Page 705 - Business Finance
Sensex, Nifty end higher for 6th straight session
Extending its winning streak to the sixth consecutive session, the BSE Sensex gained over 70 points Monday as stocks made further headway powered by unabated foreign fund inflows and narrowing country's trade deficit amid positive global cues. The 30-share benchmark advanced to hit a high of 38,369.59 as buying activity gathered momentum. However, investors locked in gains pushing the key index into the negative zone to hit a low of 37,952.10 before bouncing back to end 70.75 points, or 0.19 per cent, higher at 38,095.07. Likewise, the 50-stock NSE Nifty finished 35.35 points, or 0.31 per cent, higher at 11,462.20 after hitting the day's high of 11,530.15 and a low of 11,412.50. Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment, according to market experts. The marginal 2.44 per cent increase in exports as well as lower imports of gold and petroleum products in February significantly narrowed the country's trade .
J&K Bank vaults after stake sale in PNB MetLife Insurance
Jammu & Kashmir Bank rose 4.17% to Rs 48.75 at 15:18 IST on BSE after the bank executed agreement with Oman India Fund for sale of equity shares of PNB MetLife India Insurance Company.
Infosys shareholders approve reappointment of Shaw as independent director; 7.7pc dissent votes
Shareholders of IT services company Infosys have approved the reappointment of Kiran Mazumdar-Shaw as independent director by an overwhelming majority, but the dissent votes cast totalled almost eight per cent. According to a regulatory filing by Infosys on results of postal ballot on reappointment of Shaw, 92.2 per cent of the overall votes were cast in favour of the proposal - an outright majority - while nearly 7.7 per cent were against the said resolution. In the public institution category, 93.57 per cent of the votes backed Shaw's reappointment, and about 6.4 per cent of the votes were against it. Among the promoter and promoter group, 100 per cent of the votes were in support of Shaw's appointment but among public non-institution, just over 81 per cent of the votes favoured her candidature, even as nearly 18.8 per cent were against it. The outcome of the postal ballot comes even as proxy advisory firm Stakeholders Empowerment Services (SES) had aired certain concerns around ...
NCLAT gives conditional nod to ArcelorMittal's Rs 42k cr plan for Essar Steel
The National company Law Appellate Tribunal (NCLAT) Monday gave a conditional approval to Rs 42,000 crore resolution plan of ArcelorMittal for debt-ridden Essar Steel saying it will be subject to its final order in the appeal filed by the promoters. A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company. "The resolution professional will be the chairperson of the monitoring committee and will act in accordance with law to ensure that the company is a going concern," the tribunal said. The appellate tribunal also said it will also look into the issue of discriminatory distribution of the funds between financial and operational creditors. It has also asked the Insolvency & Bankruptcy Board of India (IBBI) to submit a ratio of distribution of funds between financial and operational creditors. Essar Steel directors had challenged the ...
Mindtree looks at buyback to block L&T's takeover bid
The board of IT player Mindtree will meet on Wednesday to consider a share buyback programme to avert the hostile takeover bid by the L&T Infotech, according to company sources here.
WordPress.com VIP expands server infrastructure and leadership in India
Automattic Inc., a leading web publishing and managed cloud solutions company and brand behind WordPress products such as WordPress.com, WordPress.com VIP, Jetpack, and WooCommerce has recently announced their plans for the Indian market.WordPress.com VIP - Automattic's enterprise CMS offering with managed hosting, is expanding its presence in India with the hiring of Anand Natarajan as its sales director for the Asia Pacific and recently launched a data centre in Mumbai.A former Enterprise Sales Leader of Magento Commerce - South Asia and Chief Business Officer of Excellor ECommerce, Anand Natarajan also held various sales and business development leadership positions for over 15 years in IBM and Wipro. Anand will lead enterprise business for WordPress.com VIP in India and the Asia Pacific by engaging with clients, partners, thought leaders and within the strong WordPress ecosystem.Wordpress.com VIP is a fully managed Wordpress platform for unparalleled scale, security, flexibility ..
Reliance Communications Ltd leads losers in 'A' group
Sterlite Technologies Ltd, Adani Transmission Ltd, Manpasand Beverages Ltd and Indiabulls Integrated Services Ltd are among the other losers in the BSE's 'A' group today, 18 March 2019.
Affle Completes its Omni-channel Consumer Platform With the Acquisition of Shoffr
/ -- Affle's 3rd acquisition in the last 12 months Affle (India) Limited ("Affle") announced today that its Singapore subsidiary, Affle International Pte. Ltd. ("Affle International"), has acquired Shoffr, a Singapore-based online to offline (O2O) platform that converts online consumer engagements into in-store walk-ins and transactions. As part of the transaction effective 19 February 2019, Shoffr Pte. Ltd.'s business, brand name, intellectual property rights, business relationships, technical information, assets and employees have been transferred to Affle Group. Shoffr enables online to offline consumer journeys by converting online engagements into in-store walk-ins and transactions. It reveals offline retail stores inventories online via API and programmatic links and provides catalog management, order management with measurable ROI to retail brands. This acquisition will strengthen the Affle group's Consumer & Enterprise platforms by providing an integrated consumer ...
Board of White Organic Agro approves diversification into organic seed research, development & marketing
At meeting held on 18 March 2019
Sambhaav Media Ltd leads losers in 'B' group
Steel Exchange India Ltd, Kanani Industries Ltd, Indo Count Industries Ltd and RPP Infra Projects Ltd are among the other losers in the BSE's 'B' group today, 18 March 2019.
Volumes soar at Gayatri Projects Ltd counter
Gayatri Projects Ltd recorded volume of 3.79 lakh shares by 14:19 IST on NSE, a 10.21 times surge over two-week average daily volume of 37087 shares
Mindtree board to meet on Mar 20 to ward off takeover bid by L & T
IT services major Mindtree's board will meet on March 20 to consider a share-buyback proposal amid reports of a hostile takeover bid by engineering major Larsen & Toubro (L & amp;T).The announcement was made after market hours on Friday. "Pursuant to Company's Code for Prevention of Insider Trading, the trading window will be closed from March 18 to March 22 (both the days inclusive) for designated persons," it informed stock exchanges in regulatory filings.The announcement of a possible share repurchase has come amid reports of L & amp;T's board giving the green signal to buy Cafe Coffee Day founder V G Siddhartha's 20.41 per cent stake in Mindtree.Meanwhile, Subroto Bagchi -- one of the co-founders of Mindtree -- resigned on Sunday as the head of Odisha Skill Development Authority and will return to Bengaluru, he said on his Twitter handle."An imminent threat of hostile takeover of Mindtree has made me resign from the Odisha government, so that I will be able to go and
TV18 Broadcast Ltd drops for fifth straight session
TV18 Broadcast Ltd is quoting at Rs 35.6, down 0% on the day as on 13:24 IST on the NSE. The stock tumbled 44.51% in last one year as compared to a 13.42% rally in NIFTY and a 22.82% fall in the Nifty Media index.
Hero MotoCorp Ltd down for fifth straight session
Hero MotoCorp Ltd is quoting at Rs 2680, down 2.04% on the day as on 13:24 IST on the NSE. The stock tumbled 23.76% in last one year as compared to a 13.42% rally in NIFTY and a 19.84% fall in the Nifty Auto index.
Skoda drives in Octavia Corporate Edition at Rs 15.49 lakh
Skoda Aoto India Monday said it has launched a new variant of its premium sedan Octavia with price starting at Rs 15.49 lakh (ex-showroom). The Octavia Corporate Edition with 1.4 TSI (MT) petrol engine is priced at Rs 15.49 lakh while the one with 2.0 TDI (MT) diesel engine is tagged at Rs 16.99 lakh, the company said in a statement. The 1.4 TSI petrol engine produces power output of 150 PS while delivering fuel efficiency of 16.7 kmpl. It achieves 0 to 100 km/hr in 8.1 seconds and reaches a top speed of 219 km/hr, the company claimed. On the other hand, the turbo-charged 2.0 TDI offers 143 PS of power and comes with a six-speed manual transmission, as standard. The powertrain helps the vehicle accelerate 0 to 100 km/hr in 8.4 seconds with a top speed of 218 km/hr and a fuel efficiency of 21 kmpl, it added.
Jubilant Foodworks Ltd gains for third consecutive session
Jubilant Foodworks Ltd is quoting at Rs 1359.75, up 1.23% on the day as on 12:54 IST on the NSE. The stock is up 28.69% in last one year as compared to a 13.31% spurt in NIFTY and a 15.81% spurt in the Nifty FMCG index.
Indian Oil Corporation Ltd soars 3.78%, rises for third straight session
Indian Oil Corporation Ltd is quoting at Rs 163.3, up 3.78% on the day as on 12:54 IST on the NSE. The stock is down 8.21% in last one year as compared to a 13.31% gain in NIFTY and a 21.67% gain in the Nifty Energy index.
Increasing Protectionism And Tough Global Conditions Weigh On Local Exports Growth Says FIEO
Responding to February, 2019 exports data, exhibiting a nominal growth of 2.44 percent with exports of USD 26.67 billion for the month, Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said that exporters have managed to do well despite increasing protectionism, tough global conditions and constraints on the domestic front. FIEO Chief added that economies across Asia specially China and South East Asian nations have been showing signs of sluggishness with contraction in manufacturing due to slowdown in the global trade and fragile world economy.
SBI central board to meet later this week for extension of capital raising timeline
State Bank of India (SBI) Monday said its central board will meet later this week to consider extension of approval accorded by it for raising equity capital of up to Rs 20,000 crore from the market till the end of fiscal 2020. In December last year, shareholders of the country's largest lender approved its plans to raise up to Rs 20,000 crore through various modes, including a follow on public offer (FPO), to fund its growth. "A meeting of the central board of the bank is scheduled to be held on March 22, 2019 to consider inter alia the extension of approval accorded by central board for raising equity capital of up to Rs 20,000 crore from the market till March 31, 2020," SBI said in a regulatory filing. Shares of SBI were trading 0.74 per cent lower at Rs 295.50 apiece on BSE.