Page 1206 - Business Finance
Essel group denies link with Nityank lnfrapower over money laundering allegations
Subhash Chandra-promoted two Essel group companies Zee Entertainment Enterprise and Dish TV on Sunday denied links with Nityank lnfrapower and Multiventures Ltd, a company being probed by the SFIO for suspicious demonetisation deposits, as claimed in a media report. Zee Entertainment Enterprise Ltd (ZEEL), in a regulatory filing, said Nityank lnfrapower and Multiventures Ltd is an "independent company and does not belong to Essel Group". It further said that involvement of Essel Group entities in the the Serious Fraud Investigation Office (SFIO) investigation against Nityank is being done only with "malicious intent" and "legal action as advised" is being initiated in this regard. "At the outset, we wish to reiterate and confirm that Zee Entertainment Enterprises Ltd has no connection whatsoever with any alleged transaction(s) contained in the article published by a website," said ZEEL. Over allegations of involvement of other Essel Group entities in the media report, the filing said .
Modi unveils Rs 16,504-crore largest refinery complex in Kerala
Prime Minister Narendra Modi on Sunday dedicated to the nation integrated Bharat Petroleum Corporation Ltd (BPCL) refinery expansion complex, built at a cost of Rs 16,504-crore -- the single-largest investment in Kerala.
Textiles minister for tapping potential of technical textiles
Since standardisation has been notified, India can become one of the most competitive economies in the field of technical textiles, Union minister Smriti Irani said Sunday. Speaking after inaugurating a three-day 'reverse buyers sellers meet' and Global Textile Expo here, she told the foreign buyers from over 20 countries that India recently ensured that HSN codes were notified for over 207 textile items. In the area of cotton, India has a surging potential particularly in the field of medical textiles; and because of standardisation, the country can become the most competitive economies in the technical textiles, she said. The minister also appealed to Tamil Nadu to unleash the untapped potential so that the state can be at the forefront. She further said that the technical textiles market is likely to touch USD 3 billion in another two-and-a-half years. Amongst all the schemes that has been enunciated and presented to the textile industry, she said, most of the benefits have been ..
ADNOC seals $5.8 billion refining and trading deal with ENI, OMV
ABU DHABI (Reuters) - Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners.
Market movement in the time of heavy news-flow (IANS Insight-Market Watch)
Markets opened with gains on Monday and then lost ground on three of the four trading days thereafter. They say a week is a long time and this was truly so this time around.
Indian tourist flow to Singapore to surge in coming yrs: One Faber Group
Singapore can expect a rise in tourist arrivals from India with the Indian government focussing on improving airport infrastructure in tier II cities, which will lead to increased flight frequencies between the two nations, said One Faber Group. The Singapore-based lifestyle services brand expects a huge influx of tourists from India, particularly millennials interested in leisure travel. "More airports mean more opportunities to target weekend travellers to regional countries. With India's plans to invest in the building of 100 airports over the next 10-15 years, the India tourism market is expected to grow exponentially, especially with the millennial market," Mount Faber Leisure Group Director (Sales and Business Development) Patrick Lee told PTI. He also added that now airlines are also increasing flight frequencies from India to Singapore to offer seamless connectivity from various airports. India's tourist arrivals to Singapore is growing from strength to strength. We hope to ...
Paradip Port likely to handle 110 MMT cargo this year
The Paradip Port in Odisha is likely to increase cargo handling to 110 million metric tonne (MMT) during the current fiscal, up from 102 MMT traffic handled last year. "The port is expected to reach 110 MMT mark in terms of cargo handling this fiscal, exhibiting a compounded annual growth rate of 11.56 per cent," Chairman of Paradip Port Trust (PPT), Rinkesh Roy said. During 2017-18, PPT joined the exclusive club of 100 million tonne ports by handling record 102 MMT traffic, which is the second highest throughput achieved among all major ports and the third highest among all ports in India. Roy said the port's capacity has been rated at 277 MMTPA, making it the largest in the country, while the effective capacity has been increased to 234 MMTPA. "Operationally, it has scaled new heights in terms of innovations and efficiency," he said. The Mechanised Coal Handling Plant (MCHP) has shown an improvement in efficiency by 65 per cent. It has loaded 1.32 lakh MT in single day
Government to link industry, handloom clusters
Artisan Speak, an event to be held at the Elephanta Caves on Monday, will mark a new beginning of commitments by the private sector towards the development of Indias handlooms.
Subdued tax collections major challenge in meeting fiscal deficit target (IANS Special)
Shortfall in tax collections, especially GST revenue, is expected to pose a major challenge to the government to meet its fiscal deficit target of 3.3 per cent of the GDP even as it has maintained that the shortfall would be made up by higher direct tax collections.
IIFL Holdings demerger likely in Q1FY20'
The restructuring of financial services firm IIFL Holdings through demerger of its finance, wealth and capital businesses into three separate entities, and listing them on the bourses is likely to be complete in the first quarter of the fiscal 2019-20. The ongoing NCD issue of the group has already received subscription worth Rs 1,000 crore out of the base issue size of Rs 250 crore, and it is hoping to garner the targeted Rs 2,000 crore from the retail issue soon. "The demerger process is on track and the same is expected to be complete by April-May (2019-20)," IIFL Holding MD R Venkataraman told PTI. It is part of the company's strategy to reorganise the corporate structure to block shareholders' value, and let the niche verticals focus on their expertise to grow independently. "By separating them, we will allow them to grow to their full potential," Chairman Nirmal Jain had said earlier. The three units -- IIFL Holding demerger following three companies -- IIFL ...
Govt to organise national conclave on technical textiles in Mumbai on Jan 29
The government on Sunday said a national conclave on technical textiles will be held here on January 29, which will also see the release of HSN codes for items under the sector. The conclave will be presided over by Union Textiles Minister Smriti Irani. The release of HSN codes by the Government of India for technical textiles will be one of the major highlights of the conclave, an official statement said. "Grateful to PM @narendramodi ji & @sureshpprabhu ji for fulfilling textiles industry's long-standing demand of declaring HSN codes of Technical Textiles items under separate category. 207 items notified as technical textiles will give major boost to the sunrise sector," Irani had said in a tweet earlier. In another statement, the ministry said the "Artisan Speak" event will be held at UNESCO World Heritage site Elephanta Caves to showcase the rich handloom and textile tradition of India. Irani will be present on the occasion. Cricket icon Sachin Tendulkar will also grace the ...
NALCO eyes Rs 1,600 crore net profit in 2018-19
State-owned aluminium major NALCO is hoping to record a net profit of over Rs 1,600 crore and revenues of Rs 12,000 crore during the current fiscal, a top official has said. "We have a corporate plan to increase the turnover from the existing level of Rs 10,000 crore to Rs 30,000 crore. This year itself, we are likely to register a gross turnover of more than Rs 12,000 crore," CMD of the Navaratna PSU Tapan Kumar Chand said. He said the company is likely to register a net profit of more than Rs 1,600 crore during the current fiscal as it aims to add alumina production by 1 million tonne and aluminium production by 1.2 million tonne. During 2017-18, NALCO achieved its highest net profit in last 10 years at Rs 1,342 crore, up from Rs 669 crore recorded in the previous year. Globally, NALCO is now leading from the front in promoting aluminium as the future metal in international aluminium summits, the CMD said. Chand was speaking during the Republic Day celebrations of the
The rise of New-Age baniya, courtesy digitally-savvy millennials (Tech Trend-Part I)
Born with business in their DNA, baniyas have written several success stories when it comes to traditional, brick-and-mortar industry. With the spurt in digital economy, the clan - be it a Bansal, a Goyal, a Gupta or an Agarwal - has now adapted to newer business models with ease, especially in the burgeoning digital space.
Budget, Q3 earnings, global factors to drive stock mkt this week: Experts
The stock market is likely to track a host of key domestic and global events this week like the interim Budget for 2019-20, January derivatives expiry, quarterly earnings from bluechips and the US Fed interest rate decision, say experts. "Market may extend the range bound movement as global risk factors like the US-China trade talks and growth concern continued to gain investors' attention," said Vinod Nair, Head of Research, Geojit Financial Services. A lot of events are lined up - like the Budget, Federal Open Market Committee (FOMC) meet, quarterly results of Axis Bank, ICICI Bank, Bajaj Finance, IOC and HCL, said Mustafa Nadeem, CEO, Epic Research. Among major quarterly results to be announced this week are from Bank of India, Canara Bank, Axis Bank, Bank of Baroda, HCL Technologies, HDFC, Bajaj Auto, ICICI Bank, Hero MotoCorp, Dr Reddy's Laboratories and SBI. The government on February 1, would unveil the interim Budget for 2019-20. Investors are also likely to take cues from ...
Twitter suspends account of separatist Sikh group
The twitter account of separatist group Sikh for Justice (SFJ), which is running an anti-India campaign, has been suspended by the the microblogging site. "Account suspended," said the twitter page of '@SikhsforJustice' Saturday. Twitter did not gave any reason for suspending the account except for providing links to its rules. "Twitter suspends accounts which violates the Twitter Rules." It is understood that twitter suspended the account of the New York-based SFJ for running hate campaign against India. The group is seeking an unofficial referendum in 2020 to create Khalistan. In the past, it had unsuccessfully filed lawsuit against several top visiting Indian leaders. The group has little support in the Sikh American community.
Inter-state trade of agri-items on e-NAM platform gains momentum
Inter-state trade of farm products in mandies (wholesale markets) through the eNAM platform is gathering pace with the latest transaction taking place at Gujarat's Palanpur mandi, which sold green gram to Sumerpur mandi of Rajasthan. In April 2016, Prime Minister Narendra Modi launched the pilot of electronic National Agriculture Market (eNAM) as part of the central government's objective to double farmers' income by 2022. eNAM is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. The platform seeks to help farmers in getting better market access, find more buyers/traders for their produce and earn higher income. Small Farmers' Agri-business Consortium (SFAC) is the lead agency for implementing eNAM under the aegis of the Union agriculture ministry. Trade in 585 mandis is currently taking place on the electronic network, which helps discover price in real time in a transparent manner. The ...
Coal shipments at India's 12 major ports up 16 pc to 121 MT in Apr-Dec
Coal shipments handled by India's 12 major ports saw a 16.28 per cent jump in the nine months ending December 2018 to 121.13 million tonnes (MT), according to ports' body IPA. Coal shipments, comprising thermal/steam and coking coal, were up 17 per cent and 15 per cent respectively in the April-December period of the ongoing fiscal. These ports had handled 104.17 MT coal in April-December 2017. The Indian Ports Association (IPA) said these state-run ports handled 78.24 MT of thermal/steam coal during the nine months against 66.87 MT in the year-ago period. IPA in its latest report said the major ports handled shipments of 42.89 MT of coking coal during the nine months as against 37.30 MT in the year-ago period. Thermal coal is the mainstay of India's energy programme as 70 per cent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel-making. Paradip Port Trust in Odisha handled the highest thermal and steam coal shipments during the period at ..
Gold ETFs register Rs 570-cr outflow in 2018; asset base drops 6%
Investors continued to pull out money from gold exchange-traded funds (ETFs) and withdrew a little over Rs 570 crore in 2018, making it the sixth consecutive year of outflow from such products. The outflow meant asset under management (AUM) of gold funds plunged by 6 per cent from 2017 to Rs 4,571 crore in 2018, data with Association of Mutual Funds in India (Amfi) showed. Over the last few years, retail investors have been putting in more money into equities, as compared to gold ETFs, mainly on account of strong return. Equity and equity-linked saving schemes saw an infusion of Rs 1.27 lakh crore last year, while overall mutual fund schemes witnessed an inflow of Rs 1.54 lakh crore. As per Amfi data, a net sum of Rs 571 crore was pulled out of 14 gold-linked ETFs last year as compared to Rs 730 crore in 2017. It had witnessed an outflow of Rs 942 crore, Rs 891 crore, Rs 1,651 crore and Rs 1,815 crore in 2016, 2015, 2014 and 2013, respectively. In 2012, gold ETFs saw an inflow of Rs ..
Finance minister Piyush Goyal to meet heads of PSU banks on Monday
Finance Minister Piyush Goyal will meet the CEOs of public sector banks Monday to take a stock of the banking sector, and discuss ways to improve their financial health, sources said. The meeting assumes significance as it comes just three days ahead of the Budget 2019-20, the last from this government before the general elections expected to be held in April-May. The full-day meeting is likely to be attended by Reserve Bank of India Governor Shaktikanta Das, who is going to announce his first monetary policy review on February 7. Goyal, who was given additional charge of the finance ministry last Wednesday as Arun Jaitley is away to the US for a treatment, is his expected to discuss a host of issues including credit offtake and bad loan position of lenders. Among the key issues, sources said, the meeting will review progress of various schemes of the government being implemented through the government. It will also review the credit flow to MSMEs, agriculture and retail ...
CBI officer who lodged FIR against Chanda Kochhar, others transferred
The CBI officer-in-charge who lodged FIR in the alleged irregularities pertaining to the sanctioning of loans by the ICICI bank, has been transferred out.The development took place a day after CBI booked former MD and CEO of ICICI Bank Chanda Kochhar, her husband and others in the case.Sudhanshu Dhar Mishra, who was Superintendent of Police (SP) of Banking and Securities Fraud Cell of CBI, Delhi, was transferred to CBI's Economic Offences Branch in Ranchi, Jharkhand.He had signed FIR against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot and others on January 22 in connection with ICICI-Videocon case.On January 24, CBI booked former Chanda Kochhar, her businessman husband Deepak Kochhar and Videocon MD Venugopal Dhoot in a case of alleged irregularities in the sanctioning of loans by the ICICI bank.Kochhar had quit the ICICI on October 4 last year in the wake of allegations that she had favoured Videocon in the lending processes because the consumer electronics company's founders had