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Bodycote To Buy Ellison Surface Technologies In $200 Mln Deal – Quick Facts

Rupee slips 5 paise to 71.23 against US dollar in early trade

Forex traders said the rupee is trading in a narrow range amid lack of cues from the global market.

The Indian rupee opened on a cautious note and fell 5 paise to 71.23 against the US dollar in early trade on Tuesday amid sustained rise in crude oil prices and muted opening in domestic equities.

Forex traders said the rupee is trading in a narrow range amid lack of cues from the global market.

At the interbank foreign exchange, the rupee opened at 71.22 then fell to 71.23 against the dollar, showing a decline of 5 paise over its previous closing.

The Indian rupee on Monday had closed at 71.18 against the dollar.

Traders said rise in crude oil prices weighed on the domestic unit, while sustained foreign fund inflows supported the rupee and restricted the fall.

Meanwhile, brent crude futures, the global oil benchmark, fell marginally by 0.03 % to $66.37 per barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth ₹ 1,463.28 crore on Monday, as per provisional data.

Domestic bourses opened on a muted note on Tuesday with benchmark indices Sensex trading 8.69 points up at 41,651.35 and Nifty higher by 7.15 points at 12,269.90.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03 to 97.68.

The 10-year government bond yield was at 6.57 % in morning trade.

Spirit Airlines to buy 100 jets from Airbus

Spirit Airlines, Inc. SAVE, -0.82% said Monday it planned to buy 100 A320 NEO aircraft from Airbus SA, and has the option to purchase an additional 50.

The purchase agreement includes several configurations of the aircraft, including the A319, A320 and A321 models, Spirit said.

Delivery of the aircraft is expected through 2027, Spirit said.

The company in October said it had signed a memorandum of understanding for the deal.

–Write to Stephen Nakrosis at [email protected]

Watch | Honda SP 125 BS6 first ride and review

Video review of Honda SP 125 BS6

As the automobile industry in India gears up to comply with the new BS6 norms that will come into effect by April 2020, manufacturers shake up the assembly line to meet the mandated standards. A prime player, Honda too has thrown its hat in the ring now with the company’s first BS6-compliant motorcycle – the Honda SP 125. Watch to find out what other upgrade Honda has brought in to their new entrant in the market…

Saturday shopping set a single-day sales record

Consumers have ‘continued momentum’ heading into 2020: MasterCard senior adviser

MasterCard senior adviser Steve Sadove discusses retail sales in the days leading up to Christmas.

It was indeed a Super Saturday for the retail industry as shoppers set a record, making it the biggest single day in retail history, according to Customer Growth Partners and reported by Bloomberg.

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As the clock ticked toward Christmas, shoppers made a final push for presents and deals with sales reaching $34.4 billion.

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That means Saturday topped Black Friday's $31.2 billion and Cyber Monday's $19.1 billion.

HOLIDAY GIFTING: RETAILERS WITH THE BEST AND WORST RETURN POLICIES

Job growth and increasing incomes and stronger household finances, have put consumers in a buying mood this season according to Craig Johnson, president of Consumer Growth Partners.

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Online spending this season has seen sales growth of 58 percent. from a year ago.

Broadway hits $1B sales mark

People prefer experience gifts for Christmas: Study

Radio host Mike Gunzelman discusses Christmas gifts people prefer such as loan payments and experiences.

The holiday season keeps Broadway chugging along.

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This past week, Broadway's season-to-date sales totals passed the $1 billion mark.

The hot shows right now are West Side Story and A Christmas Carol which each set house records last week and helped send the 34 productions up 5 percent from the prior week to more than $40 million, according to Deadline.

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West Side Story, in its second week of previews, hit an impressive $1,497,319 with just seven preview performances.

A Christmas Carol,  grossed $860,126, breaking the show's own house record set the prior week.

'CATS' MAY BE A BOX OFFICE BOMB, BUT IT CAN'T BLOW UP ALL-TIME DISASTER LIST

While attendance remained steady week-over-week, there was an increase in revenue due to higher ticket prices.

The average ticket prices increased to $134 compared to the previous week’s $128.

In all, 17 productions hit 99 percent of their gross potential.

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Season-to-date, the $1 billion mark still trails year-ago figures by 7 percent, while attendance is about even, according to the Broadway League.

Bodycote To Buy Ellison Surface Technologies In $200 Mln Deal – Quick Facts

Bodycote Plc (BOY.L), a provider of heat treatment and specialist thermal processing services, announced Tuesday that it entered into an agreement to acquire Ellison Surface Technologies.

The gross consideration for the acquisition will be $200 million or 154 million pounds.

When adjusted for tax benefits worth at least 30 million pounds, net consideration for the transaction is approximately 170 million pounds. Bodycote will settle the consideration using its existing committed credit facilities.

Completion of the deal is expected during the first quarter of 2020, contingent on various regulatory filings’ processes.

It is anticipated that the Ellison business will be immediately earnings enhancing to the enlarged Bodycote business.

Ellison is primarily focused on the aerospace market. Ellison’s business generated revenues of $50 million in 2018. Based on results year to date, it is anticipated that Ellison’s revenue for 2019 will be $58 million. Ellison employs almost 400 people across six sites located across the United States, Canada and Mexico.

The company said Ellison’s business, based in North America, is highly complementary to its existing Surface Technology business.

Following the acquisition, Ellison will be integrated into Bodycote’s surface technology and aerospace business, which itself has seen strong structural growth in recent years.