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Acquired New ship to enhance capacity in West Coast of India for Rs 48.8cr

TCI Seaways already has an existing capacity of 5 ships with a DWT @37360

The new ship is with a DWT 26262 and can hold 766 containers

Each container will be carrying capacity of 30 tonnes


QIP Opens Today; Floor Price Set At Rs 227.15/Share


Infra to bid for Rs 190 bn UP road project

A total of 12 firms are eligible for bidding

According to sources, the financial bid of these companies would be opened next week, probably on March 28

Reliance, PNC Infratech, NCC), L&T, BSCPL Infrastructure (formerly B Seenaiah & Company (Projects)), Sadbhav Engineering, Oriental Structural Engineers, Ashoka Buildcon, KNR Constructions, Apco Infratech, Gayatri Projects, Afcons Infrastructure have been found eligible for financial bids

A consortium led by State Bank of India (SBI) would give a credit line of Rs 150 billion for the project

Business Standard Reports 


Lowest bidder for 2 Projects in NH 753J worth Rs 448 Cr


IndiGo- Qatar to make joint bid for Air India

Indigo said its first priority would be to buy the overseas flights of Air India

Acquiring Air India will lead to a majority market share of more than 50%

Financial Express Reports


    33,136.18 139.42   (0.42 %)

    10,155.25 30.90   (0.31 %)
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See double digit growth in India: Mercedes-Benz

News In Brief


    White House to announce intellectual property tariffs on China Thursday: CNBC

    Washington: The White House plans to announce intellectual property tariffs on Thursday, and China visa and investment restrictions will not be part of the first package, CNBC reported on Wednesday, citing unidentified sources.


    Credit Suisse shares down after CEO comment on 'confused' quarter

    Zurich: Credit Suisse Group (CSGN.S) shares were down around 3.6 percent on Wednesday after the Bloomberg news agency quoted Chief Executive Tidjane Thiam as saying the Swiss bank was seeing a “very confused” quarter. 

    “January was a strong month, February was strange and March is a bit all over the place,” it quoted him as saying at a London event when describing trading conditions.


    US says in talks over steel and aluminum tariff exemptions

    Washington: The United States is in talks with the European Union, Argentina and Australia on granting possible exemptions to steel and aluminum tariffs, Trade Representative Robert Lighthizer told the House Ways and Means Committee in a hearing on Wednesday. 

    Lighthizer said that talks with South Korea over any possible exemption would be carried out within the context of existing trade negotiation talks with Seoul. The U.S. has already granted exemptions for Canada and Mexico from the tariffs which were imposed earlier this month by President Donald Trump.


    US trade actions on China could slip to Friday, official says

    Washington: New U.S. tariffs on China imports expected to be announced as early as Thursday could slip until Friday, a Trump administration official said on Wednesday. 

    Officials earlier said President Donald Trump planned to unveil up to $60 billion in tariffs on Chinese imports focused on technology, telecommunications and intellectual property.


    Russia declares US civil society group 'undesirable'

    Moscow: Russia’s Justice Ministry said on Wednesday it had added U.S.-headquartered non-governmental organisation the German Marshall Fund of the United States to a list of groups whose activities are deemed undesirable in Russia. 

    In a statement, the ministry did not say why the organisation had been declared undesirable.


    France wants progress on euro zone banking union by June: Le Maire

    Berlin: Germany and France must make progress by June toward a banking union in the euro zone, French Finance Minister Bruno Le Maire told business magazine Wirtschaftswoche, putting pressure on the German government which wants clarity on risk reduction. 

    “We can and must make progress on the banking union,” Le Maire said, adding that “partial results” could be achieved by June.


    Canada's Trudeau says remains optimistic about NAFTA deal

    Ottawa: Canadian Prime Minister Justin Trudeau said on Wednesday he remained optimistic Canada would get a good deal on NAFTA, adding he was aware of the time pressures imposed on the negotiations by the U.S. and Mexican elections. 

    “We continue to be optimistic about our capacity to get to a good win-win-win (deal),” Trudeau told reporters when asked about the trade talks. “We are very aware of the time pressures in both the United States and Mexico regarding the mid-terms and regarding the Mexican elections and we are there working very very hard.”


    Merkel slams Trump's import tariffs as 'unlawful'

    Berlin: German Chancellor Angela Merkel on Wednesday sharply criticized U.S. President Donald Trump’s plan to introduce tariffs on steel and aluminum imports and warned Washington that the European Union was ready to take countermeasures if necessary. 

    “We consider these tariffs unlawful,” Merkel told lawmakers in the Bundestag lower house of parliament, adding that Germany was convinced that isolationism would hurt everyone in the end. Merkel said Germany and the European Union would continue talks with the United States on trade.


    Germany stands by Britain's side after nerve agent attack: Merkel

    Berlin: Germany stands at Britain’s side after a nerve agent attack in England that bares the hallmarks of Russian involvement, German Chancellor Angela Merkel said on Wednesday. 

    “We stand by Britain’s side in solidarity, a lot of indications point to Russia,” Merkel said in a speech to German lawmakers. “That is why transparency is demanded of Russia.”


    Strike in northwest Syria kills 20, including 16 children: Monitor

    Beirut: An air raid on the village of Kafr Batikh in Syria’s northwestern rebel-held Idlib province killed 20 people on Wednesday including 16 children, the Syrian Observatory for Human Rights said on Wednesday. 

    Some 15 of those killed in the strike, in the eastern part of Idlib province, were from one family said the Britain-based war monitor.


    Italian banks call for harmonization of rules on new NPLs

    Milan: Italian banking association ABI on Wednesday urged European authorities to harmonize new rules on loans turning sour after the European Central Bank and the EU Commission presented two separate set of rules last week. 

    The ECB came under fire in Italy when it unveiled a draft proposal on scheduled writedowns of soured loans in late 2017. ABI acknowledged there had been improvements in a revised version of the document the ECB unveiled last week.


    US spending bill to boost border and cyber security: Source

    Washington: Congress’ massive federal government spending deal includes $1.6 billion in new border security and millions of dollars in additional funding for the FBI and states to secure upcoming U.S. elections and fight Russian hacking, a source familiar with the negotiations said on Wednesday.

    The planned measure also includes $10 billion in infrastructure spending for highways, airports and railroads, as well as an increase of $2.8 billion to fund opioids treatment, prevention and research, the source said.


    British PM May backs Cambridge Analytica investigation

    London: British Prime minister Theresa May on Wednesday backed an investigation into Cambridge Analytica, the consultancy at the heart of a storm over the use of Facebook (FB.O) data. 

    “What we have seen in Cambridge Analytica, the allegations are clearly very concerning, it is absolutely right that they should be properly investigated,” May told parliament. She said she was not aware of any current contracts between the government and Cambridge Analytica or its parent group.


    WDM witnesses trade worth Rs 1,683.37 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 1,683.37 crore in 36 trades.

    Top securities (nn-repo) traded at the WDM were: The 6.05 per cent Government security maturing in CG2019A traded value of Rs 250.00 crore at weighted yield of 6.52 per cent, the 6.05 per cent Government security maturing in CG2019 traded value of Rs 250.00 crore at weighted yield of 6.57 per cent and 8.15 per cent Government security maturing in CG2022A traded value of Rs 155.00 crore at weighted yield of 7.40 per cent, an NSE release said.


    Michelin and CFAO team up to sell tyres in Kenya and Uganda

    Paris: French tyre manufacturer Michelin (MICP.PA) said on Wednesday it had agreed to a joint venture with automotive and pharmaceutical distribution specialist CFAO to sell premium tyres in Kenya and Uganda. 

    CFAO, previously known as Compagnie Francaise de l’Afrique Occidentale, will own 51 percent of the new entity and the governance is to be equally shared with Michelin, the two companies said in a statement. No other financial terms were disclosed. “Michelin wants to accelerate the distribution of its high-end tires (...) by seizing this growth opportunity in two regional African powerhouses,” the statement said.


    Turkey says reached understanding with US on Syria's Manbij

    Ankara: Turkey and the United States have reached “an understanding, not an agreement” over the northern Syrian town of Manbij, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday.

    Speaking at a news conference, Cavusoglu said Ankara sought an agreement with Washington over who will secure Manbij after the Syrian Kurdish YPG militia, which Turkey considers a terrorist organisation, withdraws from the area. Cavusoglu said Turkey wanted the understanding with the United States over Manbij, where U.S. troops are stationed, to be a model for all areas controlled by the YPG.


    BMW says all options open for its DriveNow unit

    Munich: BMW (BMWG.DE) is keeping all options open for a possible merger of its carsharing company DriveNow, the company’s chief executive said on Wednesday. 

    “We are constantly reviewing all options,” CEO Harald Krueger told journalists.  German car rental company Sixt (SIXG.DE) recently sold its half of DriveNow to BMW for 209 million euros ($259.1 million). The deal made BMW the sole owner and paved the way for a broader car-sharing and driverless taxi alliance with Daimler (DAIGn.DE) to compete against the likes of Uber UBER.UL and Lyft.


    General Mills' sales rise 2.3 percent

    Bengaluru: Cheerios cereal maker General Mills Inc’s (GIS.N) quarterly sales rose 2.3 percent, led by strong demand for snacks in North America. 

    Net income attributable to General Mills rose to $941.4 million or $1.62 per share in the third quarter ended Feb. 25, from $357.8 million or 61 cents per share, a year earlier. Results in the latest quarter reflected a one-time tax benefit of $504 million. Net sales rose to $3.88 billion from $3.79 billion.


    Vatican communications chief resigns following 'Lettergate' scandal: Vatican

    Vatican City: Monsignor Dario Vigano, the head of the Vatican communications department who was caught up in the so-called “Lettergate” scandal, has resigned, the Vatican said on Wednesday. 

    Vigano, whose formal title was Prefect of the Secretariat for Communication, had come under sharp criticism all last week for blurring part of a photograph of a letter by former Pope Benedict and for withholding another section of the missive before releasing the entire text on Saturday.


    No compilation of CIC directions or advice: Govt

    New Delhi: No compilation of directions or advices made by the Central Information Commission (CIC) to public authorities while hearing complaints and appeals has been made, Lok Sabha was informed today.

    In response to a written question, Minister of State for Personnel, Public Grievances and Pensions Jitendra Singh said the CIC, based on complaints and also on its own, looks into non-compliance of its orders in accordance with the provisions of the RTI Act. "Central Information Commission from time to time issues directions or advice to the specific public authority while hearing of the second appeals/complaints cases of that public authority. No compilation of such directions has been made," he said.


    North Korean, South Korean and U.S. delegates had 'constructive' meeting, says host Finland

    Vantaa, Finland: Informal talks held in Finland between North Korean, South Korean and U.S. delegates ended on Wednesday, the Finnish foreign ministry said, describing the talks as constructive. 

    “(The meeting) explored approaches to building confidence and reduce tensions in Korean peninsula... The participants had a constructive exchange of views in a positive atmosphere,” foreign ministry Director General Kimmo Lahdevirta told reporters, declining to comment on the agenda. Some 18 delegates from the three countries, including Choe Kang Il, a deputy director general for North American affairs at North Korea’s foreign ministry, came to Finland on Sunday and Monday for the academic talks amid a series of diplomatic encounters ahead of a possible U.S.-North Korean summit.


    Tencent says will consider A-share listing when conditions are right

    Hong Kong: Chinese internet giant Tencent Holdings Ltd will consider an A-share listing in Shanghai when conditions are right, Chief Executive Pony Ma said on Wednesday. 

    His comments came two weeks after reports that guidelines for China Depositary Receipts (CDRs), similar to American Depositary Receipts, were likely to be finalised in the second half of this year by China’s securities regulator. Earlier on Wednesday, Tencent reported a 98 percent rise in quarterly net profit, beating expectations as it deepens monetisation of the growing traffic on its social networks.


    Sanctions against Russia not focus of EU summit: German government official

    Berlin: Sanctions against Russia will not be the focus of debate at a summit of European Union leaders on Thursday, a German government official said on Tuesday. 

    EU officials have said that the leaders will discuss how to defend Europe from Russian disinformation and cyber attacks at the summit, which comes days after Vladimir Putin was reelected to a fourth term as Russian president. It also comes a spike in tensions between Russia and the West over Britain’s claims that Russia was behind a nerve agent attack on a former Russian double agent in London.


    Kremlin says Putin and Trump agreed to speed up preparations for summit

    Moscow: The Kremlin said on Wednesday that U.S. President Donald Trump and Russian President Vladimir Putin agreed this week to entrust preparations for a face-to-face meeting to Russia’s Foreign Minister and the U.S. Secretary of State.

    Kremlin spokesman Dmitry Peskov told a conference call with reporters that no date had yet been settled on for the summit, but preparations should begin as soon as possible. President Donald Trump on Tuesday congratulated Russian President Vladimir Putin on his re-election and said they would likely meet soon.


    Germany: Will discuss all options regarding planned US tariffs at EU summit

    Berlin: All options to respond to planned U.S. tariffs on aluminium and steel will be discussed at a summit of EU leaders this week, a German government official said on Wednesday.

    The official expressed confidence that the European Union would take a coherent stance on the issue and said there was willingness to talk to the United States about reducing tariffs and other restrictions to trade.


    No proposal to increase retirement age of employees: Govt

    New Delhi: There is no plan to increase the retirement age of central government employees from existing 60 years to 62 years, Minister of State for Personnel Jitendra Singh said today.

    "No," he said, in a written reply to a question as to whether the government proposes to change the retirement age of the employees. There are about 48.41 lakh central government employees.


    South Korea's parliament approves BOK Governor Lee for second term

    Seoul: South Korea’s parliament on Wednesday approved President Moon Jae-in’s nomination of the current central bank governor to lead the Bank of Korea for a second term, a webcast from the National Assembly showed. 

    Bank of Korea Governor Lee Ju-yeol is expected to start his second four-year term in April.


    Rosneft, Eni make no commercial discovery at Black Sea well: Source

    Moscow: Russian state oil company Rosneft (ROSN.MM) and Italy’s Eni (ENI.MI) did not make a commercial hydrocarbon discovery in the Black Sea as the well they were drilling proved to be dry, a source close to operations told Reuters on Wednesday.

    Rosneft and Eni started to drill the well, known as “Maria-1”, in December. The ultra-deep-water prospecting and appraisal well was being drilled using the Scarabeo-9 rig and Rosneft said this week it had a target depth of 6,126 metres. Eni declined to comment. Rosneft did not reply to a Reuters request for immediate comment.


    Poland seeking compensation for World War Two destruction: Foreign minister

    Warsaw: Poland will this year look into ways of getting compensation for its destruction during World War Two, Foreign Minister Jacek Czaputowicz said on Wednesday. 

    “We will talk about the need to compensate Poles for the losses suffered during World War Two,” he told parliament in a section of a speech focused on Polish-German relations. “We will seek legal, political and financial ways of (obtaining) due compensation,” he added, as he presented his foreign policy goals for 2018.


    Deutsche Telekom agrees to buy 5 percent stake in Greece's OTE Telecom

    Athens: Deutsche Telekom has exercised its right of first refusal and will pay 284.05 million euros (248.6 million pounds) to acquire a 5 percent stake in Greece’s biggest telecom operator OTE, the Greek privatisation agency (HRADF) said on Wednesday.

    OTE, the former national monopoly, is 40 percent owned and managed by Deutsche Telekom. Greece launched a tender to sell a 5 percent stake in OTE last month as part of its international bailout. HRADF said last week it did not receive any bids for the sale of the stake in OTE and has invited Deutsche Telekom to exercise its right of first refusal to buy the shares.


    Norwegian Air says isn't guiding down full-year earnings

    Oslo: Budget carrier Norwegian Air Shuttle (NWC.OL) is not predicting that full-year 2018 earnings will miss investors’ existing expectations, Chief Financial Officer Tore Oestby told a conference call on Wednesday. 

    “We are not guiding the market down for this year compared to what is consensus,” he said.  The company on Tuesday warned of lower-than-expected first-quarter earnings, and later raised 1.3 billion crowns in fresh equity to boost its balance sheet.


    Islamic State claims suicide attack on shrine in Afghan capital

    Cairo: Islamic State claimed responsibility for a suicide attack on Wednesday in Afghanistan’s capital Kabul targeting a Shi’ite shrine, the militant group’s Amaq news agency said. 

    “The martyrdom operation carried out with a suicide vest struck a Shi’ite gathering during their Nawruz holiday celebrations in the city of Kabul,” the agency said. The blast killed at least 26 people and wounded 18, officials said.


    Suspected Texas bomber dead in blast, local media report

    Austin, Texas: The person suspected of delivering six homemade bombs to locations around Austin, Texas, this month, killing two people, has died after blowing himself up, local media reported, citing unnamed law enforcement sources. 

    Reuters could not immediately confirm the reports.


    China central bank sets out rules for foreign payment firms to operate in China

    Beijing: China central bank on Wednesday laid out rules for foreign payment firms that aim to provide electronic payment services in China, in a bid to further open the market. 

    Foreign firms will have to obtain licenses beforehand and client data and other information will have to be stored in China.


    British ambassador will not attend Russian ministry meeting on Skripal: RIA

    Moscow: Britain’s ambassador in Moscow will not attend a meeting on the Skripal poisoning case in Russia’s foreign ministry later on Wednesday, RIA news agency cited the British embassy as saying. 

    The Russian foreign ministry had invited foreign envoys to a meeting with arms control experts to discuss the poisoning of the former Russian double agent in the English city of Salisbury.


    Israeli minister says 2007 strike on suspected Syrian reactor a message to Iran

    Jerusalem: Israel’s 2007 bombing of a suspected Syrian nuclear reactor was a message to Iran that Israel would not allow it to obtain nuclear weaponry, the Israeli intelligence minister said on Wednesday. 

    “The operation and its success made clear that Israel will never allow nuclear weaponry to be in the hands of those who threaten its existence - Syria then, and Iran today,” Minister Israel Katz said on Twitter after Israel officially admitted for the first time that it carried out a 2007 air strike on the Al-Kubar site in Deir al-Zor.


    Suicide bomber kills at least 26 in Kabul: Official

    Kabul: At least 26 people were killed and 18 wounded when a suicide bomber blew himself up in the Afghan capital, Kabul, on Wednesday, an interior ministry spokesman said. 

    The explosion, near a Shi’ite shrine in the west of Kabul, came as the city was celebrating the Nawruz holiday marking the start of the Persian new year.


    Deutsche Bank narrows price range of DWS IPO, valuing unit up to 6.6 billion euros

    Frankfurt: Deutsche Bank (DBKGn.DE) narrowed the price range of the initial public offering of its asset management unit, DWS, valuing it at as much as 6.6 billion euros ($8.10 billion), a bookrunner said on Wednesday.

    The new price range is between 32 and 33 euros per share, compared with an initial price range of 30 to 36 euros per share that would have valued DWS at as much as 7.2 billion euros.


    RBI sets rupee reference rate at 65.2162 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 65.2162 against the US dollar and 79.9616 for the euro. The corresponding rates were 65.1993 and 80.4625 yesterday.

    The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 91.3288 and 61.28 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.


    China names CBRC chief Guo as head of new banking, insurance regulator: Caixin

    Beijing: China has named Guo Shuqing as the head of the newly formed regulator for the banking and insurance sectors, financial publication Caixin reported on Wednesday without citing a direct source.

    Guo had been the head of the China Banking Regulatory Commission, which was merged with the China Insurance Regulatory Commission as part of a broader government reshuffle approved by parliament last week.


    Explosion heard in Afghan capital Kabul: Reuters witnesses

    Kabul: An explosion was heard in Kabul on Wednesday, Reuters witnesses said, as the Afghan capital celebrated the Nawruz holiday marking the start of the Persian new year.  There was no immediate word on the cause of the blast or any damage or casualties.


    Russia's Rosatom says committed to start Turkish Akkuyu plant in 2023

    Moscow: Russian state nuclear company Rosatom plans to launch the Akkuyu nuclear plant in Turkey in 2023, it told Reuters, adding that the talks with potential new investors are not expected to affect the construction timetable. 

    “Rosatom categorically rejects speculation that any changes to the composition of the local ownership structure in the Akkuyu project have any bearing on the timetable of its implementation,” Rosatom said in a statement.“We are doing our utmost to speed up the first unit’s construction based on following the strictest safety regulations and the request of the Turkish Party to achieve physical start-up of the first unit of the NPP (nuclear plant) in 2023”.


    Shell sees downstream annual organic free cash flow of $6 billion to $7 billion by 2020

    Oil major Royal Dutch Shell (RDSa.L) said it expects to generate $6 billion (£4.3 billion) to $7 billion annual organic free cash flow by 2020 for its downstream business.

    The Anglo-Dutch company said it plans to invest $7 billion to $9 billion a year across the business and expects to deliver a return on average capital employed of more than 15 percent.  


    Fed approves Charles Schwab bid to acquire Nevada's Charles Schwab Trust Bank

    Washington: The Federal Reserve said on Tuesday it approved an application of Charles Schwab Corp to acquire Charles Schwab Trust Bank of Henderson, Nevada. 

    The state-chartered bank is a newly formed “de novo” bank, created by Schwab in an effort to expand its banking presence in the Las Vegas market. The Fed board approved the acquisition by a vote of 3-0.


    No change in foodgrain prices

    Chennai: Prices of all commodities remained unchanged on the third day 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 7,200, Gram Dal Rs 4,900, Sugar Rs 3,500, Wheat Rs 2,700, Maida (90 kg) Rs 2,600 and Sooji (90 kg) Rs 3,000.


    Former PBOC government: China will continue to adopt proactive fiscal, neutral monetary policies

    Beijing: China will continue to adopt a proactive fiscal policy and prudent and neutral monetary policy, the country’s former central bank governor said during the meeting of the Group of 20 finance ministers and central banks. 

    The People’s Bank of China (PBOC) published a statement on Wednesday carrying the remarks by Zhou Xiaochuan, who attended the G20 meetings in Argentina. China’s parliament on Monday appointed Yi Gang, who had been serving as a PBOC vice governor, to replace Zhou.The PBOC’s statement on Wednesday still referred to Zhou as the central bank’s governor.



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