Samsung announces three-year investment plan to expand into AI, robotics, semiconductors, other industries

2017年11月28日 0 Comments

South Korean electronics giant Samsung will invest around Rs 15,26,645 crore over three years to expand its presence in biopharmaceutical, semiconductor, artificial intelligence, and robotics in the post-pandemic era, Samsung Electronics said. The company, the countrys largest conglomerate, said the expenditure through 2023 would help Samsung consolidate its global standing in key areas such as chips, while allowing growth opportunities in newer fields, including robotics and next-generation telecommunications. While Samsung, the largest memory chip maker in the world, did not provide a detailed breakdown of how it planned to spread the investment, it said the group planned to pursue mergers and acquisitions to solidify its technology and market leadership. The company also did not offer any detailed account of its reported $17-billion (approx. Rs 1,26,050 crore) investment for a US-based chip factory. According to a document the company filed with state officials in Texas, Samsung is mulling Williamson County for the location of its chip contract manufacturing facility, which would result in the creation of 1,800 jobs. The announcement for the investment plan comes over a week after de-facto leader Lee Jae-yong was released on parole following his convictions for embezzlement and bribery. Lee was serving a 30-month sentence for bribing the countrys ex-president. Samsung Electronics second-quarter revenue rose 20 per cent on year, while operating profit jumped 54 per cent despite component shortages hitting the mobile division. The companys operating profit was recorded at $10.97 billion from a revenue of $55.56 billion. At that time, Samsung had said the industry-wide component shortage hit its mobile business. Production disruptions at its factories in Vietnam factories, especially following the outbreak of Covid-19, also compounded the problems. The revenue fell on quarter due to lower demand due to weak seasonality. The companys semiconductor business is its biggest financial driver and contributes over a third of its revenue. The semiconductor business made up over half of the companys profits during the quarter.

Canara Bank allots over 16.73 cr shares in Rs 2,500 cr QIP

2017年11月28日 0 Comments

State-run Canara Bank on Tuesday said it has approved allotment of over 16.73 crore shares in the Rs 2,500 crore qualified institutions placement (QIP) that closed a day earlier. The QIP opened on August 17 and closed on August 23, 2021. The sub-committee of the board, capital planning process of the board of directors of the bank, at its meeting held on August 24, 2021, approved the allotment of 16,73,92,032 equity shares to eligible qualified institutional buyers at an issue price of Rs 149.35 per equity share, aggregating up to Rs 2,500 crore, Canara Bank said in a regulatory filing. With this, the paid-up equity share capital of the bank stands increased to Rs 1,814.13 crore from Rs 1,646.74 crore, it said. A total of seven investors have been allotted more than 5 per cent of the equity offered in the QIP issue, said the Bengaluru-based lender. LIC subscribed to 15.91 per cent; BNP Paribas Arbitrage 12.55 per cent; Societe Generale 7.97 per cent; Indian Bank and ICICI Prudential Life Insurance – 6.37 per cent each. Morgan Stanley Asia (Singapore) Pte-ODI bought 6.16 per cent of the shares issued in QIP and Volrado Venture Partners Fund II 6.05 per cent. Canara Bank stock traded at Rs 154.80 apiece on BSE, up by 1.31 per cent from its previous close.

Covid-19: Tamil Nadu parks, theatres reopen after months-long shutdown

2017年11月28日 0 Comments

Theatres, public parks, and beaches in Tamil Nadu reopened on Monday, in line with the state government People began flocking to the hugely popular Marina beach since early morning. Prior to the latest relaxations, only joggers and walkers were allowed between from 5-9 am along the service lane stretch. The move was welcomed by fitness enthusiasts who urged the public to strictly follow the safety guidelines. Police personnel are patrolling the shoreline and spreading awareness about Covid-19 through public announcement systems. The government has also permitted zoological gardens, botanical parks, and boathouses to reopen. Nilgiris Department officials said Sims Park in Coonoor, the Ooty Boat House, and museums have reopened for the public, However, the Arignar Anna Zoological Park in Chennai, which recently hit headlines after two lions died and several others tested positive for Covid-19 is yet to reopen. Deputy Director Naga Sathish told On the other hand, only a few theatres opened as owners ensured that the government-issued guidelines, including disinfecting of seats and ensuring full vaccination of staff members, were in place over the past two days. The state government had first ordered theatres to shut in March 2020 as Covid-19 began to spread. The theatres reopened in November, but seating was capped at 50 per cent. However, the second Covid-19 wave forced the government to order a shutdown of theatres again in April. Actor-producer Chitra Lakshmanan told He added that owners had given an undertaking that all theatres would be computerised by December to increase transparency about ticketing costs. It is likely that a dedicated server would be set up for the purpose. Tamil Nadu Theatres Owners

Moody’s upgrades Vedanta’s senior unsecured notes; changes outlook to ‘stable’ from ‘negative’

2017年11月28日 0 Comments

Moodys Investors Service has said it has upgraded Vedantas senior unsecured notes to B3 from Caa1. It has affirmed holding company Vedanta Resources Ltds (VRL) B2 corporate family rating, Moodys Investors Service has said in a statement. Moodys has also changed the outlook on all ratings to stable from negative. Moodys has upgraded to B3 from Caa1, its rating on the senior unsecured notes issued by VRL and those issued by VRLs wholly-owned subsidiary, Vedanta Resources Finance II Plc and guaranteed by VRL, Moodys Vice-President and Senior Credit Officer Kaustubh Chaubal said. He added that the affirmation of the corporate family rating (CFR) and the change in outlook to stable reflect VRLs improving financial metrics because of firm commodity prices and its cost-competitive operations. These factors and the companys progress in simplifying its complex organisation structure will reduce cash leakage and help to sustainably lower leverage, Chaubal said. The stable rating outlook reflects Moodys view that VRLs operating and financial metrics will continue to improve under the rating agencys base case commodity price sensitivities. The upgrade of the senior unsecured notes rating reflects the narrowing of the difference between VRLs CFR and its senior unsecured notes rating to one notch from two notches previously. We consider that subordination risk has reduced for the holdco creditors at VRL. This is due to further simplification of VRLs organisation structure with a higher shareholding in key operating subsidiary Vedanta Ltd (VDL), greater credit diversification through an improving business mix across commodities, and a steady reduction in the companys priority claims ratio, Chaubal, who is also Moodys lead analyst for VRL, said. The latest rating actions also follow improved liquidity and refinancing risks at holdco VRL following its recent fundraising through term loans from relationship banks, alleviating some of Moodys previous concerns around bank support for the holdco. These credit positive developments have implications for the companys financial strategy and risk management, a key component in Moodys governance risk assessment framework. In Moodys rating scale, obligations rated B are considered speculative and are subject to high credit risk, whereas those rated Caa are judged to be of poor standing and are subject to very high credit risk. Moodys appends numerical modifiers 1, 2 and 3 to its generic rating classifications. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Market LIVE: Nifty ends above 17,130, Sensex tops 57,550 for first time as bulls run amok; Airtel up 7.5%

2017年11月28日 0 Comments

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended ar record closing highs on Tuesday, helped by positive global cues. The 30-share Sensex rose 663 points or 1.16 per cent to end at 57,552. The 50-pack Nifty settled at 17,132.20, up 201 points or 1.19 per cent. Bharti Airtel, Bajaj Finance, Bajaj Finserv, Asian Paints, TCS, Titan Company, Tech Mahindra and UltraTech Cement were among the top index gainers. On the contrary, Nestle India, IndusInd Bank, Reliance Industries Ltd (RIL) and Power Grid Corporation of India were top index laggards. Barring Nifty Media, all the sectoral indices were settled in the green. Bank Nifty index gained 0.21 per cent to end at 36,424, while Nifty Metal index added 1.54 per cent.

Coal India prioritises supply to power plants with stocks of up to six days

2017年11月28日 0 Comments

Coal India (CIL) has prioritised supply to power plants that have stocks to last zero to six days, offering coal on The company has identified 23 such mines carrying 40.3 million tonne (MT) of stock as of August 16. The company is building up stocks at power plants by making available alternative sources for supply in case of shortage at the mines linked to the plants. The PSU miner saw 104% materialisation during the last week of August at an average per day supply of 1.36 MT, as against the requirement of 1.31 MT set by CEA. The last three days4 MT. Though the power sector is grappling with depleting stocks on its end, the company has supplied 44 MT more coal to the sector during April-August this year than it did during the same period a year ago. It dispatched close to 206 MT of dry fuel to coal-fired power plants during the first five months of FY22, posting 27% growth over 162 MT supplied in the same period of the previous fiscal. Even compared to the pre-pandemic April-August 2019, when dispatches to the power sector were 190.7 MT, CIL logged 8% growth. CIL3 MT during April-August 2021 from 208.5 MT during the same period last year, clocking a 24.4% growth. The offtake held steady at 1.7 MT per day in the last week of August. 6 MT a day. With the monsoon receding, CIL is aiming to elevate dispatches to 1.8 MT a day and beyond in September, CIL produced 209.2 MT of coal progressive till August, logging 7% year-on-year growth. During the last week of August, CIL ramped up its output at an average of 1.45 MT a day. The average August production has never been higher than 1.25 MT per day during the last four years.

The Advertising Club elects Partha Sinha as president

2017年11月28日 0 Comments

The Advertising Club on Friday announced the managing committee for the current fiscal, at its 67th annual general meeting. Partha Sinha, president Ltd., has been elected to lead the body. Last 16 months have been really difficult for the fraternity and we would like to ensure that we work closely with everyone to get some of the mojo back. Our primary focus will remain excellence. We will celebrate excellence, train people to create excellence and create forums where people can exchange thoughts and ideas around excellence, The Office Bearers of The Advertising Club for 2021-2022 are Partha Sinha, president; Rana Barua, vice president, Shashi Sinha, secretary; Mitrajit Bhattacharya, joint secretary; Bhaskar Das, treasurer. The managing committee members are Punitha Arumugam, Vikram Sakhuja, Ajay Kakar, Debabrata Mukherjee, Rahul Johri, Aditya Swamy and Pradeep Dwivedi. In addition, the list of co-opted industry professionals includes Raj Nayak, Sonia Huria, Sidharth Rao. The list of leaders that will continue to bring value to The Advertising Club through their expertise and deep understanding of the respective industry segments are Avinash Pant, Kartik Sharma, Ajay Chandwani, Sapangeet Rajwant, Namrata Tata, Rathi Gangappa, Sabbas Joseph, Sanjay Adesara, Vikas Khanchandani, Malcolm Raphael. Meanwhile, Partho Dasgupta will continue as a member of the managing committee as the immediate past president for the ensuing year. Founded in 1954, The Advertising Club is a 67-year-old industry body that provides a platform for professionals from the advertising, marketing, media, research and communication fraternity to gain from each other The mission of the Club is to create forums and events to help its members improve their professional competencies, thereby raising the standards of Indian advertising. Read Also: Thums Up partners with Jasprit Bumrah Follow us onTwitter,Instagram,LinkedIn,Facebook

CCI slaps Rs 200 crore penalty on Maruti Suzuki; says discount control policy violates competition norms

2017年11月21日 0 Comments

The Competition Commission of India (CCI) on Monday imposed a penalty of Rs 200 crore on Maruti Suzuki for restricting discounts offered by its dealers and directed the countrys largest carmaker to cease and desist from indulging in unfair business practices. Passing an order, the fair trade regulator also flagged practices like appointing Mystery Shopping Agencies and preparing Mystery Audit Reports as part of enforcing the companys discount control policy. The watchdog slapped the fine of Rs 200 crore as it found that Maruti Suzuki India Ltd (MSIL) indulged in anti-competitive conduct of Resale Price Maintenance (RPM) in the passenger vehicle segment by way of implementing discount control policy vis-a-vis dealers, an official release said on Monday. MSIL had an agreement with its dealers whereby the dealers were restrained from offering discounts to the customers beyond those prescribed by it. In other words, the company had a discount control policy and dealers who wanted to offer additional discounts were required to compulsorily seek the companys prior approval, as per the regulator. According to the CCI, any dealer found violating the policy was threatened with imposition of penalty, not only upon the dealership but also upon its individual persons, including direct sales executive, regional manager and showroom manager. To enforce the discount control policy, the watchdog said the company appointed Mystery Shopping Agencies (MSAs) who used to pose as customers to MSIL dealerships to find out if any additional discounts were being offered to customers. If found offered, the MSA would report to MSIL management with proof (audio\/ video recording) who, in turn, would send an e-mail to the errant dealership with a Mystery Shopping Audit Report, confronting them with the additional discount offered and asking for clarification, the release said. Further, the CCI noted that if the clarification offered by the dealer concerned was not satisfactory, then penalty would be imposed on the dealership and its employees, accompanied in some cases, by the threat of stopping supplies. MSIL would even dictate to the dealership where the penalty had to be deposited and utilisation of the penalty amount was also done as per the diktats of MSIL, the release said. The CCI found that the car maker not only imposed the discount control policy on its dealers but also monitored and enforced the same by monitoring dealers through MSAs, imposing penalties on them and threatening strict action like stoppage of supply, collecting and recovering penalty, and utilisation of the same. Such activities have resulted in appreciable adverse effect on competition within India, it noted.

Comm Min for extending anti-dumping duty on melamine from China

2017年11月21日 0 Comments

The commerce ministrys arm DGTR has recommended the extension of anti-dumping duty for five years on imports of Melamine, used in beauty and utility products, from China to protect the domestic industry from cheap inbound shipments. The Directorate General of Trade Remedies (DGTR) has recommended the duty after conducting a sunset review investigation on the imports. It concluded that the imports from China in relation to total imports, demand and production continued to be significant despite the anti-dumping duty being in existence. DGTR also said that there is a likelihood of continuation and recurrence of dumping from China and consequent injury to the domestic industry in the event of cessation of the current duty. Accordingly, definitive anti-dumping duty.is recommended to be imposed for five years from the date of the notification to be issued by the Central Government, on all imports of subject goods.originating in or exported from the subject country, DGTR has said in a notification. It has suggested a duty of USD 161 per tonne on imports. For the first time in 2004, the duty was imposed to guard the domestic industry against cheap Chinese Melamine. It was extended in 2010 and then in 2016. The existing duty will exist till September 30. In a separate notification, the finance ministry has extended the anti-dumping duty on imports of Axle for Trailers originating in or exported from China. Axle for trailers is used in vehicles. .the anti-dumping duty shall remain in force up to and inclusive of the 28th January 2022, unless revoked, superseded or amended earlier, the CBIC has said in a notification. While DGTR, which is under the commerce ministry, recommends the duty and the finance ministry takes the final decision to impose the same within three months of the recommendation. Countries initiate anti-dumping probes to check if their domestic industries have been hurt because of a surge in below-cost imports. As a countermeasure, they impose duties within the multilateral regime of the WTO. Anti-dumping measures are taken to ensure fair trade and provide a level playing field to the domestic industry. It is not a measure to restrict imports or cause an unjustified increase in the cost of products.

Bharti Airtel share price jumps after mega rights issue announced; should you buy, sell, hold?

2017年11月21日 0 Comments

Bharti Airtel share price gained over 2.5 per cent to Rs Rs 609.25 apiece intraday on BSE, after the telecom giant said it will raise up to Rs 21,000 crore by way of rights issue. The rights issue will be at Rs 535 per share, at a 1:14 ratio, implying a 7 per cent equity dilution. The issue price is at a 10 per cent discount to its current level. The promoters and promoter group will subscribe to shares they are entitled to, and will also pick up any unsubscribed shares. Earlier, Bharti Airtel share price hit a record high of Rs 644 apiece on 18 August 2021, while a low of Rs 394 last year in October. In traded volume terms, 6.79 lakh shares have exchanged hands on BSE, while 2.27 crore have traded on NSE, so far in the trade. Analysts at Motilal Oswal Financial Services said that the proactive capital raise could be partly justified as it ensures Bharti is well funded for targeting any large scale opportunity in the ongoing market consolidation, competing with deep pocketed peer Reliance Jio, and creating war chest for 5G technology upgrade. The brokerage firm has given a Emkay Global Financial Services analysts favor Bharti Airtel in the telecom space given superior and consistent execution across business segments and benefits accruing in the India wireless business with the weakening of Vodafone Idea (VIL). Sustained re-rating of Bharti hinges on tariff hike, strict control over capex and capital allocation. Further, looking at the past FII participation trends also matters for better returns. The brokerage firm has given buy rating to the stock with a target price of rs 730, an upside of 23 per cent. Amidst the IPO frenzy, now the mega rights issue announced by Bharti Airtel has led to a decent up move in its stock price, said an analyst. Technically, a daily closing above 612 should lead to higher targets of 640 730 in the near term. 585 remains strong support, Pavitraa Shetty, Co-founder Trainer, Tips2Trades, told Financial Express Online. Bharti Airtels capital raising may have a negative impact in the short term, since it is unexpected as they have mentioned that their leverage and liquidity situation is stable, but company has strategically beaten JIO, their biggest rival, and has been able to attract a greater number of subscribers as compared to their rivals, said an analyst. Bharti Airtel is also going aggressive in making an ecosystem like Airtel Xstream fiber for their subscribers by giving lucrative offers for faster internet. We believe that in the long run Bharti Airtel is going to do well and we recommend that investors should hold the stock for gains in the long term, Ashis Biswas, Head of Technical Research at CapitalVia Global Research, told Financial Express Online. (The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)