Page 1163 - Business Finance
Foxconn to set up industrial AI R&D Centre in Hyderabad
Foxconn Industrial Internet Co. Ltd. (FII), a subsidiary of Foxconn Technology Group, will set up an advanced industrial artificial intelligence research and development centre in Hyderabad, this was announced here on Wednesday.
OIL raises USD 550 mn through overseas bonds issue
State-owned Oil India Ltd (OIL) Wednesday said it has raised USD 550 million debt through an overseas bonds issue. The issue carries 5.12 per cent fixed rate and is of 10-year tenor, the company said in a statement here. "The transaction was the first 10-year issuance out of India for a corporate issuer since March 2018 and the largest 10-year issuance of an Indian investment grade issuer in the Reg S only market since January 2017," it said. The issue, OIL said, was oversubscribed more than 4.5 times and had response from most of the prime investors in Asia, Europe and the Middle East. "The bonds are listed on Singapore and International Securities Market of London Stock Exchange (ISM)," it said adding OIL is the first oil and gas company from India to list on ISM. "The listing will enable OIL to reach out to a new investor base and open a new chapter for investor diversification as part of ongoing efforts to develop an international investor base," the statement said. OIL is India's
Vedanta, ONGC, 37 others put in 145 bids in oilfield auction
As many as 39 firms, including six foreign players, Wednesday put in 145 bids for 24 out of the 25 oil and gas fields on offer in the second round of bidding for discovered small fields in India, with mining giant Vedanta placing offer for the maximum 21 fields. At the close of bidding for the second round of Discovered Small Fields (DSF), state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) placed bids for 10 fields each while Indian Oil Corp (IOC) bid for 3, according to upstream regulator DGH. British company Soco International made its foray into India, bidding for one field while little known Arch Softwares put in bids for 15 fields. Vedanta, which had walked away with 41 exploration blocks of the 55 on offer in a separate open acreage licensing round last year, bid for 21 fields in DSF-II. It was the sole bidder in one field. The 25 contract areas on offer covered 59 discovered oil and gas fields, spread over 3,000 square kilometers with a prospective resource ...
Ministry of Corporate Affairs to probe allegations against Dewan Housing: government source
NEW DELHI (Reuters) - India's Ministry of Corporate Affairs (MCA) has taken a "very serious note" of allegations of financial mismanagement against Dewan Housing Finance Corp Ltd (DHFL), a government source with direct knowledge of the matter told Reuters on Wednesday.
Palak Muchhal launches personal app
Singer Palak Muchhal of "Prem ratan dhan payo" fame has launched her personal app, and is happy that she has a personalised platform to stay connected with her fans.
No contractual commitment for exclusivity, will continue with Amazon: OnePlus
Premium handset maker OnePlus has said it does not have a contractual commitment with Amazon India, and it is its own "strategic choice" to sell devices exclusively on the online marketplace. The comments come ahead of the February 1 deadline for online marketplaces to comply with FDI rules. In December, the government had announced new norms - under Press Note 2 - that bar online marketplaces with foreign investments from holding exclusive marketing arrangements. "(We) Never really had the exclusive commitment to Amazon. It has been our choice that we want to sell exclusively but it is not because of any commitment that we have made contractually. So, the new regulations will not really have any impact," OnePlus India General Manager Vikas Agarwal told PTI. He added that it was the company's "strategic choice" to be on one platform to make it easier for customers to buy its products. The new rules are expected to hit Walmart-owned Flipkart and Amazon, the hardest. Both players have ..
Ind-Ra maintains stable outlook on base metals in FY20
India Ratings and Research (Ind-Ra) Wednesday announced that it has maintained a stable outlook on the base metals for the next financial year. "Ind-Ra expects the ratings of sector companies to remain stable during FY20, as reflected in the stable outlook on the existing portfolio," it said it a statement. Within the sector, domestic aluminium prices are expected to remain stable, despite a likely decline in demand, while zinc prices may taper off because of an increase in global supply, it said. "Also, copper prices could stabilise, after a price correction during 2H18," it added. Major issuers, it said, are likely to post healthy profit margins, on the back of a steady volume ramp-up and cost deflation, countered by lower average realisations. Ind-Ra said it expects global aluminium prices to remain steady in 2019-20, it added.
Indian businesses fear Congress' guaranteed income plan, see higher taxes
NEW DELHI (Reuters) - India's main opposition Congress party is promising to introduce a minimum income guarantee for the poor if it wins power in an election due by May, alarming some big and small business leaders who are asking: Where will the money come from?
Jet Airways says actively engaged with aircraft lessors
Jet Airways is actively engaged with all its aircraft lessors and are being updated about efforts to improve liquidity, the airline said Wednesday amid flight cancellations due to grounding of aircraft. The crisis-hit carrier also said that flight cancellations were necessitated due to a scheduled termination of an aircraft lease and to carry out an engine normalisation exercise. "The company is actively engaged with all its aircraft lessors and has been regularly providing updates on the efforts undertaken by the company to improve its liquidity," a Jet Airways spokesperson said in a statement. According to the airline, the aircraft, temporarily grounded for the engine normalisation exercise, are therefore expected to rejoin the scheduled operations on February 1. "Owing to flight cancellations arising out of these temporary groundings, the company is making all efforts to minimise disruption to its network and informing and re-accommodating its affected guests," the statement ...
Trai asks DTH firms to honour commitment on long-duration packs, if customer wishes to continue
Ahead of the looming February 1 deadline for switchover to the new broadcasting regime, telecom regulator Trai has asked DTH operators to honour pre-paid commitment on ongoing long-duration packs, if customer wishes to continue with them. The advisory being sent out to operators assumes significance as the deadline for migration to the new tariff regime for broadcasting and cable services is just hours away and there have been reports that some DTH players are nudging customers with long duration packs, to choose channels under the new framework, without offering them the option to continue with their plan. Telecom Regulatory Authority of India (Trai) Chairman R S Sharma told PTI that there is no change in February 1 deadline for migration to the new tariff regime for broadcasting and cable services. Sharma said he is "confident" of a smooth switchover on the stipulated day without any inconvenience to customers. "Where customers have already exercised their choice and decided to move
McDonald's delivers global growth as it battles U.S. challenges
(Reuters) - McDonald's Corp beat estimates for quarterly same-store sales on Wednesday, powered by a strong international performance that again made up for weakness in a highly competitive U.S. fast-food market.
Jet Airways puts up a brave face against 'disruption in its network operations'
Financially hard-pressed Jet Airways on Wednesday chose to put up a brave face, terming the "ongoing minor disruption in its network operations due to the cancellation of a few of its flights" as "of a temporary nature."In response to wild speculations in the wake of the grounding of four aircraft and cancellation of over 10 flights on Wednesday, Jet Airways clarified in a statement that "the ongoing minor disruption in its network operations due to the cancellation of a few of its flights is of a temporary nature."According to well-informed sources, Jet Airways, which has presently a fleet of around 120 aircraft, is burdened with around Rs 8,000 crore loan, and is said to be in the process of finalising a rescue plan with a consortium of banks by its partner Etihad.The company's Extraordinary General Meeting (EGM), as was stated in a stock exchange filing on Monday, is scheduled for February 21, which is likely to discuss the issues plaguing the carrier. "The cancellations were ...
Srikrishna committee indicts Chanda Kochhar
The Justice B.N. Srikrishna Committee that probed allegations against Chanda Kochhar, the former CEO and MD of ICICI Bank, has found that she violated the bank's code of conduct in dealing with conflict of interest and fiduciary duties in the case of loans to Videocon that had routed a part of the money to a company owned by her husband Deepak.
Samy Informatics introduces 32-inch smart TV, claims to be cheapest
Delhi-based Samy Informatics on Wednesday introduced a 32-inch Android Smart TV, priced at Rs 4,999, which would cost a consumer around Rs 7,000 after shipping and installation costs of Rs 1,200 and a GST of 18 per cent. Claiming it to be the cheapest LED TV in the market, Samy Informatics Director Avinash Mehta said the company is targeting the lower income family group besides other classes. To cut the cost, the firm is introducing a revenue generating mechanism with the TV units, which it would sell in the market. "Our plan is to generate revenue from this. Whenever the customer would switch on the TV, a commercial ad would run and we are trying to generate revenue from this model," he said, adding that "this could also be skipped by a viewer". According to him, for the commercials, Samy has already received some proposals regarding it and has also selected few one from them. The company would import the panel from South Korea and the rest would be assembled here through various ...
LG Display warns of panel price weakness as wearables boost fourth-quarter profit
SEOUL (Reuters) - South Korea's LG Display Co Ltd on Wednesday warned of weaker panel prices in the year ahead due to global economic uncertainty and U.S.- China trade tensions, as it posted a jump in quarterly profit thanks to surging sales of wearable screens.
India gets 145 bids in second small discovered fields' auction
NEW DELHI (Reuters) - India has received 145 bids for 24 blocks offered under the second licensing round for small discovered fields, said a statement for Directorate General of Hydrocarbons (DGH)
AIIB to provide local currency financing in India, Pakistan
China-based Asian Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder, plans to launch local currency financing in India and some other Asian nations later this year to reduce cross-border investment risks caused by exchange-rate fluctuations. The first group of countries to have this new service could include India, Indonesia and Pakistan, AIIB President Jin Liqun was quoted as saying by state-run China Daily. Using local currency for cross-border financing is a service usually provided by multilateral development organisations to hedge against foreign exchange-rate risks arising from settlement in US dollars. The risk grew when the greenback became stronger against currencies in many emerging economies last year. Rising debt financing costs from high global interest rates and cross-border investment uncertainties as a result of trade tensions have raised concerns about sustainable infrastructure financing, said Jin, who recently visited India and .
ICICI Bank Q3 profit down 3% at 1,605 cr
The country's largest private sector lender ICICI Bank Wednesday reported 2.7 per cent decline in standalone net profit to Rs 1,604.91 crore for the third quarter ended December 2018 as provisions for bad loans increased. The bank had registered Rs 1,650 crore net profit in the corresponding quarter of 2017-18. The total income rose to Rs 20,163.25 crore during the quarter as compared to Rs 16,832.22 crore in the same period a year ago, ICICI Bank said in a statement. The bank's asset quality improved slightly with gross non-performing assets (NPAs) falling to 7.75 per cent of gross loans at December-end 2018 compared to 7.82 per cent a year ago. Net NPAs too came down to 2.58 per cent of total advances from 4.20 per cent at December-end 2017. However, the provisions other than tax and contingencies rose to Rs 4,244.15 crore during the quarter as against Rs 3,569.56 crore in the year-ago period. In absolute term, gross bad loans of the lender stood at Rs 51,591.47 crore as on December
Board of Kirloskar Ferrous Industries allots 3.38 lakh equity shares under ESOS
At meeting held on 30 January 2019
EIH Q3 profit up 50 pc to Rs 64 cr
Hospitality firm EIH, which runs hotels and resorts under Oberoi and Trident brands, Wednesday reported 49.80 per cent rise in net profit to Rs 63.89 crore for December quarter 2018, mainly on account of higher sales. The company had posted a net profit of Rs 42.65 crore in the year-ago period, EIH said in a filing to BSE. Total revenue stood at Rs 456.98 crore for the quarter under review as against Rs 374.88 crore in the same period a year ago. Shares of EIH closed at Rs 179.90 per scrip on BSE, down 0.39 per cent from previous close.