Page 3860 - Business Finance
Visakhapatnam Port Trust gets penal interest waiver
The Cabinet Committee on Economic Affairs on Wednesday approved the waiving of penal interest on government loans to Visakhapatnam Port Trust amounting to Rs 250.89 crore.
Bhushan acquisition likely to raise Tata Steel's leverage: Fitch
Ratings agency Fitch today said Tata Steel's acquisition of controlling stake in Bhushan Steel is likely to raise its leverage over the next two to three years. Tata Steel Ltd (TSL), which won the bid for Bhushan Steel Ltd (BSL) under the insolvency process, completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm last week. "Tata Steel Ltd's acquisition of a controlling stake in Bhushan Steel is likely to raise TSL's leverage over the next two to three years..." Fitch Ratings said in a statement. It has now cleared all the regulatory hurdles needed to proceed with the acquisition after India's National Company Law Tribunal (NCLT) approved TSL's debt resolution plan for BSL on May 15 2018, it said. BSL, which has steel making capacity of around 5 million tonnes per annum (MTPA), was one of five key distressed steel assets put up for bidding under insolvency proceedings in India. "Under the resolution plan, Bhushan's financial creditors will receive Rs ...
Comcast prepares to challenge Disney for Fox assets
(Reuters) - Comcast Corp on Wednesday confirmed that it is considering and is in advanced stages of preparing an offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney Co.
Gold rises on U.S.-China trade negotiations but dollar weighs
LONDON (Reuters) - Gold prices rose on Wednesday on uncertainty about trade talks between the United States and China, which boosted the metal's safe-haven appeal, but a firmer dollar kept a lid on gains.
Surprise fall in UK inflation muddies Bank of England rates picture
LONDON (Reuters) - British inflation fell unexpectedly in April, according to data that prompted fresh questions about when the Bank of England would next raise interest rates and pushed sterling to its lowest level against the dollar this year.
EU says Italy must deliver 'credible' response to debt problem
The European Union warned today that Italy must reduce spending to cut down its enormous debt pile in a direct challenge to the eurosceptic and populist government set to take office in Rome. "The Italian debt is an important question for Italy's future (...) This requires a credible answer," said EU Economic Affairs Commissioner Pierre Moscovici at a news briefing. The incoming coalition in Italy, a founder member of both the EU and the euro, has irked financial markets and European governments amid its loud refusals to stick to public spending and debt targets set by Brussels. "Our political message is very clear. Italy needs to continue to reduce its public debt which is indeed second highest in EU after Greece," said European Vice President Valdis Dombrovskis, the bloc's enforcer for the euro. The third largest economy in the eurozone, Italy is weighed down by 2.3 trillion euros (USD 2.7 trillion) of public debt. This is 132 per cent of its gross domestic product (GDP), the ...
AkzoNobel to invest 4 mn euros to expand Maha facility
AkzoNobel Specialty Chemicals today said it will invest four million euros (around Rs 32 crore) in expanding and upgrading its organic peroxides plant at Mahad in Maharashtra. The four million euros investment will increase capacity by 80 per cent, and will provide a platform to meet growing demand from customers in India and the Middle East, the company said in a statement. The expansion is expected to be completed by the end of 2018, it added. "This is the latest in a series of organic peroxide investments to better serve our customers by upgrading technologies and increasing production capacity," said Johan Landfors, member of the executive committee responsible for polymer chemicals at AkzoNobel Specialty Chemicals. "This expansion will allow us to build on our strong presence in numerous organic peroxide market segments, particularly in PVC, acrylics and thermoset resins," he added. Organic peroxides are essential for the manufacture of a wide range of polymer-based
Comcast says considering all-cash offer to buy Fox assets
(Reuters) - Comcast Corp on Wednesday confirmed that it is considering and is in advanced stages of preparing an offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney Co.
China welcomes high-quality U.S. products to enter its market
HONG KONG (Reuters) - China welcomes high-quality and competitive products made by the United States to enter its market, the commerce ministry said on Wednesday.
Sebi imposes Rs 6 lakh fine on 11 individuals
Markets regulator Sebi today imposed a penalty of Rs 6 lakh on 11 individuals for failing to make a public announcement of an open offer for acquiring shares of Shreenath Industrial Investment. The individuals had collectively purchased 55,000 scrips representing 27.50 per cent of the share capital of Shreenath Industrial Investment Company Ltd (SIICL) on March 30, 2013, as per a Sebi order. As the individuals had collectively acquired more than 25 per cent of share capital and had taken control of SIICL, they were required to make a public announcement of open offer under the SAST (Substantial Acquisition of Shares and Takeovers) regulations. However, they failed to do so. Noting that the alleged violation of SAST regulations against the individuals "stands established", Sebi has imposed a penalty of Rs 6 lakh on them. "The amount of the penalty shall be paid jointly and severally by the noticees (11 individuals)," the Securities and Exchange Board of India (Sebi) said in its ...
EAPL launches e-rickshaw awareness campaign
Eastman Auto and Power Limited (EAPL), a leading company in energy storage and solar solutions, has embarked on a one-of-a-kind initiative to sensitise people about the benefits of e-rickshaw overall and what kinds of batteries are best suited for this vehicle.The company has chosen West Bengal as the epicenter of the initiative as the state already has a burgeoning E-Rickshaw population.The objective of the campaign is to create awareness about the usage of e-rickshaw batteries and apprise the stakeholders (E-Rickshaw owners and trade) of the factors that affect the performance of these batteries. Beginning from Berhampur, the campaign has embraced cities such as Katwa, Bardhaaman, Howrah, Barasat, Midnapur, Siliguri, Cooch Behar and Nadia in West Bengal."This innovative campaign has been conceptualized with an objective to sensitize relevant stakeholders about the benefits of using the e-rickshaw battery. E-vehicles are the future of India's energy roadmap. The campaign is closely ..
Tata Motors fourth-quarter profit halves on one-off charge, expenses
(Reuters) - Tata Motors Ltd's fourth quarter profit halved, missing analysts' estimates due to higher expenses and a one-time impairment charge for certain product development programmes, the Indian automaker said on Wednesday.
FPIs accelerate selling
Net outflow of Rs 1576.81 crore on 22 May 2018
IRB Infrastructure Developers receives LoA from Hyderabad Growth Corridor
For project comprising of User Fee collection rights at Hyderabad Outer Ring Road
Ind-Ra: High ATF Prices & Fleet Expansion to Delay Recovery in Credit Metrics of Airlines in FY19-FY20
Brent crude prices recovered by over 35.00% to USD79.54/bbl on 17 May 2018 from USD52.98/bbl on 28 April 2017. The recovery led to a corresponding increase in domestic aviation turbine fuel (ATF) prices to INR65,340/kilolitre from INR50,700/kilolitre during the period.
Global Markets: Trade and growth fears spark dash for safe havens
LONDON (Reuters) - Investors sold equities on Wednesday and raced to buy yen and government bonds from the United States and Germany on fears that setbacks to U.S-China trade talks would undermine increasingly fragile-looking world growth.
L&T Technology Services standalone net profit rises 59.40% in the March 2018 quarter
Sales rise 25.85% to Rs 979.50 crore
T.V. Today Network standalone net profit declines 12.48% in the March 2018 quarter
Sales rise 1.83% to Rs 181.15 crore
Prithvi Exchange (India) standalone net profit declines 26.67% in the March 2018 quarter
Sales reported at Rs 2.42 crore