Page 815 - Business Finance
Some bidders participating in mines auction beyond requirement for end-use plants: Assocham
Industry body Assocham has sought amendments in the tender documents for the mines to be auctioned, saying there were some players bidding for blocks beyond mineral requirements for their end-use plants. "As you are aware that there is no restrictive clause in the MMDR (Mines and Mineral Development and Regulation) Act/Tender document as far as the eligibility of the bidder is concern, which offers an opportunity to bidders to indulge into hoarding and accumulating the resources," Assocham said in a letter to the mines ministry. As a case in point, one of the companies in Karnataka has garnered 7 million tonne per annum (MTPA) iron ore resources and has a pelletising plant with production capacity of mere 1.2 MTPA, the industry body said. The company has an annual iron ore requirement of 1.344 MTPA only. "Despite having annual requirement of 1.344 MTPA, this bidder has garnered mines in the state auctions with total annual production capacity of 5.78 MTPA," it said. In addition to ...
Market logs strong gains on positive global stocks
Domestic stocks logged strong gains on first trading day of the week led by steady buying demand in index pivotals. The barometer index, the S&P BSE Sensex, gained 341.90 points or 0.95% at 36,213.38, as per the provisional closing data. The Nifty 50 index gained 88.45 points or 0.82% at 10,880.10, as per the provisional closing data. Positive global stocks boosted sentiment on the domestic bourses.
Jet Airways shares fall 3 pc on reports of SBI mulling moving NCLT against airline
Shares of Jet Airways fell 3 per cent in afternoon trade Monday on reports that State Bank of India (SBI) is mulling moving the National Company Law Tribunal (NCLT) against the debt-laden airline, even as the lender said no such decision had been taken. The cash-strapped full service carrier is looking to rejig debt and raise funds, even as it has been forced to ground two more aircraft due to non-payment of dues to lessors. Jet Airways shares declined 3 per cent to Rs 229.60 apiece on BSE in afternoon trading and had touched an intra-day low of Rs 225. On Sunday, officials said SBI was mulling moving the tribunal to recover its loans. A consortium of banks, led by the SBI, has extended loans to Jet Airways, which is looking to rejig debt and raise funds. Regarding reports about SBI mulling moving NCLT against the airline, a bank spokesperson on Monday said "no such decision has been taken". Lenders can initiate proceedings under the Insolvency and Bankruptcy Code (IBC) to recover ...
The Ascott to manage Paras Buidtech's 90 serviced apartments in Gurugram
Singapore-based hospitality firm The Ascott Ltd Monday said it has bagged a contract to manage 90 serviced apartments developed by realty firm Paras Buildtech in Gurugram, Haryana. The Ascott is a leading international serviced residence owner-operators. It is a wholly owned subsidiary of Singapore based realty firm CapitaLand Ltd. These serviced apartments under Ascott's Citadines brand will be operational in second quarter of 2020. "We are associating with Paras Group to bring our second serviced apartment project in Gurugram," The Ascott Country Head India B V Bharadwaja told reporters. The Ascott had earlier tied up with IREO to manage their serviced apartments in Gurugram which is expected to be operational this year. "India is key market for us. There is a strong demand for international class serviced residences in India. We have already tied up for 1,500 serviced apartments," he said. Paras Buildtech Director Amit Nagar said this is the company's second hospitality project. ...
Reliance Communications Ltd leads losers in 'A' group
Adani Ports & Special Economic Zone Ltd, Suzlon Energy Ltd, Jaiprakash Associates Ltd and Kaveri Seed Company Ltd are among the other losers in the BSE's 'A' group today, 25 February 2019.
IFB Agro rises on plan to set up LLC in UAE
IFB Agro Industries rose 1.71% to Rs 433.80 at 14:50 IST on BSE after the company said its board approved setting up a limited liability company for distribution of seafoods products in UAE.
Punjab Communications Ltd leads losers in 'B' group
Alankit Ltd, Manaksia Steels Ltd, Alkali Metals Ltd and Banswara Syntex Ltd are among the other losers in the BSE's 'B' group today, 25 February 2019.
Volumes spurt at Zensar Technologies Ltd counter
Zensar Technologies Ltd notched up volume of 10.83 lakh shares by 14:14 IST on NSE, a 15.44 fold spurt over two-week average daily volume of 70114 shares
Positive market breadth
Stocks extended gains and hit fresh intraday high in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 272.54 points or 0.76% at 36,144.02. The Nifty 50 index was up 67.45 points or 0.63% at 10,859.10. Telecom stocks saw mixed trend. Positive global stocks boosted sentiment on the domestic bourses.
IndiGo plans services to China, Vietnam, Myanmar, other countries
Budget carrier IndiGo will be looking at starting services to China, Vietnam, Myanmar and Saudi Arabia, among other countries, as the airline embarks on expanding its international network, according to a communication. In a communication to employees on Monday, IndiGo's CEO Ronojoy Dutta said the airline would be looking at ambitious expansion in the international market and utilise around 50 per cent of its new capacity on that market. IndiGo is the country's largest domestic carrier with a market share of 42.5 per cent in January. The carrier, which has more than 200 planes, operates over 1,300 daily flights. "In the international market, we will be looking at an ambitious expansion with approximately 50 per cent of our new capacity directed at international markets. "We will be looking to add new service to countries such as China, Vietnam, Myanmar, Turkey, Saudi Arabia, CIS (Commonwealth of Independent States) countries and also add frequencies in existing routes," Dutta ...
Adani group wins bids to operate five airports
The Adani group has won the bid to operate five out of six airports that were put for privatisation by the central government, a senior official of the Airports Authority of India (AAI) said Monday. Adanis were the highest bidder for Ahmedabad, Thiruvananthapuram, Lucknow, Mangaluru and Jaipur airports, the official said, adding the bid for the Guwahati airport will be opened on Tuesday. AAI chose the winner on the basis of "monthly per-passenger fee". The official said the bids put by Adani group were "very aggressive" as compared to other bidders. The five airports would be handed over to Adani group after completion of formalities, the AAI official said. A total of 32 technical bids were received from 10 companies to operate six airports that are currently under AAI's management. In November last year, the government had cleared a proposal for managing six AAI-run airports on public-private partnership (PPP) basis. Ahmedabad and Jaipur airports received seven bids each. Lucknow and
Draft Rubber Policy: Budgetary support for promotion of export, research, reducing imports
The government will provide budgetary support to rubber sector to enhance research, promote exports and reduce dependence on import, according to the draft national rubber policy. The proposed policy will also provide support for skill development; incentives for smallholders, workers and entrepreneurs; and enforcement of regulations on quality and standards. For all these measures, proportionate budgetary provisions would be made, the draft said. As per the draft policy, possibility would be explored for treating natural rubber as an agricultural product for all practical and legal purposes, it said. The policy will also explore the possibility of treating income from rubber production as agricultural income, in consultation with the Ministry of Agriculture and Farmers' Welfare. The draft said the budgetary support from the central government would focus on new plantation and replanting. "Appropriate convergence and dovetailing of funds with other programmes of ...
JSPL lowest bidder in RVLN's 4.45 LT rail tender: MD
Steel maker Jindal Steel and Power (JSPL) has emerged as lowest bidder in a tender worth approximately Rs 3,300 crore, floated by Rail Vikas Nigam (RVNL) for supply of 4.45 lakh tonnes of rails, a top company official said Monday. RVNL functions as an extended arm of the Ministry of Railways. It is empowered to act as an umbrella special purpose vehicle (SPV) to undertake projects directly or by creating project specific SPVs, according to its website. Last year, RVNL had floated a tender for supply of 4.45 lakh tonne of rails, JSPL Joint Managing Director N A Ansari said, adding that the company had participated in the tender. "We are the lowest bidder or L1 for the order. Now the RVNL is evaluating other aspects before placing the order. We are hopeful of a positive outcome as early as possible," he added. An email query sent to RVNL remained unanswered. JSPL has presence in steel, power, mining and infrastructure sectors. The company operates 1 million tonne per annum (MTPA) rail ..
Bharat Electronics rises after receiving export orders
Bharat Electronics rose 1.65% to Rs 80 at 13:45 IST on BSE after the company said it received export orders worth $33 million.
Shares extend intraday gains
The market further extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 161.13 points or 0.45% at 36,032.61. The Nifty 50 index was up 41.60 points or 0.39% at 10,833.25. Positive Asian stocks boosted sentiment.
China Market surges after Trump delays China tariff hike
After falling more than 11% in the fourth quarter of 2018 due to concerns about slowing domestic growth and the trade war, the Shanghai Composite index has staged a rebound in 2019, adding more than 14% so far this year.
Board of Mahindra & Mahindra Financial Services appoints director
On 25 February 2019
JBM Group acquires majority stake in Germany's Linde-Wiemann
Auto component major JBM Group Monday said it has acquired majority stake in Germany's Linde-Wiemann GmbH KG, a manufacturer of complex structural components and assemblies supplying to global automobile manufacturers. The acquisition is being done through one of the group's flagship companies, Neel Metal Products, and it will give access to global platforms and German technology inheritance to Indian operations, JBM said in a statement. The company, however, did not disclose the value of the deal. Linde-Wiemann (L+W), which has revenue of USD 700 million, has 17 plants in eight countries -- Germany, US, China, Spain, Turkey, Czech Republic, Hungary and South Africa, employing over 2,300 people. JBM Group Executive Director Nishant Arya said, "This business activity is a strategic fit perfectly in sync with our existing scope of operations and solutions and will also further consolidate our global footprint." He further said JBM is looking forward to leverage L+W's experience in ...
Australia Market surges on trade optimism
Markets globally took note of Trump's latest announcement, adding to earlier gains at the end of last week on signs of progress in trade talks between the United States and China. Mr Trump on Sunday tweeted that there was "substantial progress" in trade talks and he would push back the March 1 deadline for higher tariffs, and looked forward to a meeting with Chinese President Xi Jinping to seal a deal.
Japan Nikkei falls on US-China trade deal optimism
Markets globally took note of Trump's latest announcement, adding to earlier gains at the end of last week on signs of progress in trade talks between the United States and China. Mr Trump on Sunday tweeted that there was "substantial progress" in trade talks and he would push back the March 1 deadline for higher tariffs, and looked forward to a meeting with Chinese President Xi Jinping to seal a deal.