Page 3869 - Business Finance
NSE issues show-cause notice to UB Holdings, 15 others for delisting of shares
Leading stock exchange NSE has issued a show-cause notice to defaulter businessman Vijay Mallya-led UB (Holdings) for delisting of its shares as trading has been suspended for a long time due to regulatory non-compliance. Similar notice was issued to 15 other companies, including NEPC India, Net 4 India, Orbit Corp, REI Six Ten Retail, Shree Ganesh Jewellery House and REI Agro. Trading has been suspended in shares of some of these companies due to liquidation, while the suspension has been due to non-compliance to listing regulations for others. Upon the proposed compulsory delisting by the NSE, for which the concerned companies can approach the exchange by June 12, these firms would cease to be listed and all their directors, promoters and group companies would be barred from accessing the securities markets for ten years. The onus of giving exit to the public shareholders in these companies would be on the promoters, failing which they would face penal action, the NSE said in a ...
Global Markets: Asian shares pressured as Trump tempers Sino-U.S. trade optimism
TOKYO (Reuters) - Asian shares were mostly weaker on Wednesday with investors cautious after U.S. President Donald Trump tempered optimism over progress made in trade talks between the world's two largest economic powers.MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, while Japan's Nikkei lost 1.2 percent to end at a 1-1/2-week low and the Shanghai Composite Index retreated 1.1 percent.
Oil prices slip on potential easing of OPEC supply curbs
SINGAPORE (Reuters) - Oil prices eased on Wednesday as the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs.
Govt can reduce petrol price up to Rs 25 but won't do: Chidambaram
Amid rising criticism over steep hike in fuel prices, senior Congress leader P Chidambaram today claimed it was possible to cut up to Rs 25 per litre in petrol prices but the government will not do so. In a series of tweets, the former finance minister said the bonanza to central government is Rs 25 on every litre of petrol and this money rightfully belongs to the average consumer. "Central government saves Rs 15 on every litre of petrol due to fall in crude oil prices. Central government puts additional tax of Rs 10 on every litre of petrol. "It is possible to cut up to Rs 25 per litre, but the government will not. They will cheat the people by cutting price by Rs 1 or 2 per litre of petrol," he said on Twitter. More than a week after state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs. Petrol costs Rs 76.87 per litre in Delhi and diesel costs Rs 68.08 a litre. In the last nine days, petrol price ...
Strides Shasun Ltd leads gainers in 'A' group
Trident Ltd, Larsen & Toubro Infotech Ltd, Marksans Pharma Ltd and L&T Technology Services Ltd are among the other gainers in the BSE's 'A' group today, 23 May 2018.
State Bank of India jumps to 12-week high on recovery forecast
(Reuters) - Shares of State Bank of India rose more than 6 percent to a 12-week high on Wednesday after the country's largest lender projected a recovery over the next two years following a record quarterly loss.
Barley futures lift on upbeat physical cues
Barley prices rose by Rs 6.50 to Rs 1,478.50 per quintal in the futures trade today as participants created fresh positions backed up by encouraging physical markets cues. Market players said rising trend in the spot markets due to restricted supplies, triggered by brisk demand for beer making industries, bolstered to the up move in barley futures prices. At the National Commodity and Derivatives Exchange counter, barley delivery for June edged up by Rs 6.50 or 0.44 per cent to Rs 1,478.50 per quintal, with an open interest of 12,220 lots. Similarly, the delivery for July marked ahead by similar gain and percentage to Rs 1,491 per quintal, having an open interest of 6,220 lots.
Crude palm oil sheds 0.34% on low demand
Crude palm oil prices drifted lower by 0.34 per cent to Rs 668.80 per 10 kgs in futures market today as speculators cut exposure, driven by easing demand at the spot market. Besides, sufficient stocks position following increased supplies from the producing regions, fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in the current month was trading Rs 2.30, or 0.34 per cent, lower at Rs 668.80 per 10 kgs in a business turnover of 64 lots. Likewise, the oil for delivery in the June shed Rs 2.20, or 0.32 per cent, to Rs 667.90 per 10 kgs in 100 lots. Analysts said off-loading of positions by participants owing to slackened demand in the physical market against adequate stocks position kept crude palm oil prices lower in futures trade.
Mustard seed futures slide on spot sentiments
Mustard seed prices receded by Rs 7 to Rs 3,994 per quintal in futures trade today on the trimming of holdings by the operators in sync with weak physical markets sentiments. Market players mentioned the dip in mustard seed futures prices to ample stocks on consistent arrivals from growing belts amid muted demand for oil mills in the spot markets. In addition to such, the fall in offtake of mustard seed cake by cattle feed stockists, too, dampened the trading sentiments, they quoted. At the National Commodity and Derivatives Exchange counter, mustard seed delivery for the most traded contract June declined by Rs 7 or 0.17 per cent to Rs 3,994 per quintal, having business turnover of 1,04,350 open lots. In line with the general trend, the delivery of the second contract July eased by Rs 6 or 0.15 per cent to Rs 4,034 per quintal, open interest stood of 56,970 lots.
QNet bullish on India, eyes 25 pc topline growth
Hong Kong-based direct selling company QNet is bullish on the Indian market and eyes a topline growth of 25 per cent at Rs 800 crore in the current fiscal. The company was now looking at growing its business in healthcare, fast moving consumer goods, luxury and holidays segments. QNet said in statement that it was very bullish on Indian market and was looking at more investment following favourable guidelines for direct selling announced by the government. "We expect 25 per cent growth of sales turnover at Rs 800 crore in FY19," Qnet India region spokesperson Savio Oliver Rodrigues said as quoted in the statement. Major growth in healthcare and luxury segments in India are anticipated, the most sought after segments. "We hope to grow between 17 to 19 per cent in healthcare segment to reach Rs 100 crore-mark this year", he said.
Guar gum futures fall on profit booking
Guar gum prices met with resistance, lost Rs 47 to Rs 8,199 per quintal in futures trade today after the profit-booking by speculators, tracking falling demand overseas. Market players said, besides, profit taking by traders, slackness in export demand for oil drilling industries overseas mainly put pressure on guar gum futures prices. At the National Commodity and Derivatives Exchange counter, guar gum delivery for June weakened by Rs 47 or 0.57 per cent to Rs 8,199 per quintal, with an open interest of 48,155 lots. Similarly, the delivery for July slackened by Rs 38 or 0.46 per cent to Rs 8,301 per quintal, clocking an open interest of 13,900 lots.
Wheat strengthens by 0.55% on pick up in demand
Wheat prices advanced by 0.55 per cent to Rs 1,835 per quintal in futures trade today as speculators raised their bets amid uptick in demand in the spot market. At the National Commodity and Derivatives Exchange, wheat for delivery in June rose by Rs 10, or 0.55 per cent to Rs 1,835 per quintal with an open interest of 7,510 lots. In a similar fashion, the wheat for delivery in July was up by Rs 8, or 0.43 per cent to Rs 1,855 per quintal in 920 lots. Analysts said widening of positions by traders following pick up in demand in the physical market amid a pause in arrivals from producing belts kept wheat prices higher at futures trade.
TV Today flops after poor Q4 result
TV Today Network lost 3.34% to Rs 432.70 at 11:21 IST on BSE after net profit dropped 12.48% to Rs 32.62 crore on 1.86% fall in total income to Rs 189.35 crore in Q4 March 2018 over Q4 March 2017.
Maize futures rise further on spot demand
Maize prices added further profits of Rs 12 to Rs 1,233 per quintal in futures trade today as participants were interested to build up long positions influenced by upbeat physical sentiments. Market players said brisk demand from poultry feed makers amid fall in arrivals in the spot markets inspired traders to raise their holdings, which drove the upward movements in maize futures prices for the second straight day. At the National Commodity and Derivatives Exchange counter, maize delivery for July hardened by Rs 12 or 0.98 per cent to Rs 1,233 per quintal, open interest stood of 1,270 lots. Also, the delivery for June remained higher by Rs 5 or 0.41 per cent to Rs 1,214 per quintal, depicting an open interest of 6,090 lots.
Soybean futures drop on profit taking
Soybean prices dipped by Rs 9 to Rs 3,814 per quintal in futures trading today after sprouting of selling at higher levels from speculators in tune with subdued overseas cues. Market players said, tracking weak overseas leads, speculators were cutting down bets at existing levels, which caused the fall in soybean futures prices. At the National Commodity and Derivative Exchange platform, soybean delivery for July traded lower by Rs 9 or 0.24 per cent to Rs 3,814 per quintal, showing an open interest of 54,130 lots. In a similar way, the delivery of the most traded first contract June quoted lower by Rs 8 or 0.21 per cent to Rs 3,781 per quintal, revealing the business turnover in 1,45,5430 open lots.
Cipla shares surge nearly 8% after Q4 results
Shares of drug major Cipla today surged nearly 8 per cent after the company reported a consolidated net profit of Rs 153.25 crore for the quarter ended March 31, 2018. The stock gained 7.27 per cent to Rs 562.50 on BSE. On NSE, shares of the company soared 7.80 per cent to Rs 564.90. In terms of equity volume, 2.92 lakh shares of the company were traded on BSE and over 52 lakh shares changed hands on NSE in morning trade. Cipla yesterday reported a consolidated net profit of Rs 153.25 crore for the quarter ended March 31, 2018, on account of robust sales in key markets and reduction in expenses. The company had posted a net loss of Rs 62.79 crore during January-March, 2016-17, Cipla said in a BSE filing. Total income from operations stood at Rs 3,697.97 crore. It was Rs 3,582 crore for the same period a year ago.
Peps Industries felicitated with speciality retailer award
Peps Industries, India's top selling Spring Mattress Company, was honored with the Best Speciality Retailer award at the 7th Indian Retail & eRetail Awards 2018. The award was in recognition for Peps' outstanding contribution to the mattress retail segment through its innovative retail strategies.Currently, Peps Industries Pvt. Ltd. has a dealer network of 5,000 across the country India in addition to 129 'Great Sleep Stores' (GSS). These exclusive stores are designed with the sole intention of giving customers a complete bedroom experience with its wide range of premium products such as mattresses, pillows, comforters, bed linen, duvets, fitted sheets, waterproof bed covers, protectors, Bolsters, Cushions, Neck Pillows and much more. These outlets are direct reflections of Peps' brand personality of being affordable, trustworthy, durable, luxurious and delightful."We are extremely honored to receive this prestigious award. We have always strived towards retail excellence and I am
Castor seed remains up on spot demand
Castor seed prices remained in demand for the second session by gaining Rs 11 to Rs 4,122 per quintal in futures trade as renewed buying by investors in tune with strong physical demand. Market players said investors were expanding bets on the back of robust physical demand, which kept the prices positively for the second straight session. In the spot market, apart from fall in supplies, immense demand for soap, paint and lubricant industries held prices upward, they added. At the National Commodity and Derivatives Exchange platform, castor seed delivery for July moved up by Rs 11 or 0.27 per cent to Rs 4,122 per quintal, in an open interest of 25,140 lots. Meanwhile, the delivery for June went up by Rs 7 or 0.17 per cent to Rs 4,074 per quintal, with business turnover of 93,470 open lots.
L&T Construction bags order worth Rs 1,425 cr
Larsen & Toubro (L&T) today said its subsidiary L&T Construction has won an order worth Rs 1,425 crore in the domestic market. The transportation infrastructure business of L&T Construction has bagged an order worth Rs 1,425 crore, the engineering and construction major said in a BSE filing. L&T said the company has secured an order from a private client for the construction of eight lane Vadodara - Kim Expressway, package I (part of Vadodara Mumbai Expressway) in Gujarat. The project involves the construction of 23 km of eight-lane rigid pavement carriageway, connecting road, flyovers, interchanges, rail over bridges and vehicular/pedestrian/cattle underpasses, it added. Shares of the company were trading at Rs 1,329.45 apiece, up 0.72 per cent, on BSE.
Market turns range bound
Key benchmark indices were range bound in negative terrain in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 45.92 points or 0.13% at 34,605.32. The Nifty 50 index was down 34.20 points or 0.32% at 10,502.50. Negative cues from other Asian shares dampened investors sentiment.