Page 420 - Business Finance

Market drifts lower in early trade

Key indices edged lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 159.80 points or 0.42% at 38,116.83. The Nifty 50 index was down 58.70 points or 0.51% at 11,439.20.

Asian Oilfield Services Ltd Slides 2.26%, S&P BSE Energy index Shed 1.17%

Asian Oilfield Services Ltd has added 3.14% over last one month compared to 1.05% gain in S&P BSE Energy index and 1.72% drop in the SENSEX

Jaiprakash Power Ventures Ltd Spikes 4.75%

Jaiprakash Power Ventures Ltd has added 49.1% over last one month compared to 3.54% fall in S&P BSE Utilities index and 1.59% drop in the SENSEX

Vedanta tumbles after weak Q4 results

Vedanta fell 3.76% to Rs 157.25 at 9:17 IST on BSE after consolidated net profit fell 46% to Rs 2,615 crore on 15% decline in net sales to Rs 23,092 crore in Q4 March 2019 over Q4 March 2018.

Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 51 points at the opening bell. Neogen Chemicals debuts on the secondary equity market today, 8 May 2019.

Dollar climbs amid economic data

The US dollar gained against its major rivals in late trading on Tuesday as traders digested a slew of economic data.

US stocks tumble on trade war fears, Dow ends -1.8%

Wall Street stocks tumbled amid renewed trade war fears on Tuesday, joining other leading bourses in selling off amid signs Washington and Beijing are moving further from an agreement. The Dow Jones Industrial Average fell 1.8 per cent to 25,965.09. The broad-based S&P 500 shed 1.7 per cent to 2,884.05, while the tech-rich Nasdaq Composite Index dropped 2.0 per cent to 7,963.76. Hopes the United States and China can seal a trade deal took a hit over the weekend when President Donald Trump threatened to raise tariffs on Chinese imports as of Friday. Beijing has decided to proceed with key trade talks later this week but the White House now says US duties on USD 200 billion in Chinese merchandise will more than double on Friday. Investors have generally viewed the Trump threats as a bargaining tactic. Still, Tuesday's pullback suggested some fear the latest back-and-forth could pose a more serious obstacle. "The new tariffs have caught the market off guard," said Quincy Krosby, ...

Vedanta's Q4 consolidated net profit declines 43%

Diversified natural resources major Vedanta on Tuesday reported a 43 per cent decline in its consolidated net profit for the fourth quarter of 2018-19.

BSE's Q4 net profit down, to buy back shares

Stock exchange major BSE on Tuesday reported a 28.24 per cent decline in its standalone net profit for the fourth quarter of 2018-19.

US could reverse trade concession to India: Wilbur Ross

The US could reverse the decision of withdrawing trade concessions to India under the Generalised System of Preferences (GSP) if the situation permits, US commerce secretary Wilbur Ross said on Tuesday.

Talocity to enable AI-backed hiring in Yes Bank

Artificial Intelligence (AI)-based HR solutions provider Talocity would provide Yes Bank its AI-supported "touchless" technology for the bank's hiring process and human resource (HR) operations, Talocity said on Tuesday.

Vakrangee, Dish TV ink distribution pact

Vakrangee, which operates a network of last-mile retail points of sale, said Tuesday it has joined hands with Dish TV for distribution of subscription recharge and providing collection services for DishTV and d2h brands. This alliance will help consumers to avail the DTH services of DishTV and d2h brands in the remote areas and increase their reach in the underserved and unserved areas, a statement said. "Our strategic partnership with Vakrangee is aimed at benefiting our customers by leveraging Vakrangee's vast retail distribution network. We are continuously investing to expand our rural customer base and this partnership will support and strengthen our proposition for last mile connectivity," Dish TV India Executive Director and Group CEO Anil Dua said.

Sebi disposes of case against SBICAP Trustee

Markets regulator Sebi Tuesday disposed of allegations of disclosure lapses made against SBICAP Trustee Company with respect to pledging of shares of Empee Sugars and Chemicals. SBICAP Trustee is a wholly-owned subsidiary of SBI Capital Markets Ltd. "... the view that the delayed disclosure in this case was in good faith and the same is venial and not blameworthy so as to impose monetary penalty under section 15A (b) of the Sebi Act," the regulator said in an order. Section 15A pertains to imposition of penalty for violations. In July 2018, proceedings were initiated against SBICAP Trustee for allegedly making delayed disclosures to the BSE with respect to creation of pledge shares by four promoters of Empee. Among the four promoters, one had pledged its shares in the quarter ended september 2013 and December 2013, whereas the rest three had pledged their respective shares to the trustee during the quarter ended December 2013, the Sebi said. With regard to the NSE, the trustee said ..

Biocon retains economic interest in Hulio's global commercialisation

Pharma major Biocon Tuesday said the company retains economic interest in global commercialisation of Hulio in-licensed by Mylan. "Following the successful approval and European launch of Hulio, (biosimilar Adalimumab) in-licensed by our partner Mylan from Fujifilm Kyowa Kirin Biologics, the commercialisation rights have been extended from Europe to global markets," it said in a regulatory filing. Biocon, under the terms of its global partnership with Mylan for monoclonal antibodies, retains its economic interest in this expanded in-licensing arrangement and will gain a share of profits from global markets, it said. "Biocon is committed to enable patient access to affordable biosimilars and this partnership accelerates that process," Biocon spokesperson said in the filing.

Jet's pilots move Supreme Court; seek directions on lenders

The pilots' union of grounded Jet Airways on Tuesday approached the Supreme Court to direct the consortium of lenders for release of funds to restart operations.

UiPath to hard-sell robotic process automation in India

US-based robotic process automation (RPA) firm UiPath is foraying into India to sell its Automation Intelligence software to technology driven verticals like IT, BFSI, and the government, a company official said on Tuesday.

Dip in gold prices spurs demand on Akshya Tritiya

"Akshya Tritiya", considered an auspicious day for buying gold in India, saw healthy buying of the yellow metal this year as lower prices increased footfalls in traditional markets like Ahmedabad, Mumbai and Delhi.

RCom lenders move NCLT to appoint new resolution professional for CoC

RCom was in trouble for years forcing it to discontinue operations two years ago

Commerce ministry organises interaction to boost India-Africa trade ties

A two-day interaction was organised by the Commerce Ministry and Indian High Commissions and embassies of eleven African countries to strengthen the India-Africa trade ties.The interaction was arranged over Digital Video Conference (DVC) over two days, on May 3rd and May 6th with the Indian business community in Africa.In order to build an effective engagement with the Indian Diaspora in Africa, the interactions with Indian Diaspora were held in Tanzania, Uganda, Kenya, Zambia, and Mauritius, Nigeria, Mozambique, Ghana, South Africa, Botswana, and Madagascar.The DVC was attended by over 400 members of the Indian business community in 11 African countries.This initiative of the Commerce Ministry emphasizes on the need for a multipronged strategy for further enhancing trade and investment ties between the two regions.During the interaction the Indian Business Community of these 11 countries also highlighted several issues including improving the line of the credit system and developing .

Aditya Birla group's stake rises to 27.18 pc post Vodafone Idea rights issue

The stake of Aditya Birla group has risen to 27.18 per cent in Vodafone Idea Ltd, post the recently-concluded rights issue of the telecom operator. According to a regulatory filing by Grasim Industries Ltd, the holding of the various Group entities rose from 26.04 per cent (prior to the rights issue) to 27.18 per cent. The entities include Grasim Industries, Birla TMT Holdings, Hindalco Industries, Pilani Investments and Industries, IGH Holdings, Oriana Investments, Elaine Investments, and Aditya Birla Group Chairman Kumar Mangalam Birla. Vodafone Idea had recently concluded over Rs 25,000 crore rights issue, that was oversubscribed nearly 1.08 times.