Page 397 - Business Finance
Sensex, Nifty sharply pare gains
Key benchmarks sharply pared gains in afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 32.41 points or 0.09% at 37,591.32. The Nifty 50 index was up 12.25 points or 0.11% at 11,314.05. Gains were capped as Sino-US trade tensions kept investors on the edge.
TSMC begins production of 5 nanometre chips: Report
The Taiwan Semiconductor Manufacturing Company, or TSMC, has begun risk production of 5 nanometre (nm) chipsets that would be featured in future super-efficient flagship smartphones and expects to be ready to begin mass production in the first half of 2020.
US-based StriderSports forays into Indian market
US-based balance bike manufacturer StriderSports International Inc. Friday announced its foray into the Indian market. Strider's balance bike range will be listed for retail on Amazon India by Etailz, which is the authorized dealer appointed by Strider, the company said in a statement. "India is a very important market for us and we are very excited to introduce our product portfolio to the quality conscious and progressive Indian audience," Strider Bikes Outreach Manager Dan Chell said. The company said it will gradually build up its offering in the Indian market. Founded in 2007, Strider has sold more than 2 million bikes and is distributed in more than 75 countries.
Crude oil futures rise 0.44 pc as investors widen position
Crude oil prices edged higher by 0.44 per cent to Rs 4,346 per barrel in futures trade Friday as speculators widened their bets in tandem with a steady trend overseas. On the Multi Commodity Exchange, crude contracts for delivery in May rose by Rs 19, or 0.44 per cent, to Rs 4,346 per barrel with a business turnover of 15,255 lots. Globally, oil prices gathered steam as investors pinned hopes on renewed prospects of breakthrough in Sino-US trade talks. Analysts said the rise in crude oil futures was largely due to raising of bets by participants in the domestic markets. Meanwhile, West Texas Intermediate crude prices rose 0.73 per cent to USD 62.15, while Brent crude, the international benchmark, rose 0.53 per cent to USD 70.76 a barrel at the New York Mercantile Exchange.
Most Asian markets up but traders on edge as tariffs are hiked
Shanghai led gains across most Asian and European markets Friday at the end of a torrid week for equities, with investors keeping a nervous eye on China-US trade talks after Washington more than doubled tariffs on USD 200 billion of imports. Equities started the day on a high as dealers took heart from positive comments from Donald Trump on the prospects for a deal but the region turned negative as the threatened levies kicked in and China vowed to hit back, saying it "deeply" regretted the US move. However, Shanghai and Hong Kong bounced back on hopes the economic superpowers will be able to reach a deal to avert a trade war that most observers warn could shatter global growth and batter markets. The tariffs came in after the first day of high-stakes negotiations in Washington between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. After a week in which trading floors have been a sea of red, regional equities were given a .
Edelweiss Financial Services Ltd soars 3.98%
Edelweiss Financial Services Ltd is quoting at Rs 158.1, up 3.98% on the day as on 12:54 IST on the NSE. The stock is down 45.2% in last one year as compared to a 4.64% spurt in NIFTY and a 11.52% spurt in the Nifty Financial Services index.
D B Corp Ltd up for five straight sessions
D B Corp Ltd is quoting at Rs 188, up 0.11% on the day as on 12:49 IST on the NSE. The stock is down 31.82% in last one year as compared to a 4.75% fall in NIFTY and a 32.39% fall in the Nifty Media.
Australian opposition party vows big surpluses if elected
Australia's opposition party on Friday promised to deliver bigger budget surpluses than the government if it wins elections next week, while the ruling coalition warned the policies would harm the economy. Center-left Labor Party lawmakers Chris Bowen and Jim Chalmers outlined a policy to reduce tax breaks for landlords and some shareholders which they argue would save 154 billion Australian dollars ($108 million) over the next decade. "We can deliver these bigger budget surpluses and the bigger investments of health and education," said Bowen, who would become treasurer in a Labor government. The conservative government, which is seeking a third three-year term at elections on May 18, has condemned the policy as a high-taxing plan that would further depress the weak housing market that is weighing down economic growth. "We are facing some downside risks in the economy after droughts, floods, which is why this is the worst possible time for Labor's high-taxing, reckless agenda," ...
JLR April sales down 13.3 pc at 39,185 units
Tata Motors-owned Jaguar Land Rover Friday reported 13.3 per cent decline in total retail sales at 39,185 units in April. Sales of Land Rover during the month stood at 27,723 units, down 13.1 per cent year-on-year, the company said in a statement. Jaguar sales were at 11,462 units, down 13.7 per cent, it added. Retail sales were up again in the UK (12.1 per cent) and in North America (9.6 per cent), but were offset by lower sales in China (down 45.7 per cent) and in overseas markets (down 22.3 per cent) with retails in Europe also down by 5.5 per cent, it added. "Although this was a tough month for us due to continuing pressures in China, we are delighted to see good growth in the UK and the US. Once again we strongly outperformed the UK market and the US marked its best ever April sales," Jaguar Land Rover Chief Commercial Officer Felix Brautigam said.
SC agrees to hear petition on financial irregularities of over 31 lakh NGOs
The Supreme Court on Friday agreed to hear a petition contending that over 31 lakh Non-Governmental Organizations (NGO) used public money but failed to explain their spending, on August 21.The petition in this regard was filed by an advocate Manohar Lal Sharma on August 21, 2017.In 2017, based on a writ petition filed by ML Sharma alleging misuse of funds by Anna Hazare's NGO Hind Swaraj Trust, the top court had directed the government to audit nearly 30 lakh NGO.The Apex court had also pulled up at the incumbent government for failing to put in place a regulatory mechanism to keep a tab on the financial activities of NGOs in the country.
Positive market breadth
Key benchmark indices hovered in positive zone in early afternoon trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 64.49 points or 0.17% at 37,623.40. The Nifty 50 index was up 18.65 points or 0.17% at 11,320.45. Telecom stocks saw mixed trend.
'Jet unlikely to get serious bid, banks stare at massive loan write-offs'
The stake sale process initiated by State Bank of India-led lenders for the grounded Jet Airways is unlikely to get any "serious bid" from investors and public sector banks may be looking at massive write-off of loans, aviation industry sources said.
AXISCADES Engineering Technologies Ltd leads gainers in 'B' group
Zenith Exports Ltd, Energy Development Company Ltd, Manaksia Aluminium Company Ltd and Datamatics Global Services Ltd are among the other gainers in the BSE's 'B' group today, 10 May 2019.
HCL Tech shares drop 6 pc post Q4 results
Shares of HCL Technologies fell nearly 6 per cent Friday despite the company posting 14.3 per cent rise in consolidated net profit for March quarter of the last financial year. The scrip, after a weak opening, further dropped 5 per cent to Rs 1,074.45 on the BSE. At the NSE, shares plunged 5.61 per cent to Rs 1,072.80. The scrip was the worst hit among the front-line companies on both indices during morning trade. The results were announced after trading hours Thursday. The IT services major posted 14.3 per cent rise in consolidated net profit at Rs 2,550 crore for the March 2019 quarter and set an "aspirational" annual revenue target of more than USD 10 billion (about Rs 70,258 crore) for 2019-20. The company reported 21.3 per cent growth in revenue to Rs 15,990 crore in the quarter under review compared to Rs 13,178 crore in the year-ago period, as per Ind-AS accounting norms. For the full year, net profit rose 16 per cent to Rs 10,120 crore, while revenue grew 19.4 per cent to Rs .
China to respond to new US tariffs
China on Friday said it would respond in kind after the US has more than doubled the taxes on Chinese imports worth $200 billion from 10 per cent to 25 per cent, a move that worsens the damaging trade war between the two countries.
J&K Bank to meet next week to consider raising Rs 1,600 crore in current fiscal
Jammu & Kashmir Bank Friday said its board will meet next week to consider raising Rs 1,600 crore during the current financial year. "The board of directors shall... consider the raising of capital (ATI/tier II) to the tune of Rs 1,600 crore during the financial year 2019-2020 in the meeting scheduled for May 15, 2019," Jammu & Kashmir (J&K) Bank said in a BSE filing. Shares of Jammu & Kashmir Bank were trading 4.16 per cent higher at Rs 55.10 apiece on BSE.
PC Jeweller Ltd leads gainers in 'A' group
PNB Housing Finance Ltd, Reliance Communications Ltd, Infibeam Avenues Ltd and Jammu and Kashmir Bank Ltd are among the other gainers in the BSE's 'A' group today, 10 May 2019.