Page 1140 - Business Finance
Ahead of amalgamation with BoB; Dena Bank narrows Q3 loss on lower NPA provisions
Ahead of its amalgamation with Bank of Baroda, Dena Bank Thursday said it has trimmed net losses to Rs 178.47 crore during third quarter ended December of this fiscal as bad loans provisions nearly halved. The bank had posted a net loss of Rs 380 crore in the October-December period of 2017-18. The bank also made cash recoveries of Rs 1,036.40 crore in non-performing assets (NPAs) during the quarter, higher from Rs 170.79 crore recovered during the same period of 2017-18. During the nine months to December of the current fiscal 2018-19, total cash recoveries against NPAs were Rs 2,619.34 crore, the bank said in a release. It was Rs 661.85 crore during the April-December period of the previous financial year. Total income of the bank was down to Rs 2,293 crore in the quarter under review as against Rs 2,476 crore in the year-ago period as the bank has been put under some restrictions by the Reserve Bank under the Prompt Corrective Action (PCA), Dena Bank Managing Director and CEO ...
New twist in Reid & Taylor saga: New company bids for resolution process
In a fresh twist in the Reid & Taylor saga, a New Delhi-based company, Indian Gas Ltd, (IGL), was asked by the National Company Law Tribunal (NCLT), Mumbai, to bid for the resolution process of the debt-hit fashion major, here on Thursday.
General Electric CEO sees 2019 industrial rev rising, cash weak
(Reuters) - General Electric Co expects industrial revenue to rise by low to mid-single-digit percent this year, as gains at renewable energy, aviation and healthcare offset a decline in the power unit, Chief Executive Officer Larry Culp said on Thursday.
H&M India sales up 41% in Q4 to SEK 389 million
Swedish fashion retailer Hennes & Mauritz Thursday reported 41 per cent jump in its sales in India at SEK (Swedish Krona) 389 million (around Rs 306 crore) for the fourth quarter ended November 2018. The company, which follows December-November financial year had posted net sales of SEK 276 million in the year-ago period, Hennes & Mauritz (H&M) said in a statement. For the full year 2018, the company said its sales in India stood at SEK 1,408 million as gainst SEK 1,092 million in 2017, up 29 per cent. The company said it was "able to outperform a number of markets in the fourth quarter", H&M CEO Karl-Johan Persson said. "In several markets the total growth was driven by both physical stores and online. Among these were China (24 per cent), India (43 per cent) and Russia (27 per cent)," he added. The company's growth of 43 per cent in India is in rupee term. On its store count, H&M said in the fourth quarter it added five new stores in India. For the full year, 12 .
TRAI says players ready to migrate to new broadcasting framework from Feb 1
Telecom regulator TRAI announced Thursday that all service providers have confirmed their readiness to migrate to the new tariff regime for broadcasting and cable services from Friday, and directed operators to ensure a smooth switchover without any inconvenience to TV viewers. While customer onboarding for cable services stands at about 62 per cent and for DTH at only 30 per cent, TRAI officials asserted that in case of the latter, the nature of the platform itself will ensure that the customer remains protected and does not face any disruption for the period the pre-paid payment is valid. The services will continue till the next recharge for such customers. "The multiple system operators have also assured us that they will allow some channels to be available to customers to avoid any inconvenience, and they will also actively pursue customers to exercise their choice," TRAI Secretary S K Gupta told PTI. TRAI, which held a meeting with broadcasters, distribution platform operators ...
Three banks taken off RBI watchlist: government
NEW DELHI (Reuters) - A Reserve Bank of India panel has removed state-run Bank of India, Oriental Bank of Commerce and Bank of Maharashtra from its prompt corrective action plan (PCA) for heavily indebted lenders, the government said on Thursday.
Oil prices extend rise this month on signs of tighter supply
LONDON (Reuters) - Oil prices rose for a third straight day on Thursday on tighter supply after U.S. sanctions on Venezuelan exports and lower-than-expected U.S. fuel stocks, extending a surge this month as a so-called OPEC+ production cut pact took effect.
Bharti Airtel loses 5.7 cr mobile customers in December 2018
Telecom operator Bharti Airtel lost 5.7 crore mobile customers in December 2018, according to a company statement released Thursday. Its mobile customer base in India at the end of December 2018 stood at 28.42 crore. According to subscriber base report of telecom regulator Trai, Airtel had 34.1 crore mobile customers at the end of November, implying the company lost around 5.7 crore customers in December. With this decline, the gap between Reliance Jio and Airtel customer base narrowed in December. Jio reported total mobile customer base of 28 crore by the end of December. Airtel, however, witnessed rise in 4G customer base. Overall, 4G customer base stood at 7.71 crore at the end of the quarter.
Curated AP handloom exhibition at Andhra Bhavan from Feb 1
In a first, the Andhra Pradesh government is organising a three-day exhibition of curated handloom saris and textiles starting Friday at Andhra Bhavan in the national capital. Weavers from 13 districts will showcase their handloom varieties like Mangalgiri, Kalamkari, Venkatagiri and Uppadas curated with the support of organisation Indicult, Resident Commissioner of the state Praveen Prakash said. Besides, weavers from seven states including Gujarat and Punjab will also showcase their handloom products in the exhibition during February 1-3, he said. The exhibition 'Samuhika' has been planned following requests from the north Indians. The handlooms from Andhra Pradesh has been curated to the taste of urban customers and ensure better returns to weavers, he added. "We are organising the exhibition for the first time in the national capital. If the response turns out to be very good. We plan to hold it on an annual basis," Prakash said. About 10 lakh weavers are working on 2.79 lakh silk
Court grants ED 7-day custody of Deepak Talwar
The Enforcement Directorate was on Thursday, given custodial remand of corporate Lobbyist Deepak Talwar. Delhi's Patiala House Court sent Talwar to seven-day ED remand.Talwar was produced before special judge S S Mann.ED had sought 14 days custody of Talwar, who was extradited by Dubai authorities early on Wednesday, along with Dubai-based businessman Rajeev Saxena, to India in the evening.Talwar is wanted by the investigative agencies in a case of misusing over Rs 90 crore taken through the foreign funding route as part of corporate social responsibility (CSR).Earlier in the day, Saxena, co-accused in the Agusta-Westland VVIP chopper money laundering case was sent to four days Enforcement Directorate remand.The ED, which is probing Saxena's role had sought an eight-day remand for him.Saxena was brought here early this morning after being extradited from the UAE in connection with alleged scam in the Rs 3600 crore deal for purchase of 12 VVIP helicopters from AgustaWestland ...
70 countries to participate in Petrotech from Feb 10-12
More than 86 eminent speakers and 7,000 delegates from 70 countries will participate in Petrotech 2019, the 13th International Oil and Gas Conference & Exhibition being held here from February 10.Over 95 energy ministers from partner countries have been invited by the Minister for Petroleum and Natural Gas. India's flagship hydrocarbon international conference is expected to be inaugurated by Prime Minister Narendra Modi.The three-day mega event will showcase recent market and investor-friendly developments. The participants will include technologists, scientists, planners, policy makers, management experts, entrepreneurs, service providers and vendors.Along with the conference, the event will have a concurrent exhibition spread over 20,000 square metres at India Expo Mart in Greater Noida.The event will focus on development in technologies for exploration and production, process control, refining and pipeline and services, systems, products, oil field hardware, software, ...
No extension of February 1 deadline to comply with e-commerce FDI norms
In a major setback to Amazon and Walmart-led Flipkart, the Department of Industrial Policy and Promotion (DIPP) on Thursday rejected the request to delay the implementation of the new FDI norms for the e-commerce sector. The new norms come into effect from Friday.
E-biz FDI rules: Will continue engaging with govt to seek clarifications, says Amazon
With its request for extending the deadline for new e-commerce rules being rejected, e-tail giant Amazon Thursday said it will continue to engage with the government to seek clarifications and work towards minimising impact on its customers and sellers. The government's decision not to extend the February 1 deadline for online marketplaces to comply with FDI norms will force e-commerce giants like Walmart-backed Flipkart and Amazon to undertake massive restructuring of their operations in India to comply with the new rules. "While we remain committed to complying with all laws and regulations, we will continue to look to engage with the government to seek clarifications that help us decide our future course of action as well as minimise the impact on our customers and sellers," an Amazon spokesperson said. Flipkart, however, did not respond to an emailed query. In December, the government had announced new regulations - under Press Note 2 - that would bar online marketplaces with ...
Oil India gets Sebi exemption from buyback norms
Markets regulator Sebi on Thursday exempted state-run Oil India from complying with buyback regulations with regard to its proposed 5.04 crore share purchase programme. The order comes after the PSU filed an application in December with the Securities and Exchange Board of India (Sebi) seeking exemption from the strict enforcement of the buyback norms. The application has been necessitated on account of transfer of 3,33,20,401 equity shares of Oil India, which were held by the promoter (government), to the asset management company of the Central Public Sector Enterprise Exchange Traded Fund (CPSEETF) on December 4, 2018. According to Sebi, transfer of these equity shares by the promoters had occurred during the period between the date of passing the resolution of the board of directors approving the offer of buyback of securities of the company (November 19, 2018) and the closure of such offer (yet to occur). Sebi's buyback rules impose an obligation on the company to ensure that its
OPEC oil output drops on Saudi cut, outages and sanctions
LONDON (Reuters) - OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found, as Saudi Arabia and its Gulf allies over-delivered on the group's supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines.
Facebook lifts Nasdaq, S&P at open; downbeat earnings weigh on Dow
(Reuters) - The S&P 500 and the Nasdaq opened higher on Thursday on upbeat results from Facebook Inc, extending a rally after the Federal Reserve's pledge to be patient on further interest rate hikes, while the Dow was held lower by a spate of downbeat earnings reports.
Mastercard profit beats on holiday season boost
(Reuters) - Mastercard Inc joined rival Visa Inc in reporting a bigger-than-expected quarterly profit, as a strong holiday season led to a surge in transactions on its payments network, sending its shares up 5 percent before the bell.
U.S. weekly jobless claims race to near 1-1/2-year high
WASHINGTON (Reuters) - The number of Americans filing applications for unemployment benefits surged to near a 1-1/2-year high last week, which could raise concerns that the labor market is slowing.
Sri Lanka rules out scrapping debt-laden national carrier
Sri Lanka has decided against liquidating its national airline and will scout for a foreign investor, a minister said Thursday, despite warnings the loss-making carrier could drag on the economy. A panel convened by President Maithripala Sirisena to determine the fate of debt-saddled SriLankan Airlines recommended it be retained, but subjected to a major financial restructuring. The airline is estimated to be carrying loans and accumulated losses of nearly USD 2 billion. "We have ruled out the closure of the airline because the process of winding down will also be expensive," State Minister of Finance Eran Wickramaratne told reporters in Colombo. "We have decided to go with the option of financial restructuring with a foreign investment partner." The airline has two profit-making subsidiaries in catering and ground handling that could go some way to "enhancing the value of the company" through proper restructuring, he said. Attempts to privatise the airline failed in May 2017 when San
Walmart, Amazon scrambling to comply with India's new e-commerce rules
MUMBAI (Reuters) - Walmart Inc-owned Flipkart and Amazon.com Inc's Indian unit are rushing to rejig ownership structures and rework some key vendor relationships, as they seek to comply with new Indian e-commerce curbs without disrupting their businesses.