Page 1210 - Business Finance
Zee Group shares crash on media report of money laundering post-demo (Repeating for all)
Zee Group on Friday 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 laundering money immediately after demonetisation.
Oil up on Venezuela turmoil despite surging U.S. supply
LONDON (Reuters) - Oil prices rose on Friday as political turmoil in Venezuela threatened to reduce supply but fresh data on surging U.S. fuel stocks and global economic woes weighed on sentiment.
Subhash Chandra apologizes, as Zee Group shares crash on media report of money laundering post-demo
In an "open letter" on Friday, Subhash Chandra, Chairman, ZEE & Essel Group, apologized 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.
ZEE group stocks crumble; tank up to 33%
Shares of ZEE group companies came under massive selling Friday, plummeting up to 33 per cent, and suffered a combined erosion of Rs 13,352 crore in market valuation. Dish TV shares crashed 32.74 per cent to close at Rs 22.60 on BSE. Shares of Zee Entertainment Enterprises Ltd plunged 26.43 per cent to Rs 319.35, Zee Learn Ltd tumbled 18.49 per cent to Rs 27.55 and Zee Media Corporation Ltd slumped 9.05 per cent to end at Rs 22.10. The BSE on Friday sought clarification from Dish TV India Ltd with reference to news that a link has emerged between Essel Group and a company being probed for suspect demonetisation deposits. Later in a clarification, the company said, "In this regard, we - Dish TV India Ltd, would like to state that there is no information by the company, which in our opinion needs to be reported to the stock exchange and which may have bearing on the stock price of the company. Further we would also state that the company is not aware of the alleged transactions ...
IRCTC introduces on-the-spot food bill generation on trains
Taking a step towards transparency in catering tariffs in trains, the IRCTC on Friday introduced on-the-spot billing generation for payment of food items on-board trains.
Indian Bank Q3 profit down by 50% to Rs 152 crore
Public sector lender Indian Bank on Friday announced about a 50 per cent fall in its standalone net profit for the third quarter ended on December 31 in the back drop of an increased provision for bad loans, said a top bank official.
China evades direct response on loan to Pakistan
China on Friday skirted direct a response if it would provide a bailout loan to its all-weather ally Pakistan to tide over the present balance of payment of crisis. Pakistan's Finance Minister Asad Umar on Thursday told reporters in Islamabad that after the support from Saudi Arabia and the UAE, an economic support package had been finalised with China and the government was expecting financial assistance from Beijing within next few days. When asked for her reaction to Asad's comments, Chinese Foreign Ministry spokesperson Hua Chunying told a media briefing that she has no specific information on the loan. "As you know, China and Pakistan are all-weather strategic cooperative partners. China has always provided support and assistance to Pakistan's economic and social development within its capacity. We support Pakistan in taking active measures to cope with and tide over the immediate and temporary difficulties," she said. "As for the specific issues you mentioned, I don't have the ..
Smartphone makers seek export incentives to grow India production
MUMBAI (Reuters) - Smartphone makers in India are calling for export credits on devices and tariff cuts on machinery imports as part of measures they say will make Asia's third-biggest economy a global smartphone manufacturing hub.
Emami acquires German personal care brand for Euro 11-12mn
Homegrown FMCG major Emami Ltd Friday said it has acquired a leading German personal care brand, Creme 21, for 11-12 million euro but the same will not be introduced in India anytime soon. "It is our first international acquisition of this size in this segment. We had acquired a small company earlier. The brand has been acquired at around 11-12 million euro of little less than 1.5 times of sales of 8 million euro," Emami director Harsha V Agarwal said. "This international acquisition will add to about 15 per cent of total overseas revenues and is in line with the companys strategy for growth through inorganic route," he said. The brand will help expanding the company's international business which is primarily dependent on personal care. The segment alone accounts for 70 per cent of its total business in India. The brand has a major business in Middle East and North Africa (MENA) region, Saarc and Russian markets offering skin care and body care products such as creams .
Mauritius PM seeks trade, investments from India
Mauritius Prime Minister P.K. Jugnauth on Friday sought trade and investments from India which offer immense potential in that country.
Sebi proposes easier rules for REITs, InvITs to increase access to investors
To make REITs and InvITs more attractive, markets regulator Sebi Friday came out with a new set of proposals to provide flexibility to the issuers in terms of fund raising and increasing the access of these investment vehicles to investors. Under the proposal, minimum allotment and trading lot for publicly issued REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) will be reduced. Besides, it has been proposed that the leverage limit for InvITs should be increased from existing 49 per cent to 70 per cent. Sebi had notified Real Estate Investment Trusts (REITs) Regulations in 2014, allowing setting up and listing of such trusts which are very popular in some advanced markets. However, till date, as many as three InvITs have issued and listed their units raising about Rs 10,000 crore and one REIT is in the process of making a public offer despite various relaxations given by the markets regulator these investment vehicles failed to attract ...
Wall Street opens higher on upbeat earnings
(Reuters) - U.S. stocks rallied at the open on Friday, as upbeat corporate earnings helped curb worries about global economic growth, U.S. government shutdown and uncertainty around U.S.-China trade talks.
Sensex ends lower on heavy selling in Maruti Suzuki, Zee (Roundup)
Heavy selling of Maruti Suzuki and Zee stocks during the final hour of trade on Friday dragged the Sensex and Nifty down.
IL and FS redux; Zee group MF debt exposure at Rs.7,000 crore
In an IL and FS redux, Zee group companies' exposure to the mutual fund debt and non banking financial companies industry is estimated at Rs.12,000 crore--Rs. 7,000 crore to MF debt and Rs. 5,000 crore to NBFCs.
Vodafone holds off deploying Huawei in core network due to security row
LONDON (Reuters) - Vodafone, the world's second largest mobile operator, said it was "pausing" the deployment of Huawei equipment in its core networks until Western governments give the Chinese firm full security clearance.
Fresh NPAs down, strengthening internal mechanism: PNB
Punjab National Bank (PNB) said Friday its fresh NPAs have been coming down as it continues to reinforce internal processes to deal with the situation better. A top PNB official said it has already provisioned close to Rs 14,000 crore towards fugitive diamantaire Nirav Modi's alleged fraud on its books and all recoveries will only add to its profit. "The fresh slippages are coming down," PNB managing director and CEO Sunil Mehta said here without elaborating. He was speaking to reporters at the inauguration of a central loan processing centre (CLPC) in the city which is part of its futuristic initiative called Mission Parivartan. As of Septmeber 2018, PNB's gross non performing asset (NPA) was around Rs 80,000 crore. Officials said they have provisioned around Rs 14,000 crore, which was up from earlier estimates for the alleged Nirav Modi induced fraud. The bank recently recovered Rs 60 crore from disposing some of Modi's assets in the US, they said. Meanwhile, the ...
Colgate-Palmolive expects profit to decline in 2019
(Reuters) - Colgate-Palmolive Co forecast a surprise drop in 2019 profit on Friday, blaming higher raw material costs and a stronger dollar, sending its shares down 3 percent.
Exclusive: Naspers nears full control of Russian classified platform Avito - sources
STOCKHOLM/FRANKFURT (Reuters) - South African media and e-commerce group Naspers is nearing a deal to take full control of Russia's largest classified advertising platform Avito by buying the remaining 32 percent it does not already own, two sources told Reuters.
Zee Group shares crash on media report of money laundering post-demo
Zee Group on Friday 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 laundering money immediately after demonetisation.
DLF shares crash 11.5 pc amid CBI searching official premises
Shares of DLF crashed 11.5 per cent Friday after its official premises were searched during an operation in the morning. The stock cracked 11.50 per cent to settle at Rs 157.05 on the BSE. Intra-day, it plummeted 18.45 per cent to Rs 144.70. At the National Stock Exchange (NSE), shares of the company dived 10.26 per cent to close at Rs 159.50 apiece. In terms of equity volume, 19.94 lakh shares of the company were traded on the BSE and over 2 crore shares changed hands at the NSE during the day. The company's market valuation also fell by Rs 3,639.82 crore to Rs 28,025.18 crore on the BSE. Meanwhile, the BSE sought clarification from DLF Ltd on January 25, 2019, with reference to news that DLF cracks after CBI raids offices. In more trouble for senior Congress leader Bhupinder Singh Hooda, the CBI booked the former Haryana chief minister on cheating and corruption charges in connection with land acquisition in Gurgaon that favoured private builders and also conducted searches at 20 ...