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ONGC

Arm ONGC Videsh to acquire stake in offshore Namibia block

Ovl through ONGC Videsh Vankorneft has signed a pact with Tullow Namibia ltd

Will acquire 15 % participating interest in Namibia petroleum exploration license

Financial Express Reports

M&M

Is one of the 5 shortlisted vehicle manufacturers selected by united state postal services

Will supply prototype delivery trucks got its postal service

Order expected to be for about 180,000 units

Also plans to launch SUVs from Koreas Ssangyong motor company

Financial Express Reports 

REDINGTON, HCL:

Apple cuts iphone x retailers margin to 4.5%

Apple has reduced retailers margin by 30%

ET Reports

NCC

Co & BGR infra consortium win Talaipalli coal block mining order

Co, BGR infra consortium coal block order is worth Rs 25,070 Cr

Order to be executed over 25 years with annual revenue of 1000 Cr

SPV between NCC and BGR in the ratio of 51:49 to be formed

Coal production from this block expected to commence from 2019

Peak capacity of 18 mn tonnes to be achieved in 5th year of operation

DABUR

Cuts prices of shampoo, air freshener, skin care products by 9%

Lower prices of some products by 9% to pass on GST rate cut

  • SENSEX

    33,561.55 83.20   (0.25 %)
  • NIFTY

    10,342.30 15.40   (0.15 %)
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News In Brief

 

    Gold mining firms set aside $360 million for South Africa silicosis law suit

    Cape Town: Six gold mining firms, including Anglo American, have made a 5 billion rand ($361 million) provision to settle a class action law suit with thousands of miners who contracted fatal lung diseases while working in South African mines, an industry document said on Wednesday. 

    Earlier on Wednesday, lawyers acting for miners who contracted silicosis and TB said settlement talks with implicated gold companies for an out-of-court deal could be reached by December.

    (Reuters)

    Connecticut attorney general investigating Uber breach - spokeswoman

    Connecticut is investigating a computer breach at car hailing service Uber Technologies Inc that the company said it covered up after it was discovered in late 2016, a spokeswoman for state attorney general George Jepsen told Reuters on Wednesday. 

    “We are investigating the breach,” said Jepsen spokeswoman Jaclyn Severance. Severance declined to say if other states were investigating the breach of the names, email addresses and mobile phone numbers of some 57 million Uber users around the world as well as the driver license numbers of some 600,000 of its U.S. drivers.

    (Reuters)

    Blue Star names Anil Harish as additional independent director

    Mumbai: Air-conditioning and commercial refrigeration major Blue Star today said it has appointed lawyer Anil Harish as an additional independent director. Harish has been on the managing committee of the Indian Merchants Chamber, the Chamber of Tax Consultants and the Income Tax Appellate Tribunal Bar Association.

    "Anil Harish is amongst the leading tax lawyers in the country with a strong clientele of both domestic and overseas firms and his rich experience in a broad swathe of legal disciplines will immensely benefit the organisation," Blue Star Chairman Suneel Advani said in a statement.

    (PTI) 

    Tech stocks help Nasdaq eke out record high

    Bengaluru: Wall Street’s main indexes opened little changed on Wednesday, but the Nasdaq eked out enough gains to hit another record high as technology stocks continued to power the markets.

    The Dow Jones Industrial Average rose 3.3 points, or 0.01 percent, to 23,594.13. The S&P 500 gained 0.79 points, or 0.03 percent, to 2,599.82. The Nasdaq Composite added 7.83 points, or 0.11 percent, to 6,870.31.

    (Reuters)

    WDM witnesses trade worth Rs 2,585.60 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 2,585.60 crore in 51 trades.

    Top securities (non-repo) traded at the WDM were: The 6.79 per cent Government security maturing in CG2027 traded value of Rs 325.00 crore at weighted yield of 6.94 per cent, the 317-days treasury bills(issue no.150318) traded at Rs 750.00 crore at weighted yield of 6.14 per cent, and the 91-days treasury bills (issue no.220218) traded at Rs 300.00 crore at weighted yield of 6.11 per cent an NSE release said.

    (PTI)

    UK to reduce planned rise in business rates - Hammond

    London: Britain will reduce a planned rise in business rates by changing the indexation through which the tax was calculated, finance minister Philip Hammond said on Wednesday during his budget speech to parliament.   

    “I will accept the representation of the British Chambers of Commerce, CBI and other business organisations and bring forward the planned switch from RPI (Retail Price Inflation) to CPI (Consumer Price Index) by two years, to April 2018,” he said. Hammond said the move was worth 2.3 billion pounds ($3 billion) to businesses over the next five years.

    (Reuters)

    IOC bans four Russian skeleton athletes for life over Sochi doping

    Moscow: The International Olympic Committee (IOC) said on Wednesday it had banned four Russian skeleton athletes, including defending Olympic champion Alexander Tretyakov, from the Olympics for life over doping violations at the 2014 Sochi Games. 

    The other athletes banned are Sochi bronze-medal winner Elena Nikitina, Maria Orlova and Olga Potylitsyna, the IOC said. The IOC also said it had disqualified from the athletes from Sochi, effectively stripping Tretyakov and Nikitina of their Olympic medals.

    (Reuters)

    UK's Hammond bumps up deficit forecast for coming years

    London: Britain’s government will end up borrowing far more by the early years of the next decade than previously forecast, finance minister Philip Hammond said on Wednesday. 

    While the budget deficit forecast for the current 2017/18 fiscal year was cut to 49.9 billion pounds from a previous forecast of 58.3 billion pounds, Hammond said there would still be a deficit of 25.6 billion pounds by 2022/23. In March, Britain’s Office for Budget Responsibility had forecast borrowing would fall to 16.8 billion pounds by 2021/22.

    (Reuters)

    UK sets aside extra 3 billion pounds for Brexit preparations: Hammond

    London: The British government is setting aside 3 billion pounds ($3.97 billion) for Brexit preparations in addition to funds allocated previously, finance minister Philip Hammond said on Wednesday during his budget speech to parliament.   

    “We have already invested almost 700 million pounds in Brexit preparations ... and today I am setting aside over the next two years another 3 billion,” he said.

    (Reuters)

    Ezeego1.com expands presence with fifth franchise store

    Mumbai: Global travel market place Ezeego1.com has expanded its presence by opening of a new franchise in the city here.

    "Distribution is the key to success in the growing travel market and the opening of our new franchise will help us gain a foothold in this market," Ezeego1 CEO and Director Neelu Singh said in a release issued here.

    (PTI) 

    Lebanon's Hariri says to hold off resignation as PM

    Beirut: Lebanon’s Saad al-Hariri said on Wednesday he would hold off presenting his resignation as prime minister in response to a request from President Michel Aoun to allow more dialogue. 

    “I presented today my resignation to President Aoun and he urged me to wait before offering it and to hold onto it for more dialogue about its reasons and political background, and I showed responsiveness,” Hariri said in a televised statement.

    (Reuters)

    US dollar ends dearer against rupee

    Mumbai: The US dollar ended dearer against the rupee at Rs 64.92/93 per dollar and the pound sterling also finished higher at Rs 85.93/95 per pound at the close of the Interbank Foreign Exchange (forex) market here today.

    Following are the interbank forex and RBI rates: (In Rs per unit) Unit Interbank RBI Reference US Dollar 64.92/93, US Dollar Rs 64.7453, Pound Sterling 85.93/95, Euro Rs 76.0757, Euro 76.29/31, Japanese Yen (100) 57.94/96.

    (PTI) 

    Zimbabwe's Mnangagwa to be sworn in as president on Friday - state broadcaster

    Harare: Zimbabwe’s former vice president Emmerson Mnangagwa will be sworn in as president on Friday following the resignation of Robert Mugabe after nearly four decades in power, state broadcaster ZBC reported on Wednesday.   

    Mnangagwa, who fled for his safety after Mugabe sacked him two weeks ago, will land back in Zimbabwe at 6pm (1600 GMT) at Manyame Airbase in Harare, ZBC said.

    (Reuters)

    RBI sets rupee reference rate at 64.7453 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 64.7453 against the US dollar and 76.0757 for the euro. The corresponding rates were 65.0386 and 76.3878, yesterday. 

    According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.8523 and 57.75 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

    (PTI)

    Fund CRC presents an offer for Carige's consumer credit unit-source

    Milan: US hedge fund Christofferson Robb & Company (CRC) has presented an offer to buy Banca Carige’s (CRGI.MI) consumer credit unit Creditis, a source familiar with the matter said on Wednesday. 

    The bank, which is selling assets and on Wednesday launched a 560 million euros capital increase to strengthen its balance sheet, must accept the offer by Wednesday and close the sale by Dec. 6, according to the prospectus for the capital increase. Accepting the offer is a key condition for CRC to take on unsold shares in the capital increase under an existing accord with broker Equita.

    (Reuters)

    Turkey's Simsek says 'serious fluctuations' in markets, US problem temporary

    Istanbul: Deputy Prime Minister Mehmet Simsek said on Wednesday “serious fluctuations” in Turkish markets need to be understood and read calmly, adding that problems with the United States and the West were temporary. 

    Simsek was speaking at a conference in Istanbul after the lira TRYTOM=D3 hit a fresh record low of 3.98 against the dollar, driven partly by strains in ties with the United States over the trial of a Turkish gold trader accused of violating U.S. sanctions on Iran.

    (Reuters)

    Kremlin says no proof Russia was source of radioactive pollution

    Moscow: There has to date been no confirmation from any Russian government agencies that there was an incident on Russian soil that could have caused raised levels of pollution from a radioactive isotope, Kremlin spokesman Dmitry Peskov said on Wednesday. 

    Russia’s meteorological service said on Tuesday it had measured pollution of the ruthenium 106 isotope at nearly 1,000 times normal levels in the Ural mountains.

    (Reuters)

    GSPC seeks second-half December LNG cargo via tender-trade

    London: The Gujarat State Petroleum Corp launched a tender on Wednesday to buy a liquefied natural gas (LNG) cargo for delivery in the second half of December, trade sources said. 

    Bids must be submitted on or before Nov. 23 and an award is to be made on Nov. 24, they said.

    (Reuters)

    Soldier killed in gunbattle with militants in Kupwara

    Srinagar: A soldier was killed today in an encounter between security forces and militants in Keran sector of Kupwara district in Jammu and Kashmir, officials said.

    The gun-battle broke out at Choken Post in Keran sector near the Line of Control at around 7.30 am, they said, adding a soldier was killed in the exchange of firing between the two sides. The operation was going on when reports last came in, the officials added. 

    (PTI) 

    Brahmos test fired from Sukhoi fighter jet for first time

    New Delhi: In a major milestone, the Brahmos supersonic cruise missile was today test fired for the first time from a Sukhoi-30MKI fighter jet of the Indian Air Force.

    The missile hit a sea-based target in the Bay of Bengal from the combat jet. "The successful maiden test firing of Brahmos Air Launched Cruise Missile (ALCM) from Su-30MKI will significantly bolster the IAF's air combat operations capability from stand-off ranges," the defence ministry said.

    (PTI)

    Cabinet approves amendments to insolvency and bankruptcy code - TV

    New Delhi: The cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources.   

    The finance ministry had earlier asked banks to ensure that wilful defaulters were prevented from buying same stressed assets again as it strives to cut the record $147 billion soured loans accumulated in the banking sector.  Finance Minister Arun Jaitley is scheduled to brief the media later on Wednesday.

    (Reuters)

    Indian Oil Corp studies renewed Venezuelan crude purchases

    New Delhi: Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm.

    The OPEC-member’s economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services and fuel supplies. Venezuela depends on oil for more than 90 percent of its export revenues.

    (Reuters)

    Working on regulatory framework for crypto currencies: Malaysia

    Kuala Lumpur: Malaysia has begun work on a regulatory structure for digital currencies such as bitcoin, its central bank governor said on Wednesday, aimed at further securing Malaysia against money-laundering and terrorism financing.

    Governor Muhammad Ibrahim told a counter-terrorism financing summit that from next year those converting crypto currencies into conventional currency will be designated as “reporting institutions” under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

    (Reuters)

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