Page 700 - Business Finance
Flight safety is at risk: Jet Airways engineers' union to DGCA
As Jet Airways continue to ground aircraft and cancel significant number of flights, the airline's aircraft maintenance engineers' union wrote to the aviation regulator on Tuesday that three months of salary was overdue to them and flight safety "is at risk". "It has been arduous for us to meet our financial requirements, result of which have adversely affected the psychological condition of Aircraft Engineers at work and therefore the safety of public transport airplanes being flown by Jet Airways across India and the world is at risk," the Jet Aircraft Engineers Welfare Association (JAMEWA) said in a letter to the Directorate General of Civil Aviation (DGCA). The letter, which has been accessed by PTI, stated: "While the senior management is finding a resolution to be in business, we the Engineers who inspect, troubleshoot and certify the public transport airplanes for its airworthiness are in tremendous stress due to non-payment of salaries on time, since last 7 months. As of now, .
Pak govt believes 11 billion stashed abroad by Pakistanis: report
Pakistani nationals having more than 152,500 offshore bank accounts could have stashed away a hefty sum of USD 11 billion abroad, a "mind-boggling" amount half of which is undeclared, a top minister was quoted as saying in a media report Tuesday. Minister of State for Revenue Hammad Azhar told businessmen at the Lahore Chamber of Commerce and Industry (LCCI) that the number of offshore accounts was "mind-boggling". "So is the amount involved and the names of account holders," Azhar was quoted as saying by the Dawn newspaper. "All of these offshore account holders are resident Pakistanis and more than half of the hard currency stashed away by them is undeclared," he said. The minister said many of these offshore account holders did not have legitimate, documented business. "That should be enough to underscore the scale of tax evasion (in the country). We wouldn't have to beg if we could bring this money back home," he said. Azhar said the offshore account holders were under the watch ..
Nickel futures soften by 0.07% on weak spot cues
Nickel prices shed 0.07 per cent to Rs 889.50 per kg in futures trading Tuesday as speculators reduced their exposure, taking negative cues from the spot market on muted demand from alloy-makers. At the Multi Commodity Exchange, nickel for delivery in March fell by 60 paise, or 0.07 per cent to Rs 889.50 per kg in business turnover 1,369 lots. Market analysts said cutting down of positions by traders owing to slackened demand from alloy-makers in the physical market attributed the slide in nickel prices at futures trade.
Lead futures slip 0.25% on subdued spot demand
Lead prices eased by 0.25 per cent to Rs 138.50 per kg in futures trade Tuesday, in tandem with a weakening trend in base metals at the domestic spot markets due to muted demand. At the Multi Commodity Exchange, lead for delivery in March was trading 35 paise, or 0.25 per cent, down at Rs 138.50 per kg in a business turnover of 1,139 lots. Marketmen said a weak trend in select base metals at the domestic spot market due to slackened demand from consuming industries kept pressure on lead futures here. Besides, weakness in base metals at the London Metal Exchange (LME) too, hurt sentiments here.
Alembic Pharma raises Rs 150 crore via NCDs
Drug firm Alembic Pharmaceuticals Tuesday said it has raised Rs 150 crore through the allotment of non-convertible debentures (NCDs) on private placement basis. These NCDs carry a coupon rate of 8.37 per cent per annum and are proposed to be listed on NSE. "The NCD Committee of Alembic Pharmaceuticals Ltd at its meeting held today has allotted 1,500, 8.37 per cent unsecured listed rated redeemable NCDs of Rs 10,00,000...aggregating to Rs 150 crore under tranche III," the company said in a regulatory filing. Date of maturity of these NCDs is March 18, 2022. Shares of Alembic Pharma were trading 0.53 per cent higher at Rs 542 apiece on BSE.
Silver futures gain 0.17% on overseas trend
Silver prices rose by 0.17 per cent to Rs 37,970 per kg in futures market Tuesday as speculators raised their bets, driven by a firm trend overseas. At the Multi Commodity Exchange, silver for delivery in far-month May went up by Rs 63, or 0.17 per cent to Rs 37,970 per kg in business turnover of 859 lots. Likewise, the white metal for delivery in April was trading higher by Rs 56 or 0.15 per cent to Rs 37,998 per kg in 1,435 lots. Analysts said building up of positions by participants amid firming trend overseas as a softer dollar that weakened to two-week lows, raised demand for the precious metals as a safe haven, mainly led to rise in silver prices at futures trade. Meanwhile, silver rose 0.29 per cent to USD 15.47 an ounce in New York Tuesday.
Mindtree promoters vow to oppose hostile takeover bid by L&T; dub it "grave threat" to company
The promoters of IT company Mindtree have vowed that they would unconditionally oppose the attempted hostile takeover bid by Larsen and Toubro, and dubbed it a grave threat to the organisation. "A hostile takeover by Larsen and Toubro, unprecedented in our industry, could undo all of the progress we've made and immensely set our organisation back," the promoters said in a statement Tuesday. The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a "grave threat" and "value destructive" to the organisation collectively built over 20 years, the promoters said pledging to "unconditionally oppose" the hostile takeover attempt. In the statement, the promoters -- Krishnakumar Natarajan (executive chairman), Subroto Bagchi (co-founder), Rostow Ravanan (CEO) and Parthasarathy N S (executive vice chairman and COO) -- went on to outline the move's potential "negative consequences to corporate culture, client relationships, employee retention". "We don't see any strategic ...
Copper futures slide 0.16% on profit-booking
Copper prices drifted lower by 0.16 per cent to Rs 442.65 per kg on Tuesday as speculators book profits amid appreciating rupee. At the Multi Commodity Exchange, copper for delivery in April eased by 70 paise, or 0.16 per cent to Rs 442.65 per kg in business turnover of 2,751 lots. Analysts said besides profit-booking by participants, sharp appreciation in the rupee against the US currency that makes dollar-denominated commodities including base metals cheaper for holder of the Indian unit, mainly weighed on copper prices at futures trade. The rupee was trading higher at 68.51 against the dollar at the Interbank Forex market Tuesday. Globally, three-month copper closed little changed at USD 6,425 per tonne, down 0.1 per cent at the London Metal Exchange on Monday.
Volumes soar at Torrent Power Ltd counter
Torrent Power Ltd recorded volume of 469.59 lakh shares by 10:49 IST on BSE, a 812.73 times surge over two-week average daily volume of 57779 shares
Crude oil futures succumb to profit booking
Crude oil futures fell by Rs 16 to Rs 4,077 per barrel Tuesday as speculators trimmed bets amid a firm trend overseas. At Multi Commodity Exchange, crude for delivery in April dropped Rs 16, or 0.39 per cent, to Rs 4,077 per barrel in 2,765 lots. On similar lines, oil for delivery in current month moved down by Rs 15, or 0.37 per cent, to Rs 4,043 per barrel in 4,839 lots. Marketmen said the fall in crude prices at futures market was mostly attributed to profit-booking but a firm trend overseas where it rose to a near four-month highs, capped the losses. Meanwhile, West Texas Intermediate (WTI) crude traded higher at USD 59.38, while Brent crude rose 0.15 per cent, to USD 67.64 per barrel on the New York Mercantile Exchange.
Gold futures up 0.11% on positive global cues
Tracking a firm trend overseas, gold prices advanced by 0.11 per cent to Rs 31,720 per 10 grams in futures trading Tuesday as speculators enlarged positions. At the Multi Commodity Exchange, gold for delivery in April rose by Rs 35, or 0.11 per cent to Rs 31,720 per ten grams in business turnover of 804 lots. Analysts said raising of bets by participants on the back of a firming trend in the global markets where gold prices rose as the dollar languished near two-week lows on growing expectations the Fed would shift to a more accommodative policy stance, influenced gold prices at futures trade. Globally, gold rose 0.31 per cent to USD 1,308.30 an ounce in New York.
Sensex, Nifty hover near flat line; breadth positive
Key benchmarks were almost flat in morning trade. At 10:33 IST, the barometer index, the S&P BSE Sensex, was up 30.86 points or 0.08% at 38,125.93. The Nifty 50 index was up 3.45 points or 0.03% at 11,465.65. Auto shares decline.
Embassy Office Parks REIT IPO subscribed 20%
Receives bids for 1.39 crore units
US SEC raps Musk for violating pact via tweets
The US Securities and Exchange Commission (SEC) has once again pulled up Tesla CEO Elon Musk for blatantly violating a settlement pact reached last year over securities fraud allegations.
ISGEC Heavy gains after setting stock-split record date
ISGEC Heavy Engineering rose 0.57% to Rs 5,482 at 10:16 IST on BSE after the company fixed 29 March 2019 as the record date for its 10-for-1 stock split.
$11 bn believed to be stashed abroad by Pakistanis
The Imran Khan government believes that Pakistani nationals having more than 152,500 offshore bank accounts could have stashed away $11 billion abroad, the media reported on Tuesday.
Mindtree condemns, opposes L&T's takeover bid
Leading IT services firm Mindtree on Tuesday said it condemns and opposes the takeover bid by Larsen and Toubro Ltd (L&T).
Australia Market falls ahead of Federal Reserve's meeting
The US Federal Reserve Open Market Committee is scheduled to meet on Tuesday and Wednesday, with an announcement scheduled for Wednesday, and speculation it may hold interest rates steady, announce plans for the end of asset roll-off from its balance sheet, and lower projections for the number of interest-rate hikes this year. Central banks in Thailand, the Philippines and Indonesia are all scheduled for policy meetings.
Japan Nikkei falls on stronger yen, ahead of Fed's rate decision
The U.S. Federal Reserve will meet to discuss interest-rate policy this week, with an announcement scheduled for Wednesday, and speculation it may hold interest rates steady, announce plans for the end of asset roll-off from its balance sheet, and lower projections for the number of interest-rate hikes this year. Central banks in Thailand, the Philippines and Indonesia are all scheduled for policy meetings.
Larsen & Toubro Ltd Slides 1.26%
Larsen & Toubro Ltd has added 9.51% over last one month compared to 10.46% gain in S&P BSE Capital Goods index and 6.62% rise in the SENSEX