Page 787 - Business Finance
Cabinet approves Petroleum Ministry joining of IEA Bioenergy TCP
Benefits of participation in IEA Bioenergy TCP are shared costs and pooled technical resources
Jet Airways spurts on buzz chairman to step down
Jet Airways (India) rose 5.25% to Rs 234.50 at 11:40 IST on BSE on media reports that Naresh Goyal has agreed to step down as chairman of the company to allow a debt recast plan.
Lead futures up 0.16% on spot cues
Lead prices were up 0.16 per cent to Rs 152.25 per kg in futures trade Friday as traders created fresh positions taking positive cues from spot market. At the Multi Commodity Exchange, lead for delivery in March contract edged up by 25 paise, or 0.16 per cent, to Rs 152.25 per kg in a business turnover of 2,114 lots. Metal analysts said positions built up by traders due to upsurge in demand by battery-makers in the physical markets attributed to the rise in lead prices in futures trade.
Vistara to launch flights to Dibrugarh from April 3
Full service carrier Vistara Friday announced the launch of its services to Dibrugarh from New Delhi and Bagdogra from April. Bagdogra will be the 24th destination for the Tata- SIA joint venture airline, which commenced operation on domestic routes in January 2015. Starting April 3, Vistara will connect Dibrugarh and Bagdogra with daily direct flights and also connect it with Delhi via Bagdogra, the airline said in a release. "We are pleased to add Dibrugarh to our growing network. The announcement of service to Dibrugarh, Raipur being the first, is the second in a series of flight additions Vistara has planned starting this summer," Vistara chief strategy and commercial officer Sanjiv Kapoor said. The Delhi-based airline had late last month said it will operate two daily flights to Raipur from New Delhi. Customers from Dibrugarh can also take convenient connection via Delhi to Ahmedabad, Bengaluru, Mumbai, Chandigarh, Chennai, Hyderabad and Pune, Vistara added.
ICICI bank-Videocon case: ED searches office, residential premises of Chanda Kochhar, Dhoot
The Enforcement Directorate (ED) on Friday carried out searches against former ICICI bank Chanda Kochhar and Videocon promoter Venugopal Dhoot in connection with a bank loan fraud case, according to officials. They said the raids are being carried out in at least five office and residential premises in Mumbai and a few other locations. The agency, in a statement, said it is "conducting searches under PMLA at the premises of Chanda Kochhar, former chairman ICICI Bank, and Venugopal Dhoot of Videocon Group in Mumbai and Aurangabad respectively." The ED had registered a criminal case under the Prevention of Money Laundering Act (PMLA) earlier this month against Chanda Kochhar, her husband Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loans by the ICICI bank to the corporate group. A team of ED sleuths, assisted by the police, is looking for more evidences in the case and the raids were launched early Friday ...
Silver futures fall 0.04% in thin trade
Silver prices softened by 0.04 per cent to Rs 39,119 per kg Friday as traders cut down positions, tracking a weak trend overseas. Besides, profit-booking weighed on sentiment. At the Multi Commodity Exchange, silver for delivery in March was trading lower by Rs 15, or 0.04 per cent, at Rs 39,119 per kg in a business turnover of 312 lots. The white metal to be delivered in April also traded lower by Rs 5, or 0.01 per cent at Rs 39,905 per kg in 1,312 lots. Traders attributed the fall in silver prices in futures trade to off-loading of bets by participants in sync with a weak trend in precious metals in the global market. Globally, silver eased by 0.06 per cent to USD 15.66 an ounce.
Ashok Leyland total sales marginally up at 18,245 units in Feb
Hinduja Group flagship Ashok Leyland Friday reported marginal rise in total sales at 18,245 units in February this year as against 18,181 units sold during the same month previous year. Sales of medium and heavy commercial vehicles during the month under review declined 3 per cent to 13,291 units as against 13,726 units in a year-ago month, Ashok Leyland said in a BSE filing. Light commercial vehicles sales, however, grew by 11 per cent to 4,954 units in February compared to 4,455 unit in the corresponding month last year.
FAME II scheme to see faster adoption of EVs: Tata Motors
Tata Motors Friday said the FAME II scheme would help faster adoption of electric vehicles (EVs) in the country. While welcoming the initiative, the auto major said the revised scheme brings policy stability in the EV space. "We welcome the move by the government on approving FAME II. It brings clarity and policy stability in the industry, thus creating an environment for all the ecosystem players to commit to the journey of sustainability," Tata Motors President - Electric Mobility Business & Corporate Strategy Shailesh Chandra said in a statement. The company sees this as the key intervention in accelerating penetration of electric vehicles and realisation of government's Vision 2030, he added. The government aims to have 100 per cent electrification of public transport and 40 per cent of personal mobility by 2030.
Volumes jump at SBI Life Insurance Company Ltd counter
SBI Life Insurance Company Ltd witnessed volume of 977.08 lakh shares by 10:48 IST on BSE, a 14601.14 times surge over two-week average daily volume of 6692 shares
Bajaj Auto gains after decent February sales
Bajaj Auto rose 0.81% to Rs 2920 at 10:45 IST on BSE after the company reported 10% growth in its total vehicles sales to 3.93 lakh units in February 2019 over February 2018.
Zinc futures fall 0.20% on global trend
Taking weak cues from overseas markets, zinc prices fell by 0.20 per cent in futures market Friday after speculators trimmed positions amid muted demand at the domestic physical markets. Zinc for delivery in current month was trading lower by 40 paise, or 0.20 per cent, at Rs 197.35 per kg in a business turnover of 2,402 lots at the Multi Commodity Exchange. Marketmen said cutting down of bets by traders on subdued overseas cues and low demand at the domestic spot markets, mainly attributed the fall in zinc prices at futures trade here.
Escorts tractor sales up 12 pc at 7,240 units in Feb
Farm equipment manufacturer Escorts Agri Machinery Friday reported 12 per cent increase in tractor sales at 7,240 units in February. The company had sold 6,462 units in February 2018. Domestic tractor sales during last month stood at 6,918 units as against 6,295 units in February 2018, up 9.9 per cent, Escorts said in a regulatory filing. Exports last month grew to 322 units compared to 167 units in February last year.
Rising demand lifts crude palm oil by 0.49%
Crude palm oil prices were up by 0.49 per cent to Rs 554 per 10 kgs in futures trading Friday as traders created fresh positions, supported by pick up in demand at the spot market. At the Multi Commodity Exchange, crude palm oil for delivery in March contract rose by Rs 2.70, or 0.49 per cent, to Rs 554 per 10 kgs in a business turnover of 185 lots. Analysts said fresh positions built up by participants on the back of rise in demand in the physical market against restricted supplies from producing regions, influenced crude palm oil prices in futures trade.
Crude oil futures up 0.52 per cent on global cues
Crude oil was trading higher 0.52 per cent to Rs 4,079 per barrel in futures market Friday as speculators widened their positions, taking positive cues from overseas markets. At the Multi Commodity Exchange, crude for delivery in March contract rose by Rs 21, or 0.52 per cent, to Rs 4,079 per barrel, having a business turnover of 5,007 lots. Analysts said speculators raising their bets after oil prices rose overseas toward fresh three-month highs following unexpected drop in US inventories of crude oil, mainly supported the upside in crude prices in futures trade here. Meanwhile, West Texas Intermediate gained 0.31 per cent to USD 57.40, while international Brent crude rose 0.36 per cent to USD 66.55 per barrel on the New York Mercantile Exchange.
BIZ-FUTURES-GOLD
Gold prices were down by Rs 29 to Rs 32,955 per 10 grams in futures trade Friday amid a weakening global trend and profit-booking by speculators. Gold for delivery in April contracts traded Rs 29 down at Rs 32,955 per 10 grams in a business turnover of 992 lots at the Multi Commodity Exchange. Analysts said the fall in gold prices in futures market was in tandem with a weak trend overseas as the dollar recouped losses after stronger-than-expected economic data from the US, reducing demand for the precious metal as a safe haven. Globally, gold fell 0.02 per cent, to USD 1,313.70 an ounce in New York.
Copper slides 0.14% on weak global cues
Copper prices went down by 0.14 per cent to Rs 463.10 per kg as speculators cut positions, taking negative cues from global market amid easing demand from domestic industries. At the Multi Commodity Exchange, copper to be delivered in April month contracts fell by 65 paise, or 0.14 per cent, to Rs 463.10 per kg a business turnover of 2,114 lots. Analysts said apart form muted demand from consuming industries at domestic spot markets, a weak trend in metal at the London Metal Exchange (LME) amid concerns over demand from China on weak factory data released Thursday, kept pressure on copper prices at futures trade here. Globally, at the LME, three-month copper fell 0.20 per cent to USD 6,494 per tonne.
Bajaj Auto sales up 10 pc in Feb at 3,93,089 units
Bajaj Auto Friday reported a 10 per cent increase in total sales at 3,93,089 units in February against 3,57,883 units in the same month last year. The company's motorcycle sales were up 10 per cent at 3,27,985 units, against 2,97,514 units during the same period a year ago, Bajaj Auto said in a BSE filing. Commercial vehicles sales grew by 8 per cent last month at 65,104 units, from 60,369 units in February 2018, the company said. Total exports in February went up by 19 per cent to 1,71,383 units against 1,43,860 units in the year-ago month, it added.
Zuari Global's subsidiary Zuari Finserv gets board approval for scheme of arrangement
The Scheme involves:
Strong market breadth
Stocks held onto gains in morning trade after a strong start to the day's trading session. At 10:15 IST, the barometer index, the S&P BSE Sensex, was up 207.63 points or 0.58% at 36,075.07. The Nifty 50 index was up 61.10 points or 0.57% at 10,853.60. The Sensex was trading above the psychological 36,000 level after regaining that level in opening trade.
Tesla unveils Model 3 sedan for $35K to sell online only
Elon Musk-founded electric car maker Tesla has announced an entry-level Model 3 sedan for $35,000 that will have a top speed of 130 miles per hour with 220 miles of range.