Page 685 - Business Finance
Market trades higher; breadth positive
Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 82.47 points or 0.21% at 38,469.22. The Nifty 50 index was up 32.85 points or 0.29% at 11,553.90.
Outcome of board meeting of BEML
Held on 21 March 2019
Stocks may see flat opening
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 3.50 points at the opening bell.
Embassy Office Parks REIT IPO ends with 2.57 times subscription
Receives bids for 18.34 crore units
Bosch in focus after executing Joint Venture Agreement
Bosch has executed a Joint Venture Agreement with Pretti India. Bosch has agreed to subscribe an amount not exceeding Rs 8 crore and Pretti has agreed to subscribe an amount not exceeding Rs 12 crore in the equity share capital of the proposed Joint Venture Company. The announcement was made after market hours on Wednesday, 20 March 2019.
One more time: Levi Strauss goes public again
Levi Strauss & Co, which gave America its first pair of blue jeans, is public for the second time. The stock, which is listed under the ticker "LEVI," opened for trading on Thursday up 31 per cent on very strong demand and recently changed hands at USD 22.90, up USD 5.90. The offering priced at USD 17, above an originally expected range of USD 14 to USD 16. As of noon, shares were up nearly 34 per cent. In a rare move, the New York Stock Exchange suspended its "no jeans" policy on Thursday to commemorate the event, transforming the floor from suits and ties into a sea of blue denim, with its traders sporting jeans and denim jackets. More than 120 employees from Levi's global offices, including its CEO Chip Bergh outfitted in denim, were on the trading floor. On Wednesday, the NYSE even Tweeted, "Tomorrow we'll be in our 501s." The 166-year-old company, which owns the Dockers and Denizen brands, previously went public in 1971, but the namesake founder's descendants, the Haas ...
Petrol price down 7 paise, diesel dips 8 paise
Petrol prices declined by 7 paise across the metropolitan cities on Thursday after remaining unchanged for the last two days, data from the Indian Oil Corp's website showed.
Mindtree board to meet again on Mar 26
The board of Mindtree, which Wednesday deferred a decision on share buyback, will meet again on March 26 even as it faces a Rs 10,800-crore hostile takeover bid from L&T. The board of the IT company had met on Wednesday too, but no decision was taken on the agenda item at hand - the proposed buyback of equity shares - and the firm had informed the stock exchange that the meeting has been adjourned to a future date. In a fresh filing on BSE Thursday, Mindtree said, "This is to inform that the adjourned board meeting is scheduled to be held on Tuesday, March 26, 2019". On Monday, diversified L&T made an offer to buy up to 66 per cent stake in Mindtree for around Rs 10,800 crore - a move that Mindtree promoters have vowed to oppose. L&T has entered into a deal to buy Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also placed an order with brokers to pick up another 15 per cent of the company shares from the open market. Further, the group ...
IL&FS Transportation Networks defaults on NCD payments due to insufficient funds
IL&FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payment of Rs 20.91 crore due on principal and interest of non-convertible debentures (NCDs) because of insufficient funds. The principal amount and interest due and payable on March 18, 2019...was not paid to the debenture holders due to insufficient funds, the company said in a filing to stock exchanges. IL&FS Transportation Networks said principal amount of the defaulted debentures is Rs 20.80 crore and interest is Rs 11.62 lakh. Interest due for the period between March 1 to March 17, 2019 and was not paid. Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds. The group's total debt stood at over Rs 90,000 crore as of October 2018. In December last year, IL&FS group announced sale of equity stakes in its road assets to raise funds and initiated the process of
Over Rs 13 cr unaccounted cash seized in TN: EC
Cash amounting to Rs 13.90 crore, being transported without proper papers, has been seized by flying squads across Tamil Nadu, a poll official said on Thursday.
No talks of merger with AIADMK: AMMK leader Dhinakaran
AMMK leader T.T.V. Dhinakaran on Thursday categorically refuted Madurai Aadheenam (Mutt) head Arunagiri Nathar's statement that talks being held for its merger with the ruling AIADMK.
China says more trade talks with US to be held
The next round of negotiations to end a trade war between China and the United States will take place in Beijing on March 28 and 29, the Chinese Ministry of Commerce announced on Thursday.
Bajaj Auto may offload KTM AG's 48 pc stake to its parent company
Bajaj Auto International Holdings BV is in talks to offload its 48 per cent stake in Austria-based KTM AG to its parent company KTM Industries AG, which is Europe's biggest sport motorcycles producer."KTM Industries AG was informed by Pierer Industrie AG and Bajaj that they have started discussions on assessing the possibility of transferring Bajaj's 48 per cent stake in KTM AG to KTM Industries AG, with Austrian industrial investment group Pierer Group continuing to retain the controlling majority over KTM Industries AG," Bajaj Auto informed Indian stock exchanges on Thursday in regulatory filings.At present, Pierer Industrie holds about 62 per cent of shares in KTM Industries, which holds nearly 51.7 per cent of shares in KTM AG. Bajaj holds the rest 48 per cent of KTM shares.The talks come after Volkswagen's plan to sell the iconic Ducati brand following the recent diesel-gate scandal. However, following opposition from the labour union, the company cannot go ahead with the ...
Ashok Leyland office in city gets another LEED certification
: Hinduja group flagship Ashok Leyland Thursday said its corporate office here has received the Leadership in Energy and Environmental Design rating system (LEED v4.1) award instituted by the US Green Building Council. With the receipt of the award, the office of Ashok Leyland has become the first in the country and fourth in the world to receive a platinum certification, a press release from the company said here. "We were awarded the LEED gold certification in 2009 and by striving for continuous improvement, we have now been able to receive the LEED v4.1 platinum certification. We are the only corporate office in the country to have received this certification," company's Communication and CSR president-HR, N V Balachandar said in the release. One hundred per cent of the waste generated at the building is segregated on-site, pre-processed and recycled from landfills, he said. Ashok Leyland's certification demonstrates tremendous green building leadership. As the first
Funskool's second manufacturing facility in Ranipet goes on
: Toy manufacturer Funskool India promoted by the MRF Group, has commenced operation of its second manufacturing facility at Ranipet near here giving a boost to exports, according to a top official. The plant, spread across 61,000 sq ft land is located at the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) complex in Ranipet, about 120 kms from here. According to the CEO, John Baby, the company would focus more on serving the overseas markets from the facility given the accessibility to Chennai port and other infrastructure availability. "With an investment of Rs 25 crore in the plant and equipment, the new facility is focused on automation and is ergonomically designed and equipped with special features like heat resistant roof...," he said. Noting that the company has been making exports from its facility at Goa, he said the logistics cost from Goa was quite high. "The new factory is focused on exports. Ranipet is about three hours from the Chennai port ..
Jet Airways' pilots write to PM on non-payment of salaries
The pilots of financially-strapped Jet Airways have urged Prime Minister Narendra Modi and Civil Aviation Minister Suresh Prabhu to intervene and instruct the management to release their pending salaries."We fear that the airline is on the verge of collapse. This will leave thousands of people unemployed. It will change the dynamics of aviation as fares will increase due to a reduction in capacity, and travelling public will face major inconvenience," said the National Aviators Guild (NAG), the registered trade union of Jet Airways' Indian pilots.Two days ago, they had threatened to stop flying from April 1 if their pending salaries are not cleared by March 31.While the airline is going through a tough financial phase, all employees except for pilots and engineers are getting paid on time, claimed the NAG in communication to Modi and Prabhu."The pilots and engineers are now almost three months behind salaries and facing a lot of financial hardships with no relief in sight. Our ...
PFC signs pact to acquire majority stake in REC for Rs 14,500 crore
State-owned Power Finance Corporation (PFC) has signed a share purchase agreement to acquire all 52.63 per cent shares of the government in Rural Electrification Corporation (REC) for about Rs 14,500 crore.Both PFC and REC are navratna central public sector enterprises with combined annual revenues of about Rs 50,000 crore. The acquisition is a step towards consolidation of companies operating in the same space, PFC said in regulatory filings at stock exchanges late on Wednesday."PFC will acquire 103.94 crore equity shares of Rs 10 of REC from the President constituting 52.63 per cent of the paid-up share capital. This is a major milestone achieved by PFC which is now slated to become a promoter and the holding company of REC."PFC has already arranged funds for the acquisition which will be complete by March 28. It is in pursuance to the in-principle approval of December 6 last year from the Cabinet Committee on Economic Affairs."The acquisition will enable increased efficiencies in ..
Business assets of TE4B acquired by Version 1
TE4B announced that its business assets have been acquired by Cloud and Digital specialists Version 1. The additions of TE4B will double the offshore delivery capability of Version 1, enhancing their Global Delivery Model with the second Centre of Excellence in India."We are proud to be joining Version 1, a like-minded company with a focus on Customer Success, on simplifying the Digital journey, and with a shared commitment to common values, integrity and putting the customer first", said TE4B Founder and Managing Director Srihari Vedante."We are delighted to welcome the highly skilled team at TE4B to Version 1 and to enhance our Global Delivery Model with our second Centre of Excellence in India allowing us to better service evolving customer requirements and to accelerate the digital transformation of their core business processes. With TE4B joining the Version 1 family, they will assist in the delivery of a diverse range of projects and services to our customers including Digital ..
US stocks close mixed amid Fed announcement
US stocks ended mixed amid the Federal Reserve's latest monetary policy announcement.
US Fed officials expect no rate hike in 2019
The Federal Reserve does not expect to raise the benchmark lending rate again this year, according to a closely-watched forecast released Wednesday, a surprising sign the US economy is slowing. It was an aggressive downshift that likely will come as a shock to many economists who did not look for such a drastic change in outlook from the central bankers, who as recently as September expected to raise rates three times in 2019. The shift meant nine of the 17 members of the policy-setting Federal Open Market Committee lowered their projection for this year. But the forecast also confirms the next move is still expected to be an increase in the key policy interest rate, though that is not now expected to come until sometime in 2020. The explanation can be found in the stark change in language in the statement from FOMC, which voted unanimously to keep the key rate unchanged at 2.25 to 2.5 percent, and which reflects the slowdown world's largest economy. In its second meeting of the year,