Page 112 - Business Finance
'On tap' licensing for small finance banks under study
The Reserve Bank of India (RBI) on Thursday said it was considering 'on-tap' licensing facility for small finance banks and proposed to issue the draft guidelines by the end of August.
Rate cut hat-trick: RBI turns accommodative to boost growth (Roundup)
Home and auto loans are set to become cheaper as the Reserve Bank of India (RBI) went for a hat-trick of rate cut on Thursday by lowering key lending rate for commercial banks by 25 basis points (bps) to 5.75 per cent, the lowest in the past nine years.
VadVis - revolutionizing company registration and tax filing through "advise"
Starting a business is never easy. Right from setting up supply & demand to company registrations, tax filings and other obligations - only an entrepreneur can know the pain.In the cloud of multiple tax filing solutions, one name is making quite a buzz. Vasantham Advisories, also known as VadVis, has been reshaping the tax filing industry. Founded by Ragunathan S. J., the company is defined on the motto, 'Your Personal Auditor - Online'.Most tax filing ecosystems are largely demand-oriented, i.e., you get only what you ask for - when just a little "advise" is all they need, these tax filing services, overrun them with new packages. VadVis, according to Ragunathan, aims to eliminate just that."Our clients work with us on a yearly model where we not only handle all their GST returns, income tax applications, etc., but also help them maximize their ROI and keep the books up to date", said Ragunathan, Founder & CEO, at Vadvis.Ragunathan, who is born in Villupuram, Tamil Nadu, .
Azim Premji to retire as executive chairman of Wipro; son Rishad to take over reins
IT major Wipro founder Azim H Premji, who turned a small maker of vegetable oil into a USD 8.5 billion software behemoth, will retire as the company head by July-end and handover reins of the firm to his son, Rishad. Premji, who turns 74 next month, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years, Wipro said in a statement. He, however, will 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. Wipro board also announced that chief executive officer and executive director Abidali Z Neemuchwala will be re-designated as CEO and managing director, while Rishad Premji will be re-appointed as whole-time director for a period of five years with effect from July 31, 2019, to July 30, 2024. Rishad will be designated as executive chairman. These changes will be effective July 31, 2019, subject to shareholders' ...
APIS India hits Rs 102 crore revenue in FY 2018-19
APIS India, India's one of the oldest FMCG brands, specializing in honey trading and manufacturing, recently announced that the company has reached a milestone of Rs 102Cr for the Fiscal Year 2018-19.The company which has been into B2B exports of honey and domestic private labels since 1924, ventured into manufacturing its own brand products in the year 2015, has successfully been able to prove its expertise in the business by reaching the 102 cr. mark in just 3 years of time.APIS is currently focusing on expansion across India and plans to make future investment in domestic B2C business, back-end infrastructure, manufacturing and marketing activities. The primary focus is to reach 5 Lac retail outlets by 2020, create 3000 districts pan India, increase current category size from 5 to 10 categories before 2020 to be the best in the honey category and become full-fledged FMCG brand in Indian Market."It's our expertise in the honey business which made it possible for us to mark 102Cr ...
Wipro appoints Rishad Premji as Executive Chairman
Azim Premji will retire as Executive Chairman upon the completion of his current term on 30 July 2019 after having led the company for 53 years. However, he will continue to serve on the Board as Non-Executive Director and Founder Chairman.
Russia woos foreign investors as arrests loom over forum
Russia opened its showcase annual economic forum on Thursday, seeking to reassure foreign investors who have been shaken by recent arrests and slowing growth. Dubbed the "Russian Davos" when the economy was booming, the Saint Petersburg International Economic Forum is hosted by President Vladimir Putin and this year comes amid an ongoing crisis with the West. In a sign of Moscow's commercial and political pivot to the East, the guest of honour at the forum is Chinese leader Xi Jinping, who will speak alongside his host and UN Secretary General Antonio Guterres on Friday. But on the minds of most at the event will be the arrest in February of prominent US businessman Michael Calvey -- the founder of one of the oldest private equity firms focusing on Russia. He was arrested along with five others on fraud charges but insists he is innocent, saying the case was fabricated and stems from a shareholder dispute. Calvey, head of the Baring Vostok fund, has since been placed under house ...
Ford to shut Welsh plant with loss of 1,700 jobs
Ford will shut its engine plant in Wales next year, costing about 1,700 jobs, the US auto giant announced Thursday in a further blow to Britain's embattled car sector struggling with Brexit uncertainty and a global race to meet rising demand for electric vehicles. The head of Ford's Europe division, Stuart Rowley, said in a company statement that "changing customer demand and cost disadvantages" had contributed to making the Bridgend facility in south Wales "economically unsustainable in the years ahead" and that it would shut in late 2020. Ford insisted that the US group remained "committed to the UK, where it continues to be the passenger and commercial vehicle sales leader". Len McCluskey, general secretary of Britain's biggest union Unite, called the announcement "a grotesque act of economic betrayal". He called upon the British government and devolved Welsh assembly to help fight the closure and "prevent yet another grave injury to UK manufacturing". The news is a further blow to
Wipro's Premji to retire on July 30, son to succeed
Wipro Founder Chairman and Managing Director Azim H. Premji, 73, will retire on July 30 and 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.
Skyblue Buildwell acquires 82.6 pc stake in HomeShop18
Network18 Media & Investments Thursday said it has exited from HomeShop18 following a fresh round of fund raising by the latter in which none of the existing shareholders took part. Real estate firm Skyblue Buildwell has acquired 82.64 per cent stake in HomeShop18 after fresh round of funding, said Network18 Media & Investments in a regulatory filing without sharing details. After the investment, Skyblue has become the holding company and promoter of TV18 Home Shopping Network (HomeShop18), it added. HomeShop18 has also ceased to be a subsidiary of NW18 HSN Holdings Pic and an associate of Network18 Media & Investments. "Accordingly, the company is in the process of changing its corporate as well as brand name," it said. In the latest round of funding, HomeShop18's existing shareholders namely Network18 Media & Investments, SAIF Partners, GS Home Shopping South Korea, OCP Asia, CJO Shopping and Providence Equity Partners did not participate. Started in 2008, HomeShop18
Azim Premji to retire as executive chairman of Wipro, son
IT czar Azim Premji will retire as executive chairman of Wipro Limited, a company that he founded and helmed for 53 years, with his son Rishad set to take over his position, the city-based firm said Thursday. Azim Premji would retire as executive chairman upon the completion of his current term on July 30, 2019 but he would continue to serve on the board as non-executive director and founder chairman, the company said. The company said Rishad Premji, chief strategy officer and a board member, will take over as the executive chairman following his father's retirement. In top level changes, the board also announced that chief executive officer and executive director Abidali Z Neemuchwala will be re-designated as chief executive officer and managing director.These changes will be effective July 31, 2019, subject to shareholder approval. "I wish to thank generations of Wiproites and their families for their contribution towards building our company to what it is today. I am .
Benchmarks suffer biggest one-day fall in 2019 as RBI rate cut fails to calm NBFC jitters
Benchmark indices posted their biggest one-day drop this year Thursday after the RBI delivered a rate cut on expected lines but failed to assuage investor concerns regarding the NBFC sector. The 30-share BSE Sensex cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72, pressured by losses in banking, energy and capital goods stocks. The broader NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75. The previous biggest drop this year was on April 22, when the Sensex had dived 495.10 points while Nifty had lost 158.35 points. Slashing benchmark lending rate for the third time this year, the central bank cut the repo rate by 0.25 per cent to 5.75 per cent -- the lowest in nine years -- and changed its monetary policy stance from 'neutral' to 'accommodative'. However, the RBI lowered the economic growth forecast for the current fiscal to 7 per cent due to slowdown in domestic activities and escalation in global trade war. RBI Governor Shaktikanta Das also said .
Rupee ends almost flat at 69.28 against dollar after RBI cuts rate
The Indian rupee recouped most of its early losses and closed marginally lower at 69.28 to the US dollar after the Reserve Bank in a widely expected move cut key interest rates by 0.25 percentage point. To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts. After opening on a weak note at 69.41 at the interbank forex market, the Indian unit fell further to 69.45 against the US currency. Following the RBI's Monetary Policy Committee (MPC) decision, the local currency recovered most of the lost ground and settled for the day at 69.28, down 2 paise over its previous close. The rupee had settled at 69.26 against the US dollar Tuesday. Indian bonds and Forex markets were closed Wednesday on account of Id-Ul-Fitr. "Market participants had already priced in the rate cut in monetary policy meet," said V K Sharma Head-PCG & ...
SM Freshy takes a unique initiative; connects North-east to tourists with Freshy product range
North-eastern brands, in general, hold the essence of authenticity and natural origin. While brands are many, only a few names have been able to make an impact.One such name is SM Group (Freshy) which has been making waves across the nation.Founded by Raj Kumar Goduka, the company employs over 800 employees, with a 700-strong nationwide distributor network. SM Freshy, which was built to provide employment in the northeast, has taken a step further, by promoting tourism in the state through its unique range of 100 per cent authentic food products. Some exotic Northeast - based locations promoted via Freshy include Kaziranga in Assam, Cherrapunji in Meghalaya, Hornbill festival in Nagaland, etc."Almost every brand based out of Northeast tries to leverage the name to grow sales and build credibility across the nation - but what does Northeast get in return?", said Prakash Goduka, Managing Director, SM Freshy."Every juice pack from the Freshy flagship will carry a short description of ...
ED raids leader of BJP ally, Ratnakar Gutte
The Enforcement Directorate (ED) on Thursday searched locations in Maharashtra associated with Ratnakar Gutte, a leader of BJP ally Rashtriya Samaj Paksha (RSP), in a multi-crore loan fraud case, informed sources said.
Freshworks enters Japanese market, ties up with OrangeOne Corp
: Customer engagement software provider Freshworks Thursday said it has forayed into the Japanese market by partnering with Tokyo-based OrangeOne Corporation. As a strategic partner with OrangeOne, Freshworks would be offering its suite of products, including Freshdesk and an integrated 'Freshworks 360 solution'. The partnership with OrangeOne Corporation comes into immediate effect, a company statement said. Freshworks has doubled its customer base over the last two years in the Asia-Pacific region. The company, citing industry reports, said the software market in Japan was expected to reach Japanese Yen 1734.9 billion by 2022 and Software as a Service (SaaS) would contribute nearly Japanese Yen 641.2 billion. "OrangeOne Corporation will pursue opportunities to offer the multi-product customer engagement suite, implement sales growth and introduce potential businesses to Freshworks' user- friendly software", it aid. Freshworks has partner and re-seller network in ...
Industry upbeat on RBI policy decision; says more room to slash rates ahead
Hailing the RBI's decision to cut lending rate by 0.25 per cent as a welcome step to boost demand and revive economy, industry chambers Thursday said there is more room to slash rates further. The Reserve Bank of India cut the repo -- short term lending rate at which it gives loan to banks -- third time in a row to 5.75 per cent in its second bi-monthly policy decision, adopting an accommodative stance. "There is room for further rate cut...this third consecutive rate cut in repo rate will lead to effective transmission, encouraging banks to lower their lending rates for both retail and corporate credit," said Sandip Somany, President, Ficci. Taking cues from the global factors as well as recent government data that estimated India's GDP growth to a five-year low of 6.8 per cent in 2018-19, the RBI has also revised downward the economic expansion to 7 per cent from 7.2 per cent earlier for the current fiscal. Reviving business confidence, consumer confidence and triggering animal ...
Goyal to lead Indian delegation for G20 ministerial meet in Japan
Union Minister of Commerce and Industry Piyush Goyal will lead the Indian delegation for the G20 Ministerial Meeting on Trade and Digital Economy being held from June 8 to 9 at Tsukuba city along the Ibaraki prefecture in Japan.He will discuss developments in the global trade situation, WTO matters and digital trade. Goyal will also hold dialogue with other participating trade ministers on current international trade and investments.For the first time, ministers of the Ministry of Electronics and Information Technology (MeitY) and Commerce will participate in a joint session on digital economy, according to a statement issued by the government on Thursday.The G20 trade ministers deliberations will form part of the G20 summit leaders agenda in the formal discussions and will also be a part of the summit declaration.Ever since G20 was formed, India has been actively participating in the meetings. Although there are no binding commitments in G20, it sets the agenda for multilateral trade
Asia's largest HR & work tech conference by People Matters to be hosted in August
Technology advances in AI, robotics and automation are far outpacing the ability of the companies to adapt. From shifting business models, to new jobs, and emerging skills, new technology trends are fundamentally altering the way companies function.By 2021, the HR Tech market is expected to be a $34 billion dollar industry, of which $3.6 billion worth of business will be based out of the APAC region including India. In this context, how can HR and business leaders bridge the gap between their ability to make an impact and continuous technology innovation?People Matters TechHR, Asia's largest work and tech conference is bigger, brighter than ever, aimed at enabling leaders to become future-ready and navigate these shifts. With exciting innovations, an enviable international speaker line-up, and world renowned partners, it promises to be an unmissable event in the HR Tech calendar.People Matters, a leading media brand in the space of work, talent & tech will host the India edition
Wipro founder Azim Premji to retire next month, son Rishad to take over
Azim Premji, one of the pioneers of Indian technology industry and founder of Wipro Limited, will retire as Executive Chairman upon the completion of his current term on July 30, after having led the company for 53 years.Wipro said on Thursday that his son Rishad Premji, Chief Strategy Officer and Member of the Board, will take over as the Executive Chairman. Azim Premji, however, will continue to serve on the board as Non-Executive Director and Founder Chairman.The board has also announced that Chief Executive Officer and Executive Director Abidali Z. Neemuchwala will be re-designated as Chief Executive Officer and Managing Director. These changes will be effective July 31.Azim Premji transformed a small hydrogenated cooking fat company to an 8.5 billion dollar global IT powerhouse while also leading the transformation of Wipro Enterprises into a global FMCG, infrastructure engineering and medical devices leader, with revenues of about two billion dollars.He will remain the Chairman .