Page 410 - Business Finance
Rupee skids 18 paise to 69.89 vs USD in early trade
The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade Thursday amid heavy sell-off in domestic equity market and foreign fund outflows. Forex traders said, the US-China trade concerns also weighed on the domestic currency. The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close. The rupee had settled at 69.71 against the US dollar Wednesday. China has threatened to take retaliatory measures if US President Donald Trump raises tariffs on USD 200 billion worth of goods ahead of the crucial 11th round of talks aimed at ending the trade war between the world's two largest economies. The talks are due to be held on May 9-10 in Washington between trade delegations headed by Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin. On the domestic front, foreign institutional investors (FIIs) pulled out Rs 645.08 crore on a net basis ...
Market drifts lower in early trade
Key indices edged lower in early trade on negative Asian stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was down 148.98 points or 0.39% at 37,640.15. The Nifty 50 index was down 44.35 points or 0.39% at 11,315.10.
Titan Company rises after good Q4 results
Titan Company rose 0.89% to Rs 1098 at 9:31 IST on BSE after consolidated net profit rose 14.42% to Rs 348.30 crore on 18.82% increase in net sales to Rs 4,823.49 crore in Q4 March 2019 over Q4 March 2018.
Blue Star Ltd Surges 1.61%
Blue Star Ltd has added 13.12% over last one month compared to 0.71% fall in S&P BSE Consumer Durables index and 3.32% drop in the SENSEX
Key Indian equity market indices trading in red
Taking a cue from global markets, the key Indian equity market indices on Thursday opened lower.
Stocks may open on negative note
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23 points at the opening bell. Asian Paints and HCL Technologies will unveil January-March 2019 quarterly earnings today, 9 May 2019.
Titan Company in focus after Q4 results
On a consolidated basis, Titan Company's net profit rose 14.42% to Rs 348.30 crore on 18.82% increase in net sales to Rs 4,823.49 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 8 May 2019.
US stocks close mixed as market cautious about global trade
US stocks ended mixed on Wednesday, as investors closely followed the development regarding global trade and maintained a wait-and-see attitude toward the market.
Global stocks try battling back after Trump-inflicted meltdown
Punch-drunk stock markets attempted a comeback Wednesday emboldened by a new flicker of hope for a US-China trade deal, but fears that President Donald Trump may yet unleash a tariff war capped gains. Trump's threat to hike tariffs on USD 200 billion of Chinese imports at the end of the week wiped more than USD 1 trillion off stock market valuations on Monday and Tuesday. Nervous investors shifted money into government bonds, gold or the Japanese yen, all attractive safe-haven assets in times of uncertainty. "We're in risk aversion mode in the markets as investors prepare for the prospect of tariffs on Friday rather than a trade deal between the world's two largest economies," said Craig Erlam, an analyst with OANDA. But analysts wouldn't rule out Trump stepping back from the brink before the new tariffs become a reality, a view the president himself seemed to back Wednesday. While pressing on with his tariff plans, Trump also said that Chinese trade officials intend to "make a deal" .
Government fooling people on GDP data: Chidambaram
Congress leader P. Chidambaram on Wednesday alleged that the BJP-led government had tried to fool people that the GDP growth is much higher than that of UPA and it was a scam.
Missing firms in MCA database don't impact GDP data: Centre
Facing flak over the latest NSSO report which showed discrepancy in the MCA-21 database, the Central government on Wednesday said that the non-traceability of several companies in the database does not impact the existing GDP or GVA estimates.
Titan clocks 4.42% rise in Q4 standalone net profit
The Titan Company on Wednesday reported a 4.42 per cent rise in its standalone net profit for the fourth quarter of 2018-19, at Rs 294.58 crore against Rs 282.12 crore in the corresponding period of the previous fiscal.
US-based Alorica opens back office in Bengaluru
US-based customer experience solutions' provider Alorica Inc on Wednesday opened its India back office and an innovation lab in this tech hub.
Jaypee Infra IRP claims NBCC bid still 'conditional'
Even as NBCC secured the required approvals from the ministries and government departments, the Insolvency Resolution Professional (IRP) of Jaypee Infratech (JIL) has said that the NBCC's revised resolution plan remains conditional, which goes against that CoC process note which says that the resolution plan should be binding and non-conditional.
China to hit back if US hikes tariffs
China on Wednesday said that it would hit back if the US increased tariffs from 10 per cent to 25 per cent on Chinese goods worth $200 billion.
SC to Amrapali: Ownership rights should be given to Noida and G. Noida authorities
In a big relief for Amrapali home buyers -- numbering nearly 46,000 -- the Supreme Court on Wednesday said it may give ownership rights of all the group's projects to authorities in Noida and Greater Noida to complete the construction and hand over the flats to the homeowners.
TVS Motor invests USD 3.85 mn in TagBox
TVS Motor Company has invested USD 3.85 million (about Rs 26.69 crore) in TagBox, a machine learning platform company as part of its Series A funding round. This round was entirely led by TVS Motor Company and its Singapore based subsidiary TVS Motor (Singapore) Pte Limited, the company said in a statement on Wednesday. The current investment in Tagbox is part of the initial set of investments, being made in strategically relevant digital startups, it said. TagBox plans to use the funds to strengthen product innovation and R&D, while expanding its global footprint, it added.
RBI withdraws circular asking banks to declare IL&FS exposure
The RBI on Wednesday withdrew its earlier circular which mandated banks and financial institutions to disclose their outstanding to IL&FS and its group companies including provisioning required as per income recognition and asset classification (IRAC) and actual provisioning made against NPAs.
Prabhu seeks report on allocation of Jet Airways slots to other airlines
Civil Aviation Minister Suresh Prabhu has sought a report on the allocation of airport slots vacated by Jet Airways to other airlines, an official source said on Wednesday. In the wake of crisis-hit Jet Airways suspending operations, the ministry decided to allocate the vacant slots at the airports in the national capital and Mumbai to other carriers. The move is part of larger efforts to increase capacity amid recent surge in airfares. According to the source, the minister has asked Civil Aviation Secretary Pradeep Singh Kharola for a report on the Jet Airways' slots that have been allocated to other airlines so far. The report is to be submitted by May 11. The development also comes against the backdrop of concerns raised in certain quarters about the process being followed in temporary allocation of Jet Airways' slots. The slots are being given to other airlines on an interim basis and decisions are taken by a committee set up by the ministry. Jet Airways has more than 440 slots at
L&T buys Mindtree shares worth Rs 368 crore
Infrastructure major Larsen & Toubro Wednesday bought shares of Mindtree worth about Rs 368 crore through open market transactions. According to bulk deal data available with the NSE, L&T bought over 37.53 lakh shares, or 2.28 per cent stake, worth Rs 367.8 crore, with the average price being Rs 979.96 per scrip. Meanwhile in a separate transaction, one Rekha N Shah sold 26.84 lakh shares of Mindtree for Rs 263 crore. Mindtree is in the midst of a takeover battle, with Larsen & Toubro (L&T) seeking to take control of the mid-sized IT firm. However, Mindtree's promoters are opposed to the proposed deal. L&T has been buying Mindtree shares from the open market for three consecutive days. It had on Monday bought shares worth about Rs 113 crore. On Tuesday, L&T purchased 8.43 lakh shares at Rs 979.9 per scrip, translating into a deal size of Rs 82.6 crore. Last week, L&T had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through