Page 731 - Business Finance
Renault, Nissan, Mitsubishi unveil new joint board post-Ghosn
Carmakers Renault, Nissan and Mitsubishi Motors announced the creation of a joint board Tuesday, as they seek to plot a future for their alliance after the downfall of former boss Carlos Ghosn. The new board structure will be headed by Renault Chairman Jean-Dominique Senard and replaces two previous bodies based in the Netherlands -- one joining Renault and Nissan, the other combining Nissan and Mitsubishi Motors. "We have decided to join our forces again, to enhance the strength of our collaboration." Senard told reporters. This is a "new start" for the alliance, Senard said. Ghosn, recently released on bail in Japan ahead of a trial over alleged financial misconduct, is widely credited with creating the three-way alliance, which now outsells all other rival groups. As boss of Renault, he took what many observers at the time thought was a gamble by saving Nissan from the brink of bankruptcy and tying it to the French firm. In a complicated management structure, Renault -- itself ...
Benchmarks hold firm at higher levels
Key equity indices were hovering near day's high in afternoon trade. At 13:31 IST, the barometer index, the S&P BSE Sensex, was up 400.24 points or 1.08% at 37,454.34. The Nifty 50 index was up 116.90 points or 1.05% at 11,284.95.
Indian media, entertainment to cross $33 bn by 2021
The Indian media and entertainment sector revenues reached $23.9 billion in 2018, and are expected to cross $33.6 billion by 2021, at a compound annual growth rate (CAGR) of 11.6 per cent, said a study released here on Tuesday.
HDFC Life shares drop over 5% on stake sale announcement
Shares of HDFC Life Insurance Company Tuesday fell over 5 per cent after the insurer said its promoter Standard Life will sell up to 4.93 per cent stake. On the BSE, the scrip opened on a negative note and slipped 5.38 per cent to Rs 368.80. On the NSE, the shares touched Rs 367.55, down 5.87 per cent. The insurer said in a regulatory filing on Monday that Standard Life (Mauritius Holdings) 2006 Ltd, one of its promoters, will sell stake through an offer for sale on March 12, and the floor price for the sale will be Rs 357.50 per share. Standard Life proposes to sell up to 7 crore shares representing 3.47 per cent with an option to additionally sell up to 2.95 crore shares representing 1.46 per cent of the total issued and paid-up capital, it said. Currently, Standard Life holds 29.2 per cent stake in the life insurance company, while mortgage firm HDFC has a 51.5 per cent stake. After the stake sale, Standard Life's holding in the insurance company will come down to 24.27 per cent.
VW beats forecasts in 2018 still marked by diesel fallout
Mammoth German carmaker Volkswagen reported Thursday growing profits and revenues in 2018, beating analysts' forecasts despite enormous charges linked to its "dieselgate" emissions cheating scandal and headwinds from tough new pollution tests. The Wolfsburg-based group said it boosted its bottom line 6.0 percent year-on-year to 12.15 billion euros ($13.7 billion), higher than expectations from analysts surveyed by Factset. Selling 10.8 million vehicles around the world from its 12 brands brought in 235.8 billion euros, with revenues posting slower growth than profits at 2.7 per cent. And operating, or underlying profit added just 1.0 percent, to 13.9 billion. "We performed very well in spite of strong headwinds," chief executive Herbert Diess said in a statement. One major burden was the WLTP emissions tests, introduced since VW's 2015 admission that it manipulated millions of cars worldwide to appear less polluting, . The new process' introduction in September cost VW almost one ...
Bank of India raises Rs 660 cr by selling shares to employees
State-owned Bank of India (BoI) Tuesday said it has raised Rs 660.80 crore by issuing shares to employees under Employee Share Purchase Scheme (ESPS). The bank issued 6,25,52,188 shares of Rs 10 each to eligible employees, BoI said in a statement. It offered a discount of 24.28 per cent on the applicable price to the employees and about 94.70 per cent of total employees participated in the scheme, it said. These shares are issued with a lock-in period of one year, it added.
Drivezy in talks to raise USD 100 mn funding, eyes international expansion
Drivezy, a self-drive peer-to-peer car and bike sharing company, is looking at raising about USD 100 million in equity funding, and another USD 400 million in asset financing as it enhances domestic presence and lays out international expansion plans. The company, which has a presence in 10 Indian cities including Bengaluru, Delhi-NCR, Hubli and Manipal, is also looking to ramp up the number of vehicles listed on its platform, taking the total to about 80,000 cars and bikes by March 2020. "We are looking at raising about USD 100 million in equity funding and another USD 400 million in asset financing. We have received strong investor interest and are in advanced stages of closing the round," Drivezy CEO and co-founder Ashwarya Singh told PTI. In November last year, the Bengaluru-based company had announced raising USD 20 million funding and securing an additional USD 100 million in an asset financing deal from Harbourfront Capital (an SPV) - a subsidiary of Anypay Inc. As per the ...
Birlasoft completes merger with KPIT's IT services division
Birlasoft, a part of the diversified CK Birla Group, Tuesday said it has completed the planned merger with the IT services division of KPIT. The combined entity BirlasoftLimited' is a mid-tier USD 500 million (approximately Rs 3,478.88 crore) company listed on the Indian bourses, the company said in a statement. The merger will "fuel innovation and provide substantial benefits to the customers and partners, as it combines domain, enterprise and digital technologies to deliver transformative solutions," the statement said. The integration would enable the company to deliver a wider suite of capabilities, Amita Birla, Chairman, Birlasoft and Co-Chairman, CK Birla Group said. "Birlasoft began its most recent transformative journey by adding competence and capability to its leadership team four years ago, and now as a result of this merger, we will have significant enterprise digital capability in automotive, banking (BFSI), communications, consumer packaged goods, energy,life sciences ...
Copper prices rise on upbeat cues
Copper price rose by 0.73 per cent to Rs 453.30 per kg as speculators extended their holdings amid a healthy trend in base metals overseas. At the Multi Commodity Exchange, copper to be delivered in April rose by Rs 3.30, or 0.73 per cent, to Rs 453.30 per kg in a business turnover of 14,258 lots. Upbeat demand at the domestic physical market also led to the rise in copper prices at futures trade here, analysts said. Globally, at the London Metal Exchange (LME), copper three-month delivery strengthened 0.19 per cent to USD 6,407 per tonne.
Chemiesynth (Vapi) enters into manufacturing and supply agreement with customer
A Quarterly Blanket Purchase Order (in line with quarterly pricing) will be issued by Lambson for the Product with an expected quantity for the quarter.
Indian Bank spurts 2.71%, rises for third straight session
Indian Bank is quoting at Rs 269.5, up 2.71% on the day as on 12:54 IST on the NSE. The stock is down 8.19% in last one year as compared to a 8.15% gain in NIFTY and a 3.05% gain in the Nifty PSU Bank index.
Biocon Ltd soars 1.95%, up for third straight session
Biocon Ltd is quoting at Rs 635.15, up 1.95% on the day as on 12:54 IST on the NSE. The stock is up 5.19% in last one year as compared to a 8.15% gain in NIFTY and a 6.68% gain in the Nifty Pharma index.
Sun Pharmaceuticals Industries Ltd stays supported
Sun Pharmaceuticals Industries Ltd is quoting at Rs 469.15, up 2.11% on the day as on 12:54 IST on the NSE. The stock is down 10.35% in last one year as compared to a 8.15% jump in NIFTY and a 6.68% jump in the Nifty Pharma index.
Aurobindo Pharma Ltd spurts 3.79%, up for third straight session
Aurobindo Pharma Ltd is quoting at Rs 779.2, up 3.79% on the day as on 12:54 IST on the NSE. The stock is up 33.96% in last one year as compared to a 8.15% gain in NIFTY and a 6.68% gain in the Nifty Pharma index.
Jagran Prakashan Ltd gains for third consecutive session
Jagran Prakashan Ltd is quoting at Rs 110.7, up 1.47% on the day as on 12:49 IST on the NSE. The stock is down 32.56% in last one year as compared to a 8.15% drop in NIFTY and a 23.51% drop in the Nifty Media index.
Exide Industries Ltd spurts 1.39%, up for third straight session
Exide Industries Ltd is quoting at Rs 229.4, up 1.39% on the day as on 12:49 IST on the NSE. The stock is up 6.95% in last one year as compared to a 8.15% gain in NIFTY and a 20.12% gain in the Nifty Auto index.
Bajaj Holdings & Investment Ltd spurts 0.86%, up for five straight sessions
Bajaj Holdings & Investment Ltd is quoting at Rs 3325.05, up 0.86% on the day as on 12:44 IST on the NSE. The stock is up 22.86% in last one year as compared to a 8.13% gain in NIFTY and a 13.86% gain in the Nifty Financial Services.
Silver futures surge 0.61% on global cues
Silver futures traded higher by 0.61 per cent at Rs 38,686 per kg Tuesday after speculators raised bets, driven by a firm trend overseas. Silver for delivery in May traded higher by Rs 236, or 0.61 per cent, at Rs 38,686 per kg in a business turnover of 18,145 lots at the Multi Commodity Exchange. In a similar manner, the white metal to be delivered July also rose by Rs 174, or 0.45 per cent, to Rs 39,184 per kg in 360 lots. Analysts said widening of positions by traders, in sync with a firm trend on global markets for precious metals, influenced silver prices at futures trade here. In the international market, silver traded higher at USD 15.40 an ounce in Singapore Tuesday.
Crude oil prices bounce 0.13% on global cues
Crude oil prices rose 0.13 per cent to Rs 3,972 per barrel Tuesday as speculators created fresh positions amid positive cues from global markets. Oil prices maintained a steady streak as a report about decline in US commercial crude inventories influenced oil prices, traders said. The prices gained further steam with the OPEC assurance of supply cut continuing till June and rise in demand. At the Multi Commodity Exchange(MCX), crude for delivery in March was trading higher by Rs 5, or 0.13 per cent, at Rs 3,972 per barrel in a business turnover of 3,694 lots. Meanwhile, West Texas Intermediate gained 0.33 per cent to USD 56.98, while Brent crude, the international benchmark, recovered 0.23 per cent to USD 66.73 per barrel Tuesday.
Strong market breadth
Key benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 367.36 points or 0.99% at 37,421.46. The Nifty 50 index was up 105.40 points or 0.94% at 11,273.45.