Qatar Airways to announce another annual loss this year

Qatar Airways to announce another annual loss this year, CEO stated

The state-owned airline has quickly expanded to new destinations since it lost access to 18 Middle East cities in 2017 due to a diplomatic breach between Qatar and some other Arab states.

By ReutersTFM Watch

(Reuters): Qatar Airways will announce a second consecutive yearly loss this year, its chief executive stated on Wednesday, accusing higher fuel costs and unfavourable currency exchange rates.

The airline has rapidly expanded to new destinations since it lost access to 18 Middle East cities in 2017 due to a diplomatic breach between Qatar and some other Arab states.

“We reported a loss last year and we will announce another loss this year but it doesn’t mean that Qatar Airways is not going to expand or invest,” Akbar al-Baker said to reporters at the ITB travel fair in Berlin.

“We have a very strong balance sheet, regardless if we are temporarily making losses because of our additional operating costs, and the increasing fuel price and the loss of foreign exchange.”

Qatar Airways lost access to cities in Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in June 2017, when these four countries cut ties with Qatar after condemning it of supporting terrorism. Qatar denies the charges.

The airline has also been barred from their skies, meaning its flights to the west and south of the Gulf have to fly longer routes around the four countries, growing its fuel costs.

The Airways reported a $69 million loss last year, which it accusing on the higher operating costs caused by the diplomatic disagreements.

In 2017, Baker was stated that the airline’s owners might have to put in additional capital if the issues continued over the long term.

Still, on Wednesday he said he did not expect to seek a capital injection in the predictable future.

Qatar Airways declared seven new destinations on Wednesday, including Malta and Somalia’s capital Mogadishu and said it would announce a further seven in the second half of current year.

It will continue to operate its fleet of 10 Airbus A380 aircraft for the “predictable future,” Baker said. Airbus announced last month it would end A380 production in 2021.

Source: Reuters

– TFM Watch

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business NewsMarket News

RBI fines Rs.71 crore on 36 foremost banks for non-compliance in SWIFT

RBI fines Rs.71 crore on 36 foremost banks for non-compliance in SWIFT (Global Messaging Software) operations

  • RBI Stated that the penalties ranging from Rs.1 crore to Rs.4 crore were enforced by orders dated January 31, 2019, and February 25, 2019
  • RBI had carried out an evaluation of compliance with its orders on SWIFT related operations with 36 Banks.
  • Fine of Rs.4 crore each has been enforced on Bank of Baroda, Catholic Syrian Bank, Citibank N.A., Indian Bank and Karnataka Bank.

– TFM Watch

The Reserve Bank of India on Friday stated it has enforced penalties worth Rs.71 crore on 36 public, private and overseas banks for non-compliance with various instructions on time-bound execution and strengthening of SWIFT operations.

SWIFT is a worldwide massaging software utilized for transactions by financial entities. The enormous Rs.14,000-crore fraud at the PNB was an instance of misuse of this massaging software. Bank of Baroda, City Union Bank, HSBC, ICICI Bank, SBI and YES Bank are the few foremost banks in the list.

The penalties were ranged between Rs.1 crore to Rs.4 crore, were enforced by orders dated January 31, 2019, and February 25, 2019, the RBI stated. And added, penalties are based on lacks of regulatory compliance and “is not planned” to pronounce upon the validity of any transaction entered by the banks with their customers.

The RBI had carried out an evaluation of compliance with its orders on implementation and strengthening of SWIFT related operational controls of 50 foremost banks. The evaluation, the RBI stated, uncovered that banks had not followed one or more of the important instructions relating to making of payment messages in the SWIFT and introduction of an extra layer of approval for all payment messages surpassing a specific limit, among others.
On the bases of evaluation conclusions and extent of non-compliance, notices (SCNs) were issued to 49 banks encouraging them to indicate cause regarding why fines should not be enforced for non-compliance with instructions.

“After considering the responses received from the banks, oral submissions made in the personal hearings where sought by the banks and examination of additional submissions, RBI decided to enforce fines on 36 banks, based on the extent of non-compliance in each bank,” the Reserve bank stated.

Fine of Rs.4 crore every ha been forced on Bank of Baroda, Catholic Syrian Bank, Citibank N.A., Indian Bank and Karnataka Bank.

The penalty on BNP Paribas, City Union Bank, Indian Overseas Bank, UCO Bank, Union Bank of India, and United Bank of India, is Rs 3 crore each.

The sum of Rs.2 crore each for Allahabad Bank, Bank of Maharashtra, Canara Bank, DCB Bank, Dena Bank, Jammu and Kashmir Bank, Oriental Bank of Commerce, and Syndicate Bank.

Fine of Rs.1 crore each has been enforced on Bank of America, Barclays Bank Plc, Central Bank of India, Corporation Bank, DBS Bank, Deutsche Bank A.G., HSBC, ICICI Bank and IDBI Bank.

Rs.1crore penalty was included IndusInd Bank, JP Morgan Chase Bank, Karur Vysya Bank, Punjab and Sind Bank, Standard Chartered Bank, State Bank of India, Tamilnad Mercantile Bank and YES Bank.

Source: PTI – Indiatoday

– TFM Watch

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business News

Brazil’s bank Caixa selling 9-billion-real ($2.4 billion) stake, owned in Petroleo Brasileiro SA – sources

Brazil’s bank Caixa selling 9-billion-real ($2.4 billion) stake, owned in Petroleo Brasileiro SA – sources

The stock offering of the 2.3 percent stake possessed by Caixa in Petrobras, as the oil organization is known, relies upon the distribution of new presidential pronouncement approving the deal.

– TFM Watch

CaixaBank.jpg

SAO PAULO (Reuters) – Brazilian state-owned bank Caixa Economica Federal is nearly selling a 9 billion-real ($2.4 billion) stake it possesses in oil organization Petroleo Brasileiro SA, two sources with knowledge of the issue said on Tuesday.

The stock offering of the 2.3 percent stake possessed by Caixa in Petrobras, as the oil organization is known, relies upon the distribution of new presidential pronouncement approving the deal, the sources stated, asking not to be named as the plans had not been made public.

President Jair Bolsonaro has officially signed a first announcement approving Caixa to sell its Petrobras stake, yet the pronouncement had specialized oversights and should have been republished, they said.

When the new declaration is signed, Caixa will hire venture banks to help manage with the secondary stock offering.

Press delegates at Caixa Federal declined to remark.

Caixa plans to utilize the returns to satisfy approximately 40 billion reais in convertible bonds sold to the Brazilian government somewhere in the range of 2007 and 2013.

Petrobras regular offers were up 1.15 percent at 30.86 reais on Tuesday in Sao Paulo exchanging, and has aggregated a 36 percent increase throughout the most recent a year.

The closeout of the Petrobras stake will be the second divestiture driven by Caixa since Chief Executive Pedro Guimaraes assumed control at the state bank a month ago, after the clearance of a 2.4 billion reais stake in reinsurer IRB Brasil Resseguros SA. The IRB share offering will be evaluated later on Tuesday.

The IRB shares are claimed by an administration support in charge of financing training and overseen by Caixa. Caixa claims 3.2 percent of Petrobras regular stock straightforwardly and 1 percent of non-casting a ballot capital.

The two exchanges will be driven by Caixa’s as of late made speculation banking unit, with around 30 financiers enlisted inside.

Guimaraes has said he expects to list somewhere around four Caixa units: resource the executives, charge cards, lottery and protection. Guimaraes as of late selected new senior administration authorities at Caixa. Andre Laloni, previous head of UBS AG in Brazil and the Southern Cone, is the new CFO, while previous Banco Santander Brazil SA official, Luciane Ribeiro, will lead Caixa’s advantage the board unit.

Source: Reuters

– TFM Watch

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business News

Online grocery startup Grofers raised fresh capital of $60 million esteeming company valuing $425 million

Online grocery startup Grofers raised fresh capital of $60 million esteeming company valuing $425 million

Japan’s SoftBank Vision Fund (SVF), US based Tiger Global and Sequoia Capital have impelled around $60 million fresh capital for this online grocery startup

– TFM Watch

Grofers-office.jpg

Online general store Grofers has raised nearly $60 million additional capital by SoftBank Vision Fund, esteeming the organization valuing $424.84 million, as indicated by business indications platform paper.vc.

The venture is a portion of the Gurgaon-based company’s new Series F financing round. Existing investors US-based Tiger Global Management and funding firm Sequoia Capital additionally took an interest in this round. While SoftBank put $37.49 million in the organization, Tiger Global emptied $19.99 million into Grofers and Sequoia Capital infused $1.99 million in the firm.

After this round of financing, Grofers’ valuation is assessed at $424.84 million, platform paper.vc. Grofers has so far raised over $300 million, as indicated by information from Crunchbase. Grofers did not react to FE’s questions.

In March a year ago, Grofers had brought around $62 million up in subsidizing driven by SoftBank. The financing was a portion of Series E. The capital raising comes when the organization is venturing into the quick moving customer products section. Analyst state the online FMCG fragment can possibly develop given its low infiltration at present.

Grofers, which was prior an unadulterated hyperlocal and moved to turning into an online merchant with a stock drove model, is betting on its FMCG private marks to drive its second period of development.

Author Saurabh Kumar had told FE in a before meeting the organization’s system is to make less expensive customer products accessible to the majority. “There are coordinations and capacity costs associated with transporting merchandise from the producers to the distributer and afterward to the retailer. The majority of that leaves for our situation,” Kumar had said.

Grofers limited its losses for the year to March, 2018 to Rs.258.30 crore from losses of Rs.268.32 crore reported in FY17, information sourced shown by business knowledge platform Tofler. Income from operations hopped 125% to Rs.29.83 crore in FY18 from Rs.13.23 crore detailed in the earlier year, the information appeared. Operating losses tumbled to Rs.88 crore from Rs.129 crore.

The challenge in the e-grocery space is strengthening with the dispatch of online food stage Swiggy’s on-request administration, Swiggy Stores. Swiggy will take into account customers’ every day needs by joining forces with more stores are yet offline.

Opponent BigBasket’s income from operations remained at Rs.1,583.15 crore in FY18 against income of Rs.1,176.66 crore posted in FY17.

Source: Financial Express

– TFM Watch

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business News

India State-run electricity distribution companies (discoms) posted losses over Rs.15,000 crore in the first half of FY19

India State-run electricity distribution companies (discoms) posted losses over Rs.15,000 crore in the first half of FY19

  • The UDAY schem has gone under a cloud as there is stagnation in the improvement of different operational parameters.
  • Losses of the discoms in Telangana, Tamil Nadu, Madhya Pradesh, Assam and Andhra Pradesh dramatically increased during first half of FY19 throughout the earlier year first half.
Financial Express – TFM Watch

energy.jpg

State-run power conveyance organizations (discoms) detailed budgetary losses of over Rs.15,000 crore in the first half of this financial – as much as the losses brought about by them during the entire last year – flagging an inversion of a declining pattern since the UDAY plot for these substances’ recovery was propelled in November 2015 and a conceivable unravelling of the plan itself.

Losses of the discoms in Telangana, Tamil Nadu, Madhya Pradesh, Assam and Andhra Pradesh dramatically increased during H1FY19 over earlier year first half, as indicated by an ongoing influence service report checked on by FE. Under UDAY, monetary losses of the discoms in 27 states have tumbled to Rs.15,049 crore in FY18 from Rs.36,905 crore in FY17 (Rs.51,480 crore in FY16), on account of the funds made through lower intrigue costs.

The UDAY plan’s viability goes under a cloud likewise in light of the fact that there is inactivity as for the various operational parameters it was intended to improve. The total specialized and business (AT&C) misfortunes – power units lost by virtue of pilferage – of discoms in 26 states and UTs were at 19.8% toward the finish of December 2018, down just 0.7 rate point from the dimension recorded a year sooner.

The objective to reduce these losses to 15% before the finish of March 2019 is plainly going to be missed by a huge edge. Increment in power buy and establishment costs, low gathering from remotely found shoppers (particularly after the family unit charge drive under the Saubhagya plot), inadequate tax climbs, moderate endowment distributions from the individual state governments and rising levy from the administration offices have been the fundamental explanations behind the plan losing energy.

State administrations of 16 states have taken over around Rs.2.32 lakh crore obligation of their discoms according to UDAY conditions, bringing about a bringing of the financing costs down to 7-8.5% from around 11-12%. Reserve funds through lower control buy cost, foundation cost and duty defense and improvement in charging proficiency additionally added to the misfortune decrease. Be that as it may, these endeavors are believed to invert with expanding entrance of power.

Remarkable payment from various bureaus of state governments to the discoms have expanded 21% every year to Rs.40,580 crore during H1FY19. The greatest slow pokes on this front are Uttar Pradesh (duty of Rs.12,166 crore), Maharashtra (Rs.6,084 crore), Telangana (Rs.4,143 crore), Andhra Pradesh (Rs.4,143 crore) and Chhattisgarh (Rs.2,011 crore).

Power controllers not raising force levies as per the direction concurred while marking into UDAY has likewise added to the discoms’ weight. Just 17 states have expanded their taxes for FY19 contrasted with 22 for FY18.

Source: Financial Express

– TFM Watch

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business News

Thomson Reuters reported $1.52 billion income in Q4; beats expectations

Thomson Reuters presented higher than expected fourth income of $1.52 billion

Highlights

  • Thomson Reuters detailed final quarter income of $1.52 billion, comparatively $1.41 billion in earlier year. 
  • They have profited by the organization repurchasing $10 billion worth of shares since August.
  • The organization has put aside $2 billion to develop its Legal, Tax and Accounting and Corporates organizations.
  • Legal income rose 4 percent amid the quarter to $599 million. Duty and Accounting deals ascended by 8 percent to $248 million. Deals to corporate customers ascended by 7 percent to $315 million.

Reuters – TFM Watch

ThomsonReuters

TORONTO (Reuters) – Thomson Reuters presented higher than expected income on Tuesday and said it is proceeding to pursuit for acquisitions to strengthen its Legal and Tax and Accounting units, where request is up to some extent due to U.S. charge changes. They have profited by the organization repurchasing $10 billion worth of shares since August.

Thomson Reuters announced final quarter income of $1.52 billion, comparatively $1.41 billion in earlier year. Profit barring exceptional things were 20 cents for each share, down from 22 cents per share a year ago.

Thomson Reuters sold a 55 percent stake in its Financial and Risk (F&R) sector to private equity firm Blackstone Group LP last October in an arrangement that esteemed the unit, presently an independent business called Refinitiv, at about $20 billion.

The organization has put aside $2 billion of the $17 billion continues from the Blackstone arrangement to influence buys to develop its Legal, Tax and Accounting and Corporates organizations.

“We have various potential targets,” Chief Executive Jim Smith told investigators on a phone call. “We’re organizing those targets and, at some cases, starting some discussions, yet we’re not very nearly pulling the trigger on something big at the present time.” Smith also revealed to Reuters News in a meeting that advertise valuations were “challenging.”

Smith said U.S. tax changes were helping stimulate demand for the organization’s tax and accounting products.

“We need to verify we find the privilege key fit as well as the fit that bodes well also. It’s a quite foamy M&A showcase right now,” he said.

“Fast regulatory change is useful for our business,” he said.

Legitimate, Corporates and Tax and Accounting are the three greatest units following the F&R agreement.

Barring exchange rates, Legal income rose 4 percent during the quarter to $599 million. Duty and Accounting deals ascended by 8 percent to $248 million. Deals to corporate customers ascended by 7 percent to $315 million.

“We were supported by deals development during the quarter,” said Edward Jones expert Brittany Weissman. “There are as yet many moving pieces in the outcomes following the closeout of the F&R business, however Thomson Reuters is seeing early indications of accomplishment in speeding up deals development and improving profitability.”

Profit were better than expected because of a lower tax rate and the shares buyback, Weissman said.

For 2019, the organization estimate balanced profit of $1.4 billion to $1.5 billion, up from $1.4 billion in the present year.

All-new Echo Dot (3rd Gen) – Smart speaker with Alexa (White)

The organization has held a 45-percent stake in Refinitiv, which offers information and news principally to financial clients. Under the deal with Blackstone, Refinitiv will make least yearly annual payment of $325 million to Reuters more than 30 years, balanced for expansion, to verify access to its news service, equivalent to nearly $10 billion altogether.

Refinitiv income developed by 3 percent, barring money developments, to $1.55 billion during the quarter, Thomson Reuters said.

Thomson Reuters, constrained by Canada’s Thomson family, is the parent of Reuters News. Income from Reuters News dramatically increased to $155 million, mirroring a first-time commitment from the Refinitiv deal. Smith told experts on a meeting he anticipates that the division should be a more grounded supporter of the general benefit going ahead.

For 2018 all in all, Thomson Reuters detailed generally speaking income development of 4 percent. Incomes barring the effect of the Blackstone bargain ascended by 2.5 percent.

For 2019, the organization is determining natural income development of 3 to 3.5 percent. For 2020, it expects income development of 3.5 percent to 4.5 percent, in accordance with December direction.

Source: Reuters

– TFM Watch

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business News

Daily Stock Picks and Reco’s – The Future Market’s watch window

Today Stock Picks and Research Calls from Experts & Agencies –

 28th Feb 2019

Research calls by Sharekhan Today:

  • Sell LICHSGFIN at Rs.466 with target price of Rs.462.
  • Buy BIOCON at Rs.624 with target price of Rs.631.
  • Buy NTPC at Rs.136 with target price of Rs.144 and time frame will be 1 to 10 Days.

Reliance Money Intraday Calls:

  • Buy Lupin Ltd at Rs.765 with target price of Rs.786 and a stop loss of Rs.760.
  • Sell Ultratech Cement Ltd at Rs.3,902 with target price of Rs.3810 and a stop loss of Rs.3950.
  • Sell Vedant Ltd at Rs.167 with target price of Rs.159 and a stop loss of Rs.179. Read more at:

Manas Jaiswal of manasjaiswal.com:

  • Titan is a ‘Sell’ call with a target price of Rs.985 and a stop loss of Rs.1031.
  • ICICI Bank is a ‘Sell’ call with a target price of Rs.335 and a stop loss of Rs.351. Read more at:

Kunal Bothra independent market expert:

  • Titan is a ‘Sell’ call with a target price of Rs.980 and a stop loss of Rs.1040.
  • HUL is a ‘Sell’ call with a target price of Rs.1695 and a stop loss of Rs.1757.

CK Narayan of Chart Advise

  • United Spirits is a ‘Buy’ call with a target price of Rs.552 and a stop loss of Rs.533.
  • ICICI Pru is a ‘Buy’ call with a target price of Rs 327 and a stop loss of Rs 314.

5paise trading platforms todays intraday call:

  • Buy NMDC Ltd between Rs.98-99 with target price of Rs.102.5 and a stop loss of Rs.97.7.
  • Buy Biocon Ltd between Rs.624-628 with target price of Rs.640 and a stop loss of Rs.617.
  • Buy SRF Ltd between Rs.2262-2272 with target price of Rs.2245 and a stop loss of Rs.2310.
  • Buy United Spirits Ltd between Rs.538-542 with target price of Rs.560 and a stop loss of Rs.528.Read more at:

Ashwani Gujral of ashwanigujral.com:

  • Buy ICICI Prudential Life Insurance with a stop loss of Rs.315, target of Rs.332.
  • Buy BEML with a stop loss of Rs.830, target of Rs.855.
  • Buy TCS with a stop loss of Rs.2045, target of Rs.2090.
  • Buy Godrej Industries with a stop loss of Rs.490, target of Rs.515.
  • Buy Aurobindo Pharma with a stop loss of Rs.710, target of Rs.735. Read more at:

Sudarshan Sukhani of s2analytics.com:

  • Buy Bharat Forge with stop loss at Rs.500 and target of Rs.520.
  • Buy Colgate Palmolive with stop loss at Rs.1240 and target of Rs.1280.
  • Buy Piramal Enterprises with stop loss at Rs.2280 and target of Rs.2360.
  • Sell Indiabulls Housing Finance with stop loss at Rs.675 and target of Rs.640.
  • Sell Kaveri Seed Company with stop loss at Rs.420 and target of Rs.395.

Mitessh Thakkar of mitesshthakkar.com:

  • Buy Allahabad Bank with a stop loss below Rs.45.95 for target of Rs.51.
  • Sell HDFC Bank below Rs.2082 with stop loss of Rs.2096 and target of Rs.2055.
  • Sell Hindustan Unilever below Rs.1730 with stop loss of Rs.1742 for target of Rs.1705.
  • Buy ICICI Prudential with a stop loss of Rs.315 and target of Rs.333.
Disclaimer: The views and investment tips expressed by investment experts are their own and not that of the website or its management. thefuturemarkets.com advises users to check with certified experts before taking any investment decisions.

News should not be missed; Business Deals and Corporate Actions

Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 25Th Feb – 27Th Feb

Prakash Poojary, TFM News

6_7_6_1028676_Business-deals-work-together

100 sugar mills may face SEBI action; crackdown could freeze cane procurement: Report

Private placement norms allow an unlisted company to privately sell shares to a maximum of 49 people

HG Infra bags an EPC order worth Rs..189.49 crore

HG Infra Engineering has bagged an EPC order worth Rs. 189.49 Crore (Excluding GST & Labour Cess) from Megawide Construction DMCC for Flexible & Rigid Pavement (Runway, Taxiway & Apron) at Green fleld International Airport at MOPA, Goa.

Approval granted for purchase of defence equipment worth Rs.2,700 cr

The meeting of the council, the highest decision-making body for defence purchase, was chaired by Defence Minister Nirmala Sitharaman.

BEML secures contract valued around Rs.400 crore

BEML received contract for 7 Metro train sets of 6 cars configuration to augment the metro services in Bengaluru valued around Rs. 400 crore.

Time Technoplast up on tie-up with Confidence Petroleum

Shares of Time Technoplast rose nearly 9% touching to Rs. 94.1, as the company has entered into a partnership with Confidence Petroleum for making liquefied petroleum gas available across India in blast proof composite cylinders.

Both the companies expect substantial demand for the composite cylinders over the next three-five years.

Lupin launches Minocycline Hydrochloride ER tablets

Lupin announced the launch of Minocycline Hydrochloride Extended-Release Tablets USP 55mg, having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupin’s Minocycline Hydrochloride ER Tablets USP 55mg is a generic version of Medicis Pharmaceutical Corporation’s Solodyn 55 mg. It is indicated to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older.

BOI approves fresh issue of equity shares

Bank of India has announced that board of directors at its meeting held on February 26, has approved issue of fresh equity shares to Government of India, through preferential issue in respect of share application money of Rs.4,638 crore received, after obtaining shareholders and other approvals.

NBCC signs MoU with Raipur SMART City

NBCC signs Memorandum of Understanding with Raipur SMART City as its Executing Agency for the various infrastructure works on deposit work basis. Co will charge project management consultancy (PMC) fees of 8% on the actual cost of work.

Adani Enterprises emerges as highest bidder for Guwahati airport

Adani Enterprises has emerged as the highest bidder for Lokpriya Gopinath Bordoloi International Airport of Guwahati at Rs. 160 per passenger, beating National Investment and Infrastructure Fund’s bid of Rs. 155, as per the report. According to report, with this, the group has emerged as the highest bidder for operating, managing and developing six airports. As of now, Delhi, Mumbai, Hyderabad, Bengaluru and Cochin are the only private-run airports in the country.

DHFL slumps as ICRA downgrades its creditworthiness

Dewan Housing Finance Corporation (DHFL) fell by 8% to Rs.125.45, after the credit rating agency ICRA downgraded the creditworthiness of DHFL’s commercial papers to A2+ from A1+ citing its inability to raise money and generate new business. ICRA has revised the short-term rating outstanding for the Rs. 8000 crore commercial paper (CP) programme of Dewan Housing Finance Corporation (DHFL) to [ICRA]A2+ (pronounced ICRA A two plus) from [ICRA]A1+ (pronounced ICRA A one plus). As on date, DHFL has CP outstanding of Rs. 1,525 crore. The company has indicated to ICRA that it shall buyback substantial portion of this amount over the next one month.

Iran buys Indian raw sugar for the first time in 5 years

Iran is buying the sugar from India to use up the rupees it has received for oil sales to India, the worlds third-largest oil user.

UPL hits 18-month high after Jefferies initiates coverage with buy

Jefferies is constructive on the scale benefits, product mix synergies from Arysta which acquired by the company for $4.2 billion in July 2018.

Palladium soars above $1,550 on mine strike fears; gold rises

Spot palladium traded as high as $1,553 per ounce as of 0400 GMT.

ArcelorMittal says facing risks like excess capex on proposed Essar acquisition

The company said it provided a $567 million performance guarantee in connection with the execution of the resolution plan.

Intellect Design bags multi-million $ deal win from Emirates NBD

Intellect Design Arena announced that Emirates NBD, UAE has selected the company for end-to-end digital transformation of its transaction banking business. The transformation is part of the banking group’s commitment to digitise operations, products and services, enhancing its proposition to corporate clients and retail customers. Supported by Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, the planned project is aimed at strengthening Emirates NBD Transaction Banking’s market leadership and will cover the bank’s operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom.

HP investors meet: 159 MoUs with Rs.17,000 crore investment commitment signed, says CM Jai Ram Thakur

Stating that such initiatives were never taken before in the state, the CM said efforts would be made to ensure clearances for projects faster.

Businesses underestimate the prospects of 5G technology: Accenture Study

The government/public sector has the lowest awareness of 5G, with 59 percent believing it will be 10 times faster than 4G.

BSE stock options: Sebi slaps Rs 32 lakh fine on 6 entities for fraudulent trade

After observing a large-scale reversal of trades in the bourse#39;s stock options segment, Sebi conducted a probe into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015.

GE chief Larry Culp sells biopharma business for $21 billion

Culp said the sale to Danaher, where he was chief executive for more than a decade until 2014, was a pivotal milestone in efforts to turn around the 126-year old conglomerate.

17 lakh names deleted from electoral rolls in Maharashtra

More names were likely to be deleted in the coming weeks as the process of authentication of voters was underway, the ECI official said.

Tata Elxsi collaborates with Portuguese company

Tata Elxsi and NOS announce the launch of the Digital Operations Transformation Toolbox for communication and entertainment service providers. DOTT 2.0 offers an intelligent operations automation framework built using open source technology for user-defined service definition, zero touch provisioning, validation and scheduling of field partners for provisioning and testing scenarios thus enhancing customer digital experience. It also provides an extensible roadmap for service rollout and monitoring use cases, enabling communication service providers to launch new services rapidly. At 1.57 pm, Tata Elxsi was trading at Rs. 905.65, up by 0.06%, with a volume of 6867 shares on the BSE.

RPP Infra Projects wins a new order of Rs.105.7 crore

RPP Infra Projects has secured a LoA (Letter of Acceptance) worth Rs. 105.7 crore from the Tamil Nadu Slum Clearance Board for construction of 972 tenements at Moorthingar Street in Chennai. This project falls under the prestigious Housing for All (PMAY) scheme of the Government of India. RPP lnfra’s order book at the end of Q3FY19 stood at over Rs. 1,555.00 crore & the company has won new orders worth over Rs. 490.00 crore after Q3FY19.

Benelli Leoncino 500, Imperiale 400 confirmed for India launch in 2019

After forging a new partnership with Adishwar Auto Ride India, the Italian manufacturer announced the launch of five new products in 2019.

JSPL lowest bidder in RVLNs 4.45 LT rail tender: MD

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.

India to get 5G by 2021, ban on certain vendors won’t delay roll out: Nokia

The companys CEO Rajeev Suri said that after leading markets like the US, South Korea, China, emerging markets including India, Latin America, and certain developed markets will see roll out of the next generation technology by 2021, where million of trade secrets will flow on the network; and security will be a top priority for businesses.

Adani Ports falls on acquisition plan of Adani Agro

Adani Ports and Special Economic Zone fell over 8% to Rs.323, after Adani Logistics, a unit of Adani Ports and SEZ on Saturday announced that it would be acquiring Adani Agri Logistics from Adani Enterprises in an all-cash deal.

KPR Mills to set up Ethanol plant in Karnataka

KPR Mills to set up Ethanol plant at sugar factory in Karnataka with a capacity of 90 kL/day. The Project cost is Rs. 120 crore. Production is expected to commence from next season. This will increase the value addition and reduce the volatility in the sugar business. The Bank finance towards the Project is eligible for 50% lnterest subsidy announced recently by the Central Government.

GST rates on under-construction houses cut to 5% from 12%

The Goods and Tax Council in its meeting on February 24, 2019 cut rates on under-construction properties from 12% to 5% with effect from April 1, 2019 for houses over Rs.45 lakh. The council also reduced GST rates on affordable housing to 1% from the current 8%. However, builders will not be allowed to claim input tax credit under the new GST tax norms.

JBM Group acquires major shareholding in German Auto Major Linde-Wiemann

JBM Group announced that it has acquired a major shareholding in Germany based Linde-Wiemann GmbH KG, a leading manufacturer of complex structural components & assemblies to automotive OEM’s worldwide.

Shilpa Medicare gets USFDA approval for Gemcitabine Injection

Shilpa Medicare received US Food and Drug Administration (USFDA) approval for its ANDA, Gemcitabine for Injection USP, 200 mg/vial and 1 g/vial Gemcitabine for Injection USP is a generic equivalent of reference listed drug (RLD), GEMZAR used in the treatment of ovarian cancer, breast cancer, non-small cell lung cancer & pancreatic cancer as recommended in the label approved by FDA. According to IQVIA MAT 12/2018, the US market for Gemcitabine for Injection USP, 200 mg/vial and 1 g/vlal is approximately US$ 11.7 Million.

Maruti Suzuki expands pre-owned sales network to 200 outlets

The company had relaunched upgraded True Value network with new brand and retail identity 19 months ago.

⇓ Subscribe with your email to get new updates[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Dropbox Inc forecasted drop in current-quarter operating margins

Dropbox expects drop in first-quarter operating margin, shares fall

File sharing and storage company Dropbox Inc shares down nearly 11% on 22nd Feb after forecasting drop in current-quarter operating margins.

TFM Watch

DROPBOX-RESULTS_original.jpg

(Reuters) – File sharing and storage company Dropbox Inc forecast a drop in current-quarter operating margins from a year earlier, sending its shares down nearly 11 percent in extended trading.

The weak margin outlook overshadowed a better-than-expected quarterly profit and revenue, and current quarter revenue forecast that came in above estimates.

“Margin guidance reflects conservatism,” DA Davidson analyst Rishi Jaluria said.

Some investors might be picking on the net additions of 400,000 paying customers, which was above consensus but fewer than last year, Jaluria said. Dropbox added 580,000 paying customers in the year-ago quarter.

Shares of the San Francisco-based company, which rallied more than 25 percent so far this year, were down 10.5 percent at $22.90 in extended trading.

Dropbox forecast first quarter adjusted operating margins between 7 percent and 8 percent, compared to 10.9 percent last year.

The company, which competes with Alphabet Inc’s Google, Microsoft Corp as well as Box Inc, forecast current-quarter revenue between $379 million and $382 million. Analysts were expecting $377 million.

Dropbox said it had 12.7 million subscribers as of Dec. 31, beating analysts’ average estimate of 12.54 million, according to FactSet.

The company reported average revenue of $119.61 per user, beating estimates of $118.8, according to IBES data from Refinitiv.

Started as a free service to share and store photos, music and other large files, Dropbox now offers a range of enterprise software services and is betting on international expansion for user growth.

Last month, the company said it would buy electronic signature company HelloSign for $230 million in cash, aiming to expand its portfolio of workflow-related products.

Quarterly loss narrowed to $9.5 million in Dropbox’s fourth financial report as a publicly traded company, from $37.7 million a year earlier. The company is yet to turn a profit, which is common for startups that invest heavily in growth.

Excluding items, the company earned 10 cents per share, beating estimates of 8 cents.

Total revenue rose 23 percent to $375.9 million, above estimates of $370 million.

Source: Reuters

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business News

Singapore’s OCBC reported its lowest quarterly profit in nearly two years

Singapore’s OCBC reported its lowest quarterly profit in nearly two years

OCBC’s weak earnings came from practically every part of its business coupled with a significant jump in its non-oil non-performing loans, Nomura analyst Marcus Chua said in a report.

TFM Watch

ocbc_original.jpg

SINGAPORE (Reuters) – Singapore’s Oversea-Chinese Banking Corp Ltd unexpectedly reported its lowest quarterly profit in nearly two years, pinning the blame on its insurance unit and saying a slowing economy will intensify challenging business conditions.

The result on Friday came as Singaporean banks gear up for tougher times after three years of strong loan growth as the city-state’s export-reliant economy slows, partly due to the impact of a trade war between the United States and China.

OCBC’s weak earnings came from practically every part of its business coupled with a significant jump in its non-oil non-performing loans, Nomura analyst Marcus Chua said in a report.

“A perfect storm found its way to OCBC’s earnings,” Chua said.

October-December net profit fell 10 percent to S$926 million ($684 million) from the same period a year earlier. The result compared with the S$1.17 billion average of four analyst estimates, according to data from Refinitiv.

Explaining the decline, OCBC said market uncertainty and a challenging environment particularly affected the investment portfolio of subsidiary Great Eastern Insurance Holdings Ltd.

In contrast, domestic peer United Overseas Bank Ltd (UOB) reported a 7 percent rise in fourth-quarter net profit on Friday. On Monday, Singapore’s biggest lender, DBS Group Holdings Ltd, posted an 8 percent profit increase.

OCBC’s share price fell 1.9 percent after the results while the broader benchmark index lost 0.4 percent. UOB was also down 1.8 percent, but DBS was up 0.6 percent.

“We expect Singapore’s commercial banking sector to face a more challenging operating environment in 2019, which will put further downside pressure on loan growth,” Fitch Solutions said in a report last month, citing a slowing Singaporean economy.

For all of 2018, Singapore’s biggest three banks reported record full-year earnings, supported by improved net interest margins and higher interest rates. Net profit rose 11 percent at OCBC, 18 percent at UOB and 28 percent at DBS.

“Looking ahead, global economic growth is expected to slow on concerns of continued trade and geopolitical tensions, subdued market and investment sentiments and rising policy risks in the advanced economies,” OCBC Chief Executive Samuel Tsien said in a statement.

($1 = 1.3535 Singapore dollars)

Source: Reuters

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Read more Business News

Daily Stock Picks and Reco’s – The Future Market’s watch window

Today Stock Picks and Research Calls from Experts & Agencies –

 26th Feb 2019

Research calls by Sharekhan Today:

  • Buy BankBaroda with target price of Rs.107 and time frame will be 1 to 10 Days.
  • Buy NTPC with target price of Rs.144 and time frame will be 1 to 10 Days.
  • Buy WOCKPHARMA with target price of Rs.411 and time frame will be 1 to 10 Days.
  • Buy GRAPHITE with target price of Rs.440 and time frame will be 1 to 10 Days.
  • Buy ESCORTS with target price of Rs.665 and time frame will be 1 to 10 Days.

Reliance Money Intraday Calls:

  • Buy Pidilite Industries Ltd at Rs.1088 with target price of Rs.1145 and a stop loss of Rs.1071.
  • Buy Ceat Ltd at Rs.1071 with target price of Rs.1110 and a stop loss of Rs.1057. Read more at:

Manas Jaiswal of manasjaiswal.com:

  • DCB Bank is a ‘Buy’ call with a target price of Rs.190 and a stop loss of Rs.178.
  • Equitas is a ‘Sell’ call with a target price of Rs.108 and a stop loss of Rs.117. Read more at:

Kunal Bothra independent market expert:

  • Bajaj Auto is a ‘Buy’ call with a target price of Rs.2925 and a stop loss of Rs.2800.
  • Cipla is a ‘Buy’ call with a target price of Rs 562 and a stop loss of Rs 540.

CK Narayan of Chart Advise

  • Kajaria Ceramics is a ‘Buy’ call with a target price of Rs.545 and a stop loss of Rs.528.
  • Apollo Hospitals is a ‘Buy’ call with a target price of Rs.1210 and a stop loss of Rs.1175.

5paise trading platforms todays intraday call:

  • Buy Bata India Ltd between Rs.1305-1313 with target price of Rs.1344 and a stop loss of Rs.1288.
  • Buy Balkrishna Industries Ltd between Rs.850-870 with target price of Rs.870 and a stop loss of Rs.842.
  • Buy REC Ltd between Rs.132-133 with target price of Rs.138 and a stop loss of Rs.129.Read more at:

Ashwani Gujral of ashwanigujral.com:

  • Buy HCL Tech with a stop loss of Rs.1060, target of Rs.1120.
  • Buy UPL with a stop loss of Rs.847, target of Rs.875.
  • Buy UltraTech Cement with a stop loss Rs.3700, target of Rs.3765.
  • Buy Infosys with a stop loss of Rs.748, target of Rs.770.
  • Buy Maruti Suzuki with a stop loss of Rs.6800, target of Rs.7200. Read more at:

Sudarshan Sukhani of s2analytics.com:

  • Buy Interglobe Aviation with stop loss at Rs.1105 and target of Rs.1135.
  • Buy NIIT Tech with stop loss at Rs.1300 and target of Rs.1340.
  • Buy Divis Labs with stop loss at Rs.1560 and target of Rs.1630.
  • Sell Canara Bank with stop loss at Rs.225 and target of Rs.221.
  • Sell Tata Chemicals with stop loss at Rs.570 and target of Rs.560.

Mitessh Thakkar of mitesshthakkar.com:

  • Buy Torrent Pharma with a stop loss of Rs.1790 and target of Rs.1840.
  • Buy HCL Tech with a stop loss of Rs.1069 and target of Rs.1115.
  • Buy YES Bank with a stop loss of Rs.224 and target of Rs.240.
  • Sell Aurobindo Pharma with a stop loss of Rs.721 and target of Rs.682.
Disclaimer: The views and investment tips expressed by investment experts are their own and not that of the website or its management. thefuturemarkets.com advises users to check with certified experts before taking any investment decisions.

Subscribe with your Email to get daily updates.[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

News should not be missed; Business Deals and Corporate Actions

6_7_6_1028676_Business-deals-work-together

Business Deals, Company Expansions, Stake Acquisitions and Corporate Actions – 18Th Feb – 20Th Feb

Tech Mahindra and Rakuten set up 5G Lab in Tokyo

-The Rakuten Cloud Innovation Laboratory; is a fully automated testing facility that aims to foster innovation across mobile network, IT digital architecture, cloud and enterprise applications, a statement said.

Crypto Exchange Coinbase buys Blockchain intelligence startup

-Neutrino’s technology will aid the crypto exchange to investigate and prevent cybercrimes.

TCS partners with Nanoheal to provide Digital Workspace Automation solution

-The combined solution to offer automated, proactive, self-healing device platform for error-free enterprise workspace.

RBI to inject Rs 12,500-cr liquidity via OMOs on February 21

-The eligible participants should submit their offers in electronic format on the RBI core banking solution (E-Kuber) system on February 21.

HCL Tech wins contract with EDF Luminus

-HCL Technologies won a five year IT infrastructure and application services contract with EDF Luminus, the second largest electricity producer and energy supplier in the Belgian energy market. HCL will help EDF Luminus to transform and modernize its IT infrastructure, applications landscape and will migrate its SAP portfolio to a public cloud environment.

Duke Offshore bags contract from Daewoo-Tata JV

-Duke Offshore has been awarded a prestigious contract by Daewoo – Tata projects Ltd JV to provide one initial high speed vessel to support construction for the Mumbai Trans Harbour Link project. The contract is for a period of 2 years with an extension option upto 30 months and will start in the month of February 2019.

Aarti Industries signs Rs.900 cr supply contract for specialty chemical intermediate

-The Mumbai-based company Aarti lndustries have signed a $125 million supply contract with a leading global chemical conglomerate. The contract entails supply of a high value specialty chemical intermediate for a period of 10 years. The plant is expected to commission in Q4 FY 2021, with average annual revenue of $ 12.5 million. The end use of the product is one of the major new growth initiative for the customer. The supply quantities of the contract will be used to seed the market and increase the potential market size of the product.

Alembic Pharma gets USFDA nod for Acetazolamide Extended-Release Capsules

-Alembic Pharmaceuticals has announced that it has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acetazolamide Extended-Release Capsules, 500 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Diamox Sequels, 500 mg, of Teva Branded Pharmaceutical Products R&D Inc. Acetazolamide Extended-Release Capsules, 500 mg is indicated for adjunctive treatment of: chronic simple (open-angle) glaucoma, secondary glaucoma, and preoperatively in acute angle-closure glaucoma where delay of surgery is desired in order to lower intraocular pressure. Acetazolamide extended release capsules are also indicated for the prevention or amelioration of symptoms associated with acute mountain sickness despite gradual ascent. Acetazolamide Extended-Release Capsules, 500 mg has an estimated market size of US$ 13.1 million for twelve months ending December 2018 according to IQVIA. Alembic has a cumulative total of 87 ANDA approvals (74 final approvals and 13 tentative approvals) from USFDA.

APL selects Majesco L&A and Group core suite

-Majesco has announced that American Public Life Insurance Company (APL) selected Majesco L&A and Group Core Suite platform as the foundation of its digital business transformation strategy.

Air France and KLM end power struggle, agree to closer ties

-Air France-KLM Chief Financial Officer Frederic Gagey said the Air France-KLM plan involves better coordination and closer sharing of activities such as purchasing.

Essel Propack gets inter corporate deposit

-Essel Propack has received Rs. 40 crore towards repayment of outstanding dues of Inter corporate deposit. Essel has already received Rs. 25.30 crore in last month. The balance amount is expected to be received by March 2019.

Strides gets USFDA nod for Ethosuximide Softgel Capsules

-Strides Pharma Science has announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Ethosuximide Softgel Capsules USP, 250 mg from the United States Food & Drug Administration (USFDA). The product was approved in the first review cycle by the USFDA in less than 10 months of filing under the GDUFA II regime. The product is a generic version of Zarontin Capsules, 250 mg, of Pfizer Inc.

ABB wins order from Indian Railways

-ABB has won its largest traction equipment order in India, worth more than Rs.270 crore to supply state-of-the-art converters for electric locomotives from Diesel Locomotive Works (DLW), in Varanasi. The converters are custom designed for Indian Railways and will be manufactured at one of ABB’s largest factories for locomotive applications in Nelamangala, near Bengaluru, in Southern India. ABB’s traction solution is based on the latest technology to bring more reliable trains to passengers, while increasing sustainable transport use by moving from diesel trains to electric. This helps rail operators to achieve significant operational improvements.

Graphite falls as KSPCB order to close Bengaluru unit

-Shares of Graphite India dipped over 3% touching to Rs. 398.35, after the Karnataka State Pollution Control Board (KSPCB) ordered the company to close operations at the Bengaluru plant completely. On December 17, the pollution control board had renewed its consent for operations of the company’s electrode plant till June 2020 on the condition that the company shifts its unit from the current location. The company, however, said immediate stoppage of furnaces could be hazardous due to high temperature prevalent in those. To comply with the aforesaid directions, the company said it will shut the furnaces in a phased manner. The management does not expect any material impact on its operations due to the closure order.

Time Techno bags order worth Rs.115 crore

-Time Technoplast has received a prestigious order from a Buyer in Europe for export of 500,000 Composite Cylinders with a total value of over Rs. 115 Crores. This order is planned to be executed by end of Calendar Year 2019. At 1.32 pm, Time Technoplast was trading at Rs. 86, up by 2.26%, with a volume of 0.11 lakh shares on the BSE.

Emami promoters sell 10% stake for Rs.1,600 crore

-Shares of Emami jumped nearly 12% touching to Rs. 398.8, after company promoters divested their stake in the company. The company promoters sold 10% stake in Emami Ltd in a block deal to raise Rs. 1,600 crore to a group of investors which includes SBI Mutual Fund, PremjiInvest, Amundi, IDFC and L&T Mutual Fund; promoters stake will come down to 62.7% from the current 72.7%. The stake sale proceeds will reduce promoter debt which was used in creation of assets like Cement, Solar Power etc.

Future Consumer inks MoU with Choithrams

-Future Consumer (FCL) has announced that company has entered into an arrangement with the Middle East’s leading chain of retail supermarkets, T Choithrams & Sons. FCL and Choithrams have identified an opportunity to strategically partner across the UAE, Bahrain and Qatar to bring FCL’s portfolio of leading brands to consumers across the Middle East. With a network of more than 60 supermarkets across UAE, Bahrain and Qatar, Choithrams will, under this arrangement, market, distribute and retail FCL brand products for sale through its own stores, as well as distribute FCL brands to other retail stores. Reacting to these news shares of the company rose over 3% touching to Rs.45.05. In terms of this arrangement, FCL will be leveraging Choithrams’ reach to export and distribute its core brands under various product categories, comprising initially the Tasty Treat, Sangi’s Kitchen, Desi Atta Company, Golden Harvest and Mother Earth.

Tata Steel sells indirect subsidiary Black Ginger

-TS Global Minerals Holding Pte Ltd, an indirect wholly owned subsidiary of Tata Steel, had entered into a pact with IMR Asia Holding Pte Ltd to divest its entire stake in Black Ginger.

Cipla to acquire 11.71% stake in Wellthy Therapeutics

-Under the agreement, a multi-lingual clinically-validated digital disease management platform will be made available to patients living with diabetes or cardiovascular diseases via doctors#39; clinics or co-packaging on select Cipla brands.

NLC India gains 2% as co joins hands with NHPC on power trading

-This MoU will create win-win situation for the generators and bulk consumers.

PNC Infratech wins project worth Rs.186 crore

-PNC Infratech has received an order from PWD for a project worth Rs 186.48 crore

Tech Mahindra gains ahead of board meeting

-Shares of Tech Mahindra rose by 3% to Rs.822.5, as board to meet on February 21, 2019, to consider a proposal to buy-back equity shares of the company.

L&T arm wins over Rs 7,000-cr contract for building major airport

-The engineering and construction company, however, did not provide the exact value of the contract; but specified that as per its classification, the mega project is in the range of over Rs 7,000 crore. L&T Construction has secured a mega contract for design and construction of a major airport. The Engineering, Procurement and Construction orders have been secured to execute development works of a major airport. The scope of work includes design, engineering, procurement and construction of Passenger Terminal Building, a new runway, rehabilitation of a runway, taxiways and aprons, a new elevated eastern cross taxiway, landside roads, utility infrastructure, drainage and modifications for the existing Terminal. The project involves baggage handling systems, passenger boarding bridges, airport security systems, visual docking guidance systems, vertical horizontal ransportation, airfield ground lighting, mechanical, electrical and plumbing works. This will increase the existing capacity to 40 Million Passenger Per Annum (40MPPA).

Glenmark gets USFDA nod for Clobetasol Propionate Foam

-Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam, 0.05%, a generic version of Olux®1 Foam, 0.05%, of Mylan Pharmaceuticals, Inc. As per the IQVIATM sales data for the 12 month period ending December 2018, the Olux Foam market achieved annual sales of approximately USD 50.9 million.

JSPL bags additional order from Indian Railways

-Jindal Steel & Power Ltd (JSPL) has been awarded an additional order for supply of 30,000 tonnes under the same global tender. The additional order enhances the order size by over 30%, with the overall order size now estimated at around Rs.650 crore. So far JSPL has supplied close to 62,400 Tonnes of Rails out of the earlier order, and is in track to complete the 1 lakh Tonne order ahead of time.

Varun Beverages board to raise fund via QIP

-Varun Beverages board to meet on February 26, to enter into a binding agreement with Pepsico India Holding Private Limited (‘Pepsico’) to acquire franchise rights of South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 states and 5 Union Territories. Adding further board will also consider raising of capital through Qualified Institutions Placement (QIP).

Titagarh Wagons’ Italian arm bags order worth Rs.1,741 crore

-Titagarh Wagons has announced that Titagarh Firema S.P.A., the wholly owned Subsidiary of the Company in Italy (‘TFA’), has been awarded the Letter of Acceptance for design, manufacture and supply of 54 units of Metro for Ferrovia Circumetnea, Italy. The total value of the LoA is Euro 216 million equivalent to Rs.1,740.60 crore approx. The order book of TFA stands at Euro 320 million, equivalent to Rs.2578.56 crore approx.

VBL board okays plans to acquire PepsiCo franchise rights in South, West India

-The board has approved the companys intent to enter into a binding agreement with PepsiCo India Holdings to acquire franchise rights in the two regions for a national bottling, sales and distribution footprint in seven states and five UTs, Varun Beverages Ltd (VBL) said in a regulatory filing.

Coal India subsidiaries to donate Rs.1.75 cr to martyr’s family

-Vijay Soreng was a resident of Pharsma village in Jharkhand’s Gumla district and he was among the 40 CRPF personnel killed in Pulwama terror attack on February 14.

Indian Oil signs first annual deal to buy up to 3 million tonnes US oil

-State-run IOC had previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January.

TVS pays homage to spirit and attitude of Indian soldiers with launch of Star City; Kargil Edition;

-TVS says the design is inspired from the snow peaks, rough terrains and disciplined lives of the soldiers who serve the country day and night.

Maruti Suzuki limits use of metals like lead, mercury in its models

-With the implementation of International Material Data System (IMDS), the company will be able to meet international norms and quantify recoverable and recyclable materials in its vehicles, MSI said in a statement.

⇓ Subscribe with your email to get new updates[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Mid-Day Market updates – TFM’s watch window

Mid-Day Market updates – 18th Feb 2019 – Noon Market, Buzzing Stocks and PreMarket

Midday-Market-Report.jpg

Buzzing Stocks on Market Today

  1. Titagarh Wagons surges 7% as co wins order worth Rs.1740cr – 12:40am
    The total value of the LoA is Euro 216 million equivalent to Rs.1740.60 crore approximately.
  2. Varun Beverages rises 4% on plan to acquire franchise rights from PepsiCo – 12:19am
    Board approved to convene meeting of the board of directors on February 26, 2019 to consider raising of capital through qualified institutions placement (QIP).
  3. Lumax Auto Technologies gains 6% as co receives LOI from OEM – 11:36am
    The deliveries will commence from Q4 FY20, company said in release.
  4. Paramount Communications rises nearly 3% on orders win worth Rs.69.5cr – 11:13am
    The share touched its 52-week high Rs 17.55 and 52-week low Rs.8.76 on 11 May, 2018 and 22 November, 2018, respectively.
  5. JSPL gains 3% on order win from Indian Railways – 11:00am
    The additional order enhances the order size by over 30%, with the overall order size now estimated at around Rs.650 crore.
  6. IndusInd Bank gains after Deutsche Bank sees 29% upside in stock – 10:45am
    Management acknowledged that ILFS was a one-off mistake, but exposure to any specific industry is capped at 5 percent, the brokerage said.
  7. While maintaining overweight call on the stock with a price target at Rs.830, global brokerage house Morgan Stanley said the buyback could be its first ever and positive for sentiment.

  8. GSK Consumer Healthcare falls 2% after Credit Suisse downgrades, cuts price target – 10:20am
    The brokerage also slashed its price target by 7.4% to Rs.8,330 from Rs.9,000 apiece earlier as healthy volume growth and margin tailwinds may be behind.
  9. Glenmark Pharma rises 4% on USFDA final approval – 9:30am
    The share touched its 52-week high Rs.711.55 and 52-week low Rs.483.60 on 10 September, 2018 and 30 May, 2018, respectively.

ETMarket’s Noon Market update: Bank shares mixed; YES Bank down 2% – 12:00AM

Benchmark NSE Nifty50 index was down 68.15 points at 10,656.25 while the BSE Sensex was down 221.69 points at 35,587.26

Bank shares were trading on a mixed note in Monday’s morning session.

Shares of RBL Bank (up 1.39%), Federal Bank (up 1.06%), Bank of Baroda (up 0.79%) and State Bank of India (up 0.70%) were the top gainers in the index.

YES Bank (down 2.26%), IDFC First Bank (down 1.91%), ICICI Bank (down 0.39%) and Axis Bank (down 0.35%) were trading lower.

The Nifty Bank index was trading 0.09 per cent down at 26,769.45 around 11:52 am.

Benchmark NSE Nifty50 index was down 68.15 points at 10,656.25 while the BSE Sensex was down 221.69 points at 35,587.26.

Among the 50 stocks in the Nifty index, 12 were trading in the green, while 38 were in the red.

Noon Market Update: Markets remain in red. Sensex down 170 points – 1:00AM

Indian stock markets were trading lower led by IT, FMCG and automobile stocks. At 1.04 pm, Sensex slipped by 0.40% or 178 points to 35630. The Nifty dipped by 0.48% or 52 points to 10672.

The broader market indices too were trading in line with the benchmark peers

Asian stock markets were mostly in positive on February 18, with trade talks between the US and China set to continue in Washington this week after high-level meetings in Beijing concluded last week.

Pre-market: Indian stocks may open higher as sentiments improve on US-China trade talk hope – 09:00AM 

Indian stocks are expected to open higher on February 18, 2019 as hopes of a deal between the US and China over trade boosted sentiments.

Nifty futures traded 0.23% down at 10,779 on Singapore’s SGX Exchange.

Global Markets

Asian stocks traded higher on optimism over US-China trade meeting in Washington.

US stocks ended higher as policymakers sounded hopeful of progress between the US and China on trade front.

Oil

Crude oil prices rose to three-month high on increase in supply cuts by Saudi Arabia.

Stocks to watch

Dr Reddy’s Laboratories: US regulators clear DRL’s Duvvada plant for exports

Yes Bank: RBI threatened action against the lender’s decision to disclose parts of Risk Assessment Report.

BPCL: Company’s arm executes sale purchase agreement with Mozambique LNG1 for 15-years.

Disclaimer: The views and investment tips expressed by investment experts are their own and not that of the website or its management. thefuturemarkets.com advises users to check with certified experts before taking any investment decisions.

Subscribe with your Email to get daily updates.[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Indian wealth manager Edelweiss signs MoU with Bank of Singapore to form a strategic partnership

Edelweiss.jpg

Edelweiss, Bank of Singapore sign MoU for strategic partnership

“This is the first time that an Indian wealth manager of Edelweiss’ size and stature is partnering with an offshore private bank,” Edelweiss Financial Services said in a BSE filing.

PTI @moneycontrolcom

Edelweiss Group on Thursday said it has signed a memorandum of understanding (MoU) with Bank of Singapore to form a strategic partnership to provide clients of both entities the opportunity to access their respective product platforms.

“This is the first time that an Indian wealth manager of Edelweiss’ size and stature is partnering with an offshore private bank,” Edelweiss Financial Services said in a BSE filing.

Bank of Singapore had previously signed similar strategic partnerships with two financial institutions – one from Japan and another from Switzerland.

Shares of Edelweiss Financial Services were trading 2.94 percent lower at Rs 123.80 apiece on BSE.

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]

Ashok Leyland has lined up investments around Rs.1,000 crore as capital expenditure (capex) for FY20

ashok.jpg

Ashok Leyland has lined up investments around Rs 1,000 crore as capital expenditure (capex) for FY20

Ashok Leyland, the country’s third biggest commercial vehicle producer, has lined up investments for a slew of projects for FY20 even as the truck and bus maker gets busy to expand its portfolio in the light-duty segment.

The Chennai-based company will be investing around Rs 1,000 crore as capital expenditure (capex) next financial year. These would be in areas of electric vehicles, light commercial vehicles and capacity enhancement programs.

In the current financial year the company has already spent Rs 600 crore towards capex by end of December and a further Rs 200-300 crore is earmarked for the current quarter, a top company official said. The official added that a final call on the size of the investment will be taken before end of March.

One the biggest areas of focus for the company will be the light and intermediate commercial vehicle segment. Through an investment of Rs 400 crore the company is readying a roll-out of a series of products including a new model range under a new brand between now and end of FY21.

“A new range under Pheonix which will be completely different from the current range will be launched in about one and one and half years in the LCV segment. In will not be in the sub-1 tonne segment. We will expand in four and seven tone segment. We will be moving down from the 12 tonne segment and moving up from 1.25 tonne segment”, said Gopal Mahadevan, chief financial officer, Ashok Leyland. This range will debut directly in the Bharat Stage VI version.

Competition

On February 18, Ashok Leyland would be launching a couple of trucks namely the Guru 10 tonne. The launch would help bridge the product gap in the ICV segment. Rival Mahindra and Mahindra recently launched the Furio range of ICVs which are in the 12-14 tonne range category.

Tata Motors is also sprucing up presence in this segment.

“We are not yet fully matured in the LCV industry. We have lots of offering to make in the ICV segment also. Our ICV share has gone up from 10-12 percent about five years ago to 22 percent now. LCV business for us will be as big as bus segment. With these launches we will cover the whole portfolio in the LCV and ICV range. This is going to be a huge advantage going forward for us,” added Mahadevan.

The LCVs won’t be restricted to just the Indian market. Over the course of next 6-12 months Ashok Leyland would be developing and exporting them left hand drive markets. The LCV segment is bigger for Ashok Leyland than the bus segment in revenue terms. Ashok Leyland has a capacity to make 75,000 units a year.

This has forced the company to enhance capacity at its manufacturing plants. “We are augmenting capacity at Hosur plant. Instead of investing Rs 300 crore for a new paint shop we invested around Rs 35 crore to double the capacity through some in-house innovation,” added Mahadevan.

Source: MoneyControl.com

⇓ Subscribe[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#362e77″ custom_text_button_color=”#ffffff” submit_button_text=”Subscribe” submit_button_classes=”wp-block-button__link has-text-color has-white-color has-background has-dark-blue-background-button-color” show_subscribers_total=”false” ]