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Wednesday, November 07, 2018

Jet Airways shares continue to gain amid reports of deal talks with Tata Group
Shares of Jet Airways further rose by 2% yesterday amid reports of initiation of second round of talks with Tata Group for a deal. Jet Airways, however, termed the reports as "speculative in nature". The stock gained 2.05% to end at Rs 255.90 on BSE. Intra-day, it jumped 7.23% to Rs 268.90. At NSE, shares of the company rose by 1.11% to close at Rs 254. On the equity volume front, 21.56 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. Shares of Jet Airways had soared 9.5% Monday also.

India seeks greater market access in China
India has sought greater market access for areas like agriculture products, pharmaceuticals, IT services and tourism in China, with a view to bridge the widening trade deficit with the neighbouring country, the commerce ministry said yesterday. The issues were discussed during the meeting between Commerce Secretary Anup Wadhawan and Wang Shouwen, Vice Minister of China's Commerce Minister in Shanghai. "The Commerce Secretary informed that areas like agriculture products, pharmaceuticals, information technology services and tourism in which India has proven strengths and significant global presence but minuscule presence in China, need to be encouraged in bilateral trade," it said. Wadhawan asked for guidance, facilitation, support and assistance to the relevant stakeholders for creating a suitable environment for India's exports in these sectors to China, it added.

Voltas Q2 PAT up 12% at Rs 107 cr
Tata group air conditioning and engineering services provider Voltas yesterday reported a 12% increase in consolidated profit after tax (PAT) at Rs 107 crore in the second quarter ended September 30, 2018. The company had posted a consolidated profit after tax of Rs 95 crore in the same period last fiscal, Voltas said in a regulatory filing. Income from operations during the quarter under review stood at Rs 1,415 crore as against Rs 1,032 crore in the year-ago period, up 37%, it added.

Kaleidofin to extend financial planning solutions to Printo employees
Kaleidofin, India’s first wealth management program for the under-banked, will now provide its financial planning solutions to all employees at Printo, India’s largest printing retail chain. Founded by Sucharita Mukherjee and Puneet Gupta, Kaleidofin is a wealth-tech platform that aims to extend the benefits of wealth management to first-generation working population with small savings. Manish Sharma, Founder, Printo said, “A large part of Printo work force are first-generation skilled corporate job holders.  They are often not deemed eligible for typical financial products offered by banks. Irrespective of how little or how much you can save, Kaleidofin offers a simplified yet, powerful financial tool that inculcates a discipline of saving towards a goal.”

Hyperx launches Savage Exo SSD in India
HyperX, the gaming division of Kingston Technology Company, Inc., has launched its SAVAGE EXO SSD in India. It is a performance external SSD to store and run applications quickly and directly from the device. “HyperX strives to create innovative high-quality storage solutions custom tailored according to the needs of end of user,” said Vishal Parekh, Marketing Director, HyperX India. “With the new HyperX SAVAGE EXO SSD featuring 3D NAND technology we continue to offer the exceptional performance products in the HyperX SSD lineup.” This new drive utilizes 3D NAND technology for better power efficiency and durability, delivering high read and write speeds, 10 times faster than a 7200RPM hard drive1.

Flipkart, Amazon see bumper festive sale
With festive sales drawing to a close, e-tailing giants Amazon and Flipkart have claimed bumper sale on their platforms, and that they were ahead of the competition, as they received orders from customers from over 99% of the pin codes in the country. Citing a survey by Kantar IMRB and other reports, Amazon India Senior Vice President and Country Head Amit Agarwal said Amazon emerged as "the most visited and transacted shopping destination in India this festive season" (October 10-15, October 24-28 and November 2-5). "With 99.3% of pin codes placing at least one order, 89% of new customers coming from smaller towns, almost 70,000 small and medium businesses getting at least one order and new Prime memberships growing by nearly 2X, we are humbled that India trusts us to find, discover and buy anything online," he said.

Neogen Chemicals files IPO papers with Sebi
Neogen Chemicals has filed draft papers with capital markets regulator Sebi to float an initial public offering. The initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company's promoters, according to the draft red herring prospectus (DRHP) filed with Sebi. Neogen Chemicals is a leading manufacturer of bromine-based and lithium-based specialty chemicals. "Our company expects to receive the benefits of listing of equity shares on stock exchanges, including among other things, enhancing the visibility of our brand and company," as per the draft papers. Inga Advisors and Batlivala & Karani Securities India will manage the company's initial public offer (IPO).

Cotton Textile export grows by 26% during April to Sept 2018
Smriti Zubin Irani, Union Textile Minister, stated that India held a special place in Global Textile Trade as the 2nd largest textile exporter in the world. Today, cotton yarn & fabric exports account for over 23% of India’s total textiles and apparel exports. She emphasized that The Cotton Textiles Export Promotion Council (TEXPROCIL) should also look at propagating the growth in the MSME sector, as a third of its members fall under the MSME category. She was addressing the gathering as the Chief Guest of TEXPROCIL Export Awards 2017 – 2018 held in Mumbai recently. Ujwal Lahoti, Chairman of the TEXPROCIL stated that the ongoing trade war between the US and China would possibly open up new opportunities for the cotton textile exports from India and we should be ready to explore them. In the current year (April to September 2018), exports of cotton textiles have grown by 26.8%.

Power Grid board approves investments of Rs 911 cr
State-run Power Grid yesterday said its board has approved investments of Rs 911.43 crore. As per a BSE filing, the board has approved system strengthening scheme at Tuticorin-11 and Bhuj PS at a cost of Rs 496.11 crore with commissioning schedule of 15-19 months from the date of investment approval. Besides, investment of Rs 241.38 crore was approved for for reliable communication scheme under central sector for northern region with commissioning schedule of 36 months.

Govt relaxes export norms for select goods used in jewellery-making
The government has relaxed norms for exports of select items, such as push backs and locks, used in jewellery-making. Certain norms of the foreign trade policy is amended to "allow export of findings like posts, push backs, locks which help in collating the jewellery pieces together, containing gold of three carats, and above, up to a maximum limit of 22 carats only from domestic tariff area and EOU/EHTP/STP/BTP units," the directorate general of foreign trade (DGFT) said in a notification.

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