Page 11 - Business Finance
Andhra Bank board approves raising Rs 2,000 cr equity capital
Andhra Bank said Monday that its board has approved a proposal to raise equity capital of Rs 2,000 crore through qualified institutional placement or follow-on public offer or sale of non-core assets or preferential allotment. "The board of directors of the bank at its meeting held on June 24, 2019, approved the proposal to raise the equity capital amounting to Rs 2,000 crore (including premium) by way of qualified institutional placement/ follow-on public offer/ sale of non-core assets/ preferential allotment/ any other approved means during FY20 subject to market conditions and necessary approvals," a BSE filing said.
Rs 50 lakh looted from cable car corporation in Gulmarg
Burglars broke into the cash counter of the Gondola Cable Car Corporation in Jammu and Kashmir's Gulmarg and looted Rs 50 lakh, police said Monday. The burglars broke into the cash counter of the cable car corporation at famous tourist resort of Gulmarg during the intervening night of June 23-24 and decamped with Rs 50 lakh, a police official said. He said a case was registered and investigation taken up. We are probing the case from all possible angles including insider involvement, the official said.
Hero, Bajaj, TVS strongly object Niti Aayog's move for all electric two-wheelers
India's big three two-wheeler makers - Hero MotoCorp, Bajaj Auto and TVS Motor Co - Monday hit out at Niti Aayog's plan to push for 100 per cent electric vehicle, saying such a transition is completely uncalled for and could jeopardise the industry. Arguing that changing from conventional two-wheelers to 100 per cent electric is "not like Aadhaar, not a software and print cards", the companies said concerns of all stakeholders must be taken into consideration instead of imposing adoption of EVs. "This is not like Aadhaar, not a software and print cards. You have to set up a whole supply chain, and migrate from the current supply chain," TVS Motor Co Chairman & Managing Director Venu Srinivasan told PTI. Expressing similar sentiments, Hero MotoCorp said it was "deeply concerned by the potential repercussions of Niti Aayog's approach of completely banning two-wheelers up to 150cc that are powered by Internal Combustion Engines (ICE)". Last week, Niti Aayog had asked auto industry ...
Welspun Corp to buy back 2.88 cr shares for Rs 390 cr
Welspun Corp said Monday that the company will buy back 2.8 crore shares for Rs 390 crore, at a price of Rs 135 apiece. "The buyback committee at its meeting held today (Monday) has fixed the buyback size of Rs 390 crore at a buyback price of Rs 135 per share," according to a BSE filing. The company will buy back up to 28,888,888 equity shares. The committee has fixed July 5 as the "record date" to determine the company's equity shareholders who would be eligible to participate in the buyback, it added.
Spencer's Retail seeks shareholders nod to raise Rs 350 cr
Spencer's Retail has sought shareholders approval to raise Rs 350 crore, by using movable or immovable properties of the firm as collateral, in the annual general meeting scheduled on July 19, 2019. Keeping in view the company's existing and future fund requirements to support its business operations, the company proposes to borrow funds from financial institutions, banks, NBFCs and other lenders for an amount up to Rs 350 crore, a BSE filing said. In order to facilitate raising of funds, it would be necessary to create appropriate security on the movable and immovable properties of the company, both present and future, by way of mortgage/charge/assignment/hypothecation/pledge etc. in favour of the lender(s) to secure the financial assistance(s) proposed to be availed of by the company in due course, the statement said. The company has also sought shareholders approval to invest Rs 250 crore for further expansion and investment through a special resolution.
Cong-NCP attack Maha govt on state of economy, question stats
The opposition Congress-NCP Monday accused the Devendra Fadnavis government of painting a wrong picture of the economy ahead of state polls scheduled for later this year. Speaking on the state budget in the Assembly, former chief minister Prithviraj Chavan accused the state government of "tweaking" economic data in a "desperate bid" to paint a rosy picture of the state's economy. Former finance minister and NCP leader Jayant Patil also accused the Devendra Fadnavis regime of "manipulating" economic data. The BJP-led government, last week, said Maharashtra had grown at 7.5 per cent in 2018-19 witha Rs 4.05 lakh crore expenditure plan. Initiating the discussion on the issue, Chavan alleged that the state's gross state domestic product (GSDP) was more likely to have been 2-2.5 per cent lower than 7.5 per cent as estimated by Directorate of Economics and Statistics in the Economic Survey Report (ESR) 2018-19. "The Economic survey presented last year (for 2017-18) had ...
RBI introduces 'Complaint Management System'
Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday launched "Complaint Management System (CMS)", a software application to facilitate RBI's grievance redressal processes.Members of public can access the CMS portal at the central bank's website to lodge their complaints against any of the entities regulated by RBI."Keeping the convenience of the customers in mind, CMS has been designed to enable on-line filing of complaints. It provides features such as acknowledgement through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises and filing of Appeals, where applicable. It also solicits voluntary feedback on the customer's experience," a statement by RBI said.The CMS has self-help material (in video format) to guide the users of the portal; videos on safe banking practices; and on the regulatory initiatives of RBI."This system facilitates the regulated entities to resolve customer complaints received through CMS by ...
Metro operations to be affected on Violet line for a week
Metro services on the Violet Line will be affected for a week starting Monday as Delhi Metro Rail Corporation (DMRC) undertakes track maintenance work.The metro operator issued a Violet Line update on its official Twitter account which stated: "DMRC will be undertaking planned track maintenance work at one of the reversal sides of trains at Kashmere Gate station for a period of around one week starting today.""Due to this, frequency of trains may witness slight variation during this period," it said.DMRC is known for posting regular updates about delays in metro service in advance.
Korean ambassador signs agreement for providing assistance in prosthetic limbs sector
Korean Ambassador to India Bong-kil Shin on Monday launched 'Jaipur Foot Korea', a collaborative initiative between Korea and Bhagwan Mahaveer Viklang Sahayata Samiti (BMVSS), a prosthetic limb organisation. Under this agreement, Korea will provide financial and technical assistance to further research and development collaboration in the med-tech sector specifically in the area of prosthetic limbs, bionic arms, 3-D printing-based Flat foot solution and mobility solutions, according to a release issued here. The Korean ambassador, who visited the Jaipur Foot centre with experts, said the agreement will open up access to Korean med-tech students to join the various prosthetic fitment camps in various countries and participate in certificate programmes offered by Jaipur Foot. He said the agreement will also open up opportunities for overseas development assistance and grants from the Government of Korea and donations from private institutions and corporations from Korea to India. D R ...
EEPC signs MoU with CSIR-NML for technical assistance
Engineering exporters' body EEPC on Monday said it has signed an MoU with the National Metallurgical Laboratory (NML) of the Council of Scientific and Industrial Research for technical assistance. The agreement will enable scientists from the Jamshedpur-based NML to facilitate "our members with their expertise" towards improvement of production technique, EEPC India Chairman Ravi Sehgal said. He said while Indian engineering exports have been growing by 10 per cent with variation, reaching a historic high of USD 81 billion during the fiscal 2018-19, the shipments as percentage of ASEAN and the world are stagnating at 0.8-1 per cent over the last 10-15 years. The Department of Commerce has given EEPC India a mandate to form technology centres for helping MSMEs with the knowledge of new technologies.
Deeply concerned by Niti Aayog's move to ban conventional two-wheelers: Hero
The country's largest two-wheeler maker Hero MotoCorp Monday said it is deeply concerned by the potential repercussions of government think-tank Niti Aayog's approach of completely banning conventional two-wheelers up to 150cc stating such a move could jeopardise the industry. Asking the government and relevant authorities to be cautious in their approach, the company said concerns of all stakeholders must be taken into consideration. "Instead of imposing the adoption of EVs (electric vehicles), it would be ideal to have a healthy mix of policy, market dynamics, and customer acceptability," Hero MotoCorp said in a statement. The company said it was "deeply concerned by the potential repercussions of Niti Aayog's approach of completely banning two-wheelers up to 150cc that are powered by internal combustion engines (ICE), especially when two-wheelers manufactured in India will have the world's cleanest emissions, along with the world's highest fuel-efficiencies, effective April 1, ...
Govt should hike public sector spending; incentivise private cos for new projs: Icra
The government should increase public sector spending and provide incentives to private companies for starting new projects, ratings agency Icra said in its pre-budget comments. In addition, higher budgetary allocation for key implementing agencies like National Highways Authority of India (NHAI) is a necessity, it added. The ratings agency said it expects "increased public sector spending and incentivising private sector to take up new projects. Increase in budgetary allocation for key implementing agencies like NHAI a necessity". On February 1, while presenting the interim Budget 2019-20, then Finance Minister Piyush Goyal had said the allocation for highways sector has been increased to about Rs 83,000 crore and the budget takes care of growing infrastructure needs. The domestic infrastructure sector expects continued thrust from the government towards revival of the investment cycle in the form of a further increase in budgetary allocations with focus on roads, railways and urban .
Action taken against 271 companies in last three years to safeguard investors: Sitharaman
Union Finance Minister Nirmala Sitharaman on Monday stated that action has been initiated against 95 companies in 2016-17, 101 companies in 2017-18 and 75 companies in 2018-19 under various provisions of the Companies Act in order to redress investors 'grievances.Sitharaman said this in a written reply to a question in Lok Sabha today.Citing rules, Sitharaman stated that Section 178(5) and 178(6) of the Companies Act, 2013 mandates that every company having more than 1,000 shareholders, debenture holders, deposit holders and any other security holders shall constitute a Stakeholders Relationship Committee to consider and resolve the grievances of the security holders of the company, read a statement.Moreover, to safeguard small investors trading in exchanges in stocks of companies that default on payment, Securities and Exchange Board of India (SEBI), in last three years, has initiated action against 22 companies under section 15-I (Adjudication Proceedings) of the SEBI Act, 1992 and .
RBI launches CMS for filing online complaints against banks, NBFCs
The Reserve Bank of India Monday launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redressal process. Customers can lodge complaints against any regulated entity with public interface such as commercial banks, urban cooperative banks, Non-Banking Financial Companies (NBFCs). The complaint would be directed to the appropriate office of the Ombudsman/Regional Office of the RBI. The CMS will be accessible on desktop as well as on mobile devices. The RBI also plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking the status of complaints. Keeping the convenience of customers in mind, the CMS has been designed to enable online filing of complaints. "The application also improves transparency by keeping the complainants informed through auto-generated ...
WE Hub inks pact with swissnex India for cooperation
WE Hub, a Telangana Governments incubatorinitiative and swissnex India, an initiative of the Swiss State Secretariat for Education and Research and Innovation (SERI), have partnered to establish closer links between Swiss institutions and organisations in the State. According to a press release, this partnership would facilitate Telangana-based startups, academic institutions, and innovation ecosystem stakeholders to share their best practices, leverage expertise, and connect with their Swiss counterparts. The primary field of interest would be Biotechnology, Life Sciences, and inclusion of Women in the ecosystem, among others, the release said. WE Hub CEO Deepthi Ravula said "We are glad to formalise WE Hubs relationship with swissnex India. Having hosted few delegations, facilitated start-up connects and conducted stakeholder interactions, we have already identified synergies, and begun actively engaging partners. It is great to see this partnerships crystallise, ...
Sebi to allow IPOs by tech companies with superior voting right shares
Capital markets regulator Sebi plans to allow technology companies having superior voting right shares to launch their IPOs, subject to enhanced corporate governance among several other conditions. The regulator is planning to issue a new set of norms for differential voting rights to allow listing of firms having some shareholders with superior voting right shares, but it may not allow as yet shares with lower or fractional voting rights. The new norms are particularly aimed at helping new technology companies with asset light business model, where promoters or founders may be key to the company's success and may need to retain controlling powers even when they prefer equity over debt for raising funds. The new norms, which would be discussed by the Sebi board later this week, have been prepared after a public consultation process wherein comments were received from various stakeholders, including the government departments, institutions and the general public, officials said. The ...
Jalan panel on RBI's capital size again defers report submission till Budget
The Bimal Jalan committee, which is looking into the size of capital reserves that the RBI should hold, Monday again deferred its report submission deadline till Budget next month. The six-member panel, under former RBI governor Jalan, was appointed on December 26, 2018, to review the Economic Capital Framework (ECF) for the Reserve Bank after the Finance Ministry wanted the central bank to follow global best practices and transfer more surplus to the government. The RBI has over Rs 9.6 lakh crore surplus capital with it. Economic Affairs Secretary Subhash Chandra Garg did not attend Monday's meeting of the Jalan panel, an official said, adding that the committee would meet one more time before finalising the report. "The ECF panel will meet again in July and will submit the report post Budget," the official said. The ECF panel was mandated to submit its report to the RBI within 90 days of its first meeting which took place on January 8. Following this, the panel was given a ...
Action taken against 271 companies in last three years to safeguard investors: FM
Sebi has received 2453 complaints for non-payment of dues in 2018-19 and resolved 2746 complaints
Early exit of Acharya from RBI not to roil markets: SBI report
The early exit of RBI Deputy Governor Viral Acharya was not surprising and will not roil the markets, the country's largest bank SBI said in a research report. Acharya, who in October last year had brought to light tensions with the government over independence of the central bank, resigned six months before the scheduled end of his term in the office. Acharya, 45, who was the only Deputy Governor of Reserve Bank on the six-member interest rate-setting monetary policy committee, resigned from his position "a few weeks" back citing "unavoidable personal circumstances", the Reserve Bank of India (RBI) said in a brief statement Monday. In his resignation, he expressed inability to continue beyond July 23, 2019, the RBI said. SBI's 'Ecowrap' report said that the early exit of Acharya is not surprising. "Though it was a rumour, but market had anticipated it after the resignation of former Governor Dr Urjit Patel way back in December 2018," it said. The report said that "quite expectedly" a
Evaluating selling entire 20 pc stake in Shriram Capital: Piramal Enterprises
Piramal Enterprises Monday said it is planning to sell its entire holding of around 20 per cent stake in Shriram Capital Ltd to fund growth of its financial services business. The company had earlier this month sold its entire holding of 10 per cent holding in Shriram Transport Finance Co Ltd for Rs 2,300 crore. "As part of the long-term strategy of the company to fund growth of its financial services business, the company is evaluating the feasibility of sale of the entire (effective 20 per cent) stake held by the company in Shriram Capital Ltd," Piramal Enterprises said in a regulatory filing. The proposed transaction would be subject to receipt of necessary approvals, including the approval of the company's board of directors at the appropriate stage, it added. Piramal Enterprises, however, did not disclose details such as the expected valuation of its stake in Shriram Capital, potential buyer and timeline for closing the deal. In 2013, the company had initially picked up 9.9 per ..
