Page 57 - Business Finance
Mahindra picks up over 11 pc stake in Swiss firm for CHF 4.3 mn
Mahindra & Mahindra (M&M) Friday said its Farm Equipment Sector (FES) has picked up 11.25 per cent stake in Switzerland-based agri-technology firm Gamaya SA for CHF 4.3 million (over Rs 30 crore). The investment will be through subscription to 300 common shares and 30,469 series B preferred shares of Gamaya SA, M&M said in a statement. "With agriculture increasingly becoming technology-intensive, we at Mahindra are investing in future ready technologies to provide complete solutions to the global farming community," M&M FES President Rajesh Jejurikar said. The company's strategic association with Gamaya will enable it to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies, he added. Gamaya co-founder and CEO Yosef Akhtman said the association with Mahindra would help Gamaya bring the benefits of advanced technology, including hyperspectral imaging and machine learning, to both industrial farmers and ...
True wireless hearables market reaches 17.5mn in Q1 2019
Apple's market share in the true wireless hearables segment failed to grow despite the launch of its second generation AirPods as the global market for true wireless hearables reached 17.5 million units in the first quarter (Q1) of 2019, growing 40 per cent quarter-on-quarter, a new report by Counterpoint Research said on Friday.
Banks have no space to keep coins: Shirdi Sai Baba temple CEO
The counting of cash collected in donation boxes of the famous Sai Baba temple in Shirdi was Friday cancelled as bank officials did not turn up citing lack of space to keep coins, Shri Saibaba Sansthan Trust CEO Deepak Muglikar said. He said the SSST had written to the banks as well as the Reserve Bank of India to solve this issue. "Counting of cash in our donation boxes is done twice a week in the presence of bank officials. The cash, on an average, totals Rs 2 crore during each counting session, including Rs 5 lakh in coins. The procedure is to deposit the cash and coins in eight nationalised banks on a rotation basis," he explained. "For the past few months, banks have been telling us they do not have space to store coins. We have asked them and the RBI to solve the problem," he added. Sources said coins worth Rs 1.5 crore collected from SSST are lying in the form of deposits in banks.
Rel Capital, Reliance Home Finance shares plunge for third day; drop up to 9.3%
Shares of Reliance Capital and Reliance Home Finance fell for a third consecutive day Friday, with the former plunging up to 9.3 per cent after PwC resigned as the statutory auditor of both companies. Shares of Reliance Capital tanked 9.30 per cent to close at Rs 76.55 on the BSE. Intra-day, the scrip dropped 13.15 per cent to hit a 52-week low of Rs 73.30. Reliance Home Finance shares fell 4.01 per cent to close at Rs 14.35. During the day, it plunged 7.35 per cent to a one-year low of Rs 13.85. On Wednesday, shares of both firms tumbled up to 7 per cent and the following day the scrips saw a decline of up to 12.3 per cent. Regulator Sebi and Ministry of Corporate Affairs are looking into the sudden resignation of PwC as auditor of both firms and have asked the stock exchanges to collect all necessary information including trade details and statements made by the three entities. The development assumes significance in the wake of the auditors' role coming under scanner of multiple ...
Quick Wrap: Nifty Media Index registers a drop of 2.24%
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WPI inflation near 2-yr low at 2.45 pc in May, may prompt another RBI rate cut
Wholesale price-based inflation hit a 22-month low of 2.45 per cent in May helped by falling prices of food articles, fuel and power items, and this in turn may prompt the Reserve Bank to go for another cut in key interest rates in the current fiscal. The Wholesale Price Index (WPI)-based inflation was at 3.07 per cent in April this year. It was 4.78 per cent in May 2018. Inflation in food articles basket was 6.99 per cent In May, 2019, down from 7.37 per cent in April, official data released Friday said. However, onion prices spiked during the month with inflation at 15.89 per cent, as against (-) 3.43 per cent in April. Inflation in pulses continued in double digit for four consecutive months at 18.36 per cent in May, up from 14.32 per cent in the previous month. WPI inflation in May is the lowest in 22 months, since July 2017, when it was at 1.88 per cent. India Ratings & Research Principal Economist Sunil Kumar Sinha said the core inflation at 1.2 per cent is 29 months low in .
Tata Comm arm sells entire 26% stake in Singapore data centre biz to STT GDC
Tata Communications Friday said its data centre arm has sold entire stake in Singapore unit to STT GDC for an undisclosed amount. "TCIPL (Tata Communications International Pte Ltd) has divested 26 per cent stake in STT Tai Send Pte Ltd, which operates data centre business in Singapore, to STT APDC Pte Ltd, a wholly owned subsidiary of STT GDC Pte Ltd at an agreed consideration based on fair market value and changing market conditions," Tata Communications said in a BSE filing. In May 2016, both the companies had announced their entry into definitive agreements whereby STT, through its wholly owned subsidiary, ST Telemedia Global Data Centres (STT GDC), agreed to acquire a 74 per cent majority stake in Tata Communications' data centre business in India and Singapore, with TCIPL holding the remaining stake as a minority shareholder. The India data centre joint venture transaction was successfully completed on October 19, 2016 at estimated 100 per cent enterprise value of Rs 3,140 ...
Jet Airways shares continue downward trend; tumble nearly 12%
Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28. The scrip tanked 10.77 per cent to close at Rs 82.05 on the BSE. Intra-day, the airline's stock tumbled 13.37 per cent to touch its multi-year low at Rs 79.65. On the NSE, shares plummeted 11.80 per cent to close at Rs 81.05. In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE. The shares had cracked nearly 18 per cent on Thursday also. The scrip has been falling for 10 consecutive days, tumbling 45.60 per cent. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. The cash-starved airline suspended operations in April and lenders are working on ways for its revival. In a circular on ...
Corporation Bank cuts 1-yr MCLR by 5 bps to 8.85 pc
Corporation Bank Friday said it has reduced marginal cost of funds based lending rate (MCLR) for one-year tenor loan by 5 basis points to 8.85 per cent. The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced. Corporation Bank's tenor based MCLR, for all new rupee loans and advances including renewals, is revised with effect from June 15 2019, a BSE filing said. The six-month MCLR now stands at 8.80 per cent as compared to 8.85 per cent earlier. MCLR for other tenors has been kept unchanged. Banks have started to cut MCLR post RBI's move to slash repo rate by 25 basis points on June 6. Bank of Maharashtra, Oriental Bank of Commerce and IDBI Bank are among the early movers in passing on the rate cut benefits to customers. Country's largest lender SBI too has cut the interest rate on cash credit (CC) and overdraft (OD) with limit above Rs 1 lakh with effect from July 1. The effective repo-linked lending rate (RLLR) for CC/OD .
Sensex drops 289 points as selling pressure mounts, Nifty closes at 11,823
Equity benchmark indices traded lower on Friday for the third consecutive session amid rising geopolitical tensions and selling pressure in realty, auto, IT and financial stocks.The BSE S & P Sensex ended 289 points lower at 39,452 while the Nifty 50 shed 91 points to settle at 11,823. At the National Stock Exchange (NSE), all sectoral indices were in the negative zone.Shares of Jet Airways sank further by 10.77 per cent to an all-time low at Rs 82.05 per share after NSE said the airline will soon no longer be traded in the derivatives market. In a bid to curb speculative trading, intraday trading in the stock will also be barred from June 28.Anil Ambani-led Reliance Capital suffered a decline of 9.3 per cent to close at Rs 76.55 per share after a series of downgrades by global rating agencies.Indiabulls Real Estate dipped over 4 per cent, 3.9 per cent and Oberoi Realty 2.3 per cent. Consequently, Nifty Realty index fell by 2.1 per cent.IndusInd Bank, Indiabulls Housing Finance ...
Turnover in F&O segment tumbles
Indiabulls Housing Finance, IndusInd Bank and Axis Bank June 2019 futures most active
Tata Comm divests 26% stakes in Singapore data centre biz
Tata Communications has divested its remaining 26 per cent stake in its Singapore-based subsidiary engaged in the data centre business.
India to impose retaliatory tariff on 29 US items from Jun 16
After extending the deadline for several times, India has decided to impose additional customs duties on 29 US products, including almond, walnut and pulses, with effect from June 16, sources said. A notification with this regard will be issued by the finance ministry soon, they added. The move will hurt American exporters of these 29 items as they have to pay duties on these products. India would get about USD 217 million additional revenue from such imports. The government had on June 21, 2018 decided to impose these duties in retaliation to the US decision of significantly hiking customs duties on certain steel and aluminium products. India has informed the US about its decision to go ahead with the retaliatory duties, the sources said. America had in March last year imposed 25 per cent tariff on steel and a 10 per cent import duty on aluminium products. As India is one of the major exporter of these items to the US, the US decision has revenue implication of about USD 240 million .
Passenger vehicle retail sales dip 1 pc in May: FADA
Automobile dealers' body FADA Friday said retail sales of passenger vehicles (PV) in May declined by 1 per cent to 2,51,049 units as compared with the same period last year. PV sales stood at 2,53,463 units in May 2018, according to the Federation of Automobile Dealers Associations (FADA). Two-wheeler sales declined by 8.6 per cent to 14,07,361 units last month as compared with 15,40,377 units in the year-ago period. Commercial vehicle sales dropped by 7.8 per cent to 62,551 units against 67,847 units in May last year. Three-wheeler sales saw a dip of 4 per cent to 50,959 units last month from 53,108 units in the same period last year. Total sales across categories declined by 7.5 per cent to 17,71,920 units in May as against 19,14,795 units in the same month last year. "Even though on a month on month basis, there was an uptick in vehicle registrations, all categories of vehicles de-grew when compared on yero on year basis," FADA President Ashish Harsharaj Kale said in a ...
Biocon's biologics facilities in Bengaluru receive GMP compliance certificate from EMA
Biocon Ltd Friday said it has received good manufacturing practice compliance certificate from the European Medicines Agency (EMA) for its biologics facilities in Bengaluru. The biotechnology major has received the certificate for its biologics drug product and drug substance facilities at Biocon Park, Bengaluru, the company said in a filing to BSE. These facilities, used for the manufacture of Biocon's portfolio of biosimilars, were inspected by the European agency in March 2019, a company spokesperson said in a statement. "This was a surveillance inspection of our existing drug product and drug substance facilities and a pre-approval inspection of our additional drug product manufacturing line," the statement added. This certification will enable the company to continue addressing the growing needs of patients in the EU markets and enhance access to its high quality biosimilars, it said. "We remain committed to global standards of quality and compliance," it added. Shares of Biocon .
SEA asks to hike import duty on Malaysian refined palm oil
Expressing concern over Malaysian palm oil flooding Indian markets, edible oil trade body SEA Friday asked Prime Minister Narendra Modi to hike import duty on palm oil being purchased from the South-east Asian country, to safeguard domestic oilseed farmers. In January, India had reduced import duty on refined palm oil sourced from Malaysia to 45 per cent from 54 per cent as part of a Comprehensive Economic Cooperation Agreement (CECA) signed by the two countries in fiscal year 2010-11. India is the world's leading vegetable oil buyer and the share of palm oil is more than 60 per cent of the overall imports. In a representation made to the Prime Minister, Mumbai-based Solvent Extractors Association of India (SEA) said there has been a "sharp increase" in imports of refined palm oil as a consequence of the India-Malaysia CECA pact. "We strongly appeal to the government to kindly scrap the CECA agreement with Malaysia with immediate effect and impose higher duty on (RBD) palmolein ...
Smartlink Holdings spurts on buyback approval
Smartlink Holdings was up 12.19% to Rs 108.60 at 14:48 IST on the BSE, after the company's board of directors approved a proposal of buyback of equity shares of the company.
Sachin sues Australian bat maker for $2mn in royalties
Batting great Sachin Tendulkar is suing Australian sports equipment maker Spartan Sports after it allegedly failed to pay him almost $2 million.
5 railway e-ticket touts arrested during Operatipon Thunder
Five people have been arrested on the charge of railway ticket-touting and 128 e-tickets valued at Rs 1.30 lakh seized from them, the Salem railway division said Friday. Three of the arrests were made in Coimbatore and one each in Erode and Salem during a special drive called 'Operation Thunder' Thursday, as was directed by the divisional railway manager U Subba Rao, a press release from Salem railway division said. To ensure fairness and curb touts, the special drive was conducted throughout Indian Railways with the help of the commercial and vigilance department, it said. Eight special teams of RPF had been formed and they conducted raids against 30 personnel user IDs suspected to have been used in procuring and selling of e-tickets unauthorisedly through IRCTC ticketing portal, it said. Such e-tickets were sold at a premium with Rs 500 to Rs 1,000 extra per ticket, the release added. During summer holidays, a large number of passengers travel by trains, thereby the ...
India firm on decision to impose retaliatory tariff on 29 US items
After extending the deadline for several times, India will now go ahead with its decision to impose retaliatory import duties on 29 US products, including almond, walnut and pulses, sources said Friday. Finance ministry will issue a notification to this effect soon, they added. In May last year, the ministry had extended the deadline for imposing higher tariffs on these US products till June 16. These deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium products. As part of the imposition of higher import duties, India has notified higher tariffs on several products. While import duty on walnut has been hiked to 120 per cent from 30 per cent, duty on chickpeas, Bengal gram (chana) and masur dal will be raised to 70 per cent, from 30 per cent currently. Levy on lentils will be increased to 40 per cent. India's exports to the US in 2017-18 stood at .