Top Business Developments of the Day: Blackstone to invest in Allcargo Logistics' subsidiaries; Economic Slowdown hits jobs and more..

News updates from the world of economy, markets, and finance

 

4:30 PM

 

Blackstone to invest up to ₹380 cr in Allcargo Logistics’ subsidiaries

Global investment firm Blackstone will buy stake in the Allcargo Logistics’ arms engaged in the warehousing business for up to Rs 380 crore, according to regulatory filing.

“Blackstone will make an investment in the company’s (Allcargo Logistics) subsidiaries through a combination of equity and debentures up to Rs 380 crore,” Allcargo Logistics Ltd said in a filing to the BSE.

The partnership between Blackstone and Allcargo Logistics proposes to make further investment in the future to develop industrial and logistics parks across key markets of the country, the filing said. PTI

 

4:00 PM

 

India's benchmark indices end at record highs

Top Business Developments of the Day: Blackstone to invest in Allcargo Logistics' subsidiaries; Economic Slowdown hits jobs and more..
 

Sensex and Nifty ended at fresh lifetime highs on Monday, propelled by gains in Infosys amid positive domestic and global cues.

After rallying nearly 300 points to its record intra-day high of 41,899.63, the 30-share BSE index settled at a new closing peak of 41,859.69, up 259.97 points, or 0.62%.

Likewise, the broader Nifty scaled its lifetime (intra-day) high of 12,337.75, before ending at 72.75 points, or 0.59%, higher at 12,329.55 -- its new closing peak.

Both indices were driven by Infosys, that rallied 4.76%, after the IT services major on Friday reported a 23.7% rise in consolidated net profit at Rs 4,466 crore for the December quarter. PTI

 

3:30 PM

 

Jobs hit by economic slowdown: SBI report

The economic slowdown has adversely impacted employment generation in the country as nearly 16 lakh less jobs are projected to be created in FY20 compared to 89.7 lakh fresh jobs in FY19, acording the SBI research report- Ecowrap.

There is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers, it said.

“In FY19, India had created 89.7 lakh new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 15.8 lakh lower,” the report said. PTI

 

2:45 PM

 

Aviation regulator extends deadline for IndiGo to replace its PW engines

The Directorate General of Civil Aviation (DGCA) has extended its deadline to May 31 for IndiGo to replace all of its 135 unmodified Pratt and Whitney (PW) engines on A320neo aircraft.

The DGCA's earlier order, with a January 31 deadline, was issued after the Airbus A320neo aircraft's, operated by IndiGo, four Air Turn Back (ATB)/Inflight Shut Down (IFSD) events in October 2019.

“Post DGCA order dated 1st November 2019, all stake holders i.e. the airline and the aircraft and the engine manufacturer have made significant efforts towards completion of the task," the regulator said in a press statement. "They have jointly and severally submitted a complete action plan, which finds the change of engines for the entire fleet feasible by the end of June 2020.”

 

2:00 PM

 

Tata Power arm bags ₹1,505-cr order from NTPC

Tata Power said that its wholly-owned arm has received Letter of award from NTPC for a 250 mw solar project worth ₹1,505 crore.

With this order, the order book of Tata Power Solar stands at approximately ₹7,600 crore, including external and internal orders.

“Tata Power Solar Systems... a wholly owned subsidiary of Tata Power, has received letter of award (LoA) from NTPC for a 250 mw solar project under the CPSU (central public sector undertaking) scheme,” the power firm said in a filing to BSE.

The total value of the order is ₹1,505 crore and the completion period is 20 months. PTI

 

1:15 PM

 

Walmart sacks employees in India restructuring

Walmart Inc, the world's largest retailer, has fired around 50 of its India executives as a part of restructuring in the country.

The move underscores the struggles Walmart has faced in expanding its wholesale business in India. The Bentonville, Ark. based company currently operates 28 wholesale stores where it sells goods to small shopkeepers, and not to retail consumers.

The firings mostly affected executives in the company's real estate division because the growth in the wholesale model has not been robust, two of the sources said.

“It's happening because focus is shifting to e-commerce rather than physical (stores),” said one source, who declined to be identified as the decision is not public.

Walmart did not respond to a request for comment.

Walmart has placed bold bets on India's e-commerce sector. In 2018, it paid $16 billion to acquire a majority stake in India's online marketplace - Flipkart, in its biggest global acquisition. Reuters

1:00 PM

 

Gold, Silver futures slump

Gold future prices fell ₹171 to ₹39,700 per 10 gram as participants cut their bets due to a weak global trend. Silver slumped by ₹261 to ₹46,650 per kg.

On the Multi Commodity Exchange, gold prices for delivery in February fell by ₹171, or 0.43%, to ₹39,700 per 10 gram in a business turnover of 2,145 lots. On the same exchange, silver contracts for March delivery tumbled ₹261, or 0.56%, to ₹46,650 per kg in a business turnover of 2,807 lots.

 

12:45 PM

 

Granules India is recalling its ulcer-treating drug

The drug-maker is 'voluntarily' recalling 'Ranitidine' tablets, used to treat stomach and intestinal ulcers.

“Ranitidine is being recalled by various producers from the US market as they contain unacceptable levels of N — nitrosodimethylamine (NDMA). Granules India Ltd is recalling this product voluntarily,” the company said, according to a BSE filing.

Granules India is recalling the drug from its channel partners.  The exact quantities are being estimated, the company said, adding that it believes this will not have any material impact on its financials.

 

12:15 PM

 

Alembic gets USFDA nod for depression-treating tablets

Drug maker Alembic Pharmaceuticals said the U.S. health regulator has approved the use of Vilazodone Hydrochloride tablets.

“The company has received final approval from the U.S. Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Vilazodone Hydrochloride tablets, 10 mg, 20 mg, and 40 mg,” Alembic said in a filing to BSE.

Vilazodone Hydrochloride tablets are indicated for treatment of major depressive disorder. 

 

11:45 AM

 

Mines Ministry plans to set up panel to examine royalty rates for major mines

An 11-member panel will look into issues related to revision of royal rates for minerals. Mines secretaries from Telangana, Chhattisgarh, Jharkhand, Karnataka, Madhya Pradesh and Odisha will be part of the panel, and it will be headed by Mines Additional Secretary. The group will submit a report to the Mines Ministry after examining the issues.

The Mines Ministry has decided to set up an official committee, “for examining the issues raised by the stakeholders with regard to revision of rates of royalty and dead rent for minerals (other than coal, lignite, sand for stowing and minor minerals),” the mines ministry said in an order.

The committee will submit its report in a month's time from the date of holding its first meeting, it said.

11:15 AM

 

Fitch gives ReNew Power’s proposed US dollar senior secured notes ‘BB-’ rating

Fitch Ratings on Monday said it has assigned 'BB-' to clean energy firm ReNew Power's U.S. dollar senior secured notes with a stable outlook.

The proposed notes will be senior secured obligations of the issuer and will have direct security of a 250 mw wind-power operating project (SECI-II) directly held by ReNew Power Pvt Ltd - the holding company - along with a pledge over certain equity shares and preference shares of ReNew Power Services Pvt Ltd, the statement said. PTI

 

10:45 AM

 

Wipro to release 3Q earnings today

Software exporter Wipro Ltd is scheduled to announce third quarter results today. The IT major had reported a higher than expected earnings last quarter.

According to analysts, 3Q is a tepid quarter for IT companies as few new deals will be signed. However companies will be making new investments in digital technology, which could drive up IT spends. 

Last week Infosys reported a higher than expected earning, pushing the benchmark indices up.

 

 

10:00 AM

 

Sensex, Nifty hit record highs

Top Business Developments of the Day: Blackstone to invest in Allcargo Logistics' subsidiaries; Economic Slowdown hits jobs and more..
 

BSE Sensex and Nifty hit record intra-day high in early trade tracking gains in IT major Infosys amid postive global cues.

After rallying 293.69 pts to a record peak of 41,893.41, the 30-share BSE index was trading 248.57 points or 0.60 per cent higher at 41,848.29.

Similarly, the broader NSE Nifty scaled a high of 12,337.75, before trading 70.35 points or 0.57 per cent higher at 12,327.15.

 

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Printable version | Feb 28, 2020 3:23:27 PM | https://www.thehindu.com/business/top-business-news-of-the-day/article30555156.ece

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