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IDEA

Aditya Birla Group May Raise $1 Bn To Repay Regulatory Dues

AB Group To Sell Stake & Promoter Entities Of Co

In Talks With Large PE Funds

Deal Will Let AB Group Maintain Current Shareholding

PE Investors To Get Indirect Stake In Idea

Mint Reports

BAJAJ ELECTRICALS

Bags Orders For Rural-Urban Electrification Project

Project worth Rs 3577.93 Cr

Projects under Saubhagya Yojna

Projects to be completed within 15 months

FORTIS HEALTHCARE

Board Meeting On April 19 To Consider Various Bids Received

FEDERAL-MOGUL GOETZE

CKP Financial Open Offer To Acquire 1.39 Cr Shares Of Co

Offer Represents 25.02% Stake, With Price Of Rs 400/Sh

SOBHA

To make an investment of rs 500 cr in GIFT City

Will develop about 1,000 housing units in GIFT City

Residential footprint rises to 10 cities with investment

  • SENSEX

    34,427.29 95.61   (0.28 %)
  • NIFTY

    10,565.30 39.10   (0.37 %)
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TCS Q4: Consol PAT at Rs 6,904 Cr

News In Brief

 

    Tata Consultancy Services fourth-quarter profit rises 4.5 percent

    Bengaluru: Tata Consultancy Services Ltd (TCS), India’s biggest software services exporter, reported a 4.5 percent rise in fourth-quarter profit on Thursday, beating market expectations. 

    Net profit attributable to shareholders rose to 69.04 billion rupees ($1.05 billion) in the quarter ended March 31 from 66.08 billion rupees in the same period a year earlier, TCS, India’s most valuable listed company, said in a statement. Analysts on average had expected the Mumbai-based company to report a profit of 67.98 billion rupees, according to Thomson Reuters data. Income from operations rose 8.2 percent to 320.75 billion rupees.

    (Reuters)

    Takeda in talks with Shire after 46.50 stg/shr bid rejected

    London: Japan’s Takeda Pharmaceutical (4502.T) said on Thursday it was in negotiations with Shire (SHP.L) after making a bid worth 46.50 pounds per share that was rejected by the London-listed rare diseases drugmaker. 

    Reuters first reported that Takeda had made the cash-and-stock takeover offer, valuing Shire at around $61 billion.

    (Reuters)

    Britain's May, China's Xi agree chemical weapons use 'unacceptable'

    London: British Prime Minister Theresa May and Chinese President Xi Jinping agreed on Thursday that the use of chemical weapons “by anyone, anywhere, for any purposes was unacceptable”, the prime minister’s office said. 

    “The prime minister noted that the use of a nerve agent against Yulia and Sergei Skripal in Salisbury was a grave attack on the sovereign territory of the UK, and the first use of nerve agents on European soil since the Second World War,” a spokeswoman said in a statement. On Syria, the spokeswoman said May had told Xi that “Russia’s blocking of diplomatic action underlined the importance of the international community working together to re-establish an independent mechanism that attributes responsibility to the perpetrators of attacks such as the one in Douma.”

    (Reuters)

    Russia says Syrian rebels preventing inspectors from reaching Douma: RIA

    Moscow: Russian Deputy Foreign Minister Mikhail Bogdanov said on Thursday that Syrian rebels were preventing inspectors for the Organisation for the Prohibition of Chemical Weapons (OPCW) from reaching the town of Douma, the RIA news agency reported.

    (Reuters)

    Fed governor Brainard says 'premature' to revisit liquidity, capital rules

    Washington: Federal Reserve Board Governor Lael Brainard on Thursday warned it was premature for regulators to revisit liquidity and capital requirements for the largest banks amid growing vulnerabilities in the economy. 

    Speaking at a conference in Washington, Brainard said rising asset prices and leverage signaled it was too early in the economic cycle to review core rules introduced following the 2007-2009 global financial crisis. She added it may be appropriate for the Fed to ask banks to build an extra counter-cyclical capital buffer to guard against these emerging risks.

    (Reuters)

    Blackstone earnings drop 20 percent due to equity market slump

    New York: Blackstone Group LP, the largest manager of alternative assets such as private equity and real estate, said on Thursday first-quarter earnings per share fell 20 percent year-on-year, as a stock market slump weighed on the value of its holdings. 

    New York-based Blackstone said it plans to pay a 30 cent special dividend in 2018, returning to shareholders a portion of the proceeds from the conclusion of its partnership with FS Investment Corp. The firm increased its share buy-back authorization to $1 billion from $335.8 million. In January, Blackstone agreed to buy a majority stake in the Financial and Risk business of Thomson Reuters Corp, the parent company of Reuters News, in a $20 billion deal.

    (Reuters)

    Fortis board approves evaluation of binding offers

    Fortis Healthcare says board approves evaluation of binding offers, forms expert committee to evaluate offers and make final recommendation. 

    (PTI)

    Qualcomm to refile China application to get NXP deal cleared

    Bengaluru: Qualcomm will refile a regulatory application with the Chinese government to clear its $44 billion takeover of NXP Semiconductors, the U.S. chipmaker said on Thursday. 

    Qualcomm and NXP will extend the end date of their purchase agreement to July 25 from April 25. Earlier on Thursday, Reuters reported that Qualcomm will have to do more to complete its proposed takeover of NXP, citing a commerce ministry spokesman.

    (Reuters)

    Iraqi airstrikes target Islamic State positions in Syria: PM's office

    Baghdad: Iraq’s airforce carried out “deadly” airstrikes on Islamic State positions inside neighbouring Syria on Thursday, Prime Minister Haider al-Abadi’s office said. 

    The airstrikes were launched “from the Iraqi side of the border”, it said in a statement.

    (Reuters)

    China's Xi urges 'objective' probe into suspected Syria chemical weapons attack

    Beijing: Chinese President Xi Jinping told British Prime Minister Theresa in a telephone call on Thursday that there needs to be a comprehensive, just and objective probe into a suspected chemical weapons attack in Syria, state television reported.

    (Reuters)

    Takeda makes Shire takeover proposal at about 46.50 pounds a share: Sources

    London: Takeda Pharmaceutical (4502.T) has made an indicative takeover proposal to British drugmaker Shire (SHP.L) worth about 46.50 pounds a share, according to two sources, one of which has direct knowledge of the matter. 

    Japanese firm Takeda confirmed last month that it was considering a bid for the FTSE 100 company

    (Reuters)

    U.S. calls for keeping up pressure on North Korea ahead of summit

    Geneva: The United States will be looking for support at a meeting on a landmark treaty banning the spread of nuclear weapons “to continue to put pressure on North Korea to fulfil its obligations”, the U.S. disarmament ambassador said on Thursday. 

    “The United States remains committed to complete, verifiable and irreversible denuclearisation of North Korea,” U.S. Disarmament Ambassador Robert Wood told a news conference in Geneva ahead of a two-week conference on the Nuclear Non-Proliferation Treaty (NPT) opening next Monday. “In terms of the pressure campaign, things we are very interested in are maintaining the pressure, meaning enforcing sanctions, ensuring that the North is not able to get access to funds that help further his nuclear and ballistic missile programmes,” he added.

    (Reuters)

    Kremlin says can't rule out further unfriendly U.S moves in future

    Moscow: The Kremlin said on Thursday it was hard to know whether the United States would continue to make unfriendly moves against Russia in the future and impose further sanctions. 

    “In different capitals, and particularly in Washington, the most widely varying statements are being made, which do not make it possible to come to a united conclusion about what is meant,” Kremlin spokesman Dmitry Peskov told reporters on a conference call.

    (Reuters)

    SC breather to Sahar Group

    Supreme Court allows Sahara Group to sell properties in any parcel of its choice at the Aamby Valley City Project in Maharashtra.

    The sale of property has to be completed on or before May 15 and proceeds deposited in SEBI-Sahara refund account, orders the Supreme Court. 

    (PTI)  

    Kremlin: Temporary Rusal nationalization an option to tackle US sanctions

    Moscow: A temporary nationalization of Russian aluminum giant Rusal (0486.HK) is one of the options for helping the company which was hit by the U.S. sanctions, a Kremlin spokesman said on Thursday. 

    He was commenting on a proposal set out by Alexander Shokhin, a former deputy prime minister, for the state to buy out shares of affected companies as a way of helping them to mitigate the negative effect of sanctions.

    (Reuters)

    Head of Publicis stays tight-lipped over peer WPP

    Paris: The head of French advertising group Publicis (PUBP.PA) refused on Thursday to get drawn into commenting on rival WPP (WPP.L), following the shock departure of WPP’s boss Martin Sorrell. 

    Asked during an analyst call if Publicis might eye any WPP assets should they be sold off, Publicis Chief Executive Arthur Sadoun replied: “We are not speculating at all about what is happening at WPP.” Sadoun also reiterated that Publicis would keep a “disciplined” approach regarding its mergers and acquisitions strategy, which would focus on areas such as data and digital.

    (Reuters)

    UP legislative council elections

    All 13 candidates - BJP 10, and Apna Dal (S), BSP and SP one each - elected unopposed to UP legislative council: Returning officer.

    (PTI)  

    Top Russian, NATO generals to discuss Syria, Europe in Baku: TASS

    Moscow: Valery Gerasimov, the head of Russia’s military general staff, and NATO Supreme Allied Commander Curtis Scaparrotti will meet on Thursday in Azerbaijan to discuss Syria, the TASS news agency reported, citing the Russian defence ministry. 

    Gerasimov has arrived in Baku ahead of talks that are also expected to touch on NATO and Russian military activity in Europe, TASS said.

    (Reuters)

    Russia demands compensation at WTO for US steel tariffs

    Geneva: Russia is demanding compensation from the United States for its decision to impose worldwide tariffs on steel and aluminium, a Russian statement published by the World Trade Organization showed on Thursday. 

    The United States maintains that the tariffs are based on national security concerns and fall outside the remit of the WTO rules, but Russia, China, India and the European Union have all objected, saying the tariffs appear to be “safeguards”, which require compensation for major exporting countries. The United States has agreed to negotiate with China and has told India and the EU that it is open to “discuss this or any other issue”, while insisting that their claims for compensation are unjustified.

    (Reuters)

    IndusInd Bank Q4 profit jumps 27 percent

    IndusInd Bank Ltd posted a nearly 27 percent surge in its fourth-quarter net profit on Thursday, driven by higher interest income. Net profit climbed to 9.53 billion rupees ($144.9 million) in the quarter ended March 31, from 7.52 billion rupees a year ago, IndusInd Bank, the country’s sixth-largest private lender by assets, said.

    Gross bad loans as a percentage of total loans stood at 1.17 percent at end-March, compared with 1.16 percent in the previous quarter and 0.93 percent a year earlier.  Interest earned by the bank jumped about 21 percent in the quarter to 46.50 billion rupees.

    (Reuters)

    US tariffs on metal imports won't dampen German exports: economic institutes

    Berlin: U.S. tariffs on steel and aluminium imports would not dampen German exports if an exemption granted to the European Union expires on May 1 without a permanent solution, Germany’s leading economic institutes said on Thursday.

    But they warned in a report that an escalation of a trade dispute between major economic blocs would have a big impact on German exports and the economy, which they expect to grow by 2.2 percent this year and by 2.0 percent in 2019.  The institutes also said an upswing in Europe’s largest economy was losing momentum.

    (Reuters) 

    China to impose anti-dumping measures on synthetic rubber imported from US, EU, Singapore

    Beijing: China will impose temporary anti-dumping measures on halogenated butyl rubber imported from the United States, European Union and Singapore, the commerce ministry said on Thursday. 

    The anti-dumping measures will be effective from April 20, the ministry said.Exxon Mobil Corp (XOM.N) is among companies in the list affected by the rubber duties.

    (Reuters)

    RBI sets rupee reference rate at 65.7837 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 65.7837 against the US dollar and 81.3876 for the euro.

    The corresponding rates were 65.6814 and 81.3004, yesterday. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 93.4194 and 61.22 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added. 

    (PTI) 

    Ethiopia's new prime minister names new cabinet

    Addis Ababa: Ethiopia’s new prime minister named a 29-strong cabinet on Thursday that included 10 new members.

    Abiy Ahmed, who was appointed by Ethiopia’s ruling coalition last month and sworn in as premier on April 2, made the announcement on state television.

     (Reuters) 

    Magnitude 5.9 quake strikes southern Iran, no casualties reported: TV

    Ankara: A magnitude 5.9 earthquake on Thursday struck Iran’s southern province of Bushehr, which is home to a nuclear power plant, state television reported.  There were no immediate reports of casualties or damage. 

    “The quake hit the Kaki area in the province this morning,” the television said.  Many houses in rural parts of the province are made of mud bricks, which have been known to crumble easily in quake-prone Iran.

    (Reuters) 

    Foodgrain prices rule steady

    Chennai: Prices of all commodities ruled steady in the wholesale foodgrains market here today.

    Following are the wholesale rates of various agri-commodities (rates in rupees per quintal, unless stated otherwise): Thoor Dal Rs 7,000, Urad Dal Rs 6,700, Moong Dal Rs 7,000, Gram Dal Rs 4,800, Sugar Rs 3,250, Wheat Rs 2,700, Maida (90 kg) Rs 2,400 and Sooji (90 kg) Rs 3,000. 

    (PTI) 

    Weir to buy U.S. mining tools maker ESCO for $1.05 billion

    Weir Group Plc (WEIR.L), which makes pumps and valves for mining and energy industries, said it would buy U.S.-based ESCO Corp, a maker of mining equipment parts, for an equity value of $1.05 billion (£739.5 million). 

    The deal is expected to add to earnings per share in the first full year post completion, expected in early third quarter, Weir said. Weir also said it would start a process to sell its flow control division, which designs and manufactures process pumps and valves for use in power, oil and gas industries.

    (Reuters) 

    Hundreds flee homes as 4.4 magnitude quake strikes Indonesia

    Jakarta: A shallow earthquake brought down hundreds of poorly built buildings in Indonesia, forcing more than 2,000 people to flee their homes, rescue officials said on Thursday. The 4.4 magnitude quake hit the Banjarnegara district of Central Java late on Wednesday, killing two people and injuring more than 20. 

    “Victims were killed or injured by falling buildings,” the national rescue agency said in a statement. “People are being treated in hospital or have been evacuated to temporary shelters.”  Quakes are common in Indonesia, which straddles the Pacific “Ring of Fire”, a hot spot for seismic activity due to friction between tectonic plates.

     (Reuters) 

    Ultra Electronics investigated by SFO for 'suspected corruption' in Algeria

    London: British defence contractor Ultra Electronics (ULE.L) said the UK’s Serious Fraud Office had opened a criminal investigation into “suspected corruption in the conduct of business” by it in Algeria. 

    Ultra said in a statement on Thursday that the SFO investigation concerned the business conduct of Ultra, its subsidiaries, employees and associated persons, and came after Ultra referred itself to the British fraud authorities.“Given the stage of these matters, it is not possible to estimate reliably what effect the outcome of this matter may have on the group,” Ultra said, adding that it continued to co-operate with the SFO.

    (Reuters) 

    Lockheed Martin wins $928 million U.S. defence contract: Pentagon

    Washington: Lockheed Martin Corp (LMT.N) has won a $928 million (653.2 million pounds) contract to build an undefined number of hypersonic conventional strike weapons, the Pentagon said in a statement on Wednesday.

    The contract provides for the design, development, engineering, systems integration, test, logistics planning, and aircraft integration support of all the elements of a hypersonic, conventional, air-launched, stand-off weapon, the statement said.

    (Reuters) 

    P&G acquires Merck's consumer health business for about $4.21 billion

    Procter & Gamble Co said on Thursday it has acquired the consumer health business of German pharmaceuticals company Merck KGaA for about 3.4 billion euros ($4.21 billion).

    The acquisition enables P&G to add to its portfolio of existing consumer healthcare capabilities and brands such as Vicks, Metamucil, Pepto-Bismol, Crest and Oral-B.

    (Reuters) 

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