Page 993 - Business Finance
Board of J D Orgochem accepts resignation of director
At meeting held on 11 February 2019
Nifty, Sensex muted ahead of inflation data
(Reuters) - Indian shares were little changed in a low-volume trading on Tuesday, as investors awaited a key inflation data due later in the day.
Former Fed Chair Paul Volcker takes Trump to task on taxes, trade
(Reuters) - Former Federal Reserve Chairman Paul Volcker warned the Trump administration's handling of domestic issues as well as trade talks with China is hurting the United States' long-term prosperity.
Neogen Chemicals gets Sebi's go ahead for IPO
Specialty chemicals maker Neogen Chemicals has received capital markets regulator Sebi's go ahead to float an initial public offering. With this, the total number of company getting Sebi's clearance for the public issues -- initial public offer (IPO) and follow on public offer (FPO) -- has reached to seven, so far in the new year. Neogen Chemicals, which had filed its IPO papers with Sebi in November last year, obtained the regulator's "observations" on February 8, latest update available with the capital markets watchdog showed. Securities and Exchange Board of India's (Sebi) observation is necessary for any company planning to launch public issues. Going by the draft papers, Neogen Chemicals' initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company's promoters. The company is a leading manufacturer of bromine-based and lithium-based specialty chemicals. Proceeds of the issue will be utilised towards .
ADNOC to fill up half of Padur strategic crude oil storage
Abu Dhabi National Oil Company (ADNOC) has agreed to hire half of the 2.5 million tonnes underground strategic crude oil storage that India has built at Padur in Karnataka, making it second such deal by the UAE firm in the state. Indian Strategic Petroleum Reserves Limited (ISPRL) CEO and Managing Director HPS Ahuja said ADNOC will store oil in two of the four compartments of 0.625 million tonnes (MT) each. "They signed a memorandum of understanding (MoU) in November last year and now they have agreed to take two compartment of 0.625 million tonnes each. A final agreement will be signed soon," he said on sidelines of the Petrotech 2019 conference here. India has built 5.33 MT of emergency storage enough to meet its oil needs for 9.5 days, in underground rock caverns in Mangalore and Padur in Karnataka, and Visakhapatnam in Andhra Pradesh. It has allowed foreign oil companies to store oil in the storages on the condition that the stockpile can be used by New Delhi in case of an ...
Benchmark indices open marginally lower, Sensex slips 9 points
Stock markets opened marginally lower on Tuesday tracking trends in other Asian markets.At 11:10 am, the S&P BSE Sensex was down 9 points at 36,385 while the Nifty 50 was lower 2.4 points at 10,886.Axis Bank, Indiabulls Housing Finance, Power Grid, NTPC, Zee and ONGC were trading higher on the National Stock Exchange. Among the losers were Infosys, Hero MotoCorp, Eicher, and TCS.The most active stocks were Axis Bank, Reliance Industries, Infosys, Eicher Motors and TCS.Asian stocks remain largely unchanged as the dollar held firm after recent strong gains. Oil prices moved up slightly after falling on Monday.Market experts said investors are awaiting the outcome of a fresh round of trade talks between the United States and China.
Crude oil futures up 0.91% on global cues
Crude oil was trading higher 0.91 per cent to Rs 3,753 per barrel in futures market Tuesday as speculators created fresh bets, taking positive cues from overseas markets. At Multi Commodity Exchange, crude oil for delivery in February rose by Rs 34 or 0.91 per cent to Rs 3,753 per barrel in a business turnover of 6,592 lots. Analysts said speculators built fresh positions after oil prices rose overseas amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although surging US production and concerns over economic growth kept markets in check. This mainly led to rise in crude oil prices in futures trade here. Meanwhile, West Texas Intermediate gained 0.65 per cent to USD 52.75 while Brent crude rose 0.76 per cent to USD 61.98 per barrel.
L&T Hydrocarbon bags over Rs 7,000 cr order from Algeria's Sonatrach
L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary of engineering major Larsen & Toubro, Tuesday said it has won an over Rs 7,000 crore (around USD 1 billion) order from Algeria's Sonatrach for setting up three central processing facilities in that country. While the company did not disclose the value of the contract, it said it has bagged a mega order from Sonatrach and defined orders valued in excess of Rs 7,000 crore as mega orders. "The engineering, procurement, construction and commissioning (EPCC) contract is to set up three central processing facilities (CPF)...The three facilities are located close to each other in the Adrar province of Algeria," Larsen & Toubro said in a BSE filing. The contract has been awarded through international competitive bidding on a lump sum turn key basis. Shares of Larsen & Toubro were trading 0.41 per cent higher at Rs 1,251.05 apiece on BSE.
Volumes jump at Petronet LNG Ltd counter
Petronet LNG Ltd saw volume of 25.57 lakh shares by 10:48 IST on BSE, a 11.25 fold spurt over two-week average daily volume of 2.27 lakh shares
China says consumption growth likely to slow further this year
BEIJING (Reuters) - Consumption growth in China is "very likely" to slow further this year as the economy cools, the commerce ministry said on Tuesday, underlining the rising risks facing the Asian giant as it navigates a trade war with the United States.
Reliance General Insurance Company files DRHP for Rs 200 cr IPO
The IPO comprises of a fresh issue of equity shares by the Company (Equity Shares) aggregating up to Rs 200 crore, and an offer for sale by Reliance Capital of upto 7,94,89,821 Equity Shares. The face value of the Equity Shares is Rs 10 per Equity Share.
C & C Constructions JV wins order worth Rs 124 cr from DFCCIL
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Market breadth turns negative
Key indices reversed direction to sink in negative zone in morning trade. At 10:17 IST, the barometer index, the S&P BSE Sensex, was down 23.25 points or 0.06% at 36,371.78. The Nifty 50 index was down 9.55 points or 0.09% at 10,879.25.
DigitalBerge, The #1 SEO Company in Delhi NCR, Launches its Personal Branding Services
/ -- With the launch of its personal branding services, DigitalBerge, The SEO Company in Delhi NCR, has created a buzz in the Indian social media market. On the 17th of January, its founding partner Mr. Mumtaz Ali informed the media, at a press conference held in New Delhi, that in keeping with the previous track record of the company; DigitalBerge would now be providing Personal Branding services to its esteemed clients. He said that as it is the election year in India, the company has been getting a number of inquiries from various sections including politicians, industrialists, and decided on launching personal branding services. What is unique about the services provided by DigitalBerge is both in its content and approach. The company is not only promoting brands on platforms like Twitter, Facebook, YouTube etc. but also on conventional print and electronic mainstream media. This sets them apart from the rest of personal branding companies which only focus on the new media. The .
India keen to partner other nations for scalable, affordable communications solutions: Prabhu
India, with its stellar track record in building affordable and innovative technologies, would be keen to partner with nations looking for scalable and low-cost communications solutions, Commerce and Industry Minster Suresh Prabhu said Tuesday. Terming communications technology as "all pervasive", the minister said that it had brought people on the same platform on a real time basis. "These are interesting times, but also challenging, because the change is profound and the speed of change is dramatic," Prabhu said, speaking at India Telecom 2019 expo organised by Telecom Equipment and Services Export Promotion Council (TEPC). The minister said that India is looking to build partnerships that are mutually beneficial. India is next only to China in consumer base in communications, he said, adding that the country offers great advantage in terms of low cost and high tech manufacturing, and is known for scalability, precision and technology prowess, and "we extend our hand of friendship ..
SBI Neo Financial Services and AntWorks Announce Joint Venture to Provide Intelligent Automation to ASEAN Market Through SBI Antworks Asia
/ -- Global provider of artificial intelligence and intelligent automation solutions, AntWorks powered by fractal science, has today announced a joint venture with SBI Neo Financial Services Co., Ltd., to supply AntWorks' integrated intelligent automation platform to East Asia and South East Asia markets. SBI Neo Financial Services, a wholly-owned subsidiary of SBI Holdings Inc, headquartered in Tokyo, today announced it has entered into an agreement with AntWorks, Head Quartered in Singapore, to establish SBI Antworks Asia. This joint venture is designed to support the sale and introduction to East Asia and Southeast Asia of AntWorks' operational automation platform, which integrates Cognitive Machine Reading and RPA capability with artificial intelligence (AI). The SBI Group will hold a 60-percent interest in SBI Antworks Asia. (Logo: https://mma.prnewswire.com/media/819568/AntWorks_and_SBI_Logo.jpg ) In August 2018, SBI invested US$15m in AntWorks through the SBI AI&Blockchain
Reliance General Insurance files for IPO
(Reuters) - India's Reliance General Insurance Co Ltd has filed for an initial public offering (IPO) consisting of a fresh issue of shares worth up to 2 billion rupees ($28.15 million), parent Reliance Capital Ltd said on Tuesday.
Energizer, Duracell eye stake in Eveready India: Economic Times
(Reuters) - U.S. battery makers Energizer Holdings Inc and Duracell International are eyeing a controlling stake in Eveready Industries India Ltd, the Economic Times reported https://economictimes.indiatimes.com/markets/stocks/news/warren-buffetts-duracell-energizer-in-race-to-charge-up-eveready/articleshow/67951743.cms on Tuesday, citing people involved in the negotiations.
More Indian startups ready with solutions to tackle real-life problems: Microsoft
India, which saw a tremendous growth in the startup space in the last couple of years, is now witnessing a growth in the business-to-business (B2B) tech startups coming up with innovative ideas to deal with local problems, says a top Microsoft executive.
Sensex, Nifty turn cautious ahead of IIP, inflation data releases
Benchmark equity indices opened on a cautious note Tuesday ahead of the release of key macroeconomic numbers amid selling by foreign and domestic investors. The 30-share Sensex was trading 3.66 points, or 0.01 per cent, lower at 36,391.37 in early trade. The index had lost 580 points in the previous three sessions. The broader NSE Nifty slipped 3.95 points, or 0.04 per cent, to 10,884.85. Major losers were Infosys, TCS, Hero MotoCorp, HCL Tech, Bajaj Finance, Axis Bank, Bajaj Auto, IndusInd Bank and Maruti, falling up to 2.42 per cent. While the gainers include PowerGrid, Yes Bank, M&M, RIL, Asian Paint, Sun Pharma, Cola India, Vedanta, ONGC, Tata Steel, SBI, L&T, Tata Motors, HDFC Bank and ICICI Bank, rising up to 1.76 per cent. Brokers said investors were cautious ahead of index of industrial production (IIP) data for December and inflation numbers for January to be released later in the day. "Global trade deal and risk of slowdown in growth continue to give caution, while ..