Page 673 - Business Finance
Jet Airways shares zoom 15.5 pc as Naresh Goyal stepping down
Shares of Jet Airways zoomed 15.5 per cent Monday with its founder and Chairman Naresh Goyal and his wife Anita Goyal stepping down from the crisis-hit airline's board. The stock jumped 12.69 per cent to close at Rs 254.50 on the BSE. During the day, it rose sharply by 17.77 per cent to Rs 266. On the National Stock Exchange (NSE), shares zoomed 15.46 per cent to close at Rs 261 apiece. On the traded volume front, 33.60 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day. Naresh Goyal and his wife will resign from the board of the airline, according to a regulatory filing. The decision was taken at the airline's board meeting held in Mumbai Monday. While the airline made an official announcement about the board's decisions after the markets closed, reports have been doing the rounds since morning that Goyal would be stepping down from the board. In the filing to the stock exchanges, Jet Airways said Naresh Goyal, Anita Goyal and one nominee of Etihad ..
Ashok Leyland Ltd slips for fifth straight session
Ashok Leyland Ltd is quoting at Rs 87.65, down 2.18% on the day as on 13:19 IST on the NSE. The stock tumbled 39.3% in last one year as compared to a 11.88% rally in NIFTY and a 23.76% fall in the Nifty Auto index.
Bharat Forge Ltd extends losses
Bharat Forge Ltd is quoting at Rs 486.85, down 1.57% on the day as on 13:19 IST on the NSE. The stock tumbled 30.36% in last one year as compared to a 11.88% rally in NIFTY and a 23.76% fall in the Nifty Auto index.
Yash Papers to invest Rs 150 cr on capacity expansion
Uttar Pradesh-based Yash Papers is investing around Rs 150 crore to double production capacity for the growth of its business, a senior company official has said. The company has a manufacturing plant in Ayodhya where it makes speciality paper and various paper products from sugarcane pulp. It also makes paper bags and tableware/containers. "We are expanding our capacity with a capex of around 150 crore. We will be doubling the production across our products range," said Ved Krishna, strategy head of Yash Papers. The capacity of pulp mill is 130 tonnes per day, while it makes 10 lakh pieces of tableware a day. The company is funding investment through internal accrual and banks for expansion, and is expected to be completed by March 2020. With people becoming aware of environment, Krishna said the demand of its products are rising as they are durable as well as eco-friendly. The company already has tie-ups with McDonald, KFC and many other food chains for supply of biodegradable paper
Naresh Goyal steps down as Jet Airways Chairman, lenders to pump in Rs 1,500 cr
Jet Airways Chairman Naresh Goyal stepped down on Monday, paving way for lenders to bail out the financially troubled airline he set up 25 years ago.The board meeting held here also decided on ways to procure interim funding, an official statement said."Two nominees of promoter--Naresh Goyal and Anita Goyal--besides one nominee of Etihad Airways will step down from the board," the statement said."An interim management committee at the instructions of lenders will manage and monitor daily operations and cash flow of the airline," said the statement.The board said there will be immediate funding support of up to Rs 1,500 crore by lenders by way of issue of appropriate debt instrument against the security of the assets of Jet Airways.According to the statement issued by Kuldeep Sharma, vice president--Global Compliance and Company Secretary, "the bidding process will be initiated by lenders for sale/issue of shares to new investor (s)," and the "process is expected to be completed in ...
Jet Airways to get Rs 1,500 cr 'immediate support'
Jet Airways on Monday said that it will receive an "immediate funding support" of up to Rs 1,500 crore by lenders for operational requirements.
Naresh Goyal steps down as Jet Airways Chairman
Jet Airways Chairman Naresh Goyal stepped down on Monday, paving way for lenders to bail out the financially troubled airline he set up 25 years ago.The board meeting held in Mumbai also decided on ways to procure interim funding, an official statement said.The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.
Naresh Goyal to step down from Jet Airways board
Jet Airways Founder and Chairman Naresh Goyal and his wife Anita Goyal will resign from the board of the crisis-hit airline, according to a regulatory filing. The decision was taken at the airline's board meeting held here Monday. In a filing to the stock exchanges, Jet Airways said Naresh Goyal, Anita Goyal and one nominee of Etihad Airways PJSC would step down from the board. Abu Dhabi-based Etihad is a strategic partner with 24 per cent stake in Jet Airways. Naresh Goyal would also cease to be the chairman, the filing said. Jet Airways, which has been operating for more than 25 years, is grappling with financial crunch and is also looking to raise fresh funds. The airline has suspended operations on at least 14 international routes till end-April and over 80 planes are on the ground. As many as 54 aircraft have been grounded due to non-payment of lease rentals.
Inmarsat agrees to $3.4 bn takeover from consortium
British satellite operator Inmarsat on Monday agreed to a $3.4 billion cash takeover from a consortium of investment funds. The bid for the London-listed telecommunications group was pitched at $7.21 per share, consortium bid-vehicle Triton Bidco said in a statement. "Triton Bidco believes that the satellite sector is attractive," said a statement from the consortium, which comprises private equity groups Apax and Warburg Pincus, as well as Canadian pension funds CPPIB and OTPP. "Triton Bidco believes that integrated satellite operators with scale like Inmarsat are well positioned as network provision becomes more complex." The consortium also saw "considerable potential for Inmarsat's in-flight connectivity business in commercial aviation", it added. Inmarsat provides satellite services for high-speed transmission of data by telephone, email, video and the internet to government agencies and global corporations. The company rose to prominence in 2014 after its raw data was used in ...
Jet Airways' Chairman Naresh Goyal resigns
Jet Airways promoter and founder Naresh Goyal on Monday resigned from the company's board.
Sensex sinks 355 points tracking global sell-off
Benchmark Sensex spiralled lower for the second straight session Monday and cracked below the key 38,000-mark, with banking and realty counters taking the biggest hit amid a global sell-off triggered by renewed fears of a recession. The BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25. The Sensex has now lost over 575 points in two sessions. Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown. The trade worries between the US and China too added to the worries, brokers said. Besides, investors preferred to keep their portfolios at a low ebb ahead of fiscal 2018-19 coming to an end, they added. Worries over the health of the global economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018. Most other Asian markets too ended sharply down, while European shares ..
Market drops sharply on weak global stocks
Key benchmark indices ended with sharp losses on weak global stocks. The barometer index, the S&P BSE Sensex, lost 355.70 points or 0.93% at 37,808.91. The Nifty 50 index lost 102.65 points or 0.9% at 11,354.25. The Sensex settled below the psychological 38,000 level after sliding below that level in early trade.
China Stocks follow global markets lower
Stocks around the world were under pressure as investors fled to the safety of bonds after cautious remarks by the U.S. Federal Reserve last week on cooling economy and growing concern about the outlook for the global economy, sparked by soft PMI data from the Eurozone and United States in March that sent the 10-year treasury yields below the three-month rate for the first time since 2007 embedding interest rate curve inversion. Traditionally, an inverted yield curve - where long-term rates fall below short-term - has signalled an impending recession. .
JSPL restarts 1.8 mtpa sponge plant at Angul
Steel-maker Jindal Steel and Power (JSPL) Monday said it has re-started 1.8 million tonnes per annum sponge iron plant at Angul steel complex. The DRI (sponge iron) facility is powered by the country's largest coal gasification plant that converts high-ash coal to synthetic gas, JSPL said in a BSE filing. JSPL has re-started 1.8 MTPA direct reduced iron plant at its 6 MTPA Angul plant, it said. "Through DRI route, the company is targeting production run-rate of 1 MT crude steel in FY 2019-20, through existing coal linkages, and aims to procure the balance requirements for optimum capacity utilization through e-auctions," the filing added. Direct reduced iron (DRI), also called sponge iron, is produced from the direct reduction of iron ore (in the form of lumps, pellets, or fines) to iron by a reducing gas or elemental carbon produced from natural gas or coal. Shares of the company were trading 2.56 per cent down at Rs 162.05 apiece on the BSE.
Hong Kong Market falls on global economic woes
Hong Kong shares opened sharply lower, taking a negative lead from Wall Street, where stocks dropped on Friday after the closely watched yield curve flashed a warning sign that a recession could be looming.
Karnataka Bank slides after reporting fraud to RBI
Karnataka Bank fell 2.84% to Rs 124.95 at 14:53 IST on BSE after the bank said it reported a Rs 13.26 crore fraud to the Reserve Bank of India.
Vodafone Idea Ltd leads losers in 'A' group
Dish TV India Ltd, Infibeam Avenues Ltd, Edelweiss Financial Services Ltd and Jaiprakash Associates Ltd are among the other losers in the BSE's 'A' group today, 25 March 2019.
Comm Min introduces online facility to obtain export licence for restricted items
The commerce ministry has introduced an online system for exporters to obtain export licence for restricted category goods, a move aimed at promoting paperless work and ease of doing business. "It has been decided that applications by exporters will be filed online on E-COM module for export authorisations. The consultation process with administrative departments will also be online," the Directorate General of Foreign Trade (DGFT), an arm of the ministry, has said in a trade notice. The notice came into effect from March 19 this year. Exporters need to obtain licence from the government for certain restricted category goods such as bio-fuels. Currently, application for export of such goods are filed in hard copy and the consultation with the concerned agencies is also done manually. The move, it said, is aimed at simplifying application filing, and expediting the processing and issuance of export authorisation. The development will help in promoting ease of doing business for such ...
Electric 2W, 3W must produce public transport permit to avail FAME-II sops: Govt
Starting April 1, electric three-wheelers and four-wheelers will have to produce a valid permit from a government agency stating that the vehicle will be used only for public transport purposes, to avail incentives under the Rs 10,000 crore FAME India scheme. The second phase of the FAME India scheme is proposed to be implemented over a period of three years, with effect from April 1, 2019. The scheme will support 5 lakh e-rickshaws having ex-factory price of up to Rs 5 lakh with an incentive of Rs 50,000 each. It will offer a sop of Rs 1.5 lakh each to 35,000 electric four-wheelers with an ex-factory price of up to Rs 15 lakh, with an aim to boost clean mobility in mass transport. According to the operational guidelines for delivery of demand incentives under FAME-II notified by the Heavy Industry Ministry, a dealer will have to ensure that the demand incentive is not passed on to individuals using vehicles for private use in case of three wheelers and four wheelers. However, a ...
Shree Rama Multi-Tech Ltd leads losers in 'B' group
Bannari Amman Spinning Mills Ltd, Pearl Polymers Ltd, Radha Madhav Corporation Ltd and Banaras Beads Ltd are among the other losers in the BSE's 'B' group today, 25 March 2019.