Page 756 - Business Finance
Rupee surges 30 paise against US dollar in early trade
The rupee appreciated by 30 paise to 69.98 against the US dollar in opening trade Thursday, driven by foreign inflows and positive opening in domestic equities. The rupee opened strong at 70.08 at the interbank forex market and then gained further ground and touched 69.98, a gain of 30 paise over its last close. Forex dealers said selling of the American currency by exporters supported the rupee, but rising crude prices weighed on the local unit and capped the upmove. Besides, fresh foreign fund inflows also boosted sentiments in domestic the forex market, they added. The rupee Wednesday had strengthened by 21 paise to close at 70.28 against the US dollar. Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,130.78 crore on a net basis Wednesay, as per provisional data. Brent crude futures, the global oil benchmark, rose 0.48 per cent to trade at USD 66.31 per barrel. Meanwhile, the benchmark BSE Sensex was trading higher by 49.01 points, or .
Sensex, Nifty extend rally to fourth day
Indian bourses continued their rising spree to the fourth session on Thursday, with both benchmarks Sensex and Nifty opening higher amid strengthening of country's macroeconomic outlook following rising rupee and falling crude prices. The 30-share BSE Sensex was trading higher by 63.75 points, or 0.17 per cent, at 36,699.85. Similarly, the NSE's 50-scrip Nifty was quoted higher by 6.80 points, or 0.062 per cent, at 11,059.80. PowerGrid, HUL, Reliance were among the top gainers on the BSE Sensex. The Sensex had gained over 193 points to close at 36,636.10 on Wednesday. The NSE gauge Nifty also rose over 65 points to end above the psychologically key 11,000 level. Meanwhile, the rupee jumped by around 27 paise to 70.01 in early trade on Thursday. Besides, a constant moderation in prices of Brent crude, global benchmark, boosted India's macro-economic outlook. Foreign portfolio investors (FPIs) purchased shares worth Rs 1,130.78 crore, while domestic institutional investors (DIIs) ...
Rattanindia Power Ltd Spikes 3.87%, S&P BSE Utilities index Rises 1.26%
Rattanindia Power Ltd has added 5.57% over last one month compared to 3.92% gain in S&P BSE Utilities index and 0.2% rise in the SENSEX
Biocon drops after USFDA inspection of Bengaluru facility
Biocon lost 1.97% to Rs 614.15 at 9:20 IST on BSE after the company said that the USFDA concluded a pre-approval inspection of its insulin drug substance manufacturing facility at Bengaluru.
Airtel to raise up to Rs 32000 crore through a mix of Rights Issue and Perpetual Bond
The Board of Bharti Airtel (the Board) has approved Rights Issue to raise up to Rs 25000 crore through issuance of fully paid up shares at a price of Rs 220 per share and to raise an additional Rs 7000 crore via the Foreign Currency Perpetual Bond Issue.
Toyota warns could leave UK under no-deal Brexit: report
Toyota Europe's CEO has warned the firm could end production in Britain by 2023 if the country exits the European Union without a deal, the Nikkei business daily said Thursday. Speaking at the Geneva Motor Show, Johan van Zyl told reporters that "if the business environment becomes very, very difficult to operate," a withdrawal "should be on the agenda as well," the Nikkei said. He also raised other less drastic possibilities, including scaling back production or investment, the daily said. A Toyota spokesman confirmed van Zyl's comments. "In the exchange of questions and answers with Japanese reporters there, he replied to a question on whether future withdrawal from the business in the UK is possible, saying it is 'an option', in general terms," the spokesman told AFP. "Of course we have to compete and the business environment is important," the spokesman added. But he stressed that Toyota's position on Brexit was unchanged, namely "that a hard landing is not desirable." "But we ...
Biocon in focus after USFDA inspection of Bengaluru facility
Biocon said that the USFDA concluded a pre-approval inspection of its insulin drug substance manufacturing facility triggered by a New Drug Application submitted by our insulin AP/customer. The inspection at the Bengaluru facility took place between 25 February 2019 to 5 March 2019, resulting in a Form 483 with six observations. The announcement was made after market hours yesterday, 6 March 2019.
Stocks may open with small gains
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 6 points at the opening bell. Gains may get capped due to mixed cues from other Asian markets.
China's Huawei sues US over federal ban on using its products
Chinese telecom giant Huawei said Thursday it was suing the United States for barring government agencies from buying the telecom company's equipment and services. Huawei said the suit was filed in a US District Court in Plano, Texas, challenging a 2019 US defence bill that prevents US government agencies from buying Huawei equipment and services, as well as working with third parties that are Huawei customers. The lawsuit is Huawei's latest attempt to fight back against US warnings that the company could serve as a Trojan horse for China's intelligence services. "The US Congress has repeatedly failed to produce any evidence to support its restrictions on Huawei products. We are compelled to take this legal action as a proper and last resort," Huawei's rotating chairman Guo Ping said in a statement. "If this law is set aside, as it should be, Huawei can bring more advanced technologies to the United States and help it build the best 5G networks." The United States says Huawei ...
US State Dept to launch higher education research collaboration initiative
The US Department of State today will launch higher education research collaboration initiative with India to strengthen the strategic partnership between the two countries.The initiative, known as Partnership 2020, will contribute to research partnerships between the US as well as the Indian institutions in the field of academics.A statement issued by the State Department read, "Under this initiative, the U.S. Department of State has granted USD 1.15 million to the University of Nebraska at Omaha, which will award sub-grants on a competitive basis to U.S. universities to conduct joint research with their Indian counterpart institutions.""The initiative will strengthen the strategic partnership between the United States and India through collaborations in higher education and promote related economic growth," the statement added.Partnership 2020 will further focus on areas including advanced engineering, artificial intelligence, public health, and energy, among others, the State ...
US trade deficit soars to 10-year high in 2018
US trade deficit soared to $621 billion in 2018, the highest in a decade, data released on Wednesday by the US Department of Commerce showed.
Huawei executive's next court date in Canada set for May 8
A Canadian court on Wednesday ordered Meng Wanzhou, the Chinese telecom executive at the center of an escalating row between Ottawa and Beijing, to return on May 8 for the next step in a long extradition process. The chief financial officer of Chinese telecom giant Huawei, arrested on December 1, appeared briefly in the Vancouver court and did not speak to the media.
Slow global growth weighing on US manufacturers: Fed report
Despite reporting solid growth in recent weeks, US manufacturers increasingly worry trade spats and other factors will dampen the outlook, the Federal Reserve said Wednesday. At the same time widespread worker shortages are hampering growth nationwide and throughout industries, and wage increases are becoming more widespread as companies compete to fill open positions, according to the Fed's "beige book" survey of the economy. But prices "continued to increase at a modest-to-moderate pace" as firms seeing higher input costs still cannot consistently pass them along to consumers, the report said.
Korea Exim Bank to give Rs 4,100 cr loan for Vizag Metro
Korea Exim Bank has come forward to extend a Rs 4,100 crore loan for Visakhapatnam Metro Rail project.
Union Cabinet likely to take up approval of Delhi Metro Phase-IV on Thursday
The Union cabinet is likely to take up the approval of proposed Delhi Metro Phase-IV on Thursday, sources said. In December, the AAP government had approved the Metro Phase-IV of the Delhi Metro Rail Corporation (DMRC) with some conditions, such as 50-50 per cent operational loss sharing, they said on Wednesday. However, the Union Housing and Urban Affairs Ministry had objected to the conditions imposed by the Aam Aadmi Party (AAP) dispensation. "The Union cabinet will take up the approval of Metro Phase-IV in its meeting on Thursday," government sources said. The projects chosen under the Phase IV include the Rithala-Bawana-Narela, Janakpuri West-RK Ashram, Mukundpur-Maujpur, Inderlok-Indraprastha, Aero City-Tughlakabad and Lajpat Nagar-Saket G Block sections. The project is estimated to cost around Rs 45,000 crore.
Disappointed with quick regulatory changes in India, but we are moving forward: Walmart
World's largest retailer Walmart said it was disappointed with the changes in FDI policy for e-commerce in India but it has made "adjustments" and is moving forward. Despite such changes, India represents a great opportunity for the Bentonville-based retailing major, Walmart Executive Vice President and Chief Financial Officer Brett Biggs said in a conference call. "It's disappointing that you have a law like that changed that quickly, but we have made the adjustments and we are moving forward," Briggs said. "When you make investment in India, note things are going to change. They did the first time we were in India and they will again, we know that. "We knew that going into an investment and you have just got to work their way through. And so, we are going to have real changes, we know that," he added. Tightening norms for e-commerce firms having foreign investment, the government last month barred online marketplaces like Flipkart and Amazon from selling products of companies where .
NMDC, GSI ink pact for mineral exploration in Madhya Pradesh
State-run NMDC on Wednesday said it has signed a pact with Geological Survey of India (GSI) for mineral exploration in Madhya Pradesh. The agreement was signed in Hyderabad, the country's largest iron ore miner said in a statement. "NMDC achieved one more milestone in the field of mineral exploration by signing Memorandum of Agreement (MoA) with GSI for sharing of aero-geophysical data (Magnetic) for mineral exploration in part of obvious geological potential (OGP Block-2) in Madhya Pradesh," it said. The data would be processed for obtaining more diamondiferous areas/targets in the 18 diamondiferous blocks allocated to NMDC, it added. NMDC has already identified 45 target areas for drilling for diamondiferous kimberlites in Madhya Pradesh. Kimberlite is an igneous rock, which sometimes contains diamonds. NMDC, under the Ministry of Steel, is involved in the exploration of wide range of minerals, including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, ...
BRICS New Development Bank to issue bonds in South Africa
The BRICS New Development Bank will issue bonds in South Africa and commercial paper in US dollars in the first half of 2019, the bank's President K.V. Kamath said on Wednesday.
Petr Novotny to drive Scania India operations
Swedish bus and truck maker Scania AB on Wednesday said Petr Novotny would be the new Managing Director of its India operations.
Survey: US businesses added a solid 183,000 jobs last month
US businesses added a solid 183,000 jobs in February, a private survey found, a sign that companies continued hiring even as economic growth likely slowed. Payroll processor ADP said Wednesday that last month's job gains were down from the 300,000 added in January, a figure that was revised up sharply from 213,000. Hiring occurred across all major industries tracked by ADP, including professional and business services, which includes high-paying fields such as accounting and engineering, and which gained 49,000 jobs. Education and health care added 37,000. The ADP covers only private businesses and often diverges from official figures, which also include government hiring. The government is scheduled to release its employment report Friday, which analysts forecast will show a gain of 183,000 jobs, according to data provider FactSet.