Page 1209 - Business Finance
Barring defaulting promoters from resolution is ethical: Jaitley
Union Minister Arun Jaitley, undergoing medical treatment in the US, on Friday welcomed the Supreme Court's decision upholding the constitutional vailidity of the Insolvency and Bankruptcy Code (IBC).
Gold soars to over seven-month high as dollar falls ahead of Fed meet
(Reuters) - Gold jumped over 1 percent to a more than seven-month high on Friday, briefly surpassing the $1,300 mark, as the dollar slid ahead of a U.S. Federal Reserve meeting next week where the central bank is widely expected to leave interest rates unchanged.
Government increases advertisement rates for private TV channels by 11%
Information & Broadcasting Ministry on Friday increased the advertisement rates for private TV channels by around 11 per cent.
Bharti Infratel to get around Rs 2,900 cr from early exit of telcos from towers
Telecom infrastructure firm Bharti Infratel said Friday it will get around Rs 2,900 crore from four telecom operators, including Vodafone Idea, in settlement charges for their exit from cell sites before the expiry of contract period. The total settlement is estimated to be around Rs 3,600 crore after including share from Indus Towers in the cash component of the deal. Bharti Infratel holds around 42 per cent stake in the country's largest mobile tower firm Indus Towers. In a stock exchange filing, Bharti Infratel said it has settled exit charges with all the operators (Airtel, Tata, Telenor and Vodafone Idea) for major exits received up to November 30, 2018. "As a snapshot, on a consolidated basis, of the total exit charges of approximately Rs 20 billion, we have had a cash settlement of Rs 11 billion, which is over 50 per cent and extension of 2x in rental revenues for the balance amounting to Rs 18 billion," Bharti Infratel said. The telecom tower arm of Bharti Airtel said that it .
CBI casting the net too wide in ICICI-Videocon case: Jaitley
Questioning the Central Bureau of Investigation in the ICICI Bank-Videocon loan case, Union Minister Arun Jaitley on Friday blasted the CBI for naming the "who's who of the banking industry" without concentrating on the "bull's eye".
SC upholds insolvency code, setback for operational creditors and promoters
The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code 2016 (IBC) in its entirety, causing a setback to operational creditors who include suppliers, customers and contractors who wanted to be treated at par with secured financial creditors.
Indian businesses most optimistic globally about rise in exports: Report
Indian businesses are most optimistic as compared to their global counterparts in terms of export expectations despite increasing economic uncertainty, according to a report. As per Grant Thornton's International Business Report (IBR) released Friday, 54 per cent of the Indian businesses surveyed in the second half of 2018 said they expect increase in exports. "India Inc seems to be relatively more optimistic about the future when it comes to selling prices and profitability expectations," said Vishesh C Chandiok, CEO, Grant Thornton India LLP. Commenting on the global outlook, Global Leader, Grant Thornton International, Francesca Lagerberg, said that while global financial markets are increasingly volatile, business leaders in the real economy remain optimistic because global GDP is forecast to continue growing and they know their business will grow with it. Despite increasing downside risk, economic fundamentals remain strong and opportunities exist, he added. IBR is a survey of ...
Global LNG: Asian prices down again, China resells cargo
LONDON (Reuters) - Asian spot prices for liquefied natural gas (LNG) fell for the fifth week in a row with no signs of demand picking up as temperatures remained above average in Asia-Pacific, allowing Europe to absorbing supplies.
NBCC bags Rs 228-cr order to redevelop WHO-SEARO building in Delhi
State-owned NBCC has bagged a Rs 228 crore order to redevelop World Health Organisation (WHO)-SEARO building in the national capital. In a regulatory filing, NBCC said the "WHO-SEARO office in New Delhi acts as the regional office for the organisation in South-East Asia and provides leadership on health matters, articulates evidence based policy options, provides technical support to countries in the region and monitors health trends". NBCC Chairman-cum-Managing Director Anoop Kumar Mittal said, "Proficiency in the construction space along with an impeccable track record of delivering within the stipulated time period has helped NBCC secure prestigious construction projects across the country. NBCC has been developing state-of-the-art office buildings like the headquarters of the NIA, CBI and the new headquarter of Central Information Commission (CIC), it added. NBCC (India) Ltd is a Navratna enterprise under the Ministry of Housing and Urban Affairs. The company's present areas of ..
Lower network gear sales in India hit Ericsson's business in Oct-Dec 2018
Swedish telecom component maker Ericsson saw its network gear sales rise by 16 per cent on a sequential basis in October-December 2018 globally. However, its seasonal sales trend was adversely impacted by India performance. "Sales (network) increased by 16 per cent quarter on quarter and sales adjusted for comparable units and currency also increased by 16 per cent. The sequential sales growth was slightly lower than normal seasonality mainly due to lower sales in India. Sales in North America were higher than anticipated and driven by large hardware deliveries," Ericsson said in its financial report for 2018 released Friday. India is among top three markets for Ericsson and contributed to 3 per cent in its global sales in 2018 as compared to 4 per cent in 2017. On a consolidated basis, the company saw gradual improvement in sales during 2018, resulting in full-year organic sales growth for the first time since 2013. The company recorded 10 per cent increase in net sales at 63.8 ...
L&T's Q3 standalone net profit up 34%
Industrial conglomerate Larsen and Toubro (L&T) on Friday reported a 33.8 per cent increase in its standalone net profit for the October-December quarter of the financial year 2018-19.
Exclusive: Naspers in talks to up stake in Russian classifieds website Avito
STOCKHOLM/FRANKFURT/JOHANNESBURG (Reuters) - South African media and e-commerce Naspers said it was in talks to increase its stake in Avito, confirming a Reuters report that the group was close to taking control of Russia's largest classified advertising platform.
Mastercard tops Visa's offer to buy British payments firm Earthport
(Reuters) - Mastercard Inc made a 233 million pound ($305 million) bid to take over payments firm Earthport Plc on Friday, as it looks to head off rival Visa Inc's attempts to buy the British company.
SC judgment on IBC will bring much needed clarity over insolvency proceedings
The Supreme Court's ruling on Friday upholding the constitutional validity of the Insolvency and Bankruptcy Code (IBC) has brought the much needed clarity over the corporate insolvency resolution process and will end all conflicts over its procedures, according to legal experts. Bringing clarity over the IBC will help boost investors confidence and will help in quick revival of ailing companies, they said. "Supreme Court's upholding of IBC will add necessary certainty by way of long term clarity for all stakeholders. It should significantly boost investor confidence, and effectively enhance participation," said Cyril Amarchand Mangaldas Managing Partner Cyril Shroff. The Supreme Court Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) in its entirety. According to Trilegal Partner Shankh Sengupta: "Upholding the constitutional validity of the Insolvency and Bankruptcy Code is laudable and a step in the right direction. The judgement will go a long ...
Subhash Chandra apologises as Zee Group shares crash on media report of money laundering post-demo (Repeating for all)
In an "open letter" on Friday, Subhash Chandra, Chairman, ZEE & Essel Group, apologised to bankers, NBFCs & mutual funds for "not having lived up to their expectations" hours after Zee Group suffered a loss in market capitalisation to the tune of Rs 14,000 crore after the shares of its entertainment arm tanked over 30 per cent in the wake of a media report that said its promoter company Essel Group was allegedly involved in money laundering post-demonetisation.
TRAI order: Parab threatens blackout of cable TV from Feb 1
Opposing the new tariff order by the Telecom Regulatory Authority of India (TRAI), Shiv Sena legislator Anil Parab Friday threatened to blackout cable TV channels from February 1. He alleged that the TRAI decision was aimed at pushing the cable operators out of business, and demanded another three months time for the implementation of the order. Speaking to reporters here, Parab, who is also the president of the Cable Operators and Distributors Association, said the TRAI in its order has asked the cable operators to comply with its new tariff rule by February 1 or face blackout. "The cable operators have condemned this directive. This decision will not be beneficial to consumers, cable operators and distributors," he said. The cable operators are showing 500 channels in Rs 200-350, he said. The TRAI has said that consumers should be able to choose the channels they want to watch and cable operators should not sell big bouquets to them. "If the bouquets are kept small, ...
Aviation min not to intervene in Jet matter as discussions on between lenders, promoters: Official
The civil aviation ministry will not intervene in the matter regarding crisis-hit Jet Airways as discussions are going on between the lenders and promoters, a senior official said Friday. On whether Jet Airways has sought any kind of help, including deferring payments to airports and oil companies, Civil Aviation Secretary R N Choubey also said the airline had earlier written to the ministry but it decided not to intervene. "They had written to us earlier. Then we said the ministry does not intervene into that because they are again commercial contracts between the airline and the service provider. It is for the airline and the service provider to discuss," he told reporters here. When asked whether the ministry is adopting a hands off approach, he replied in the negative. "I will not use the word hands off. We are keen that airlines should be healthy. The keenness is there but when you say hands off it gives an impression that as if we are not concerned or bothered. That is not the ..
Ind-Ra downgrades Rs 800 cr NCD of IL&FS Transportation
India Ratings and Research (Ind-Ra) Friday downgraded Rs 800 crore non-convertible debentures issued by IL&FS Transportation Networks to junk grade 'IND D'. The downgrade reflects the company's communication to the exchanges about the non-payment of interest obligations on the rated NCDs rated on the due date of January 21, 2019, the company said in a statement. The default was on account of a continued stretched liquidity profile on account of delays in the realisation of pending claims from various government authorities and delays in undertaking deleveraging initiatives, it said. Timely debt servicing for at least three consecutive months could result in a positive rating action, it said. The company's credit metrics thus are likely to remain stretched over the medium term.
ILFS says Spanish arm to undergo voluntary insolvency proceedings
Troubled IL&FS Group said Friday the board of Elsamex SA of Spain have unanimously agreed for initiation of voluntary insolvency proceedings in Spain in view of lack of liquidity. IL&FS arm IL&FS Transportation Networks (ITNL) had acquired Elsamex SA of Spain, a road maintenance, operation and management company. "The Board of Directors of Elsamex SAU, Spain, a material subsidiary of IL&FS Transportation Networks Ltd, has conducted a detailed analysis of the evolution of Elsamex, the financial risks, the lack of liquidity to meet the due dates and the latest court resolutions. "Pursuant to the aforementioned analysis, the Board of Directors of Elsamex have unanimously agreed for initiation of voluntary insolvency proceedings in Spain," IL&FS Transportation said in a BSE filing. The company is part of the crisis-hit IL&FS group which has defaulted on debt repayments due to financial mismanagement. The total debt of the group was pegged at Rs 94,215.6 crore as of
China and U.S. among 76 WTO members pushing for new e-commerce rules
DAVOS, Switzerland (Reuters) - Impatient with a lack of World Trade Organization rules on the explosive growth of e-commerce, 76 members - including the United States, China, the European Union and Japan - agreed on Friday to start negotiating a new framework.