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Rideshare drivers strike as Uber poised to go public
Thousands of Uber and Lyft drivers turned off their apps in a US-wide strike Wednesday over pay and working conditions, casting a shadow over this week's keenly anticipated Wall Street debut of ride-hailing leader Uber. Uber is expected to launch its initial public offering (IPO) on Friday giving it an estimated valuation of some USD 80 billion, one of the biggest tech listings in recent years but rather lower than its earlier hopes of around USD 100 billion. The launch will be a major milestone for the company, which has raised billions and disrupted the taxi industry in cities around the world. It will also come in the rear-view mirror of a troubled market debut for Uber's largest US rival Lyft, which has lost more than 15 percent of its value since its March IPO. Strikes that took place Wednesday highlighted a dilemma for rideshare firms, which have faced challenges from regulators and traditional taxi operators for using a business model relying on independent contractors. One ...
Emirates posts significant drop in profits, at USD 237 million
The Middle East's biggest airline, Emirates, says profits were down almost 70 per cent in the past fiscal year, reaching lows of USD 237 million, compared to last year's whopping USD 762 million. The Dubai-based airline's parent company Emirates Group also posted lower profits at USD 631 million, down 44 per cent from last year. Still, Emirates Group noted a record year for revenue at nearly USD 30 billion. Revenue for the airline was slightly up at USD 26.7 billion. The company said on Thursday that operating costs had increased substantially as it footed its biggest-ever fuel bill at more than USD 8 billion on the back of oil prices that climbed 25 per cent higher over the last year. The company also says a strengthened U.S. dollar, lower airfreight demand and weakened travel demand contributed to eroded 2018-19 earnings.
Copper futures slide 0.35 pc on low demand
Copper prices fell 0.35 per cent to Rs 428.40 per kg in futures trade Thursday as speculators reduced their exposure amid easing demand in the spot market. On the Multi Commodity Exchange, copper for delivery in June contracts declined by Rs 1.50, or 0.35 per cent, to Rs 428.40 per kg in business turnover of 17,337 lots. Analysts said participants trimmed their positions owing to slackened demand from consuming industries in the physical markets. On the London Metal Exchange, three-month copper was trading lower 0.59 per cent to USD 275.80 per tonne Thursday.
Zinc futures slip on muted spot demand
Zinc prices fell 0.49 per cent to Rs 213.05 per kg in futures trading Thursday as speculators reduced their exposure taking negative cues from the spot market on fading demand. On the Multi Commodity Exchange, zinc for delivery in May contracts declined by Rs 1.05, or 0.49 per cent, to Rs 213.05 per kg in a business turnover of 5,543 lots. Analysts said cutting down of positions by traders due to easing demand from consuming industries at the spot market mainly weighed on zinc prices at futures trade.
Maharashtra using drones for smart water management
To make water management in the state more efficient, Maharashtra is updating its decades-old agricultural maps with the help of aerial survey carried out by Terra Drone India, a subsidiary of Japan-based Terra Drone Corp.
Gold futures firm up on positive cues
Gold prices rose by Rs 77 to Rs 31,762 per 10 gram in futures trade Thursday as speculators widened their bets, tracking a firm trend overseas. On the Multi Commodity Exchange, gold for delivery in June contracts was trading higher by Rs 77, or 0.24 per cent, to Rs 31,762 per 10 gram in a business turnover of 9,432 lots. Similarly, the August contracts of the precious metal was up by Rs 89, or 0.28 per cent, to Rs 31,955 per 10 gram with a business volume of 6,150 lots. Analysts said raising of bets by participants taking positive cues from the global market mainly pushed up the prices where investors remained hopeful ahead of China-US trade negotiations. Globally, gold rose 0.16 per cent to trade at USD 1,283.40 an ounce in New York.
Tech fund drives SoftBank Group profit up 36 per cent
Japan's SoftBank Group on Thursday reported annual net profit jumped more than a third, helped by gains from its investment fund which has ploughed billions into some of the hottest names in the tech sector. Net profits for the financial year ending March at the telecoms and investment group came in at 1.41 trillion yen ($12.8 billion), up 35.8 per cent. The company hailed gains of 1.26 trillion yen from its investment funds, led by SoftBank Vision Fund, estimated to have firepower of around $100 billion with heavy Saudi Arabian backing. Under CEO Masayoshi Son's leadership, the SoftBank Vision Fund has embarked on a series of investments, one of the most recent being a $1 billion joint injection with Toyota into ridesharing giant Uber to develop driverless cars. The value of SoftBank Group's stake in Uber gained 418 billion yen. The company did not offer any formal projections for the year to come but Son said he was confident net profit would top 1.0 trillion yen for the fourth ...
Crude oil declines 0.67 pc on subdued global trend
Crude oil prices Thursday fell by another 0.67 per cent to Rs 4,305 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas. In futures trading on the Multi Commodity Exchange, crude for delivery in May contracts fell by Rs 29, or 0.67 per cent, to Rs 4,305 per barrel in a business volume of 17,778 lots. Analysts said the oil prices took a beating on ballooning US crude inventories, and escalating US-China trade war, denting sentiments at futures trade here. The oil for delivery in March also lost Rs 30, or 0.69 per cent, to Rs 4,326 per barrel in 1,258 lots. The West Texas Intermediate (WTI) crude fell 1.01 per cent to USD 61.49 per barrel, while Brent crude, the international benchmark, shed 0.94 per cent to USD 69.71 a barrel on the New York Mercantile Exchange.
US Commission to vote on proposal to ban China Mobile from entering American market
A federal American commission will vote Thursday on a proposal to ban China Mobile from entering the American market, its Indian-American head told lawmakers on Wednesday. China Mobile is a Chinese state-owned telecommunication corporation that provides mobile voice and multimedia services through its nationwide mobile telecommunications network. "Senator, hopefully, the FCC will vote on Thursday to agree with my proposal to ban China Mobile from entering the U.S. market," Ajit Pai, the Chairman Federal Communication Commission (FCC), told members of Senate Appropriations Subcommittee on Financial Services and General Government during a Congressional hearing. Responding to questions from lawmakers, Pai acknowledged that certain Chinese suppliers such as Huawei do indeed present a threat to the United States either on their own or because of Chinese domestic law. "For example, China's national intelligence law explicitly requires any individual or entity subject to that law to comply .
Kent RO Systems looks to grow exports 50 pc every year
Water purifier major Kent RO Systems is looking to increase exports by 50 per cent each year, targeting neighbouring countries like Sri Lanka, Nepal and Bangladesh besides the Middle East, according to a top company official. The company, which has recently signed up as the principal sponsor for the Sri Lankan cricket team for the upcoming World Cup, is targeting to double sales to 1,000 units a month in one year. "We do about Rs 40 crore export every year. My intention is to grow it 50 per cent every year. This year, we are looking at around Rs 60 crore from exports," Kent RO Systems Chairman & ManagingDirector Mahesh Gupta told PTI. He further said the company has a good business in Bangladesh and Nepal. "We do around 1,000 RO purifiers (a month) in each country and we also do good business in Dubai and the Middle East," Sharma added. On the Sri Lankan market, he said, "It is a good one for us as well. We sell around 500 units of RO every month and I think our presence there ...
Market extends fall
A brief intraday recovery was derailed by fresh selling as the key indices extended fall and hit intraday low in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 211.64 points or 0.56% at 37,577.49. The Nifty 50 index was down 52.60 points or 0.46% at 11,306.85. Index heavyweight Reliance Industries dropped. Pharma shares saw mixed trend. Negative Asian stocks weighed on the sentiment.
MY FM Elevates Mr. Rahul Namjoshi as Chief Operating Officer on DB Corp
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Sambhaav Media Ltd leads gainers in 'B' group
Khaitan (India) Ltd, Magadh Sugar & Energy Ltd, Suryalakshmi Cotton Mills Ltd and Avadh Sugar & Energy Ltd are among the other gainers in the BSE's 'B' group today, 09 May 2019.
Dish TV India Ltd leads gainers in 'A' group
Zee Entertainment Enterprises Ltd, Indiabulls Real Estate Ltd, Yes Bank Ltd and Reliance Power Ltd are among the other gainers in the BSE's 'A' group today, 09 May 2019.
EID Parry shares jump nearly 5 pc post Q4 results
Shares of agriculture major EID Parry rose nearly 5 per cent Thursday after the company posted 87.23 per cent jump in consolidated net profit in the fourth quarter of 2018-19. The scrip gained 4.29 per cent to Rs 192.85 on the BSE. At the NSE, shares jumped 4.83 per cent to Rs 193. EID Parry Wednesday posted a surge of 87.23 per cent in consolidated net profit at Rs 158.06 crore for the fourth quarter of 2018-19 on strong sales. Net profit stood at Rs 84.42 crore in the same quarter of the previous year, the company said in a regulatory filing. Income increased to Rs 3,671.40 crore during the January-March period of 2018-19 from Rs 3,378.43 crore in the year-ago quarter. EID Parry is in business related to sugar, crop protection, co-generation, distillery, bio-pesticides, and neutraceuticals.
Lupin, Aptissen sign pact to sell Osteoarthritis injection in Canada
Drug firm Lupin Thursday said it has entered into a definitive agreement with Swiss company Aptissen to market, distribute and sell the current Aptissen products in Canada. This includes immediate rights to distribute Synolis VA for the treatment of Osteoarthritis, Lupin informed the BSE. "Lupin and Aptissen announced that they have entered into a definitive distribution agreement under which Aptissen has granted Lupin the exclusive rights to market, distribute and sell the current Aptissen products in Canada," it said. Synolis VA (Visco-Antalgic) is the intra-articular injection product for osteoarthritis with a unique combination of Hyaluronic Acid and high concentration of Sorbitol, the company said, adding that "Synolis VA 40/80 is already approved by Health Canada and an additional strength is currently under review." Sofia Mumtaz, President of Lupin Pharma Canada said, "We are pleased to partner with Aptissen for marketing and distribution of Synolis VA, a branded product in ...
India Ratings downgrades Yes Bank's long-term ratings
India Ratings has downgraded Yes Bank's long-term issuer rating from 'IND AA plus' to 'IND AA minus' with a negative outlook.On May 4, rating agency ICRA had downgraded the bank's tier-I bond from 'AA-minus' to 'A' and tier-II bonds from 'AA' to 'AA minus.'The bank reported its maiden loss of over Rs 1,506 crore in the fourth quarter of 2018-19 ending March 31, driven by a near ten-fold spike in provisions.However, India Ratings and Research (Ind-Ra) affirmed the bank's short-term issuer rating at 'IND A1 plus.'"The downgrade reflects the quick credit migration (to sub-investment grade) in the bank's certain group exposure," said Ind-Ra adding it expects some of these assets to slip into the non-performing category.The need to provide beyond Rs 2,100 crore of contingent provisions in FY 19 and credit cost guidance of 1.25 per cent for 2019-20 in the event of inadequate or delayed resolution of these assets could keep the operating buffers and capital buffers under further pressure in .
Negative market breadth
The market hovered in negative zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 92.10 points or 0.24% at 37,697.03. The Nifty 50 index was down 25.05 points or 0.22% at 11,334.40. Telecom stocks rose. Negative Asian stocks weighed on the sentiment.