Page 1240 - Business Finance
RIL open offer for acquiring additional 26% in Hathway Cable and Datacom
Reliance Industries and its group companies have announced an open offer to acquire an additional 26 per cent stake in Hathway Cable and Datacom Ltd. Jio Content Distribution, Jio Internet Distribution Holdings along with Reliance Industries and a clutch of group companies "have announced an open offer for acquisition of up to 46,02,27,170 fully paid up equity shares...from public shareholders of Hathway Cable and Datacom Ltd...representing 26 per cent of the expanded voting share capital, at a price of Rs 32.35 per equity share aggregating to total consideration of Rs 1,488.83 crore, payable in cash," Hathway informed in a regulatory filing. In October last year, Reliance Industries had announced it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore. In DEN, Reliance is making a primary investment of Rs 2,045 crore through a preferential issue and secondary purchase of Rs 245 crore from existing promoters. In Hathway, RIL is making ...
Indisposed Jaitley's portfolios temporarily given to Goyal
Goyal, Minister of Railways, will have these portfolios in addition to his existing ones, it added.Jaitley will be designated as 'Minister without portfolio' during the period of his indisposition or till such time he is able to resume his work as Minister of Finance and Minister of Corporate Affairs, the statement said.Jaitley is currently in the US.
Oil turns negative on U.S. stock market weakness
NEW YORK (Reuters) - Oil prices turned negative on Wednesday, following U.S. stock markets down, on concerns about global economic weakness, forecasts for record U.S. shale production and lower U.S. gasoline prices.
Indisposed Jaitley's portfolios temporarily given to Goyal
Jaitley is currently in the US
Haryana eyes further improvement in Ease of Doing Business ranking
Haryana Chief Minister Manohar Lal Khattar Wednesday directed officials to ensure hundred per cent compliance on Business Reform Action Plan - 2018 by January 31 to further improve the state's Ease of Doing Business (EODB) ranking. The EODB ranking this year is expected to be out by March. Khattar was presiding over a meeting to review the progress regarding implementation of Business Reform Action Plan-2018here, an official release said. As a result of industrial reforms, Haryana has made a considerable progress in terms of EODB ranking by climbing from the 14th spot to the third position in the country in 2018, Khattar said. He directing the concerned departments to gear up to achieve the top position in EODB ranking this year. "I will again review the progress of departments in this regard on February 6 and by then the pending reform points should be covered by the departments," he said. This year, there will be 80 reform questions with weightage of 143 points, he said. He said ...
Beijing to invest USD 4.4 billion to build 5G network by 2022
Beijing's telecom operators will invest over 30 billion yuan (approximately USD 4.4 billion) to build 5G network in the city by 2022, according to a 5G development plan. The 5G network will cover the city's core zone, which is often defined as areas within the Second Ring Road, its sub-centre in Tongzhou district, and areas and venues that serve important functions. The technology will also be applied in major city infrastructure such as the new airport and during important events such as the Winter Olympics in 2022, according to the 2019-2022 plan published by Beijing Municipal Bureau of Economy and Information Technology on Tuesday. The city, home to many of the country's top tech companies, plans to develop its 5G-related industry to achieve 200 billion yuan of revenue by 2022, according to the plan, state-run Xinhua news agency reported on Wednesday. "Obtaining breakthroughs on developing core components for the 5G network and putting them into industrial use is the primary task ..
ANA to operate direct flights between Tokyo-Chennai: Envoy
: Japan's largest airliner All Nippon Airways (ANA) would launch direct flight services between Chennai and Tokyo, Ambassador of Japan to India Kenji Hiramatsu said Wednesday. "All Nippon Airways will begin direct flights to Chennai to foster easier access and strengthening of the bilateral relationship further", he said addressing the second edition of the Global Investors Meet here. According to All Nippon Airways, the direct service is set to begin in winter season of 2019 and would mark a decisive move towards Asia-Oceania region as the airliner looks to capitalise on the growth across the region. "The addition of Chennai brings the total number of ANA destinations to 46", it said in a statement. Hiramatsu said a total of 1,041 Japanese companies were operating in India with over 200 of them in Tamil Nadu. He said Japan had not only invested in infrastructure in India, but had also invested in people in terms of teaching, training and skill development. Commenting on .
JSW Group signs MoU with Andhra to build jetty, slurry pipeline
The JSW Group has signed an MoU with Andhra Pradesh government on Wednesday to build a jetty at Ramayapatnam Port and a slurry pipeline with a total investment of Rs 4,500 crore.
Germany to fund research facility for EV battery technology
BERLIN (Reuters) - The German government will fund a research facility to offer firms in Germany know-how to develop battery cells for electric vehicles (EVs), the science minister said on Wednesday, seeking to compete with Asian producers which dominate the industry.
Davos: China says it can achieve sustainable economic growth
DAVOS, Switzerland (Reuters) - China's economy will continue to achieve sustainable growth despite global uncertainties, Chinese Vice President Wang Qishan said on Wednesday, days after the second-largest economy posted its weakest economic expansion in nearly three decades.
India's GDP likely to grow 7.4% this fiscal, at 7.6% in 2019-20: UN Report (Lead, Correcting headline)
The Indian economy is expected to grow at 7.4 per cent in the current fiscal and its GDP growth will rise to 7.6 per cent in 2019-20, before tapering down to 7.4 per cent in 2020-21, according to a UN report released on Wednesday.
Goyal gets addl charge of ministry of finance, corporate affairs 9 days ahead of budget
Nine days ahead of the interim Budget, Railway Minister Piyush Goyal has been given additional charge of Finance and Corporate Affairs ministries in view of indisposition of Arun Jaitley, who is currently undergoing treatment abroad, an official release from the Rashtrapati Bhavan said Wednesday. According to the release, the President, as advised by Prime Minister Narendra Modi, directed that during the period of Jaitley's indisposition, the portfolios of the Minister of Finance and the Minister of Corporate Affairs, held by him, be temporarily assigned to Goyal, in addition to his existing portfolios. The BJP-led NDA government will be presenting its last Budget on February 1. It further said that Jaitley will remain a minister without portfolio during the period of his indisposition or till such time he is able to resume his work as the Minister of Finance and the Minister of Corporate Affairs. This will be the second stint of Goyal in both the ministries as he had headed the ...
IndiGo to push international growth for higher profit
NEW DELHI/BENGALURU (Reuters) - IndiGo, India's biggest airline by market share, will take more deliveries of the longer-range Airbus A321neo aircraft next year as it plans to launch more international flights, its interim CEO said on Wednesday after the company's profit fell sharply.
Health research money increased by Rs 135 crore in India: Report
Public funding in India in the field of research and development for neglected diseases has increased significantly by Rs 135 crore since 2009, says a new report.
NCLAT asks NCLT to pass final order on Essar Steel insolvency bids on Jan 31
With insolvency process of Essar Steel appearing to be on a drag, the National Company Law Appellate Tribunal (NCLAT) Wednesday ordered the Ahmedabad-bench of company law court to give by January 31 a final decision on lenders approving ArcelorMittal's Rs 42,000 crore takeover proposal of the indebted steelmaker. Rivalling ArcelorMittal is a last-minute offer by shareholders of Essar Steel to pay all of the Rs 54,389 crore dues of both financial and operational creditors. The Committee of Essar Steel Creditors, however, ignored the Rs 54,389 crore offer which was made months after bids by potential takeover candidates had come in and chosen ArcelorMittal as the resolution applicant for recovering their Rs 50,800 crore of dues. This was then submitted to the National Company Law Tribunal in Ahmedabad which was overseeing the insolvency process. To complicate things, operational creditors filed petitions in NCLT wanting ArcelorMittal to pay all of their dues like what Essar Steel ...
USL Q3 profit up 42.8% to Rs 192.4 crore
Liquor major United Spirits Wednesday reported a 42.83 per cent increase in its standalone net profit to Rs 192.4 crore for the quarter ended December 31 backed by a healthy sales growth. The company had posted a net profit of Rs 134.7 crore in the October-December period of 2017-18, Diageo-controlled firm said in a regulatory filing. Its total income during the quarter under review was at Rs 7,825 crore, up 9.27 per cent, as against Rs 7,160.9 crore in the corresponding quarter of previous fiscal. "During the quarter, overall net sales growth was 11 per cent, benefitting from lapping the impact of expected route to market changes last year, while also driven by momentum in Prestige & Above segment," USL CEO Anand Kripalu said. Total expenses in the third quarter were up 7.78 per cent at Rs 7,506.5 crore as against Rs 6,964.5 crore in the same period last fiscal. Shares of United Spirits today settled at Rs 581.25 apiece on BSE, down 3 per cent from the previous close.
Uncertainty plagues markets ahead of US-China trade talks
Global markets parted ways Wednesday as investors were more cautious about the chances of success in China-US trade talks, and looked for direction from the ECB. The overall mood remained wary, with a rally that has characterised the start of the year stuttering due to slower Chinese economic activity, a softer global outlook, Brexit issues and the US government shutdown, which shows no sign of ending soon. "The markets appear to be trading a bit cautious ahead of tomorrow's monetary policy decision from the European Central Bank (ECB) and as US/China trade worries are flaring up," the Charles Schwab brokerage said. US investors sold shares Tuesday after the Financial Times and CNBC said Washington had rejected Beijing's offer of preparatory discussions ahead of the next round of high-level negotiations. Wednesday saw a sliver of respite as Wall Street opened just in the black, the Dow Jones adding 1 percent while the tech-heavy Nasdaq rose 0.6 percent. "We are continuing to see ...
ICAT inks MoU with S Korea-based KIAPI on auto certification
The International Centre for Automotive Technology (ICAT) has signed an agreement with Korea Intelligent Automotive Parts and Promotion Institute (KIAPI) to increase cooperation in certification issues, an official statement said Wednesday. The MoU would support Korean automotive Industry for Indian Certification of safety critical components as well as vehicles, the ministry of heavy industries and public enterprises said in a statement. It was signed on January 22 in Daegu City of South Korea. "Enhancing awareness about future technologies in India and supporting Government of India for the formulation of regulations and creating testing infrastructure within the country will also be two major focus areas of this MoU," it said. Apart from Indian certification, as per various Indian and Automotive Industry Standards, ICAT will collaborate with KIAPI in the field of future technologies like autonomous driving, electric vehicles, connected transportation, fuel cell vehicles and ...
Patnaik seeks a Shatabdi Express between Bhubaneswar-Rourkela
Odisha Chief Minister Naveen Patnaik Wednesday urged the Centre to introduce a Shatabdi Express train between Bhubaneswar-Rourkela via Jharsuguda. In a letter to Railway Minister Piyush Goyal, Patnaik said "I would ... request that a Shatabdi Express be introduced between Bhubaneswar and Rourkela via Jharsuguda as Jharsuguda is a major industrial hub in western Odisha whereas the Steel city of Rourkela is the 2nd smart city of the state ..." The chief minister said the Shatabdi express would serve the genuine transportation demand of people of these two significantly important cities of the state. Patnaik wrote the letter to Goyal, a day before his visit to Jharsuguda. He said "... Odisha is the biggest contributor of revenues to Indian Railways in the freight sector, the passenger growth too has been much higher than the national average." "I would be keenly looking forward to an early favourable response from you on the above proposal," Patnaik said.
BSES launches WhatsApp service for south and west Delhi consumers
Power discom BSES has launched its WhatsApp service to cater to the needs of its consumers in south and west Delhi, said a company spokesperson Wednesday. Now apart from BSES' mobile app and website, a consumer can get a duplicate bill on WhatApp. "This feature will make it easier for consumers to avail BSES services," he said. The service has been launched for consumers in south and west Delhi areas. It will be launched soon for consumers in east and central Delhi, he said. This is the third WhatApp service launched by BSES. Earlier BSES had introduced registering of 'no supply' complaints and reporting of power theft on WhatsApp, he added.