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Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively

To add platform capabilities in the insurance segment which contributes 15% of total business

The Acquisition is expected to close within the next 3 months


Sells Essar Steel loan to Deutsche Bank

Has sold its $385 mn Foreign currency loan extended to Essar Steel

Bank has taken a 38% haircut

Rs 1600 cr is expected earnings to the bank from the deal

Economic Times Reports


To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn

The co is also in discussions to sell its residential and commercial projects in Chennai

To convene shareholder’s meet on 23rd March in regard to the proposed divestment

Mint Reports


Gets Order Worth Rs 230 Cr From NTPC

To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators

Will help NTPC commission the 3x 660MW plant started 12years


Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI

The completion period for the project is 30 months


    33,006.27 129.91   (-0.39 %)

    10,114.75 40.50   (-0.40 %)
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Fate of Binani bids hangs in balance

News In Brief


    UK court allows OPCW to test blood samples from poisoned ex-Russian spy

    London: An English court has given permission for blood samples to be taken from poisoned ex-Russian spy Sergei Skripal and his daughter for testing by chemical weapons experts, a courts spokesman said on Thursday. 

    London’s Court of Protection, which makes decision over the welfare of people who are unable to do so themselves, agreed doctors could take samples from Skripal for examination by inspectors from the Organisation for the Prohibition of Chemical Weapons (OPCW), the judicial spokesman said.


    German BGA trade association welcomes US tariff exemptions for EU

    Berlin: U.S. President Donald Trump’s decision to pause the imposition of new steel and aluminum tariffs on the European Union is a “triumph of reason”, the chief of Germany’s BGA trade association said on Thursday. 

    “This is a load off our minds,” Holger Bingmann added in a statement. Trump will not apply new steel and aluminum tariffs to the European Union and other trading partners which are currently negotiating exemptions, U.S. Trade Representative Robert Lighthizer said earlier on Thursday.


    Trump's lead lawyer for federal Russia probe resigns: NY Times

    Washington: U.S. President Donald Trump’s lead lawyer for the federal special counsel probe of Russian meddling in the 2016 presidential election resigned on Thursday, the New York Times reported, citing two people familiar with the matter. 

    John Dowd stepped down after concluding Trump was increasingly ignoring his advice, one of the people said, according to the Times.


    EU to get exemptions from U.S. tariffs on steel, aluminum imports: dpa

    Berlin: U.S. Trade Representative Robert Lighthizer told U.S. lawmakers that the European Union would be exempted from planned import tariffs on steel and aluminium, German news agency dpa reported on Thursday.


    US House clears way for vote on $1.3 trillion spending bill

    Washington: The U.S. House of Representatives on Thursday cleared the way for lawmakers to vote on a $1.3 trillion government spending bill that would fund federal agencies through September and avert a government shutdown. 

    In a 211-207 vote, the chamber moved to take up debate on the legislation ahead of a final vote with current government funding set to expire late Friday night.


    US drops assault charges against 11 of Turkish president's security team

    Washington: Federal prosecutors have decided to dismiss charges against 11 of 15 members of Turkish President Recep Tayyip Erdogan’s security team after they were charged in connection with a street brawl in May 2017 near the Turkish embassy in Washington. 

    A spokesman for the U.S. Attorney’s Office for the District Columbia confirmed that his office filed motions to dismiss charges against seven of the defendants on February 14, and against four others in November of last year. Assault charges are still pending against four remaining members of Erdogan’s security team: Ismail Dalkiran, Servet Erkan, Ahmet Karabay, and Mehmet Sarman.


    China will respond to U.S. tariffs, resist protectionism: Beijing's WTO envoy

    Geneva: China is preparing a range of responses to U.S. President Donald Trump’s planned tariffs and will stand up to protectionism but it still hopes for dialogue, Beijing’s ambassador to the World Trade Organization (WTO) said on Thursday. 

    Ambassador Zhang Xiangchen said China was considering a WTO complaint against the package of tariffs that Trump is expected to announce later on Thursday, but that was only one option.  “Appeasement of protectionism will not work. If you surrender to protectionism you will lose your credibility and leadership in this orgnaisation.”


    India's Mahindra, US carmaker Ford to develop SUVs, electric vehicle

    New Delhi: India’s Mahindra & Mahindra (MAHM.NS) and U.S. carmaker Ford Motor Co (F.N) have signed an agreement to develop midsize and compact sports utility vehicles (SUV) and an electric vehicle, the companies said in a joint statement on Thursday.


    British PM May says Russia poses threat to all of Europe

    Brussels: British Prime Minister Theresa May said she would tell other European Union leaders on Thursday that Russia posed a threat to the whole bloc, not only to Britain, following an attack using a military-grade nerve agent in England. 

    “Russia staged a brazen and reckless attack against the United Kingdom,” May told reporters on arriving at an EU summit. “It’s clear that the Russian threat does not respect borders and indeed the incident in (the town of) Salisbury was a pattern of Russian aggression against Europe and its near neighbours.”


    Juncker says Italy 'not yet' in crisis

    Brussels: Italy is “not yet” in a political crisis and decision-makers there should be able to find a solution to their post-election deadlock, European Commission President Jean-Claude Juncker said at the start of an EU summit on Thursday. 

    “Italia is Italia,” Juncker said in English when asked about the situation. “This is an old democracy and other decision makers will find a solution to what is not yet a crisis.”


    US commercial paper market shrinks in week: Fed

    New York: The amount of U.S. commercial paper contracted in the week ended Mar 21 Federal Reserve data showed on Thursday. U.S. seasonally adjusted commercial paper outstanding fell $15.6 billion to $1.065 trillion in the latest week. 

    Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - fell $15.4 billion to $1.087 trillion.


    US dollar ends cheaper against rupee

    Mumbai: The US dollar ended cheaper against the rupee at 65.11/12 but the pound sterling finished higher at 92.20/22 at the close of the Interbank Foreign Exchange (forex) market here today.

    Following are the Interbank forex and RBI rates : (In Rs per unit) Unit Interbank RBI Reference US Dollar 65.11/12 US Dollar Rs 65.0622 Pound Sterling 91.70/72 Euro RS 80.3713 EURO 80.23/25 Japanese yen(100) 61.65/67.


    WDM witnesses trade worth Rs 2,113.80 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 2,113.80 crore in 42 trades.

    Top securities (nn-repo) traded at the WDM were: The 8.15 per cent Government security maturing in CG2022A traded value of Rs 660.00 crore at weighted yield of 7.35 per cent, the 8.40 per cent Government security maturing in CG2024 traded value of Rs 640.00 crore at weighted yield of 7.63 per cent and 7.80 per cent Government security maturing in CG2021 traded value of Rs 140.00 crore at weighted yield of 7.17 per cent, an NSE release said.


    Wall Street down 1 percent on tech woes, trade war fears

    Bengaluru: US stock fell sharply at the open on Thursday as technology stocks slumped on fears of increased regulations in the wake of Facebook Inc’s data privacy issues, while the United States’ plan to impose tariffs on China stoked fears of a trade war. 

    The Dow Jones Industrial Average fell 277.24 points, or 1.12 percent, to 24,405.07. The S&P 500 lost 27.14 points, or 1.000763 percent, to 2,684.79. The Nasdaq Composite dropped 87.81 points, or 1.2 percent, to 7,257.47.


    US to sue China at WTO for alleged trade violations: WSJ

    Washington: The Unites States is expected to sue China at the World Trade Organization over alleged trade law violations as part of its planned trade announcement later on Thursday, the Wall Street Journal reported, citing a person with knowledge of the plans. 

    Planned U.S. tariffs on China could also hit $50 billion of Chinese imports, the Journal said, citing the individual.


    Syrian state TV says militants, civilians exit Harasta

    Beirut: Syrian state television said 27 militants and 182 civilians left the rebel-held town of Harasta in eastern Ghouta through a corridor to government territory on Thursday. 

    Syrian insurgents freed 13 soldiers in return for the release of five rebels, the first step of a deal over Harasta, a Hezbollah media unit had said earlier.


    Accenture's revenue rises 15.2 percent

    Bengaluru: Accenture Plc’s (ACN.N) quarterly revenue rose 15.2 percent as the consulting and outsourcing services provider continues to benefit from investments in digital and cloud services. 

    Accenture said on Thursday net income attributable to the company rose to $863.7 million in the second quarter ended Feb. 28 from $838.8 million a year earlier. It reported earnings of $1.37 per share in the latest quarter. Results included a $137 million charge related to the new U.S. tax code. Net revenue rose to $9.59 billion from $8.32 billion.


    More than 5,000 civilians leave Syria's Ghouta, Russian military says

    Moscow: Russian Defence Ministry said more than 5,000 civilians left Syria’s Eastern Ghouta on Thursday, RIA agency reported.


    House Freedom Caucus rejects $1.3 trillion US spending bill

    Washington: U.S. House Republicans’ conservative Freedom Caucus said on Thursday it would not vote for the $1.3 trillion government spending bill before Congress, citing the measure’s “massive price tag,” the group said in statement. 

    The group, which includes about three dozen lawmakers in the House of Representatives, also said the bill did not adequately fund Republican priorities such as U.S. President Donald Trump’s proposed border wall while continuing to fund other projects that run counter to the party’s priorities.


    Credit Suisse CEO says Global Markets revenue slowed in February; shares fall

    Zurich: Revenues in Credit Suisse’s (CSGN.S) Global Markets trading division have fallen since mid-February, Chief Executive Tidjane Thiam said on Thursday, helping spur a drop in the Swiss bank’s shares in trading in Zurich.

    “Nothing to be alarmed about. It’s going to be a profitable quarter but more slow after six weeks than in the full year,” Thiam said at a Morgan Stanley conference in London.Credit Suisse shares fell 2.8 percent at 1212 GMT.



    Norway's wealth fund opposed Tesla chief's stock option plan

    Oslo: Norway’s $1 trillion sovereign wealth fund, the world’s largest, opposed Tesla Inc Chief Executive Elon Musk’s compensation package in Wednesday’s shareholder vote, the fund said on its website. 

    Owners of the electric car company approved the compensation package, potentially worth $2.6 billion, though by a lower margin than U.S. CEOs typically receive on pay votes. The Norwegian fund, which at the start of 2018 owned 0.48 percent of Tesla’s shares, worth $252.5 million, did not say why it voted against Musk’s package. In the past, the fund has said it would work for an overhaul of executive pay.


    Main suspect in attack on Palestinian PM dead after gun battle: Gaza security official

    Jerusalem: The main suspect in last week’s attempted assassination of Palestinian Prime Minister Rami Hamdallah died of his wounds after a gun battle on Thursday with Hamas-run security forces in the Gaza Strip, a security official said. 

    Another gunman and two security officers were also killed in the shootout, the official said.


    China says wants win-win solution with US to settle trade issues

    Beijing: China hopes it can hold constructive talks with the United States to achieve a win-win solution to settle trade issues between the world’s two largest economies, Foreign Ministry spokeswoman Hua Chunying said in a daily press briefing in Beijing.

    U.S. President Donald Trump is expected to announce additional tariffs on Chinese imports later on Thursday, following an intellectual property probe launched in August last year.


    China's Xi promotes globalisation in call with Macron: Xinhua

    Beijing: Chinese President Xi Jinping in a phone call with his French counterpart, Emmanuel Macron, called for joint efforts to promote a multi-polar world and economic globalisation, the official Xinhua news agency reported on Thursday.


    BrahMos air version test fired with indigenous seeker

    New Delhi: India on Thursday successfully test fired a BrahMos missile from a fighter aircraft using an indigenous seeker for the first time. 

    The test was carried out at the Pokhran test range.  Defence Minister Nirmala Sitharaman congratulated the DRDO, the armed forces and the defence industry for the success of the test.


    In call to Xi, France's Macron warns of escalation in trade tensions

    Paris: French President Emmanuel Macron told his Chinese counterpart Xi Jinping in a telephone call that it was vital to avoid an escalation in tensions on international trade which would be harmful to all sides, his office said on Thursday. 

    “The president ... stressed the importance of avoiding the rise of trade tensions which would be detrimental to all, while at the same time correcting, in a multilateral framework, the practices likely to create imbalances, in accordance with the commitments made in the framework of the G20,” the president’s office said in a statement after the call.


    Blast at Unipetrol's Czech chemical plant kills six: CTK news agency

    Prague: An explosion at Unipetrol’s chemical plant in the Czech Republic on Thursday killed six people, local news agency CTK reported. 

    A Unipetrol spokesman confirmed a blast had occurred at a plant in Kralupy but provided no further details.The CTK news agency also said others were seriously injured and police said emergency services were responding to the explosion.


    Prime suspect in attempted assassination of Palestinian PM arrested in Gaza: Security official

    Gaza: Hamas-run security forces in Gaza arrested on Thursday a main suspect in last week’s assassination attempt against Palestinian Prime Minister Rami Hamdallah, a security official said. 

    The suspect, who was not immediately identified, was wounded in a gun battle with security forces that surrounded his hideout, and a security officer was killed, the official said. Two other gunmen were also detained, the official added.


    RBI sets rupee reference rate at 65.0622 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 65.0622 against the US dollar and 80.3713 for the euro.

    The corresponding rates were 65.2162 and 79.9616 yesterday. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 92.0630 and 61.44 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.


    Slovak president appoints Peter Pellegrini as new prime minister

    Bratislava: Slovakia President Andrej Kiska appointed Peter Pellegrini as prime minister on Thursday to end a political crisis touched off by the murder of an investigative journalist that led to mass protests and veteran leader Robert Fico’s resignation.

    In the country’s biggest protests since rallies brought down communism almost three decades ago, tens of thousands have taken to the streets demanding a new government and a fair investigation into last month’s killing of Jan Kuciak, 27, who probed fraud cases involving businessmen with political ties.


    China vows to respond to US tariffs with 'necessary measures'

    Beijing: China warned today that it was ready to retaliate as US President Donald Trump prepared to announce sanctions against Beijing for the "theft" of intellectual property.

    "China will not sit idly by and let its legitimate rights and interests be harmed, and will certainly take all necessary measures to resolutely defend its legitimate rights and interests," the commerce ministry said in a statement.


    Germany will take no new debt over next four years: SPD finance minister

    Berlin: Germany will pile no new debt over the next four years, Social Democrat Finance Minister Olaf Scholz said on Thursday, sticking to the strict fiscal discipline path of his conservative predecessor, Wolfgang Schaeuble. 

    “One thing we need for sure in order to ensure the economy remains on a good path is a solid fiscal policy and we are committed to the goal of no new debt,” Scholz told parliament.


    Euro zone banks should expect 'intrusive' ECB supervision

    Frankfurt: Euro zone banks need to improve their internal governance and should expect more supervision, including over management pay, European Central Bank supervisor Daniele Nouy said on Thursday. 

    “We will continue being tough and intrusive,” Nouy told a conference in Frankfurt. “And we will use all the tools that we have developed in recent years. “We will also take a close look at remuneration schemes to see whether they are conducive to the sound and prudent management of banks,” she said.


    Genel might starting drilling in Somaliland in 2019: CEO

    London: Kurdistan-focused Genel Energy (GENL.L) might start drilling in Somaliland next year, Chief Executive Murat Ozgul said on Thursday, as the group reported 2017 results broadly in line with expectations. 

    “For the long term, I really like (our) Somaliland exploration assets. It’s giving me a sense of Kurdistan 15 years ago,” Ozgul said in a phone interview. “In 2019 we may be (starting) the drilling activities.” Chief Financial Officer Esa Ikaheimonen said Genel will focus spending money from its $162 million cash pile on its existing assets in Kurdistan but added: “You might see us finding opportunities... somewhere outside Kurdistan.”


    Shares in United Internet down 9 percent after results

    Frankfurt: Shares in Germany’s United Internet fell by 9 percent on Thursday after the company announced core earnings for last year that were on the lower side of its guidance range. 

    Subsidiary 1&1 Drillisch was down 7 percent in the early going even though it, like United Internet, posted double-digit growth in revenues and earnings before interest, taxation, depreciation and amortization (EBITDA).


    Stobart Group says no longer pursuing regional carrier Flybe

    London: Infrastructure and support services firm Stobart Group (STOB.L) scrapped plans to try to buy Flybe Group (FLYB.L), saying the struggling UK-based regional carrier had already rejected a bid and it did not want to make a higher offer.

    “The board of Stobart Group has determined that it is not in its shareholders’ best interests to increase its latest proposal for Flybe above the level which was rejected by the board of Flybe,” Stobart said in a statement on Thursday.“Given this, Stobart Group confirms that it does not intend to make an offer for Flybe.”


    Online broker IG Group's third quarter revenue rises as client base grows

    IG Group Holdings Plc (IGG.L), a British online financial trading company, reported a 30.2 percent rise in third-quarter revenue, as a growing client base continued to help offset the impact of quiet markets and tighter regulation.

    IG, which provides online stockbroking and trading services to retail investors, said revenue rose to 152.9 million pounds in the quarter ended Feb. 28, from 117.4 million pounds a year earlier.


    Lamprell expects lower revenue in 2018, posts loss in 2017

    Oil rig builder Lamprell (LAM.L) said on Wednesday it expects lower revenue this year and posted a core loss for 2017, hurt by lower spending by oil explorers and losses at a windfarm project.

    Lamprell, which runs three rig-building yards in the UAE, reported loss before interest, tax, depreciation and amortization to $70.5 million (49.8 million pounds) for the year ended Dec. 31, compared with a profit of $30.6 million, a year earlier.Revenue fell 47.5 percent to $370.4 million.


    Maldives lifts state of emergency after 45 days

    Colombo: Maldives President Abdulla Yameen lifted a 45-day state of emergency on Thursday imposed amid political upheaval on the Indian Ocean island chain.

    “Though there still exists a diminished threat to national security, because the nation can now continue without further losses incurred, and upon the advice of the Security Services and in an effort to promote normalcy, the president has decided to lift the state of emergency,” his office said in a statement.


    Delhi government presents 2018-19 budget

    New Delhi: The Delhi government presented its 2018-19 budget on Thursday.The total budget was of Rs 53,000 crore, state Finance Minister Manish Sisodia said in the Assembly. 

    The budget in 2014-15 was Rs 30,940 crore and Rs 26,402 crore in 2011-12, he added.


    EU has chance to win exemption from U.S. tariffs: German minister

    Berlin: The European Union has a chance to secure an exemption from U.S. tariffs on steel and aluminium imports that are going into effect on Friday, said German Economy Minister Peter Altmaier.

    “I believe that we actually have a chance to prevent those (tariffs) from going into effect,” he told the public broadcaster ARD on Thursday.


    No change in foodgrain prices

    Chennai: Prices of all commodities remained unchanged on the fourth day in the wholesale foodgrain market here today.

    Following are the wholesale rates of various agri-commodities (rates in rupees per quintal, unless stated otherwise):Thoor Dal Rs 7,200, Urad Dal Rs 6,700, Moong Dal Rs 7,200, Gram Dal Rs 4,900, Sugar Rs 3,500, Wheat Rs 2,700, Maida (90 kg) Rs 2,600 and Sooji (90 kg) Rs 3,000. 

    Mar 22 (PTI)

    Trump will announce trade actions on China on Thursday

    Washington: U.S. President Donald Trump will announce on Thursday the actions he will take against China for its alleged theft of U.S. intellectual property and technology, a White House official said on Wednesday.

    “Tomorrow the president will announce the actions he has decided to take based on USTR’s 301 investigation into China’s state-led, market-distorting efforts to force, pressure, and steal U.S. technologies and intellectual property,” the official said.



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