Page 66 - Business Finance
Wipro Ltd stays in demand
Wipro Ltd is quoting at Rs 298.3, up 0.1% on the day as on 12:49 IST on the NSE. The stock is up 49.3% in last one year as compared to a 9.55% gain in NIFTY and a 18.4% gain in the Nifty IT.
Yes Bank, IndusInd stocks tumble after UBS slashes price target
Yes Bank shares dropped over 11 per cent and IndusInd Bank's by nearly 8 per cent on Thursday afternoon after Swiss multinational brokerage house UBS slashed price target sharply by 47 per cent and 18 per cent respectively citing weak earnings going ahead.At 1 pm, Yes Bank was trading at Rs 119.85 per share, down 11.06 per cent, while IndusInd Bank was down 7.93 per cent at Rs 1,445.90 per share.UBS downgraded IndusInd Bank to sell and cut target to Rs 1,400 from Rs 1,700 earlier. In the case of Yes Bank, the brokerage maintained sell rating and slashed the target to Rs 90 from Rs 170 apiece."Lending to non-investment grade companies against main companies is high for both banks, which does not appear to be fully priced in," UBS said in a report.It also added that the concentration of lending to weak companies is also high for Yes Bank, ICICI Bank and Punjab National Bank.Another reason for the fall in Yes Bank and IndusInd Bank is their exposure to Dewan Housing Finance Corporation, .
Tata Consultancy Services Ltd up for fifth session
Tata Consultancy Services Ltd is quoting at Rs 2275.5, up 0.65% on the day as on 12:49 IST on the NSE. The stock is up 27.3% in last one year as compared to a 9.55% spurt in NIFTY and a 18.4% spurt in the Nifty IT.
Shares continue trading lower; auto stocks tumble
A bout of volatility was witnessed as key equity indices trimmed losses after hitting fresh intraday low in early-afternoon trade. At 12:32 IST, the barometer index, the S&P BSE Sensex, was down 213.72 points or 0.54% at 39,543.09. The Nifty 50 index was down 67.25 points or 0.56% at 11,838.95.
Adani Australia gets final environmental approval for Carmichael mine
Adani Australia on Thursday received its final environmental approval needed to begin work on its Carmichael mine in Central Queensland."Today our remarkable journey of conviction, resilience and commitment in Australia enters a new phase," said Adani Group Chairman Gautam Adani."I am thankful to the Queensland government and the Australian federal government for believing in the Adani Group's vision of strengthening India's energy security and creating new opportunities for the people of Australia," he said in a statement.Acquired by Adani in 2010, the project is slated to produce 8 to 10 million tonnes of thermal coal a year and cost up to 1.5 billion dollars. However, it has been stuck in court battles and opposition from environmental groups.CEO of Adani Mining Lucas Dow said the company is ready to start work on the Carmichael Project and deliver the jobs these regions so badly need."Adani Mining received advice today from the Queensland Government's Department of Environment and
If you can't reach Cloud, we'll bring it to your backyard: AWS CEO
For a majority of big enterprises and small and medium businesses (SMBs) globally, a transition to full Cloud experience will still take several years. According to Amazon Web Services (AWS) CEO Andy Jassy, if you have not decided on migrating your workloads to Cloud, we are here to bring the same secure, agile and fast AWS Cloud experience on premises for you.
Apple mulling to buy Intel's modem business: Report
Apple is still mulling to acquire Intel's failed Germany-based modem business, The Information has reported citing sources.
Board of Milgrey Finance & Investments approves change in registered office
At meeting held on 13 June 2019
SPL Industries Ltd leads gainers in 'B' group
Manugraph India Ltd, JHS Svendgaard Laboratories Ltd, Megasoft Ltd and Arihant Foundations & Housing Ltd are among the other gainers in the BSE's 'B' group today, 13 June 2019.
Allahabad Bank drops after slashing MCLR rate
Allahabad Bank was down by 3.23% to Rs 40.50 at 11:51 IST on BSE after the bank announced a downward revision of marginal cost of funds based lending rate by 5 basis points across different tenors.
Trump-bashing exhibit gets booted from China tech show
A Shanghai tech fair exhibit that allowed visitors to clobber a bobble-head likeness of Donald Trump has been shut down for encouraging the "violent disrespect" of a public figure, organisers said Thursday. The kiosk at this week's Consumer Electronics Show Asia (CES Asia) was set up by Japanese tech firm Soliton Systems as a "stress-relief" station. Visitors were given a hammer to smash a life-sized likeness of the US president, who has angered many Chinese by launching a tariff war with China. The US Consumer Technology Association (CTA) -- which stages the show each year -- told AFP it issued a "warning" to Soliton Systems on Tuesday. A curtain was seen drawn across the display site on Thursday, and the Trump likenesses had been removed. The association told AFP that exhibitors sign contracts making clear that displays cannot be "offensive". "We will not tolerate violent disrespect of any public figure." Soliton Systems officials could not immediately be reached for comment. The ...
FDI in India grew by 6% to $42bn in 2019: UNCTAD
Foreign Direct Investment (FDI) in India grew by 6 per cent to $42 billion last year, according to the UN Conference on Trade and Development (UNCTAD).
Promoters of DHFL in talks with PE firm; expect USD 1 bn from sale of half of their holdings
Promoters of debt-ridden mortgage lender DHFL are in talks with private equity firms and are expecting to garner USD 1 billion (about Rs 6,900 crore) by selling nearly 50 per cent of their holdings, sources said. The Wadhawan family, the promoters of the company, currently holds close to 40 per cent stake in the company. Private equity firms Lone Star, AION Capital and KKR are doing due diligence of the housing finance company, and depending on outcome of their due diligence they will make final offer to the promoters for the strategic stake, sources said. The sale proceed will enable the company to substantially reduce its debt-to-equity ratio and restart the business to its full potential, they added. When contacted the company declined to comment. According to sources, promoters have also expressed their intent to quit the management. Once strategic partner comes in, the company is then expected to widen the board composition and to run it as board-driven-entity with joint ...
Syngene International Ltd leads gainers in 'A' group
Inox Leisure Ltd, Godrej Properties Ltd, Ipca Laboratories Ltd and Interglobe Aviation Ltd are among the other gainers in the BSE's 'A' group today, 13 June 2019.
Jet Airways shares tank over 23 pc after bourses announce trading restrictions
Shares of Jet Airways Thursday cracked over 23 per cent after stock exchanges decided to impose restrictions on its stock trading from June 28. The scrip plummeted 23.18 per cent to hit a multi-year low of Rs 84.80 on the BSE. On the NSE, shares plummeted 23.30 per cent to hit a multi-year low of Rs 84.60. 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. Cash-starved Jet Airways suspended operations in April and lenders are working on ways for revival of the airline. In a circular, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band". There are restrictions in trading of shares that are under Trade for Trade Segment. The decision has been taken jointly by the exchanges and would be
Yes Bank shares continue to fall; tank 13%
The scrip of Yes Bank Thursday came under massive selling pressure, tumbling nearly 13 per cent, after Moody's placed the lender's ratings under review for a possible downgrade. The scrip extended its previous session's fall and further tanked 12.73 per cent to hit a one-year low of Rs 117.50 -- on the BSE. At the NSE, shares plunged 12.87 per cent to Rs 117.40 -- its 52-week low. The scrip was the worst hit among the front-line companies on both key indices during the morning trade. Shares of Yes Bank had dropped over 3 per cent Wednesday also. Moody's Investors Service has placed Yes Bank's ratings under review for a possible downgrade citing its high exposure to the struggling NBFC and realty sectors. "The ongoing liquidity pressures on finance companies will negatively impact the credit profile of Yes Bank, given its sizeable exposure to weaker companies in the sector," a Moody's note said Tuesday.
Benchmarks slide further; pharma shares decline
The Sensex and the Nifty further extended losses and hit fresh intraday low in mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 222.26 points or 0.56% at 39,534.55. The Nifty 50 index was down 68.40 points or 0.57% at 11,837.80.
Reliance Capital to sell 2.86 pc stake in Reliance Nippon Life Asset Management
Reliance Nippon Life Asset Management has said its promoter Reliance Capital plans to sell 2.86 per cent stake in the company.Accordingly, the promoter will sell up to 1.75 crore shares at a floor price of Rs 212 apiece -- a discount of about three per cent to current market price-through an offer for sale (OFS)."This move will help to speed up the sale process as Reliance Capital intends to sell its entire stake to Nippon Life, which already holds 42.88 per cent stake in the company and at maximum can hold 75 per cent stake as a promoter as per SEBI norms," according to a statement.Last month, Reliance Nippon exercised the green-shoe option and announced plan to sell over 8 per cent of its shareholding through this OFS totalling nearly Rs 1,100 crore.Reliance Capital had earlier announced an OFS of its shareholding in Reliance Nippon in order to comply with the mandatory requirement of achieving minimum public shareholding of 25 per cent by reducing the promoter stake.The entire ...
NTPC gains on agreement with EDMC
NTPC was up by 1.01% to Rs 135.65 at 10:45 IST on the BSE after the company entered into a joint venture agreement with East Delhi Municipal Corporation to develop and operate waste management and energy generation facility.
Reliance Capital calls PWC's observations baseless, unjustified
Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' observations about its accounts were "completely baseless and unjustified". On Wednesday, Reliance Capital and Reliance Home Finance said that Price Waterhouse & Co Chartered Accountants (PWC) had resigned as auditor of both the companies citing unsatisfactory response to "certain observations" made by it as a part of the ongoing audit for fiscal 2018-19. "PWC's observations are completely baseless and unjustified. PWC has acted prematurely without even statutory discussions with the audit committee," Reliance Capital said in a regulatory filing. Reliance Capital said its continuing auditor Pathak H.D. & Associates has been mandated by the audit committee to submit its independent report on PWC's observations within 15 days. "There is no question of 'diversion'; zero loans and/or liquidity have been provided by any lender in the PWC audit period. ...