Page 39 - Business Finance
Sensex, Nifty close higher; all eyes on US Fed policy meet
Equity benchmarks Sensex and Nifty Tuesday closed in the green on emergence of buying in metal, energy and IT counters, but gains were capped by a caution among investors ahead of the crucial US Federal Reserve meeting. Snapping its four-day losing streak, the 30-share Sensex settled the day at 39,046.34, 0.22 per cent or 85.55 points higher. The index swung over 300 points in a highly volatile session. Similarly, the 50-stock NSE Nifty ended at 11,691.50, up 0.17 per cent or 19.35 points. Sentiments turned a bit optimistic towards the fag-end of the session in view of lower crude oil prices and strengthening rupee. Top gainers in the Sensex pack included Vedanta, Coal India, PowerGrid, ICICI Bank, HCL Tech, Bajaj Finance and Infosys -- rising up to 2.47 per cent. On the other hand, Yes Bank emerged as the biggest loser, cracking 5.94 per cent, followed by Maruti, Asian Paints, Sun Pharma and HDFC twins, shedding up to 2.20 per cent. Shares of Jet Airways plummeted 40.48 per cent ...
HDFC AMC shares drop nearly 7%
Shares of HDFC Asset Management Company dropped nearly 7 per cent Tuesday after the firm decided to provide liquidity to some fixed maturity plan schemes of HDFC MF that have exposure to Essel Group firms. The move, announced on Monday, assumes significance with the mutual fund industry grappling with liquidity crisis for the past few months in the wake of concerns over ability of Essel Group and IL&FS to meet their debt obligations. The scrip tanked 6.32 per cent to close at Rs 1,807.75 on the BSE. During the day, it tumbled 6.69 per cent to Rs 1,800.55. On the NSE, shares plunged 6.62 per cent to close at Rs 1,803.70. Led by the drop in the scrip, the company's market valuation also fell by Rs 2,589.56 crore to Rs 38,431.44 crore on the BSE. "HDFC AMC fell over 6 per cent as it offered exit to some investors of FMPs (fixed maturity plans) by transferring their Rs 500 crore exposure on to its own books. This was a sentimentally bold move by HDFC AMC as investors were worried ...
M&M expects up to 12% growth in Bolero pickups in FY20
: Mahindra and Mahindra expects 10 to 12 per cent growth in its Bolero range pickups this fiscal, a senior executive of the USD 20 billion-group said here Tuesday. Vikram Garga Vice President- Marketing Automotive Division of M&M said the group sold 1.62 lakh Bolero Pickup range vehicles in FY-2019, compared to 1. 49 lakh in FY-2018, registering a nine per cent growth. "Bolero is our flagship brand in the commercial vehicle range. It is the market leader with 86 per cent market share.We see at least 10 to 12 per cent in the pick up vehicle sales," Garga told reporters in a press conference. He launched the new Bolero Camper Gold Zx, a double cabin pick up with a one tonne payload capacity, in the Telangana market. Garga said the Bolero Camper range, including the new vehicle, is being manufactured in M&M's Zaheerabad, Telangana plant.
SBI, ICICI Bank, RIL futures most active
Turnover spurts
Dalrymple's book on East India Company launches in Sept
Bestselling historian and author William Dalrymple's latest book "The Anarchy", based on the rise of the East India Company, will release on September 10, publisher Bloomsbury announced on Tuesday.
Hatsun Agro Product Ltd - Update on Start of Cattle Feed Production in Maharashtra and Expansion of Company Retail Outlets
/ -- 1. Commencement of production at Cattle Feed Plant in Maharashtra Hatsun Agro Product Ltd, will commence commercial production at its newly acquired cattle feed plant in Solapur, Maharashtra on 19th June 2019. The plant which was acquired in May 2019 has a capacity to produce 100 tonnes of cattle feed per day. With the start of production, HAP's total manufacturing capacity of Santosa cattle feed has gone up to 1000 tonnes per day. The feed will be marketed under the brand name 'Santosa' and will be primarily used to serve the cattle feed requirements of HAP's farmers in Maharashtra. Dairy farmers are aware about the advantages of Santosa cattle feed and the benefit that it can have on increasing milk output. HAP has been witnessing a growing demand for its cattle feed brand Santosa due to the wider acceptance among its affiliated farmers in various states. 2. HAP to reach 3500 retail outlet milestone Hatsun Agro Product Ltd, India's leading private sector dairy company will ...
Sebi imposes Rs 12 lakh fine on NDTV for disclosure lapses
Markets regulator Sebi has imposed a penalty of Rs 12 lakh on New Delhi Television Ltd (NDTV) for failing to make timely disclosures to the stock exchanges. The order comes after the regulator examined multiple disclosure lapses by NDTV and noted non-compliance with the Substantial Acquisition of Shares and Takeover (SAST) Regulations. Sebi noted that Indiabulls Financial Services in January 2008 acquired 40 lakh shares of NDTV, amounting to 6.40 per cent of the total share capital of the firm. Further, the promoters of NDTV acquired 20.28 per cent of the total share capital of NDTV pursuant to an open offer in July 2008, Sebi said in an order dated Jun 17. Post the transaction, the entities were to make requisite disclosures to NDTV under relevant provisions of SAST norms, while NDTV in turn was supposed to report the same to BSE as well as NSE, it added. However, as per the order, the media company made inordinate delay in making disclosures related to change in the shareholdings of
Stocks end marginally higher, Jet Airways plummets over 40 pc
Equity benchmark indices erased four day's losses on Tuesday but trading was wobbly on investor caution ahead of the US Federal Reserve's two-day meeting on key interest rates.The BSE S & P Sensex closed 86 points higher at 39,046 while the Nifty 50 was up 19 points at 11,692. At the National Stock Exchange (NSE), most sectoral indices were in the green except for Nifty auto, FMCG, media, and pharma.Mining major Vedanta gained 2.5 per cent to close at Rs 168.15 per share. Bharat Petroleum, Coal India and ICICI Bank were up by about 2 per cent each. Power Grid too gained about 1.8 per cent.But shares of Jet Airways tumbled 40.78 per cent to close at Rs 40.45 per share. A day earlier, the State Bank of India (SBI)-led consortium of lenders decided to take the grounded airline to bankruptcy courts after failing to cobble together a revival plan despite working on it for over five months.Meanwhile, Ashok Chawla and Sharad Sharma resigned as independent directors of the company.Shares .
Jet Airways shares plummet 41 pc as company lands in NCLT
Jet Airways' shares faced massive drubbing Tuesday and tumbled nearly 41 per cent after State Bank of India-led consortium of lenders decided to send the grounded airline to the National Company Law Tribunal. The scrip plummeted 40.78 per cent to close at Rs 40.45 on the BSE. During the day, it tanked 52.78 per cent to hit an all-time low of Rs 32.25. On the National Stock Exchange (NSE), shares plunged 40.78 per cent to close at Rs 40.50 apiece. During the day, it dropped 53.72 per cent to a record low of Rs 31.65. On the traded volume front, 60.53 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day. This the 12th consecutive trading day fall for Jet Airways and the scrip has plunged over 73 per cent during this time, wiping out Rs 1,253.5 crore from its market valuation, on the BSE. Harried bankers Monday decided against an outright sale of Jet Airways to the lone bidder and instead voted to send it for bankruptcy to recover their ..
Sensex regains 39,000 level in volatile trade
Benchmark indices settled with modest gains after a volatile session on trade. The barometer index, the S&P BSE Sensex, gained 85.55 points or 0.22% to 39,046.34, as per the provisional closing data. The Nifty 50 index gained 19.35 points or 0.17% to 11,691.50, as per the provisional closing data. The Sensex settled above the psychological 39,000 level after moving above and below that level in intraday trade.
Korean fast fashion brand XIMI Vogue to generate 500 crore revenue in India
Marking its presence in more than 29 outlets in India till now, the successful Korean affordable luxury brand looks forward to generate a revenue of INR 500 crore by launching 200 more outlets by Q3 2020.XIMI Vogue is present in 77 countries with more than 1700 outlets across the world selling more than 10000 products ranging from household, health and beauty, digital accessories, plush dolls etc. The brand's global success has been because of its intelligent product strategy, superior quality products with innovative and attractive designs at a competitive price.XIMI Vogue is now investing heavily in its supply chain technology with state-of-the-art warehouses to further expand its growth in the Indian market."The fast fashion daily consumer goods industry in India has operated since long in an unorganized way and our aim is to combine a variety of products under one roof ensuring the delightful customer experience", said Abhishek More, Director - XIMI Vogue India."We are planning to
Sensex ends 86 pts higher; Jet Airways nosedives 41 pc
Snapping its four-day losing streak, BSE benchmark Sensex Tuesday regained 86 points in a session marked by high volatility as investors treaded cautiously ahead of the crucial US Fed meet. Overall market sentiments, however, turned a bit optimistic in view of lower crude oil prices and strengthening rupee. The BSE gauge swung nearly 300 points before settling 85.55 points, or 0.22 per cent, higher at 39,046.34. The index hit an intra-day high of 39,167.83 and a low of 38,870.96. The broader NSE Nifty closed 19.35 points, or 0.17 per cent, higher to close at 11,691.50. During the day, the index touched a high of 11,727.20 and a low of 11,641.15. Top gainers in the Sensex pack included Vedanta, Coal India, ICICI Bank, PowerGrid, HCL Tech and Bajaj Finance, rising up to 2.65 per cent. On the other hand, Yes Bank was the biggest losers, cracking 5.94 per cent, followed by Maruti, Asian Paints, Sun Pharma and HDFC twins, shedding up to 2.20 per cent. Shares of Jet Airways plummeted 40.48 .
Khadi's share in textile production doubles in 5 years
The share of Khadi fabric in the total textile mill production has doubled to 8.49 per cent in five years to 2018-19, the Khadi and Village Industries Commission said Tuesday. While the mill fabric production was 2,486 million square metres in the 2014-15 fiscal, the production of Khadi was 105.38 million square metres showing a share of 4.23 per cent of the overall textiles production. The mill fabric production dropped to 2,012 million square metres in 2018-19 while the Khadi fabric production was 170.80 million square metres a share of 8.49 per cent in overall fabric production. Khadi and Village Industries Commission (KVIC) Chairman Vinai Kumar Saxena said the rise in Khadi fabric production from 4.23 per cent to 8.49 per cent could be possible due to Prime Minister Narendra Modi's clarion call to adopt Khadi. "It is encouraging for us that rise in share of Khadi production in the textiles sector in the last five years has gone from 4.23 per cent to 8.49 per cent, which is more .
Wind capacity addition likely to improve to 3.5-4.0 GW in FY20: Icra
Wind energy generation capacity addition is likely to improve to 3.5-4.0 GW this fiscal, while land acquisition and transmission connectivity challenges will remain crucial, rating agency Icra said Tuesday. The rating agency expects wind power capacity addition to increase to about 3.5 to 4 GW in FY2020, supported by the large project awards by the nodal agencies and measures being taken to address some of the key challenges, Icra said in a statement. Since February 2017, the overall wind power capacity awarded by the central nodal agencies and the state distribution utilities has been sizeable at more than 12 GW, providing a visibility for substantial capacity addition. However, it said the actual execution on the ground has been slow with only 1.6 GW added in FY2019, owing to delays in execution caused by land acquisition issues and securing transmission connectivity. "The government has initiated certain measures towards resolving the issues faced by the developers, such as ...
Cottonseed oil cake futures fall on tepid demand
Cottonseed oil cake price fell 0.54 per cent to Rs 2,866 per quintal in futures trade Tuesday as speculators off-loaded their holdings in tune with a weak trend at the spot market. Marketmen said, slack in demand from cattle-feed makers mainly kept pressure on cottonseed oil cake prices. On the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in July contracts fell by Rs 15.5, or 0.54 per cent, to Rs 2,866 per quintal with an open interest of 56,310 lots. However, cottonseed oil cake for August contracts rose by Rs 16, or 0.55 per cent, to Rs 2,913.5 per quintal with a business turnover of 21,800 open lots.
Casio has Inducted a Market Sweep Action in Kolkata
/ -- Casio, a leading lifestyle brand in the country, is aggressively running awareness drives to fight the counterfeit markets in India. (Photo: https://mma.prnewswire.com/media/924523/Fake_G_Shock_Watches.jpg ) Continuing its drive to curb the supply of fake Casio watches and calculators, Kolkata Police raided two major markets in Kolkata namely Mehta Building and Burabazaar on 11.6.2019 and 14.6.2019 respectively. Locations of wholesalers and retailers were raided and large quantities of fake watches and calculators bearing the trademarks of Casio were seized by the police. The First Information Report for the raid action in Mehta Building have been filed at Hare Street Police Station and at Posta Police Station for the raid action in Burabazaar against the wholesalers and retailers selling counterfeit Casio watches and calculators. Umesh Kumar Gupta, Legal Head of Casio India, said, "Brand Enforcement is been looked at very seriously by Casio. We would take this opportunity to ...
Trent to raise up to Rs 1,550 cr for expansion plans
Tata Group's retail arm Trent Ltd Tuesday announced plans to raise up to Rs 1,550 crore in the current financial year through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options, to fund its expansion. "The board of directors at its meeting...approved issue of equity shares on a preferential basis to Tata Sons Pvt Ltd, promoter of the company, subject to such regulatory/ statutory approvals as may be required, including approval of the shareholders of the company," Trent Ltd said in a regulatory filing. The company said total amount to be raised from issuance of shares to the promoter is about Rs 950 crore. Separately, Trent said, "Independent of the above issuance, the board of directors also appointed a committee of the board to explore options to raise additional funds not exceeding Rs 600 crore in financial year 2019-20 by issue of equity shares or other securities including through qualified institutional placement, rights issue
Gold edges up by Rs 100, silver rises Rs 130
Gold prices rose by Rs 100 to Rs 33,720 per 10 gm at the bullion market in the national capital on Tuesday on the back of positive demand from local jewellers amid favourable trend overseas, according to the All India Sarafa Association. Similarly, silver prices increased by Rs 130 to Rs 38,220 per kg on account of increased offtake by industrial units and coin makers. Traders said positive global market and demand from local jewellers pushed the prices upwards. In the international market, spot gold was trading up at USD 1,344.90 an ounce, while silver was up at USD 14.96 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 100 each to Rs 33,720 and Rs 33,550 per 10 gram, respectively. Sovereign gold, however, remained unchanged at Rs 26,800 per eight gram as compared to the previous close. Silver ready jumped by Rs 130 to Rs 38,220 per kg, while weekly-based delivery rose by Rs 140 to Rs 37,256 per kg. Prices of silver coins saw no
We are spending Rs 253 cr on filling lakes in Karnataka: Kumaraswamy
Karnataka Chief Minister HD Kumaraswamy, on Tuesday, addressed the issue of water crisis in the state and said that the state government is making efforts to fill up lakes across the state and has ploughed in over Rs 250 crores for the same."We are trying to fill all the lakes and tanks as soon as possible. We are spending Rs 253 crores to fill the lakes. It really helps to fill the tanks after filling lakes because groundwater level will automatically rise. It is bad luck of our state that we are unable to use reservoir water of dams built in our state," he said."We have to leave so much of water to Tamil Nadu because the authority says that. That's why we are here trying all possibilities to fill all the lakes as soon as possible," he added.Kumaraswamy also met the family members of farmer Suresh who allegedly committed suicide by hanging himself in Mandya.He said that private loan providers are responsible for creating this vicious web of loans and stressed on the need to regulate .
PSU OMCs climb as crude oil price drops
Shares of state-run oil marketing companies rose 1.29% to 2.75% at 15:03 IST on BSE after crude oil prices dropped in the international commodity market.