Page 3852 - Business Finance
Copper futures remain weak, shed 0.06 pc on global cues
Copper prices fell further by 0.06 per cent to Rs 470.05 per kg in futures trade today as speculators pared their positions, driven by a weak trend overseas. At the Multi Commodity Exchange, copper for delivery in far-month August declined by 30 paise, or 0.06 per cent to Rs 470.05 per kg in business turnover of 38 lots. Likewise, the metal for delivery in June contracts weakened by 15 paise, or 0.03 per cent to Rs 465 per kg in 1,835 lots. Analysts said participants cut down their positions as global copper prices slipped for the second session after US President Donald Trump said any trade deal with China would "need a different structure" and Washington launched a probe into auto imports that could lead to new tariffs. Globally, copper for delivery in three-month was down 0.1 per cent to USD 6,858.50 a tonne on the London Metal Exchange.
Volumes spurt at Adani Ports & Special Economic Zone Ltd counter
Adani Ports & Special Economic Zone Ltd notched up volume of 14.43 lakh shares by 10:54 IST on BSE, a 17.97 fold spurt over two-week average daily volume of 80290 shares
Crude oil futures fall 0.31% on weak global cues
Crude oil drifted lower by 0.31 per cent to Rs 4,898 per barrel in futures trade today in tandem with a weak trend overseas as speculators trimmed positions. At the Multi Commodity Exchange, crude oil for delivery in June fell by Rs 15, or 0.31 per cent, to Rs 4,898 per barrel in a business turnover of 3,452 lots. Similarly, the oil for delivery in July contracts shed Rs 13, or 0.26 per cent, to Rs 4,906 per barrel in 87 lots. Analysts said offloading of positions by participants due to a weak trend overseas where oil prices fell on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran, led to decline in crude oil prices at futures trade. Meanwhile, West Texas Intermediate was down 25 cents, or 0.35 per cent at USD 71.59 a barrel, while global benchmark Brent shed 37 cents, or 0.46 per cent at USD 79.43 a barrel.
Silver futures up 0.21 pc
Silver prices advanced 0.21 per cent to Rs 40,360 per kg in futures market today as speculators created fresh positions. At the Multi Commodity Exchange, silver for delivery in July month contract moved up by Rs 86, or 0.21 per cent to Rs 40,360 per kg in business turnover of 582 lots. Likewise, the white metal for delivery in far-month September contracts gained Rs 65, or 0.16 per cent to Rs 40,910 per kg in 3 lots. Market analysts attributed the rise in silver futures to fresh buying by participants.
Nickel futures shed 0.12% on low demand
Nickel prices eased by 0.12 per cent to Rs 994.80 per kg in futures market today as speculators trimmed their positions, driven by easing demand in the spot market. At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 1.20, or 0.12 per cent, to Rs 994.80 per kg in business turnover of 1,832 lots. Similarly, the metal for delivery in June contracts was trading lower by Rs 1.10, or 0.11 per cent, to Rs 999.20 per kg in 50 lots. Analysts said offloading of positions by traders owing to slackened demand from alloy makers in the physical markets, weighed on nickel prices in futures trade.
Mentha oil edges higher on pickup in demand
Mentha oil prices were trading higher by 3 per cent to Rs 1,286.50 per kg in futures market today after participants raised bets, taking positive cues from spot market on pickup in demand from consuming industries. Further, restricted supplies from the major producing belts of Chandausi in Uttar Pradesh too supported mentha oil prices uptrend. At the Multi Commodity Exchange, mentha oil for delivery in the current month contract was higher by Rs 37.40, or 3 per cent, to Rs 1,286.50 per kg, clocking a business volume of 156 lots. The oil for June delivery was trading higher by Rs 14.10, or 1.23 per cent, at Rs 1,258 per kg, with a trading volume of just one lot. Marketmen said raising of bets by speculators, driven by surging demand from consuming industries at the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
Gold futures up 0.20 pc on global cues
Tracking a firm trend overseas, gold prices advanced by 0.20 per cent to Rs 31,245 per 10 grams in futures trading as speculators expanded their bets. At the Multi Commodity Exchange, gold for delivery in June month rose by Rs 62, or 0.20 per cent to Rs 31,245 per 10 grams in business turnover of 251 lots. On similar lines, the yellow metal for delivery in far-month August contracts traded higher to Rs 31,520 per 10 grams in 15 lots. Analysts said participants widened their positions in line with a firming trend overseas as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the US. Globally, gold rose by 0.14 per cent to USD 1,294.80 an ounce in Singapore.
Cabinet approves waiver of Penal Interest on Government Loans advanced to Visakhapatnam Port Trust
i. Waiver of Penal Interest amounting to Rs. 250.89 crore in respect of VPT as on 31.03.2017 and further accruals thereon till date of approval of waiver; ii. VPT to pay penalty @0.25%of Penal Interest as on date of approval of waiver of Penal Interest; iii. VPT to pay the outstanding Principal of Rs. 44.69 crore and outstanding Interest as on the date of approval of waiver, in one single instalment in the Financial Year 2018-19.
General Electric's power unit fights for growth as wind, solar gain
NEW YORK (Reuters) - Vistra Energy Corp and Dominion Energy Inc - which serve about 5.5 million electricity customers in more than a dozen U.S. states - both say they are done building combined-cycle natural gas-fired power plants.
Australia's Westpac cleared of rate rigging but bank inquiry sword stays
SYDNEY (Reuters) - Australia's Westpac Banking Corp was cleared by a court of accusations it rigged a key rate to boost profit, but the win on Thursday against a regulator was dampened by an additional finding of unconscionable conduct by the bank.
In Cambodia's capital, Chinese buyers pump luxury property bubble
PHNOM PENH (Reuters) - Guo Qirui, 30, says it's a lonely journey when he goes home to his rented luxury condominium in Phnom Penh, the capital of Cambodia, the country where the Chinese retail executive has lived for nearly half a decade.
Cosmo Films Q4 net falls 20% to Rs 25.06 crore
Cosmo Films, manufacturer of speciality films for packaging, lamination and labelling applications, has reported a 9.98 per cent fall in its consolidated net profit at Rs 25.06 crore for the quarter ended March 2018. The company had posted a net profit of Rs 27.84 crore during the same period last fiscal. Total income during the quarter under review stood at Rs 539.32 crore. It was Rs 482.01 crore in the year ago period, Cosmo Films said in a BSE filing. The board of directors had recommended dividend of Rs 6 per equity share for the financial year 2017-18 subject to approval of shareholders in annual general meeting. Shares of Cosmos Films were trading 2.15 per cent higher at Rs 254.10 apiece on BSE.
Yes Bank empanelled as 'Settlement Bank' for NSE
YES BANK will provide comprehensive Settlement & Clearing services suitable to the members by leveraging its state-of-the-art Technology platform coupled with superior service excellence and constant innovation. The services will include electronic funds transfer (ETF) facilities and 'anywhere' banking. YES BANK will provide facilities including issuing bank guarantees, credit facilities and inter-bank funds transfer as well as free of cost funds transfer across centers for NSE' s members.
Positive market breadth
The market firmed up further and hit fresh intraday high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 125.33 points or 0.36% at 34,470.24. The Nifty 50 index was up 22.45 points or 0.22% at 10,452.80. Gains were triggered by bargain hunting following a steep sell off in the previous session.
Rupa & Co weaves gains after strong Q4 result
Rupa & Company gained 3.4% to Rs 447.45 at 10:11 IST on BSE after net profit jumped 70.47% to Rs 39.89 crore on 10% rise in total income to Rs 420.70 crore in Q4 March 2018 over Q4 March 2017.
Market opens higher on bargain hunting
Key benchmark indices were trading higher in early trade on bargain hunting following a steep sell off in the previous session. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 89.82 points or 0.26% at 34,434.73. The Nifty 50 index was up 33 points or 0.32% at 10,463.35.
Trump urges a new 'structure' for U.S.-China trade deal
WASHINGTON (Reuters) - U.S. President Donald Trump has signaled a new direction in U.S.-China trade talks and said any deal would need "a different structure," fueling uncertainty over current negotiations.
Deadly protests land a blow to Indian resources magnate Agarwal's ambitions
NEW DELHI (Reuters) - Indian billionaire Anil Agarwal often talks about his dream to turn his London-listed company Vedanta Resources into a global resources giant. He has already bought stakes in big mining companies, such as Anglo American Plc, and says he plans to spend at least $1 billion on investments in Africa.
'Premium high street brands making way in overcrowded Indian Luxury market'
India is one of the world's most energetic, diverse and testing markets for brands who want to set sights in the country. However there is a minimalist revolution trend where consumers are moving towards simpler products, says Greece born Eliana Koulas. She also says that because of overcrowded Indian luxury market, premium high street brands were making way.
HP aims at partnering with Indian government to push 3D printing dream
Global printing and PC major HP is seriously looking at partnering with the Indian government to push its 3D printing solutions in the domestic manufacturing and prototyping market that has the potential to grow exponentially in the coming years.