Page 1241 - Business Finance
Vodafone Idea to raise Rs 25,000 cr through rights issue
Telecom major Vodafone Idea on Wednesday said its Board has approved raising funds up to Rs 25,000 crore through rights issue.
India's GDP likely to grow 7.4% this fiscal, at 7.6% in 2020-21: UN Report
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.
Need Reforms in agriculture sector if we want to double farmer's income: Niti Aayog
New Delhi [India], Jan 23 (ANI): Doubling Farmers Income by 2022 cannot be achieved if we are not able to bring reforms in Agriculture sector, said government think tank Niti Aayog on Wednesday.In an exclusive interview to ANI Professor Ramesh Chand, Member, Niti Aayog said, "We have to bring reforms in agriculture sector if we want to achieve Prime Minister Narendra Modi's goal of doubling farmer's income by 2022."He further asserted that without reform we will not be able to achieve the target, and if we are unable to bring reform, then we will not able to achieve farmer double income target. The Niti Ayog member also emphasised on the importance of reforms, he said, "If reforms don't happen, then farmers will not get better prices for crops and we will not achieve the double income target. Reforms are very important at this stage to double farmer's income. Market reform is a major and much-needed reform."Chand, who is also a member of the 15th Finance Commission added, "We had ...
Surani Steel Tubes Limited to enter capital markets
Surani Steel Tubes Limited will be entering capital market with an Initial Public Offering opening on January 25 and closing on January 29. The company is offering 24,84,000 shares of Rs. 10 each for cash in the price band of Rs.51-52 per equity share aggregating to Rs. 12.91 crore. Minimum application is to be made for 2000 shares and in multiples thereon. Post allotment, shares will be listed on NSE SME Emerge.The Company is engaged in the manufacturing of electric resistance welding (ERW) mild steel (MS) pipes in various specifications and sizes ranging from 20NB to 100NB.The manufacturing plant of Surani Steel Tubes Limited is located at Dahegam, Gandhinagar in Gujarat having an installed capacity of 25,000 MT per annum. In FY18, the Company has processed 23792 MT of ERW MS Pipes. The company is setting up a new manufacturing facility for ERW MS Pipes in various specifications and sizes ranging from 100NB to 300NB.This will help the company to strengthen its customer base by ...
Whizzy - a delivery app that helps whizz through daily tasks
Whizzy Logistic Technologies Pvt. Ltd. launched a mobile application called 'Whizzy'. This application provides delivery services and solutions to residential and small business customers via its sophisticated technology platform.This application helps the customers to pick-up and (or) drop off any item, buy anything from anywhere or any other type of tasks or errands that is required.The promoters of the company Ravi Gollapudi and Ravi Bathi launched the Whizzy logo, mascot, website, application and its services. Talking about the mobile application, Mr. Ravi Gollapudi said, "Whizzy stands out from the crowd by addressing a wide-spectrum of its customers' needs across various sectors instead of being limited to the food or grocery delivery segment." Mr. Ravi Bathi said, "Whizzy has per-km pricing and charges based on the trip distance. By choosing Whizzy's services, customers will invariably get free time which they can utilize to do more productive things like spending time with a ..
Happay wins coveted CIO CHOICE recognition for travel and expense management category
Happay, India's leading Business Spends Management provider, on Wednesday announced that it has been conferred with CIO CHOICE 2019 honor and recognition as the most preferred brand in Travel and Expense Management category.It's cloud-based platform leverages modern technologies such as AI, ML and Mobility to help businesses automate their expense claims and reimbursement processes, boost productivity, achieve policy compliance and get rich insights into corporate spending.Now in i'ts 7th year, the annual CIO CHOICE recognition is the largest and only online voting platform, where CIOs determine and choose the products that have earned their vote of confidence. There is a distinguished Advisory Panel, comprising of CIOs from across verticals, that guides the entire process, with KPMG as the Knowledge Partner.On receiving the recognition, Varun Rathi, COO and Co-Founder, Happay said, "Our previous recognitions made us the most admired brand for CFOs, auditors and users. Now to become ..
IndiGo posts 75% fall in Q3 profits
InterGlobe Aviation Ltd-owned India's biggest airline by market share, IndiGo, posted a 75 per cent fall in its third-quarter profit to Rs 190.89 crore due to high fuel prices and rupee depreciation, the airline said on Wednesday.
Goyal given temporary charge of Finance
Railway Minister Piyush Goyal was on Wednesday given charge of Finance Ministry in the absence of Finance Minister Arun Jaitley who is in the US for medical treatment, apparently ruling out his recuperation in time for the interim budget to be presented on February 1.
Piyush Goyal gets additional charge of ministry of finance, corporate affairs
Railway Minister Piyush Goyal was given the additional charge of the Finance and Corporate Affairs ministries on Wednesday in view of the indisposition of Arun Jaitley, who is currently undergoing treatment abroad. According to a Rashtrapati Bhavan communique, 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. Further, Jaitley has been designated as a minister without portfolio during the period of his indisposition or till such time when he is able to resume his work as the Minister of Finance and the Minister of Corporate Affairs.
ArcelorMittal's Essar bid delays planned JV with SAIL: minister
MUMBAI (Reuters) - ArcelorMittal's prolonged bid to buy debt-ridden Essar Steel is delaying the world's biggest steelmaker's joint venture with state-owned Steel Authority of India Ltd (SAIL), India's steel minister and SAIL's chairman said.
Wall Street bounces back on strong corporate earnings
(Reuters) - U.S. stocks rose on Wednesday, as strong earnings from IBM, United Technologies and Procter & Gamble led a rebound for Wall Street from its second biggest decline in 2019.
U.S. oil firms tell OPEC their growth will slow
DAVOS, Switzerland (Reuters) - U.S. oil producers sought on Wednesday to soothe OPEC's worries about losing market share, telling the group that investors in the U.S. firms wanted a reduction in growth and higher payouts.
Saab, AAI sign MoU over air traffic management solutions
Swedish aerospace and defence company Saab said Wednesday it has signed a memorandum of understanding with the Airports Authority of India (AAI) to explore air traffic management (ATM) solutions for airports operating under the regional connectivity scheme. "Saab and the AAI have signed an MoU to research a pan-Indian ATM Automation System for airports under the UDAN Regional Connectivity Scheme," the Swedish company said in a statement. "Saab and the AAI will jointly explore potential avenues for co-operation for ATM solutions in India," it added. In the sector of ATM solutions, Saab has a portfolio ranging from Advanced-Surface Movement Guidance & Control System (A-SMGCS) and Surface Movement Radar (SR- 3), to Remote Towers which can be deployed at all types of airports. "We are present today at 11 airports in India and Saab wants to partner with India to build a pan-India A-SMGCS network, said Ola Rignell, Chairman and Managing Director, Saab India. ATM solutions from Saab can .
City of London Policy chief to reassure India over Brexit
The Policy Chair of the City of London Corporation is set for her first visit to India next week to strengthen ties between the British capital and India in the field of financial and professional services. Catherine McGuiness, who is the political chief of London's financial district or "Square Mile", will also seek to reassure Indian financial firms worried about Brexit and the risks of the UK leaving the European Union (EU) in a feared no-deal situation as the March 29 Brexit deadline nears. "My first visit to India comes at an interesting point in time for both our countries. In the UK our focus remains firmly on Brexit, while in India the conversation is all about the pending budget and elections," McGuiness said on the eve of her visit, planned between January 27 and 30. "But while these political issues may dominate headlines for good reason right now, it's crucial we don't lose sight of the larger picture and the importance of the strong relationship between our two ...
Pakistan unveils tax cuts, incentives to boost growth
ISLAMABAD (Reuters) - Pakistani Finance Minister Asad Umar unveiled a package of measures on Wednesday to boost exports and investment and help Islamabad address a severe balance of payments squeeze that has forced it to turn to the International Monetary Fund for help.
China a market economy now; both US, Chinese economies need each other: Qishan
China has moved away from revolution to reform and from a planned to a market economy, China's Vice President Wang Qishan said Wednesday as he asserted that his country's interests are now linked with that of the world. He also said the US and Chinese economies are in such a state today that either side cannot do without the other and this is the basic judgement one should have. In a special address here at the World Economic Forum Annual Meeting 2019, he said the past seven decades have witnessed remarkable achievements in China's development. "Our nation has made a historical transformation in terms of social productivity and composite national strength and delivered initial prosperity to its people who were once struggling to meet their basic living needs," he said. "We will stay true to the founding mission of the Communist Party of China, uphold its leadership and China's fundamental socialist political and economic systems and be guided by a people-centered development ...
Pak govt announces new measures to promote investment, economic growth
Pakistan's Finance Minister Asad Umar on Wednesday announced a new set of measures to promote investment and economic growth while presenting the third finance bill for the current fiscal year in the National Assembly amidst ruckus by opposition parties. Umar presented Finance Supplementary (Second Amendment) Bill, 2019 also dubbed as mini budget in the National Assembly after a special meeting of the Cabinet approved it. He said that measures taken by the Pakistan Tehreek-e-Insaaf government would boost manufacturing and exports, encourage low-cost housing and facilitate agricultural financing to promote economic activities. The minister also said that government was focusing on enhancing ease of doing business, simplifying procedures for setting up businesses and undertaking investment. One of the key measures announced by the government was to reduce taxes from 39 per cent to 20 per cent on small and medium enterprises, agricultural, and housing loans. Umar also announced to set up
Oil up on supply outlook but slowdown worries weigh
LONDON (Reuters) - Oil prices rose on Wednesday as U.S. crude stocks fell and official data indicated slowing growth in U.S. shale oil output in the coming years.
China to pass US in retail sales this year: forecast
Chinese consumers should outspend their American counterparts in 2019, with retail sales in the Asian giant continuing to grow in the coming years, according to an industry forecast published Wednesday. Retail sales in China are expected to hit USD 5.64 trillion, an increase of 7.5 per cent over 2018, while Americans are likely to spend USD 5.53 trillion, a 3.3 per cent increase, according to the market research firm eMarketer. "In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class," Monica Peart, forecasting director at eMarketer, said in a statement. Growth in China's retail sector has been driven by online sales, which should expand by 30 per cent this year, reaching USD 1.99 trillion, according to the firm. This would mean more than 35 per cent of all Chinese retail sales will occur online, by far the highest proportion for ecommerce in the world. By comparison, online sales in the United States represented only 10.9 ...
Bharti Infratel Q3 profit up 11%
Telecom tower infrastructure provider Bharti Infratel on Wednesday reported a rise of nearly 11 per cent in its consolidated net profit during the quarter ended December on a year-on-year basis.