Page 534 - Business Finance
Mahindra and Ford to co-develop midsize SUV
Under the new agreement, Mahindra and Ford will work together to introduce a benchmark product for India and emerging markets.
Jet suspends operation, airways stocks tank 30%
Jet Airways scrips tanked over 30 per cent on the BSE during the early trade on Thursday, after suspension of operations over refusal of lenders to provide emergency funding.
L&T's heavy engineering arm bags 'significant' contracts
Infrastructure company Larsen & Toubro (L&T) Thursday said its heavy engineering arm has won various contracts for supply of critical reactors, equipment and systems for Process Plant sector. The company did not provide value of the contracts but said the orders fall under "significant" category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts. "The heavy engineering arm of Larsen & Toubro has won significant contracts for critical reactors, equipment and systems for Process Plant sector, against stiff global competition," L&T said in a regulatory filing. The company said orders from international clients are mainly from the US, Europe, Middle East and South East Asia. L&T is an Indian multinational company engaged in technology, engineering, construction, manufacturing and financial services with over USD 18 billion in revenue. Shares of L&T were trading 0.85 per cent lower at Rs 1,370.75 apiece on BSE.
Volumes jump at Jamna Auto Industries Ltd counter
Jamna Auto Industries Ltd saw volume of 2.8 lakh shares by 10:49 IST on BSE, a 5.17 fold spurt over two-week average daily volume of 54237 shares
Alankit Collaborates With MCGM to Provide e-Governance Services to 1 Crore Citizens
/ -- Alankit Limited, a leading e-Governance provider in India excels at expeditious delivery of e-Governance solutions to millions of citizens in the country. Alankit LTD. has entered into collaboration with Municipal Corporation of Greater Mumbai (MCGM) to facilitate the delivery of various e-Governance services to Indian citizens at 25 different locations in Greater Mumbai. These centres would facilitate issuance of Certificates/Licenses- Birth and Death Certificates, Marriage Certificate, hawker license, Building and Factories, Property Tax Collections etc. also will offer services like enrolment and correction of Aadhaar. On this tie-up, Ankit Agarwal, Managing Director, Alankit LTD., said, "Good Governance is every citizen's fundamental right and our vision is to provide all government to citizen services accessible to the common man in their locality to ensure efficiency, transparency, and reliability of such services at affordable costs. Successful e-Governance service ...
Amazon to pull plug on China retail operations: report
Amazon is planning to close down online retail operations catering to consumers in China, in an apparent admission of defeat to local e-commerce rivals such as Alibaba, a report said on Thursday. The US e-commerce pioneer will maintain other operations in China such as Amazon Web Services (AWS), Kindle e-books and cross-border teams that help ship goods from Chinese merchants to customers abroad, Bloomberg News said, citing unidentified people familiar with the plans. Although dominant in the United States and some other markets, Amazon has struggled to compete in China with the likes of Alibaba and JD.com, who are hugely popular in the country. This comes despite Amazon's investment in logistics in China and its acquisition in 2004 of Chinese online book seller Joyo. An Amazon spokesperson did not explicitly confirm the pull-out plans, but said the company was looking to focus more on cross-border sales. "Over the past few years, we have been evolving our China online retail business
Plea filed in SC seeking ban on inclusion of loan waivers in election manifestos
A petition has been filed in the Supreme Court seeking to stop political quarters from offering loan waivers and other monetary schemes in their election manifestos, citing that these plans involve public money and can also adversely affect the economy."The political parties are offering loan waiver schemes in their election manifesto for their political motives by ignoring the negative effects of loan waivers on the economy, as they are using the offer of manipulation of the public fund as a tool to achieve their political motives to come to power. The Centre and state governments should not be permitted to reduce or waive off loans," the petition read.The petition filed by advocate Reena N Singh also said that the central and the state governments must formulate an agricultural policy which can make the industry profitable and also help the farmer to become financially prosperous.The petition has been listed for hearing on April 22 before a bench headed by Justice S A Bobde.The ...
Market slips into the red; breadth weak
The market reversed early trend and slipped into negative terrain in morning trade. At 10:35 IST, the barometer index, the S&P BSE Sensex, was down 62.64 points or 0.16% at 39,213. The Nifty 50 index was down 24.35 points or 0.21% at 11,762.80.
L&T's Heavy Engineering arm bags significant contracts
The company classifies significant contracts of value between Rs 1000-2500 crore.
SpiceJet to add six more Boeing 737s
Subject to regulatory approvals the aircraft would begin joining SpiceJet's fleet in the next 10 days.
Twitter acqui-hires quote sharing app Highly
Twitter has acqui-hired quote sharing app Highly for an undisclosed sum.
Stock markets fall in early trading ahead of corporate results
Equity benchmark indices opened on a positive note but declined after a while on Thursday as investors awaited corporate results for the quarter ending 2019.At 10:15 am, the BSE S & P Sensex was down 73 points at 39,202 while the NSE Nifty 50 fell 27 points to 11,760.All sectoral indices were in the red with realty losing 2.6 per cent, public sector banks 1.6 per cent and metals 1.4 per cent.Among stocks, Indiabulls Housing Finance, Yes Bank, Hindalco and Vedanta traded in the negative zone.However, Reliance Industries gained 2.5 per cent. The other winners were Tata Motors, Wipro, Asian Paints and Tech Mahindra.Meanwhile, shares in Asian markets slipped after losses on the Wall Street but trade was lacklustre.Investors awaited business surveys in Europe and were trying to gauge how much more stimulus Beijing will use to boost growth without triggering financial risks.Market participants are also eyeing signs of progress in US-China trade negotiations.
Wipro gains after share buyback approval
Wipro rose 1.03% to Rs 284 at 10:17 IST on BSE after the company's board of directors approved a proposal to buyback equity shares of the company at Rs 325 per share.
Xoriant Acquires CloudIO to Accelerate Enterprise Digital Transformation
/ -- Acquisition helps Xoriant offer solutions in IoT automation, Supplier Collaboration and Management, and Financial Statement Analysis Xoriant Corporation, with headquarters in Silicon Valley, a product engineering, software development, and technology services company, today announced the acquisition of CloudIO, an enterprise grade solution provider in the areas of IoT, supplier collaboration, and financial statement analysis. CloudIO's digital transformation framework enables enterprises to build custom business solutions leveraging pre-built applications. CloudIO applications leverage existing IT investments, can be deployed quickly with an intuitive user interface and can be built incrementally providing immediate business value and rapid ROI. CloudIO offers various pre-packaged applications powered by its CloudIO framework including: Supplier Collaboration & Management enabling purchasing & finance professionals to onboard and engage with vendors at scale. Financial ..
Lenders pin hopes on bids from investors as 'best way forward' for survival of Jet
Expressing their faith in the bids from potential investors, Jet Airways Lenders have endorsed the process as the "best way forward" for the survival of the airline.In a media statement issued on Thursday, the Jet Airways Lenders said, "The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed expression of interest (EOI) and have been issued bid documents on April 16.""Lenders are reasonably hopeful that the bid process is likely to be successful in determining fair value of the enterprise in a transparent manner," the statement further read.This comes a day after Jet Airways suspended all its domestic and international operations after operating its last flight on Wednesday night.Jet Airways is battling for survival and is yet to receive a loan of about Rs 1,500 crore as part of a rescue deal with government-owned lenders.A consortium of lenders led by State Bank of ...
Rupee rises 15 paise to 69.45 vs USD in early trade
The rupee appreciated by 15 paise to 69.45 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets and sustained foreign fund inflows. The rupee opened at 69.48 at the interbank forex market, then gained further ground and touched a high of 69.45. The local unit, however, pared some gains and was quoted at 69.52 against the American currency at 0953 hrs, displaying gains of 8 paise over its last close. On Tuesday the rupee had settled at 69.60 against the US dollar. Currency market was shut on Wednesday on account of "Mahavir Jayanti". Forex dealers said, selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,038.58 crore Tuesday, as per provisional data. Brent crude futures, the global oil benchmark, eased 0.01 per cent to USD 71.61 per barrel. The ...
Jet Airways shares tumble 10 pc
Shares of Jet Airways plunged 10 per cent in opening trade Thursday, a day after the ailing airline shuttered its operations temporarily. On the BSE, the scrip hit the lower circuit of Rs 217.70, a fall of 10 per cent compared to the previous closing level. Similar trend was witnessed on the NSE too, where the share crashed to hit the lower price band of Rs 216.45. 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 successful bidding process for stake sale. The announcement came early morning ahead of market opening.
Sensex extends record run, jumps over 200 pts; RIL up 2 pc
The benchmark BSE Sensex extended its record run by rising over 200 points in early trade Thursday led by gains in index heavyweight RIL ahead of its earnings. Investor sentiment was also boosted by unabated foreign fund inflow, experts said. After hitting a lifetime high (intra-day) of 39,487.45, the 30-share index was trading 136.38 points or 0.35 per cent higher at 39,412.02. The NSE Nifty too soared to another record high of 11,856 in early session. In the previous session Tuesday, the BSE bourse marked its lifetime closing high of 39,275.64. Similarly, the broader Nifty too settled at a new record closing level of 11,787.15. According to Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management, robust foreign inflows have been the primary reason behind a steep rally in Indian markets over the last few weeks. "Earnings growth and election outcome will be key monitorables going forward." Foreign institutional investors (FIIs) purchased equity worth Rs 1,038.58 crore on ..
Jindal Steel & Power Ltd Falls 1.59%
Jindal Steel & Power Ltd has added 10.09% over last one month compared to 2.99% gain in S&P BSE Metal index and 2.69% rise in the SENSEX
Sasken spurts as board to consider buyback proposal
Sasken Technologies surged 7.33% to Rs 705.15 at 09:26 IST on BSE after the company scheduled a board meeting on 23 April 2019 to consider buy-back of fully paid-up equity shares of the company.