Page 3 - Business Finance
SpiceJet takes off after launching new flights
SpiceJet was up 3.99% to Rs 130.20 at 10:31 IST on the BSE after the company said it launched eight new non-stop international flights.
US stocks end in the red
Tech stocks suffer the most losses
DHFL slips after defaulting on commercial papers repayment
DHFL was down 1.72% to Rs 74.10 at 09:43 IST on the BSE after the company said it managed to meet 40% of its Rs 375-crore repayment commitment toward commercial papers.
DHFL spurts after paying interest on NCDs
Dewan Housing Finance Corporation was up 4.06% to Rs 93.60 at 09:44 IST on the BSE, after the company announced that it had made full payment towards interest payable on secured redeemable non-convertible debentures.
Equities gain some ground, Nifty hovers around 11,820
Equity benchmark indices opened in the red on Wednesday but gained some ground as the trading progressed despite weak cues from Asian markets.At 10:15 am, the BSE S & P Sensex was up 90 points at 39,525 while the Nifty 50 gained 20 points to 11,817. Except metal and PSU bank, all sectoral indices at the National Stock Exchange were in the green.Among stocks, Power Grid traded 2 per cent higher while power utility major NTPC was up 1.8 per cent. The others which showed gains were Larsen & Toubro, Sun Pharma and ONGC.However, Bharat Petroleum Corporation, Indian Oil, Indiabulls Housing Finance, Britannia and Tata Steel were in the red.Meanwhile, Asian stock markets slipped after overnight losses on the Wall Street as Washington's conflict with trading partners continued.Investors awaited US-China trade talks on the sidelines of upcoming G-20 meeting later this week in Japan. Rising geopolitical tensions between the United States and Iran also kept traders on the edge..
Xoxoday Strengthens it's Leadership Team With Ten New Hires
/ -- A SaaS commerce company, Xoxoday is all ready to strengthen its leadership team with the appointment of ten highly skilled professionals. Xoxoday has recently on-boarded Srivatsan Mohan and Vivek Parihar. They will be working closely with Anindo Bandyopadhyay, VP of Engineering team. Together this terrific trio will lead a 35+ team and aid them in building a robust and engaging Xoxoday platform. Vinod More and Ceeon Karian have joined the Quality Assurance team as the QA Heads and will be managing a team of 12+ members. Their combined knowledge in manual, automation and performance testing, will help Xoxoday with high-quality deliverables and release management for new products. On the sales side, Gurmeet Singh has joined the company as VP for the Account Management department. He has 14 years of sales and business development experience. He will be assisting the company in developing an innovative sales strategy that will help Xoxoday secure future leads. From the marketing ...
Rupee slips 12 paise to 69.48 vs USD in early trade
The rupee opened on a weak note and declined 12 paise to 69.48 against the US dollar in opening trade Wednesday, amid simmering geopolitical tensions in the Middle East and higher crude oil prices. The rupee opened weak at 69.40 at the interbank forex market and then fell further to 69.48, down 12 paise over its last close. The rupee had settled at 69.36 against the US dollar on Tuesday. Forex traders said, rupee is trading in a narrow range as market participants are cautious amid rising tensions between the US and Iran. On the global front, the trade concerns between the US and China, and rising US-Iran tensions are poised to dominate a high-stakes G20 summit from Friday. Besides, strengthening of the American currency in the overseas market weighed on the local unit. Meanwhile, foreign fund inflows and strong opening in domestic equities supported the domestic currency. Brent crude futures, the global oil benchmark, rose 1.60 per cent to USD 66.09 per barrel. Foreign institutional .
Sensex rises over 150 pts; Nifty above 11,800
Domestic equity benchmark BSE Sensex rose over 150 points in early trade Wednesday tracking gains in index heavyweights ICICI Bank, L&T and RIL, amid heavy foreign fund inflow. After swinging over 200 points within the first 15 minutes of trade, the 30-share index pared opening losses to trade 111.08 points, or 0.28 per cent, higher at 39,546.02 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.60 points, or 0.28 per cent, up at 11,829.05. In the previous session Tuesday, the BSE gauge settled 311.98 points, or 0.80 per cent, higher at 39,434.94; and the Nifty rose 96.80 points, or 0.83 per cent, to 11,796.45. Top gainers in the Sensex pack included PowerGrid, NTPC, Sun Pharma, L&T, ICICI Bank, Axis Bank, Tata Motors, M&M, Vedanta and ONGC, rising up to 2.26 per cent. While, Tata Steel, Bajaj Finance, HUL, TCS, HDFC and IndusInd Bank fell up to 0.26 per cent. According to experts, a positive momentum has been triggered in domestic stock market as monsoon ...
NTPC advances on new order win
NTPC was up 1.62% to Rs 141.15 at 09:25 IST on the BSE after the company announced that it has won 40 megawatts solar projects in auction held by UPNEDA.
Stocks reverse initial losses amid volatility
A bout of volatility was witnessed in early trade as the key indices reversed initial losses triggered by negative Asian stocks. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 29.55 points or 0.07% at 39,464.49. The Nifty 50 index was up 6.75 points or 0.06% at 11,803.20.
Japan Nikkei extends losses, eyes on G-20
The US share market declined on Tuesday, partly reflecting a negative reaction to a Conference Board report showing a substantial deterioration in U.S. consumer confidence in the month of June. Additional selling pressure was generated in reaction to comments from the U.S. Federal Reserve Chairman Jerome Powell that the U.S. central bank is assessing whether current economic uncertainties call for lower rates, but noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been. On the Wall Street, Dow Jones Industrial Average ended about 179 points lower at 26,548.22. The S&P 500 also closed approximately 0.95% lower at 2,917.38, while the Nasdaq Composite fell 1.51% to close at around 7,884.72.
Australia Market trades softer ahead of G20 Summit
The US share market declined on Tuesday, partly reflecting a negative reaction to a Conference Board report showing a substantial deterioration in U.S. consumer confidence in the month of June. Additional selling pressure was generated in reaction to comments from the U.S. Federal Reserve Chairman Jerome Powell that the U.S. central bank is assessing whether current economic uncertainties call for lower rates, but noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been. On the Wall Street, Dow Jones Industrial Average ended about 179 points lower at 26,548.22. The S&P 500 also closed approximately 0.95% lower at 2,917.38, while the Nasdaq Composite fell 1.51% to close at around 7,884.72.
Edelweiss Financial Services gets revision in credit ratings from ICRA
The rating of [ICRA]Al + indicates very strong degree of safety regarding timely payment of financial obligations. The rating of [ICRA]AA on Non-convertible Debentures Programme of Rs. 466 crore of the Company now stands as [ICRA]AA-. Rating of [ICRA]AA-indicates high degree of safety regarding timely payment of financial obligations carrying very low credit risk.
Stocks may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell.
SpiceJet to be watched after launch of new international flights
SpiceJet announced the launch of eight new non-stop international flights from the country's busiest metros of Mumbai and Delhi. SpiceJet will service Mumbai-Riyadh-Mumbai, Mumbai-Dhaka-Mumbai, Delhi-Dhaka-Delhi and Delhi-Jeddah-Delhi with daily non-stop flights. The announcement was made after market hours yesterday, 25 June 2019.
US Fed 'grappling' with need for rate cut: Powell
America's grinding trade wars are darkening the economic horizon and could justify a decrease in interest rates, Federal Reserve Chairman Jerome Powell said Tuesday. But Powell also insisted the central bank was "insulated" from political pressures despite President Donald Trump's persistent criticism of the Fed chairman. Powell's speech in New York amplified the central bank's recent message that policymakers are ready to step in to protect the world's largest economy, which next week will mark its longest expansion on record but is showing increasing signs of strain. Markets overwhelmingly expect the Fed to cut rates next month as Trump's trade battles drag on and the global economy slows -- both factors that have begun to dent business confidence and investment in the United States. But Powell was careful to temper this message, warning that the central bank would not "overreact" to individual data points and short-term swings in sentiment that could quickly evaporate. "The ...
US Fed to look 'carefully' at Facebook virtual coin Libra
Federal Reserve chairman Jerome Powell said Tuesday the US central bank will be closely scrutinizing Facebook's newly announced cryptocurrency Libra with an eye toward potentially regulating the virtual coin. Powell became the latest official to voice concern over the global virtual currency unveiled last week by Facebook and an array of partners which aims to lower transaction costs and bring more services to people without access to the banking system. "We're looking at it very carefully," Powell said at an event sponsored by the Council on Foreign Relations. "Given the possible scale of it, I think that our expectations from a consumer protection standpoint, from a regulatory standpoint, are going to be very, very high." The Libra coin plan, backed by financial and nonprofit partners, represents an ambitious new initiative for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream. But the plan has already prompted ...
Bombardier sells regional jet division to Mitsubishi for $550 mn
Canadian manufacturer Bombardier announced Tuesday the sale of its CRJ Series regional jet program to Japan's Mitsubishi Heavy Industries (MHI) for USD 550 million, effectively exiting the commercial passenger aircraft sector. The deal with Mitsubishi, which has been seeking to break into aviation, comes after Bombardier recently sold a majority stake in its new medium-range C Series jetliners to Airbus, which has been renamed A220, and its Q Series turboprop line to a Canadian investment fund. The sale of the 75- to 100-seat CRJ line -- along with its service and support networks in Montreal, Quebec City and Toronto; Bridgeport, West Virginia; and Tucson, Arizona -- is expected to close by the end of 2020. In a statement, Bombardier said Mitsubishi will also assume liabilities totalling USD 200 million, and take over all maintenance, support, refurbishment, marketing and sales activities for the aircrafts. Mitsubishi president Seiji Izumisawa said the CRJ will compliment the ...
Adani Power to acquire GMR Chhattisgarh Energy
Adani Power Tuesday said it will acquire GMR Chhattisgarh Energy Ltd (GCEL) as the consortium of lenders has approved its resolution plan. The consortium of lenders, led by Axis Bank, to GMR Chhattisgarh Energy Ltd (GCEL), has issued a Letter of Intent dated June 24, 2019, approving Adani Power's (APL) resolution plan to acquire controlling equity stake and restructure debt in GCEL, Adani Power said in a regulatory filing. "Post the transaction, Adani Power Limited shall hold 100 per cent equity stake in GCEL. Of this, 52.38 per cent stake is to be acquired from the lenders, and the balance 47.62 per cent is to be acquired from the GMR Group," it said. GCEL owns an operational 1.370 megawatt (MW) supercritical thermal power plant in Raikheda, Raipur district, Chhattisgarh. The plant consists of 2 units of 685 MW each, commissioned in June 2015 and April 2016 respectively. "Successful acquisition of GCEL and Korba West Power Company (KWPCL) will consolidate APL's position as India's .
Sebi bans GV Films, 5 others from securities markets for GDR manipulation
Market regulator Sebi Tuesday barred GV Films Ltd for five years from the securities market for manipulating the issuance of global depository receipts (GDRs). Besides, the regulator has also barred Mahadevan Ganesh, A Venkatramani, R Gopalan, V Subramonian for two years, while P Raghuraman was banned for five years as per Sebi's order. According to the order, Raghuraman was a whole-time director in the company, while Gopalan, Ganesh and Venkatramani were non executive directors and Subramonian was president-corporate affairs of the firm at the time of the violation. Sebi had conducted an investigation in issuance of GDRs by GV Films and observed that the firm had issued 6.4 million GDRs for USD 40 million on April 27, 2007. All the 6.4 million GDRs were subscribed by only one entity, Whiteview Trading Corporation, the regulator observed. The subscription amount for GDRs was paid by Whiteview after securing a loan from bank Banco Efisa S.A. However, GV Films had pledged the GDR ...