Page 773 - Business Finance
Ashoka Buildcon emerges lowest bidder for Rs 443 cr railway project in Punjab
Infrastructure firm Ashoka Buildcon Tuesday said its joint venture firm has emerged as the lowest bidder for a Rs 443.23 crore worth railway project in Punjab. Ashoka Buildcon has submitted the bid to Rail Vikas Nigam Ltd in joint venture with Stroytech Services LLC, wherein the company is a lead member, for the project in the Punjab, Ashoka Buildcon said in a regulatory filing. "The company has emerged as the lowest bidder (L-1) for package 2, the quoted value of which is Rs 443.23 crore, with a completion period of 36 months for package," the company added. The project includes construction of roadbed, minor bridges, supply of ballast, installation of track, electrical (railway electrification and general electrification), signalling and telecommunication works for doubling of track between Kakrala halt and Hadiaya from 57.50 km to 115.64 km in Ambala division of Northern Railway. Shares of Ashoka Buildcon were trading 5.41 per cent higher at Rs 127.70 apiece on BSE.
Strong market breadth
Key benchmark indices bounced back from early lows in morning trade. At 10:39 IST, the barometer index, the S&P BSE Sensex, was up 50.91 points or 0.14% at 36,114.72. The Nifty 50 index was up 23 points or 0.21% at 10,886.50.
Ashoka Buildcon JV wins bid for project of Rail Vikas Nigam worth Rs Rs 443 cr
The Company has emerged as the Lowest Bidder (L-1) for Package 2, the Quoted Value of which is Rs.443.23 crore, with a completion period of 36 months for Package.
Hong Kong Market falls as China lowers growth target
Premier Li Keqiang admitted that China faced severe challenges caused by the growing pains of economic transformation, when delivering the government work report to the annual legislative session Tuesday. Premier Li Keqiang on Tuesday said the Chinese economy is likely to grow between 6% and 6.5% in 2019, lower than last year's 6.5%. The government also aims to increase its defence spending by 7.5% to CNY1.190 trillion for this year, compared with a planned 8.1% rise in 2018. Delivering the annual government work report at the opening session of China's Parliament, the National People's Congress (NPC), Li said the government planned to create 11 million new jobs in 2019, the same as last year's target. According to reports, last year, China created 13.61 million new jobs. The government also aims to cap the urban jobless rate at 5.5% in 2019, unchanged from last year. In 2018, China's urban jobless rate stood at 4.9%. Referring to the slowing economy and the ongoing trade war with ...
China Stocks mixed after growth target cuts
Premier Li Keqiang on Tuesday said the Chinese economy is likely to grow between 6% and 6.5% in 2019, lower than last year's 6.5%. The government also aims to increase its defence spending by 7.5% to CNY1.190 trillion for this year, compared with a planned 8.1% rise in 2018. Delivering the annual government work report at the opening session of China's Parliament, the National People's Congress (NPC), Li said the government planned to create 11 million new jobs in 2019, the same as last year's target. According to reports, last year, China created 13.61 million new jobs. The government also aims to cap the urban jobless rate at 5.5% in 2019, unchanged from last year. In 2018, China's urban jobless rate stood at 4.9%. Referring to the slowing economy and the ongoing trade war with the US, Li said: A full analysis of developments in and outside China shows that in pursuing development this year, we will face a graver and more complicated environment as well as risks and challenges, ...
Japan Nikkei trades lower on profit-taking
China-linked shares were among the losers as Beijing lowered its economic growth target to 6.0-6.5% for 2019. Construction machine maker Komatsu was down 0.7%, electronic parts maker Rohm off by 0.4%, and industrial robot maker Fanuc dipped 0.8%. Heavy machinery manufacturer IHI dipped 2.5% after it confirmed a report that unqualified workers had conducted quality checks for hundreds of engines for private jets.
Australia Market falls on profit booking
ECONOMIC NEWS: Australia's current account deficit has narrowed 33% to A$7.2 billion in the three months to December as higher commodity prices boosted the value of exports. The current account deficit decreased from the September quarter's A$10.78 billion, Tuesday's seasonally adjusted figures from the Australian Bureau of Statistics showed. In seasonally adjusted chain volume terms, the balance on goods and services was a surplus of A$1.24 billion, down on the September quarter surplus of A$2.02 billion. That is expected to detract 0.2 percentage points from growth from the December quarter GDP when the data is released on Wednesday.
Japan court grants ex-Nissan chief Ghosn $9 mn bail
A Japan court on Tuesday granted ousted Nissan Motor Co. Chairman Carlos Ghosn a $9 million bail in a case of financial misconduct and after spending more than three months in a jail here.
IndiGo announces 3-day Holi sale
IndiGo airlines Tuesday announced a three-day special Holi sale across its domestic and international network for travel between March 19 and September 28. "Effective March 05, 2019 till March 07, 2019, IndiGo is offering all-inclusive fare starting at Rs 899 across domestic and Rs 3,399 across international sectors. This sale is valid for travel between March 19, 2019 and September 28, 2019," the airline said in a statement. IndiGo is the largest airline in India with a share of around 40 per cent of passenger market. William Boulter, Chief Commercial Officer, IndiGo, said, "It has been very encouraging to see a rise in the number of passengers flying during holiday seasons and these special sales provide more options for customers to fly at affordable fares." Under the sale, tickets for routes such as Delhi-Ahmedabad, Delhi-Kolkata and Delhi-Mumbai are available at Rs 2,199, Rs 2,899 and Rs 2,399, respectively. Similarly, the ticket for routes such as Bengaluru-Ahmedabad, ...
India nominates NITI Aayog member Ramesh Chand for post of FAO Director General
India has nominated NITI Aayog member and agricultural economics and policy expert Ramesh Chand to lead a specialised agency of the United Nations focussed on achieving food security for all. The Food and Agriculture Organisation (FAO), in a statement Monday, said that five candidates have been presented by FAO member countries for the post of Director-General to be elected in June 2019. Election for the agency's top leadership post with a four-year term of office starting on August 2019 will take place in Rome between June 22-29 at the 41st Session of FAO's Conference in Rome, the highest governing body of the Organisation said. The deadline for nominations was February 28. The other candidates, each nominated by his/her government, in fray are Mdi Moungui of Cameroon, Qu Dongyu of China, Catherine Geslain-Lanelle of France and Davit Kirvalidze of Georgia. Members will cast their vote on a one country-one vote basis in a secret ballot which requires a simple majority for a valid ...
Rupee gains 11 paise to 70.81 vs USD in early trade
The rupee appreciated by 11 paise to 70.81 against the US dollar in opening trade Tuesday, driven by weakening of the greenback in overseas markets and fresh foreign inflows. The rupee opened weak at 70.95 at the interbank forex market then gained further ground and touched 70.81 amid a weak opening in domestic equities, displaying gains of 11 paise over its last close. Forex dealers said, selling of the American currency by exporters supported the rupee. The rupee Friday had weakened by 20 paise to close at 70.92 against the US dollar. The domestic forex market and equity market were closed Monday on account of Mahashivratri. Forex traders said, fresh foreign fund inflows and easing crude prices also supported the rupee. Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 198.38 crore on a net basis Friday, as per provisional data. Brent crude futures, the global oil benchmark, eased 0.49 per cent to USD 65.35 per barrel. Meanwhile, the ...
China lowers economic growth target to 6-6.5 pc amid slowdown, trade war
China will face a "graver and more complicated" environment to development, Premier Li Keqiang warned Tuesday as the world's second largest economy slashed its GDP target to 6 to 6.5 per cent this year, amid an ongoing trade war with the US and continued economic slowdown. The lowered growth rate from the 2018 target of 6.5 per cent was proposed by Premier Li in his work report for this year at the opening session of the annual session of the rubber-stamp Parliament, the National People's Congress (NPC). Nearly 3,000 delegates from across China gathered in Beijing on Tuesday for the start of the annual session of the NPC. Besides the trade war with the US, China is also haunted by the spectre of a continued economic slowdown. Last year, the economy, which is largely dependent on exports, slowed down to 6.6 per cent, the lowest in about three decades. "A full analysis of developments in and outside China shows that in pursuing development this year, we will face a graver and more ...
Indian Hume Pipe jumps after new order win
Indian Hume Pipe Company rose 5.27% to Rs 295.80 at 09:25 IST on BSE after the company said it has received three letters of intent for the works aggregating to Rs 187.06 crore from Vidarbha Irrigation Development Corporation, Nagpur.
Wipro Ltd Slips 1.76%
Wipro Ltd has lost 0.66% over last one month compared to 0.84% fall in S&P BSE IT Sector index and 1.17% drop in the SENSEX
Sensex slips over 50 pts in early trade on weak global cues
Equities benchmark Sensex edged lower by over 50 points in early trade on Tuesday, tracking weak global cues amid caution on the US-China trade talks front and concerns over slowing Chinese economy. The 30-share BSE index was trading lower by 0.14 per cent, or 50.71 points, at 36,013.10 in the opening trade. The broader NSE Nifty was also quoted down by 0.13 per cent, or 14.60 points, at 10,848.90. In the Sensex pack, weakness was seen primarily in capital goods, IT and financial counters. Indian equities followed the weak trend prevailing on Asian bourses as investors awaited fresh developments in the China-US trade talks. China lowering its growth forecasts for this year also played in the minds of cautious investors. Globally, investors tracked losses on Wall Street, where the global rally hit a bump as optimism that the world's top two economies are heading for a tariffs deal was replaced by a need for clarity on any agreement. In Asia, Shanghai was down 0.2 per cent while Hong ...
National Aluminium Company Ltd Spikes 2.8%
National Aluminium Company Ltd has lost 6.84% over last one month compared to 4.44% gain in S&P BSE Metal index and 1.26% drop in the SENSEX
Sensex, Nifty trade with small losses
Key benchmark indices were trading lower in early trade amid negative global cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 36.08 points or 0.10% at 36,027.73. The Nifty 50 index was down 15.95 points or 0.15% at 10,847.55.
HFCL bags order worth Rs 527.44 cr for implementing Bharat Net Phase-II in Jharkhand
The scope of work under the above work order also include Operation and Maintenance (O&M) for a period of four years including one year warranty period and facilitating services provisioning of the created network in the State of Jharkhand under BharatNet Phase-II programme of Government of India . The JCNL will issue a separate work order worth Rs.92.52 crores -for additional four years of O&M before expiry of this work order.
Asian markets track Wall St lower, China slashes growth target
Asian markets retreated Tuesday as investors awaited fresh developments in the China-US trade talks, while Beijing lowered its growth forecasts for this year and unveiled massive tax cuts to support the stuttering Chinese economy. Equity investors tracked losses on Wall Street, where the global rally hit a bump as optimism that the world's top two economies are heading for a tariffs deal was replaced by a need for clarity on any agreement. Shares have enjoyed a blockbuster start to the year so far but OANDA senior market analyst Alfonso Esparza, said: "Trade optimism could only take the stock market so far. "High level talks between the two largest economies have been ongoing and although they appear close to bearing fruit, the fact remains that the optimism has already been priced in. Details on the agreement will be needed to unlock gains." In early trade, Shanghai was down 0.2 per cent while Hong Kong slipped 0.6 per cent and Tokyo headed into the break 0.6 per cent lower. Sydney ..
Tata Motors, Hero MotoCorp in focus after monthly sales
Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market witnessed a drop of 3% at 57,221 units as against 58,993 units sold over last year as weak consumer sentiments continued in February 2019. The announcement was made after market hours on Friday, 1 March 2019.