Page 1141 - Business Finance
Explainer: What are India's new foreign direct investment rules for e-commerce?
MUMBAI (Reuters) - India late last year modified foreign direct investment (FDI) rules for its burgeoning e-commerce sector that has attracted Walmart Inc and Amazon.com Inc, creating new hurdles for both global retail giants.
Chalet Hotels IPO subscribed 1.57 times on last day of bidding
The initial public offering of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in India, was subscribed 1.57 times on the last day of bidding Thursday. The initial public offering (IPO) to raise about Rs 1,641 crore received bids for 6,49,07,563 shares against the total issue size of 4,13,26,672 shares, as per NSE data till 1800 hrs. The category meant for qualified institutional buyers (QIBs) got subscribed 4.65 times, non institutional investors 1.11 times and retail individual investors 3 per cent, as per merchant banking sources. The offer comprises a fresh issue of Rs 950 crore and an offer for sale of up to 2,46,85,000 equity shares (including anchor portion of 1,75,84,071 equity shares). Its price range is at Rs 275-280 per equity share. JM Financial Limited, Axis Capital Limited and Morgan Stanley India Company are managing the offer. This is the first IPO of 2019. The equity shares of the company are proposed to be listed on the BSE and the
Dabur clocks 10 pc rise in Q3 profit at Rs 367 cr
Homegrown FMCG major Dabur India on Thursday reported 10.26 per cent rise in consolidated net profit at Rs 367.21 crore for December quarter 2018 helped by cost management initiatives and strong growth in domestic market. The company had posted a net profit of Rs 333.03 crore in the year-ago period, Dabur India said in a BSE filing. Total income in the latest quarter was at Rs 2,274.46 crore, up 11.88 per cent from Rs 2,032.78 crore in the same period of the previous fiscal. The company's board on Thursday also approved appointment of Mohit Malhotra as the new CEO with effect from April 1, 2019. He is currently in the role of CEO of India Business of the company and will succeed Sunil Duggal. Dabur India Chairman Anand C Burman said that during the last few years, the board was working on a succession plan to identify Duggal's successor, who is the CEO since 2002. "As a result of this process, Malhotra was found to be suitable as a successor to Duggal. Therefore, on the recommendation
Huge upward revision in GDP numbers for FY17, FY18
The government on Thursday revised the Gross Domestic Product (GDP) growth rates by 110 basis points from 7.1 per cent to 8.2 per cent for 2016-17 and by 50 basis points from 6.7 per cent to 7.2 per cent for fiscal 2017-18.
Intel makes interim CEO Swan permanent
(Reuters) - Intel Corp named interim Chief Executive Officer Robert Swan to the role on a permanent basis on Thursday while also naming a new interim chief financial officer.
Friendly Fed fires world stocks to best January on record
LONDON (Reuters) - Soothing sounds from the Federal Reserve propelled world stocks to their best January on record on Thursday although, having scored stellar gains this time last year only to flop spectacularly, traders were trying not to get too carried away.
Airtel net income plunges 72% to Rs 86 crore; payments bank arm aids finances
Telecom operator Bharti Airtel Thursday reported a 72 per cent drop in consolidated net income for the three months ended December 2018 at about Rs 86 crore, amid market turbulence triggered by cut-throat competition in India business. Change in accounting structure with respect to Airtel Payments Bank brought an exceptional gain of Rs 1,017 crore for Bharti Airtel and bolstered the company's financials. "After accounting for gain of Rs 1,017 crore towards exceptional items (net of tax), the resultant net income for the quarter ended December 31, 2018 came in at Rs 86.2 crore," Airtel said in a statement. Its net income stood at Rs 306 crore in the same period of the previous year. While rival Reliance Jio posted a 22 per cent rise in profit at Rs 831 crore on year-on-year basis in the home turf, Airtel's losses from India operations (before exceptional items) stood at Rs 971.9 crore, compared to a net income of Rs 373.5 crore in the year ago period. Among telecom service business ...
Create buffer against IL&FS shock: IRDAI to insurers
The Insurance Regulatory & Development Authority (IRDAI) has advised insurance companies to create a buffer against their exposure to the beleaguered Infrastructure Leasing & Financial Services (IL&FS) Group, an official said here on Thursday.
Make aluminium the metal of choice for future: Mines Secretary
Union Mines Secretary Anil Mukim on Thursday urged the stakeholders to work towards increasing the domestic consumption of aluminium in a sustainable manner and make it the metal of choice for the future.
Board of Vedanta appoints director cum CEO
With effect from 01 March 2019
Yes Bank announces change in directorate
With these developments, YES BANK's Board constitution is as follows: Brahm Dutt, Part-Time Chairman Lt. General (Dr.) Mukesh Sabharwal (Retd.), Independent Director Subhash Chander Kalia, Non Executive Non Independent Director Dr. Pratima Sheorey, Independent Director Uttam Prakash Agarwal, Additional (Independent) Director T.S. Vijayan, Additional (Independent) Director Maheswar Sahu, Additional (Independent) Director Anil Jaggia, Additional (Independent) Director Ajai Kumar, Interim MD & CEO
DowDuPont forecasts drop in first-quarter sales, shares fall
(Reuters) - U.S chemicals company DowDuPont Inc on Thursday forecast a surprise drop in revenue for the current quarter, hit by reduced sales in its biggest unit, sending the company's shares down 9 percent in pre-market trading.
S&P 500 set to open flat after Fed update; trade worries remain
(Reuters) - The S&P 500 was set to open flat on Thursday following the Federal Reserve's pledge to be patient on further interest rate hikes and stellar results from Facebook Inc, as anxious investors awaited the outcome of the U.S.-China trade talks.
Moderate interest subsidy for short term agri credit likely in Budget
The politically-crucial interest subsidy for short term credit to farmers is likely to be a modest one in the vote-on-account which is to be presented by acting
Italy slides into recession after economy shrinks
The Italian economy contracted in the fourth quarter of 2018, dragged down by slowing European growth and global trade tensions, plunging the country into a technical recession, official data showed Thursday. The 0.2 per cent contraction - following a 0.1 per cent fall in the third quarter - will put pressure on the populist government in the eurozone's third largest economy, which took power in June on the back of big-spending electoral promises. Italy is Europe's second largest manufacturer and is currently the only European Union member in recession, although growth in export powerhouse Germany also fell in 2018. The Italian economy suffered a harsh recession in 2012-13 and has enjoyed only slow growth since then. Overall growth for full-year 2018 was just 0.8 per cent. Italy's Prime Minister Giuseppe Conte had anticipated the bad news on Wednesday during a business conference in Milan. "Analysts tell us we'll likely still suffer a bit at the start of this year," he said, pointing
GST collections top Rs 1 lakh cr in January
GST collections in January crossed Rs 1 lakh crore-mark after a gap of 2 months, the Finance Ministry said Thursday. "The total gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year," the ministry tweeted. This is the third time in current fiscal that GST collections have crossed the Rs one lakh crore-mark. Previously in April and October, the collections had surpassed this milestone. "Robust Economy: Gross GST Revenue in Jan 2019 crossed Rs 1 lakh crore... This has been achieved despite huge reduction in tax rates for various items benefitting poor, farmers & middle class," Finance Minister Piyush Goyal tweeted. GST collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs ...
IKEA's first India store sold more despite lower than anticipated footfall
Swedish home furnishing multinational IKEA's first India store here witnessed less than expected footfall during last six months but the spending by the buyers was more than what it anticipated, said a top company official on Thursday.
CPI inflation for industrial workers rises to 5.24 pc in December
Retail inflation for industrial workers increased to 5.24 per cent in December 2018 as compared to 4 per cent in the year-ago period. "The inflation measured by monthly CPI-IW (consumer price index-industrial workers) stood at 5.24 per cent for December 2018 as compared to 4.86 per cent for the previous month and 4 per cent during December 2017," a labour ministry statement said. According to the statement, the food inflation in December stood at (-) 0.96 per cent against (-) 1.57 per cent in November and 4.32 per cent in the year-ago month. The All-India CPI-IW for December declined by 1 point and pegged at 301. On 1-month percentage change, it dropped by (-) 0.33 per cent between November-December 2018 when compared with the fall of (-) 0.69 per cent for the corresponding months of 2017. It said the maximum downward pressure to the change in current index came from the food group, contributing (-) 1.38 percentage points to the total change. Onion, banana, coconut, lemon, brinjal, ...
LPG cylinder to cost Rs 30 less
The central government on Thursday announced that price of non-subsidised domestic LPG will be reduced by Rs 30 per cylinder.The reduced price will be effective from February 1."The price of Non-Subsidised LPG at Delhi will decrease by Rs 30 per cylinder w.e.f. 1st February 2019, due to fall in price of LPG in the international market and strengthening of US$-rupee exchange rate. Accordingly, the upfront cash payment by the consumer of domestic LPG will also reduce by Rs 30 per cylinder. Domestic LPG consumer will now be required to make an upfront cash payment of Rs.659 per cylinder in place of Rs.689 per cylinder," said Kalikrishna M, Executive Director (Corporate Communications), Indian Oil Corporation Limited.Stating that the reduction is on account of GST impact on the decrease in the price of Non-Subsidised LPG, the IOCL further informed that the Effective Price after subsidy to the consumer will reduce by Rs.1.46 per cylinder, from Rs. 494.99 in January 2019 to Rs.493.53 for ...
NSSO data on jobs still being processed, says Niti Aayog; pegs GDP growth rate for 2017-18 at 7.2 pc
Niti Aayog has also revised the GDP growth rate for 2017-18, up from 6.7 per cent earlier to 7.2 per cent."The government did not release the data on jobs as it is still being processed. We are of the view that when the data of this quarter are ready, we will release it," he said while briefing media persons.Kumar said the Periodic Level Force Survey (PLFS) requires quarter-on-quarter data. PLFS was recommended by his predecessor Arvind Panagariya and the purpose was to conduct a regular survey of households so that quarterly urban employment data and annual rural data are available."The data collection method is different now," said Kumar. "We are using a computer-assisted personal interview in the new survey. It is not right to compare the NSSO report as final."The NSSO assessment published by a financial daily showed that unemployment rate across the country stood at 6.1 per cent, the highest since 1972-73.Earlier this week, head of National Statistical Commission P C Mohanan and ..