The US-China trade war, sluggish global economy and a prolonged subdued demand took the sheen of steel in recent times but brokerages and experts are now seeing a glint of revival in the sector.In a report on December 6, Edelweiss Securities said that the US-China trade war had not curbed steel trade in Asia. Besides, China’s production rate had likely peaked and the construction demand in the first half of the calendar year 2020 could even surpass the estimates.Also, low raw material prices are helping maintain the margins in China. All these factors augur well for steel manufacturers, as a stable market balance in China is critical for them.Close "Apprehensions of China upsetting the steel applecart are overdone due to limited capacity increase (38mt) through to calendar year 2023 and steady growth in construction and infrastructure segments, which is 52 percent of demand," said Edelweiss Securities. related news 'Investors with long-term horizon can look at … [Read more...] about Signs of recovery and hope; are steel manufacturers finally ready to shine?
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Even as reports hinted that Yes Bank would reject Canadian industrialist Erwin Singh Braich's $1.2 billion bid in favour of institutional investors, Bloomberg has reported that Briach's claims may be under question.The offer from Braich and Hong Kong-based SPGP Holdings had been expected to make up a bulk of Yes Bank's $2 billion fundraising plans but was clouded by concerns over certain foreign bidders being disallowed to acquire a stake in the bank by the Reserve Bank of India (RBI).It has now emerged that Braich is allegedly involved in numerous lawsuits with creditors and family members.Close Moneycontrol could not independently verify the report. related news Anti-diabetes drug Vildgliptin to become 80% cheaper Hyundai to increase vehicle prices from January Aditya Birla Fashion gets board nod for appointment of Himanshu Kapania as Vice Chairman Braich told Bloomberg he had the funds and had been "under the radar" with "a lot of different holdings and assets” that … [Read more...] about Yes Bank bidder Erwin Singh Braich has history of bankruptcy, questionable business deals: Report
Former Infosys CEO Vishal Sikka, who recently launched his AI startup Vianai Systems, has been nominated to the board of directors of global technology major Oracle.Sikka, 52, is among the world's leading experts in Artificial Intelligence (AI), Machine Learning and would be helping Oracle in the business value and adapt to change, the company said in a statement."Vishal is one the world's leading experts in Artificial Intelligence and Machine Learning,” said Oracle chairman and CTO Larry Ellison, announcing Sikka's addition to the Board of Directors.Close Before starting Vianai, Sikka was a top executive at SAP and the CEO of Infosys. related news Anti-diabetes drug Vildagliptin to become 80% cheaper Hyundai to increase vehicle prices from January Aditya Birla Fashion gets board nod for appointment of Himanshu Kapania as Vice Chairman Ellison said that Sikka's expertise and experience makes him ideally suited to provide strategic vision and expert advice to Oracle and … [Read more...] about Former Infosys CEO Vishal Sikka joins Oracle’s board of directors
Share prices of insurance companies rallied 2-8 percent in the morning trade on December 10 after a media report said that the government may raise the foreign direct investment (FDI) limit in the sector.HDFC Life Insurance Company, SBI Life Insurance Company and ICICI Prudential Life Insurance Company gained more than 2 percent each, while General Insurance Corporation of India climbed 4 percent and New India Assurance Company rose 7.8 percent."The government may raise the overseas investment limit in insurance to 74 percent in the February budget, up from 49 percent now, possibly paving the way for foreign control of companies," The Economic Times quoted people with knowledge of the matter as saying.Close The Insurance Regulatory and Development Authority of India (IRDAI) sought the views of stakeholders in a December 2 letter on the direction of the government. The letter, to insurance companies and others, has called for suggestions on raising the FDI … [Read more...] about Insurance stocks gain 2-8% on report of likely increase in FDI limit
Aditya Birla Fashion and Retail Ltd on Tuesday said that its board has approved the appointment of Himanshu Kapania as vice chairman of the company with effect from January 1."The board of directors vide their resolution dated December 10, 2019, has approved the appointment of Himanshu Kapania as an additional (non-executive) director and vice-chairman of the company wef January 1, 2020, liable to retire by rotation," the company said in a regulatory filing.The development is subject to the approval of the shareholders at the ensuing thirteenth annual general meeting of the company, the filing said.Close Kapania, an alumnus of IIM Bangalore and BIT Mesra, is the former Managing Director of erstwhile Idea Cellular renamed 'Vodafone Idea Ltd' after merger with Vodafone India and is presently on the board of the new mobile company. related news AGR imbroglio | DoT asks telcos to pay dues on time, clear doubts by Dec 13: Report Anti-diabetes drug Vildagliptin to become 80% … [Read more...] about Aditya Birla Fashion gets board nod for appointment of Himanshu Kapania as Vice Chairman