Companies and Markets

Companies & Markets

Thermax to focus more on overseas market as net slips 18%

Energy and environment solutions major Thermax is focusing on localising its products in the international market to derisk the company from the vagaries of business cycles in the home market. Thermax is targeting 40 per cent of its total sales revenues to come from overseas markets over the next three years.

The Pune-based mid-cap firm’s well crafted strategy is to scale up its businesses in South East Asia, the Middle East, Africa, South America and Eastern Europe.

SEBI imposes trading curbs on suspected shell companies

India imposed trading restrictions on 162 listed entities identified as shell companies, a surprise move that analysts said was part of a broad crackdown on illegal offshore transfers and tax evasion.

The announcement by the Securities Exchange Board of India (SEBI) late on Monday did not say what illegal activities the companies may have been engaged in.

The restrictions include limiting trading in the affected companies to once a month and curbs in the trading of shares held by the promoters and directors of the companies.

Mondays lifted market in July

There were five Mondays in the month of July and call it a coincidence or purely incidental, the market gained on each of the five Mondays. That by itself was not a big achievement but the fact that 85 per cent of the monthly gains on the Sensex and 65 per cent on the Nifty came on these five Mondays.

Looking at it another way, on 16 days, cumulatively the Sensex gained a mere 15 per cent while on five days it gained 85 per cent. In the case of Nifty, it made 35 per cent gains in 16 days and 65 per cent gains in five days.

Tata Steel swings back to profit in June quarter

Tata Steel on Monday posted a consolidated net profit of Rs 921.09 crore for the quarter ended June 30, 2017 on the back of higher revenue from operations.

The company had posted consolidated net loss of Rs 3,183 crore in the year-ago period, Tata Steel said in a filing to the BSE. “Our sales were up by 28 per cent on a y-o-y basis as the smooth ramp up of our Kalinganagar facility helped us increase our volumes and increase our market share,” T V Narendran, managing director, Tata Steel India and South East Asia, said in a statement.

Warren Buffett nears a milestone he doesn’t want: $100 billion in cash

It’s a milestone Warren Buffett probably wishes he weren’t approaching. Berkshire Hathaway Inc, the conglomerate he’s run for more than five decades, reported on Friday that it held just shy of $100 billion in cash at the end of the second quarter.

While that figure highlights the staggering money-making ability of the businesses he’s collected over the years, it’s also a burden. Because Berkshire doesn’t pay a dividend and rarely buys back its own stock, Buffett is on the hook to find ways to invest those funds.

Global stocks reach new peak in world full of surprises

World stocks breached record highs on Monday as better-than-expected company earnings and economic data from the United States stole the focus from rising geopolitical tension over North Korea's nuclear programme.

The US dollar dipped slightly but held on to most of Friday's gains—its biggest daily rise this year— made after data showed the United States created more jobs than forecast last month.

Sensex slips into the red; IT stocks tumble

Benchmark Sensex succumbed to fag-end profit booking to close lower at 32,274 today as investors dialled down on fresh bets due to absence of fresh triggers and muted earnings by some corporates.