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To Consider Fund Raising Via Shares, Bonds On May 24


Adani-Wilmar JV Competes Patanjali To Buy Entire Stake Of Co

Deal Valued At Around Rs 5,000 Cr

Economic Times Reports


Fortis Faces MCA Probe ahead of EGM

Director General to look into mismanagement charges

3 Directors nominated by promoters to quit the Board on May 22

Govt may take over the co if mismanagement reported

Business Standard Reports


Bharti's Cedar Svcs May Sell Stake Of 9.23% In Future Retail & Ent

Deal Size Valued At Rs 2,500 Cr

Economic Times Reports


Acquires Foodworld Supermarkets At Rs 40 Cr

Foodworld OSouthern India

Expects acquisition to be completed within 10-12 weeks


    34,651.24 35.11   (0.10 %)

    10,536.70 20.00   (0.19 %)
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SBI Q4 loss at Rs 7718 Cr

News In Brief


    Telangana CM to visit Bengaluru to congratulate HDK

    Hyderabad: The Telangana Chief Minister K Chandrasekhar Rao would visit Bengaluru today to congratulate JD(S) leader H D Kumaraswamy, who is slated to be sworn in as Karnataka Chief Minister tomorrow, his office said.

    Rao would leave for the Karnataka capital this evening, and return here tonight itself in view of "important engagements" tomorrow, an official statement said. Rao had recently met JDS supremo and former Prime Minister H D Deve Gowda and Kumaraswamy to promote his proposal of forging a non-Congress, non-BJP federal front at the national level. He had also announced his support to the JD(S) for the Karnataka Assembly polls.


    WDM witnesses trade worth Rs 779.90 cr on NSE

    Mumbai: Wholesale debt market segment of the National Stock Exchange today witnessed a total turnover of Rs 779.90 crore in 24 trades.

    Top securities (nn-repo) traded at the WDM were: The 6.79 per cent Government security maturing in CG2027 traded value of Rs 205.00 crore at weighted yield of 7.92 per cent, the 6.84 per cent Government security maturing in CG2022 traded value of Rs 100.00 crore at weighted yield of 7.75 per cent, the 7.59 per cent Government security maturing in CG2026 traded value of Rs 100.00 crore at weighted yield of 8.06 per cent, an NSE release said.


    Lowe's names J.C. Penney's Marvin Ellison as CEO

    Home improvement chain Lowe’s Cos said on Tuesday Chief Executive Officer of department store chain JC Penney Co Inc Marvin Ellison would replace Robert Niblock as its CEO.

    Ellison will take charge on July 2, the company said. Niblock had said in March that he will retire from Lowe’s. 



    Newton Investment Management appoints Andy Warwick to real return team

    Newton Investment Management, part of BNY Mellon Investment Management, appointed Andy Warwick to its real return team, where he will work as co-lead portfolio manager on strategies for both companies.

    Warwick, who has 20 years of experience running multi-asset funds, joins from BlackRock and will report to lead portfolio manager Suzanne Hutchins.


    At least nine dead after police fire on protesters seeking closure of Indian copper smelter

    New Delhi: At least nine died after police fired at protesters calling for closure of a Vedanta Resources-controlled copper smelter in South India, a senior police official told Reuters on Tuesday. “Nine people have been confirmed dead,” said the official, Kapil Kumar Saratkar.

    Scores of protesters in the port city of Thootukudi in Tamil Nadu state set vehicles on fire and threw stones at police on Tuesday, demanding that Vedanta shut the smelter because they claim it is creating environmental problems.


    Israel says Palestinian request to ICC has no legal validity

    Jerusalem: Israel on Tuesday questioned the legal validity of a Palestinian request to the International Criminal Court to investigate alleged human rights violations linked to Israeli settlement policies in occupied territories.

    “The purported Palestinian referral is legally invalid, and the ICC lacks jurisdiction over the Israeli-Palestinian issue, since Israel is not a member of the Court and because the Palestinian Authority is not a state,” the Israeli Foreign Ministry said in a statement, calling the move a “cynical step”.


    Ukraine's Poroshenko: we've listened to foreign partners on corruption law

    Kiev: President Petro Poroshenko said on Tuesday that Ukraine had taken into account most international recommendations in the latest draft law to create an independent anti-corruption court, which may be voted on by parliament this week.

    “Yesterday I was happy that the absolute majority of the recommendations of foreign partners including the Venice Commission were taken into account by the decision of the parliamentary committee,” Poroshenko told journalists, referring to a leading legal rights watchdog.


    Dollar role not on the agenda for Merkel trip to China

    Berlin: German Chancellor Angela Merkel is not expected to discuss the idea of replacing the U.S. dollar as a global reserve currency with her Chinese hosts when she visits the country later this week, a senior German official said.

    Asked whether reining in the dollar could be on the agenda in Beijing, where Merkel will meet President Xi Jinping and Premier Li Keqiang, the official said: “Replacing the dollar as a global reserve currency, it is not about that.”


    Elliott poised to take stake in Thyssenkrupp: Source

    Frankfurt/Duesseldorf:  Activist investor Elliott is close to taking a stake in German technology and industrials conglomerate Thyssenkrupp (TKAG.DE), a source familiar with the matter told Reuters.

    The news, first reported by Bloomberg, pushed the company’s shares 6.6 percent higher. Thyssenkrupp and Elliott both declined to commen


    Shell shareholders adopt CEO pay by 75 percent majority

    The Hague: Royal Dutch Shell shareholders on Tuesday approved the 2017 management remuneration, including Chief Executive Officer Ben van Beurden’s 8.9 million euro (7.8 million pounds) package, by a majority of 75 percent.

    The 2016 remuneration resolution won the support of more than 92 percent of shareholders.  Board member Gerard Kleisteree, who heads Shell’s remuneration committee, said the lower support was due in part to an accident in Pakistan last year where more than 200 people were killed in an explosion of a tanker operated by a Shell sub-contractor.





    Cipla posts fourth-quarter profit

    Cipla Ltd, India’s second-biggest drugmaker by market capitalization, posted a fourth-quarter profit on Tuesday, but missed analysts’ estimates.

    Net profit came in at 1.79 billion rupees ($26.30 million) for the quarter ended March 31, compared with a loss of 617.9 million rupees in the year-ago quarter, the company said here.  Analysts, on average, had expected a profit of 3.57 billion rupees, according to Thomson Reuters data.


    China to study new measures to draw foreign investment: Premier Li

    Beijing: Chinese Premier Li Keqiang said on Monday that China will study new measures to attract foreign investment and will revise a negative list for foreign investment as soon as possible, state radio reported on Tuesday.

    China will lower market barriers to entry and improve intellectual property rights protection, Li said in visits to the Ministry of Commerce and General Administration of Customs on Monday.


    Russia and Japan warn US of $1 billion in tariff retaliation

    Geneva: Russia and Japan have warned they could retaliate against U.S. tariffs on steel and aluminum by imposing sanctions worth almost $1 billion combined, filings published by the World Trade Organization showed on Tuesday.

    The documents from Russia and Japan, following similar filings last week by the European Union and China, notified the US of the cost of its tariff plan, based on 2017 exports. Russia said the US plan would add duties of $538 million to its annual exports and Japan put the sum at $440 million, and both said they had the right to impose equal costs on US exports. Neither named the U.S. products that they might target.


    Malaysia's AirAsia X first quarter profit jumps four-fold

    Kuala Lumpur: Malaysian long-haul budget airline AirAsia X (AIRX.KL) on Tuesday reported a four-fold rise in quarterly profit, on higher passenger volume and shrinking costs. 

    The airline ended the first quarter with a net profit of 41.5 million ringgit ($10.47 million), versus 10.3 million ringgit a year ago. Revenue rose 7.2 percent to 1.3 billion ringgit. Some analysts had expected the company to report stronger year-on-year earnings for the three months to March despite higher fuel prices, helped by the realignment of its capacity from Australia to the North Asian markets.


    Brazil's Temer to scrap reelection effort, back Meirelles run: Source

    Sao Paulo: Brazilian President Michel Temer will give up his plans to run for reelection this year and throw his support behind former Finance Minister Henrique Meirelles as the presidential candidate for their Brazilian Democratic Movement party, a person with knowledge of the decision said on Tuesday. 

    His decision is expected to be announced at a party event on Tuesday, according to the source, who spoke anonymously because the president’s choice had not been made public. Temer and Meirelles have been polling in the low single digits ahead of the October election.


    Euro zone underlying inflation needs time to rise: Liikanen

    Helsinki: Underlying inflation in the euro zone will need time to accelerate and support the rise in headline inflation, European Central Bank policymaker Erkki Liikanen said in a presentation to the Finnish parliament on Tuesday. 

    In slides prepared for a hearing, Liikanen said there was an exceptional amount of uncertainty about how unconventional monetary policy worked but argued that easy monetary policy remained necessary for inflation to rise back to the ECB’s target of almost 2 percent.


    Malaysia says finance ministry has been bailing out 1MDB

    Kuala Lumpur: Malaysia has been “bailing out” 1Malaysia Development Berhad (1MDB) debt obligations since April 2017 and payments on behalf of the state fund amounted to 6.98 billion ringgit ($1.8 billion), the newly appointed finance minister said on Tuesday. 

    The sum included payments made to Abu Dhabi fund IPIC as part of a settlement agreement amounting to 5.05 billion ringgit, Lim Guan Eng said in a statement. “The above confirms the public suspicion that 1MDB had essentially deceived Malaysians by claiming that they have been paid via a “successful rationalisation exercise,” he said. “All these while it has been the MoF (finance ministry) who has bailed out 1MDB.”


    Palestinians ask ICC to investigate alleged Israeli human rights crimes

    The Hague: Palestinian Foreign Minister Riyad al-Maliki on Tuesday submitted a request asking the International Criminal Court to investigate alleged human rights violations linked to Israeli settlement policies.

    The application goes further than a 2015 request for prosecutors to examine alleged crimes in the region and could fast-track the process to a full investigation.


    Israel says Palestinian request to ICC has no legal validity

    Jerusalem: Israel on Tuesday questioned the legal validity of a Palestinian request to the International Criminal Court to investigate alleged human rights violations linked to Israeli settlement policies in occupied territories. 

    “The purported Palestinian referral is legally invalid, and the ICC lacks jurisdiction over the Israeli-Palestinian issue, since Israel is not a member of the Court and because the Palestinian Authority is not a state,” the Israeli Foreign Ministry said in a statement, calling the move a “cynical step”.


    M&S to close 100 UK stores by 2022

    London: British retailer Marks & Spencer said on Tuesday it plans to close over 100 stores in its home market by 2022, accelerating a programme to re-shape its store estate as more sales move online. 

    M&S has so far closed 21 stores in a store estate restructuring programme to reduce space devoted to clothing and home it first outlined in 2016. It said it had identified a further 14 stores for closure. M&S also said 15 fewer owned Simply Food stores would open this year as its food opening programme is scaled back.


    VW recalls 11,000 Audi cars in Russia: watchdog

    Moscow: Russia’s standards agency said on Tuesday it had been informed about the voluntary recall of 11,003 Audi (NSUG.DE) cars sold since last year.

    The watchdog said the reason for the recall by parent Volkswagen (VOWG_p.DE) was a possible problem with the emergency call system.


    Australia's Santos rejects Harbour Energy's final $10.8 billion takeover offer

    Australia’s Santos (STO.AX) said on Tuesday it terminated discussions with Harbour Energy and rejected the U.S.-based firm’s final takeover offer of $10.8 billion. 

    “(The board) resolved to reject the final proposal on the basis that it does not represent a full value of the company,” Santos said in a statement.  Harbour made the final offer for Santos this week, hiking its bid for a fifth time in nine months after a steep rise in oil prices.


    Two new Ebola deaths recorded in Congo: Health Ministry

    Mbandaka, Democratic Republic of Congo: Two new deaths from Ebola and seven new confirmed cases have been recorded in Democratic Republic of Congo, the Health Ministry said on Tuesday. 

    One of the deaths occurred in the provincial capital of Mbandaka, according to a daily bulletin. A nurse also died in the village of Bikoro, where the outbreak was first detected, ministry spokeswoman Jessica Ilunga told Reuters.


    German prosecutors prepare extradition application for former Catalan leader

    Berlin: German prosecutors said on Tuesday that they were preparing an application to allow the extradition former Catalan leader Carles Puigdemont to Spain.


    Bank of England's Vlieghe says he sees more rate hikes than market did

    London: Bank of England policymaker Gertjan Vlieghe said he expected slightly more interest rate increases over the next three years than the market assumption of just under three 25 basis-point hikes in the period used by the BoE earlier this month.

    “Provided the headwinds from Brexit uncertainty do not intensify in the near term, and ultimately fade over the coming years, I think policy rates are likely to rise, in my central view, by 25bp to 50bp per year over the forecast period,” Vlieghe said. “That is slightly higher than the conditioning assumption for interest rates in the May 2018 Inflation Report. That is a forecast, not a promise, and will depend on how the economy evolves,” he added.


    PM greets Mehbooba on her birthday

    Srinagar: Prime Minister Narendra Modi today wished Jammu and Kashmir Chief Minister Mehbooba Mufti on her birthday. 

    She turned 58. "Best wishes to Jammu and Kashmir CM @MehboobaMufti on her birthday. I pray for her good health and long life," the Prime Minister said in a tweet.


    SBI posts standalone net loss of Rs 7,718 cr in Q4

    New Delhi: SBI posted standalone net loss of Rs 7,718 crore in Q4, against net profit of Rs 2,815 crore in same period last year on mounting bad loans.


    EU calls on Israel to reinstate visa for Human Rights Watch head

    Brussels: The European Union on Tuesday called on Israel to reinstate the visa of Omar Shakir, the representative of Human Rights Watch in the country, which was withdrawn after Israel accused him of supporting a boycott against it.

    Israel withdrew Shakir’s visa early this month. “The European Union expects the Israeli authorities to reverse their decision, as otherwise Israel would join a very short list of countries which have barred entry to, or expelled, Human Rights Watch staff,” the European Union said.


    Dr Reddy's fourth-quarter profit falls 3 percent, misses estimates

    Indian generic drugmaker Dr. Reddy’s Laboratories Ltd posted an about 3 percent fall in quarterly profit, missing estimates, hurt by headwinds in the U.S. market.

    Profit for the quarter ended March 31 came in at 3.02 billion rupees ($44.40 million) versus 3.13 billion rupees a year earlier, the company said. Analysts on average estimated a profit of 3.59 billion rupees, according to Thomson Reuters data. Revenue fell slightly to 35.35 billion rupees. ($1 = 68.0175 Indian rupees)


    UDG Healthcare disappoints on weaker Sharp business

    Britain’s UDG Healthcare posted a weaker-than-expected first-half performance at its second-largest business, Sharp, on Tuesday and lowered its outlook for the division, sending its shares down more than 6 percent.

    The company, which provides outsourced sales and marketing, drug distribution and packaging services to healthcare companies, said revenue at Sharp fell 4.4% to $118.6 million in the 6 months ended March 31. Sharp, which specialises in contract packaging, also saw a 1.6% decline in operating profit, hurt by weaker demand for bottling at the division’s US business.


    Hermes EOS for more effective leadership at Deutsche Bank

    Frankfurt:  Shareholder advisor Hermes EOS on Tuesday called for more effective leadership at Deutsche Bank and said the supervisory board should start to consider a succession plan for the bank’s chairman.

    “We ask whether the management board changes could simply mask an underlying problem, namely, the lack of an implementable strategy that creates value for shareholders and other stakeholders,” Hans-Christoph Hirt, head of Hermes EOS at Hermes Investment Management, said in a statement.


    China to cut import duty on cars to 15 percent from 25 percent: Bloomberg

    Beijing: China will cut the import duty on passenger cars to 15 percent from 25 percent currently, Bloomberg reported on Tuesday, citing unidentified sources.

    The report said China’s cabinet has decided to cut the levy without elaborating further. Bloomberg previously reported Beijing was considering cutting the tariff rate to as low as 10 percent.


    Profits up 10 percent at Harry Potter publisher Bloomsbury

    Harry Potter publisher Bloomsbury Publishing Plc posted a 10 percent rise in profits and 13.3 percent rise in full-year revenue on Tuesday, driven by higher demand for special editions of the boy wizard’s adventures.

    The London-based publisher said revenue rose to 161.5 million pounds in the year ended Feb. 28, compared with 142.6 million pounds a year earlier. Pretax profit rose to 13.2 million pounds.


    Malmstrom says thinks US considers EU trade proposal insufficient

    Brussels: A proposal to get exemption from U.S. tariffs on steel and aluminum and promises of closer trade ties may not be sufficient to convince the United States government, EU trade Commissioner Cecilia Malmstrom said on Tuesday.

    EU leaders agreed last week to cooperate with the United States on trade issues including market liberalization as long as Washington did not impose import tariffs on EU steel and aluminum. Asked if these proposals satisfied Washington, Malmstom said “I think they don’t think it is enough.”


    DFS Furniture CEO Ian Filby to retire

    British retailer DFS Furniture (DFSD.L) said on Tuesday its Chief Executive Officer Ian Filby will retire after eight years at the helm and will be succeeded by Chief Operating Officer Tim Stacey. 

    Filby’s retirement comes at a time when DFS Furniture, after reporting a fall in first-half sales in February, cautioned that its market would remain tough in 2018.Filby will step down as CEO and from the board on Oct. 31 and Stacey will take over on Nov. 1, the company said.


    Israel says first country to use US-made F-35 in combat

    Jerusalem: Israel is the first country to have used the U.S.-made F-35 stealth fighter in combat, the Israeli air force chief said on Tuesday in remarks carried by the military’s official Twitter account.

    Israeli media further quoted Major-General Amikam Norkin as saying: “We are flying the F-35 all of the Middle East and have already attacked twice on two different fronts”.


    Ofgem to probe National Grid UK demand forecasting

    Britain’s gas and electricity markets regulator Ofgem has launched an investigation into National Grid Plc’s (NG.L) UK transmission business, looking at its obligations to produce and publish appropriate forecasts of demand. 

    The investigation will examine whether the business has breached rules relating to its duty to operate the system in an economic and efficient manner, the regulator said in a statement.“This includes but is not limited to producing and publishing appropriate forecasts of demand,” Ofgem added.


    Pets at Home full year profit falls 12 percent

    Profits fell at Britain’s biggest pet shop group Pets at Home Group Plc (PETSP.L) in the year ending March 29, the company said on Tuesday, citing a squeeze on its margins. 

    The company, which also offers veterinary care and grooming services for pets, said profit before tax for the year fell to 84.5 million pounds from 96.4 million pounds a year earlier, a fall of 12.3 percent.Revenue rose by 7.8 percent to 898.9 million pounds from 834.2 million pounds a year earlier.


    Nationwide annual profit falls 7 percent

    London: Nationwide Building Society (POB_p.L), one of Britain’s three biggest mortgage providers, on Tuesday said its annual profit fell 7 percent amid intense competition in the market for home loans. 

    Nationwide reported an annual profit of 977 million pounds, down from 1.05 billion pounds a year earlier, and said annual profits of between 0.9 to 1.3 billion pounds per year would ensure it meets its capital strength targets.It was Nationwide’s second consecutive year of declining profits, which it blamed on costs from buying back its own debt as well as increased competition and continued low interest rates.



    Iranian people will punch US Secretary of State in the mouth: Iranian commander

    Beirut: The Iranian people will punch the U.S. Secretary of State in the mouth in response to a new American plan to pressure Iran, a senior Revolutionary Guards commander said on Tuesday. Pompeo demanded Iran make sweeping changes that would effectively force it to reverse the recent spread of its military and poiltical influence through the Middle East. 

    “The people of Iran should stand united in the face of this and they will deliver a strong punch to the mouth of the American Secretary of State and anyone who backs them,” Ismail Kowsari, the deputy commander of the Sarollah Revolutionary Guards base in Tehran said on Tueday, according to the Iranian Labour News Agency.


    Meat supplier Cranswick's full-year profit rises 22.4 percent

    British pork and poultry supplier Cranswick Plc (CWK.L) said on Tuesday its full-year adjusted pretax profit rose 22.4 percent, on growth across all product categories and higher exports. 

    Cranswick, founded by Yorkshire pig farmers in the 1970s to make pig feed, said total revenue rose to 1.46 billion pounds for the year ended March 31 from 1.24 billion pounds a year ago.Adjusted pretax profit rose to 92.4 million pounds from 75.5 million pounds a year earlier.


    Russia shoots down 'unidentified drone' near air base in Syria: RIA

    Moscow: Russia’s military said on Monday it had shot down an unidentified drone that came close to its Syrian air base at Hmeimim, RIA news agency said, citing the Russian Defence Ministry.

    “There are neither casualties nor physical damage. Russia’s Hmeimim air base is operating as normal,” it said. The British-based war monitoring group Syrian Observatory for Human Rights said explosions had been heard near the base and appeared to have come from Russian air defences confronting an attack.


    Foodgrain prices ruled steady

    Chennai: Prices of all commodities 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 6,900, Urad Dal Rs 6,700, Moong Dal Rs 7,000, Gram Dal Rs 4,700, Sugar Rs 2,900, Wheat Rs 2,700, Maida (90 kg) Rs 2,500 and Sooji (90 kg) Rs 3,000. 


    Venezuela foreign minister says new US sanctions are illegal

    Caracas: Venezuela said new U.S. sanctions restricting its ability to liquidate state assets and debt in the United States were “illegal measures.” “(The sanctions) are madness, barbaric, and in absolute contradiction to international law,” Foreign Minister Jorge Arreaza said in a short statement at the Miraflores presidential palace. 

    In response to Venezuelan President Nicolas Maduro’s re-election on Sunday, U.S. President Donald Trump issued an executive order, the latest in a series of sanctions that seeks to choke off financing for the already cash-strapped government.


    BOJ deputy governor Wakatabe: May need to shift policy depending on economic changes

    Tokyo: Bank of Japan Deputy Governor Masazumi Wakatabe said on Tuesday the central bank may need to shift monetary policy if changes in the economic environment make its current policy inappropriate.

    “My feeling now is that we can achieve our inflation target with the current policy,” Wakatabe, a former academic known as a vocal advocate of aggressive easing, told parliament.  “But that’s my view now. If conditions change and our current policy becomes inappropriate, we may need to change policy,” he said.


    Sberbank to sell stake in Denizbank to Emirates NBD for $3.2 billion

    Moscow: Russia’s Sberbank said on Tuesday it had signed a definitive agreement on selling its 99.85 percent stake in Turkey’s Denizbank (DENIZ.IS) to Emirates NBD for 14.6 billion Turkish lira ($3.2 billion). 

    The closing of the transaction is subject to regulatory approval in Turkey, Russia, the United Arab Emirates and other relevant jurisdictions where Denizbank operates. The transaction is expected to close in 2018. Sberbank also said Emirates NBD will pay interest on theconsideration for the period between Oct. 31, 2017 and the transaction closing date.


    BOJ Kuroda: Will telegraph exit plan if prospects for hitting price goal heighten

    Tokyo: Bank of Japan Governor Haruhiko Kuroda said on Tuesday the central bank will telegraph to markets how it plans to exit from its ultra-easy policy when prospects for hitting its price goal heighten. 

    But he said conditions are not rife yet for the BOJ to debate a specific timing for whittling down its massive stimulus programme.  “The BOJ won’t end the ultra-easy policy before inflation reaches 2 percent,” Kuroda told parliament.


    Magnitude 5.6 quake strikes near Guam: USGS

    A Magnitude 5.6 quake struck close to the U.S. territory of Guam in the Pacific Ocean on Monday morning, the U.S. Geological Survey said.

    The quake, initially reported as a magnitude 6.0, struck at 10:26 a.m. (8:26 EDT/0026 GMT) some 54 miles (87 km) southeast of the island of Guam.


    US, China nearing deal to remove US sales ban against ZTE: Sources

    Beijing: Washington and Beijing are nearing a deal that will remove an existing order banning U.S. firms from supplying telecommunications firm ZTE Corp, two people briefed on the talks said.

    The sources, who declined to be identified because the negotiations were confidential, also told Reuters the deal could include China removing tariffs on imported U.S. agricultural products as well as buying more of them.



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