Page 418 - Business Finance
India monitoring costs of importing non-Iranian oil
The Finance Ministry is closely watching the economic costs of oil imports from other alternative markets like Iraq and Saudi Arabia, following the United States' withdrawal earlier this month of the waiver granted last year to some countries by the US on its Iran sanctions.
Japan Market extends losses as trade war jitters continue
In the US, the Dow, S&P 500, and Nasdaq all finished the day solidly in the red, adding to their losses from Monday. The Dow fell about 473 points, marking the second-worst trading day of the year. The S&P 500 was down 1.7% and the Nasdaq fell 2%. European stocks fared poorly too. The FTSE 100, DAX, and CAC 40 all closed 1.6% lower. The pan-European Stoxx 600 fell 1.4%.
REC Ltd drops for fifth straight session
REC Ltd is quoting at Rs 137.8, down 1.36% on the day as on 13:24 IST on the NSE. The stock jumped 12.4% in last one year as compared to a 6.19% rally in NIFTY and a 12.86% spurt in the Nifty Financial Services index.
Nickel futures up on firm spot demand
Nickel prices rose 0.17 per cent to Rs 842 per kg in futures trade Wednesday amid a firm trend at domestic spot markets. On the Multi Commodity Exchange, nickel for delivery in May gained Rs 1.40, or 0.17 per cent, to Rs 842 per kg in a business turnover of 13,077 lots. Analysts said raising of bets by participants, backed by a firm trend in the base metals pack at domestic markets, supported the uptrend in nickel futures. However, nickel prices for June contracts traded lower by Rs 1.35, or 0.15 per cent, at Rs 869.
Crude oil futures gain 1.13 pc on firm cues
Crude oil prices gained 1.13 per cent to Rs 4,312 per barrel in futures trade Wednesday on upbeat global cues. Widening of bets at current levels helped crude oil prices at the domestic market. However, the fears of escalation in trade war between the US and China capped the gains. On the Multi Commodity Exchange, crude oil contracts for delivery in May gained Rs 48, or 1.13 per cent, to Rs 4,312 per barrel with a business turnover of 17,678 lots. Similarly, crude for delivery in June firmed up by Rs 55, or 1.28 per cent, to Rs 4,341 per barrel in 1,107 lots. Globally, oil prices rose as markets remained relatively tight amid US sanctions on Iran and Venezuela for exporting crude. The US benchmark West Texas Intermediate rose by USD 0.48, or 0.78 per cent, to USD 61.88, while Brent crude was trading higher by USD 0.34, or 0.49 per cent, at USD 70.22 a barrel.
Sensex, Nifty hit fresh intraday low
Key benchmarks extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 388.88 points or 1.02% at 37,887.75. The Nifty 50 index was down 95.55 points or 0.83% at 11,402.35. Sentiment was weak amid worries of an unsuccessful US-China trade negotiation.
China's investment in US drops 83 per cent amid growing mistrust
Chinese direct investment in the United States dropped 83 per cent last year, pushed down by growing mistrust between the world's two biggest economies. In a report out Wednesday, the Rhodium Group research firm said that China sank USD 5 billion last year into direct investments in America, down from USD 29 billion in 2017 and a record USD 46 billion in 2016. Direct investments include things like putting up factories, not financial investments like buying stocks. The numbers fell partly because Beijing sought to rein in deeply indebted investors and partly because the U.S. regulators have stepped up scrutiny of Chinese investments. Rhodium estimates that China dropped deals worth USD 2.5 billion last year because they wouldn't pass muster with the Committee on Foreign Investment in the United States, which reviews foreign investments with national security implications. Chinese investment in the U.S. information and communications technology industry plunged to USD 200 million last .
Samsung pips OnePlus, leads premium segment in India
After losing out to Chinese smartphone maker OnePlus for three quarters in a row, Samsung regained the top spot in the Indian premium smartphone segment in the first quarter of 2019, Counterpoint Research said on Wednesday.
Aluminium futures up 0.61% on spot demand
Aluminium prices inched up 0.61 per cent to Rs 147.60 per kg in futures trade on Wednesday as speculators created fresh positions on positive spot demand and firm trend overseas. At the Multi Commodity Exchange, aluminium for delivery in May contracts edged up by 90 paise, or 0.61 per cent, to Rs 147.60 per kg in 1,758 lots. Analysts said building up of positions by participants on the back of rising demand from consuming industries in the physical market mainly attributed to the rise in aluminium prices.
Tata Global Beverages appoints Shikha Sharma, Bharat Puri as directors
Tata Global Beverages Wednesday said former MD & CEO of Axis Bank, Shikha Sharma and Pidilite Industries MD Bharat Puri have been appointed as additional and independent directors. Their appointment, which is with effect from May 7, 2019 for five years, will be subject to the approval of shareholders in the ensuing annual general meeting, the company said in a regulatory filing. Sharma was managing director and CEO of Axis Bank from June 2009 up to December 2018. She has more than three decades of experience in the financial sector, having begun her career with ICICI Bank Ltd in 1980, the company added. Puri had joined the board of Pidilite as an independent director in 2008 and was appointed as managing director in April 2015. He started his career with Asian Paints in 1982 and was also MD of Cadbury India before becoming Global President, Chocolates, Gum and Candy, for Mondelez International, the filing added.
Zinc futures fall 0.25 pc on low demand
Zinc prices were trading lower 0.12 per cent to Rs 215.90 per kg in futures trade Wednesday after speculators cut down positions, tracking a weak trend at the spot market. In futures trading on the Multi Commodity Exchange, zinc for delivery in May contracts eased by 25 paise, or 0.12 per cent, to Rs 215.90 per kg in 5,172 lots. Analysts said apart from muted demand from consuming industries at spot market and profit-booking by participants mainly weighed on zinc futures.
Pradeep Metals changes venue for Board meeting
To be held on 15 May 2019
Australia Market falls amid US-China trade tensions
In the US, The Dow, S&P 500, and Nasdaq all finished the day solidly in the red, adding to their losses from Monday. The Dow fell about 473 points, marking the second-worst trading day of the year. The S&P 500 was down 1.7% and the Nasdaq fell 2%. European stocks fared poorly too. The FTSE 100, DAX, and CAC 40 all closed 1.6% lower. The pan-European Stoxx 600 fell 1.4%.
Neogen Chemicals shares jump nearly 17% in debut trade
The scrip of Neogen Chemicals jumped nearly 17 per cent in its debut trade Wednesday against the issue price of Rs 215 per share. Shares of the company got listed at Rs 251, registering a gain of 16.74 per cent from the issue price on the BSE. Later it touched a high of Rs 263.55 and a low of Rs 250.10. The company's market valuation stood at Rs 614.98 crore on the BSE. The Rs 132-crore initial public offering of Neogen Chemicals had received good response from investors as the issue was subscribed 41.14 times last month. The price range for the offer was fixed at Rs 212-215 per share. Neogen Chemicals is a manufacturer of bromine-based and lithium-based specialty chemicals.
Gold futures rise 0.16 pc on fresh bets
Gold prices Wednesday rose 0.16 per cent to Rs 31,779 per 10 gram in futures trade as participants created fresh positions tracking firm trend overseas and at domestic markets. On the Multi Commodity Exchange, gold for delivery in June contracts rose by Rs 50, or 0.16 per cent, to Rs 31,779 per 10 gram in a business turnover of 9,741 lots. Gold prices overseas clocked a week-high as investors resorted to the safe-haven assets on renewed worries over US-China trade dispute and its potential impact on the global economy, say reports. In the domestic markets, too, the demand for the yellow-metal gathered steam as a safe bet. Also, the delivery in August contracts gained Rs 39, or 0.12 per cent, to Rs 31,929 per 10 gram in business volume of 3,317 lots. The gold prices rose USD 3.10, or 0.24 per cent, to USD 1,288.70 an ounce in New York.
Weak market breadth
Weakness persisted on the bourses in early afternoon trade. At 12:19 IST, the barometer index, the S&P BSE Sensex, was down 302.78 points or 0.79% at 37,973.85. The Nifty 50 index was down 84.15 points or 0.73% at 11,413.75. Telecom stocks fell. Shares of Neogen Chemicals surged on debut.
ABB India net profit up 13 pc, revenue jumps to Rs 1,828 crore
Engineering major ABB India has reported an increase in net profit by 13.3 per cent at Rs 116 crore during the first quarter ended March 31, as compared to Rs 102.5 crore in the first quarter of 2018.The company follows a January to December fiscal year. Revenue from operation was up by 17.8 per cent year-on-year at Rs 1,828.3 crore in Q1 CY19 as compared to Rs 1,551.08 crore in Q1 CY18.Base orders increased by 17 per cent from sectors including transportation, retail, automotive, metals, cement, and oil and gas. Additionally, it bagged orders for smarter power distribution technology from electrification and for automation solutions for metro transportation, steel plants, and city infrastructure."ABB India continues to have a strong order backlog as of March 31 at Rs 4,726 crore, which provides revenue visibility and is well aligned for growth in the coming quarters," it said in a statement.The total orders for power grid business for the quarter were at Rs 670 crore and revenues ...
Baroda Rayon Corp. issues duplicate share certificate
On 08 May 2019
Orient Press Ltd leads gainers in 'B' group
SPL Industries Ltd, Premier Polyfilm Ltd, Blue Blends (India) Ltd and Subex Ltd are among the other gainers in the BSE's 'B' group today, 08 May 2019.