Page 701 - Business Finance
Hyundai, Kia invest USD 300 mn in Ola for EVs, smart mobility solutions
Korean automobile major Hyundai and its subsidiary Kia have together invested USD 300 million in ride-hailing company Ola to jointly develop electric vehicles ecosystem and fleet services for global markets. Under the partnership, the three companies will also aim to develop electric vehicles (EVs) and charging infrastructure customised for Indian market, the companies said in joint statement Tuesday. India is the centrepiece of Hyundai Motor Group's strategy to gain leadership in the global mobility market, and our partnership with Ola will certainly accelerate our efforts to transform into a smart mobility solutions provider, said Euisun Chung, Executive Vice Chairman of Hyundai Motor Group said. Hyundai Motor Group expects to accelerate its transition from a car manufacturer into a smart mobility solutions provider, as the partnership initiatives will allow it to engage in all aspects across the entire mobility value chain including vehicle production, fleet operation and mobility .
HCL Tech inches up after arrangement with Xerox Corporation
HCL Technologies rose 0.55% to Rs 1,018.10 at 09:25 IST on BSE after the company entered into arrangement with Xerox pursuant to which Xerox will outsource certain global administrative and support functions.
Asian Oilfield Services Ltd Spikes 2.56%
Asian Oilfield Services Ltd has lost 4% over last one month compared to 12.48% gain in S&P BSE Energy index and 6.61% rise in the SENSEX
Enhanced Saudi stakes in India will work better for Indian diplomacy (Comment)
Indias relations with Saudi Arabia since 2006 is an example of a dynamic that has enmeshed diversified strategic orientations successfully. While strengthening historical sinews, New Delhis ties with Riyadh over the years, has been unaffected by Indias strident forays into new partnerships in West Asia.
Rupee opens marginally higher against US dollar
The rupee edged 2 paise higher to 68.51 against the US dollar in early trade Tuesday ahead of the Federal Reserve's policy meet. Besides the greenback's weakness against some currencies overseas, increased selling of the American currency by exporters as well as banks supported the rupee, forex dealers said. A higher opening in the domestic equity market influenced the currency's movement, they added. On Monday, the domestic unit had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 1,823 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,269 crore Monday, provisional data showed. Meanwhile, the benchmark BSE Sensex rose 83.10 points, or 0.22 per cent, to 38,178.17 in early trade.
Shares trade with small gains
Key benchmark indices were trading with small gains in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 35.78 points or 0.09% at 38,130.85. The Nifty 50 index was up 15.60 points or 0.14% at 11,477.80.
Majesco announces leadership change
On 18 March 2019
HCL Tech in focus after arrangement with Xerox Corporation
HCL Technologies has entered into a shared services arrangement with Xerox Corporation pursuant to which Xerox will outsource (subject to compliance with European works council consultation and employment regulatory requirements) certain global administrative and support functions, including, among others, selected information technology and finance functions (excluding accounting). The announcement was made after market hours yesterday, 18 March 2019.
Benchmarks may open with small gains
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.
US dollar falls ahead of Federal Reserve's meeting
The US dollar fell against most major currencies ahead of a two-day US Federal Reserve meeting.
GST to spur assessee base by 80%: Jaitley
The Narendra Modi government has introduced the much-needed second generation reforms with several game-changing decisions over the last five years, said Finance Minister Arun Jaitley on Monday, cheering the GST introduction, saying it will increase the assessee base in the first twenty-one months of its implementation by almost eighty percent.
Anil thanks Mukesh, Nita as RCOM's dues to Ericsson cleared
Anil D. Ambani, Chairman of Reliance Communications, has thanked Reliance Industries Chairman, Mukesh Ambani and Nita Ambani for their support regarding payment of dues to Ericsson as all the RCOM's outstanding to the Swedish company stand cleared.
L&T makes Rs 10,800 cr takeover bid of Mindtree
In the country's first hostile takeover bid in the IT sector, infrastructure giant Larsen & Toubro Monday made an offer to buy up to 66 per cent stake in the Mindtree for around Rs 10,800 crore. 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. Subsequent to these deals, L&T would make an open offer to buy additional 31 per cent stake through an open offer, it said in a late evening statement. All the three acquisitions are being done at Rs 980 per share, a premium of 1.8 per cent over Monday's closing price of Mindtree on the BSE. Mindtree closed on the BSE at Rs 962.50 a piece. L&T would pay Siddhartha Rs 3,269 crore and Rs 5,030 crore for the open offer, as per filings made by L&T and Mindtree. The company would shell out around Rs 2,500 crore for acquiring the additional 15 per cent stake.
Owaisi has assets worth over Rs 13 crore, no car
MIM President Asaduddin Owaisi, who filed his nomination for Hyderabad Lok Sabha constituency on Monday, declared assets worth over Rs 13 crore but he owns no vehicle.
L&T buys Siddhartha's 20.4% stake in Mindtree
Diversified conglomerate Larsen & Toubro (L&T) on Monday took its first step to acquire Mindtree by buying V.G. Siddhartha's 20.4 per cent stake in the the mid-tier IT services company for approximately Rs 3,300 crore.
RCom, RJio terminate pacts for sale of assets
Reliance Communications (RCom) and Reliance Jio Infocomm (RJio) on Monday announced termination of asset sale agreements with mutual consent.
Mukesh Ambani's help saves day for Anil as RCom makes Rs 550 cr payment to Ericsson
Embattled billionaire Anil Ambani Monday warded off a possible jail term as RCom cleared dues of a Swedish service provider at the eleventh hour with money received from elder brother Mukesh, whom he thanked for standing by him in trying times and extending "timely support". Anil's heavily debt-laden Reliance Communications made a Rs 550 crore payment, including interest, to Ericsson just a day before expiry of the deadline set by the Supreme Court to clear dues or face a three-month jail term. Soon after making the payment, RCom announced termination of a Rs 17,000 crore deal to sell telecom assets like spectrum, fibre and tower to Mukesh's Reliance Jio, citing delays in approvals from the government and lenders. Anil, whose businesses in telecom and power sectors went into heavy debt in the face of regulatory headwinds and intense competition, thanked Mukesh and his wife Nita for bailing him out. "My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for ..
Rahul vows to end angel tax on startup investments
Congress President Rahul Gandhi said on Monday if his party is voted to power in the Lok Sabha elections, it will do away with the angel tax levied on investments in startups, terming it a "counter" to the philosophy of startups.
Palred Technologies Chairperson, 15 others settle case with Sebi, pay Rs 13 lakh
Sixteen entities including chairperson and a promoter of Palred Technologies Monday settled with Sebi a probe regarding alleged shareholding disclosure lapses by paying over Rs 13 lakh as settlement charges. P Srikanth Reddy, current chairperson of Palred Technologies, promoter P Soujanya Reddy, Suresh Rajpal, D Vidyasagar, Boon Hwee Koh, among others, were persons acting in concert (PACs), according to Sebi's order. During the filing of draft offer pertaining to acquisition of 26 per cent equity stake in Palred Technologies by P Srikanth Reddy, the regulator observed that there was a change in the shareholding of promoters/PACs of the firm during April-June and July-September quarter of 2005. In April 2018, the regulator sent a notice after it found that the entities failed to make requisite disclosures in 2005 and thereby, allegedly violated SAST (Substantial Acquisition of Shares and Takeovers) regulations. While the proceedings were pending, the entities filed an application under
Muthoot Capital inks Rs 236 cr securitisation deal
Muthoot Capital Services Ltd (MCSL), the non-banking finance company (NBFC), here on Monday announced conclusion of a Rs 236 crore two-wheeler securitisation deal with HDFC Mutual Fund (HDFC-MF).