Page 111 - Business Finance
Indian Inc hails rate cut, hopes for transmission to consumers
India Inc on Thursday welcomed the 25 basis points (bps) cut in repo rate and hoped for adequate transmission to the end consumers.
Rishad brings new ways of thinking, will lead Wipro to greater heights: Azim Premji to staff
IT czar Azim H Premji, who is set to retire as the executive chairman of Wipro, said Thursday that steering the company had been the greatest privilege of his life and exuded confidence that his son will lead it to greater heights. Premji will pass over the baton to his son Rishad in July-end after leading the charge at the company for over five decades. He will, however, continue to serve on the board as a non-executive director for five years till July 2024 and has also been conferred the title of founder chairman. Rishad, is currently chief strategy officer and a board member of Wipro. In a message to employees, Premji exuded confidence that Wipro will continually transform to scale new heights as the world changes but remain firmly committed to its values. "I am confident that the future of Wipro will far outshine anything that we have done before," he said adding that Rishad brought to the role new ways of thinking, experience, and competence that would lead Wipro to greater ...
RBI assures all help to troubled NBFCs; SBI monitoring exposure to sector
The Reserve Bank of India Thursday said it is closely monitoring the developments in the NBFC sector and will not hesitate to take measures to ensure financial stability. This comes in the backdrop of two domestic rating agencies downgrading commercial papers of debt-laden DHFL. The country's largest lender SBI too said it has been closely monitoring its exposure to the NBFC sector for the past 10 months and taking action as required. RBI Governor Shaktikanta Das, during his post policy interaction with the media, said the apex bank is closely monitoring the troubles brewing in the NBFC sector due to the liquidity crisis. Stating that the RBI is committed to ensuring a robust and well-functioning NBFC sector, Das said, "The central bank will not hesitate to take whatever steps are required to ensure that the financial stability is not adversely impacted in any manner by any development." The comments came following a bond repayment default by Dewan Housing Finance (DHFL), the third- ..
Wipro's Premji to retire on July 30, son to succeed (2nd Lead)
Signalling an end of an era, Indian IT industry czar and Wipro Founder Chairman and Managing Director Azim H. Premji, 73, will retire on July 30. His son and the company's Chief Strategy Officer Rishad Premji will succeed him on July 31 as the Executive Chairman, the global software major said here on Thursday.
ED to widen probe in ICICI Bank-Videocon loan fraud case; Chanda Kochhar to be grilled again
The ED is set to expand its probe in the ICICI Bank-Videocon money laundering case and may soon question some officials of the bank, besides grilling its former CEO Chanda Kochhar again, officials said Thursday. The Enforcement Directorate (ED) had last month questioned and recorded the statements of Chanda Kochhar and her husband Deepak Kochhar over multiple sessions. Official sources said the agency is now mulling to call some more bank officials to confront them with the statement made by Chanda Kochhar and obtain a clear picture of the deal. Chanda Kochhar will soon depose before the agency as she has recently sought more time from the agency owing to some health issues and personal commitments, they said. It is understood that she was supposed to depose before the ED on Thursday but skipped the appearance. The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act
Ford to shut UK engine plant by September 2020
Ford Motor Company on Thursday confirmed that it would shut its engine plant in Bridgend, Wales, by September 2020, the media reported.
V K Singh inaugurates flyover connecting Anand Vihar to Mohan Nagar
Union Minister and Ghaziabad MP Gen (retd) V K Singh Thursday inaugurated a six-lane flyover connecting Anand Vihar in Delhi to Mohan Nagar here. The minister of state for road transport and highways said the flyover was the need of the hour as commuters were facing traffic congestion during peak hours. He said the 586-metre flyover has been constructed by the Uttar Pradesh Bridge Corporation within 13 months. The Ghaziabad Development Authority sanctioned a fund of Rs 49 crore for its construction, he said. The Raj Nagar Extension flyover at Delhi-Meerut road will also be completed andthe widening work of Vijay Nagar bypass is in full swing, the Parliamentarian added.
Kwality insolvency: NCLT gives 90 days more time to complete CIRP
Debt-ridden dairy firm Kwality Thursday said the NCLT has given 90 days extension till September 7 to the company for completion of the corporate insolvency resolution process (CIRP). Kwality is currently undergoing the CIRP as per the provisions of the Insolvency and Bankruptcy (IBC) Code, pursuant to an order of the National Company Law Tribunal (NCLT), New Delhi, dated December 11, 2018. Global private equity player KKR had filed insolvency plea against Kwality. "NCLT, after considering the Progress Report on resolution process by the resolution profession, has extended CIRP time period by 90 days i.e. up to September 7, 2019 in respect of the company in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016," the company said in a regulatory filing. Shailendra Ajmera, who is from multinational consultancy firm EY, has been appointed as the resolution professional to conduct the insolvency proceedings. In 2016, Kwality Ltd had announced that it had raised Rs 300
Bengal govt puts emphasis on entreprenuership development
West Bengal government Thursday emphasised on a culture of creating entrepreneurs in the villages saying it will result in creation of jobs at the grass root level. For providing marketing linkage of Self Help Group (SHG) products, state SHG & Self Empowerment Minister Sadhan Pande said the government is opening counters in different towns as one-stop shops allowing entrepreneurs to market their products directly to buyers. "The government is stressing on creating employment opportunities within villages. Schemes such as Muktidhara, Swami Vivekananda Swanirbhar Karmasansthan Prakalpa have been devised to promote entreprenuership," Pande said at an ICC organised event. The objective of Muktidhara scheme is to create and maintain sustainable livelihood of SHG members by training them and help them get bank loans. The Swami Vivekananda Swanirbhar Karmasansthan Prakalpa scheme envisages generation of self-employment through promotion of tiny scale units of production, .
OTT video market set to grow at 22% CAGR: PwC
With the growth of OTT (over-the-top) videos, online gaming and Internet advertising, the Indian entertainment and media industry is expected to reach Rs 451,373 crore by 2023, growing at a compound annual growth rate (CAGR) of 11.28 per cent between 2018 and 2023, according to a report by PricewaterhouseCoopers (PwC), on Thursday.
May spot power price falls 29 pc to Rs 3.34 per unit
Average spot power price fell by 29 per cent to Rs 3.34 per unit in May compared to the year-ago month, the Indian Energy Exchange (IEX) said Thursday. With trading of 3,772 million units (MU) of electricity, the volume in the day-ahead-market (DAM) fell 6 per cent on month-on-month basis, while the fall was 23 per cent on year-on-year basis. On a daily average basis, around 122 MUs were traded in May 2019, the exchange said. "The average Market Clearing Price (MCP) at Rs 3.34 per unit (in May 2019) declined 29 per cent over 4.67 per unit in May 2018 mainly on account of reduced demand in the short-term market," the IEX said. Among the key reasons for decline in volume is the fact that availability from long term sources was higher in May 2019. Hydro, wind, solar and coal generation availability was higher by 31 per cent, 32 per cent, 48 per cent and 2.5 per cent, respectively, IEX said citing National Load Dispatch Centre (NLDC) data. Further, several imported coal plants were fully .
Regulator fixes lower pipeline tariff for GAIL; stock slumps
Oil regulator PNGRB has fixed transportation tariff of GAIL India Ltd's main trunk natural gas pipeline at half of what the state-owned firm wanted, sending its stock nosediving. The Petroleum and Natural Gas Regulatory Board (PNGRB) in its transportation charge order for the 3,452-km long pipeline originating from Hazira in Gujarat and going up to Jagdishpur in Uttar Pradesh via Vijaipur in Madhya Pradesh (called HVJ pipeline) fixed levelised tariff for the integrated pipeline at Rs 41.11 per million British thermal unit. This was lower than Rs 97.04 per mmBtu tariff that GAIL had sought, citing a capex spending of Rs 24,708 crore over the economic life of the pipeline lasting till 2035. GAIL's had in 1997 laid the HVJ pipeline to carry natural gas from western offshore fields to consumers such as power and fertilizer plants right up to Uttar Pradesh. Later, it laid another Dahej-Vijaipur pipeline in 2004 to meet additional demand. This was called HVJ Upgradation line. Together, the .
IMF upgrades US growth forecast but warns of rising risks
The US economy is expected to grow slightly faster this year than projected in April but is overshadowed by "material risks" including damage from the China trade conflict, the International Monetary Fund said Thursday. The IMF upgraded its GDP forecast for 2019 to 2.6 percent, three tenths higher than in April, while growth in 2020 is seen slowing to two percent, according to the annual review of the US economy. But the fund once again warned that risks are rising, including rising debt levels and growing inequality. "It is especially important that the trade tensions between the US and China -- which represent a threat to the global outlook and create important negative spillovers to other countries -- are quickly resolved," the report said. In contrast the upgrade for the United States, the IMF earlier this week trimmed the outlook for China to 6.2 percent this year, a tenth lower than in April. And IMF chief Christine Lagarde earlier on Wednesday urged the countries to make ...
APAC banks need to scale up digitalisation: Study
About 60 percent of Asia Pacific (APAC) banks either have no digital onboarding process for new customers, or only a part of it has gone online, according to a new survey on Thursday.
Fincare SFB, Kookmin Bank get included into second schedule of RBI Act
Fincare Small Finance Bank and Kookmin Bank have been included in the second schedule of the Reserve Bank of India Act, according to RBI notifications. Fincare Small Finance Bank was included in the Second Schedule to the Reserve Bank of India Act vide notification dated March 28, according to an RBI notification on Thursday. The central bank in separate notification said that Kookmin Bank has been included in the Second Schedule vide notification dated April 4. Fincare Small Finance Bank in a statement said that as a Scheduled Commercial Bank, it can now broad-base its lines of funding and liquidity facilities. The Bank can issue certificates of deposits and get access to interbank borrowings at competitive interest rates, enabling it to bring down its cost of funds, the bank said Thursday. Besides, it can also get deposits from new sources such as governments, public sector undertakings, corporates, mutual funds, insurance companies and other market participants. "This status will
India software market to touch $6.1 bn in 2019: IDC
The Indian software market is expected to grow at a year-on-year (YoY) rate of 13.7 per cent and touch $6.1 billion by the end of 2019, a report by the International Data Corporation (IDC) said on Thursday.
Earn high returns on Bajaj Finance Fixed Deposit in a Low Repo Rate Regime
In yet another surprise move, the RBI has cut repo rate by 25 basis points to 5.75 per cent from 6 per cent.This announcement made today, as a part of the monetary policy meeting, will be put to action with immediate effect. This is the third time in a row that the RBI has altered the repo rate this year. In justification, the Monetary Policy Committee has mentioned that the growth impulses within the economy have deteriorated prominently over the past months. With this move, the RBI looks to strengthen India's GDP. The committee has also unanimously voted to observe the 'accommodating' status unlike the 'neutral' status that it held until now.Just after the announcement was made, volatility hit the market. For those looking to make some smart investment choices in this volatile market, Bajaj Finance Fixed Deposit is the most preferred investment option. Since it is not linked to the market, it offers assured returns and leaves nothing to chance. Here's why investors must consider ...
Rate cut fails to cheer market, Sensex down 550 points (Roundup)
A lesser-than-expected lending rate cut by the Reserve Bank of India (RBI) along with no announcements on new measures to boost liquidity for the NBFC sector disappointed the investors and pulled the barometer index -- S&P BSE Sensex -- more than 500 points down on Thursday.
Discussions within govt and with US underway to resolve trade issues: MEA
Days after the US announced its decision to end preferential trade status for India, the External Affairs Ministry Thursday said efforts are on to resolve the trade issues between the two countries. "There has been discussions within the government as well as with the US to resolve the issue," Ministry of External Affairs (MEA) Spokesperson Raveesh Kumar said at a media briefing. "These kind of issues come up and they are resolved mutually as well," he added. Last week, President Donald Trump terminated India's designation as a beneficiary from June 5, ending the country's USD 5.6 billion trade concessions under the key GSP programme. The Generalized System of Preference (GSP) is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries. In its reaction, the Commerce Ministry said that in any relationship, particularly in the area of economic ties, ...
Monetary policy: RBI bids to better transmission (Comment)
The Monetary Policy Committee (MPC) delivered a unanimous 25 basis points (bps) rate cut as well a change in stance to accommodative. The Consumer Price Index (CPI) forecast has been marginally revised upwards for H1FY20 to 3-3.1 per cent (from 2.9-3 per cent), but is a shade lower for H2 at 3.4-3.7 per cent (from 3.5-3.8 per cent).