BUSINESS NEWS HEADLINES
Business Standard
India to achieve 9 per cent growth rate by 2022
China to buy large amounts of US farm exports: Trump
Rising crude may stretch CAD to 2.5 pc of GDP in FY19
CBI charge-sheets Rotomac promoters
US issues steep list of demands for treaty with Iran
SBI and PNB just got a $5.2 bn breather, but it may not last
Google may face $4.3 bn claim in iPhone privacy case
Fortis faces MCA probe for mismanagement, EGM to seal takeover on Tuesday
NCLAT hope for L&T, firm to argue case on Tuesday for Bhushan Steel dues
Two consecutive years of better monsoon, MSP hike lift rural demand
Markets drop for fifth straight session on rising crude oil prices
Canada, US, Mexico to renegotiate new NAFTA deal, bring it to conclusion
Mint
Foreign investments in Indian start-ups doubled to $16,728 million in 2017
Set sugarcane pricing free: Industry body ISMA to Govt
At 33.26 mt, wheat purchases exceed target by 4%
Rail Vikas Nigam gets SEBI’s nod to launch IPO
L&T's hydrocarbon arm bags Rs 3,800-cr worth orders
Colgate Palmolive profit rises 25%
India’s Q4 GDP growth likely at 7.4%: Icra
UAE to allow 100% business ownership to foreign investors
NSE to delist Kingfisher Airlines, 17 others from 30 May
Glenmark gets USFDA nod for generic version of Welchol tablets
Moody’s downgrades PNB on impact of Nirav Modi fraud
Financial Chronicle
Sensex ends down 232 points as 1970 BSE stocks drop; PSU banks surge on mega resolution
Income Tax department to file pleas in NCLT to extract tax due from shell firms
Finmin ties up with 40 entities to extend funding under Mudra scheme
Government to step up coal supply to power plants from May 19 -June 30
FinMin rules out raising equity investment limit for pension funds
Airlines may get nod to tap ECB window for low-cost funds
Banks have tapped just a third of credit-worthy consumers: Report
CAIT to move CCI against Flipkart-Walmart deal
Gems & jewellery exports dip 22% in April
TOP
NEWS
Glenmark: Company has submitted
a New Drug Application (NDA) to the USFDA for its leading respiratory pipeline
candidate Ryaltris, an investigational fixed-dose combination nasal spray –
Long term positive; FDA will determine whether the NDA is complete for filing
within 60 days. If the NDA is accepted, the Prescription Drug User Fee Act
(PDUFA) target action date will be assigned at that time.
Ashok Leyland: Plans three
major launches in the heavy truck space in FY2019 to gain market share;
Positive….(details in other news)
Punjab
National Bank: Moody’s has cut PNB rating to Ba1 from Baaa3 reflecting the
negative impact of fraudulent transactions on the bank's standalone profile,
and particularly on its capital position – Negative read thru
Petronet LNG
and GAIL: The deadlock over Kochi-Bengaluru gas pipeline project seems to have
ended as GAIL is believed to have awarded the work to lay 94-km pipeline along
the Koottanadu-Walayar stretch and is expected to award contract for 42-km
in Bengaluru-Krishnagiri stretch soon as per media reports - positive read through
for Petronet LNG as the completion of the pipeline would help improve
utilisation level at its Kochi LNG terminal.
OTHER
NEWS
Tata Steel :
The National Company Law Appellate Tribunal (NCLAT) has declined to stay Tata
Steel’s acquisition of Bhushan Steel under the insolvency resolution process;
positive
Ashok Leyland: Plans three
major launches in the heavy truck space in FY2019 to gain market share;
Positive
Ashok Leyland
will roll out three heavy truck ranges this fiscal as it seeks to grow its share
in the multi-axle vehicle (MAV), tipper and tractor trailer segments. The
company has unveiled 41-tonne haulage truck, which will be first of its
kind in the segment and also will launch high HP tippers and tractor-trailers.
In the tipper space the company plans to introduce a 320 HP tipper (current
tipper range is 120 HP) aimed at domestic as well as international markets.
Also the company would be launching a 49 ton tractor trailor with a 320 HP
engine. These launches come at a time when the M&HCV market has been
gradually witnessing a greater preference for higher tonnage trucks.
BSE Ltd becomes India’s first
exchange to be recognized as a designated offshore securities market by the US
SEC; Positive
BSE Ltd has received
recognition as a ‘Designated Offshore Securities Market’ (DOSM) from the US SEC
and becomes the first stock exchange in India to receive DOSM recognition. The
recognition speaks about the comparability of the international regulatory
framework adopted by BSE, governing its structure, organization and disclosure
standards. DOSM status allows sale of securities to US investors through the
trading venue of BSE without registration of such securities with the US SEC
and thus eases the trades by US investors in India.
Infibeam: Acquires Dubai based
online payment processing company – positive read-thru
Infibeam's wholly owned
subsidiary Infibeam Global EMEA FZ-LLC, has acquired 100% Shareholding of
Vavian International Limited, one of the fast growing digital payment processing
company in Middle East region, for AED 4.32 Million (Rs 80 Million). The
average monthly gross income is around AED 0.6 Million (~Rs. 11 Million). The
acquisition is expected to be completed in next 2 to 4 weeks.
Bank of
Baroda: The Bank launches MSME factory in Gurgaon to promote funding to small
businesses – Neutral read thru
