China's tough rhetoric leaves trade talks with US in limbo

There were pending sell orders of 2,494,013 shares, with no buyers available Shares of Coffee Day Enterprises shed another 20 percent to hit a 52-week low in the early trade on July 31 after Cafe Coffee Day founder VG Siddhartha body was found near the Netravathi river in Mangaluru. There were pending sell orders of 2,494,013 shares, with no buyers available. The share was locked at 20 percent lower circuit on July 30 after Siddhartha went missing on July 29. Siddhartha was last seen at 6 pm on July 29 when he got off his car. The driver had contacted the family when Siddhartha didn’t return for an over an hour. Also, Read Missing Cafe Coffee Day founder VG Siddhartha dead, body found Siddhartha had written a letter to the board and employees of Coffee Day Enterprises, saying he had "failed as an entrepreneur,". "I fought for a long time but today I gave up," Siddhartha said in the letter dated July 27. At 0922 hours, Coffee Day...

In this episode of Setting Sail, Maheshwari talks about entrepreneurial ventures and why he turned to a social cause when he started his own venture Udhyam. Building the right team for an organization to succeed is extremely important, a visionary leader should have the skills to ensure that a team works in the right direction to achieve its goals. And Mekin Maheshwari, who runs Udhyam -- a nonprofit startup -- is steadily looking at achieving his goal. That of transforming people from non-privileged backgrounds into entrepreneurs. Maheshwari, who was the technology head at the e-tailer, went on to become the chief people officer at Flipkart. He tells Moneycontrol's Priyanka Sahay, how a colleague once joked about his transition as a demotion, after he had moved to an HR role, from being a top tech executive. Maheshwari recalls that Flipkart has managed to become what it is, because of the people who work there. Hence, he stressed that entrepreneurs should thi...

Even before Hero MotoCorp Ltd announced its June quarter (Q1 FY20) results, the stock tanked 6.1% to ₹2,258.80, close to its 52-week low on the National Stock Exchange. As expected, the results were weak, in line with the 12.5% year-on-year drop in sales volume, announced earlier this month. Margin pressures along with the 9% drop in net sales led to a steep 16% fall in Ebitda to ₹1,158 crore. Ebitda stands for earnings before interest, tax, depreciation, and amortization. Two-wheeler demand has borne the brunt of the economic slowdown and cost pressures due to regulatory changes. According to Pradesh Jain, executive vice president at Yes Securities Ltd, “Increase in cost of ownership is likely to delay demand recovery. From the time insurance was hiked for vehicles till BS-VI emission norms come into force, the cost of owning a two-wheeler will increase substantially, which is bound to hurt demand." This is what has taken the Hero MotoCorp stock downhill. On the...

According to Narnolia Securities, the loan book is expected to grow by 17 percent YoY with healthy all-round growth across the segment. Axis Bank, India's fourth-largest private sector lender by market capitalization, is expected to report healthy numbers for June quarter (Q1) on July 30. The earnings result will be closely watched by the Dalal Street especially after its closest peer ICICI Bank reported better-than-expected earnings on all fronts. Most brokerages expect more than two-fold increase in its Q1FY20 profit on lower provisioning and stable operational income YoY. They also expect double-digit growth in NII and the loan book, compared to year-ago, with stable asset quality. "Traction in advances is seen improving 15 percent YoY led by a focus on high yielding retail and MSME loans. A decline in G-Sec yield is expected to aid trading income leading to a positive impact on PAT. PAT is seen at Rs 1,725 crore on the back of stable operational performan...

The strength of a stock is determined by how clear investors are on the outlook of the company to which it belongs. ICICI Bank Ltd gets top marks on this as the lender not only reported improvement in asset quality but also gave a clear outlook. The private sector lender swung to profit in the June quarter because it didn’t need to make big provisions as the toxic level of its loan book reduced and core income improved. The stock gained more than 3% on Monday as a reward from investors to an all-round improvement in asset quality metrics in the June quarter. The lender also beefed up its provision coverage ratio. That means, ICICI Bank is safe even if stress increases or recoveries from bankruptcy proceedings disappoint. The private sector lender has guided that credit costs may not worsen from here on and the pace of slippage would be contained. Slippages for the June quarter were down over 30% from the year-ago period. Brokerage firm Jefferies India Pv...

Brent crude futures were up 23 cents, or 0.4 percent, at $63.23 a barrel by 0054 GMT. Oil prices fell on July 29 after Iran described emergency talks on a multi-party nuclear agreement with a group of signatories as "constructive", suggesting an easing of tensions in the Middle East. Brent crude futures were up 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week. US West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week. An emergency meeting with parties to Iran's 2015 nuclear deal was constructive but there are unresolved issues and Tehran will continue to reduce its nuclear commitments if Europeans fail to salvage the pact, Iranian official Abbas Araqchi said on Sunday. "The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments," Araqchi, the senior Iranian nuclear negotiator, told...

Beverage major PepsiCo India on Sunday announced it will set up greenfield snacks manufacturing plant in Uttar Pradesh with a total investment of around Rs 514 crore over the next three years. The company signed a memorandum of understanding (MoU) here with representatives of the Uttar Pradesh government on Sunday. "The new investment plan is in line with PepsiCo's goal to double its snacks business in the country by 2022 and is expected to help create over 1,500 jobs (direct and indirect)," the company said in a statement. "As part of this project, PepsiCo India would expand its backward integration with local farmers and help bring agricultural best practices to enable socio-economic growth for potato farmers in Uttar Pradesh.  "To enable the supply chain, the company will set up a cold storage facility and this would also give an impetus to the development of ancillary and other support industries in the state," it added. The be...

In this episode of The Market Podcast, Moneycontrol’s Sakshi Batra gets in conversation with Market’s Editor Kshitij Anand to get the big picture of all the action on D Street. Although there was some recovery in the market on July 26 (Friday), the market ended on a negative note in the week (July 22-26) gone by. Rains, a poor run of results and FIIs continuing to pull out of the Indian market weighed down in D Street. In this episode of The Market Podcast, Moneycontrol’s Sakshi Batra gets in conversation with Market’s Editor Kshitij Anand to get the big picture of all the action on D Street. As for the coming week (July 29 to August 2), Anand says all eyes will be on the US Fed’s decision on the interest rate cut, and ITC and SBI's Q1 results. For taking 2 days free trial and Stock Market Tips with more than 90% accuracy click here MCX Tips

Financial markets are certainly encountering challenging times, characterized by slower global growth and rising protectionism. Sluggish economic growth and lower inflationary expectations have yet again compelled central banks to contemplate at another monetary easing in the form of rate cuts and asset purchases. Absurdly low-interest rates (read negative bond yields) raise a serious question on how the financial system in advanced economies will protect savings of the households. To wit, sovereign Yields across the globe have moved south, with the value of negative-yielding bonds in the developed world close to $13 trillion, when compared with $8.3 trillion at the beginning of this year. Around half of Euro sovereign bonds are now trading in negative territory. Despite the prevalence of low interest rates and accommodative central banks for the last ten years, the deep-rooted problem of low inflation and tepid growth remains unresolved. With signs of deceleratio...

The inspection was held from May 27, 2019, to June 04, 2019, where the company had received 4 observations (483s). Shares of Indoco Remedies surged nearly 20 percent intraday on July 26 as the company received EIR from USFDA. The company has received the establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for their sterile facility (Plant II) and solid dosages facility (Plant III) at Verna, Goa, as per the company's BSE release. The inspection was held from May 27, 2019, to June 04, 2019, where the company had received 4 observations under Form 483 The company has 33 ANDAs pending for approval, out of which, 17 are for ophthalmics, 5 are for injectables and 11 are for solid dosages from the site, it added. Aditi Kare Panandikar, Managing Director - Indoco Remedies said, "We are happy to receive the EIR in less than two months from the date of inspection. This is encouraging, as the site has been endorsed with the Val...

While having a buy call on the stock, Jefferies said the bank reported decent pre-provision operating profit and NIM/NII & Fee were a beat offset by elevated costs, though asset quality disappointed in Q1. Shares of Bank of Baroda rallied more than 4 percent intraday on July 26 after global brokerage houses remained bullish on the stock, despite cutting the price target, after the amalgamated lender turned profitable in June quarter (Q1). According to Jefferies, the bank reported decent pre-provision operating profit and NIM/NII, though asset quality disappointed in Q1. The brokerage gas a buy call on the stock. The public sector lender turned profitable in the June quarter after reporting net profit at Rs 710 crore post amalgamation against loss of Rs 49 crore in the year-ago quarter. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Net interest income during the quarter grew 2.6 percent with YoY credit growth of the amalgamated entit...

Experts say that double-digit earnings growth could be seen after the September quarter. Sectors like auto and auto ancillaries, consumer discretionary and FMCG will get affected by demand slowdown. We are in the midst of earnings season with some top names which already announced their June quarter numbers. IT majors Infosys and Tata Consultancy Services along with Tata Motors, Bank of Baroda, Hindustan Unilever, Larsen & Toubro and Zee Entertainment have already announced their Q1 numbers. Bank of Baroda, Bajaj Finserv, Bajaj Finance, Asian Paints and Bharti Infratel posted profit growth while Tata Motors disappointed the Street amid fall in JLR sales. “Given all the growth concerns, expectations have already been beaten down and we expect companies to largely deliver in line with consensus,” Vipin Khare, Director of Research – William O'Neil India, told Moneycontrol. We expect the current quarter to be amongst the worst quarters of the past three years ...

On July 25 the Indian rupee ended 6 paise lower to close at 69.04 against the US dollar on the back of sustained foreign fund outflows and firm crude oil prices. The Indian rupee opened lower by 8 paise at 69.12 per dollar on Friday versus Thursday's close 69.04. On July 25 the Indian rupee ended 6 paise lower to close at 69.04 against the US dollar on the back of sustained foreign fund outflows and firm crude oil prices. The weakness in the domestic equity markets and a strengthening greenback puts further weigh on the local currency. The dollar-rupee July contract on the NSE was at 69.05 in the previous session. Open interest declined 14.47% in the previous session, said ICICIdirect. We expect the USD-INR to find supports at lower levels. Utilize downsides in the pair to initiate long positions, it added. Get a 2 days free trial in Stock Market Tips and MCX Tips  

Time schedule for completion of the work shall be 330 calendar days after the commencement date of the contract. Mcnally Bharat Engineering shares rose 4.6 percent intraday Thursday after the company won an order worth Rs 46.70 crore. It has touched a 52-week low of Rs 2.30. The company received one order from SGTORE Company, a Hong Kong-based company, relating to work of design and engineering, the supply of equipment, two years spare parts, three months consumables on EPS basis worth Rs 46,70,58,418. The scope of work of the contract includes implementation of the first phase of an outdoor lead and zinc floatation plant project for the production of 170,000 metric tons of zinc concentrate with zinc Grade of 55% and 54,000 metric tons of lead concentrate with a lead grade of 60%. Time schedule for completion of the work shall be 330 calendar days after the commencement date of the contract. At 12:10 hrs Mcnally Bharat Engineering was quoting at Rs 2.49, u...