Page 3904 - Business Finance
FICCI Pitches for Immediate Excise Duty Cut to Deal with Oil Price Rise
"Over the last few years, falling oil prices contributed significantly towards improving the health of the economy. With global oil prices once again spiralling upwards, the macro-economic risks of higher inflation, higher trade deficit and pressure on balance of payments with attended consequences for the Rupee value have once again surfaced," said Mr. Rashesh Shah, President, FICCI.
Dwarikesh Sugar Industries Ltd leads gainers in 'B' group
Kavveri Telecom Products Ltd, Dhampur Sugar Mills Ltd, Thiru Arooran Sugars Ltd and Pennar Industries Ltd are among the other gainers in the BSE's 'B' group today, 21 May 2018.
Broader market tumbles
Selling intensified in early afternoon trade as key benchmarks extended losses and hit fresh intraday low. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 156.17 points or 0.45% at 34,692.13. The Nifty 50 index was down 55.90 points or 0.53% at 10,540.50.
Ficci for urgent excise duty cuts on fuel
With transport fuel prices in Delhi crossing previous highs, industry chamber Ficci on Monday called for the government to urgently reduce fuel excise duties.
Cottonseed oil cake futures dip on weak spot cues
Cottonseed oil cake prices came down by Rs 6.50 to Rs 1,295 per quintal in futures trade on cutting down of bets by speculators in tandem with a weak trend at the spot markets. Marketmen attributed the fall in cottonseed oil cake prices at futures trade to trimming of bets by participants amid a weak trend at the physical markets. Besides, ample stocks in the market, too, kept pressure on prices, they added. At the National Commodity and Derivatives Exchange, cottonseed oil cake to delivered in July was trading lower by Rs 6.50 or 0.50 per cent to Rs 1,295 per quintal, in an open interest of 57,960 lots. Also, the most-traded delivery in June edged down by Rs 6 or 0.47 per cent to Rs 1,273.50 per quintal, with the business turnover of 1,70,320 open lots.
Sensex down 97 points, Nifty below 10,600
The BSE Sensex surrendered its initial gains to trade lower by 97.64 points in late morning deals today amid selling in realty, healthcare, metal, auto, consumer durables and basic materials counters. Investors were wary after BJP's B S Yeddyurappa resigned as the chief minister of Karnataka, paving the way for the JD(S)-Congress combine to form the government. Caution also set in ahead of key corporate earnings to be announced today, brokers said. IT, teck, telecom and energy witnessed buying interest. The 30-share Sensex was trading at 34,750.66, showing a loss of 97.64 points, or 0.28 per cent. The broader Nifty index was trading at 10,558.15, down 38.25 points, or 0.36 per cent. Major losers were Sun Pharma 2.60 per cent, Dr Reddy's 2.57 per cent, Tata Motors DVR 2.30 per cent, Tata Motors 1.80 per cent and Axis Bank 1.60 per cent. Gainers included TCS 1.90 per cent, ICICI Bank 1.52 per cent, Coal India 1.35 per cent, SBI 1.19 per cent and ONGC 1.19 per cent. Meanwhile, foreign .
Ryanair profits up 10% despite cancellations crisis
Irish budget carrier Ryanair said Monday its net profit had risen 10 per cent in 2017-2018 despite the cancellation of thousands of flights, but forecast a fall this year due to higher oil prices. Spurred by a nine percent increase in passengers, net profit soared to 1.45 billion euros (USD 1.7 billion) in the year to March 31, a statement said, identifying Germany, Italy and Spain as the three largest growth markets. This was despite "a three per cent cut in air fares, during a year of overcapacity in Europe, leading to a weaker fare environment, rising fuel prices, and the recovery from our September 2017 rostering management failure," Ryanair CEO Michael O'Leary said. The crisis led to the cancellation of 20,000 flights so far. The airline however said it expected profit after tax to fall to between 1.25 and 1.35 billion euros in the current financial year due to a rise in petrol prices. "Fuel will be a major cost headwind for the next 24 months," it said. "Air fares tend to follow
Balrampur Chini Mills Ltd leads gainers in 'A' group
Colgate-Palmolive (India) Ltd, Pidilite Industries Ltd, National Aluminium Company Ltd and Tata Chemicals Ltd are among the other gainers in the BSE's 'A' group today, 21 May 2018.
Ultratech Cement bags limestone mining block in MP
Aditya Birla group firm Ultratech Cement today said it has bagged the Deora-Sitapuri-Udipyapura limestone mining block in Madhya Pradesh (MP). Ultratech Cement said the block is in close proximity to its existing limestone mines of the company's recently commissioned unit Dhar Cement Works. "The company has won the Deora-Sitapuri-Udipyapura limestone mining block in the State of Madhya Pradesh," Ultratech Cement said in a BSE filing. "This mining block is spread over 344.783 hectares of land having minable reserve of around 54 million MT.... This (limestone mining block) will be useful for augmenting the capacity of Dhar Unit in future," it added. Shares of Ultratech Cement were trading 0.15 per cent higher at Rs 3,865 apiece on BSE.
Global Markets: Stocks rally after Mnuchin says Sino-U.S. trade war "on hold"
TOKYO (Reuters) - Stocks rose on Monday after U.S. Treasury Secretary Steven Mnuchin declared the U.S.-China trade war "on hold" following their agreement to suspend the tariff threats that roiled global markets this year.
Orbital ATK to launch cargo ship to ISS
An Orbital ATK Antares rocket is set to launch Cygnus supply ship on Monday to deliver tons of cargo to the International Space Station (ISS), NASA said in a statement.
Turmeric futures dip 1.44% on profit-booking
Turmeric prices slipped by 1.44 per cent to Rs 7,240 per quintal in futures market today as traders locked in gains at prevailing higher levels and increased supplies from growing regions. At the National Commodity and Derivatives Exchange, turmeric for delivery in far-month July declined by Rs 106, or 1.44 per cent, to Rs 7,240 per quintal with an open interest of 6,910 lots. Similarly, the spice for delivery in June lost Rs 88, or 1.21 per cent, to Rs 7,156 per quintal in 15,140 lots. Market analysts said off-loading of positions by traders, triggered by fall in demand at the domestic spot market against adequate stock positions on increased supplies kept pressure on turmeric prices in futures trade.
Galaxy Note 9 to have Bixby 2.0: Samsung
South Korean electronics giant Samsung has confirmed that its flagship Galaxy Note 9 would have a new version of company's Airtificial Intelligence (AI)-powered assistant "Bixby 2.0".
Indostar Capital Finance sees muted debut
Shares of Indostar Capital Finance were trading at Rs 591.20 at 11:22 IST on BSE, a premium of 3.35% over the issue price of Rs 572 on its debut on the bourses today, 21 May 2018.
Change in BOJ's stock buying pattern stirs whisper of 'stealth tapering'
TOKYO (Reuters) - The question of when the Bank of Japan should wind back crisis-era stimulus has dogged policymakers for some time, but its less aggressive support for the stock market in recent weeks has some investors speculating it's already taking its foot off the gas.
Rupee down 7 paise against dollar in late morning deals
The rupee pared some initial losses, to trade lower by 7 paise at 68.07 against the American currency in late morning deals on sustained dollar demand from importers and banks, despite lower local equities. The rupee recovered from a fresh 16-month low of 67.08 against last Friday's closing level of 68.00 per dollar at the inter-bank foreign exchange here. Later, it regained its lost ground to trade flat at 68 before falling again in late morning deals; it was trading at 68.07 per dollar at 1030 hrs. The domestic unit hovered between 68.00 and 68.15 during morning deals. "Sustained capital outflows, higher dollar overseas after easing trade war tension's loomed over rupee," a dealer said. Meanwhile, the US dollar rose against basket currencies in early Asian trade after US Treasury Secretary Steven Mnuchin said the US trade war with China was on hold. The 30-share BSE Sensex fell by 55.04 points, or 0.16 per cent, at 34,793.26 at 1050 hrs.
Baggit to commence retail growth journey in Tier II, III cities
India's leading fashion accessory brand Baggit is all set to expand its retail wing in Tier II and Tier III cities, with exclusive Baggit outlets and large format stores perspective.Currently holding 52 exclusive Baggit stores and 1000+ retail doors via large format stores and multi-brand outlets, the online retailer is keen to open a lot more outlets in each city of India."We are already present in 100 cities through brick and mortar outlets and to reach out to the last mile audiences, we are also available in the leading online marketplaces of India, in addition to our own e-commerce portal baggit.com. In the coming months we will be targeting Tier II from Exclusive Baggit Outlets and Large Format Stores perspective and Tier III from Trade perspective," said Nina Lekhi, MD & Chief Design Curator, Baggit.Elaborating on the expansion plans, Nina said that the brand will open a lot more outlets in each city in India, with special focus on Tier II and Tier III ...
Weak global cues drag down silver by 0.42%
Amid a weak trend overseas, silver prices dropped by 0.42 per cent to Rs 40,025 per kg in futures trade today as speculators cut down holdings. At the Multi Commodity Exchange, Silver for delivery in July fell by Rs 170, or 0.42 per cent to Rs 40,025 per kg in business turnover of 1,074 lots. In a similar fashion, the white metal for delivery in far-month September was trading lower Rs 159, or 0.39 per cent to Rs 40,600 per kg in 7 lots. Market analysts said a weak trend in precious metals in the global markets and trimming of positions by participants at domestic spot market kept pressure on silver prices at futures trade. Globally, silver shed 0.70 per cent at USD 16.31 an ounce in Singapore.
Samsung opens foundry R&D division under device solution arm
Samsung Electronics Co recently opened a research and development (R&D) centre for its foundry business, industry sources said on Monday, reflecting its drive to advance deeper into the segment.
Samsung to invite partners to discuss 5G commercialization
Samsung Electronics Co. said on Monday it is hosting a gathering of the 3rd Generation Partnership Project (3GPP) throughout this week to enable business representatives to exchange views on the commercialization of the fifth-generation (5G) network.