Business

FCC Announces Timeout on Comcast-Time Warner Cable and AT&T-DirecTV mega-mergers

FCC Announces Timeout on Comcast-Time Warner Cable and AT&T-DirecTV mega-mergers

The US Federal Communications Commission (FCC) said that it will take some time before it announces a decision about the proposed merger Comcast and Time Warner Cable (TWC) and AT&T's acquiring DirecTV.

The agency said that it would announce the results of its three-month long review of both the mergers by the end of March, but now it has taken time-out due to legal issues. The companies involved in the mergers are not in the favor to release records of video-programming contracts with suppliers.

Infosys to buy automation tech firm Panaya for $200 mn

Infosys to buy automation tech firm Panaya for $200 mn

New Delhi: Betting big on new technologies to boost growth, country's second-largest software services firm Infosys will acquire US-based automation technology company Panaya for USD 200 million (over Rs 1,200 crore).

The all-cash deal is the second-largest acquisition for the Bangalore-based firm, after Swiss consulting company Lodestone, which it bought for about USD 350 million (Rs 1,932 crore) in 2012.

The move comes as part of Infosys' 'Renew and New' strategy to enhance competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence, Infosys said in a statement.

Foxconn shuts Sriperumbudur unit after severance deal

Foxconn shuts Sriperumbudur unit after severance deal

Chennai: After weeks of negotiations with employees agitating against suspension of operations at the Foxconn's Sriperumbudur plant, the electronic parts manufacturer said a severance agreement has been reached and the facility is closed down.

In a response to PTI query today, Foxconn said, "A settlement for severance was concluded with employee representatives on February 12, 2015 and based on that agreement, the last day of employment for all employees of FIH India Private Ltd was February 10."

"The company's facility in the Nokia Special Economic Zone, Chennai, officially closed its operations on February 10, 2015," it said.

Domestic car sales up 3% in January

Domestic car sales up 3% in January

New Delhi: Domestic passenger car sales increased 3.14 per cent to 1,69,300 units in January 2015 as compared with 1,64,149 units in the year-ago month.

Motorcycle sales last month declined 5.85 per cent to 8,68,507 units as compared to January 2014, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

Total two-wheeler sales in January rose 1.07 per cent to 13,27,957 units.

Sales of commercial vehicles rose 5.30 per cent to 52,481 units in January this year, SIAM said. Vehicle sales across categories registered an increase of 1.66 per cent to 16,50,382 units from 16,23,429 units in January 2014, it added.--PTI

RIL raises $750 million from overseas market

Reliance IndustriesNew Delhi: Reliance Industries on Wednesday said it has raised USD 750 million (about Rs 4,624 crore) through issue of bonds to global investors in the overseas markets.

This is the second time within a few days that the Mumbai-based firm has hit the forex debt market. "Reliance Industries has priced a Rule 144A/Regulation S offering of USD 750 million 4.875 percent Senior Unsecured Notes due 2045," it said in a statement.

Johnson to buy 25.74% stake in Hitachi via open offer

Johnson ControlsNew Delhi: Johnson Controls plans to acquire 25.74 percent stake in Hitachi Home & Life Solutions (India) Ltd through an open offer for an estimated price of Rs 575 crore.

In a public announcement to Hitachi's shareholders, Johnson Controls said it would acquire little over 70,00,990 shares at an offer price of Rs 821.38 per share amounting to Rs 575.04 crore.

In a BSE filing, the company has proposed to launch open offer to acquire "up to 70,00,990 fully paid-up equity shares of face value of Rs 10 each of the target company representing 25.74 percent of fully diluted voting equity share capital."

Reliance Industries looking to sell US shale gas interest

Reliance IndustriesNew York: Reliance Industries is looking to sell its 45 percent stake in the Eagle Ford basin shale oil and gas venture in the US for an estimated USD 4.5 billion.

RIL, which bought 45 percent interest in Pioneer Natural Resources Co's Eagle Ford shale formation of south Texas for USD 1.3 billion, is working with Citigroup Inc and Bank of America Merrill Lynch to find a buyer, industry sources said.

When contacted, a company spokesperson said, "Reliance constantly strives to identify means by which to create additional value for its shareholders" but declined to comment on the specific sale.

Flipkart, snapdeal sell products worth Rs 600 cr each in a day

Flipkart snapdealNew Delhi: In one of the biggest sales days in Indian online retail market, Flipkart and snapdeal on Monday sold products worth an estimated Rs 600 crore each even as customers complained about technical glitches, while global e-retailer Amazon continued its own pre-Diwali campaign.

Flipkart claimed it sold products worth USD 100 million (over Rs 600 crore) within 10 hours, while snapdeal pegged its sales at Rs 1 crore a minute-- which translates into a figure similar to Filpkart's. There was no sales figures from Amazon which is running a three-day discount campaign.

Market expert predicts Sensex will cross 28000 by Diwali

BSE-SensexNew Delhi, Aug 18 : Market expert Akash Jindal has predicted that the Bombay Stock Exchange's Sensex will cross 28000 points by Diwali and 30000 points by the New Year.

Talking to ANI, Jindal said, "Because of the Modi Government, investors are looking at India with a lot of confidence, whether domestic or international investors, FIIs or FDIs. Some factors which are essential have gone up - car sales have gone up in the last three months and job recruitments have also increased."

No anti-dumping duty on certain steel threaded rod from India

steelWashington: An independent US quasi-judicial federal agency has ruled out against imposing any anti-dumping duty against certain categories of steel threaded rod from India.

The ruling by United States International Trade Commission (USITC) came yesterday a month after US Department of Commerce determined that Indian steel threaded rod was being dumped in the country and sought imposition of anti-dumping duty against it.

Stock markets may see volatile trading amid derivatives expiry

Stock-marketsNew Delhi: Trading in stock markets would largely be driven by corporate earnings in a holiday-shortened week ahead and may see volatile trading amid futures and options (F&O) expiry on Thursday, say experts.

Stock markets will remain closed on Tuesday for 'Id-Ul-Fitr'.

Investors will also watch progress of monsoon, investment trend by overseas investors, oil price and movement of rupee against the dollar.

Besides, shares of auto companies will be in focus on announcement of sales data for the month of July from Friday.

SAIL,RINL spend Rs 7,000 cr for plants' maintenance in 3 years

sailNew Delhi: State-owned SAIL and RINL together incurred average expenditure of more than Rs 7,000 crore towards maintenance of different plants in the last three financial years, the government said today.

Replying to queries on accidents at steel plants, the government told the Lok Sabha that all measures are being taken to prevent fatal incidents.

Accidents at steel plants are a "matter of concern" and the government is taking all measures to ensure security of people there, Steel Minister Narendra Singh Tomar said.

Sun Pharma-Ranbaxy deal gets BSE, NSE clearance

Sun Pharma RanbaxyNew Delhi: The USD 4-billion merger of Ranbaxy Labs with Sun Pharmaceutical has got clearance from the two leading stock exchanges -- BSE and NSE.

The 'no-objection' from the two exchanges would allow the two companies to file their scheme of amalgamation with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun Pharma and Ranbaxy need to consummate for the transaction.

The deal had separately come under scanner of the markets regulator Sebi for alleged insider trading violations and the present 'no-objection' from the exchanges.

Sensex extends losses for the 5th days

SensexMumbai: The benchmark Sensex Monday extended losses for the fifth consecutive day as it slipped another 17 points to end at 25,006.98 on selling pressure mainly in consumer durables and IT shares, amid capital outflows.

Foreign portfolio investors (FPIs) were net sellers of Rs 723.48 crore on last Friday as per provisional data from the stock exchanges. The offloading occurred after being buyers in previous six sessions, that had consequently helped stocks scale new highs in the run-up to the Union Budget.

Mutual Funds buy shares worth Rs 3,300 crore in June

Mutual Funds buy shares worth Rs 3,300 crore in JuneNew Delhi - Improved market sentiments helped mutual funds pick up shares to the tune of over Rs 3,300 crore in June, making it the second consecutive monthly inflow.

Besides, they pumped in a staggering Rs 68,000 crore in the debt market during the period. The inflows in equities during June followed a net investment of about Rs 105 crore in the preceding month.

Prior to that, fund houses have been net sellers in the equity market since September last year, while they were net buyers of shares to the tune of Rs 1,607 crore in August.

Sensex rebounds 337 points, oil and gas stocks gain

SensexMumbai: Clocking the first gain in 5 days, the benchmark Sensex Tuesday rebounded 337.58 points to end at 25,368.90 as lower global crude oil prices eased inflation concerns and buying in bluechip shares RIL, HDFC and ITC lifted the sentiment.

Refiners, realty, banking and PSUs sector stocks led rally on value-buying by funds and retail investors.

After a higher start, the 30-share BSE index rallied to to touch intra-day high of 25,414.69 before settling at 25,368.90, a significant rise of 337.58 points, or 1.35 percent.  Of the 30 Sensex scrips, 26 rose while 4 ended lower.

Markets slip from record-high as surging crude plays dampener

BSE-SensexMumbai: The benchmark BSE Sensex was hit by a sudden spike in crude oil prices despite the country reporting positive macro economic indicators during the week.

The week saw the markets registering couple of record-highs boosted by the government's business-friendly economic agenda as well as optimism over important macro data of industrial production (IIP) and retail inflation amid increased buying by foreign funds (FIIs).

Barring IT, healthcare and tech which attracted good buying interest, other sectoral indices witnessed selling with realty, PSU, oil & gas, metal, power and banking witnessing the downslide.

Sensex rebounds 102 points ahead of IIP, inflation data

Sensex rebounds 102 points ahead of IIP, inflation dataMumbai: The benchmark Sensex recouped most of the previous session losses to end 102.32 points up near record highs powered by gains in HDFC, TCS and Sun Pharma shares ahead of industrial output and retail inflation data release due later on Thursday.

Smallcap and midcap stocks were also seen back in demand, helping sentiments improve, said equity dealers.

Sensex, Nifty hit new highs

BSE-SensexMumbai: Extending their record-breaking show, benchmark indices Sensex and Nifty on Friday hit new life-time highs and ended about 1.5 percent up as southwest monsoon set in and hefty overseas inflows continued, buoyed by hopes of policy reforms by the new government.

Besides, a firming trend overseas after European Central Bank announced stimulus measures, accelerated fund flows into emerging markets like India, brokers said.

Sensex ends above 25K mark for the 1st time, Nifty at new high

Sensex ends above 25K mark for the 1st time, Nifty at new highMumbai: The benchmark Sensex created history on Thursday by closing above the 25,000 mark for the first time on heavy buying in metal, power and oil & gas shares by overseas investors, amid expectations the European Central Bank will unveil an economic stimulus shortly.

The 30-share BSE index after commencing higher, surged further to breach the 25,000 mark once more. It hit the day's high of 25,044.06, before settling 213.68 points, or 0.86 percent higher, at all-time closing high of 25,019.51.

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