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TOP CORPORATE NEWS – 27 JAN 2020

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CORPORATE NEWS

BSE signs licensing agreement with ICE Futures Europe

BSE, India’s leading exchange, has signed a licensing agreement with Intercontinental Exchange, Inc, a leading operator of global exchanges and clearing houses and provider of data and listings services, for the use of the ICE Brent Index as the final settlement price for BSE’s rupee-denominated Brent futures contract.
India is one of the largest consumers and importers of crude oil in the world, and Brent crude is highly co-related with the Indian crude oil basket. This licensing agreement will help Indian market participants access Rupee-denominated Brent benchmark prices and deepen the Indian commodity markets by providing convenient and cost-effective onshore hedging products. It will also enable the price discovery of Brent crude prices in the Indian time zone based on domestic fundamentals.

Maruti Suzuki launches S-CNG variant of Alto price at Rs432,700

Consistently setting new benchmarks in the industry, Maruti Suzuki India Limited launched the S-CNG variant of India’s favourite car, Alto. The CNG powered Alto BS6 will offer a mileage of 31.59 km/kg.
Maruti Suzuki continues to pave the way for the new BS6 emission norms ahead of timeline with Alto SCNG as its first BS6 compliant CNG vehicle. Maruti Suzuki offers the widest range of green cars with SCNG technology.

Oil extends decline after virus outbreak fears grip markets

Oil extended declines and lost more than 2% as the rising number of cases of the new coronavirus in China raised concerns over oil demand, even as Saudi Arabia’s energy minister sought to calm the market.
Brent crude fell 2.2% to $59.33/bbl. WTI crude was down by 2.4% to $52.89/bbl.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday that he was watching developments in China and said he felt confident that the new virus would be contained.

Vodafone Idea slips after receiving downgrade in credit ratings for NCDs

Shares of Vodafone Idea slipped 2.5% on the BSE. The telecom service company announced that CRISIL has downgraded its rating on Non-Convertible Debentures of Rs3,500cr of erstwhile Vodafone Mobile Services (since merged with the company).
The downgrade is on account of expectation of a significant deterioration in company’s financial risk profile on account of the potential payout against the adjusted gross revenue (AGR) related liability, post the dismissal of the review petition by the Supreme Court. However, Supreme Court has agreed to hear the modification application filed by telecom companies next week, wherein the telcos have requested modification in the original order dated October 24, 2019, to decide upon the payment schedule for AGR liabilities and any other relief measures with DoT.

Ramco Cements acquires 5cr shares of Lynks Logistics

The Ramco Cements Ltd. has invested Rs5cr in the capital of Lynks Logistics Limited by way of subscribing to 5cr equity shares of Rs.1/- each, through their Rights Issue.
Consequent to the investment, the total shareholding of Ramco Cements in Lynks Logistics Limited is 40, 00, 00,000 shares of face value of Rs.1/- each, constituting 46.32% of its paid-up share capital.


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