Page 100 - Business Finance
Accelerator program to power innovative solutions in healthcare sector
Sustainable Health Initiative (SHI) was launched Friday with an aim to power innovation in healthcare sector for long-term social, health, and environmental impact in emerging economies. The collaborative healthcare accelerator program was launched by The CoWrks Foundry and Yale Institute for Global Health Launch (YIGH), supported by non-profit RMZ Foundation. The SHI is a 24-week long interdisciplinary business accelerator program for young and early stage startups building innovative solutions in healthcare. As part of this program, each startup will receive up to USD 70,000 in seed funding, mentorship from Yale's faculty and alumni, as well as benefits from a network of Indian industry experts. In addition, the program includes structured sessions to help the selected startups evolve into a sustainable and scalable business model, refine their go-to-market strategy and build a global network. "Around the world, we face growing health and economic disparities. The public sector ...
Bharat Forge enters into JV agreement with Refu Electronik GmbH, Germany
In the proposed Joint Venture Company(JVC), the Company will hold 50% of stake by making an investment of EUR 11.35 Million by way of equity shares at nominal value of Euro 1, subject to fulfilment of conditions in Share Purchase Agreement and JV Agreement between the parties.
Board of Optiemus Infracom approves transfer of 'Rental Division' to proposed subsidiary
At meeting held on 06 June 2019
JSW Steel gets NCLT approval for scheme of amalgamation
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Tata Power gets revision in ratings from CRISIL
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S Chand & Company gets revision in credit ratings from CARE
Long term bank facilities - CARE A; Stable (Revised from CARE AA-; Stable) Short term bank facilities - CARE A1 (Revised from CARE A1+) Proposed commercial paper issue - CARE A1 (Revised from Care A1+)
Corp Affairs Min, Sebi to start automatic data exchange
Bolstering efforts to curb white collar frauds, the corporate affairs ministry and markets watchdog Sebi will start automatic sharing of data between them. The move also comes against the backdrop of concerns over corporate governance practices amid instances of misdoings and financial irregularities. The ministry and Sebi Friday entered into a formal memorandum of understanding (MoU) for data exchange. The pact will facilitate the sharing of data and information between Sebi and the ministry on an automatic and regular basis. "It will enable sharing of specific information such as details of suspended companies, delisted companies, shareholding pattern from Sebi and financial statements filed with the Registrar by corporates, returns of allotment of shares, audit reports relating to corporates," an official release said. Both the sides, on request, will share any information available in their respective databases for the purpose of carrying out scrutiny, inspection, investigation ...
DHFL stocks continue to fall, down 11%
A delay in interest payment by Dewan Housing Finance Ltd (DHFL) and related concerns over liquidity crisis continued to haunt investors as shares of the company slumped for the third straight day on Friday.
US employers add a weak 75,000 jobs; unemployment stays 3.6 per cent
US hiring slowed in May as employers added just 75,000 jobs, a sign that businesses may have become more cautious in the face of slowing global growth and widening trade conflicts. The tepid job growth, along with the rising pressures on the economy, make it likelier that the Federal Reserve will cut rates in the coming months. Last month's modest job growth followed a much healthier gain of 224,000 in April. The unemployment rate remained at a nearly 50-year low of 3.6 per cent in May. The job gains last month were the fewest since February. In the first five months of this year, hiring has averaged 164,000 a month, a solid pace that is enough to lower the unemployment rate over time. Still, it's below last year's pace of 225,000. In May, wages rose 3.1 per cent from a year earlier, down slightly from last month's gain of 3.2 per cent. The economy is showing signs of sluggishness after having expanded at a healthy 3.1 per cent annual rate in the April-June quarter. Consumers have ...
DHFL shares plunge continues, tumble over 11% Friday
Continuing downtrend, shares of Dewan Housing Finance Corporation Ltd (DHFL) Friday plunged over 11 per cent following rating downgrade. Shares of DHFL plummeted 11.08 per cent to close at Rs 83.50 on the BSE. Intra-day, the stock tumbled 14 per cent to touch its 52-week low at Rs 80.75. On the NSE, shares tanked 11.33 per cent to close at Rs 83.30. Shares of DHFL had plunged nearly 16 per cent Thursday also. DHFL, the third-largest pure-play mortgage lender, has received rating downgraded on its Rs 850 crore worth commercial papers (CPs) to default grade by Crisil and Icra due to delay in meeting its obligations. The mortgage lender had defaulted on bond repayments on June 4. After defaulting on its debt obligations, crisis-hit DHFL Friday said it is taking all necessary steps to meet repayments within the seven-day grace period and prevent any future default. Crisil, in a note, said the downgrade to 'default' or 'D' reflects delays in debt servicing by DHFL on some of its ...
L&T announces Rs 5,030-cr open offer for Mindtree at Rs 980/share
After nearly a month's delay, infrastructure major Larsen & Toubro Friday announced a Rs 5,030-crore open offer to acquire an additional 31 per cent stake in mid-tier IT company Mindtree at a price of Rs 980 per share. L&T has so far acquired 28.90 per cent stake in Mindtree and the open offer, if fully subscribed, will take its shareholding in the IT company to about 60 per cent. In all, the infrastructure major is eyeing about 66 per cent stake in Mindtree for over Rs 10,700 crore -- a mix of recent stake acquisition from Cafe Coffee Day owner, the ongoing open market transactions and the ensuing open offer. The open offer is slated to commence on June 17 and close on June 28, according to the letter of offer by L&T. In March, L&T had mounted a hostile takeover bid on Mindtree after entering into a deal to buy Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in the Bengaluru-based firm and also placed an order with brokers to pick up another 15 per cent of
Gas surges globally as green groups cry foul
2018 was a "golden year" for natural gas with demand surging worldwide, the International Energy Agency (IEA) said Friday, prompting concern from environmental groups over the climate impact of the world's new favourite fuel. Demand for gas grew 4.6 percent last year -- the fastest rate since 2010 -- and gas accounted for nearly half of the total increase in worldwide energy consumption, according to the IEA's annual report on the fuel. The surge in natural gas, which while cleaner than coal remains a fossil fuel that contributes to manmade emissions, was put down to ballooning production in the US and an insatiable demand for alternatives to coal in China. "In 2018, natural gas played a major role in a remarkable year for energy," the IEA's executive director Fatih Birol said. "Global energy consumption rose at its fastest pace this decade, with natural gas accounting for 45 percent of the increase, more than any other fuel." The IEA, the global authority on energy, said that gas had
Putin says 'role of dollar' should be revisited in global trade
Russian leader Vladimir Putin on Friday renewed calls to revisit the role of the US dollar in global trade, speaking at an economic forum alongside Chinese President Xi Jinping. "It is obvious that profound changes call for the adaptation of international financial organisations (and) rethinking the role of the dollar which... has turned into an instrument of pressure by the country of issue on the rest of the world," Putin said.
Walmart service to deliver groceries inside customers' homes
The online delivery wars are heating up inside shoppers' homes. Walmart is now offering to have one of its employees deliver fresh groceries and put them in your refrigerator when you're not home. The nation's largest grocer said Friday that it will be offering the service this fall for more than one million customers in three cities: Pittsburgh, Kansas City, Missouri, and Vero Beach, Florida. Later this year, the service, called InHome Delivery, will also accept returns for items purchased on Walmart.com. Two years ago, Walmart tested a similar service in the Silicon Valley area but teamed up with delivery startup Deliv and worked with August Home, makers of smart locks and smart home accessories. That test has since been stopped. The new service is part of Walmart's drive to expand its shopping options that include curbside pickup and online grocery delivery. Amazon offers a similar service in certain cities, dropping off packages inside homes, garages or car trunks. But the service
Putin slams attempts to 'push' Huawei from global markets
Russian President Vladimir Putin on Friday slammed US moves against Chinese tech giant Huawei, which has signed a deal to develop a 5G network in Russia. Speaking at an economic forum also attended by Chinese President Xi Jinping, Putin condemned "the situation around the company Huawei that they are attempting not just to squeeze but to unceremoniously push out of the global market." "In some circles this is even being called the first technological war of the dawning digital era," Putin said. Despite international concerns that it could present a security risk, Huawei on Wednesday signed an agreement with Russian telecoms company MTS to develop a 5G network in the country, on the sidelines of a meeting between Putin and Xi in Moscow. The Chinese telecom giant has been in turmoil since May, when US President Donald Trump's administration banned US companies from selling high-tech equipment to Huawei over suspicions it is spying for Beijing. Several companies have already distanced ...
RBI issues new NPA recognition norms
The Reserve Bank Friday issued a new framework for resolution of bad loans, replacing the previous norms quashed by the Supreme Court in April, offering a 30-day gap for stress recognition instead of the one-day default earlier. The new norms replaces all the earlier resolution plans such as the framework for revitalising distressed assets, corporate debt restructuring scheme, flexible structuring of existing long-term project loans, strategic debt restructuring scheme (SDR), change in ownership outside SDR, and scheme for sustainable structuring of stressed assets (S4A), and the joint lenders' forum with immediate effect. The apex court had on April 2 struck down the stringent RBI circular, issued on February 12, 2018, for resolving bad loans under which a company could be labeled an NPA if it missed repayment for a day banks were asked to find a resolution within 180 days or else it should be sent to bankruptcy courts. The new circular provides for a framework for ...
DHFL says making all efforts to meet debt obligations within 7 days of grace period
After defaulting on its debt obligations, crisis-hit Dewan Housing Finance Ltd (DHFL) Friday said it is taking all necessary steps to meet repayments within the seven-day grace period and prevent any future default. DHFL, the third-largest pure-play mortgage lender, has received rating downgraded on its Rs 850 crore worth commercial papers (CPs) to default grade by Crisil and ICRA due to delay in meeting its obligations. The mortgage lender had defaulted on bond repayments on June 4. The company said there has been delay in payment of interest on non-convertible debentures issued by the company through public issue. "The company is taking all necessary steps and shall ensure the payment of the due interest within the cure period of 7 days as prescribed under the respective trust deeds pertaining to the said NCDs," it said in a regulatory filing. DHFL said it will make necessary disclosures at appropriate time. However, a day-ago, DHFL expressed surprise on the rating downgrade on its .
IPA optimist about FY'20
Indian Paints Association (IPA) has expressed optimism that 2019-2020 would be better than the previous year's growth traction amid slowdown in automotive sector. "We expect economy to do better under the present government. We expect paints industry to post marginally higher growth rate both in terms of volume and value for the current fiscal than what had been achieved in 2018-19," IPA president Abhijit Roy said Friday on the sidelines of the association AGM. In 2018-19, the industry has expanded at a rate of 12 per cent in volume terms and 15 per cent in value terms, he said. Roy said automotive paints accounts for 15 per cent of the total paints industry. There had been production cut among the automotive majors in the country. But protective coatings demand remained robust, he said. Recently, coating companies has reduced oil based emulsions price between 2 and 3 per cent after crude price eased. But, the industry has not taken any call about price reduction for ..
NCLAT halts liquidation process of Sterling Biotech till further orders
The National Company Law Appellate Tribunal (NCLAT) has stayed the liquidation process of debt-ridden Sterling Biotech till further orders. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya stayed the operation of May 8, 2019 order of the Mumbai bench of National Company Law Tribunal (NCLT) directing liquidation of the company. "Until further order, the operation of impugned order dated May 8, 2019 so far as liquidation is concerned shall remain stayed. However, the Liquidator will ensure that the company remains a going concern," the bench said. "The bank accounts of the Corporate Debtor' (Sterling Biotech) be allowed to be operated for day-to-day functioning of the company such as for payment of current bills of the suppliers, salaries and wages of the employees/workmen, electricity bills etc," it added. NCLAT also directed listing of two matters on July 16 "for admission". One plea is filed by Andhra Bank, which is leading the consortium of lenders to Sterling ...