Page 661 - Business Finance
Cathay Pacific to buy budget airline HK Express for USD 628 million
- Hong Kong flag carrier Cathay Pacific announced Wednesday that it will buy budget airline HK Express for USD 628.15 million, as it moves to counter competition from the increasing number of low-cost carriers in the region. The HK USD 4.93 billion acquisition leaves Cathay Pacific in control of three of the four airlines in Hong Kong, adding to its namesake carrier and regional subsidiary Cathay Dragon. Cathay will pay HK USD 2.25 billion in cash for HK Express, and issued HK USD 2.68 billion promissory loan notes, the company said in a filing. The deal is expected to complete by December 2019, according to the filing. The carrier said it will continue to operate HK Express as a "standalone airline using the low-cost carrier business model". "The Transaction is expected to generate synergies as the businesses and business models of Cathay Pacific and HKE are largely complementary," Cathay said in the filing. The carrier also said the purchase is a "attractive and practical way" to ...
Strong market breadth
Key benchmark indices hovered near day's high in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 193.48 points or 0.51% at 38,426.89. The Nifty 50 index was up 49.95 points or 0.43% at 11,533.20.
NTPC launches 3.75% USD 450 mn Notes issue
The net proceeds from issue of Notes will be applied to finance capital expenditure of ongoing and/or new power projects, coal mining projects, acquisition of power projects and renovation and modernisation of power stations of NTPC in accordance with applicable Reserve Bank of India's guidelines in relation to external commercial borrowings. Further, the use of proceeds will be for projects only in India.
Japan Nikkei falls on ex-dividend selling
Total 29 subsectors out of 33 subsectors of the Tokyo Stock Exchange declined, with shares Electric Power & Gas, Oil & Coal Products, Other Financial Business, Wholesale Trade, Banks, Air Transportation, and Transportation Equipment issues being notable losers.
Australia Market trades softer
Shares of banks and financials were in the red, with big four banks - ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac - lower in a range of 0.1% to 0.6%.
Tata Group, GIC and SSG Capital Management to invest Rs 8000 cr in GMR Airports
GIL has signed a binding term sheet with the Investors pursuant to which the Investors have agreed to invest Rs. 8,000 Crores in GMR Airports.
GMR Infra rises after airport biz gets investment
GMR Infrastructure rose 1.8% to Rs 19.80 at 9:51 IST on BSE after the company announced proposed investment of Rs 8,000 crore by Tata Group, GIC and SSG Capital Management in its airports business.
Prestige Estates Projects Ltd Slides 3.27%
Prestige Estates Projects Ltd has added 18.56% over last one month compared to 12.86% gain in S&P BSE Realty Index index and 6.11% rise in the SENSEX
Sensex jumps over 200 pts; Nifty reclaims 11,500 level
The benchmark BSE Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,500 mark in early trade Wednesday led by gains in banking stocks amid sustained foreign fund inflows and positive global cues. The 30-share index was trading 205.47 points, or 0.54 per cent, higher at 38,438.88. It had ended 424.50 points, or 1.12 per cent, higher in the previous session. The broader Nifty also rose 53.45 points, or 0.47 per cent, to 11,536.70 in morning trade. Top gainers include IndusInd Bank, SBI, Sun Pharma, Bharti Airtel, L&T, Bajaj Finance, Axis Bank and Tata Motors, rising up to 3.62 per cent. While, ONGC, NTPC, PowerGrid, Hero MotoCorp, Coal India, ICICI Bank and RIL were among the top laggards, shedding up to 1.10 per cent. Sector-wise, BSE Capital Goods index was the biggest gainer, rising 0.70 per cent, followed by BSE Bankex, finance, FMCG, healthcare and auto indices gaining up to 0.54 per cent. "Indian markets have been the recipient of robust foreign flows this entire
Markets in green: Sensex up 200 pts, Nifty crosses 11,500
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note up 200 points, while the Nifty crossed the 11,500 mark.
Market drifts higher in early trade
Key benchmark indices drifted higher in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 167.26 points or 0.44% at 38,400.67. The Nifty 50 index was up 40.40 points or 0.35% at 11,523.65.
Mindtree slips after board decides against share buyback
Mindtree fell 1.74% to Rs 934.05 at 9:31 IST on BSE after the company said its board has decided not to proceed with a buyback of equity shares of the company.
Rupee slips 12 paise to 68.98 against US dollar in early trade
The rupee depreciated by 12 paise to 68.98 against the US dollar in early trade Wednesday on increased demand for the US currency from importers and rising crude prices. However, a higher opening in domestic equities and sustained foreign fun inflows helped in restricting the slide in the Indian unit to some extent, forex traders said. The local unit opened weak at 68.98 at the interbank forex market, down 12 paise over its last close. The currency, however, pared some initial loss and was trading at 68.92 at 0939 hrs. On Tuesday, the rupee had appreciated by 10 paise to end at 68.86 against the US dollar following a robust response to RBI's maiden rupee-dollar swap auction. Under the rupee-dollar swap auction conducted Tuesday, the Reserve Bank received bids for USD 16.31 billion, against the notified amount of USD 5 billion. Foreign institutional investors (FIIs) pumped in Rs 999.02 crore on a net basis Tuesday, provisional data showed. Brent crude futures, the global oil benchmark,
IndusInd Bank Ltd Spurts 1.61%
IndusInd Bank Ltd has added 16.99% over last one month compared to 10.98% gain in S&P BSE BANKEX index and 6.13% rise in the SENSEX
We're leading customer experience journey: Adobe
Companies across the world are busy managing customer experiences via digital transformation and Adobe is leading the way with continuous innovations when it comes to delivering experiences, the company's President and CEO Shantanu Narayen has said.
Market may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 52 points at the opening bell.
Mindtree will be watched as board drops share buyback plan
Mindtree said its board has decided not to proceed with a buyback of equity shares of the company. Further, the board invited views from the directors on the unsolicited offer made by Larsen & Toubro (L&T) for the equity shares of the company. After detailed deliberation and discussion, the board decided to immediately constitute the committee of independent directors (IDC) in the interest of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T for the consideration of the shareholders. All the independent directors will be members of the IDC, and the IDC has elected Apurva Purohit, lead independent director, as the chairperson of the IDC and spokesperson.
Tibet's GDP rose 191% since Dalai Lama fled: China
Tibet's 2018 GDP has reached $22 billion -- about 191 times more than the 1959 figure calculated at comparable prices, said a white paper released on Wednesday by China.
Aqua Line daily ridership improves to 10,991; overall 6.48 lakh riders in 2 months
With 3.24 lakh passengers taking a ride on the Noida-Greater Noida metro during its second month of operation, the overall average daily ridership on the Aqua Line improved slightly to reach almost 11,000, officials said Tuesday. In total 6.48 lakh people have used the Aqua Line in the two months, its operator Noida Metro Rail Corporation (NMRC) said. With March 25 marking two months of inauguration of the metro service, which connects Noida and Greater Noida, the NMRC released a data detailing ridership and revenue, among others. During the first month, the Aqua Line had witnessed 3.24 lakh passengers and an average daily ridership of 10,458 passengers. By the end of March 25, 6.48 lakh riders were added while the average daily ridership during the two months reached 10,991, the NMRC data stated. The ridership was approximately 13, 000 on the first day of revenue operations and after completion of the two months of metro operations i.e. March 25, the ridership stood at approximately .
Court issues summons to PNB ex-CEO, others
A Delhi Court has issued summons to former Managing Director and Chief Executive Officer (CEO) of Punjab National Bank Usha Ananthasubramanian and 11 other PNB officials in a case related to violations of of the Banking Regulation Act.