Page 1124 - Business Finance
Canara Bank announces change in CFO
With effect from 01 February 2019
Yes Bank shares fall 4.5% as senior group president resigns
Shares of Yes Bank fell by 4.5 per cent Friday after senior group president and head - retail and business banking Pralay Mondal tendered his resignation. Shares of the lender tanked 4.45 per cent to close at Rs 185.65 on the BSE. Intra-day, it dropped 6.58 per cent to Rs 181.50. At the NSE, shares plunged 4.53 per cent to close at Rs 185.30. The shares have been falling for fifth consecutive day, plunging 15.47 per cent. "Pralay Mondal has tendered his resignation as senior group president and head - retail and business banking of Yes Bank on January 31, 2019. He will serve notice till close of business hours of March 31, 2019," Yes Bank said in a regulatory filing. On January 31, Rana Kapoor's reign as the Managing Director and Chief Executive of Yes Bank, which was co-founded by him, ended.
Govt plans to mop up Rs 90,000 cr from CPSE share sale in FY20
The government has set a target of Rs 90,000 crore to be mopped up from central public sector enterprises' (CPSE) share sale in financial year 2019-20, higher than Rs 80,000 crore raised this fiscal. The government, which has already raised around Rs 36,000 crore from disinvestment so far in the current fiscal, expects to raise another Rs 44,000 crore from share sale in state-owned companies in the two months till March 2019. In the interim Budget 2019-20, Finance Minister Piyush Goyal said the NDA government has pursued the public enterprises' asset management agenda to make these enterprises accountable to the people. "As many as 57 CPSEs are now listed with total market capitalisation of over Rs 13 lakh crore. The government received over Rs 1 lakh crore from disinvestment proceeds during 2017-18. We are confident of crossing the target of Rs 80,000 crore this year," Goyal said. Department of Investment and Public Asset Management (DIPAM) Secretary Atanu Chakraborty said, ...
Zensar Technologies features in Novarica's Market Navigator Report for insurance sector
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Stocks settle higher after seesaw trade
Key equity indices settled higher in volatile trade after the government presented a farm-friendly, consumption-oriented Budget ahead of the general elections.
Quick Wrap: Nifty Media Index registers a drop of 3.50%
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Government hoping boost to real estate sector will prop up economy (IANS Budget Exclusive, Commentary)
The Interim Budget announced by the Finance Minister had two major highlights. One was overall relief to the farmers and the middle class through a farmer income support package (Rs 6,000 a year for nearly 12 crore farmers) and income tax rebate for low income individuals. The second highlight was fiscal prudence, maintaining the deficit at 3.4 per cent, a tad higher but very much within permissible limits. These were on expected lines given the elections round the corner.
Two held for cheating car buyers and sellers online
The city police have arrested two men for allegedly duping customers wanting to sell or buy cars online, police said on Friday. A senior official of the crime branch said the accused duped several people for lakhs of rupees, but the exact amount is yet to be ascertained. The arrested duo was identified as Rohit Rajendrakumar Dhavan alias Prithvi Amin (30) from Vasai and Rumit Jaiprakash Shah (35) from Bhayander, he said. "A racket was being run by the duo since long. They made use of a leading online portal for cheating the people who wanted to sell or buy cars," DCP (Crime) Deepak Deoraj said. "Dhavan, who is the main accused in the case, is an MCom and had a good job in a reputed company. But he wanted to become rich quickly. He adopted a modus operandi under which he and his accomplice looked for such people who wanted to sell their cars with outstanding loans," he said. "They would purchase such cars at throwaway prices assuring to make the payment of the balance ...
SBI sees asset quality improve further after quarterly profit beats estimates
(Reuters) - State Bank of India (SBI) on Friday said it expects non-performing asset levels to come down in the short term after it beat expectations with its highest quarterly profit in nearly seven years.
Bonanza for 12cr distressed farmers, govt to give Rs 6,000/yr to buy inputs
To woo distressed farmers ahead of general polls, the Centre Friday announced a direct income support of Rs 6,000 per year to those holding cultivable land up to two hectare, a move that would benefit 12 crore farmers and cost the exchequer Rs 75,000 crore annually. The scheme, named Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), has been made applicable from the current fiscal itself, and first installment of Rs 2,000 will be transferred directly into the bank account of farmers before March. About Rs 20,000 crore extra has been provided for the scheme in the revised estimate for the current fiscal. The move was widely expected after the ruling BJP lost power in the recent assembly polls in three Hindi heartland states, where rural distress was cited to be one of the reasons for the defeat of the saffron party. Apart from direct income support to farmers, Finance Minister Piyush Goyal, in the Interim Budget for the 2019-20, also announced extended interest subsidy on loans availed for
Budget highlights
Following are the key highlights of the interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha Friday: - Income up to Rs 5 lakh exempted from income tax - Standard Deduction raised to Rs 50,000 from Rs 40,000 - Direct tax proposals to provide Rs 23,000 cr relief to 3 cr taxpayers - Persons with gross income up to Rs 6.50 lakh not required to pay any income tax if they make investments in provident funds, specified savings and insurance. - 12 crore small, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme - TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post office deposits - Tax exempted on notional rent on a second self-occupied house - TDS threshold for deduction of tax on rent to be increased to Rs 2.40 lakh from Rs 1.80 lakh - Tax benefits for affordable housing extended till March 31, 2020 - Tax exemption period on notional rent on unsold inventories extended to two years from one year -
Hyundai domestic sales up marginally at 45,803 units in January
Hyundai Motor India Ltd (HMIL) Friday reported a marginal increase in domestic sales at 45,803 units in January. The company had sold 45,508 units in January 2018, HMIL said in a statement. "January 2019 started on a cautious note, however, the company registered all model growth on account of strong performance by all new Santro, Grand i10, Elite i20, Verna and Creta," HMIL National Sales Head Vikas Jain said. The government has announced many people-oriented schemes with focus on rural economy during the 2019-20 Interim Budget, and the company expects it to give positive impetus to customer sentiments and business environment, he added.
Budget 2019: Disinvestment target pegged at Rs 90,000 crore for 2019-20
The Central government has pegged the disinvestment target at Rs 90,000 crore in the Budget Estimate (BE) for 2019-20 fiscal as compared to Rs 80,000 crore for the current financial year ending March this year."The government is confident of crossing the disinvestment target of Rs 80,000 crore this year and have kept a target of Rs 90,000 crore in BE 2019-20," said Finance Minister Piyush Goyal while presenting the interim Budget for 2019-20 in the Lok Sabha on Friday."We have pursued the public enterprises' asset management agenda to make these enterprises accountable to the people. As many as 57 CPSEs are now listed with a total market capitalisation of over Rs 13 lakh crore. The government received over Rs 1 lakh crore from disinvestment proceeds during 2017-18," he said.The Interim Budget 2019-20 has pegged the fiscal deficit for the year 2019-20 at 3.4 per cent of gross domestic product (GDP). "The estimate of incomes and expenditure which I am presenting today, pegs the fiscal ..
Populist push in Budget before polls: Rs 5 L income exempt from tax, Rs 6,000 cash to small farmers
Making a big populist push in its final budget before elections, the Narendra Modi-government Friday exempted people with an earning of up to Rs 5 lakh from payment of income tax, announced an annual cash dole-out of Rs 6,000 to small farmers and provided a monthly pension of Rs 3,000 to workers in the unorganised sector. Converting what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections. Over 3 crore salaried class, pensioners, self-employed and small businesses with total income of up to Rs 5 lakh will save Rs 10,900 in income tax annually after considering the relief Goyal provided in form of a 'rebate'. For those making investments of Rs 1.5 lakh in tax saving instruments, the tax-free income would be Rs 6.5 lakh. The rebate ...
Rush to stockpile sweeps UK factories ahead of Brexit: PMI
LONDON (Reuters) - British factories stockpiled goods in January at the fastest rate since records began in the early 1990s as they braced for a potentially chaotic Brexit in less than two months' time, a business survey showed on Friday.
DHFL shares fall for fifth straight day; tumble 18.5%
Shares of Dewan Housing Finance Corporation Ltd (DHFL) continued to face heavy selling pressure for the fifth straight session Friday, and closed with a sharp fall of 18.5 per cent, amid a string of negative report surrounding the firm. DHFL shares crashed 17.96 per cent to close at Rs 111.45 on the BSE. Intra-day, it plummeted 23.92 per cent to Rs 103.35 -- its one-year low. On NSE, shares cracked 18.46 per cent to close at Rs 110.80. In five trading sessions, the shares have fallen sharply by 46.72 per cent, wiping out Rs 3,067.44 crore from its market valuation on the BSE. Mortgage firm DHFL Thursday appointed a chartered accountant firm to examine allegations made by portal Cobrapost that the NBFC, through shell companies, has siphoned out Rs 31,000 crore. The corporate affairs ministry has started inquiring into allegations of DHFL diverting Rs 31,000-crore loans and would seek more information from the housing finance firm, a senior official said. Meanwhile, DHFL has termed the .
Stronger sales growth pushes output expansion to 13-month high: Nikkei India Manufacturing PMI
Nikkei India Manufacturing Purchasing Managers' rise to 53.9 in January from 53.2 in the previous month
Twitter looking for a 'unique' leader to head India operations
Twitter, which is growing with a positive trajectory in India, is looking for "a unique leader" who can take the country operations to the next level, the micro-blogging platform said on Friday.
Vedanta shares tank over 18 pc; m-cap erodes by Rs 13,084 cr post Dec qtr results
Shares of mining giant Vedanta Friday tumbled over 18 per cent after the company reported a 25.54 per cent decline in consolidated net profit for the quarter ended December 31, 2018. The company's shares plummeted 17.82 per cent to close at Rs 162.30 on the BSE. Intra-day, it tanked 19.82 per cent to Rs 158.35 -- its 52-week low. At the NSE, shares plunged 18.11 per cent to close at Rs 161.60. Vedanta was the biggest loser on both the key indices during the day. Following the sharp drop in shares, the company's market valuation slumped by Rs 13,083.9 crore to Rs 60,330.10 crore on the BSE. The metal and mining major Thursday reported a 25.54 per cent fall in consolidated net profit at Rs 1,574 crore for the quarter ended December 31, 2018. It had posted a consolidated net profit of Rs 2,114 crore in the corresponding quarter of the previous fiscal, the company said in a filing to the BSE. Total expenses increased to Rs 21,589 crore, from Rs 20,456 crore a year ago.
Indian shares, 10-year yields gain after budget
(Reuters) - Indian shares ended higher on Friday, after the government announced higher rural spending as well as tax exemptions in its last budget before the general elections due by May.