Bajaj Auto trades at 52-week-low after Q2FY19 numbers
Shares of Bajaj Auto hit their 52-week-low after falling over 4% on the NSE in the late noon trade on Wednesday after the company announced its Q2FY19 numbers.
The company has reported a net profit of Rs1, 152cr in the three months ended September, an increase of 3.7% on a yoy basis. The auto firm had posted a profit of Rs1, 112cr in the corresponding quarter last year.
Revenue of the company jumped 21.63% to Rs7, 986.79cr in Q2FY19 over Rs6, 566.43cr in Q2FY18.
Cabinet approves creation of special aquaculture fund of Rs7, 522cr
The Cabinet Committee on Economic Affairs approved an amount of Rs7, 522cr towards the creation of special fisheries and aquaculture infrastructure development fund (FIDF).
The fund amount of Rs7, 522cr will be used towards
• Nodal Loaning Entities (NLEs) – Rs5, 266cr
• Beneficiaries contribution – Rs1, 317cr
• Budgetary support from the government – Rs939cr
National Bank for Agriculture and Rural Development (NABARD), National Cooperatives Development Corporation (NCDC), and all scheduled Banks (Banks) will be the nodal loaning entities.
TCS partners with Intel for Quartz Blockchain Solutions
Tata Consultancy Services (TCS) has partnered with Intel to integrate Intel Software Guard Extensions technology with the Quartz Blockchain solution, to enhance the privacy and security of blockchain-based ecosystems implemented using Quartz.
"Central to TCS' Business 4.0 framework is the use of technology to leverage ecosystems and to harness abundance. Quartz blockchain is a key enabler for this strategy. Even a single security incident can cause loss of trust and deter the adoption of blockchain. The integration of TCS Quartz with Intel® SGX strengthens security and helps in mitigating these concerns, so that customers can fully realize the potential offered by our blockchain solutions," said R Vivekanand, vice president and co-head, financial solutions, TCS.
BSE gets SEBI nod to launch Oman Crude Oil Contract in commodities
BSE, Asia’s oldest exchange and now the world’s fastest exchange with a speed of 6 microseconds, has received market regulator Sebi’s approval to launch Oman Crude Oil contract on its newly launched commodity derivatives segment.
The BSE marked its entry into the commodity derivatives segment with gold and silver contracts on October 1, 2018, and became India’s first universal stock exchange with all assets classes including equity, mutual funds, currency, and commodity in its portfolio.
Airtel raises $1.25bn in equity issuance for Africa business
Six global institutional investors including Warburg Pincus, Temasek, Singtel, and SoftBank Group International have agreed to invest $1.25bn in Airtel Africa through a primary equity issuance.
The deal gives Airtel Africa a post-money equity value of $4.4bn. As per the structure of the deal, Bharti Airtel has not sold any equity stake in Airtel Africa.
As per the company’s press release, the proceeds of the issuance would be used to deleverage Airtel Africa whose current debt stands at ~$5bn. The company is also planning an IPO of Airtel Africa. The proceeds of the IPO would be used to further deleveraging the company.
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