Page 74 - Business Finance
All measures to make steel manufacturing sector competitive: Piyush Goyal
Commerce and steel ministers meet steel industry representatives
Smartlink Holdings Ltd leads gainers in 'B' group
JHS Svendgaard Laboratories Ltd, Narayani Steels Ltd, R&B Denims Ltd and RPP Infra Projects Ltd are among the other gainers in the BSE's 'B' group today, 12 June 2019.
EU formally blocks Thyssenkrupp-Tata Steel joint venture
Tata Steel on Wednesday said the European Commission has formally announced its decision to prohibit its proposed European steel joint venture with Thyssenkrupp AG.The aim of the merger was to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of surging Chinese steel. But the EU antitrust regulators said the deal would have pushed up prices and reduced competition."We prohibit the merger to avoid serious harm to European industrial customers and consumers," EU Competition Commissioner Margrethe Vestager said in a statement."Steel is a crucial input for many things we use in our everyday life such as canned food and cars. Millions of people in Europe work in these sectors and companies depend on competitive steel prices to sell on a global level," she said.On May 10, both companies said they anticipated the European Commission will not clear the proposed joint venture despite both parties offering a comprehensive ...
Copper futures ease 0.45 pc on profit-booking
Copper futures traded 0.45 per cent lower Wednesday as speculators cut down their positions at prevailing levels to book profits amid muted spot demand. On the Multi Commodity Exchange, copper for delivery in June contracts fell by Rs 1.85, or 0.45 per cent, to Rs 408.35 per kg with a business turnover of 27,288 lots. Traders said, the fall in copper prices at futures trade was mostly due to profit-booking by speculators and subdued demand at spot market.
Parag Milk Foods clocks Rs 70-cr revenue in FY'19 from Sonipat plant; eyes Rs 160-cr this fiscal
Parag Milk Foods earned a revenue of about Rs 70 crore last fiscal from its manufacturing facility at Sonipat in Haryana that the company acquired from Danone and is targeting up to Rs 160 crore this financial year on better demand for its products in the northern market. Mumbai-based Parag Milk acquired Sonepat plant in April last year and started commercial operations in August to expand its footprint in the north and northeast India. The company now has three plants in Maharashtra, Andhra Pradesh and Haryana with a total processing capacity of 2.9 million litres per day. "Our Sonipat plant is doing very well. It contributed Rs 65-70 crore to our total turnover during the last fiscal. We are targeting a revenue of Rs 130-160 crore during the current financial year," Parag Milk Foods Chairman Devendra Shah told PTI. Parag Milk posted a 22.6 per cent increase in its consolidated revenue from operations to Rs 2,395.7 crore during 2018-19 fiscal, as compared to Rs 1,954.5 crore in the ..
DCM Shriram Ltd leads gainers in 'A' group
Dewan Housing Finance Corporation Ltd, Adani Power Ltd, Jindal Steel & Power Ltd and Motherson Sumi Systems Ltd are among the other gainers in the BSE's 'A' group today, 12 June 2019.
RTI activist's protracted battle with J&K Bank likely to bear fruit
Raja Muzaffar Bhat, president of Jammu and Kashmir RTI movement has fought a protracted battle with the management of the Jammu and Kashmir Bank seeking transparency and accountability in working and asset management by this premier financial institution of the state.
PWC resigns as statutory auditor of Reliance Capital and Reliance Home Finance
Anil Ambani-led Reliance Capital and Reliance Home Finance Wednesday said Price Waterhouse & Co Chartered Accountants (PWC) has resigned as statutory auditor of both the companies. PWC has put in its resignation, with effect from June 11, 2019, citing unsatisfactory response to "certain observations" made by it as a part of the ongoing audit for fiscal 2018-19, the two companies said in their respective regulatory filings to stock exchanges. Both Reliance Capital and Reliance Home Finance said they do "not agree with the reasons given by PWC". While the board of directors of Reliance Capital has noted and accepted the resignation, Reliance Home Finance said its audit committee and board will meet on Thursday and will decide upon the new statutory auditor. Reliance Capital and Reliance Home Finance said that PWC cited the companies' failure to convene audit committee meetings within the expected time, despite multiple letters of intent sent to them, as one of the reasons for the ...
Melbourne to launch Uber Air pilot program
Australias Melbourne city will be the first in the world outside of the US to launch Uber Airs aerial ride-sharing pilot program, the company said on Wednesday.
China inflation hits highest level in 15 months
Inflation in China rose to its highest level in more than a year in May driven by surges in pork and fruit prices caused by the African swine fever epidemic and bad weather, official data have shown. But while prices are increasing, demand remains weak because of the trade war with the United States and economic uncertainty. The consumer price index (CPI) -- a key gauge of retail inflation -- hit 2.7 percent, the National Bureau of Statistics (NBS) said, compared with 2.5 percent in April and the highest since February 2018. The data was in line with a forecast of analysts polled by Bloomberg News. The rise was "largely the result of renewed acceleration in food price inflation", and pork supply disruptions caused by African swine fever, Capital Economics said in a note. Millions of pigs have been culled recently as the disease cuts through China and beyond, devastating global food chains and impacting pork prices from the food markets of Hong Kong to US dinner tables. The price of ...
RBI net-buys US$ 4.9 billion in April 2019
RBI was also net buyers at US$ 9.41 billion in March 2019
Varun Beverages gains on mulling bonus issue
Varun Beverages was up 0.57% to Rs 942 at 10:42 IST on the BSE, after the company announced that a board meeting will be held to consider issue of bonus shares.
RBI announces waiver of charges on NEFT and RTGS from 1 July
Provides an impetus to digital funds movement
Indices hit fresh intraday low; metal shares buck trend
Key indices hit fresh intraday low in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 262.70 points or 0.66% at 39,687.76. The Nifty 50 index was down 73.95 points or 0.62% at 11,891.65. Negative cues from other Asian shares put pressure on domestic bourses.
Volumes soar at Parag Milk Foods Ltd counter
Parag Milk Foods Ltd recorded volume of 1.06 lakh shares by 10:49 IST on BSE, a 5.3 times surge over two-week average daily volume of 20036 shares
European Commission prohibits proposed JV between Tata Steel and thyssenkrupp
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Equities trade lower in early session, Nifty around 11,900
Equity benchmark indices traded lower during early hours on Wednesday tracking muted global cues ahead of the release of key macroeconomic data on industrial growth and inflation.At 10:15 am, the BSE S & P Sensex was down 205 points at 39,746 while the Nifty 50 slipped 63 points to 11,903. Except for metal and media, all sectoral indices at the National Stock Exchange were in the red.Among stocks, Indiabulls Housing Finance dropped 5.9 per cent while Yes Bank was down 2.8 per cent. The other prominent losers were Bajaj Auto, Bharti Infratel and Tata Consultancy Services.However, mining major Vedanta, GAIL, Tata Steel, JSW Steel and Sun Pharma showed marginal gains.Meanwhile, Asian shares were mixed. Stocks declined in Hong Kong and were flat in South Korea and Japan as investors remained in a wary mood.A day earlier, US President Donald Trump said he will personally hold up a trade deal with China and will not complete the agreement unless Beijing returns to terms negotiated ...
RBI Announces OMO Purchase of Government of India Dated Securities
The Reserve Bank of India on Tuesday, announced open market operations (OMO) purchase of Government of India Dated Securities based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward. The Reserve Bank has decided to conduct purchase of the following Government securities under Open Market Operations for an aggregate amount of ₹150 billion on June 13, 2019 (Thursday) through multi-security auction using the multiple price method.
Yes Bank drops after Moody's places ratings under review
Yes Bank was down 2.80% to Rs 135.40 at 09:20 IST on the BSE after credit rating agency Moody's put the bank's ratings under review for downgrade.
CII articulates 10 big reform ideas to leap-frog growth
Further, in order to bring down the high tax rates on capital which at present is a major deterrent for flow of capital, CII President suggested bringing down the Dividend distribution tax to 10% from the present 20%. It should also be not taxed at the hands of the investor. Stepping up investments, both public and private, is critical for boosting our growth potential. In this context, the New Industrial Policy needs to be made more potent in providing key directions in terms of continuity, consistency and certainty for all policies governing industry, Mr Kirloskar highlighted.