Page 803 - Business Finance

Japan Nikkei rises after Fed comments, ahead of Trump-Kim summit

Overnight on Wall Street, the Dow Jones Industrial Average slipped 33.97 points to close at 26,057.98 while the S&P 500 shed 0.1% to finish its trading day at 2,793.49. The Nasdaq Composite closed fractionally lower at 7,549.30. The moves stateside came amid disappointing earnings, mixed U.S. economic data as well as a testimony from Fed Chair Jerome Powell.

Australia Market gains on Fed Chief's dovish stance on rate change

Overnight on Wall Street, the Dow Jones Industrial Average slipped 33.97 points to close at 26,057.98 while the S&P 500 shed 0.1% to finish its trading day at 2,793.49. The Nasdaq Composite closed fractionally lower at 7,549.30. The moves stateside came amid disappointing earnings, mixed U.S. economic data as well as a testimony from Fed Chair Jerome Powell.

Sensex rebounds 256 points, Nifty above 10,900-mark

Stocks staged a strong comeback in early trade Wednesday, with the BSE Sensex rebounding over 256 points and the Nifty recapturing the 10,900-mark on unabated foreign capital inflows amid short covering. Asian markets were also trading in the green ahead of the second summit between US President Donald Trump and North Korean leader Kim Jong Un in Vietnam. The 30-share Sensex rose by 256.18 points, or 0.73 per cent, to 36,226.89 in early trade. The gauge had lost 239.67 points Tuesday after India carried out air strikes on a terrorist camp in Pakistan. All the sectoral indices, led by auto, metal, bankex, FMCG and healthcare, were trading in the green with gains of up to 1.32 per cent. The broad-based NSE Nifty went up by 70.80 points or 0.66 per cent to 10,906.10. Prominent gainers that supported the recovery were Yes Bank, Sun Pharma, Bajaj Auto, M&M, Asian Paints, Hero MotoCoprp, Bajaj Finance, Tata Steel, Tata Motors, Maruti Suzuki, Axis Bank, ICICI Bank, SBI, RIL, ONGC, ...

Sensex regains 36,000

Trading for the day began on an upbeat note as the key benchmark indices drifted higher in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 266.25 points or 0.74% at 36,239.96. The Nifty 50 index was up 73.35 points or 0.68% at 10,908.65.

Max India slips after board OKs exiting health insurance biz

Max India fell 4.85% to Rs 78.50 at 9:29 IST on BSE after the company said it will sell its entire 51% stake in Max Bupa Health Insurance Company to a private equity firm.

National Aluminium Company Ltd Surges 1.96%

National Aluminium Company Ltd has lost 17.72% over last one month compared to 2.14% gain in S&P BSE Metal index and 1.52% rise in the SENSEX

Rupee recovers 6 paise against USD in early trade

The rupee strengthened by 6 paise to 71.01 against the US dollar in early trade Wednesday at the interbank forex market on some selling of the greenback by exporters and banks amid sustained foreign fund inflows. A positive opening for the stock markets also boosted the domestic currency, dealers said. On Tuesday, the rupee snapped its gains of previous two sessions and closed 10 paise lower at 71.07 to the US dollar amid fears of escalation in geopolitical tensions following Indian fighter jets' air strike on a Pakistan-based terror camp. Foreign institutional investors (FIIs) bought shares worth Rs 1,674.17 crore Tuesday, as per provisional data. In global trade, the US dollar fell to a three-week low after Federal Reserve chairman reinforced the US central bank's recent shift toward a more "patient" approach on policy in the face of slowing economy. Meanwhile, the benchmark BSE Sensex rose 218.81 points, or 0.61 per cent, to 36,192.52 points in early trade.

Max India in spotlight on exiting health insurance biz

Max India announced after market hours yesterday, 26 February 2019, that its board approved selling its 51% stake in Max Bupa Health Insurance Company (Max Bupa), to private equity firm, True North. The all cash transaction values Max Bupa at an enterprise value of Rs 1,001 crore and is subject to requisite regulatory approvals. The transaction will lead to a cash inflow of Rs 511 crore for Max India. The company intends to utilise the proceeds to invest in both existing and new business opportunities which are currently under evaluation.

Stocks may open on flat note

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell.

Asian shares higher as region eyes Trump-Kim summit

Asian shares were higher in muted trading Wednesday as investors watch the second summit between President Donald Trump and North Korean leader Kim Jong Un in Vietnam. Japan's benchmark Nikkei 225 added 0.5 per cent in early trading to 21,550.02. Australia's S&P/ASX 200 gained 0.3 per cent to 6,148.70. South Korea's Kospi edged up nearly 0.2 per cent to 2,230.37. Hong Kong's Hang Seng added 0.5 per cent to 28,909.38, while the Shanghai Composite index gained 0.9 per cent to 2,966.84. Kim and Trump both arrived in Hanoi on Tuesday and their Hanoi meetings get underway later in the day Wednesday. The two leaders first met last June in Singapore, a summit that was long on historic pageantry but short in any enforceable agreements for North Korea to give up its nuclear arsenal. Trump and Kim are to have a private dinner Wednesday evening and discussions on Thursday in hopes of building on an aspirational agreement they made in Singapore. US stock indexes capped a day of wobbly trading

US stocks slip on mixed economic data

US stocks ended lower, as market sentiment was dented by weakening economic data and corporate earnings, and investors digested latest remarks of US Federal Reserve Chairman Jerome Powell.

Mukesh Ambani first Indian to join top 10 richest list: Hurun Research

Reliance Industries Chairman and Managing Director Mukesh Ambani has became the first Indian to enter the global top 10 richest billionaire list complied by Hurun Research.

Units' turnover in Calcutta Leather Complex to double soon: Minister

New infrastructure, renovation of existing facilities and new tanneries will lead to turnover of the units at the Calcutta Leather Complex (CLC) doubling to Rs 27,000 crore in the next few years, West Bengal Finance and Industries Minister Amit Mitra said on Tuesday.

GMR outbids GVK, Doit for greenfield airport project in AP's Bhogapuram

: GMR Infrastructure Limited has emerged as the highest bidder overtaking GVK and Doit Smart Infrastructure for the proposed greenfield Bhogapuram airport project near Visakhapatnam in Andhra Pradesh, a senior state government official said Tuesday. The financial bids were opened by officials of the Andhra Pradesh Airports Development Corporation (APADCL), a government nodal agency, on Monday. "We have opened the price bid. GMR emerged as the highest bidder. It has quoted a passenger fee of Rs 303. There were totally three bidders who participated in the bidding - GMR, GVK and Doit Smart," principal secretary, Energy, Infrastructure & Investments of Andhra Pradesh Ajay Jain told PTI. He said GVK offered Rs 207 while DOIT offered Rs 261 fee per passenger, he added. "Now that the price bid has been open, it has to get the approval of the board, then it will go to the government and later to the finance and law departments. Ultimately, it will go to the cabinet which ..

Crisil revises ratings on different bonds of UBI

State-run United Bank of India (UBI) on Tuesday said rating agency Crisil has revised the ratings on its different bonds, under Basel II and III, considering profitability, asset quality and provision coverage ratio (PCR) of the bank.

Fadnavis releases report on gender and water equality in agriculture

Maharashtra Chief Minister Devendra Fadnavis on Tuesday launched the report 'Gender and Water in Agriculture and Allied Sectors' developed jointly by 2030 Water Resources Group, a public-private-civil society partnership hosted by the World Bank Group and United Nations Development Programme in India.The publication showcases five successful case studies of women-led growth and entrepreneurship through their participation in agricultural production systems and allied sectors, supported by the collaboration and intervention of public and private sector, and civil society organisations."The Government of Maharashtra is committed towards creating livelihood opportunities for women," said Fadnavis. "The success of self-help groups and microfinance movements in Maharashtra is a testament to the potential of collective action by India's rural women."Agriculture in India continues to be at the mercy of unpredictable weather patterns and acute shortage of sustainable water resources. In ...

NSE's new feature on goBID app allows retail investors to directly invest in G-sec

The National Stock Exchange (NSE) Tuesday said it has introduced a new feature on its mobile app 'goBID' that will enable retail investors to invest in government securities directly from the platform. Through this platform, retail investors can place orders under the non-competitive bidding facility permitted by the Reserve Bank of India for retail investors, the NSE said in a release. "This new feature of the goBID app will allow KYC compliant individuals having a demat account to seamlessly invest in government securities and help increase retail participation," said NSE's managing director and CEO, Vikram Limaye.

Govt must encourage 5G roll out early, price spectrum

The government must price spectrum reasonably and lower various levies to encourage roll out of 5G services in the country at the earliest, Bharti Airtel Chairman Sunil Mittal said Tuesday. He also warned that spectrum auction may fail and Airtel might not bid for airwaves if auctions are held at prices recommended by sector regulator Trai. "My recommendation is government must encourage 5G coming in India rather than being late. Government can help in giving more spectrum at reasonable price," Mittal told reporters here. The Telecom Regulatory Authority of India (Trai) Monday recommended auction of about 8,644 MHz of telecom frequencies at an estimated total base price of Rs 4.9 lakh crore, which includes radiowaves for 5G services. Mittal said for 5G every operator will require over 100 megahertz and frequencies in 3500 megahertz are likely to be preferred for the next generation services. "DoT can keep trying. They had two failed auctions and do they want to have five more failed ..

NCLAT directs IL&FS Engineering and Construction to extend bank guarantee to NHAI

The National Company Law Appellate Tribunal (NCLAT) Tuesday permitted the debt ridden IL&FS and its group firm IL&FS Engineering and Construction Company to extend a bank guarantee of Rs 60.29 crore issued to state-run National Highways Authority of India (NHAI). A two-member bench headed by Chairman Justice S J Mukhopadhaya said it was not inclined to NHAI's plea to direct to IL&FS firm to invoke the bank guarantee, which is lapsing on March 1, 2019. "Taking into consideration the facts and circumstances of the case, while we are not inclined to direct M/s IL&FS Engineering and Construction Company Ltd or IL&FS to invoke the Bank Guarantee aforesaid, allow the alternative prayer for extension of the Bank Guarantee for another period of six months from 1st March, 2019," said NCLAT. It further said: "If such request is made to the concerned Bank, they will extend it for six months." The appellate tribunal also said that its directions "will not come in the way of ...

SBI calls meet of Jet's stakeholders: Sources

Lending major State Bank of India (SBI) will meet key stakeholders of the beleaguered Jet Airways to take the proposal to convert a part of the company's loans into shares forward and iron-out any difference over the plan, sources said on Tuesday.