Volkswagen’s 5.9 billion euros annual savings goal may cut around 7,000 workforces

Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help the Wolfsburg, Germany-based carmaker to cut its workforces between 5,000 and 7,000 positions.

By Reuters @moneycontrolcom

TFM News

Volkswagen on March 13 stated it will reduce its workforce by up to 7,000 staff, raise productivity and eke out 5.9 billion euros worth of annual savings at its core Volkswagen brand by 2023 in a bid to raise Volkswagen’s operating margin to 6 percent.

Volkswagen has ruled out compulsory layoffs until 2025, but early retirement will help the Wolfsburg, Germany-based carmaker to reduce its workforce between 5,000 and 7,000 positions, the carmaker said.

“The measures from the earnings improvement programme will enable our brand to achieve a competitive return level of six percent in 2022,” Arno Antlitz, Volkswagen brand’s board member for controlling, said in a statement.

Source: Reuters @MoneyControl

– TFM News

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Boeing 737 MAX planes restricted in Indian airspace following Ethiopian crash

  • Indian civil aviation ministry had stated late on Tuesday that it would ground 737 MAX immediately.
  • Jet Airways Ltd and SpiceJet Ltd, two top Indian airlines, operate Boeing 737 MAX 8 aircraft.
  • It has not detailed the types involved, but FlightRadar24 data shows its five once-active 737 MAX jets were grounded before the Ethiopian crash.

By ReutersTFMNews

BENGALURU (Reuters) – India will not allow U.S. plane maker Boeing Co’s 737 MAX aircraft to enter or transit its airspace after 1030 GMT, the ministry of civil aviation said on Wednesday, following the fatal crash of a plane of the same type in Ethiopia on Sunday.

“The time line is to cater to situations where aircraft can be positioned at maintenance facilities & international flights can reach their destinations,” the ministry said in a tweet.

Indian civil aviation ministry had stated late on Tuesday that it would ground 737 MAX immediately.

Jet Airways Ltd and SpiceJet Ltd, two top Indian airlines, operate Boeing 737 MAX 8 aircraft.

SpiceJet suspended operations of the 737 MAX after the regulators decision to ground the aircraft, the airline’s spokesman stated on Wednesday.

It expects to complete grounding of the Boeing jets by the 1030 GMT deadline. The airline has 13 737 MAX jets in its fleet, according to FlightGlobal.

Jet Airways, in a response to customer queries on Twitter, said it was not flying the 737 MAX.

The airline, which is struggling financially, has said that 32 of the planes in its fleet have been grounded for non-payment to lessors.

It has not detailed the types involved, but FlightRadar24 data shows its five once-active 737 MAX jets were grounded before the Ethiopian crash.

The European Union’s aviation safety regulator has already suspended all flights in the bloc by Boeing 737 MAX planes, joining a wave of suspensions of the aircraft across the globe.

SpiceJet’s shares plunged as much as 8.8 percent to their lowest since Dec. 11, before recovering to trade down 2.9 percent later in the day. Jet fell as much as 3.4 percent.

Shares of low-cost airline InterGlobe Aviation, which does not fly 737 MAX jets, rose as much as 4.4 percent.

Source: Reuters

– TFM News

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Dh28 billion surplus in 2018 revenue: UAE Govt

UAE Govt reported Dh28 billion surplus in 2018 revenue

The surplus surge is accredited to the rise in the UAE government’s revenues.

By GulfnewsTFMNews

Abu Dhabi: The UAE government’s surplus posted Dh28 billion in the first nine months of 2018, according to the latest figures released by the Federal Competitiveness and Statistics Authority.

The surplus increase is attributed to the rise in the UAE government’s revenues, which hit Dh304.5 billion in 2018’s first nine months, an increase of 4.8 percent compared to the same period of 2017.

Meanwhile, the expenditures increased from Dh259.3 billion to Dh276.2 billion during the same monitoring period. Total current expenditure as well as capital expenditure also increased by 4.8 per cent in the third quarter of 2018, resulting in the net operating balance recording a deficit of Dh2.5 billion in the third quarter of 2018, compared to a surplus of Dh21.7 billion in the previous quarter.

Oil prices improvements in the second and third quarters of 2018 as well as ongoing fiscal reforms have contributed to diversifying non-energy revenues sources, raising the total government revenues.

Source: GulfNews

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Alibaba invests $693 million by acquiring 14% stake in China’s STO Express

Stakes in STO Express shot up when trading opened and immediately hit the upper 10 percent limit on the Shenzhen Stock Exchange, according to Refinitiv data.

By ReutersTFM News

An STO Express Co Ltd delivery vehicle in Guangzhou. Image: China Daily

SHANGHAI (Reuters) – Alibaba Group Holding Ltd will take a 14 percent stake in STO Express Co Ltd through a $693 million deal, the e-commerce giant’s fourth significant investment in a Chinese courier company.

Shares in STO Express shot up when trading opened and immediately hit the upper 10 percent limit on the Shenzhen Stock Exchange, according to Refinitiv data.

STO Express said in a statement on Monday its controlling shareholder planned to set up a new subsidiary that will own a 29.9 percent stake in the courier firm.

Alibaba will in turn invest 4.66 billion yuan ($693.44 million) for a 49 percent stake in the new subsidiary, and by extension hold more than 14 percent of STO Express, the statement said.

Alibaba, in a separate statement, confirmed its investment in “one of the top five express delivery companies in China”.

“We will deepen our existing collaboration with STO in technology, last-mile delivery across China and New Retail logistics,” it said.

“This investment is a step forward in our pursuit of the goal of 24-hour-delivery anywhere in China and 72 hours globally,” Alibaba added.

STO Express is Alibaba’s 4th venture in the Chinese courier sector after it acquired minority stakes in YTO Express Group Co Ltd, Best Inc and ZTO Express (Cayman) Inc. STO Express is one of several companies that works with Alibaba under Cainiao, its logistics division launched in 2013.

Cainiao provides software and shares data with warehouses, carriers and other logistics companies that help deliver packages to shoppers on Tmall and Taobao, Alibaba’s largest e-commerce sites. Cainiao works with a number of logistics companies to ensure packages are delivered and vendors paid, but relationships between Cainiao and its partners have at times been uneasy.

In 2017, Cainiao temporarily barred Chinese courier SF Express from taking deliveries from Alibaba’s e-commerce vendors in a dispute over the ownership of customer data.

Source: Reuters

– TFM News

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Saudi stands by OPEC supply cuts; Oil price rose more than 1%

Saudi stands by OPEC supply cuts; Oil price rose more than 1%

Saudi Energy Minister Khalid al-Falih told Reuters on Sunday it might be too early to alter a production curb written agreement united by the Organization of the fossil fuel commerce Countries and allies as well as Russia before the group’s meeting in June.

By Reuters – TFM News

NEW YORK (Reuters) – Oil prices rose more than 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June.

Brent crude futures were up 84 cents, or 1.28 percent, to settle at $66.58 a barrel.

U.S. West Texas Intermediate (WTI) crude futures rose 72 cents, or 1.28 percent, to settle at $56.79 a barrel, a 1.28 percent.

Saudi Energy Minister Khalid al-Falih told Reuters on Sunday it might be too early to alter a production curb written agreement united by the Organization of the fossil fuel commerce Countries and allies as well as Russia before the group’s meeting in June.

“The Saudis continue to take a proactive approach to get supply and demand in better balance,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

Oil markets have been supported this year by the ongoing supply cuts by the group called OPEC+, which has pledged to cut 1.2 million barrels per day (bpd) in crude supply since the start of the year to prop up prices.

The cluster can meet on April 17-18, with another gathering scheduled for June 25-26, to discuss supply policy.

OPEC is expected to review global oil demand and supply balance as the group maintains production cuts during the April meeting, a senior Gulf oil official said on Monday.

“We want to see commercial stocks down,” the official said on the sidelines of IHS Markit’s CERAWeek energy conference.

The official added that global crude and oil products stocks should fall back to a five-year average, a target the group had set to drain a global oil glut.

In addition, a Saudi official said the country planned to cut crude oil exports in April to below 7 million barrels per day.

Prices were also buoyed by U.S. energy services firm Baker Hughes latest weekly report showing the quantity of rigs drilling for brand spanking new drilling within the us fell by 9 to 834.

But the Paris-based International Energy Agency said in an outlook on Monday that crude output in the United States will rise nearly 2.8 million bpd to 13.7 million bpd in 2024 from about 11 million bpd in 2018.

U.S. oil production could become less responsive to crude prices as major oil companies expand operations in the nation’s shale fields, IEA officials said at the CERAWeek energy conference in Houston on Monday.

Markets were pressured after U.S. employment data on Friday raised concerns that an economic slowdown in Asia and Europe was spilling into the United States.

“Brent prices have struggled to push firmly above $65/bbl in part because a strong U.S. dollar remains a major headwind for commodity prices. In addition, global GDP growth has been soft and oil demand has yet to pick up seasonally,” Bank of America Merrill Lynch said in a report.

But citing the OPEC+ cuts and low global stocks, the bank predicted prices for Brent would reach $70 a barrel this year.

Source: Reuters

– TFM News

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Private equity and venture inflows jumped 51% to $2.6 bn, exits at $472 mn in Feb

Private equity and venture inflows jumped 51% to $2.6 bn, exits at $472 mn in Feb

According to the data collated by consultancy Monday, February saw investments worth $2.6 billion across 61 deals and exits worth $472 million involving 10 deals.

PTI @moneycontrolcomTFM News

Private equity and venture capital investments jumped a healthy 51 percent in February to touch $2.6 billion, driven by higher number of large deals, says a report.

According to the data collated by consultancy Monday, February saw investments worth $2.6 billion across 61 deals and exits worth $472 million involving 10 deals.

Both investments and exits were supported by improvement in deal activity in listed securities as stability in financial markets after the volatility in the previous few months, it noted.

It observed that February saw nine large deals worth $1.8 billion as against four large deals worth $655 million in February 2018 and four large deals totalling $1 billion in January 2019.

Softbank and Carlyle‘s $415 million investment in Delivery was the largest deal in the month and also the largest PE/VC deal in the logistics sector ever, it said.

During the month, two buyouts worth $262 million compared to four buyouts worth $273 million a year ago.

Startup investments stood at $156 million across 32 deals, down 52 percent from $325 million across 31 deals.

Credit investments were at $548 million, the highest in previous 12 months on the back of a $350-million debt funding into renew power by Overseas Private Investment Corporation of the US government, it said.

Financial services was the top sector with $712 million across 13 deals in February 2019 as against $619 million across 13 deals in February 2018, followed by logistics with $470 million across four deals as against one deal of $2 million in February 2018, recording its highest ever monthly investment on the back of the large investment in Delivery.

E-commerce with $35 million across five deals against $362 million across nine deals a year ago, which is generally among the top sectors recorded a sharp decline in deal value, it observed.

It noted that exits were at $472 million, almost three times the value recorded in February 2018, on the back of a rebound in open market exits in wake of the volatility in the stock markets subsiding.

There were four open market exits worth $351 million, more than three times the value recorded in the same month last year and highest in past six months, it said, adding there was also one PE-backed IPO that saw Goldman Sachs and Kuwait Investment Authority-backed Chalet Hotels listing.

The largest exit in the month saw Bain Capital and GIC selling 5 percent in Genpact for $324 million, it added.

It observed that funds worth $285 million were raised and fund raise plans worth $779 million being announced. India Life Sciences Fund raised $250 million for its third fund was the largest fund raising.

“With large investments by Softbank and buyouts by funds like Blackstone, True North, Aion, the appetite of PE/VC funds for deals appears to be strong, notwithstanding prevailing uncertainties around global growth and impending general elections beginning next month.

Underlying deal activity remains robust across large and mid-sized deals, although valuations appear to have corrected for many sectors compared to pre-September 2018 levels. We think 2019 could very well be one of the best vintages year for Indian PE/VC investments,” EY partner and national leader for PE Services, Vivek Soni said.

Source: MoneyControl

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India’s Jet Airways raised Rs.2,050 crore ($293 million) loan from PNB

India’s Jet Airways raised Rs.2,050 crore ($293 million) loan from PNB

Jet Airways secured foreign currency term loan worth Rs.1,100 crore and a non-fund based credit facility of Rs.950 crore from Punjab National Bank.

TFM News

Jet Airways has secured capital worth Rs.2,050 crore from Punjab National Bank (PNB) in a bid to provide temporary support to the carrier. The airline raised foreign currency term loan worth Rs.1,100 crore and a non-fund based credit facility of Rs.950 crore from PNB, Mint reported.

This credit has been raised in two trenches through separate contracts with PNB. Under one contract, the airline received credit of Rs.1,050 crore, including a term loan worth Rs.350 crore and a non-fund based facility of Rs.700 crore, the report said. With the second contract came credit worth Rs.1,000 crore, including a term loan of Rs.750 crore and a non-fund based facility of Rs.50 crore.

It is unclear how the carrier will use this credit. While assumption is that the funds will be used for its working capital needs, sources told the newspaper that the airline wants to use the money to clear dues to aircraft lessors and pay staff salaries.

This capital infusion may prop up Jet Airways’ credit rating and help resume flights that have been cancelled ever since at least 49 of its planes were grounded in February.

“The loan has been raised in dollars at a stronger rupee as compared to the value of the rupee now. So, there is a cost arbitrage, which could help the company repay larger rupee loans,” a source cited earlier said.

The term loans have a five-year repayment tenure, but their interest rates are varied. The Rs.750 crore loan has been extended at a rate of 12-month Libor plus five percent and a yearly reset. For the Rs.300 crore term loan, it is six-month Libor plus 3.5 percent and a half-yearly reset.

The airline can sell down Rs.250 crore of the term loans to investors according to the agreement. “The non-fund based facility can be later converted to current account credit facility and be used to fund operations or meet other dues,” the source added.

To avail of the loan, Jet Airways had to create a trust and retention account (TRA) through a tripartite agreement with PNB and ICICI Merchant Services. This mechanism is used to protect banks and lenders against defaults by insulating the project’s cash flows.

Under this pact, the TRA agent has to make all payments to lenders directly, without the borrower’s intervention. This includes managing the project’s operation and maintenance expenses, maintaining a debt servicing reserve and a separate cash reserve for operational spending.

Jet Airways had a debt of Rs.9,600 crore as of December 31. It has incurred a total loss of Rs.3,200 crore in the nine months through December, with a negative net worth of Rs.10,370 crore.

Source: MoneyControl

– TFM Watch

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Delta Corp arm to acquire Jalesh Cruises Mauritius for $10 million

Delta Corp arm to acquire Jalesh Cruises Mauritius for $10 million

Delta Corp said that its wholly owned subsidiary, Gaussian Software, has entered into an agreement on 8 March 2019 to subscribe 10,000,000 equity shares of Jalesh Cruises Mauritius (JCML) for $10 million.

TFM News

Delta Corp rose 1.20% to Rs.257.50 at 9:22 IST on BSE after the company said it signed an agreement to acquire Jalesh Cruises Mauritius for $10 million. The announcement was made after market hours on Friday, 8 March 2019.

Meanwhile, the S&P BSE Sensex was up 232.55 points, or 0.63% to 36,903.98.

On the BSE, 16,000 shares were traded in the counter so far compared with average daily volumes of 1.60 lakh shares in the past two weeks. The stock had hit a high of Rs 260.10 and a low of Rs 257 so far during the day. The stock hit a 52-week high of Rs 324.50 on 13 March 2018. The stock hit a 52-week low of Rs 198.10 on 20 July 2018.

Delta Corp said that its wholly owned subsidiary, Gaussian Software, has entered into an agreement on 8 March 2019 to subscribe 10,000,000 equity shares of Jalesh Cruises Mauritius (JCML) for $10 million. The acquisition is proposed to be completed in one or more tranches and the company is expected to hold over 25% stake in JCML.

JCML, promoted by Amit Goenka, proposes to acquire cruise ships and operate cruise services to various destinations from India and the Middle East. The cruise ships will have various entertainment and hospitality avenues, including casinos and gaming centres. As a part of the investment, the company has also obtained the right to be the preferred partner to manage and operate t he casinos and similar gaming centres on such cruise ships through its group companies. JCML was incorporated on 16 December 2011 under the laws of Mauritius to undertake investment business, and has NIL turnover from such activities in the last three financial years.

The transactions contemplated in the agreement are expected to be completed by 30 June 2019, in one or more tranches, subject to completion of conditions precedent, and do not require statutory/regulatory approvals. The proposed transactions are not related party transactions and none of the company’s promoters/promoter group is related to JCML.

On a consolidated basis, net profit of Delta Corp rose 12.94% to Rs 50.53 crore on 26.91% rise in net sales to Rs 205.81 crore in Q3 December 2018 over Q3 December 2017.

Delta Corp is engaged in casino (live, electronic and online) gaming industry in India. The company, along with its subsidiaries, currently own and operate casinos in Goa and Sikkim. It has also partnered with the fast-growing online gaming space through its acquisition of Gauss Networks, which operates the online poker site ‘Adda52.com’.

Source: Business-Standard

– TFM Watch

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MARKET UPDATE | Closing Bell: Nifty ends above 11,150, Sensex gains 382 pts; metal stocks outperform

MARKET UPDATE | Closing Bell: Nifty ends above 11,150, Sensex gains 382 pts; metal stocks outperform | The Future Markets

TFM News | http://www.thefuturemarkets.com

Mar 11, 03:35 PM (IST)

Market at close: Indices ended on strong note on Monday as bulls took charge of the Dalal Street with Sensex closed above 37,000, while Nifty finished above 11,150 mark.

The Sensex was up 382.67 points at 37054.10, while Nifty was up 132.60 points at 11168. About 1735 shares have advanced, 911 shares declined, and 163 shares are unchanged.

Bharti Airtel, HPCL, BPCL, Eicher Motors and Bharti Infratel were the top gainers on the Nifty, while losers include NTPC, Zee Entertainment, TCS, Tech Mahindra and HCL Tech.

Except IT index, all other sectoral indices ended in green led by auto, energy, infra, metal, PSU bank, pharma and FMCG.

Mar 11, 03:19 PM (IST)

Godfrey Phillips gains: Shares touched 52-week high of Rs 1,042.50, rising 9 percent intraday Monday after company clarified on the news report about violation of the Foreign Direct Investment (FDI) laws by the company.  MoneyControl

Mar 11, 03:09 PM (IST)

Indian Metals & Ferro Alloys has entered into a Joint Development Agreement with Adventz Finance to develop the property situated at No.44, Chowringhee Road, Kolkata.  MoneyControl

Mar 11, 02:53 PM (IST)

Global Market Check: Boeing shares down by nearly 9 percent in the premarket

US stock index futures traded mixed on Monday morning with investors still digesting weak jobs data from the previous session.

Boeing shares were down by nearly 9 percent in the premarket. This comes as its fastest-ever selling aircraft sparks safety concerns after an Ethiopian Airlines 737 MAX jet crashed shortly after takeoff on Sunday, killing everyone on board. CNBC TV18

Mar 11, 02:22 PM (IST)

Sadbhav Infra shares rally on report of road asset sale

Shares of Sadbhav Infrastructure Project (SPIL) rose nearly 12 percent on Monday on a report that Canada Pension Plan Investment Board is in advanced talks to acquire 12 operating road assets of the company in a deal worth $400-$500 million (about Rs 3,000 crore).

Sadbhav Infra shares jumped as much as 11.7 percent to Rs 103 per share in early trade. At 1:37 PM, shares of the company traded up 7 percent at Rs 98.65 per share on NSE.  CNBC TV18

Mar 11, 02:18 PM (IST)

IFCI gains 5%: IFCI shares rallied 5 percent after the company exit from two large exposures in thermal power sector.  MoneyControl

Mar 11, 01:56 PM (IST)

RITES declares dividend: The board of directors of the company declared an interim dividend at the rate of 40% of paid up share capital (Rs 4 per share of Rs 10 each).  MoneyControl

Mar 11, 01:49 PM (IST)

DHFL down 6%; at day’s low after downgrade coming in from Brickworks

Shares of Dewan Housing Finance Corporation (DHFL) were down 6 percent in intra-day trade on the BSE after Brickwork Ratings (BWR) on March 8, 2019 downgraded DHFL’s various debt instruments by one notch, citing de-growth in business on account of inability to raise funds.  CNBC TV18

Mar 11, 01:15 PM (IST)

IDBI Bank looks to sell bad loans worth Rs 1,353 crore by March-end

IDBI Bank is looking to sell all six non-performing assets (NPAs) worth Rs 1,353 crore by the end of March, multiple sources familiar with the matter told CNBC-TV18.

The lender is planning to sell bad loans to banks, financial institutions or asset restructuring companies as it steps up efforts to recover dues from loan offenders, said the above mentioned sources on condition of anonymity.  CNBC TV18

Mar 11, 01:14 PM (IST)

Birla Corp shares drop up to 14% following NGT order

Shares of Birla Corporation slumped up to 14 per cent during intra-day trade on Monday after National Green Tribunal (NGT) ordered the firm to stop all mining activities being carried on within the municipal limits of Chittorgarh City. On BSE, the scrip after opening on a negative note further declined 14.11 per cent to Rs 485.10 during the day.  ET Markets

Mar 11, 12:57 PM (IST)

CG Power shares rally over amalgamation, promoters’ stake pledge

Shares of CG Power surged 8 percent on Monday after the company’s board approved amalgamation of unit CG Power Solutions with itself and following the promoters’ stake pledge. CG Power’s promoter, Avantha Holdings Ltd, has invoked to pledge all the equity shares by Vistra ITCL, which means 100 percent of promoter stake is pledged.  CNBC TV18

Mar 11, 12:54 PM (IST)

Just In | Kalpataru Power Transmission Limited has secured new orders of Rs.1,288 Crores. The details are as follows:
• Transmission & Distribution business has secured projects of Rs 771 crore primarily in international markets
• Two projects in Oil and Gas business totalling Rs 517 crore 
MoneyControl

Mar 11, 12:48 PM (IST)

Barring IT, all indices trade higher

Mar 11, 12:40 PM (IST)

Premature to call current market gains as pre-election rally, says Saurabh Mukherjea

Saurabh Mukherjea, the founder of Marcellus Investment Managers, is of the view that it would be premature to call the current market rally as a pre-election rally. “It could be that the Indian market is basically catching up with the global market rally,” he said in an interview with CNBC-TV18.

Mar 11, 12:19 PM (IST)

Nikkei bounces after 4 days of losses, growth worries limit rise

Japan’s Nikkei share average snapped a four-session losing streak on Monday, although gains were limited as much weaker-than-expected U.S. job data dimmed the outlook for the global economy. The Nikkei ended the day up 0.47 percent at 21,125.09. The index crawled back towards a three-month peak of 21,860.39 scaled a week ago.  CNBC TV18

Mar 11, 12:17 PM (IST)

Shares of Aurionpro Solutions gained 5.2 percent intraday Monday after company won a prestigious order from Bharat Electronic.  MoneyControl

Mar 11, 12:06 PM (IST)

Balrampur Chini Mills, Graphite India and Vakrangee among new entrants in Reliance Nippon Life AM portfolio

Balrampur Chini Mills, Graphite India and Vakrangee stood among new entrants in the portfolio of this AMC last month. However, it exited stocks like Hathway Cable, Just Dial, Kajaria Ceramics, SREI Infra, Tata Communications and Tata Elxsi.   ET Markets

Mar 11, 12:04 PM (IST)

Aditya Birla AMC adds exposure to DHFL, exits Suzlon Energy

Birlasoft, Chalet Hotels, Dewan Housing Finance, Divi’s Labs, Hexaware Technologies, IDBI and REC also stood among the list of newly bought stocks. On the other hand, it completely exited stocks such as GMR Infrastructure, Hindustan Aeronautics, J&K Bank, Just Dial, Page Industries, Sintex Plastics, Sunteck Realty and Suzlon Energy. ET Markets

Mar 11, 12:02 PM (IST)

ICICI Prudential Mutual Fund exits CESC Ventures, Spencer’s Retail

The fund house held equity assets of Rs 1.20 lakh crore as of February 28. During the month, it completed its exit from CESC Ventures and Spencer’s Retail. However, it added 6.82 crore shares of National Aluminium during the month. This was followed by NTPC (3.78 crore), ITC (3.68 crore), SBI (3.59 crore), Bank of Baroda (1.50 crore), Axis Bank (1.44 crore), ONGC (1.24 crore) and NHPC (1.24 crore). ET Markets

Mar 11, 11:48 AM (IST)

Buzzing: Shares of Ashoka Buildcon has surged 6 percent after the company’s subsidiary received LoA from NHAI.  MoneyControl

Mar 11, 11:39 AM (IST)

Mentha oil futures gain 0.99% as demand picks up

Mentha oil prices were up by 0.99 per cent to Rs 1,652 per kg in futures market Monday as speculators raised bets amid pick-up in demand from consuming industries in the domestic spot market. Further, tight stocks position on fall in supplies from Chandausi in Uttar Pradesh influenced mentha oil prices. – ET Markets

Mar 11, 11:18 AM (IST)

Eicher Motors hits over 2-month high; chart suggests more upside

Shares of Eicher Motors Ltd gained as much as 3.33 per cent to Rs 22,599.95, highest since Jan. 1
Stock broke above a resistance at Rs 22,264.5, the 23.6 per cent Fibonacci retracement level of the downtrend from Sep. 8, 2017 high to Jan. 29, 2019 low
A close above the 23.6 per cent level may lead to further price rise up to the next resistance at Rs 24,407.75, the 38.2 per cent level, though some resistance is also expected at the 200-day exponential moving average
Stock’s wave pattern suggests it has completed a three-wave downtrend that started on Sep. 8, 2017 and it is now in a five wave uptrend
Trend intensity (TI) indicator rises to 17, suggests prices are trending upwards, MACD is positive and above its signal line
Stock up 4.9 per cent in the last one month as of Friday’s close, outperforming the broader NSE Index’s 0.8 per cent gains in the same period (Source: Reuters)

Mar 11, 11:16 AM (IST)

Shares of Unichem Laboratories added 3.2 percent intraday Monday after successful inspection at Ghaziabad facility by USFDA– MoneyControl

Mar 11, 10:56 AM (IST)

Dilip Buildcon shares jump 7 percent on NHAI project win

Shares of Dilip Buildcon rallied over 7 percent in the early morning trade on Monday after the company said it was declared the lowest bidder for an NHAI project in Maharashtra.”The company has been declared L-1 bidder for the EPC project in the state of Maharashtra, valued at Rs 480.06 crore by the National Highways Authority of India (NHAI),” it said in a filing.

Dilip Buildicon has risen over 30 percent in March and 75 percent in the last one month. – CNBC TV18

Mar 11, 10:42 AM (IST)

Jet Airways surge amid reports of receiving fresh loan from PNB; stock up 13% in March

Shares of Jet Airways gained as much as 4.6 percent to Rs 254.50, on news reports that the airline company has received a fresh loan of Rs 2,050 crore from Punjab National Bank (PNB). The airline had also raised foreign currency term loans worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB, the Mint report said citing loan documents. CNBC TV18

Mar 11, 10:23 AM (IST)

Buy Axis Bank, UPL & Bajaj Auto, says Motilal Oswal’s Yogesh Mehta

The latest analysis and commentary by stock market guru Yogesh Mehta, vice president-equity advisory at Motilal Oswal Securities on what is moving the markets today. He shared his views and readings on Axis Bank, Bajaj Auto and UPL. CNBC TV18

Mar 11, 10:17 AM (IST)

Buzzing: GMR Infrastructure shares gained 1.5 percent after company’s subsidiary GMR Airports (GAL) received the formal letter of award (LoA) from MIHAN India, the concessioning authority for the Nagpur Airport. – MoneyControl

Mar 11, 10:13 AM (IST)

Arvind Fashions hits 5% upper circuit for 2nd consecutive day

Shares of Arvind Fashions hit the 5 per-cent upper circuit on Monday morning for the 2nd consecutive day. It was listed on Friday at a price of Rs 591.75, but consequently ended the day at Rs 621.30.

On Monday, the scrip hovered at Rs 652.35, up 5 per cent at around 09:40 am while the benchmark BSE Sensex was up 0.80 per cent at 36,964.78.

Investors of Arvind Fashions faced confusion on Friday, as the demerged entity of Arvind, which got listed on stock exchanges, opened at a price that was much lower than the Street estimates. – ET Markets

Mar 11, 10:10 AM (IST)

SBI hits 1-month high on Essar Steel, loan pricing news

Shares of State Bank of India hit a one-month high of Rs.289.00 as the National Company Law Tribunal on Friday approved the acquisition of bankrupt Essar Steel by ArcelorMittal for Rs 420 billion. The bank’s shares also gained as the lender has linked rates on some savings bank deposits and short-term loans to RBI’s repo rate. Effective May 1, SBI’s all cash credit accounts and overdrafts with limits of more than Rs 100,000 would be linked to the repo rate, currently at 6.25 percent, with a spread of 2.25 percent. Brokerage Morgan Stanley reportedly said this move will help reduce volatility in the lender’s margins over time and key things to monitor will be the impact on deposit growth and strategy of peers. In a post-earnings conference call in February, SBI Chairman Rajnish Kumar had said that resolution of Essar Steel would help the bank write back provisions to the tune of 60 bln rupees. At 10.04 am, shares of SBI traded up 2.7 percent at Rs 288.90. – CNBC News

Mar 11, 09:38 AM (IST)

Dilip Buildcon declares as lowest bidder: Shares of Dilip Buildcon rose 6 percent in the early trade on Monday after company declared as lowest bidder for the project in the state of Maharashtra.

The company has been declared L-1 bidder for the EPC project in the state of Maharashtra, valued at Rs 480.06 crore by the National Highways Authority of India (NHAI). – MoneyControl

Mar 11, 09:20 AM (IST)

OPENING BELL: Sensex rises 150 points, Nifty50 nears 11,100; Jet Airways, IDBI Bank gain 3% – ET Markets

Mar 11, 09:08 AM (IST)

Rupee Opens: The Indian rupee gained in the early trade on Monday. It has opened higher by 14 paise at 70.01 per dollar versus previous close 70.15. – MoneyControl

Mar 11, 09:04 AM (IST)

Market at pre-open: Benchmark indices are flat in the pre-opening trade with positive bias Nifty around 11,100 level.

The Sensex is up 32.77 points at 36704.20, while Nifty is up 44.70 points at 11080.10.

Titan, L&T, SBI, are among major gainers in the pre-opening session. – MoneyControl

Mar 11, 08:52 AM (IST)

FPIs buy Rs 1,095 crore worth of equities

Foreign portfolio investors (FPIs) bought Rs 1,095 crore worth of domestic stocks on Friday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 470 crore, data suggested. – ET Markets

Mar 11, 08:51 AM (IST)

Sensex on Friday

Benchmark Sensex dropped 54 points, or 0.15 per cent, to 36,671 and NSE’s Nifty ended the day at 11,035, down 23 points or 0.21 per cent. – ET Markets

Mar 11, 08:42 AM (IST)

Asian markets trade lower: Asian shares pulled back on Monday after US employment data raised doubts about the strength of the global economy while investor jitters ahead of crucial Brexit votes in the UK parliament this week weighed on the pound. – MoneyControl

Mar 11, 08:24 AM (IST)

Crude Update: Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling US drilling activity. – MoneyControl

Mar 11, 08:00 AM (IST)

SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 15 points or 0.14 percent. Nifty futures were trading around 11,043-level on the Singaporean Exchange. – MoneyControl

– TFM News (The Future Markets) | http://www.thefuturemarkets.com

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Glencore signed deal with Canada’s Noranda on the terms of zinc treatment

Glencore signed deal with Canada’s Noranda on the terms of zinc treatment charges

Noranda’s operations include a zinc processing facility in Quebec, last year agreed to buy zinc concentrate from Glencore and sell refined metal back to the miner under a 4-years contract where terms will be negotiated each year.

By ReutersTFM Watch

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) – Global trader and miner Glencore has signed a deal with its Canadian subsidiary Noranda Income Fund on the terms of zinc treatment charges for the coming year, but did not reveal the fees, the fund stated on Friday.

Noranda’s operations include a zinc processing facility in Quebec, last year agreed to buy zinc concentrate from Glencore and sell refined metal back to the miner under a 4-years contract where terms will be negotiated each year. The market terms of the deal were not disclosed.

However, Noranda said it had negotiated a combination of 50 percent of the concentrate feed at a fixed treatment charge and the rest at a flexible charge that will reflect market movement during the period.

Benchmark treatment charges – the fees miners pay smelters to process their ore – are usually settled between major smelters and miners at the International Zinc Conference, which took place last week.

Supply of feed is rising as can be seen in spot treatment charges, which have risen above $200 a tonne on the spot market from $30 early last year.

“Over the last several months, treatment charges have rebounded in favor of smelters but the pricing environment threatens to continue to be volatile,” Noranda said in a statement.

The deal covers the agreed annual treatment period which runs from May 1, 2019, to April 30, 2020. Glencore is a major producer of zinc, which is used to galvanize steel.

Source: Reuters

– TFM Watch

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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

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Home-renting company Airbnb acquires hotel listings app HotelTonight

Home-renting company Airbnb acquires hotel listings app HotelTonight

The acquisition, which Airbnb announced on Thursday, expands the company’s inventory by adding a number of listings from hotels, long viewed as the arch enemy of Airbnb, and is part of a strategy to win over travelers who have shied away from the risks and quirks of renting a stranger’s home.

– TFM Watch

SAN FRANCISCO (Reuters) – Home-renting company Airbnb has bought HotelTonight, an app for finding hotel rooms at a discount, as it wades deeper into the hotel-booking business to attract a wider variety of travelers ahead of a hotly anticipated initial public offering.

The acquisition, which Airbnb announced on Thursday, expands the company’s inventory by adding a number of listings from hotels, long viewed as the arch enemy of Airbnb, and is part of a strategy to win over travelers who have shied away from the risks and quirks of renting a stranger’s home.

The bid to become a one-stop travel service for more mainstream sightseers puts Airbnb more squarely in competition with large travel sites such as Expedia Group Inc and Priceline.

Airbnb declined to provide the terms of the deal.

HotelTonight has raised more than $115 million in funding and was last valued at $463 million in a funding around in 2017.

Airbnb Chief Executive Officer Brian Chesky called the acquisition “a big part of building an end-to-end travel platform.” Airbnb has steadily moved into new businesses outside of homes, whose growth is threatened by regulations that cap short-term rentals.

The company has added guided tours and activities, luxury homes and restaurant reservations and is pursuing adding transportation services. Early last year, it made changes to its site to make it easier for boutique hotels and bed-and-breakfasts to list their rooms.

In 2018, Airbnb more than doubled the number of available rooms in hotels, resorts, hostels and similar venues. As a result, the company had three times the number of hotel room bookings in 2018 compared to 2017, often by first-time Airbnb users, the company said. And more people are booking Airbnb rooms or homes at the last-minute, many of them business travelers, the company said.

Last-minute booking is HotelTonight’s sweet spot. The San Francisco-based company culls unsold inventory from hotels and offers discounted rooms to travelers, often targeting business districts and urban areas. It started as a service for same-day room bookings, but now lets users book months in advance.

Although the company has struggled to stand out from the travel-booking giants, HotelTonight is profitable. It spent much of 2016 cutting losses through layoffs and eliminating costly promotions to go from burning $2 million to $3 million each month to earning a profit, CEO and Co-founder Sam Shank told Reuters. But it faced immense pressure from investors to grow in a crowded industry.

HotelTonight’s listings include large hotel chains such as Sheraton and Hyatt that Airbnb has said will not have a place on its site. Airbnb and HotelTonight will operate as separate entities, Airbnb said, with HotelTonight keeping its own app and website. Over time, Airbnb will add select boutique HotelTonight rooms, but will not change its standards for hotel listings.

Airbnb has been one of the most active acquirers among highly valued venture-backed tech companies. Valued at $31 billion and profitable, it preparing for an IPO this year, and investors will be focused on its growth prospects.

Three HotelTonight executives whose roles are not continuing after the acquisition will be out of a job, according to a person familiar with the deal’s terms, while the remaining employees will join Airbnb.

Source: Reuters

– TFM Watch

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India’s bankruptcy court NCLT approves ArcelorMittal’s takeover of Essar Steel

India’s bankruptcy court National Company Law Tribunal (NCLT) approves ArcelorMittal’s takeover of 10 million tonne steel plant of Essar Steel

ArcelorMittal confirmed the National Company Law Tribunal (NCLT) had approved the takeover of the 10 million tonne steel plant of Essar Steel by itself and Japan’s Nippon Steel & Sumitomo Metal Corp, paving the way for the first major foreign participation in India’s steel sector.

– TFM Watch

(Reuters) – India’s bankruptcy court on Friday approved global steel giant ArcelorMittal SA’s bid for debt-ridden Essar Steel, potentially ending months of court battles and opening the country’s steel industry to outsiders.

ArcelorMittal confirmed the National Company Law Tribunal (NCLT) had approved the takeover of the 10 million tonne steel plant of Essar Steel by itself and Japan’s Nippon Steel & Sumitomo Metal Corp, paving the way for the first major foreign participation in India’s steel sector.

ArcelorMittal has been trying to enter India’s fast-growing steel market, which is dominated by local companies, for over a decade but bureaucratic hassles and land acquisition woes stifled its bids.

“We welcome today’s pronouncement by the NCLT Ahmedabad,” ArcelorMittal said in a statement. “We hope to complete the transaction as soon as possible.”

Essar Steel, with debts of 50.78 billion rupees ($725.38 million), was among the so called dirty dozen – twelve large steel and other infrastructure companies which defaulted and were referred to India’s bankruptcy court in 2017.

The company became synonymous with the tardy pace of debt resolution by Indian banks saddled with billions of dollars of bad loans.

When a new bankruptcy law was introduced in 2016 by Prime Minister Narendra Modi, it was seen by investors as a bold move which would ease lending pressure on banks and boost private investment.

However, three years later, most large cases are still languishing in the courts or yet to be resolved – bad news for Modi who is seeking re-election in a month’s time amid border tensions and growing discontent due to high unemployment.

The NCLT approved ArcelorMittal’s bid in October, even as Essar’s founders – the billionaire Ruia family – tried to hold onto the company, offering 543.89 billion rupees to clear its debts.

“We continue to believe that our settlement proposal…is the most compelling one available to Essar Steel creditors,” Essar said in a statement on Friday.

“We are awaiting a copy of the NCLT order, and will take a call on next steps after examining the same,” the statement added.

The case between ArcelorMittal and the Ruia family reached the Supreme Court in January, with Essor’s debt resolution process lasting around 600 days in total.

Local steel giant JSW Steel Ltd and mining conglomerate Vedanta Ltd also bid for the western Indian steel plant.
ArcelorMittal said in October the company would pay a total of 420 billion rupees ($5.73 billion) towards Essar Steel’s debt and put another 80 billion rupees into operations and profitability.

Source: Reuters

– TFM Watch

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L&T Hydrocarbon Engineering secures significant order from ONGC

L&T Hydrocarbon Engineering secures significant order from Oil & Natural Gas Corporation (ONGC).

Project scope includes EPCIC of three (03 Nos.) well head platforms, one (01 No.) bridge connected well head cum riser platform, -59 km pipelines, 3 nos. of clamp-on structure and modification work on two existing platforms.

– TFM News

L&T Hydrocarbon Engineering Ltd (LTHE), a wholly owned subsidiary of Larsen & Toubro (L&T), has won a significant order from Oil & Natural Gas Corporation (ONGC).

The Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract is for development of Cluster-8 marginal field which is part of Mumbai High Asset located about 210 km to the west of Mumbai city.

Project scope includes EPCIC of three (03 Nos.) well head platforms, one (01 No.) bridge connected well head cum riser platform, -59 km pipelines, 3 nos. of clamp-on structure and modification work on two existing platforms.

The contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis. This award reposes ONGC’s confidence in LTHE’s EPCIC capabilities and LTHE’s commitment to continue to support ONGC and contribute to India’s energy security.

Organized under Offshore, Onshore, Construction Services, Modular Fabrication and Engineering Services verticals, LTHE delivers ‘design to build’ engineering and construction solutions across the hydrocarbon spectrum.

Source: The Future Markets

– TFM Watch

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Water Technology firm VA Tech Wabag bags order worth Rs. 575 crore in Kolkata, West Bengal

Water Technology firm VA Tech Wabag bags order worth Rs.575 crore in Kolkata, West Bengal

The project will be executed on Public Private Partnership basis under the Hybrid Annuity Model. WABAG will build the sewage treatment plants over a period of 24 months and further Operate & Maintain them over a period of 15 years.

– TFM News

Va Tech Wabag has secured Rs. 575 crore worth order under the prestigious National Mission for Clean Ganga (‘NMCG’) Scheme to Design, Build, Rehabilitate and Operate Sewage Treatment Facilities and associated infrastructure in Kolkata, West Bengal.

The project will be executed on Public Private Partnership basis under the Hybrid Annuity Model. WABAG will build the sewage treatment plants over a period of 24 months and further Operate & Maintain them over a period of 15 years.

The Design, Build, Rehabilitate and Operate contract from Kolkata Municipal Development Authority, funded by NMCG includes Engineering, Supply and Construction of new Sewage Treatment Plants, Renovation and Up-gradation of existing Sewage Treatment Plants, Rehabilitation of pumping stations and other associated infrastructure. WABAG will build the plants using resource recovery from bio-sludge in line with India’s green power vision.

On Friday, VA Tech Wabag was trading at Rs.327, up by 0.25%, with a volume of 5601 shares on the BSE.

Source: The Future Markets

– TFM Watch

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