Markets cautious ahead of election results Hero MotoCorp declares 2750 interim dividend

first_imgA man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India, February 11, 2016.Reuters fileHero MotoCorp rewarded shareholders with a bonanza: 2,750 percent interim dividend or Rs 55 per share. However, the news did not have any impact on the share price of the two-wheeler maker. The share, which has a face value of Rs 2, actually closed in the red at Rs 3,299, down 0.65 percent.The company has fixed March 8 as the record date for determining entitlement of members for the purpose of paying the bonanza.Hero MotoCorp sold 5.24 lakh units in February, down 4.75 percent in comparison to 5.50 lakh two-wheelers sold in February 2016.The BSE Sensex closed 49 points lower at 28,999 on Tuesday while the NSE Nifty closed 16 points lower at 8,947. Investors are apparently cautious ahead of the outcome of the Assembly polls, particularly in Uttar Pradesh.”The markets are keenly awaiting the outcome of the exit poll announcements that are expected in the next few days and the street has already factored in a BJP win in the key state of Uttar Pradesh,” Mayuresh Joshi, fund manager at Angel Broking, said in a note.”Any disappointment however on this front can cause significant volatility and disruption in the positive momentum that has been created and can have a short term negative impact in the way the markets react,” he added.Top Sensex losers included Tata Steel, Lupin, Infosys and Axis Bank. Adani Power closed 4.8 percent higher at Rs 40.The rupee gained 4 paise to end at 66.67 to the US dollar. Gold and silver prices also fell on Tuesday, with the yellow metal losing Rs 200 to close at Rs 29,550 per 10 gm while silver ended Rs 300 lower at Rs 42,500 per kg.last_img read more

Saudi Aramco to buy 20 in Reliance oil business in one of

first_imgThe deal will have an enterprise value of around Rs 5,32,466 crore.IANSReliance Industries is set to sell a 20 percent stake in its oil and chemical business to Saudi oil giant Aramco in one of the largest ever foreign investment deals in the country, Mukesh Ambani said on Monday, August 12. The deal will have an enterprise value of around Rs 5,32,466 crore.”Saudi Aramco and Reliance have agreed to form a long-term Partnership in our Oil to Chemicals (O2C) division,” said Ambani, speaking at the 42nd Annual General Meeting of RIL.He announced that Aramco will supply 5,00,000 barrels of crude oil per day to Reliance refineries. The partnership will cover all of RIL’s Refining and Petrochemicals assets, including 51 percent of the Petroleum Retail joint venture.”The deal is subject to due diligence, definitive agreements and regulatory and other approvals,” Ambani said. According to the billionaire businessman, RIL’s Jamnagar refinery has been processing Saudi oil every single day for 20 years. “Now we have transformed our longstanding relationship of two decades, based on mutual trust, into a Partnership of growth potential for many more years,” he said.”This signifies perfect synergy between the world’s largest oil producer and the world’s largest integrated refinery and petrochemicals complex,” said Ambani.The Saudi Arabian Oil Company (Aramco) is a Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Arabia.The managing director of RIL also thanked Prime Minister Narendra Modi and Crown Prince Mohammad bin Salman Al Saud in his speech for laying the “foundation for strategic cooperation between India and the Kingdom of Saudi Arabia”. Prime Minister Narendra Modi and Saudi Crown Prince Mohammad Bin Salman during a meeting at Hyderabad House in New Delhi on Feb 20, 2019.IANSReliance New CommerceLast week, Reliance had announced that British energy giant BP will pay about Rs 7,000 crore for acquiring a 49 percent stake in Reliance Industries’ fuel retailing network. This is the third joint venture between Reliance and BP since 2011.Speaking on other plans of the conglomerate, Ambani also said the company’s retail arm will soon unveil Reliance New Commerce, an initiative to digitally connect kirana stores across the country. Ambani said that the trials of Reliance Retail’s digital commerce venture have delivered positive results. “This user-friendly digital platform is designed for inventory management, customer relationship management, financial services and other services,” he added. According to the RIL Chairman, the initiative is aimed at digitally empowering kirana stores, including those in smaller towns.Ambani also said he has laid out a roadmap to make the group a zero net-debt company in just 18 months. Ambani’s statement came in the wake of rising debt at the group level that reached a level of group Rs 1,54,478 crore in the last financial year. Close IBTimes VideoRelated VideosMore videos Play VideoPauseMute0:00/0:51Loaded: 0%0:00Progress: 0%Stream TypeLIVE-0:51?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading …center_img Mukesh Ambani helped his younger brother Anil Ambani to pay off debt owed to Sweden’s Ericssonlast_img read more

Ditch your smartphone to curb spending online

first_imgIf you want to curb that urge to splurge, putting your smartphone away may help, as touchscreen technology is behind people indulging in guilty pleasures when shopping online, researchers say. The findings showed that compared with consumers who had a desktop computer, those with smartphones were more likely to purchase hedonic products – consumed for luxury purposes, these are desirable objects that allow the consumer to feel pleasure, fun, and enjoyment from buying the product. Also Read – Add new books to your shelfFurther, participants using touchscreen technology also scored significantly higher on experiential thinking than those using desktop computers.However, those on desktops scored significantly higher on rational thinking, the researchers said.”Using a touchscreen evokes consumers’ experiential thinking, which resonates with the playful nature of hedonic products. These results may well be a game-changer for sectors like the retail industry,” said Ying Zhu, assistant professor at the University of British Columbia – Okanagan campus. Also Read – Over 2 hours screen time daily will make your kids impulsive”But my advice for consumers who want to save a bit of money is to put away the smartphone when you have urge to spend on a guilty pleasure,” Zhu added.For the study, detailed in the Journal of Retailing and Consumer Services, the team conducted a series of experiments with university students to measure thinking styles and purchase intentions using devices like touchscreens and desktop computers.The study aimed to investigate whether online purchase intentions change when it comes to two different types of products: hedonic, or those that give the consumer pleasure like chocolate or massages, and utilitarian, products that are practical, like bread or printers.”The playful and fun nature of the touchscreen enhances consumers’ favour of hedonic products, while the logical and functional nature of a desktop endorses the consumers’ preference for utilitarian products,” Zhu explained.”With more than two billion smartphone users, the use of tactile technologies for online shopping alone is set to represent nearly half of all e-commerce by next year.”last_img read more