Page 1257 - Business Finance

Audi helps provides a feet of 50 EVs at Davos WEF

Leading car manufacturer Audi has provided a fleet of 50 Audi e-tron cars for the annual meeting of the World Economic Forum (WEF) here.

Exclusive: India likely to target about $11 billion from state asset sales in 2019/20 FY - sources

NEW DELHI (Reuters) - The Indian government is likely to seek to raise about 800 billion rupees ($11.21 billion) through the sale of state-owned assets in the next fiscal year, beginning April 1, two government sources with direct knowledge of budget discussions told Reuters on Tuesday.

Wall Street edges lower as global growth fears resurface

(Reuters) - U.S. stocks fell on Tuesday, weighed by losses in the industrials and technology sectors, as fears of slowing global economic growth resurfaced after the International Monetary Fund trimmed its outlook in a week of heavy corporate earnings.

JNPT becomes world's top 30 container ports

JNPT launches App service to facilitate better tracking and ease the trade process for EXIM partners

CBDT asks non-filers to file ITRs within 21 days

The government on Tuesday asked those who have not yet filed their Income Tax Returns (ITRs) for assessment year 2018-19 to file the same within 21 days to avoid proceedings under the Income Tax Act.

Cyient to acquire remaining 26% stake in EDSM subsidiary

Cyient Tuesday said it has signed a definitive agreement to acquire remaining 26 per cent stake in one of its subsidiaries, Cyient DLM, to take the overall holding to 100 per cent. Mysuru-headquartered Cyient DLM, formerly Rangsons Electronics, is an electronics system design and manufacturing (EDSM) services company. "Cyient Limited acquired 74 per cent equity stake in Rangsons Electonics Pvt Ltd in February 2015...By acquiring the balance 26 per cent stake, Cyient Limited and its nominees will get 100 per cent ownership in Cyient DLM," Cyient said in a regulatory filing. The deal involves a equity payout of Rs 42.50 crore for 26 per cent stake acquisition "in line with the terms of the Share Purchase Agreement entered into between Cyient Ltd and the sellers in January 2015", it added. The deal is expected to close in 30 days and is subject to customary closing conditions.

Oberoi Realty Q3 profit up 15 pc at Rs 137.93 cr

Real estate developer Oberoi Realty Tuesday reported 15 per cent increase in its consolidated net profit to Rs 137.93 crore for the quarter ended December 31. Its net profit stood at Rs 120.19 crore in the year-ago period, the Mumbai-based company said in a regulatory filing. Total income increased to Rs 548.79 crore in the third quarter of this fiscal from Rs 360.36 crore in the corresponding period previous year.

Wall Street opens lower on global growth worries

(Reuters) - U.S. stocks opened lower on Tuesday after rallying for four straight weeks, as fears of a global economic slowdown resurfaced after the International Monetary Fund trimmed its growth outlook in a week of heavy corporate earnings.

Halliburton profit beats on international demand, N. America lags

(Reuters) - Halliburton Co beat Wall Street estimates for quarterly profit on Tuesday, as higher demand for its oilfield services in international markets offset a slowdown in North America.

UAE signs $3 billion support package for Pakistan

Pakistan and the United Arab Emirates (UAE) signed a $3 billion support package on Tuesday as pledged by Abu Dhabi to boost the liquidity and foreign exchange reserves of the cash-strapped country.

New ED takes charge at PNB

State-owned Punjab National Bank (PNB) Tuesday said Agyey Kumar Azad has taken charge as executive director of the bank. Prior to joining PNB, he was general manager in Bank of India. Azad with 33 years of experience has worked in various departments, including overseas operations. With his taking charge, the bank has now two EDs while one vacancy is still left. Last week, the government sacked two executive directors of Nirav Modi scam-hit PNB for their alleged failure in exercising proper control over the functioning of the bank. Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent letters of undertaking. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Modi since March 2011.

Sebi gives notice to Raymond on market rule violations

Capital markets regulator Sebi has issued a show cause notice to textiles major Raymond citing several violations of the securities market.

Toyota, Panasonic form JV to make automotive prismatic batteries

The scope of the joint venture's business operations will cover research, development, production engineering, manufacturing, procurement, order receipt, and management related to automotive prismatic lithium-ion batteries, solid-state batteries and next-generation batteries.As vehicle electrification accelerates toward the solving of such environmental issues, batteries are an important element.The ratio of equity participation in the joint venture will be 51 per cent for Toyota and 49 per cent for Panasonic. The JV will come into being by the end of 2020.Toyota will transfer equipment and personnel to the joint venture in the areas of development and production engineering related to battery cells.On the other hand, Panasonic will transfer equipment, other assets, liabilities, personnel and other items to the joint venture in the areas of development, production engineering, manufacturing (at plants in Japan and in Dalian, China), procurement, order receipt and management functions .

IRB Infra's SPV HAM Project commences soon; NHAI allots appointed date

VK-1 Expressway Private Ltd., a wholly-owned subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd., has received an appointed date from NHAI for 23.740 Kms long Padra (Kim) - Vadodara Hybrid Annuity project, which is part of the upcoming Vadodara - Mumbai Expressway.Commenting on the development, Spokesperson, IRB Infrastructure Developers Ltd. said, "This is an encouraging development. It means we can commence construction on our first Hybrid Annuity project. Getting appointed date is nothing but moving a step ahead to meet deadlines with quality construction and ensuring revenue flows as envisaged. We are confident of completing the project in time and ensuring congestion free, safe and comfortable travel experience to the commuters."He further added, "We are now looking forward to receive Appointed Dates for other two HAM projects in South India, which would enable us to start construction activity on all projects."Key highlights of the Project are as

Maharashtra ration shops to offer basic banking services

In a unique initiative, the Maharashtra government has collaborated with the private sector Yes Bank to enable Fair Price Shops to offer limited banking services to the far flung rural populations, an official said on Tuesday.

ICRA places ratings of six MF schemes under watch list

Credit rating agency ICRA Ltd on Tuesday placed the ratings of six mutual fund schemes under watch with negative implications for their exposure to special purpose vehicles (SPV) of IL&FS Ltd.

Swedish companies eyeing Gujarat for huge expansion

Swedish companies claim they see a huge opportunity for expansion in Gujarat and are planning an investment to the tune of Rs 800 crore in the state in near future.

Syngene Q3 net profit up 6 pc to Rs 87 cr

Contract research and manufacturing firm Syngene International Tuesday reported a 6.09 per cent rise in consolidated net profit to Rs 87 crore for the third quarter ended December 31, 2018. The company had posted a net profit of Rs 82 crore for the corresponding period of the previous fiscal, Syngene International said in a filing to BSE. Consolidated total revenue of the company stood at Rs 484.4 crore for the quarter under consideration as against Rs 399.3 crore for the same period a year ago. Shares of Syngene International closed at Rs 577.50 per scrip on BSE, up 1.28 per cent from its previous close.

Jharkhand CM presents Rs 85,429 crore budget

Jharkhand Chief Minister Raghubar Das Tuesday tabled an estimated Rs 85,429 crore budget for the year 2019-20 in the state Assembly with more than 25 per cent of the funds earmarked for development of ST/SC areas. Out of the total budget, Rs 65,803 crore is on the head of revenue expenditure while Rs 19,626 crore on capital expenditure, the chief minister said in his budget speech. Presenting his fifth straight budget Das, who also holds charge of Finance department said Rs 27,142.60 crore has been earmarked for the development of ST/SC areas, which is 11.19 per cent more than 2018-19 budget. He said in 2018-19 allocation for SC/ST was Rs 24,410 crore. Assembly elections in Jharkhand are due in the last half of this year. Stating that 76 per cent of people in Jharkhand live in villages and among them 28 lakh farmers completely depend on agriculture, Das said the state has decided to introduce "Mukhya Mantri Krishi Ashirwad Yozana" under which farmers will get Rs 5000 per

Johnson & Johnson 2019 revenue forecast misses expectations

(Reuters) - Johnson & Johnson on Tuesday forecast 2019 sales that fell short of analysts' estimates as the healthcare conglomerate faces increasing competition for some of its older drugs.