The cement industry is on a consolidation spree With two new purchases. While India Cements has announced the sale of its Madhya Pradesh plant to Parth Jindal’s unlisted JSW Cement for Rs.477 crores, the Adani Group is on the verge of acquiring the cement asset that Jaiprakash Associates has placed up for sale in order…
Tata Consultancy Services’ earnings increased 8.3% to Rs.10,465 crores in the second quarter of 2022-23, up from Rs.9,624 crore the previous year. “In terms of profitability, we crossed Rs.10,000 crore for the first time ever,” said TCS CEO Rajesh Gopinathan. Profit increased 10% sequentially from Rs. 9,478 crores in the first quarter of FY23. Revenue from…
The Kharif 2022 crop has been estimated by the Soyabean Processors Association of India (SOPA), the leading trade organization for the industry, at 120.39 lakh tonnes (lt), up from 118.89 lt in the prior year. The Ministry of Agriculture’s initial advance estimates of 128.92 lt is lower than SOPA’s projections for the crop. Despite a…
The Cotton Association of India (CAI) has advocated premiums for cotton ginners to entice them to deposit their stocks at MCX godowns and enable legitimate dealers to engage on the exchange platform in an effort to increase liquidity for the MCX cotton contracts. The MCX new product committee accepted the CAI proposal at its meeting…
According to persons familiar with the situation, billionaire Gautam Adani’s Adani Group is in advanced talks with debt-ridden Jaiprakash Power Ventures Ltd. to buy its cement unit. The ports-to-power mixture could spend around 50 billion rupees ($606 million) for a cement grinding machine and other minor assets. While conversations are progressing, they might yet be…
Gold prices ticked lower on Monday in the international markets having shed nearly 1 percent in the previous session, as strong U.S. jobs data cemented the view that the Federal Reserve would continue its policy of aggressive interest rate hikes. U.S. gold futures were down 0.4 percent at $1,703.4 while spot gold was down 0.1…
The National Commodity and Derivative Exchanges (NCDEX) has invited farmer producer organizations (FPOs) to use the platform in order to hedge price risks as deliveries from futures contracts of robusta cherry AB coffee type will resume in February of next year. The major commodity exchange has introduced futures contracts for the period of February through…
USDINR opened with a gap up at Rs.82.20 in the previous session after closing at Rs.81.90 on Thursday, and the market saw primarily dollar purchasing by corporates and banks as rupee pressure persisted on Friday. With other Asian currencies plunging – CNH from 7.02 to 7.12 and KRW from almost 1400 to 1412 – with…
In a very volatile week that concluded October 7 amid mixed global cues and a falling rupee, the market rallied with a more than 1% gain, snapping a three-week losing skid. The Sensex added 764.37 points, or 1.33 percent, to 58,191.29, while the Nifty50 gained 220.3 points, or 1.28 percent, to 17,314.65 at the close…
Oil prices rose after OPEC+ agreed to limit production by 2 million barrels per day, a rate more than the market had anticipated. Oil prices rose in response to the news, but the gains were limited as the market awaited the U.S. response. OPEC+ has been undershooting its own output for months, so the market…
