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KEC INTERNATIONAL

Promoter Instant Holdings bought over 1% stake, or 28 lk skares, in co for Rs 111 Cr

Shares acquired at average price of Rs 395.95

By Dec 2017, Instant Holdings held 1.80 cr shares, or 7.01% stake, in Co

Mint Reports

TYRE STOCKS IN FOCUS

Automotive Tyre Mfg Association says shortage of carbon black may shutdown plants

Demand supply gap has gone up to 20% in FY18

Financial Express Reports

HEG, GRAPHITE INDIA

Centre urges graphite electrode mfg cos to cut local prices

Also signaled possibility of introduction of an export tax

Graphite electrodes are used to melt scrap to produce new steel

Financial Express Reports

SUN PHARMA

Arm Buys 4.84% More Stake In Ranbaxy Malaysia For 1.66 Mn Ringgit

INDIA GRID TRUST

Acquires 46% stake in PTCL with a total Enterprise Value of Rs 232 Cr

Acquisition indicated to be completed by Q1 FY19

  • SENSEX

    33,703.59 71.07   (-0.21 %)
  • NIFTY

    10,360.40 18.00   (-0.17 %)
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PNB Fraud: The Rot Spreads

News In Brief

 

    Britain 'steadfastly' committed to Northern Irish peace accord: May's spokesman

    London: Britain’s government is “steadfastly” committed to the Belfast agreement, Prime Minister Theresa May’s spokesman said on Tuesday, after several MPs questioned whether the 1998 deal that ended 30 years of conflict in Northern Ireland was still working. 

    “The government remains absolutely steadfastly committed to the Belfast agreement and is currently working with the parties to get the devolved administration up and running as soon as possible,” he told reporters.  “And that’s obviously what the Prime Minister will be talking about when she meets with the DUP (Democratic Unionist Party) and Sinn Fein leaders tomorrow.”

    (Reuters)

    Abbas calls for international Mideast peace conference by mid-2018

    United Nations: During a rare address to the United Nations Security Council on Tuesday, Palestinian President Mahmoud Abbas called for an international Middle East peace conference to be convened by the middle of this year. 

    The Palestinians no longer view Washington as a neutral negotiator and have been calling for a collective approach to try and broker Middle East peace. They are furious at U.S. President Donald Trump’s recognition of Jerusalem as Israel’s capital in December and cut to U.S. funding for the U.N. agency that helps Palestinian refugees (UNRWA).

    (Reuters)

    Pro-Syrian government forces retreat after Turkish artillery fire: Anadolu

    Ankara: Pro-Syrian government forces en route to the northwestern Afrin region on Tuesday retreated after Turkish forces fired artillery as a warning, Turkey’s state-run Anadolu news agency said. 

    Anadolu, without giving a source, said the pro-Syrian government forces had turned back some 10 kilometres (6.2 miles)from Afrin’s border. Earlier on Tuesday Syrian state television had shown the pro-Damascus forces entering the Afrin region to help Kurdish fighters defend against a month-long Turkish offensive.

    (Reuters)

    Militants open fire on security personnel near Awantipora Air Force Station

    Srinagar: Militants today opened firing on security forces near an Air Force station in Pulwama district of Jammu and Kashmir, defense sources said.

    "There has been a firing incident at Malangpora, near the Awantipora Air Force station," they said. The details of the incident are being ascertained and the security forces have cordoned off the area to track down the militants, they said.

     (PTI)

    Syrian state TV shows pro-government fighters enter Afrin

    Beirut: Syrian state television showed a convoy of pro-government fighters entering the Kurdish-held Afrin region on Tuesday to help fend off a Turkish assault. 

    The fighters wore camouflage fatigues and waved weapons and Syrian flags from their vehicles as they crossed through a checkpoint that bore the insignia of a Kurdish security force.

    (Reuters)

    Wall St opens lower as bond yields, Walmart worries weigh

    New York: US stocks opened lower on Tuesday, hurt by a rise in bond yields and disappointing quarterly results from Walmart.  The Dow Jones Industrial Average .DJI fell 145.61 points, or 0.58 percent, to 25,073.77.

    The S&P 500 .SPX lost 11.56 points, or 0.423099 percent, to 2,720.66. The Nasdaq Composite .IXIC dropped 30.24 points, or 0.42 percent, to 7,209.23.

    (Reuters)

    Marciano gives up daily duties amid probe for improper conduct

    Guess Inc (GES.N) said on Tuesday its co-founder, Paul Marciano, will relinquish his day-to-day responsibilities at the company, on an unpaid basis, following allegations of improper conduct.

    Earlier this month, model and actress Kate Upton tweeted, accusing Marciano of using his power to harass women. The fashion retailer’s board in early February had formed a special committee, made up of two independent directors, to oversee an ongoing investigation into allegations against Marciano.

    (Reuters)

    Gap Brand CEO Jeff Kirwan to leave retailer

    Gap Inc (GPS.N) said on Tuesday that Jeff Kirwan, president and chief executive of its eponymous brand will leave the apparel retailer. 

    Gap shares were down 6.5 percent in premarket trading. Brent Hyder, current Gap executive vice president, head of global talent and sustainability, will oversee the brand as the retailer looks for new president.

    (Reuters)

    US dollar ends higher against rupee

    Mumbai: The US dollar ended sharply higher against the rupee at 64.79/80 per unit and the pound also finished higher at Rs 90.57/59 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 64.79/80 US Dollar Rs 64.5254 Pound Sterling 90.57/59 Euro Rs 79.8566 Euro 79.95/97 Japanese Yen (100) 60.49/51.

    (PTI) 

    Russia's standards agency recalls 4,857 Audi cars

    Moscow: Russia’s standards agency said in a statement on Tuesday it would recall 4,857 Audi A4, A5 and Q5 cars that were sold between 2011 and 2016.

    (Reuters)

    Qatar Airways says some orders may be upgraded to A350-1000 planes

    Toulouse: Qatar Airways said some A350-900 orders may be upgraded to the Airbus (AIR.PA) A350-1000 range of planes, although it ruled out expanding orders for the Airbus A380 superjumbo for now.

    Qatar Airways Group Chief Executive Akbar al-Baker also told reporters at an event in Toulouse, held to mark Airbus’ first delivery of the A350-1000 plane to the Gulf airline, that sanctions imposed on Qatar by some neighbouring Arab states would not hinder Qatar Airways’ growth. 

    (Reuters)

    BP plans to greenlight three new projects in 2018: CEO

    London: BP (BP.L) plans to make final investment decisions on three major new oil and gas projects in 2018 and possibly more, Chief Executive Officer Bob Dudley told reporters at the IP Week conference.

    “At BP we are going to keep within that capital discipline. It is one of the things that shareholders say ‘make sure that because the price is up you don’t start overspending and being late’ (on project deliveries) so we will stick with the $15-$17 billion of capital framework through 2021,” Dudley said.

    (Reuters)

    France says Syria's Ghouta bombing violates humanitarian law

    Paris: France said on Tuesday that the bombing of Syria’s eastern Ghouta by pro-government forces amounted to a serious violation of international humanitarian law, calling for a humanitarian truce. 

    The attacks “deliberately target inhabited areas and civilian infrastructure, including medical ones. They constitute a grave violation of international humanitarian law,” the foreign ministry said in a statement. “These acts engage the responsibility of the Syrian regime, but also that of Russia and Iran, which are its main backers and who, in the framework of the Astana agreements, have vouched for a ceasefire that is supposed to apply to Ghouta.”

    (Reuters)

    Telecoms group Orange's board backs new 4-year mandate for Richard

    Paris: The board of French telecoms group Orange on Tuesday voted in favour of renewing the mandate of company head Stephane Richard for another four years, it said in a statement. 

    The board backed Richard’s general strategy for the company, adding that the decision to renew his mandate would be put before the shareholders of Orange at the company’s annual general meeting in May. Richard has denied any wrongdoing.

    (Reuters)

    Several dozen Russian, ex-Soviet fighters killed or wounded in Syria: Russia

    Moscow: The Russian Foreign Ministry said on Tuesday that several dozen Russian citizens and people from countries in the former Soviet Union had been killed or wounded in recent clashes in Syria. 

    The ministry said none of those hurt were members of the Russian armed forces and that the injured were being treated at hospitals in Russia. Three sources familiar with the matter told Reuters last week that about 300 men working for a Kremlin-linked Russian private military firm had been either killed or injured in a clash in Syria with the U.S.-led coalition.

    (Reuters)

    Monetary policy normalization must go hand in hand with economic recovery: Spain economy minister

    Madrid: The normalization of monetary policy in the euro zone must go hand in hand with economic recovery, Spanish Economy Minister and soon-to-be European Central Bank Vice President Luis de Guindos said on Tuesday. 

    De Guindos was chosen to take over from Portugal’s Vitor Constancio as the ECB’s second in command in June by euro zone finance ministers on Monday. “The normalization has to be accompanied by economic recovery, in a parallel manner,” he said during the conference, but declined to be drawn on specific monetary policy questions.

    (Reuters)

    WDM witnesses trade worth Rs 867.15 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 867.15 crore in 35 trades.

    Top securities (nn-repo) traded at the WDM: The 8.13 per cent Government security maturing in CG2045 traded value of Rs 105.00 crore at weighted yield of 7.96 per cent and the 8.17 per cent Government security maturing in CG2044 traded value of Rs 40.00 crore at weighted yield of 7.94 per cent, an NSE release said.

    (PTI)

    Turkey's Erdogan says halted Syrian deployment into Afrin through talks

    Ankara: Turkey on Monday had warned it would confront Syrian government forces if they entered Afrin to help the Kurdish YPG militia repel a Turkish offensive in the region, after reports of a deal between the YPG and Damascus government on Sunday. 

    Erdogan made the comments to reporters following a speech in parliament in Ankara.

    (Reuters)

    Money laundering affair damaging for Latvia's reputation: Dombrovskis

    Brussels: Allegations of corruption against Latvia’s central bank governor and of money laundering against the country’s third biggest bank are damaging the country’s reputation, a senior EU Commission official said on Tuesday.

    Valdis Dombrovskis, a former Latvian prime minister who is now a Vice President of the European Union’s executive arm, told a news conference national authorities should deal with the situation quickly. “We are monitoring the situation closely. Of course we see that there is damage for reputation, first and foremost for Latvia and we expect that the national enforcement authorities will address the issue swiftly,” he said.

    (Reuters)

    Several dozen Russian, ex-Soviet fighters killed or wounded in Syria: Russia

    Moscow: The Russian Foreign Ministry said on Tuesday that several dozen Russian citizens and people from countries in the former Soviet Union had been killed or wounded in recent clashes in Syria.

    The ministry said none of those hurt were members of the Russian armed forces and that the injured were being treated at hospitals in Russia. Three sources familiar with the matter told Reuters last week that about 300 men working for a Kremlin-linked Russian private military firm had been either killed or injured in a clash in Syria with the U.S.-led coalition.

    (Reuters)

    Russia's Lavrov calls for Syria-Turkey talks to resolve Afrin standoff - Ifax

    Moscow: Russian Foreign Minister Sergei Lavrov said on Tuesday that the situation in Syria’s Afrin could be resolved through direct dialogue between Damascus and Ankara, the Interfax news agency cited him as saying.

    Turkey-led forces will begin besieging the town in coming days, part of Ankara’s operation to drive out the Kurdish YPG militia, President Tayyip Erdogan said on Tuesday. Erdogan said the deployment of Syrian government troops in the region had been thwarted by Turkey after talks with Russian President Vladimir Putin.

    (Reuters)

    More bombs fall on Syria's Ghouta after heaviest toll in years

    Beirut: Pro-government forces bombarded Syria’s eastern Ghouta on Tuesday, killing at least 49 people, after the heaviest one-day death toll there in three years on Monday, a war monitoring group said.

    Some 127 people were killed in air raids, rocket strikes and shelling of the area near Damascus on Monday, according to the British-based Syrian Observatory for Human Rights. About 190 have died since the bombing intensified late on Sunday and 850 have been injured, it said.

    (Reuters)

    Spain's Balearic Islands to fine Airbnb 300,000 euros for illegal rentals

    Madrid: Spain’s Balearic Islands is fining flat-sharing and rental service Airbnb 300,000 euros ($370,140) for advertising unregistered homes in Mallorca on its web site, the regional government said on Tuesday.

    Tourism provides more than 11 percent of Spain’s economic output, and the country has seen record levels of visitors in recent years as worries about security keep sun-seekers away from northern Africa and the Middle East. Some 20 holiday flats on the islands available on the Airbnb site don’t meet regulations set in 2017, the government said in a statement.

    (Reuters)

    Bombing of Syria's eastern Ghouta kills 45: Observatory

    Beirut: Pro-government bombardment of the rebel-held eastern Ghouta area near Syria’s capital Damascus killed 45 people on Tuesday, the Syrian Observatory for Human Rights, a Britain-based war monitor said. 

    Since the increased bombardment began late on Sunday, about 190 people have been killed and about 850 injured, the Observatory said.

    (Reuters)

    Medtronic posts loss due to $2.2 billion US tax law charge

    Medtronic Plc reported a third-quarter loss on Tuesday, compared with a year-ago profit, hurt by a $2.2 billion charge related to recent changes in U.S. tax laws. 

    The net loss attributable to Medtronic was $1.39 billion, or $1.03 per share, in the quarter ended Jan. 26, compared with a profit of $821 million, or $0.59 per share, a year earlier.  Net sales rose 1.2 percent to $7.37 billion.

    (Reuters) 

    Walmart holiday quarter profit falls, comparable sales beat estimates

    New York: U.S. retailer Walmart Inc (WMT.N) on Tuesday reported a lower-than-expected quarterly profit even as comparable sales in the U.S. market rose for the 14th consecutive quarter.

    Sales at U.S. stores open at least a year rose 2.6 percent, excluding fuel, in the fourth quarter ended Jan. 31. Analysts forecast a gain of 2 percent, according to a poll by research firm Consensus Metrix.

    (Reuters) 

    Qualcomm to raise offer to buy NXP: WSJ

    Bengaluru: U.S. chipmaker Qualcomm Inc raised its offer to buy NXP Semiconductors NV to $127.50 per share from $110, after being pressured by shareholders led by activist hedge fund Elliott Management Corp, the Wall Street Journal reported, citing people familiar with the matter.

    The raised offer valued NXP at $44 billion, and the higher offer could come as soon as this week, the paper reported. Broadcom Ltd, which is seeking to buy Qualcomm for $121 billion, had said its offer was contingent on either Qualcomm buying NXP at $110 per share or the deal being terminated.

    (Reuters)

    Brazil's lower house greenlights security intervention in Rio

    Rio De Janeiro: Brazil’s lower house early on Tuesday approved a decree that authorizes the federal government to intervene in security in the crime-plagued state of Rio de Janeiro, sending the bill to the Senate for final approval. 

    The measure, which passed with 340 votes in favour, 72 against, and one abstention, allows the army to take over command of police forces in the state. It was announced by President Michel Temer on Friday, after annual carnival celebrations in Rio were marred by escalating crime. The Senate is expected to approve the legislation later on Tuesday.

    (Reuters)

    'Deeply pained' over alleged assault on Delhi Chief Secretary: Rajnath

    New Delhi: Home Minister Rajnath Singh on Tuesday said he was "deeply pained" after an alleged assault on Delhi Chief Secretary Anshu Prakash during a meeting with Chief Minister Arvind Kejriwal and some AAP MLAs. 

    "I am deeply pained by the happenings involving the Chief Secretary of the Delhi Government. The civil servants should be allowed to work with dignity and without fear," Rajnath Singh tweeted.

    (IANS) 

    Latvian central bank chief Rimsevics says he is target of smear campaign

    Riga: Latvia’s central bank chief, who was held in custody over the weekend on suspicion that he solicited a bribe, said on Tuesday he was the victim of a smear campaign.

    “I have not demanded or received any bribes,” Governor Ilmars Rimsevics said at a news conference. “I have become the target of some Latvian commercial banks to destroy Latvia’s reputation.”

    (Reuters)

    Britain does not want to undermine the EU after Brexit: Davis

    Vienna: Britain does not want to undermine the European Union after it leaves the bloc, instead it wants to become a respectful partner in driving new standards for a changing economy, Brexit minister David Davis said on Tuesday. 

    In a speech in Vienna, which Davis called one of the truly global cities, the minister tried to ease concerns in the EU that Britain will use Brexit as a way to deregulate its economy and lower standards to attract new investment.

    (Reuters)

    Prez receives credentials from envoys of four nations

    New Delhi: President Ram Nath Kovind today received credentials from envoys of four nations, including Korea, according to an official statement.

    The envoys who presented their credentials to the president included Sergio Dario Arispe Barrientos, Ambassador of Bolivia, Shin Bongkil, Ambassador of Republic of Korea, Fleming Raul Duarte Ramos, Ambassador of Paraguay, and Andre Poh, Ambassador of Congo, the statement issued by Rashtrapati Bhavan said.

    (PTI) 

    Turkey says unclear whether Syrian government forces will enter Afrin

    Ankara: Syrian government forces have yet to enter the Afrin region and it was unclear if they would, Turkey’s foreign minister said on Tuesday. 

    Mevlut Cavusoglu made the comment in an interview with broadcaster Kanal 24. Syrian state media said on Monday morning that pro-government militia would enter Afrin “within hours” but by sunset there were no signs of a deployment there. Turkey has said it would confront Syrian government forces if they entered the northwestern Afrin region to help the Kurdish YPG militia. Turkey launched an offensive in Afrin last month to sweep the YPG from its southern border.

    (Reuters)

    Poland upholds promise to comply with EU top court final ruling on logging

    Warsaw: Poland will comply with the final ruling of the EU top court on logging in its Bialowieza Forest, the environment minister said on Tuesday after an adviser to the court said Warsaw breached EU law with increased wood harvesting in the forest. 

    “At this moment I can confirm that Poland will comply with the final judgment regarding Bialowieza Forest,” the Environment Minister Henryk Kowalczyk was quoted as saying in a statement. The ministry also said that the court’s adviser opinion was not binding and that the court’s final ruling would most likely take place in April this year.

    (Reuters)

    EU court adviser backs Commission in forest dispute with Poland

    Brussels: Poland’s decisions to increase logging operations in the primeval forest of Bialowieza breaks EU law, an advisor to the EU’s top court said on Tuesday. 

    “Those decisions are necessarily liable to result in a deterioration of the breeding sites of the protected species,” the court’s advocate general Yves Bot said. A UNESCO World Heritage site, Bialowieza, which straddles the border with Belarus, is one of Europe’s last primeval forests and home to its largest herd of European bison as well as unique birds and insects.

    (Reuters)

    Erdogan says Turkish forces to besiege Syria's Afrin town in coming days

    Ankara: Turkey-led forces will begin besieging the Syrian town of Afrin in the coming days as part of Turkey’s operation to drive the Kurdish YPG militia out of the region in northwest Syria, President Tayyip Erdogan said on Tuesday.

    Turkey began an operation last month with allied Syrian rebels against the YPG, which Ankara sees as a terrorist group and an extension of the militant PKK which has fought a three-decade insurgency in southeast Turkey.

     (Reuters) 

    Cabinet approves rail cooperation agreement with Morocco

    New Delhi: The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday gave its ex-post facto approval to the cooperation agreement between India and the Moroccan National Railways Office (ONCF) to develop cooperation and partnership in the railway sector.

    The agreement, which was signed in December last year, will enable technical cooperation in training and staff development; expert missions, exchange of experience and personnel; and mutual technical assistance, including exchanging of experts.

    (IANS) 

    Mild tremors felt in J&K

    Srinagar: A low intensity earthquake measuring 3.3 on the Richter scale occurred in the valley region in Jammu and Kashmir on Tuesday.

    No loss of life or damage to property was reported. A disaster management official said the tremors were felt at 12.41 p.m. at a depth of five km with its epicentre at the centre of the state.

    (IANS) 

    Indian software services sector to grow 7-9% in FY19: Lobby group

    Hyderabad: India’s software services sector will see revenue growth of 7-9 percent in constant currency terms in the fiscal year to March 2019, a leading lobby group forecast on Tuesday.

    “The current outlook is one of cautious optimism,” said R. Chandrashekhar, president of the National Association of Software and Services Companies (NASSCOM), in a statement. “There is still some turbulence and it is not clear how some of the known uncertainties will play out, however FY 2019 is likely to be a better year, based on our current assessment”.

    (Reuters)

    'Japan's FSA finds regional banks incurred losses on foreign bond investment'

    Tokyo: Around 20 of Japan’s regional banks lost money on their foreign bond investments amid the recent jump in U.S. long-term yields, an emergency review conducted by Japan’s Financial Services Agency (FSA) showed, a source with direct knowledge of the matter told Reuters.

    The FSA is expected to ask banks to improve their performance, said the source, who is not authorized to discuss the matter publicly.

    (Reuters)

    Drugmaker Hikma appoints Sigurdur Olafsson as CEO

    Drugmaker Hikma Pharmaceuticals Plc said on Tuesday it appointed Sigurdur Olafsson as its chief executive, effective immediately. 

    The Jordan-based firm, which makes and markets branded and non-branded generic and injectable drugs, said current Chairman and CEO Said Darwazah would assume the position of executive chairman. Olafsson was most recently chief executive of the Global Generic Medicines Group of Teva Pharmaceuticals, a position he held from 2014 to 2016, Hikma said.

    (Reuters)

    S Korea designates Gunsan city economic 'crisis zone' as GM shutting factory

    Seoul: The South Korean government has designated the city of Gunsan as a ‘crisis zone’ for industry and employment, said presidential spokesman Kim Eui-kyeom on Tuesday, after General Motors announced last week it would be shuttering a factory there. 

    Designated crisis zones become eligible for special government subsidies like cheap loans and financial support for those laid off. The Detroit automaker announced last week that it would shut its plant in Gunsan, southwest of Seoul, by May and decide the future of the remaining three plants in the country within weeks.

    (Reuters)

    Dunelm's first-half sales rise over 18 percent

    British homewares retailer Dunelm Group Plc (DNLM.L) said on Tuesday total sales for its half-year rose over 18 percent, aided by its Worldstores acquisition and higher online orders. 

    Dunelm, which sells cushions, bedding and kitchen equipment, said total sales rose 18.4 percent to 545.4 million pounds ($762 million) with like-for-like sales rising 6 percent for the 26 weeks to Dec. 30. However, profit before tax and exceptional costs fell to 60 million pounds from 65.2 million pounds a year ago.

    (Reuters)

    No change in foodgrain prices

    Chennai: Prices of all commodities remained unchanged in the wholesale foodgrain market here today.

    Following are the wholesale rates of various agri-commodities (rates in rupees per quintal, unless stated otherwise):Thoor Dal Rs 7,200, Urad Dal Rs 6,700, Moong Dal Rs 7,300, Gram Dal Rs 5,200, Sugar Rs 3,600, Wheat Rs 2,600, Maida (90 kg) Rs 2,400 and Sooji (90 kg) Rs 3,000. 

    (PTI) 

    N.Korean official says may be possible to co-host Asian Games with South Korea: Yonhap

    Seoul: North Korea may be able to co-host the 2021 Asian Winter Games with South Korea and make the North’s Masikryong ski resort available for the Games, a North Korean official said on Tuesday according to the South’s Yonhap news agency.

    Chang Ung, North Korea’s representative on the International Olympic Committee, made the comments a few days after a South Korean provincial governor said Gangwon province, host for the current 2018 Pyeongchang Winter Olympics, was considering a proposal to co-host the 2021 Asian Winter Games. The host city for the 2021 event has not been decided yet.

    (Reuters) 

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