Tag: UK

Tata Steel jumps over 4% on investment plan for UK

Tata Steel jumps over 4% on investment plan for UK

08/12/2016 11:03

Shares of Tata Steel rose over 4 per cent on the Bombay Stock Exchange after the steel maker announced to invest one-billion-pound to save 8,000 jobs in the steel industry and the Port Talbot steelworks in south Wales.

Buoyed by the development, shares of company gained as much as 4.35 per cent to hit intra-day high of Rs 430.80 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company were trading 4.03 per cent higher at Rs 428.50 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 26,591.78, up 354.91 points, or 1.35 per cent, at 10:53 hours.

Wockhardt gets clean chit from UK health regulator

Wockhardt gets clean chit from UK health regulator

29/09/2016 16:25

Drug firm Wockhardt Ltd on Thursday said the UK health regulator, UK MHRA, has completed the inspection of its manufacturing plant at L-1, Chikalthana, Aurangabad, Maharashtra without making any critical observations.

In a filing to the Bombay Stock Exchange, the company said, “Inspection of the company’s manufacturing unit at L-1, Chikalthana, Aurangabad, Maharashtra by UK MHRA has since been completed without any critical observations and the approval status of the said unit continues.”

The said audit was as per schedule, it added.

Meanwhile, shares of the company closed at Rs 863.45 apiece, down 4.68 per cent, from previous close on BSE.

Indian homebuilders with UK assets face Brexit risks

12/07/2016 12:47

Indian homebuilders with significant investments in the London property market will face near-term challenges from Britain’s vote to leave the EU on June 23, says Fitch Ratings, a global rating agency.

The rating firm said that demand for luxury residential properties and commercial properties – the segments some Indian homebuilders have invested in – may remain weak at least over the coming six to 12 months as buyers postpone purchases and banks trim loans amid increased economic uncertainty.

Asking prices of London’s luxury residential properties have fallen by 5 per cent-20 per cent over the last few weeks by some market estimates. This is in spite of the British pound trading at all-time lows against the US dollar – foreign investors make up a considerable part of the demand for London’s luxury residential properties. However over the longer term, these risks may be moderated by the tight supply of new residential developments, particularly in Central London, owing to challenges in securing regulatory approvals on new projects.

Commercial property demand has also weakened, and in some instances, prompted investors to exit commercial property-focused investment funds. This has led to some funds freezing withdrawals to enable a more orderly closure, while others have offered withdrawals at steep discounts to the net asset value to reflect the potential impact of having to sell assets quickly.

Furthermore many foreign and domestic banks have also cut credit exposure to London property investors by reducing loan-to-value ratios or freezing new loans altogether.

The agency said that risk to Indian homebuilders will depend on the extent leverage was used to fund their London projects, and whether project construction and marketing sales coincide with the ongoing market volatility. Homebuilders may choose to defer marketing launches until investor sentiment improves, cut prices to spur higher sales, or sell equity stakes in the projects to reduce leverage.

Brexit a reality as UK choses to leave EU

Brexit a reality as UK choses to leave EU

24/06/2016 11:13

Britain has made a historic decision to part ways with the European Union, ending its over four decade long marriage with the 28-member block as Brits rejected the continent’s postwar political and economic order, putting the future of the entire European project in limbo, raising doubts over Prime Minister David Cameron’s credibility, and throwing global financial markets in a tizzy.

BBC projection showed a comfortable 52 per cent support for the “Leave” campaign which was led by Boris Johnson, the former mayor of London, who is set to succeed David Cameron as the UK’s next prime minister, with the latter now having his credibility seriously tarnished after a loss for the “remain” camp that was backed by him and could garner only 48 per cent support.

Even as majority of the United Kingdom voted to leave the EU, voters in Scotland showed their firm support for the UK remaining in the EU, significantly raising the chances of Scotland calling for another independence referendum.

Moreover, Brexit comes as a major shock for European politics, probably the biggest since the fall of the Berlin wall, political analysts opined.

The bitter divorce between Britain and the EU could set a dangerous precedence for other countries in Europe, meaning that the whole European project may start to soon fall apart.

For the British economy, Brexit could mean another UK recession, a massive hit on investment and jobs, fears reflected by pound traders with the sterling tumbling by a record.

Brexit crushed global financial markets on Friday with the euro plunging the most since its introduction in 1999, Asian stocks nosedived with Japan’s Nikkei shedding 8 per cent as global investors braced themselves for a period of heightened political and economic uncertainty.

Markets plunge in early trade on Brexit jitters

24/06/2016 09:26

The key domestic benchmark indices plunged during the morning trading session on Friday with investors across the globe nervous about the outcome of Thursday’s EU referendum in the UK. Early results from the Brexit referendum indicated a tight race with a slim lead for the “leave” camp at 51.4 per cent of the votes casted so far, sending the pound to its biggest ever drop and pushing Asian markets deep in the red.

At 09:15 AM, the Bombay Stock Exchange bellwether Sensex was at 26097.18 down by 905.04 points or by 3.35 per cent, while the NSE Nifty was at 8029.1 points, trading lower by 241 points or by 2.92 per cent.

The BSE Sensex touched an intraday high of 26367.48 and an intraday low of 26081.17 while the NSE Nifty touched an intraday high of 8029.1 and an intraday low of 8029.1

Meanwhile, Tata Motors Ltd. (Rs. 436.35,-10.58 per cent), Tata Steel Ltd. (Rs. 309.10,-7.39 per cent), ICICI Bank Ltd. (Rs. 225.35,-6.44 per cent), Axis Bank Ltd. (Rs. 499.85,-5.06 per cent), State Bank of India (Rs. 208.35,-4.16 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 1299 shares traded, 57 shares advanced, 1218 shares declined while 24 were unchanged.

On the global front, Asian stocks were trading lower today as early results indicated better than expected support for Britain leaving the EU, hurting risk taking appetite. US stocks finished slightly lower in the previous trading session as polls showed the outcome of a UK referendum on whether to leave the EU remained too close to call a day ahead of the vote.

India, UK to launch global solar alliance

India, UK to launch global solar alliance

24/06/2016 09:18

India and UK have agreed to work together in two major initiatives in the fields of solar energy and nano material research, according to a statement released by ministry of science & technology on Thursday.

The union minister for science & technology and earth sciences, Harsh said that as a part of the commitment to the solar alliance, the India-UK networked Centre on Solar Energy would be established. It would be linked to India’s renewable energy mission and UK’s Supergens Programme.

The research projects will focus on systems level design and development covering solar energy generation, storage systems and grid integration particularly for micro-grid systems. India would be investing Rs.50 crores over a period of five years with matching contribution from Research Council UK (RCUK) under the Newton-Bhabha Programme.

Vardhan led the Indian delegation at the 5th Indo-UK Science and Innovation Council Meeting (SIC) held at London earlier last week, co-chaired by Jo Johnson, Minister of State for Universities and Science, UK.

The SIC is the apex body which oversees the entire gamut of the India-UK science, technology and innovation cooperation and meets once in two years.

The minister also noted that the Ministry of Earth Sciences of Government of India and Natural Environment Research Council (NERC), UK are working on large observational campaign involving UK aircraft, Indian ships accompanied by surface observations primarily to address role of small scale processes to address variability of Indian monsoon leading to improved prediction of monsoon from short range to seasonal time scale.

Besides the Newton-Bhabha Programme, the two countries have also been involved in promoting partnerships through the UK-India Education and Research Initiative (UKIERI). Acknowledging the success in building new scientific partnership through R&D projects and networking, the two governments concluded the implementation arrangement for the Phase III (2016-2021) of the UKIERI.

Brexit jitters may take toll on D-Street

24/06/2016 08:45

Indian equity benchmarks are likely to witness a significant gap down opening on Friday with investors across the globe nervous about the outcome of Thursday’s EU referendum in the UK. Early results from the Brexit referendum indicated a tight race with a slim lead for the “leave” camp at 51.4% of the votes casted so far, sending the pound to its biggest ever drop and pushing Asian markets deep in the red. The CNX Nifty Index Futures for June delivery plunged by 2.32 per cent or by 188.5 points to 8,111.5 at 11:00 AM Singapore time, signaling that Dalal Street may open on a bearish note today. Domestic bourses are likely to see a volatile day of trading as Britain’s future in the European Union is decided. Economists, central bankers and analysts have warned that a ‘Leave’ win may have severe long-term repercussions on Britain’s economy and may cause a knee-jerk reaction on global financial markets, adversely affecting capital flows to emerging markets. However, the Indian government has allayed fears over the potential impact of Brexit on the country’s economy, given its strong forex reserves kitty and its position as a leading global investment destination. The 30-share Sensex on Thursday rallied by 236.57 points or by 0.88 per cent to end at 27,002.22 as traders awaited the outcome of the Brexit referendum to decide whether Britain stays in the EU or parts ways.

Asian stocks tumbled as early results indicated better than expected support for Britain leaving the EU, hurting risk taking appetite. China’s Shanghai Composite fell, Hang Seng tumbled over 3 per cent and Japan’s Nikkei 225 also sank 3 per cent as the yen’s rise took severe toll. It could be a very nervy day for markets across Asia as Brexit results trickle in and the country’s future is decided. Overnight, Wall Street surged, with the Dow Jones Industrial Average posting its biggest gain since March, as investors shrugged off Brexit fears.

Top traded Volumes on NSE Nifty – State Bank of India 20666649.00, Ambuja Cements Ltd. 10068647.00, Tata Motors Ltd. 9628216.00, Hindalco Industries Ltd. 8243327.00 and Bharti Infratel Ltd. 8151254.00.

On BSE, total number of shares traded was 43.97 Crore and total turnover stood at Rs. 4182.92 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 281444 with a total turnover of Rs. 16499.32 Crore. Along with this total number of contracts traded in stock futures were 537379 with a total turnover of Rs. 28498.14 Crore. Total numbers of contracts for index options were 4822532 with a total turnover of Rs. 277392.60 Crore and total numbers of contracts for stock options were 368633 with a total turnover of Rs. 20271.09 Crore.

The FIIs on 23/06/2016 stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs. 2854.76 Crore and gross debt purchased stood at Rs. 628.88 Crore, while the gross equity sold stood at Rs. 2886.62 Crore and gross debt sold stood at Rs. 516.74 Crore. Therefore, the net investment of equity and debt reported were Rs. -31.86 Crore and Rs. 112.14 Crore.

Tata Steel gains as UK govt to buy 25 pct stake in UK biz

Tata Steel gains as UK govt to buy 25 pct stake in UK biz

22/04/2016 11:30

Shares of Tata Steel rose nearly 2 per cent on Bombay Stock Exchange (BSE) amid reports the UK government is ready to take as much as 25 per cent in Tata Steel’s UK business to support the sale and offer hundreds of millions of pounds in debt relief. Tata group had last month announced plans to quit its entire British steel operation. Greybull Capital has been reported to be considering making a bid for Tata’s speciality steels arm. Reacting to the news, shares of the company surged 1.62 per cent to Rs 360.15 a piece on Bombay Stock Exchange.

Shares of the company gained 1.61 per cent to Rs 360.25 a piece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 25,855.81, down 24.57 points, or 0.09 per cent, at 11:20 hours.

Indian registers 252.3 pct growth in tourists arrival on E-Tourist Visa

Indian registers 252.3 pct growth in tourists arrival on E-Tourist Visa

15/02/2016 16:56

A total of 88,162 tourists arrived in January 2016 on e-Tourist Visa as compared to 25,023 during the month of January, 2015, registering a growth of 252.3 per cent, a government data showed on Monday.

Commencing from 27th November 2014, e-Tourist Visa facility is presently available for citizens of 113 countries arriving at 16 Airports in India.

“This high growth may be attributed to introduction of e-Tourist Visa for 113 countries as against the earlier coverage of 43 countries,” ministry of tourism said in a statement.

UK (25.37%) continues to occupy top slot followed by USA (15.17%) and Russian (9.58%) amongst the countries availing E-Tourist visa facility.