Page 530 - Business Finance
SpiceJet shares trim early gains; end 3 pc higher
SpiceJet stock trimmed most of its sharp early gains and ended nearly 3 per cent higher Thursday on profit-booking after rising for five consecutive days. The scrip had climbed 14.99 per cent to Rs 152.60 -- its 52-week high -- on the BSE during the day. Later, it closed at Rs 136.25, up 2.68 per cent. On the traded volume front, 211.25 lakh shares were traded on the BSE during the day. SpiceJet Thursday said it will induct six more Boeing 737-800 NG aircraft on dry lease. "These six aircraft are in addition to the 16 B737s and 5 Q400s that the airline will soon induct. The total number of planes to be inducted in the immediate future now stands at 27," the company said in a BSE filing Thursday. The airline has applied to the Directorate General of Civil Aviation for a No Objection Certificate (NOC) to import the planes. Subject to regulatory approvals, the aircraft would begin joining SpiceJet's fleet in the next ten days, it added. "We are taking all possible proactive measures to ..
China says US trade agreement not yet settled
China said Thursday there is "still much work to finish" on the text of a trade agreement with the United States. US President Donald Trump on Wednesday held out hope the current trade talks with China will be a success, and said an announcement on the status was due "shortly". The Wall Street Journal reported that US negotiators would return to Beijing at the end of the month. Gao Feng, a spokesman for China's commerce ministry, declined to answer when asked about the next round of trade talks at a regular press briefing. "Recently negotiations on the text of the China-US economic and trade agreement have continued to make new progress but there is still much work to finish," Gao said. "Both sides will continue to keep in close contact through various effective channels," he told reporters. The Journal reported US and Chinese officials are tentatively working toward a signing ceremony for the trade agreement as soon as late May. During shuttle diplomacy in recent months, US and ...
Turnover in F&O segment soars
Reliance Industries, InterGlobe Aviation, ICICI Bank April 2019 futures most active
Mahindra Group, Ford to co-develop midsize SUV
Mahindra Group and Ford Motor Company have entered into a definitive agreement to co-develop a midsize sports utility vehicle (SUV).
Wipro shares gain over 1% post Q4 results
Shares of Wipro rose over 1 per cent Thursday after the company posted 38.4 per cent rise in net profit for March 2019 quarter and wooed shareholders with up to Rs 10,500 crore buyback plan. The scrip gained 1.32 per cent to close at Rs 284.80 on the BSE. During the day, it rose by 3 per cent to Rs 289.65. On the NSE, shares closed at Rs 284.55, higher 1.2 per cent. In terms of traded volume, 25.06 lakh shares of the company were traded on the BSE and over two crore units on the NSE during the day. Stock markets were closed Wednesday on account of Mahavir Jayanti. Software major Wipro Tuesday posted 38.4 per cent rise in net profit at about Rs 2,494 crore for March 2019 quarter and wooed shareholders with up to Rs 10,500 crore buyback plan, even as it projected a potential fall in IT services revenue for the June quarter. The Bengaluru-based company said its revenue from operations - under IND AS accounting norms - grew 8.9 per cent to Rs 15,006.3 crore in the period under review from
Goa iron ore mining crisis to be resolved within 6 months: CM
Goa Chief Minister Pramod Sawant Thursday assured to resolve the crisis in the iron ore mining industry in the state within six months. Talking to reporters, Sawant said since he hails from the mining belt he is well versed with the issue and problems being faced by people dependent on the sector. Iron ore mining and transportation operations came to a standstill in the state after the Supreme Court quashed 88 leases in February last year. The SC had quashed the second renewal of iron ore mining leases given to 88 companies in Goa in 2015. "I am from the mining area. I know people there. The people from the mining belt know me. I will resolve the issue within six months," the Chief Minister said. The people dependent on the mining industry have come under the banner of the Goa Mining People's Front (GMPF) and have been agitating demanding resumption of operations. The closure of the mining industry, a key source of livelihood as well as revenue for the state government, is
Tata Sponge Q4 net profit falls 47% to Rs 24.39 cr
Tata Sponge Iron Limited Thursday reported a sharp fall of over 47 per cent in its consolidated net profit to Rs 24.39 crore during the fourth quarter ended March 31, due to higher expenses. The company had posted Rs 46.69-crore net profit in the year-ago quarter, Tata Sponge said in a BSE filing. During January-March 2019, the company's total income stood at Rs 269.05 crore as against Rs 255.17 crore in the same quarter of 2017-18. The company's total expenses during the quarter under review were at Rs 233.00 crore, compared to Rs 185.21 crore in the same period previous fiscal. An associate company of Tata Steel, Tata Sponge is India's one of the largest merchant sponge iron manufacturers.
Pakistan's Finance Minister Asad Umar quits ahead of IMF deal
Pakistan's Finance Minister Asad Umar abruptly quit the Cabinet on Thursday before securing a crucial multi-billion dollar IMF bailout package for the cash-strapped country, amid mounting criticism by the opposition and business community over the handling of the economic crisis. Umar, who recently returned from a trip to the US in which the details of Pakistan's next International Monetary Fund bailout were finalised, said he has obtained Prime Minister Imran Khan's consent "to not take any cabinet position". "As part of a cabinet reshuffle, prime minister desired that I take the energy minister portfolio instead of finance," said Umar, one of the close aides of the prime minister. "However, I have obtained his consent to not take any cabinet position." Later, addressing a press conference here, Umar said that it was time to make some "difficult decisions" to stabilise the economy and that he hopes his replacement would be supported in their efforts. "I don't know if there has been a
Equity indices close in the red, Jet plunges over 32 pc
Equity benchmark indices ended the week on a negative note with stocks of grounded Jet Airways plunging as much as 32.23 per cent.The airline's stock closed at Rs 163.90 on Thursday, a day after the consortium of government-owned lenders refused to infuse critical interim funding in the cash-starved airline.The S & P BSE Sensex closed 135 points down at 38,140 while the Nifty 50 dipped 34 points at 11,753.All sectoral indices showed losses with realty down 2.5 per cent and public sector banks down 2 per cent.Yes Bank, Indiabulls Housing Finance, Hindalco, Zee Entertainment and Vedanta shed over 3 per cent.But SpiceJet gained 2.7 per cent at 136.25 after fresh announcement of new planes being added in the fleet to expand network and increase seat capacity.Reliance Industries gained 2.85 per cent after reports suggesting a possible 25 per cent stake sale in its refining arm to Aramco.Tata Motors, JSW Steel, Wipro and Bharat Petroleum also traded in the green.The markets will remain .
OYO launches initiative for asset owners' growth
OYO Hotels & Homes on Thursday launched the Open Partner Engagement Network (OPEN), an initiative for a year, to help its asset-owner partners in the country in growing their businesses.
RIL shares gain over 3 pc ahead of Q4 earnings
Shares of Reliance Industries Ltd gained over 3 per cent Thursday ahead of its fourth quarter earnings to be announced later in the day. The scrip of the company rose by 2.79 per cent to settle at Rs 1,382.90 on the BSE. During the day, it gained 3 per cent to Rs 1,387. On the National Stock Exchange (NSE), shares jumped 3.14 per cent to close at Rs 1,386.05 apiece. On the traded volume, 9.24 lakh shares were trade on the BSE and over one crore shares on the NSE during the day. The company is the most-valued firm in the country with a market valuation of Rs 8,76,585.81 crore on the BSE. The stock was the biggest gainer on both the BSE and the NSE. "A meeting of the board of directors of the company is scheduled to be held on Thursday, April 18, 2019, to consider and approve standalone and consolidated audited financial results for the quarter and the year ended March 31, 2019, and to consider and recommend dividend on equity shares," the company had said in a filing to the BSE on ...
Quick Wrap: Nifty Realty Index falls 2.54%
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China Stocks Off 13 Month High
Chinese stocks eased today on corrective profit selling after hitting near 13 month highs yesterday. Sentiments in global markets were lax ahead of the extended weekend owing to the Easter holiday. Weak commodity prices also hurt the risk sentiment for global stocks today. The Shanghai composite eased 0.4% to close at 3,250.20 while Shenzhen composite declined 0.58% to end at 1,762.30. Chinese stocks saw upbeat moves yesterday on a raft of supportive data releases. China gross domestic product expanded a seasonally adjusted 1.4% on quarter in the first quarter of 2019, National Bureau of Statistics says, down from 1.5% in the three months prior. However, On a yearly basis, China GDP expanded at a steady clip of 6.4% - unchanged from Q4. China retail sales climbed 8.7% on year in March, up from 8.2% in February while industrial output expanded 6.5% year on year in the first quarter of 2019. In March alone, the industrial output increased 8.5% year on year, a record-high since July
Jet Airways shares sink over 32 pc, hit 52-week low during the day
Shares of Jet Airways continued to fall for the second day in a row, plummeting over 32 per cent on Thursday, a day after the ailing airline shuttered its operations temporarily. The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 -- 52-week low. On the National Stock Exchange (NSE), shares sank 31 per cent to close at Rs 165.75 apiece. On the traded volume front, 60.41 lakh shares of the company were traded on the BSE and over 5 crore shares on the NSE during the day. The scrip had fallen 7.62 per cent on Tuesday also. In two days, the company's market valuation has eroded by Rs 1,111.14 crore to Rs 1,861.86 crore on the BSE. Stock markets were closed Wednesday on account of Mahavir Jayanti. With lenders deciding not to extend any emergency funds, Jet Airways on Wednesday announced temporary suspension of operations. Meanwhile, in a statement early Thursday, Jet Airways' lenders said they were reasonably hopeful of a ...
Board of Tata Sponge Iron approves shifting of registered office
At meeting held on 18 April2 019
Board of Tata Sponge Iron approves change in company name
At meeting held on 18 April 2019
Gammon India appoints director
With effect from 17 April 2019
OYO launches OPEN programme for asset owners
Hospitality firm OYO Thursday launched its year long initiative, OYO partner engagement network (OPEN), to help its over 8,700 asset owner partners in India reach their business goals. OPEN is founded on four key pillars -- promises to partners, supporting growth, engagement, and recognition of asset partners, OYO CEO India and South Asia Aditya Ghosh told reporters here. Commitment to partners constitute six core promises including transparent payment protocols, financial support, multiple touch points to connect, marketing excellence, tech innovation and regulatory compliance assistance, he added. Commenting on the launch, Ghosh said: "With the launch of OPEN, we are laying the foundations of a structured way of exchanging ideas, providing support and most importantly, building a relationship of trust on which we hope to build the next several decades to come." This is a industry-first initiative in the hospitality space, he added. As part of the promise of regulatory compliance ...
Happi Mobiles to open 150-200 stores in AP, Telangana
: Happi Mobiles, a multi-brand mobile retail chain, Thursday said it plans to open 150 to 200 stores in Andhra Pradesh and Telangana and also expand to other states in the next two-three years. Every store of Happi Mobiles would have a live demo zone, VR (virtual reality) and AR (augmented reality) to increase the first-hand product experience, a press release from the company said here. Displaying over 200 stock-keeping units with a wide range of international brands, Happi stores would also have a separate decisive carpet area showcasing topline mobile accessories, it said. The multi-brand retailer currently has 46 stores in the two states, the release said. The company intends to open at least 150-200 stores by providing employment to 1,000 people and aims at a sales target of Rs 500 crore, it added.