Page 3903 - Business Finance
Guar seed dips on muted spot demand
Guar seed prices came down by Rs 21.50 to Rs 3,861 per quintal in futures trade today as speculators preferred to offload bets tracking a weak trend at the physical markets. Market players said, fall in the guar seed prices was mostly attributed to trimming of positions by speculators in line with a weak trend at the spot markets and weak demand from guar gum makers against relentless arrivals from the producing belts. At the National Commodity and Derivatives Exchange, guar seed for delivery in July moved down by Rs 21.50, or 0.55 per cent, to Rs 3,861 per quintal, open interest stood of 92,010 lots. In a similar run, the rates for most-traded June was trading lower by Rs 18, or 0.47 per cent, to Rs 3,820 per quintal, with the business turnover of 92,010 lots.
NTPC Ltd slips for fifth straight session
The stock is quoting at Rs 163.65, down 1.77% on the day as on 13:29 IST on the NSE. NTPC Ltd jumped 3.45% in last one year as compared to a 11.52% rally in NIFTY and a 15.01% spurt in the Nifty Energy index.
Auto, realty stocks decline
Key benchmarks extended losses and hit fresh intraday low in afternoon trade led by index pivotals HDFC, HDFC Bank and Reliance Industries. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 164.94 points or 0.47% at 34,683.36. The Nifty 50 index was down 62.55 points or 0.59% at 10,533.85. Auto stocks declined. Realty stocks dropped.
Equity indices in red; consumer durables, auto stocks slump
The key Indian equity indices traded in the red zone on Monday afternoon due to weak global factors, including rising crude oil prices.
Two more Fortis directors quit ahead of crucial EGM tomorrow
Fortis Healthcare today said its two more directors, Harpal Singh and Sabina Vaisoha, have resigned -- a day ahead of a crucial meeting of shareholders called to vote on the removal of four directors of the cash-strapped healthcare chain. Tejinder Singh Shergill had resigned yesterday. He was among the four directors along with Singh, Vaisoha and Brian Tempest whose removal has been sought by investors National Westminster Bank Plc as trustee of Jupiter India Fund and East Bridge Capital Master Fund. The two institutional investors, which together hold 12.04 per cent stake in Fortis Healthcare, had demanded last month that these four directors be removed from the board and had called for the company's EGM on May 22 for shareholders to vote. These investors had sought the removal of the directors for allegedly failing to work in the interest of all shareholders, particularly in their handling of the hospital chain's proposed sale. At the same time, these two institutions had also ...
Moody's downgrades PNB on the impact of Nirav Modi fraud
International rating agency Moody's today said it has downgraded state-run Punjab National Bank's (PNB) rating to Ba1/NP from Baa3/P-3, due to impact on the lender's profitability following Nirav Modi-fraud case. It kept the ratings outlook as stable but also downgraded the bank's baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3. "The downgrade of the bank's BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position," the rating agency said in a report here today. The downgrade also reflects the weak internal controls and processes of the bank, given that the fraudulent transactions were undetected for a number of years. In February, the bank announced that it had discovered some fraudulent and unauthorised transactions amounting to Rs 11,390, billion (USD 1.7 billion). Based on the bank's subsequent announcements, PNB's total exposure to these ...
L Catterton Asia to acquire 10% stake in Future Lifestyle Fashions
L Catterton Asia will acquire an approximately 10% stake in FLFL through a mix of preferential allotment and secondary purchase of shares.
Moody's downgrades PNB, cites negative impact of fraud on capital
Moody's Investors Service has downgraded Punjab National Bank's rating citing the impact of recent fraud on its capital as well as weak internal controls. However, the outlook to the rating has been retained as stable which reflects Moody's expectation that the negative impact of the fraudulent transactions is largely known. The agency downgraded PNB's foreign currency issuer rating by a notch to 'ba1', which is non-investment grade, from 'Baa3'- meaning below investment grade. "Moody's Investors Service has downgraded the local and foreign currency deposit rating of Punjab National Bank (PNB) to Ba1/NP from Baa3/P-3. At the same time, Moody's has downgraded the bank's baseline credit assessment (BCA) and Adjusted BCA to 'b1' from 'ba3'," Moody's said in a statement. "The ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position. The rating downgrade also reflects the weak internal .
United Breweries Ltd is up for a third straight session in a row
The stock is quoting at Rs 1155.65, up 1.92% on the day as on 12:54 IST on the NSE. United Breweries Ltd is up 48.88% in last one year as compared to a 11.63% gain in NIFTY and a 14.01% gain in the Nifty FMCG index.
Three directors quit Fortis Healthcare board amid takeover battle
MUMBAI (Reuters) - Three directors of Fortis Healthcare have quit ahead of a shareholder vote on Tuesday to decide their future, the company said, the latest twist in a prolonged takeover battle for the hospitals operator.
Gold hits five-month low as U.S. trade war with China 'on hold'
BENGALURU (Reuters) - Gold slid to a near five-month low on Monday, as the dollar rose and demand for safe-haven assets eased after U.S. Treasury Secretary Steven Mnuchin said a trade war between China and the United States was "on hold".
Flipkart to ramp up product range, partners for Perfect Homes
Flipkart expects its private label 'Perfect Homes' to account for almost half its revenues in the furniture category by next March as it expands the product range as also the number of partners under the brand. Flipkart, which is being taken over by Walmart in a USD 16 billion deal, had introduced the furniture brand on its platform last year. "We are expanding our range to 250-300 SKUs from about 150 right now and our target is to play across 20 categories in the segment," Flipkart Head of Private Labels and Electronics Adarsh Menon told PTI. "A significant portion of the furniture market in India is unorganised and our intent is to establish 'Perfect Homes by Flipkart' as a key brand," he said. The company also intends to double the number of its partners for the brand to 10 in the next few months, he said. Like its other private labels, the Perfect Homes range of products are sold on Flipkart's platform through sellers. These sellers licence the brand from the company, which ...
Sensex falls; Karnataka political situation unnerves market
(Reuters) - Indian shares slipped for a fifth straight session on Monday as the political situation in Karnataka clouded the outlook for general elections next year and left markets uneasy.
Japan's Nippon Steel says solid demand mutes impact of U.S. duties
TOKYO (Reuters) - Strong global demand has helped cushion the impact on Nippon Steel & Sumitomo Metal Corp of new U.S. import duties, but Japan's top steelmaker remains worried Washington's trade barriers could lead to a glut in Asia, a much bigger market for the company.
Indostar Capital Finance shares list with 5 pc gains
Shares of Indostar Capital Finance today listed with a gain of nearly 5 per cent over the issue price of Rs 572. The stock listed at Rs 600, up 4.89 per cent on BSE. At NSE, shares of the company opened the day at Rs 600. The company's market valuation stood at Rs 5,368.54 crore. In terms of equity volume, 20.08 lakh shares of the company were traded on BSE and over 1 crore shares changed hands at NSE during the morning trade. The Rs 1,844-crore initial public offer of non-banking finance company Indostar Capital Finance was subscribed 6.80 times during May 9-11. Price band for the offer was fixed at Rs 570-572 per share.
NSE to delist Kingfisher, Plethico Pharma, 16 others from May 30
Leading stock exchange NSE has decided to delist Vijay Mallya-promoted Kingfisher Airlines and Plethico Pharmaceuticals and 16 other companies from May 30. This comes after BSE delisted over 200 companies from May 11 as trading in their shares remained suspended for over six months. The decision comes at a time when authorities are clamping down on shell companies - listed as well as unlisted - for being allegedly used as conduits for illicit fund flows. In August, markets regulator Sebi had directed exchanges to act against 331 suspected shell companies, while the government has already deregistered more than 2 lakh firms that have not been carrying out business activities for long. In a latest circular, National Stock Exchange (NSE) said it has "decided to delist (withdraw the admission to dealings in) the equity shares of companies with effect from May 30, 2018 which have been compulsorily delisted by BSE Ltd.". Apart from Kingfisher Airlines and Plethico, the other firms that ...
Oil prices rise as China, U.S. put trade war 'on hold'
SINGAPORE (Reuters) - Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold".
Partners Group to buy stake in GlobalLogic from Apax Funds
Partners Group has agreed to buy "ownership stake" in the digital product engineering services company GlobalLogic from Funds advised by Apax Partners for an undisclosed amount. "...Funds advised by Apax Partners, the global private equity advisory firm, have agreed to sell their ownership stake in GlobalLogic Inc to Partners Group, the global private markets investment manager, which is acting on behalf of its clients in the acquisition," a statement said. While the companies did not disclose the deal size, the statement said the transaction valued GlobalLogic at over USD 2 billion. "Following the acquisition, Partners Group becomes an equal shareholder with existing investor, Canada Pension Plan Investment Board (CPPIB)," it said. In April 2017, the Apax Funds had sold 48 per cent of its equity stake in GlobalLogic to CPPIB. With over USD 500 million in revenue and more than 20 per cent organic growth rate, GlobalLogic has more than doubled in revenue and EBITDA since the Apax Funds
Guar gum futures fall on weak trends at spot markets
Guar gum prices softened by Rs 50 to Rs 8,253 per quintal in futures trade today after players reduced their exposure amid a weak trend at the physical markets. Market players attributed the slide in guar gum prices to a subdued trend at the spot markets on tepid export demand and fresh supplies of guar seed from growing regions. At the National Commodity and Derivatives Exchange, guar gum for the most-active June declined by Rs 50 or 0.60 per cent to Rs 8,253 per quintal, clocking an open interest of 55,840 lots. Similarly, the contracts for July slipped by Rs 49 or 0.58 per cent to Rs 8,358 per quintal in an open interest of 7,000 lots.