Page 749 - Business Finance
Shares trade with modest losses; metal shares decline
Key equity indices trimmed losses in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 56.08 points or 0.15% at 36,669.34. The Nifty 50 index was down 28.95 points or 0.26% at 11,029.25.
Huawei says no legal case against Australia, for now
Chinese telecoms giant Huawei said Friday it had no immediate plans to mount a legal challenge over Australia's decision to bar the company's equipment from the 5G network Down Under. A day after taking Donald Trump's administration to court for banning US federal agencies from buying Huawei products, the firm said no such move was envisaged in Australia. "Whilst we have our differences with the federal government, we would still rather work cooperatively," a company spokesman told AFP. "A legal challenge is not a priority at this moment." Australia in August announced guidelines on contracts to build fifth generation mobile networks in the country which effectively barred Huawei and another Chinese giant, ZTE, from the project. Canberra cited intelligence agency warnings against the "involvement of vendors who are likely to be subject to extrajudicial directions from a foreign government". As Huawei has grown, fears have emerged that the company could effectively provide the Chinese .
China's exports and imports plummet in February
China's exports and imports plummeted much more than expected in February, official data showed Friday, adding to worries about slowing growth in the world's number two economy as it fights a trade war with the US. Overseas shipments sank 20.7 per cent on-year and imports fell 5.2 per cent, the customs administration, much worse than the 5.0 per cent and 0.6 per cent drops forecast in a Bloomberg News poll. "Today's trade figures reinforce our view that China's trade recession has started to emerge," said Raymond Yeung of ANZ bank. "Looking ahead, we find little reason to expect a rebound in the near term on the back of a sluggish global electronics cycle," said Yeung. Recent economic data point to the difficulties China faces with growth in the last three months of 2018 clocking in at 6.4 per cent. In January, an important barometer of prices in the country's industrial sector neared contraction territory while manufacturing activity saw its worst performance in three years in ...
Granules India update on resolve to reduce promoter leverage by up to Rs 100 cr
The funds raised through these transactions will be used to reduce promoter leverage by up to Rs 100 crore and which will subsequently bring down the Promoters pledged position to around 30% from current level of 54%. This is in line with their commitment given on Q3FY19 earnings call to reduce the pledge continuously and make it pledge free within two years. The Promoters also reduced some amount of their personal loan in the month of December 2018, which enabled the reduction of from their highest point of pledge of 60% to current level of 54%.
Volumes spurt at Laurus Labs Ltd counter
Laurus Labs Ltd registered volume of 10.48 lakh shares by 10:48 IST on BSE, a 967.82 fold spurt over two-week average daily volume of 1083 shares
Suven plans to buy US-based Rising Pharmaceuticals' assets
Biopharmaceutical firm Suven Life Sciences Ltd Friday said it has entered into an asset purchase agreement to buy the assets of US-based Aceto Corporation's Rising Pharmaceuticals through its joint venture partner Shore Suven Pharma Inc. Suven Life Sciences through its joint venture partner, Shore Suven Pharma, Inc has entered into a "stalking-horse" asset purchase agreement to buy the assets of Aceto Corporation's Rising Pharmaceuticals and Rising subsidiaries, Suven Life said in a regulatory filing. A stalking-horse asset purchase agreement is a bid on the assets of a bankrupt company. The transaction is subject to court-approved bidding process under Section 363 of US Bankruptcy Code, the filing added. Shore Suven Pharma Inc is a joint venture between Suven Life Sciences and Shore Pharma Investments LLC of USA. "This potential acquisition of Rising's assets would transform Shore Suven Pharma into a strong US generic pharmaceutical company. Leveraging Rising's extensive product ...
Tata Coffee sizzles after launch of unit at Vietnam
Tata Coffee rose 1.05% to Rs 91.30 at 10:25 IST on BSE after the company's wholly-owned subsidiary unveiled its Freeze Dried Instant Coffee Production Plant at Binh Duong province of Vietnam.
Market breadth turns negative
The market extended early losses and hit fresh intraday low in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 39.60 points or 0.11% at 36,685.82. The Nifty 50 index was down 25.20 points or 0.23% at 11,033. Weak cues from other Asian stocks spoiled investors sentiment.
L&T arm bags order from ONGC
L&T Hydrocarbon Engineering, a wholly-owned subsidiary of engineering major Larsen & Toubro, Friday said it has won a "significant" order from Oil & Natural Gas Corporation (ONGC). The engineering and construction company, however, did not provide the exact value of the contract; but as per its project classification, the value of the contracts was in "significant" category which is valued in the range of Rs 1,000 crore to Rs 2,500 crore. The engineering, procurement, construction, installation and commissioning (EPCIC) contract is for development of cluster-8 marginal field which is part of Mumbai High Asset located about 210 km to the west of Mumbai city, L&T said in BSE filing. L&T said the contract has been awarded through international competitive bidding on a lump sum turn key basis. Shares of Larsen & Toubro were trading 0.35 per cent higher at Rs 1,356 apiece on BSE.
ReNew Power Concludes US$ 375 Million Green Bond Issue
/ -- ReNew Power Limited, India's largest renewable energy Independent Power Producer (IPP), today announced it has successfully concluded a green bond issue of US$ 375 million. The five-year non-call two notes were offered at a yield of 6.67% per annum. The bond offer has been rated as BB by Fitch Ratings. (Logo: https://mma.prnewswire.com/media/653741/ReNew_Power_New_Logo.jpg ) The capital raised through the green bond issue will be utilized for refinancing of outstanding external commercial borrowings and as Capex in eligible green projects. Barclays (B&D), Goldman Sachs, HSBC, J.P. Morgan and YES Bank were the book runners for the green bond issue. The USD denominated bonds received excellent response and were fully subscribed by leading fund managers/asset managers, banks and pension/life funds from across the U.S., Europe and Asia. The issue was opened for subscription on March 05, 2019 and closed on the same day. Speaking about the offer, Sumant Sinha, Chairman and ...
Now report tweets leaking your private information in detail
Twitter on Friday rolled out new options for its users to report problematic tweets that share their personal information on the platform.
Rupee opens 18 paise lower at 70.18 against US dollar
The rupee opened 18 paise lower at 70.18 against the US dollar Friday on increased demand for the greenback from importers and banks amid lower opening of domestic equities. Forex dealers said, strengthening of the American currency in the overseas market weighed on the domestic currency. However, fresh foreign fund inflows, easing crude prices supported the rupee and restricted the fall. The rupee opened weak at 70.18 at the interbank forex market, down 18 paise from its last close. The local currency, however, pared the initial loss and was trading at 70.11. On Thursday, the rupee had strengthened 28 paise to close at 70 against the US dollar. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,137.85 crore Thursday, as per provisional data. Meanwhile, brent crude futures, the global oil benchmark, fell 0.74 per cent to USD 65.81 per barrel. Indian bourses declined in early trade Friday with benchmark indices Sensex trading 62.24 points
Australia Market drops on global growth woes
ECB President Mario Draghi said the economy was in "a period of continued weakness and pervasive uncertainty" as he pushed out a planned rate hike and instead offered banks a new round of cheap loans.
Japan: Nikkei extends losses on growth worries
ECB President Mario Draghi said the economy was in "a period of continued weakness and pervasive uncertainty" as he pushed out a planned rate hike and instead offered banks a new round of cheap loans.
Hindalco Industries Ltd Falls 1.97%
Hindalco Industries Ltd has lost 6.96% over last one month compared to 4.55% gain in S&P BSE Metal index and 0.73% drop in the SENSEX
L&T Hydrocarbon Engineering wins order from ONGC
The Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract is for development of Cluster-8 marginal field which is part of Mumbai High Asset located about 210 km to the west of Mumbai city.
GTL Infrastructure Ltd Spikes 4.44%
GTL Infrastructure Ltd has added 5.62% over last one month compared to 4.9% gain in S&P BSE Telecom index and 0.78% drop in the SENSEX
Suven eyes acquisition of Rising Pharmaceuticals' assets
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Equity indices open marginally lower
The key Indian equity indices opened on a negative note on Friday, tracking a similar trend in the Asian markets.
Benchmarks trade with small losses
Key benchmark indices were trading with small losses in early trade amid negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 19.16 points or 0.05% at 36,706.26. The Nifty 50 index was down 14.20 points or 0.13% at 11,044.