Companies and Markets

Companies & Markets

Birla Copper CEO sees Indian copper demand doubling by 2026

India’s refined copper consumption is set to more than double over the next eight years amid rising demand from the power, auto and consumer sectors, the chief executive of one of the country’s top copper smelters said on Thursday.

The nation’s consumption of the metal is expected to rise to 1.433 million tonnes by 2026 from around 650,000 tonnes in 2018, Birla Copper chief executive officer JC Laddha told delegates at the Asia Copper Conference in Shanghai.

Strong resistance seen at 10,700

Benchmark indices opened flat on Thursday but entered positive territory towards the second half and were able to sustain modest gains. The Sensex rose 118.55 points, or 0.34 per cent, to settle at 35,260.54.  The Nifty 50 rose 40.40 points, or 0.38 per cent, to settle at 10,616.70.

Among secondary barometers, the BSE Mid-Cap Index rose 0.74 per cent to 14,992.48 and Small-Cap ended flat at 14,548.04.

BEL pays 40% final dividend to govt, total at 200%

Navratna defence PSU Bharat Electronics (BEL) has paid a 40 per cent more dividend to the Government of India, taking the total dividend for FY18 to 200 per cent.

The final dividend cheque of Rs 41.41 crore for last fiscal was handed over on Thursday to defence minister Nirmala Sitharaman by MV Gowtama, chairman & managing director of BEL. The interim dividend of 160 per cent, on a face value of Re 1 per equity share, was paid to the GoI in February this year.

Bansal’s easing out from Flipkart stumps all

Did Walmart use an old allegation of ‘personal misconduct,’ which had already been settled, to ease Binny Bansal (in pic) out of the current setup just six months after the Flipkart co-founder drove a hard bargain to sell 77 per cent stake to the American retail giant at $16 billion in May?

Or the US company followed the business ethics code too harshly despite the fact that business culture in its new domain was much different from the US and other regions it is operating in at present?

ED probes FEMA violations by Amazon, Flipkart

The Enforcement Directorate (ED) has begun probe into two cases against e-commerce giants Amazon and Flipkart for violating foreign direct investment (FDI) norms under the Foreign Exchange Management Act (FEMA).

Stiff hurdle seen at 10,650

Benchmark indices opened on a positive note on account of a strong rupee and falling crude oil prices, but changed direction towards the latter half of the day as higher wholesale inflation weighed on domestic investor sentiments. The Nifty managed to close above the 10,550 level.

Wholesale inflation accelerated to 5.28 per cent in October from 5.13 in the previous month and 3.68 per cent in October 2017.

The broader market performed in-line with benchmark indices as the Nifty Midcap and Smallcap suffered a minor loss of 0.03 per cent and 0.2 per cent, respectively.

Sundaram Fin to divest 40% stake in Royal Sundaram

City based non-banking finance company Sundaram Finance which holds majority stake in Royal Sundaram said it has signed an agreement with Ageas International to divest 40 per cent stake for a total consideration of Rs 1,520 crore.

Currently, Sundaram Finance holds 75.90 per cent in Royal Sundaram and proposes to divest 25.90 per cent, thereby retaining 50 per cent of its holding post the divestment.

Some of the existing shareholders will hold the remaining 10 per cent in Royal Sundaram.

JM Financial arm offers 10% interest on NCDs

JM Financial Credit Solutions, the NBFC arm of the JM Financial Group, announced a public issue of secured non-convertible debentures with a base issue size of Rs 250 crore with an option to retain oversubscription up to Rs 1,000 crore, aggregating up to Rs. 1,250 crore.

The effective yield for these secured NCDs is around 10 per cent across various maturities with coupon rates varying from 10 per cent to 10.25 per cent, with options ranging from 42 months to 120 months, JM Financial Credit Solutions said.

Vodafone Idea to pump in Rs 25k cr, reports Rs 4,973-cr loss

In its maiden earnings announcement as a joint entity, Vodafone Idea on Wednesday reported a consolidated loss of Rs 4,973 crore for the September quarter and announced a fund infusion of Rs 25,000 crore to help it take on cut-throat competition.

The entity, which became the largest telco with 422 million subscribers after the merger on August 31, reported consolidated revenue of Rs 7,663 crore.