Page 682 - Business Finance
Hong Kong Market end mixed ahead of trade talks
Hong Kong stock market received solid support from the US after strong US economic data eased concerns about a cooling economy. On Wall Street, the broad S&P 500 index rebounded 1.1% to 2,854.88 and the Dow Jones Industrial Average gained 0.8% higher to 25,962.51. The technology-heavy Nasdaq composite jumped 1.4% to 7,838.96. On Wednesday, the Fed surprised markets with a policy statement that was more dovish than expected, abandoning projections for more rate hikes this year due to signs of softness in the US economy. However, data on Thursday showed the number of Americans filing applications for unemployment benefits fell more than expected and mid-Atlantic factory activity rebounded sharply, pointing to economic strength.
Fitch cuts India's 2019-20 GDP forecast to 6.8%
Fitch Ratings on Friday cut India's GDP growth rate projection for the next financial year to 6.8 per cent, from its previous estimate of 7 per cent, on account of weaker-than-expected growth momentum.
Motherson Sumi Systems Ltd leads losers in 'A' group
NMDC Ltd, Indiabulls Real Estate Ltd, Va Tech Wabag Ltd and Dilip Buildcon Ltd are among the other losers in the BSE's 'A' group today, 22 March 2019.
Australia Market follows Wall Street rally
Sydney stock market received solid support from the US. On Wall Street, the broad S&P 500 index rebounded 1.1% to 2,854.88 and the Dow Jones Industrial Average gained 0.8% higher to 25,962.51. The technology-heavy Nasdaq composite jumped 1.4% to 7,838.96
Fitch assigns investment grade rating to NTPC's proposed notes
Fitch Ratings Friday said that it has assigned BBB-(EXP), an investment grade rating, to NTPC's proposed senior unsecured notes. The proposed notes are to be issued out of the company's USD 6 billion medium-term note programme and are rated at the same level as the NTPC's senior unsecured rating, as they will constitute its direct, unconditional, unsubordinated and unsecured obligations, a Fitch Ratings statement said. According to the statement, the final rating is contingent upon the receipt of final documents conforming to information already received. The NTPC's Issuer Default Rating reflects its standalone credit profile of 'BBB-'. Fitch will rate the company using a top-down approach based on a strong likelihood of state support if the company's standalone profile weakens but stays within three notches of the Indian sovereign rating (BBB-/Stable) under the agency's government-related entities (GRE) rating criteria, it added. The NTPC's ratings benefit from the company's dominant
GVK unit to hold 74 pc stake in MIAL after share purchase
Diversified conglomerate GVK Group said on Friday it is increasing its stake in Mumbai International Airport Limited (MIAL) to 74 per cent from just above 50 per cent at present.MIAL is a joint venture company held by GVK Airport Holdings ( with 50.5 per cent stake), South Africa-based Bidvest Services (13.5 per cent) and ACSA Global (10 per cent) and Airports Authority of India (26 per cent).The company has already acquired Bidvest's 13.5 per cent stake. It is now buying 10 per cent of paid-up capital of ACSA Global, which is 12 crore equity shares at the rate of Rs 77 per share."Upon completion of this 10 per cent acquisition along with the earlier acquisition of 13.5 per cent stake from Bidvest, the equity shareholding of the GVK Group will increase to 74 per cent from the existing 50.5 per cent in MIAL," the company informed stock exchanges in regulatory filings.GVK Airport Holdings is a step-down subsidiary of GVK Power and Infrastructure Ltd. It exercised its power under 'Right .
Change in gas allocation policy key risk to profitability of city gas entities: ICRA
With softer gas prices propping up CNG and piped cooking gas consumption, city gas distribution (CGD) entities will continue to see robust margins but any adverse change in the policy of gas allocation is a key risk for the industry's profitability, ratings agency ICRA said. The volume consumption of compressed natural gas (CNG) by automobiles and piped natural gas (PNG) in domestic kitchens has been witnessing an increasing trend, supported by softer gas prices in the last 2-3 years, ICRA said in a statement on a report it has prepared on the domestic CGD sector. "Going forward, demand growth favours CGD entities over the next decade and their margins are expected to remain healthy," ICRA Senior Vice President K Ravichandran said. Economics, he said, are favourable for CNG, with piped natural gas for industrial use (PNG-industrial) may be marginally profitable. "The industry will benefit from the Central Government's volume push but any adverse change in domestic gas allocation ...
SOTC Travel taking omni-channel approach for expansion
Travel services provider SOTC Travel Friday said it is focusing on an omni-channel approach for expansion and is taking a slew of initiatives to provide a consistent and seamless experience to its customers. For this, the company is taking steps to strengthen both online and offline presence in the country. Currently its distribution centres operates in over 60 cities and towns across India, it said. "As a part of our strategy to increase our online presence, the bulk of our investments are diverted towards streamlining our processes and investing in technology, in order to ensure omni-channel coherence," SOTC Travel MD Vishal Suri told PTI. Currently the company sells about 15-18 per cent of its holidays solely through online sales, he added. Highlighting that the customers also prefer to physically interact with the company for certain services, Suri said: "Be it visa, ticketing, or other information pertaining to documentation; customers are more comfortable visiting a brick and ...
Sambhaav Media Ltd leads losers in 'B' group
Goldiam International Ltd, Country Condos Ltd, Ortin Laboratories Ltd and Kesar Enterprises Ltd are among the other losers in the BSE's 'B' group today, 22 March 2019.
Volumes spurt at Security & Intelligence Services India Ltd counter
Security & Intelligence Services India Ltd registered volume of 1.79 lakh shares by 14:19 IST on NSE, a 35.49 fold spurt over two-week average daily volume of 5036 shares
Benchmarks hit fresh intraday low
Key equity barometers extended intraday losses and hit fresh intraday low in mid-afternoon trade. Negative opening in European markets triggered fresh selling pressure. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 214.79 points or 0.56% at 38,171.96. The Nifty 50 index was down 22.70 points or 0.20% at 11,498.35. The Nifty was hovering a tad below the 11,500 mark after moving above and below that mark in intraday trade.
Japan Nikkei ends tad higher
Japanese shares received solid support from the US, but a higher yen against the dollar compared with the levels on Wednesday weighing on the market. On Wall Street, the Dow ended up 0.8% at 25,962.51. The dollar fetched 110.85 yen in Asian trade, little changed from 110.82 yen in New York on Thursday but lower than 111.55 yen in Tokyo on Wednesday.
Zinc futures rise 0.38% on spot demand
Zinc futures Friday edged 0.38 per cent higher at Rs 198.15 per kg as speculators created fresh positions, triggered by a firm trend in the domestic spot market. At the Multi Commodity Exchange, zinc for delivery in current month moved up by 75 paise, or 0.38 per cent, at Rs 198.15 per kg, with a business turnover of 5,578 lots. Marketmen said, widening of bets by participants following improved demand from the spot market mainly influenced zinc prices here.
WeChat introduces in-app gaming tab
The China-based messaging and payments platform WeChat is adding an in-app mini-gaming platform to let users play basic games like Tetris, open to developers worldwide.
March GST collection may touch Rs 1 lakh crore
With nine more days to go, the GST collection trends look good and could slightly exceed Rs 1 lakh crore, informed sources said.
Silver futures surge 0.66% on upbeat demand
Silver futures traded higher 0.66 per cent at Rs 38,515 per kg Friday after speculators raised bets, driven by a firm trend overseas. Silver for delivery in May traded higher by Rs 252, or 0.66 per cent, at Rs 38,515 per kg in a business turnover of 19,353 lots at the Multi Commodity Exchange. In a similar manner, the white metal to be delivered in July rose by Rs 270, or 0.7 per cent, at Rs 38,515 per kg in 563 lots. Analysts said widening of positions by traders, in sync with a firm trend overseas for precious metals mainly influenced silver prices here. In the international market, silver traded higher at USD 15.48 an ounce in Singapore.
GVK Group co to acquire 12 cr shares in Mumbai airport for Rs 924 cr
GVK Power & Infrastructure Friday said its step-down subsidiary GVK Airport Holdings will acquire 12 crore shares of Mumbai International Airport (MIAL) for Rs 924 crore from ACSA Global. After completion of this 10 per cent stake buy from ACSA along with the earlier purchase of 13.5 per cent from Bidvest, GVK Group's shareholding in MIAL will increase to 74 per cent from the existing 50.5 per cent, a company statement said. "GVK Airport Holdings Ltd...has exercised it right, under Right of First Refusal in terms of the Shareholders Agreement dated April 4, 2006....to acquire 12 crore equity shares of MIAL, constituting 10 per cent of the total paid-up share capital of MIAL, from ACSA at the rate of Rs 77 per share," it added.
Demonetisation was to whitewash black money: Yechury
CPI(M) general secretary Sitaram Yechury Friday said demonetisation was to "whitewash" black money, amidst reports that the current cash in circulation has jumped by more than 19 per cent from the pre-note ban days. Media reports have indicated that the cash in circulation has jumped by 19.14 per cent to Rs 21.41 lakh crore as on March 15 this year from the pre-demonetisation level of Rs 17.97 lakh crore on November 4, 2016. "Demonetisation by Modi on a whim, against all advice from RBI, was a way to whitewash black money. We know how jobs and lives were destroyed by notebandi. Now claims like 'cashless' economy also have turned out to be false and misleading Jumlas. #DemonetisationDisaster," Yechury tweeted.
Crude oil declines 0.17% on subdued domestic cues
Crude oil prices dipped by Rs 7 to Rs 4,139 per barrel in futures trade Friday as speculators were indulged in creating speculative positions, taking positive cues from domestic markets. At the Multi Commodity Exchange, crude oil for delivery in April was trading lower by Rs 7, or 0.17 per cent, to Rs 4,139 per barrel, in a business turnover of 16,293 lots. Analysts said, tightening of positions were created by traders as oil prices slipped in domestic markets. However, the global markets remained upbeat as West Texas Intermediate gained 0.12 per cent to USD 60.05, while global benchmark Brent was up 0.07 per cent to USD 67.91 per barrel.
Tata Power SED bags Rs 1,200 cr contract from defence ministry
Tata Power Strategic Engineering Division (SED) has bagged a Rs 1,200 crore contract from the defence ministry for supply of ship-borne 3D Air Surveillance Radars. Tata Power SED has signed a deal with the Ministry of Defence to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next 10 years, a Tata Power statement said Friday. The contract was signed under the Buy & Make (India) category of the Defence Procurement Procedure (DPP) 2013 that will be offering the Indian Navy a proven solution, with a production arrangement in India under Transfer of Technology (ToT). The contract will be executed by Tata Power SED as the prime contractor with foreign OEM (Original Equipment Manufacturer) partner Indra Sistemas, Spain. Tata Advanced Systems Ltd (TASL) has entered into a share purchase agreement with Tata Power to buy Tata Power SED, subject to regulatory and other approvals. In November 2017, Tata Power SED had signed a contract with the defence ministry for