping to a low of 67.59 at 1020 Hrs. The Indian unit hovered between 67.32 and 67.59 during morning deals. Caution crept as traders awaiting for gross domestic product (GDP) and fiscal deficit data due later in the day. Yesterday, Moody's predicted fall in India's 2018 GDP growth outlook to 7.3 per cent from 7.5 per cent, citing higher oil prices and tighter financial conditions. Meanwhile, the US dollar was trading lower against its major peers in early Asian trade, the euro won a reprieve on holding on to the strong gains it made yesterday. The 30-share BSE Sensex ...
Silver futures gain 0.21% on firm global cues
Silver prices moved up by 0.21 per cent to Rs 40,724 per kg in futures trade today as traders built up fresh positions, driven by a firm trend overseas. At the Multi Commodity Exchange, silver for delivery in September rose by Rs 86, or 0.21 per cent, to Rs 40,724 per kg, in a business turnover of four lots. Similarly, the white metal for delivery in July gained Rs 31, or 0.08 per cent, to Rs 40,075 per kg in 147 lots. Market analysts said fresh positions created by participants on the back of better trend in global markets led to the rise in silver futures. Meanwhile, silver rose 0.03 per cent to USD 16.49 an ounce in Singapore today.
Insight: Saudi housing crisis tests Crown Prince's reform drive
RIYADH (Reuters) - Saudi Arabia's crown prince wants to build a mega-city with the latest robotics under his grand plan to reform the kingdom.
Refined soya oil futures slide 0.46% as demand declines
Refined soya oil prices drifted lower by 0.46 per cent to Rs 762.70 per 10 kg in futures market today as speculators cut their bets amid easing demand in the spot market against ample stocks position. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June month declined by Rs 3.55, or 0.46 per cent to Rs 762.70 per 10 kg with an open interest of 56,720 lots. On similar lines, the oil for delivery in July contract was trading lower by Rs 3.35, or 0.43 per cent to Rs 773 per 10 kg in 27,240 lots. Traders said cutting down of positions by participants due to slump in demand in the physical market against adequate stocks position on increased arrivals from producing belts weighed on refined soya oil prices in futures trade.
Orient Cement spurts after scrapping deal to acquire two Jaypee units
Orient Cement rose 12.47% to Rs 136.15 at 10:53 IST on BSE after the company said it has terminated the agreement to acquire two entities from Jaypee group firms.
Volumes soar at Dr Lal Pathlabs Ltd counter
Dr Lal Pathlabs Ltd recorded volume of 37387 shares by 10:54 IST on BSE, a 19.31 times surge over two-week average daily volume of 1936 shares
Wheat futures shed 0.44% on ample stocks
Wheat prices fell by 0.44 per cent to Rs 1,825 per quintal in futures market today as speculators reduced holdings, triggered by adequate stocks in the spot market on increased supplies. At the National Commodity and Derivatives Exchange, wheat for delivery in July fell by Rs 8, or 0.44 per cent, to Rs 1,825 per quintal with an open interest of 3,220 lots. Similarly, the wheat for delivery in June contracts moved down by Rs 7, or 0.39 per cent, to Rs 1,811 per quintal in 7,440 lots. Market analysts said offloading of positions by traders, driven by sufficient stock position on increased arrivals from producing belts in the physical markets against low demand, led to decline in wheat futures.