Page 522 - Business Finance
Rupee falls 47 paise to 69.82 against US dollar in early trade
The rupee fell sharply by 47 paise to 69.82 against the US dollar in early trade Monday on higher demand for the greenback from importers and banks. Forex dealers said besides increased demand of the US currency from importers, lower opening of the equity markets weighed on the rupee. The domestic unit opened lower at 69.78 against the dollar then dropped further to quote at 69.82, down 47 paise over its previous close. The rupee Thursday had gained 25 paise to 69.35 against the US dollar after three sessions of losses. Currency market was shut on Friday on account of 'Good Friday'. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 97.39. Meanwhile, the BSE benchmark index was trading 309.56 points or 0.79 per cent lower at 38,830.72. The NSE Nifty too cracked to 101.80 points, or 0.87 per cent, to 11,651 in early session. Traders said a rise in crude oil prices also influenced the domestic currency. Brent crude futures, .
Market drifts lower in early trade
Domestic stocks drifted lower in early trade as trading resumed after a long weekend. Domestic stock markets were shut on Friday, 19 April 2019, on account of Good Friday.
Hindustan Petroleum Corporation Ltd Slips 5.01%, S&P BSE Energy index Shed 1.91%
Hindustan Petroleum Corporation Ltd has lost 5.54% over last one month compared to 0.8% gain in S&P BSE Energy index and 1.96% rise in the SENSEX
RIL, HDFC Bank in focus after Q4 outcome
On a consolidated basis, net profit of Reliance Industries (RIL) rose 9.79% to Rs 10362 crore on 18.60% rise in net sales to Rs 138659 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Thursday, 18 April 2019.
Quick Heal Technologies Ltd Spurts 2.8%
Quick Heal Technologies Ltd has added 5.36% over last one month compared to 2.82% gain in S&P BSE IT Sector index and 2.05% rise in the SENSEX
SpiceJet, Emirates sign MoU for code share partnership
Budget carrier Spicejet on Monday announced signing of an initial pact for code share partnership with Gulf carrier Emirates. The reciprocal partnership will allow opening of new routes and destinations for passengers of the two airlines, SpiceJet said in a statement. "I am delighted to announce that as part of SpiceJet's international expansion strategy, we have signed a Memorandum of Understanding (MoU) for a code share agreement," SpiceJet Chairman and Managing Director Ajay Singh said in the statement. SpiceJet passengers from 51 domestic destinations will be able to access Emirates' network across the US, Europe, Africa and Middle East, it added. Code-sharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.
RIL slides after Q4 results
Reliance Industries fell 2.52% to Rs 1348.05 at 9:17 IST on BSE after consolidated net profit rose 9.79% to Rs 10362 crore on 18.60% rise in net sales to Rs 138659 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 24 points at the opening bell.
NDA candidate from Wayanad writes to CEC, seeks review of Rahul Gandhi's nomination
NDA candidate from Wayanad Lok Sabha constituency Thushar Vellappally on Sunday filed a complaint with Chief Election Commissioner (CEC) Sunil Arora, seeking review of the nomination filed by Congress president Rahul Gandhi.In his letter written through his advocate Sinil Kumar G, Vellappally claimed that Rahul is "not eligible to contest" the Lok Sabha elections because he holds dual passports and "is not a citizen of India.""It is understood that Rahul Gandhi is having a passport of a foreign country also. He has not disclosed this fact in the nomination filed or in the affidavit," wrote Vellappally in his complaint."It is said that Rahul Gandhi has professedly used the name Rahul Vincy in his educational certificates. There is no material to substantiate that Rahul Vincy and Rahul Gandhi is the same person," he added.The NDA candidate further mentioned in his letter that the Returning Officer in Amethi too raised serious doubts over Rahul's qualification and citizenship."It is ...
Saudi, UAE pledge $3 bn financial aid for Sudan
Saudi Arabia and the United Arab Emirates on Sunday announced financial support of three billion dollars for Sudan following the overthrow of longtime leader Omar al-Bashir. The oil-rich Gulf states pledged to inject USD 500 million in the Sudanese central bank and USD 2.5 billion to help provide food, medicine and petroleum products, the official Saudi Press Agency said without specifying if the money is a gift or a loan.
Grounding of Jet Airways seems a scam: Anand Sharma
Senior Congress leader Anand Sharma Sunday said the collapse of Jet Airways appears to be a "scam" being executed in the run-up to elections, and demanded intervention of the supreme court in registration of an FIR in the matter. Weighed down by huge debt and falling revenue, Jet Airways recently announced suspension of its entire operations, leaving thousands of employees jobless. A State Bank of India-led consortium of lenders is now running the airline under a debt recast plan. "I can smell and see that it is a big scam. Collapse of Jet Airways appears to be a scam which was well thought out and being executed in the name of elections, so that nobody will ask questions," alleged Sharma in a press conference. He further demanded that the apex court take note of the issue and direct registration of an FIR in the "entire scandal". Sharma also demanded that the matter be "re-investigated" and criminal responsibility and accountability be fixed for "ruining thousands of ...
Jaypee Infra buyout race picks up with Adani, NBCC bids
As the May 6 deadline approaches to resolve the Jaypee Infratech Ltd (JIL) insolvency case, the battle to acquire the debt-laden company has become more intense with NBCC submitting a fresh bid on April 24 and the Adani Group also entering the fray.
Invigorate Foods set to invest Rs 60 cr in India
Invigorate Foods on Sunday said it would invest Rs 60 crore in India in three years to manufacture soya milk products.
Markets continue gains but cautious strategy advisable (IANS Insight - Market Watch)
Markets were on a roll last week and gained on two of the three trading days. The benchmark indices also hit new highs on Tuesday and Thursday and saw profit taking on Thursday before a long-extended weekend holiday set in. The undercurrent remains strong and the tussle between the bulls and bears is deeply set in. Nothing is going to end in a jiffy for sure.
Changed insolvency norms by April next to speed up process
The Insolvency and Bankruptcy Code (IBC) is in the process of being changed to be effective from the next fiscal to accomodate the fast changing creditor-debtor scenario, according to the Insolvency and Bankruptcy Board of India (IBBI).
Air India Express mulls leasing some Jet Airways' Boeing 737s
Air India Express, the international budget arm of Air India, is examining the possibility of leasing some Boeing 737 aircraft of grounded carrier Jet Airways, which are parked at different airports due to non-payment, through a firm decision is yet to be taken, a top company official said Sunday. Before halting operations temporarily mid-last week due to severe cash-drought, the private carrier was forced to ground 69 planes owing to non-payment of rentals to lessors. Later, on April 16, it grounded the rest of the planes in its fleet, when it decided to temporarily suspend all its domestic and international services. Air India Express parent, Air India, is already discussing a proposal to lease five of Jet Airways wide-body planes, Boeing 777s. "We are looking at leasing (B737 of Jet Airways) aircraft but there is no firm decision on this issue so far. As a matter-of-fact, there are a lot of other things that have to be looked at, like slots, sectors and timings, among
Basmati rice exporter GRM to enter domestic mkt; to invest Rs 50 cr on marketing, distribution
Leading basmati rice exporter GRM Overseas Ltd has decided to foray into the domestic market and will invest around Rs 50 crore over the next two years to expand its business across the country. The company sees tremendous growth potential in the domestic market where the demand for packaged branded basmati rice is rising at a rapid pace, its MD Atul Garg said. GRM Overseas, a listed entity with around Rs 950 crore turnover in the 2017-18 fiscal year, has two processing plants at Panipat in Haryana and recently acquired a plant in Gujarat. "We are the third largest basmati rice exporter in the country. Now, we are entering the domestic market under our brand Tanoush," he told PTI. Garg said the company would be launching three-four variants of branded basmati rice in a price range of Rs 50-120 per kg. He said the company will be investing about Rs 50 crore over the next two years for the domestic market business. This investment includes acquiring a plant near Mudra port in Gujarat ...
FIIs lap up bank equities in election season
With the general elections underway and with all its associated volatility in full play, foreign institution investors (FIIs) have lapped up the banking stocks to strengthen their position in the market and maximise trading gains in this election season.
Adani Group wins projects across coal, gas, highways in competitive bidding
Billionaire Gautam Adani-led Adani Group has in open competitive bidding bagged a string of projects ranging from highway construction to development of airports, coal mining and city gas retailing in the last few years, helping the conglomerate diversify into new sectors, sources said. Sources close to the company said it is aggressively bidding for projects in logistics, mining, energy, construction and agro commodities to diversify the portfolio. In February, Adani Enterprises bid highest pre-passenger fee to the Airport Authority of India over the next 50 years to bag rights for half a dozen airports in the country. It has won coal mine developer and operator contracts for over 64 million tonnes per annum, they said. Adani Green Energy has bagged solar energy projects of 2,623 MW and wind energy projects of 1,547 MW in the last five years. Additionally, it won a 390 MW hybrid project in reverse auction bid. The renewable energy projects, they said, were part of competitive bidding
Private carriers in India have come crashing down
Aviation in India has attracted entrepreneurs like moths to a flame but only a few have managed to survive and thrive in a sector which has become the graveyard of all kinds of airline business models -- budget, full service and hybrid.