Page 733 - Business Finance

TMT Sector Accounted for 19% and 48% of Grade A Office Space in Mumbai and Bengaluru, Respectively in 2018: Colliers International India

/ -- Asian CBD areas have historically been dominated by finance. However, technology, media and telecoms (TMT) groups and flexible workspace operators were key drivers of demand over 2017-2018. As per Colliers Research, the TMT groups now occupy about 18% ofprime office space in Asian CBDs, and flexible workspace 5%. Growth in these sectors may slow, but is unlikely to reverse. In addition to changing occupier profiles, patterns of workplace organisation and design are evolving. Occupiers in general increasingly value flexibility, efficiency of space use and ambient experience. "With the growth of flexible workspaces absorption, investors will have to evaluate the strengths/ durations of the underlying leases that these operators are signing with tenants to assess risks that they could inherit in case there is a slowdown in the tech/start-up space. Currently there is a cap rate premium being provided for assets which have some of the space occupied by any Tier I flexible space ...

Bharti Infratel Ltd Falls 2.29%

Bharti Infratel Ltd has lost 3.97% over last one month compared to 4.82% gain in S&P BSE Telecom index and 2.19% rise in the SENSEX

Sensex surges 280 points, Nifty crosses 11,250

The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex trading around 280 points higher and Nifty crossing 11,250.

Gujarat Mineral Development Corporation Ltd Spurts 8.98%, S&P BSE Energy index Rises 1.42%

Gujarat Mineral Development Corporation Ltd has added 18.52% over last one month compared to 6.13% gain in S&P BSE Energy index and 2.11% rise in the SENSEX

Sensex soars over 300 pts, Nifty above 11,250

The BSE benchmark Sensex Tuesday jumped over 300 points led by gains in metal, oil and gas, banking and energy stocks amid unabated buying by foreign investors and strong global cues. Key indices extended the pre-election rally on expectations that the incumbent NDA government will get a second term following the announcement of 2019 general election dates earlier this week, experts said. BSE Sensex was trading 346.60 points, or 0.94 per cent, higher at 37,400.70. Similarly, the 50-share NSE Nifty climbed 86.65 points, or 0.78 per cent, to 11,254.70. The 30-share index ended at 37,054.10, up by 382.67 points, or 1.04 per cent, in its previous session Monday; and the Nifty closed at 11,168.05 points, up 132.65 points, or 1.20 per cent Top gainers in early trade include PowerGrid, NTPC, RIL, L&T, ICICI Bank, Tata Motors, HCL Tech and Vedanta, rising over 2.60 per cent. While, Bharti Airtel and IndusInd Bank were trading in the red. Traders said sustained inflow of foreign funds and .

Welspun Corp jumps on winning orders

Welspun Corp rose 5.90% to Rs 126.50 at 9:19 IST on BSE after the company said it received additional pipe orders on global basis.

Rupee furthers gains by 25 paise in early trade

The rupee strengthened its gains by 25 paise to 69.64 against the US dollar in early trade on Tuesday, driven by sustained foreign fund inflows and weaker greenback against key rival currencies overseas. Besides, selling of US dollar by exporters and banks also propelled rupee higher. The US dollar index -- a measure of the value of the American currency relative to a basket of key foreign currencies -- was lower by 0.17 per cent at 97.012. At the Interbank Foreign Exchange, the rupee opened at 69.73 against the US dollar and advanced to 69.64, showing a rise of 25 paise over the previous close. In line with equities, the forex market sentiment has also been boosted by sustained fund inflows by foreign institutional investors (FIIs) in the last few sessions. FIIs bought equities worth a net Rs 3,810.60 crore on Monday, while domestic institutional investors sold shares to the tune of Rs 1,955.55 crore, provisional data showed. Analysts said that foreign funds poured money in domestic .

Jet Airways (India) delays on part repayment of ECB

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Indices may open on a firm note

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 53 points at the opening bell.

HDFC Life Insurance in spotlight as Standard Life to reduce stake

HDFC Life Insurance Company said one of its promoters, Standard Life, will sell up to 4.92% stake in the life insurance firm through offer for sale (OFS). The Standard Life (Mauritius Holdings) 2006, one of the promoters of the insurer, will sell stake through OFS on 12 March 2019 and the floor price for the sale will be Rs 357.50 per share, HDFC Life said in a regulatory filing. Standard Life proposes to sell up to 7 crore shares, representing 3.47% equity, with an option to additionally sell up to 2.95 crore shares, representing 1.46% of the total issued and paid-up capital, it said. Currently, Standard Life holds 29.22% stake in the life insurance company while mortgage firm HDFC has a 51.48% stake. The announcement was made after market hours yesterday, 11 March 2019.

Musk's lawyers say tweet complied with SEC fraud settlement

Tesla CEO Elon Musk should not be found in contempt of court because he has complied with the terms of a securities fraud settlement, his attorneys wrote in documents filed Monday night with the US District Court in Manhattan. Musk's lawyers wrote that a February 19 tweet merely restated prior disclosures on electric car production volumes. They wrote that the tweet after the markets closed did not reveal material information, nor did it alter the mix of data available to investors. US District Judge Alison Nathan ordered Musk to respond to a motion for contempt filed by the Securities and Exchange Commission. The agency alleges the February 19 tweet was inaccurate and violated a requirement for tweets that could influence Tesla's stock price to be approved by a company lawyer. Musk's 13-word February 19 tweet said that Tesla would produce around 500,000 vehicles this year, but it wasn't approved by the company's disclosure counsel, the SEC said in court records. The lawyer quickly ...

Chinese yuan edges higher against US dollar

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 74 basis points to 6.7128 against the US dollar on Tuesday, according to the China Foreign Exchange Trade System.

IMF board approves 3-year, USD 4.2 billion fund for Ecuador

The executive board of the International Monetary Fund on Monday approved a USD 4.2 billion fund to support Ecuador over the next three years. The arrangement was reached last month at staff level and required a final approval by the board. It allows an immediate disbursement of USD 652 million. The IMF has said the agreement is part of a broader effort by the international community that totals USD 10 billion and includes financial support of almost USD 6 billion over the next three years from the Development Bank of Latin America, the Inter-American Development Bank, the Latin American Reserve Fund and the World Bank. "The aim is to reduce debt-to-GDP ratio through a combination of a wage bill realignment, a careful and gradual optimization of fuel subsidies, a reprioritization of capital and goods and services spending, and a tax reform," IMF managing director Christine Lagarde said after the board discussion. Ecuador's government faces a fiscal deficit of USD 10 billion, which has

Etihad may infuse Rs 1,600-1,900 cr in Jet Airways, say sources

Gulf carrier Etihad Airways is likely to infuse around Rs 1,600-1,900 crore into cash-strapped Jet Airways under a proposed deal wherein Naresh Goyal would step down as chairman of the domestic carrier, according to sources. Jet Airways, a full-service airline, has been grappling with acute financial crunch that has also forced it to ground many planes as well as delay payment of salaries and loan repayments. Under the proposed deal, Goyal would step down as chairman and director of Jet Airways but can nominate two persons to the airline's board. Goyal would be designated as chairman emeritus while his son Nivaan Goyal would be offered an appropriate executive position subject to certain conditions, the sources said. By infusing Rs 1,600-1,900 crore, Etihad's stake in Jet Airways would rise to 24.9 per cent, the sources said citing a memorandum of understanding between the two airlines. Currently, Etihad has 24 per cent stake in the domestic airline. Besides, a new investor is likely .

Crisis-hit Jet Airways defaults on foreign loan repayment

Cash-strapped Jet Airways Monday defaulted on foreign loan repayment due to liquidity crunch, amid chairman Naresh Goyal seeking Rs 750 crore in urgent funding from its strategic partner Etihad Airways citing the airline's "very precarious" position. The domestic airline, which has been in service for 25 years, has been grappling with acute financial woes that have forced it to ground around 50 planes while salaries of many employees have been delayed. "... the part repayment of the external commercial borrowing availed by the company, for working capital purposes, falling due on March 11, 2019, has been delayed owing to temporary liquidity constraints," the airline said in a filing to stock exchanges. Specific details about the borrowings were not disclosed. The company has engaged with the lender in relation to the same, the filing added. The development also comes on a day when Etihad Airways, which has 24 per cent stake in Jet Airways, is holding its board meeting in Abu ...

Jet's Goyal seeks inmmediate funding from Etihad

Cash-strapped Jet Airways' outgoing Chairman Naresh Goyal has sought an immediate funding of Rs 750 crore from the equity partner Etihad Airways.

Swiss accounts of 'Chandamama' owners under lens

Swiss Bank accounts of Mumbai-based software services firm Geodesic Ltd, new owners of decades-old children's magazine Chandamama, is to come under scrutiny of Indian investigating authorities in an ongoing money laundering and financial irregularities case.

Russian arms exports to India fell by 42 pc between 2014-18 and 2009-13: Report

Russia's arms export to India, the world's second largest importer of major arms, fell by a whopping 42 per cent between 2014-18 and 2009-2013, according to a SIPRI report. As a result, Russia accounted for 58 per cent of total Indian arms imports in 2014-2018, compared with 76 per cent in 2009-2013, according to the report "Trends in International Arms Transfers, 2018" released by the Stockholm International Peace Research Institute (SIPRI). According to the figures released by the report, India's import of arms decreased by 24 per cent between 2009-2013 and 2014-2018. This decline in India's import is also partly due to delays in deliveries of arms produced under license from foreign suppliers, such as combat aircraft ordered from Russia in 2001 and submarines ordered from France in 2008. Still, India was the world's second largest importer of major arms in 2014-18 and accounted for 9.5 per cent of the global total. Israel, the USA and France all increased their arms exports to ...

Godfrey Phillips says it is in complete compliance with India's FDI norms

As per reports, Philip Morris for years has paid manufacturing costs to Godfrey Phillips to make its Marlboro cigarettes and circumventing the FDI norms

Tata Steel BSL nod for issuance of 11.09 pc shares to Tata Steel on private placement basis

Tata Steel BSL said Monday its board has approved an increase in the company's authorised share capital, and given nod for issuance of 11.09 per cent shares to Tata Steel on a private placement basis. The proposals were approved in an extraordinary general meeting, chaired by Tata Steel BSL Chairman T V Narendran. The members of the board passed a resolution for an increase in the authorised share capital of the company and consequential amendment of the capital clause in the memorandum of association of the firm, the company said in a regulatory filing to the BSE. Proposal to "issue, offer and allot 11.09 per cent non-convertible redeemable preference shares to Tata Steel Ltd, on private placement basis" was also passed besides plan to "issue, offer and allot 8.89 per cent optionally convertible redeemable preference shares to Tata Steel Ltd, on private placement basis". Nod was also given for shifting of the registered office of the company from Delhi to Maharashtra. Tata Steel last