Tag: Uncategorized

CG Power and Industrial Solutions to sell its US power biz

CG Power and Industrial Solutions to sell its US power biz

21/06/2017 12:17

CG Power and Industrial Solutions Ltd, formerly known as Crompton Greaves, on Wednesday said it has accepted the binding offer of Weg SA for acquisition of the company’s power business in USA at an enterprise value of USD 37 million.

In a filing to the Bombay Stock Exchange, CG Power and Industrial Solutions said, “The company has accepted a binding offer of WEG S.A for acquisition of the company’s power business in USA comprised in the company’s step down overseas subsidiary, CG Power USA Inc. (PSUS), at an enterprise value of USD 37 million.”

“In this regard CG Power Systems Belgium N.V., the company’s step down overseas subsidiary has executed a Stock Purchase Agreement (SPA) on June 20, 2017 with WEG Electric Corp for sale of its 100 per cent stake in PSUS, comprising exclusively of the company’s power business at closing,” it added.

Further, the SPA is expected to close by July 31, 2017 upon which CG Power USA Inc. will cease to be an overseas subsidiary of the company, it said.

The copany further added that, the move is part of the company’s stated strategy of debt reduction and on focusing on its core operations and core market in India. Meanwhile, shares of the company were trading at Rs 85.10 apiece, up 0.35 per cent, from previous close on BSE at 12:22 hours.

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Post Session: Sensex ends 122 pts higher ahead of March F&O expiry; Nifty at 9143

29/03/2017 16:20

The Indian equity extended rally on Wednesday, tracking firm global cues, ahead of the expiry of March series futures and options contracts on Thursday. The market sentiment got a lift on renewed optimism for tax reforms in the US coupled with sustained buying by foreign portfolio investors. Banking stocks extended rally for the second day after the Finance Minister Arun Jaitley assured to resolve non-performing assets (NPA) issue soon.

The 30-share barometer index of Bombay Stock Exchange, Sensex closed at 29531.43, up by 121.91 points or by 0.41 per cent, and the NSE Nifty ended at 9143.8, up by 43 points or by 0.47 per cent.

During the day’s trade, the BSE Sensex touched intraday high of 29554.39 and intraday low of 29439.42, while the NSE Nifty touched intraday high of 9153.15 and intraday low of 9109.1.

The top gainers of the BSE Sensex pack were State Bank of India (Rs. 287.75,+1.98%), ICICI Bank Ltd. (Rs. 281.95,+1.81%), Bharti Airtel Ltd. (Rs. 344.90,+1.25%), Coal India Ltd. (Rs. 294.05,+1.07%), Housing Development Finance Corporation Ltd. (Rs. 1518.85,+1.00%), among others.

On the flip side, Hero MotoCorp Ltd. (Rs. 3223.25,-3.15%), Sun Pharmaceutical Industries Ltd. (Rs. 688.60,-1.42%), Tata Motors Ltd. (Rs. 469.10,-0.70%), Mahindra & Mahindra Ltd. (Rs. 1268.20,-0.66%), Maruti Suzuki India Ltd. (Rs. 5941.00,-0.58%), were among top losers on BSE.

On the sectoral front, consumer durables and bank stocks emerged as top gainers, adding as much as 1.29 per cent and 0.78 per cent, respectively.

The market breadth, indicating the overall strength of the market, was flat. On BSE out of total shares traded 3281, shares advanced were 1262 while 1761 shares declined and 258 were unchanged.

Infosys US arm partners with DFPS

08/03/2017 17:38

Country’s second largest software exporter Infosys Ltd on Wednesday said its US-based subsidiary, Infosys Public Services Inc, has entered into partnership with the Texas Department of Family & Protective Services (DFPS) to modernize the agency’s IMPACT (Information Management Protecting Adults and Children of Texas) system.

“Infosys Public Services and Texas Department of Family & Protective Services to Modernize State’s Child Welfare Information System,” the company said in a filing to the Bombay Stock Exchange on March 07, 2017.

IMPACT is the primary case management and administrative system used by DFPS to deliver child welfare related services.

In Phase 2 of IMPACT Modernization, the IMPACT system will be modernized into a modular, mobile-enabled application with automated workflows and self-service capabilities for Child Protective Services, Adult Protective Services, Child Care Licensing, and Prevention and Early Intervention program areas. This will improve efficiency and effectiveness of caseworkers, streamline operations, and reduce their administrative burden, enabling them to spend more time with their clients, it said.

The company further said that, once the modernization program is operational, IMPACT will continue to comply with the federal Statewide Automated Child Welfare Information System (SACWIS) standards, including the State’s business, data security, and technical requirements.

Meanwhile, shares of the company closed at Rs 1,007.25 apiece, down 1.22 per cent, from previous close on BSE.

Post Session: Sensex ends 145 pts higher, Nifty reclaims 8,750; Sun Pharma, Infy lead gainers

16/02/2017 15:53

Snapping two-day losses, the key equity benchmarks rebounded strongly on Thursday helped by gain in index heavyweights such as SBI, TCS, Infosys, Sun Pharma, Maruti Suzuki, GAIL (India) and Tata Motors. Outperforming the benchmark indices, the broader market witnessed surge in buying with both MIDCAP and SMLCAP rallied over 1 per cent, tracking firm cues from Asian peers following another record closing of the US markets. State Bank of India and associate banks shares surged following the Cabinet approval to proposed merger. Tata Consultancy Services (TCS) climbed over 1 per cent after IT bellwether said its board will meet on February 20, 2017 to consider a proposal for buyback of equity shares of the company.

The 30-share barometer index of Bombay Stock Exchange, Sensex closed at 28301.27, up by 145.71 points or by 0.52 per cent, and the NSE Nifty ended at 8778, up by 53.3 points or by 0.61 per cent.

During the day’s trade, the BSE Sensex touched intraday high of 28327.84 and intraday low of 28146.19, while the NSE Nifty touched intraday high of 8783.95 and intraday low of 8719.6.

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 649.30,+4.31%), Infosys Ltd. (Rs. 1011.90,+3.01%), Maruti Suzuki India Ltd. (Rs. 6027.05,+2.84%), Tata Motors Ltd. (Rs. 445.90,+2.14%), Tata Steel Ltd. (Rs. 469.80,+2.11%), among others.

On the flip side, ITC Ltd. (Rs. 266.70,-2.45%), Asian Paints Ltd. (Rs. 969.75,-1.18%), Larsen & Toubro Ltd. (Rs. 1464.00,-1.09%), Adani Ports & Special Economic Zone Ltd. (Rs. 298.25,-0.75%), ICICI Bank Ltd. (Rs. 278.80,-0.66%), were among top losers on BSE.

On the sectoral front, all the indices, barring FMCG, ended in green while healthcare and realty stocks emerged as top gainers, adding as much as 2.46 per cent and 2.14 per cent respectively.

The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 3137, shares advanced were 1887 while 1056 shares declined and 194 were unchanged.

Tata Global Bev Q3 net jumps over 2-fold to Rs 144.54 cr

02/02/2017 12:01

Tea and coffee major Tata Global Beverages Ltd (TGBL) has reported a jump of over two-fold in its consolidated net profit after taxes (PAT) at Rs 144.54 crore for the third quarter ended December 31, 2016.

“The consolidated net profit of the company stood at Rs 65.94 crore during the same period a year ago,” Tata Global Beverages Ltd said in a filing to the Bombay Stock Exchange.

It’s consolidated total income grew marginally by 2.9 per cent to Rs 1,758.16 crore during Q3 2016-17, as compared to Rs 1,708.95 crore during the same period last year.

Commenting on the performance, Tata Global Beverages Ltd, MD and CEO, Ajoy Misra said, “The company recorded significant profit growth last quarter despite higher spends behind brands. Tata Global Beverages is leveraging consumer insights to create magical beverage moments for our consumers. Whether it is capturing white spaces in target markets or strengthening our key brands further, our product and marketing initiatives aim to break clutter and enhance the consumer experience. Along with our tea portfolio, we are focusing on steadily scaling our coffee and water portfolio by creating differentiated brands in these categories.”

Meanwhile, shares of the company were trading at Rs 136.40 apiece, up 4.72 per cent, from previous close on BSE at 12:06 hours.

Post Session: Sensex ends 182 pts higher ahead of inflation data; Nifty settles above 8,200

13/12/2016 16:28

The Indian benchmark indices ended higher on Tuesday on strong buying by domestic investors in the final hour of day’s trade ahead of inflation data to be released later today. The market sentiments got a lift by string buying in index heavyweights such as Tata Motors, Infosys, Adani Ports, Axis Bank, Wipro and RIL.

The 30-share benchmark index closed trade at 26697.82, up by 182.58 points or by 0.69 per cent and the NSE Nifty ended at 8221.8, up by 51 points or by 0.62 per cent.

The caution prevailed in the market ahead of key monetary policy meeting from the US Federal Reserve which will begin its two-day policy meet on Tuesday and expected to conclude with the year’s first interest rate hike. The central bank had raised interest rate in December 2015, which was the first of its kind since the recession.

During the day’s trade, the BSE Sensex touched intraday high of 26724.97 and intraday low of 26494.23, while the NSE Nifty touched intraday high of 8228.85 and intraday low of 8155.8.

Bucking the trend, the broader market ended in negative terrain with the BSE MIDCAP closing at 12341.89, down by 53.76 points or by 0.43 per cent, while the BSE SMLCAP settled at 12222.52, down by 8.11 points or by 0.07 per cent.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 470.35,+3.48%), Adani Ports & Special Economic Zone Ltd. (Rs. 288.00,+2.35%), Wipro Ltd. (Rs. 462.65,+1.86%), Axis Bank Ltd. (Rs. 452.35,+1.74%), Infosys Ltd. (Rs. 990.05,+1.28%), among others.

On the flip side, GAIL (India) Ltd. (Rs. 423.00,-1.34%), Tata Steel Ltd. (Rs. 420.65,-0.79%), Lupin Ltd. (Rs. 1492.10,-0.71%), Hindustan Unilever Ltd. (Rs. 829.75,-0.41%), NTPC Ltd. (Rs. 164.90,-0.33%), were among top losers on BSE.

On the sectoral front, auto and IT stocks emerged as top gainers, adding as much as 0.98 per cent and 0.85 per cent respectively.

The market breadth, indicating the overall strength of the market, was flat. On BSE out of total shares traded 2914, shares advanced were 1335 while 1375 shares declined and 204 were unchanged.

MoU signed to bring paradigm shift in handloom sector

MoU signed to bring paradigm shift in handloom sector

08/08/2016 15:01

The government has embarked on linking its skill development initiative with its programme to develop handloom industry, reported PTI.

An MoU in this regard was signed between the Ministry of Skill Development and Entrepreneurship (MSDE) and the Ministry of Textiles here on National Handloom Day to “bring a paradigm shift in the handloom industry”.

“Spinning, dyeing, ‘beem bharai’, designing, weaving – all these are traditional skills which are there from decades but have never been realised formally. We must revive interest in these skills and make them viable, paying and valued.

“This will bring about entrepreneurial and managerial capability and skills of IT and financial planning which will change the way how young loom craftsperson organise their traditional skills into aspiring businesses,” Rajiv Pratap Rudy, Minister of State for Skill Development and Entrepreneurship, said.

An official release said MSDE and the Ministry of Textiles have chalked out a new strategy for promoting production and marketing of high value quality handloom products with the key objective of enhancing the earnings of handloom weavers.

“Our conversation about skills have always been focused on learning the art of working with our hands. Who would know and value this more than our own weavers and loom craftsmen who have retained the culture and tradition of our country with their works,” Rudy said.

The MoU was signed in the presence of Union Minister for Textiles Smriti Irani, who is steering the vision of scaling the handloom and textile sector to new heights, the release said.

At present, 28 Weavers Service Centres (WSCs) across the country are providing technical assistance to handloom weavers, it said.

WSCs are the nodal agency for carrying out skill up-gradation training in the areas of weaving, designing, dyeing/printing, managerial functions and use of technology in handiworks.

Additionally, the Ministry of Skill Development and Entrepreneurship, through the National Skills Qualifications Framework (NSQF), has institutionalised the entire framework and the Central government awards nationally recognised certificates to these skills, it said.

The release said a special focus has been on reviving the handloom clusters in the North Eastern states.

The handloom sector under the textile industry is the largest economic activity after agriculture. Around 43 lakh people are engaged in hand weaving and allied activities, it said.

The workforce distribution in this sector is highly concentrated with 60.5 per cent (16.83 lakhs) of handlooms/weaver households located in northeast India.

As per the third handlooms Census of 2009-10, more than 43 lakh people are engaged in weaving and allied activities. The figure for the same was 65.5 lakhs as per the second handloom census conducted during 1995-96, it said.

Out of the 38.47 lakh adult weavers and allied workers in the country, 77 per cent are women and 23 per cent male weavers. 10 per cent of the weavers are from scheduled castes (SCs), 18 per cent from scheduled tribes (STs), 45 per cent from other backward classes (OBCs) and 27 per cent from other castes, the release added.

Firm physical demand lifts Zinc

Firm physical demand lifts Zinc

02/08/2016 15:28

Zinc futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the spot market.

However, the gains in the base metal were curbed by weak global factory growth which threatened to cut demand as manufacturing in the US, China and Euro area slowed in July. While the gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, that in China returned to contraction territory, declining to 49.9 from 50 in June, with a reading below 50 signaling contraction. The Euro area manufacturing PMI fell to 52 in July from 52.8 in June.

At that MCX, zinc futures for August 2016 contract is trading at Rs 152.2 per kg, up by 0.50 per cent, after opening at Rs 151.50, against a previous close of Rs 151.45. It touched the intra-day high of Rs 152.3 (at 15:22 hours).

Crude oil down on rising production

Crude oil down on rising production

27/07/2016 08:49

Crude oil futures closed lower in the domestic market on Tuesday as traders continued to fret over the prospect of more U.S. oil-drilling activities and an expected slowdown in domestic refining activities.

Also, concerns over the global economy and rising crude production continued to dent confidence in the oil futures market.

At the MCX, Crude oil futures for August 2016 contract closed at Rs. 2903 per barrel, down by 0.82 per cent, after opening at Rs. 2928, against the previous closing price of Rs. 2927. It touched the intra-day low of Rs. 2873.

Crude oil dips on rise in supply

Crude oil dips on rise in supply

19/07/2016 08:57

Crude oil futures closed lower in the domestic market on Monday as traders dismissed worries of supply disruptions from the attempted coup in Turkey. Turkey’s attempted coup barely affected the market as Istanbul’s Bosphorus Strait, which handles about 3 percent of global oil shipments mainly from Black Sea ports and the Caspian region, reopened from a brief closure.

At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,039 per barrel, down by 1.36 per cent, after opening at Rs. 3,099, against the previous closing price of Rs. 3,081. It touched the intra-day low of Rs. 3012.