Page 925 - Business Finance
Market settles with modest losses after volatile trade
Local stocks ended with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 67.27 points or 0.19% at 35,808.95, as per the provisional closing data. The Nifty 50 index fell 19.80 points or 0.18% at 10,726.25, as per the provisional closing data.
Private equity firms win over Scout24 with improved $6.4 billion bid
FRANKFURT (Reuters) - Hellman & Friedman and Blackstone have won over Scout24 after raising their offer for the online classifieds group to 5.7 billion euros ($6.4 billion) including debt, setting up the biggest takeover of a listed German company by private equity.
EU starts investigation into Chinese steel wheel imports
BRUSSELS (Reuters) - The European Commission has begun an investigation into whether Chinese producers are dumping steel vehicle wheels into Europe at excessively low prices, the EU official journal said on Friday.
China's banks throw open spigots in January, lend record 3.23 trillion yuan
BEIJING (Reuters) - China's banks made the most new loans on record in January -- totalling 3.23 trillion yuan ($477 billion) -- as policymakers try to jumpstart sluggish investment and prevent a sharper slowdown in the world's second-largest economy.
Diligent Media Corp sells land for Rs 57 cr
Diligent Media Corporation, part of the troubled Essel Group and publisher of DNA newspaper, has sold leased land adjacent to its printing press in Navi Mumbai for Rs 57.32 crore. In line with the no-objection/approval issued by MIDC-the Lessor and the changes in the assignable area (based on MIDC requirement), the company had concluded the above transaction by executing and registering a deed of assignment, assigning the leasehold land to CTRL S (India) Pvt Ltd, Diligent Media Corporation said in BSE filing. The total consideration received for the sale is Rs 57.32 crore, the company added. Diligent Media Corporation said, the land plot measuring 14,533.76 square meters, is located in Navi Mumbai in Maharashtra, housed storage and other facilities incidental to the printing press activities. Last month Essel group's promoter entities sold shares worth over Rs 1,050 crore in six listed group firms in open market between January 25 and February 1, 2019, for paying off lenders who were
Yaantra bags 'Fastest Growing Small Business of the Year' Award
Yaantra, the leaders in smartphone repairs & refurbishment category, received 'The Fastest Growing Small Business of the Year' award in the just concluded 8th edition of Small Business Awards 2019. Yaantra was chosen as the top performing company among 1500+ best companies applied for the awards. Yaantra has grown remarkably fastest with a YoY growth of over 250% in a short span of 5 years. The company started with INR 1.25 crores in their first fiscal and is today well placed to close this fiscal around INR 200 crores.India has seen the highest year on year growth at 41% in the refurb category of smartphones. The refurbished smartphones market is set to grow by 27% in coming years, where the market size for repair is USD 2 billion and for the refurb is USD 4 billion expected to reach USD 10 Billion by FY 2022.Yaantra is committed to brace Indians for the digital revolution by making branded smartphones affordable to the common man. "We are the leaders in the domain and have been .
SREI Infrastructure Finance Ltd leads losers in 'A' group
Cox & Kings Ltd, Page Industries Ltd, Glenmark Pharmaceuticals Ltd and Can Fin Homes Ltd are among the other losers in the BSE's 'A' group today, 15 February 2019.
Motia Group partners with AWFIS
Motia Group, one of the leading real estate developers in Tri-City announced its joint venture with AWFIS-India's largest shared workspace provider, in Chandigarh on Thursday.Spread across an area of 15,000 square feet, AWFIS has launched its first co-working space in Motia'z Royal Business Park, Zirakpur.The centre has a seating capacity of over 300 customers and eyes to expand further in the region in the next 10 -12 months.AWFIS has offered per seat at an average cost of Rs 6000, thereby, creating the demand for affordable Grade 'A' co-working spaces in Chandigarh, with a plan to generate revenue of around Rs 3 crores in a year.Besides Chandigarh, AWFIS also aims to expand to other Tier II cities such as Ahmedabad, Jaipur, Kochi, Indore, and Bhubaneshwar and aims to establish 100+ centres with 50,000+ seats across Mumbai, NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune and Zirakpur in the next 12 months.AWFIS has come up with a creation of a structural change in commercial office
P C Mody takes charge as new CBDT chief
Pramod Chandra Mody on Friday took charge as the new Chairman of Central Board of Direct Taxes (CBDT), the apex policy-making body for Income Tax Department.So far, he was CBDT Member (Administration).Mody belongs to the Indian Revenue Service (batch 1981) and takes over from Sushil Chandra, who has been appointed as an Election Commissioner ahead of the general elections.CBDT is currently on a drive to add new taxpayers, achieve double-digit growth in tax receipts, improve services to customers and recover dues from corporations.While direct tax receipts are making progress in line with recent government initiatives, the tax authority has been increasingly employing technology to keep human interface limited by using new technologies and intensive data analytics.
Bioscience major HiMedia Labs bags 'Pride of Maharashtra' award
HiMedia Laboratories, a leading bioscience company, has been conferred with the Pride of Maharashtra award by Maharashtra Industrial and Economic Development Association (MIEDA).The company was ranked as the best company for 2017.The award will be given at a ceremony on February 21 in the presence of Maharashtra Chief Minister Devendra Fadnavis.HiMedia has a presence in more than 150 countries and is among the top three brands in microbiology in the world.The company has a rich portfolio of quality products backed by strong research and development in various areas of bioscience.HiMedia Laboratories was founded by Dr Gangadhar Motiram Warke, his wife Saroj and younger brother Vishnu M. Warke..
US Treasury Sec Mnuchin calls China trade talks 'productive'
Treasury Secretary Steven Mnuchin said the US had "productive" talks with China over their trade dispute after negotiations in Beijing ended Friday with no sign that any concrete progress had been made. Top officials from the world's two biggest economies had held two days of talks, hoping to at least create sufficient goodwill to stave off an escalation of their tariff war. In a tweet, Mnuchin said after the talks ended that he and US Trade Representative Robert Lighthizer had "productive meetings with China's Vice Premier Liu He," Beijing's top economic official. The talks closed around mid-day on Friday and the delegations parted with nothing announced. Attention then shifted to a planned meeting later Friday between the US delegation and Chinese President Xi Jinping, with markets watching for signals that the world's two economic superpowers may look to maintain a truce on damaging reciprocal tariffs. The high-level meetings began Thursday after President Donald Trump suggested ...
Market off day's low
Local stocks staged a strong recovery in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 47.71 points or 0.13% at 35,828.51. The Nifty 50 index was down 25.35 points or 0.24% at 10,720.70. Select PSU stocks were in demand.
Of 55 mines auctioned in last 3 yrs, 5 mineral blocks operational: Minister
The government Friday said of the 55 mines that were auctioned in the last three years, five mineral blocks have become operational and two to three more mines will start operation by next month-end. "In the last three years we have auctioned around 55 mines. Around five (mineral blocks) have been operational. Next fiscal another 15 mines are going to be operational," Mines Secretary Anil Gopishankar Mukim told reporters here. He further noted that two to three more mines will start operation in the ongoing fiscal. The Centre had earlier said it was considering granting all approvals, including environmental clearance, to mineral blocks before putting them up for sale, a move that may give a push to the auctions. The idea is to fast-track auctioning and that issues related to green clearances and land rights are addressed upfront, the government had earlier said. It has given in-principle approval to provide single clearance for environment and forest to the new lease holders of the ..
Brent oil briefly hits $65 as production cuts fuel 2019 high
LONDON (Reuters) - Brent crude oil briefly reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors.
Technofab Engineering Ltd leads losers in 'B' group
Manaksia Coated Metals & Industries Ltd, Shyam Century Ferrous Ltd, Shah Alloys Ltd and Oceanaa Biotek industries Ltd are among the other losers in the BSE's 'B' group today, 15 February 2019.
Glenmark Pharma tumbles after Q3 earnings
Glenmark Pharmaceuticals fell 6.67% to Rs 567.65 at 14:30 IST on BSE after consolidated net profit rose 11.08% to Rs 116.34 crore on 15.58% increase in net sales to Rs 2,509.78 crore in Q3 December 2018 over Q3 December 2017.
Volumes jump at Star Cement Ltd counter
Star Cement Ltd saw volume of 12.78 lakh shares by 14:14 IST on NSE, a 42.29 fold spurt over two-week average daily volume of 30212 shares
Alibaba takes stake in Chinese video platform Bilibili
Alibaba has bought an eight percent stake in Chinese online video sharing and entertainment service Bilibili for an undisclosed amount, state news agency Xinhua reported. Alibaba's e-commerce arm Taobao will reportedly own 24 million shares in Nasdaq-listed Bilibili, which claims tens of millions of regular users, mainly among young anime, comic and computer game fans in China. Chen Rui, Bilibili's CEO and chairman, said he hoped the collaboration would help Bilibili to attract yet more users by tapping into Taobao's huge platform, the Xinhua report said late Thursday. The two sides had announced a partnership in December which allows Bilibili users to create videos and other content to promote merchandise sold on Taobao. Bilibili has carved out a following by allowing viewers to add comments on livestreams of anime cosplay performances and video tutorials for popular online games. Bilibili also offers music and TV serials, putting it in direct competition with Tencent video and ...
RBS boosts dividend but warns Brexit turmoil could hike costs
LONDON (Reuters) - Royal Bank of Scotland announced a better than expected dividend for investors including Britain's government on Friday after its profit more than doubled in 2018, but warned Brexit turmoil would make it harder to achieve its cost-cutting goals.
Japan Nikkei extends losses
Insurer Dai-ichi Life closed 4.66% lower on its dismal April-December earnings. Yokohama Rubber was downbeat as its operating profit forecast for the year through December 2019 fell short of market consensus. Other major losers included clothing retailer Fast Retailing and technology conglomerate SoftBank Group. By contrast, drugmaker Shionogi, daily goods manufacturer Kao and oil company Showa Shell attracted purchases.