Page 808 - Business Finance
China Market falls to assess trade talk progress
Optimists hailed yesterday's nearly 6% jump in the blue-chip CSI300 Index the biggest one-day gain in three years after US President Donald Trump said he will delay raising tariffs on Chinese goods on March 1, and that he would plan a summit meeting with Chinese President Xi Jinping at his Mar-a-Lago estate in Florida to conclude an agreement, assuming the trade talks make additional progress.
JM Financial files application with NCLT against Hotel Leela Venture
Hotel Leela Venture said on Tuesday that JM Financial has filed an application with the National Company Law Tribunal's Mumbai Bench against Hotel Leela Venture Limited.The application has been filed under Section 7 of the Insolvency and Bankruptcy Code 2016.With a hotels portfolio spanning across Delhi, Chennai, Udaipur, Gurugram and Bengaluru, the chain's debt exceeds Rs 3,000 crore."We further wish to inform you that the company is continuing to engage with prospective investors for a resolution," Hotel Leela Venture said in a press note to the exchanges.In June last year, Hotel Leela Venture's board approved the enabling provision to issue up to 125 crore equity shares in one or more tranches to JM Financial Asset Reconstruction Company (JMFARC), which currently holds most of its debt.The potential share issue could have hiked the JMARC's stake in Leela Venture to 75 per cent from the current 26 per cent but the proposal was not approved during the company's annual general meeting
Bahrain's Financial Services sector presents 35% cost advantage over regional neighbours
A KPMG report, 'Cost of doing business in Bahrain - Financial Services', has revealed Bahrain as the most cost effective place in the Gulf to set up and do business in the Financial Services sector, with companies enjoying up to 35% cost savings compared with the rest of the region.Bahrain leads on a wide range of metrics in the report, including commercial rents up to four times lower, and staff costs that can be up to 60% below its neighbours. Such figures reinforce Bahrain's position as the region's financial centre. The Kingdom was the first country in the GCC to set up a banking system and is now home to over 400 financial institutions.Unlike many of the regional competitors, the benefits of doing business in Bahrain are not just restricted to certain geographical areas or free zones. Instead, the whole country is subject to the same business-friendly rules, allowing companies to set up wherever they wish.Such freedom also goes hand in hand with other key components for operating
Applications open for CFA Institute Young Women in Investment Initiative 2019
CFA Institute, the global association of investment management professionals, invites applications for its Young Women in Investment initiative. The 2019 program is for 100 selected eligible women from any educational discipline and offers them an opportunity to be part of a boot camp followed by an industry internship.The four weeks intensive boot camp includes free room, board, and classroom sessions on core finance and business skills. Each participant in the boot camp - in Bengaluru and Mumbai - will be offered a stipend paying internship for a period of three to six months at a reputed financial institution in India."Our Young Women in Investment initiative has been a remarkable success. From the 2018 class, many of the young women, hailing from diverse backgrounds such as engineering, arts, sciences, commerce, etc., decided to pursue a career in finance and received full-time job offers. The success of last year's program has led us to double of the number of participants to 100
Thermax to buy partner's stake in joint venture
Engineering major Thermax on Tuesday announced entering into a definitive agreement with Germany-based Mutares Holding-24 AG and Balcke-Duerr GmbH to acquire their shareholding in its joint venture Thermax SPX Energy Technologies Ltd.Thermax currently owns 51 per cent in the joint venture, it said in the filing to stock exchanges.After the transfer of the shares, Thermax SPX will become a wholly-owned arm of Thermax. The company did not disclose the deal value.In the quarter ended December 2018, Thermax had reported revenue growth of 28.6 per cent in the year-on-year period to Rs 1,437 crore. The net profit was Rs 155 crore, up 165 per cent from Rs 78 crore in October to December 2017.As on December 31, 2018, the Thermax Group had an order balance of Rs 6,475 crore.
Sensex pares losses after knee-jerk reaction to IAF strike
Sensex trimmed major losses and was 100 points down in the Tuesday afternoon trade session, after it tanked over 500 points reacting to reports that the Indian Air Force (IAF) struck terrorist camps in Pakistan administered Kashmir.
Indian e-commerce market to touch USD 84 billion in 2021: Report
The fast growing e-commerce market in the country will touch USD 84 billion in 2021 from USD 24 billion in 2017 on account of a healthy growth in organised retail sector, a report said Tuesday. A fast growing economy and robust demographics provide a positive outlook to the consumer businesses in India, the report by Deloitte India and Retail Association of India said. These factors will fuel the retail market growth in the country, making India the third largest retail market in Asia and fourth largest in the world, it said. The retail market in India is expected to grow to USD 1.2 trillion by 2021 from USD 795 billion in 2017, it said. "Further, as the internet penetration in the country increases and more international retailers start operating in India, the share of organised retail market is expected to increase from 12 per cent in 2017 to 22-25 per cent by 2021. "This will also be driven by the growth of e-commerce market from USD 24 billion in 2017 to USD 84 billion in 2021," ..
Global PE deal value at USD 1.4 trillion in 2018; highest since 2007: Report
The value of private equity (PE) deals reached USD 1.4 trillion globally in 2018, surpassing the previous peak of 2007, says a report. Global PE deal volume fell five per cent to about 9,000 transactions, down from 9,500 deals in 2017, the report McKinsey Global Private Markets Review 2019 said Tuesday. "Even with the slowdown, 2018 was the third-highest fund-raising year on record. And despite the flat trend in deal count, the value of PE deals reached a new high in 2018 at USD 1.4 trillion, finally surpassing the pre-crisis peak in 2007," it said. At current exchange rate, the global PE deal value translates into Rs 99.43 lakh crore. Activity was most robust in North America, where capital invested rose by 20 per cent, or USD 133 billion, from 2017 to 2018, it said. European deal activity hit a record as well, with USD 495 billion invested in 2018, up five per cent from the previous year. "In both regions, year-on-year growth owes some measure of its strength to mega deals. 19 ...
Thermax jumps on plan to buy stake in JV company
Thermax rose 3.83% to Rs 998.20 at 13:59 IST on BSE after the company said it will buy out stake in a joint venture company.
Gold falls Rs 60 on weak global cues, muted demand
Gold prices fell by Rs 60 to Rs 34,530 per 10 grams at the bullion market Tuesday backed by weak trend overseas amid easing demand from local jewellers at prevailing levels, according to All India Sarafa Association. Silver, too, dropped by Rs 195 to Rs 41,405 per kg owing to reduced offtake by industrial units, while its coins strengthened on increased demand. Traders said apart from a weak trend overseas, decline in demand from local jewellers and retailers at existing levels in domestic spot market, mainly weighed on the gold and silver prices. Globally, spot gold fell 0.14 per cent to USD 1,326.30 an ounce and spot silver by 0.16 per cent to USD 15.93 an ounce in New York. In the national capital, gold of 99.9 per cent fell by Rs 60 to Rs 34,530 per 10 grams, while gold of 99.5 per cent shed Rs 40 to Rs 34,400 per 10 gram. Sovereign gold, however, remained unaltered at Rs 26,600 per piece of eight grams in limited deals. Following gold, silver ready too moved down by Rs 195 to Rs .
'Effective steps' on anvil to deal with frivolous bids under IBC, says official
The government will soon come out with "effective steps" to deal with instances where entities back out after making frivolous bids under the insolvency law, according to a senior official. The Insolvency and Bankruptcy Code (IBC) mainly seeks to address the issue of stressed assets in a time-bound manner. However, there have been instances where entities have failed to implement the approved resolution plans. Against this backdrop, Corporate Affairs Secretary Injeti Srinivas Tuesday said the government is looking at taking some steps to discourage people from making frivolous bids under the Code. "In some cases after one year or more after settlement has taken place, the resolution applicant has failed to implement the plan. What do we do with such resolution applicants? So much of time and resources (are) used in bringing in a settlement and the insolvency costs (are) huge," he noted. In such cases, Srinivas wondered whether the resolution applicant has to bear the entire resolution
Benchmarks further pare losses
Key benchmarks further pared losses in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 129.53 points or 0.36% at 36,083.85. The Nifty 50 index was down 29.50 points or 0.27% at 10,850.60. Negative Asian stocks weighed on the sentiment.
Guar gum futures plunge by Rs 131 per five quintal
Guar gum prices fell by Rs 131 to Rs 8,210 per five quintal in futures trade Tuesday as participants engaged in reducing their positions, triggered by subdued trend at the physical markets on weak export and domestic demand. Marketmen said offloading of holdings by participants, in sync with a subdued trend at the spot markets due to weak export demand, led to the fall in guar gum prices in futures market here. At the National Commodity and Derivatives Exchange, guar gum contract for delivery in March dipped by Rs 131, or 1.57 per cent, to Rs 8,210 per five quintal with a business turnover of 10,840 open interest lots. Likewise, guar gum for the most-traded May delivery slipped by Rs 135, or 1.58 per cent, to Rs 8,410 per five quintal with an open interest of 50,580 lots.
Tata Consultancy Services Ltd rises for third straight session
Tata Consultancy Services Ltd is quoting at Rs 2026, up 2.06% on the day as on 12:49 IST on the NSE. The stock is up 33.19% in last one year as compared to a 2.81% jump in NIFTY and a 25.71% jump in the Nifty IT index.
Sun Pharmaceuticals Industries Ltd up for fifth session
Sun Pharmaceuticals Industries Ltd is quoting at Rs 437, up 0.21% on the day as on 12:44 IST on the NSE. The stock is down 19.79% in last one year as compared to a 2.9% spurt in NIFTY and a 2.31% spurt in the Nifty Pharma.
Good surge in Zee Media Corporation Ltd
Zee Media Corporation Ltd is quoting at Rs 16.8, up 3.7% on the day as on 12:44 IST on the NSE. The stock is down 60.7% in last one year as compared to a 2.9% drop in NIFTY and a 28.14% drop in the Nifty Media.
Wipro Ltd rises for fifth session
Wipro Ltd is quoting at Rs 387, up 0.42% on the day as on 12:44 IST on the NSE. The stock is up 32.65% in last one year as compared to a 2.9% spurt in NIFTY and a 25.74% spurt in the Nifty IT.
Tech Mahindra Ltd in demand
Tech Mahindra Ltd is quoting at Rs 836, up 0.64% on the day as on 12:44 IST on the NSE. The stock is up 36.93% in last one year as compared to a 2.9% jump in NIFTY and a 25.74% jump in the Nifty IT.
Britannia Industries Ltd spurts 1.25%, up for five straight sessions
Britannia Industries Ltd is quoting at Rs 3086.2, up 1.25% on the day as on 12:44 IST on the NSE. The stock is up 24.64% in last one year as compared to a 2.9% gain in NIFTY and a 9.86% gain in the Nifty FMCG.
Shriram Transport Finance Company Ltd up for fifth session
Shriram Transport Finance Company Ltd is quoting at Rs 1114.15, up 1.35% on the day as on 12:44 IST on the NSE. The stock is down 17.38% in last one year as compared to a 2.9% spurt in NIFTY and a 7.43% spurt in the Nifty Financial Services.