Page 3853 - Business Finance
Ashoka Buildcon subsidiary receives arbitral award of Rs 383.80 cr
Highways builder Ashoka Buildcon today said its subsidiary has received an arbitral award of Rs 383.80 crore against various claims filed by it. "Ashoka Infrastructure (SPV), which had executed Pune Shirur Road Project in Maharashtra has received an arbitral award of Rs 383.80 crore against various claims filed by the SPV," Ashoka Buildcon said in a regulatory filing. The project had been awarded by Maharashtra Government for four-laning and strengthening of Pune Ahmednagar Road SH 60. The toll collection at the said project had been stopped since August 8, 2014, the company added. Shares of Ashok Buildcon were trading 1.59 per cent higher at Rs 253 on BSE.
China's Lenovo swings to biggest loss in almost a decade
HONG KONG (Reuters) - Chinese PC maker Lenovo Group on Thursday reported a 69 percent drop in fourth-quarter net profit and swung to its biggest annual loss in 9 years.
Tata Motors hits 52-week low after weak Q4 outcome
Tata Motors lost 6.19% to Rs 290.10 at 09:35 IST on BSE after consolidated net profit dropped 49.84% to Rs 2175.16 crore on 18.33% rise in total income to Rs 91644.49 crore in Q4 March 2018 over Q4 March 2017.
Sensex recoups 153 pts on global cues
The BSE Sensex rebounded about 153 points in opening trade today on fresh buying in IT, teck, capital goods and healthcare counters amid mixed overseas cues. Buying by domestic institutional investors and strengthening rupee also supported the recovery, brokers said. Asian stocks traded mixed amid caution over US-China trade relations. US stocks closed higher yesterday after minutes from the Federal Reserve's meeting reassured investors that the central bank will not be too aggressive with raising interest rates. The 30-share Sensex rose 152.81 points, or 0.44 per cent, to 34,497.72, with sectoral indices IT, teck, capital goods, healthcare, power, consumer durables, bankex and realty advancing by up to 1.77 per cent. The gauge had lost 306.33 points in the previous session. The NSE Nifty also moved up by 38.15 points, or 0.36 per cent, to 10,468.50. Major gainers were Infosys, Tata Steel, TCS, HDFC Ltd, Bharti Airtel, Coal India, Sun Pharma, Wipro, Yes Bank, Power Grid, Axis Bank ...
Trump orders investigations into import of automobiles, auto parts
President Donald Trump today ordered an investigation into the import of vehicles, including trucks, and auto-parts to determine their effects on the US' national security, a move that may lead to imposition of new tariffs on foreign manufactured automobiles. Trump has instructed US Commerce Secretary Wilbur Ross to consider initiating an investigation under Section 232 of the 1962 Trade Expansion Act to find if tariffs or other restrictions were needed on imported cars, after he met him at the White House to discuss the current state of US automobile industry. In March, the Trump Administration had used the same legal justification to slap steep tariffs of 25 per cent on steel and 10 per cent on aluminum imports. The administration had also threatened tariffs on Chinese goods over intellectual property complaints. "I instructed Secretary Ross to consider initiating a Section 232 investigation into imports of automobiles, including trucks, and automotive parts to determine their ...
Asia share markets hit by U.S. auto tariff threat, dollar pulls back
SHANGHAI (Reuters) - Asian shares fell on Thursday after the U.S. government launched a national security probe into auto imports that could lead to new tariffs, and President Donald Trump's comments indicated fresh setbacks in U.S.-China trade talks.
Gold prices extend gains after dovish Fed stance
BENGALURU (Reuters) - Gold prices edged higher for a second session on Thursday as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the United States.
Global cues, value buying lift equity indices
Broadly positive Asian markets, along with value buying lifted the key Indian equity indices during the morning trade session on Thursday.
Westfield shareholders approve $16 billion Unibail-Rodamco deal; Chairman Lowy retires
(Reuters) - Westfield Corp shareholders have voted in favour of a $16 billion takeover by Unibail-Rodamco, the chairman of the Australian shopping mall giant said on Thursday.
Rupee rebounds from 18-mth low, up 12 paise against dollar
The rupee recovered from a near 18-month low by rising 12 paise to 68.30 against the dollar in opening trade today at the forex market on fresh selling of the US currency by exporters and banks. The minutes from the US Federal Reserve's meeting yesterday appeared to have reassured investors that the central bank will not be too aggressive with raising interest rates, forex dealers said. Besides selling of the American currency by exporters and banks, weakness in the dollar against some other currencies overseas propped the rupee, the said. Further, a higher opening in the domestic equity market too influenced the rupee uptrend, they added. Yesterday, the rupee had lost 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices. Meanwhile, the benchmark BSE Sensex rose 119.56 points, or 0.34 per cent, to 34,464.47 in early trade today.
Najib's Malaysia government used funds from central bank land deal to pay 1MDB dues - sources
KUALA LUMPUR (Reuters) - The government of former Malaysian Prime Minister Najib Razak used funds from a central bank deal to pay for some of the liabilities of beleaguered state fund 1Malaysia Development Berhad (1MDB), two sources with knowledge of the matter told Reuters.
Oil prices drop on potential increase in OPEC output
SEOUL (Reuters) - Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran.
Exclusive: Former Malaysia government used money raised from Khazanah to pay 1MDB dues - sources
KUALA LUMPUR (Reuters) - The government of former Malaysian Prime Minister Najib Razak used money raised from a deal with sovereign wealth fund Khazanah Nasional Berhad to pay for some of the liabilities of state fund 1Malaysia Development Berhad (1MDB), two sources told Reuters.
Rusal CEO, board members quit as company warns on debt payments
HONG KONG (Reuters) - Russia's largest aluminium producer, United Company Rusal Plc , said on Thursday its chief executive and seven board members have quit, and warned it may have problems servicing its debt due to the impact of U.S. sanctions.
Bargain hunting may lift shares
Shares may rise on bargain hunting following a steep sell off in the previous session. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 25.50 points at the opening bell.
Tata Motors may head south after weak Q4 result
Tata Motors' consolidated net profit dropped 49.84% to Rs 2175.16 crore on 18.33% rise in total income to Rs 91644.49 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 23 May 2018.
Singapore upgrades first-quarter GDP, 2018 outlook on resilient demand
SINGAPORE (Reuters) - Singapore's economy grew at a slightly faster pace in the first quarter than initially estimated, as factory activity remained robust, while an improvement in global demand prompted the government to upgrade its 2018 growth forecast.
Bank of Korea holds rates as inflation trails target, trade fears remain
SEOUL (Reuters) - The Bank of Korea held interest rates steady for a sixth straight month on Thursday, with inflation seen remaining below target and trade frictions between the United States and China raising fears of collateral damage to other export-reliant Asian economies.
Malaysian ex-PM quizzed for second time over graft claims
Former Malaysian leader Najib Razak arrived at the anti-graft agency today to be questioned for a second time this week over a multi-billion-dollar corruption scandal following his shock election loss. Najib's coalition suffered a defeat at the May 9 poll which ended their six-decade hold on power, beaten by a reformist alliance led by Mahathir Mohamad. Mahathir, who first served as premier from 1981-2003 and came out of retirement aged 92 to take on Najib, campaigned on claims that the former leader and his cronies looted sovereign wealth fund 1MDB. Billions of dollars were allegedly stolen from the fund in a sophisticated fraud, and used to buy everything from artworks to high-end real estate. Najib pushed through a huge media scrum at the Malaysian Anti-Corruption Commission (MACC) headquarters in the administrative capital of Putrajaya as he arrived to be quizzed about 1MDB money allegedly ending up in his personal bank accounts. Najib is being questioned by the anti-corruption ...
U.S. launches national security probe of vehicle imports
WASHINGTON (Reuters) - The Trump administration on Wednesday launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminium in March.