(RTTNews) - Indian shares opened deep in the red on Monday as investors fretted over sustained rise in coronavirus cases in the country and strict lockdowns imposed in many states.
The benchmark S&P BSE Sensex fell 360 points, or 0.7 percent, to 48,421 in early trade, while the broader NSE Nifty index was down 92 points, or 0.6 percent, at 14,538.
Reliance Industries fell 1.7 percent despite reporting sharply higher profit in Q4FY21.
Amara Raja Batteries lost about 4 percent. The company said it has received closure orders from the Andhra Pradesh Pollution Control Board for its plants situated at Karakambadi, Tirupati and Nunegundlapalli in Chittoor district of Andhra Pradesh.
SpiceJet dropped 2 percent. The airline has deferred up to 50 percent of the April salary of its employees, citing the second wave of COVID-19 pandemic as a reason.
SBI gave up nearly 2 percent after slashing interest rates on home loans.
Yes Bank tumbled 4 percent on reports it is exploring a potential bid for the Indian retail assets of Citibank.
Hero MotoCorp edged up slightly. The two-wheeler manufacturer has reported a 35 percent fall in April sales due to the temporary closure of plant operations and the retail outlets across the country amid the second wave of the COVID-19 pandemic.
Maruti Suzuki climbed 1.6 percent despite reporting a decline in passenger vehicle sales in April. Shares of Tata Motors were down about 1 percent.
PITTSBURGH, Sept. 25, 2020 /PRNewswire/ -- The United Steelworkers (USW) today said that union members at Libbey Glass facilities in Toledo, Ohio, and Shreveport, Louisiana, have ratified new, four-year labor agreements with the bankrupt company.
Members of the USW and International Association of Machinists (IAM) voted overwhelming in favor of the contracts, which include a temporary wage reduction and other concessions that will give Libbey financial relief to reorganize its debts under Chapter 11 of the federal bankruptcy code but also include provisions to increase wages when the company's financial condition improves.
USW International Vice President (Administration) David McCall, who chaired the negotiations with Libbey, credited the solidarity of the combined union membership and their negotiating committee for standing up to demand fairness and dignity when management and the company's creditors sought major, permanent concessions.
"Throughout this process, our members made it clear that cutting wages and benefits for hourly workers without shared sacrifices by management would not keep the company afloat," McCall said. "We are proud that we stood together to ensure our voices were heard and we achieved a more just resolution than the mammoth concessions that management originally proposed."
Under the agreements, Libbey will discontinue production in Shreveport, but will maintain a shipping and distribution facility at the location.
The USW represents 850,000 men and women employed in manufacturing, metals, mining, pulp and paper, rubber, chemicals, glass, auto supply and the energy-producing industries, along with a growing number of workers in public sector, service, academic and tech professions.
More information, contact: Tony Montana – 412-562-2592 or firstname.lastname@example.org
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SOURCE United Steelworkers (USW)
(RTTNews) - U.K. stocks edged higher on Wednesday as investors cheered a batch of positive earnings updates.
The benchmark FTSE 100 edged up 16 points, or 0.2 percent, to 6,960 after losing 0.3 percent the previous day.
Lloyds Banking Group surged 4.1 percent after reporting a better-than-expected profit and raising full-year profitability guidance.
Persimmon advanced 1.5 percent. The housebuilder said it was experiencing good demand for newly built homes across the U.K.
Grafton soared 8.3 percent. The builders merchant and DIY retailer said it expects adjusted operating profit for the current financial year to be between 15 and 20 percent ahead of consensus forecasts.
Advertising group WPP rallied 3.5 percent after it reported a surprise return to comparable net sales growth for the first quarter of 2021.
Lysol maker Reckitt Benckiser Group dropped 1.3 percent despite the company reporting a higher than expected jump in quarterly sales and backing its full-year outlook.
In economic releases, U.K. shop prices continued to decline in April, data from the British Retail Consortium showed.
The shop price index dropped 1.3 percent year-on-year in April, following a 2.4 percent decrease in March. Both food and non-food prices declined in April.