Page 1312 - Business Finance
Cabinet okays Rs 22,594 cr for tripling Numaligarh Refinery capacity
The government on Wednesday approved tripling the capacity of Numaligarh Refinery in Assam and setting up of oil and product pipelines at a cost of Rs 22,594 crore, so as to meet the demands for petroleum products in the Northeast.
Microsoft's venture fund to invest in Indian startups
Microsoft on Wednesday announced that its corporate venture fund M12 will invest in Indian startups with a funding size of $2 million to $10 million.
Oil edges down on worries over global economy, supply glut
LONDON (Reuters) - Oil prices edged down on Wednesday having climbed about 3 percent in the previous session, with worries about the global economy and forecasts of swelling U.S. production hurting sentiment.
Snap shares hit by second CFO exit in a year
(Reuters) - Shares of Snap Inc fell 9 percent in early trading on Wednesday after Tim Stone became the second finance chief to leave the Snapchat operator in a year since a much-criticized redesign.
Govt clears Rs 4,242cr IT-filing project, selects Infosys as developer
The government on Wednesday said IT major Infosys will develop the next-generation income tax filing system for Rs 4,241.97 crore which will cut down the processing time for returns to one day from 63 days and expedite refunds. The Cabinet, chaired by Prime Minister Narendra Modi, gave its "approval to expenditure sanction of Rs 4,241.97 crore for Integrated E-filing and Centralised Processing Centre 2.0 Project of the Income Tax Department", Union minister Piyush Goyal said. Briefing media about the decision, he said the processing time at present for Income Tax Reurn (ITR) is 63 days and it will come down to one day after implementation of the project. Goyal said the project is expected to be completed in 18 months and will be launched after three months of testing. Infosys, he said, has been selected to implement the project after the bidding process. The current system, he said, has been a success and new project will be more tax friendly. The e-filing and Centralised Processing ..
Board of NHPC to consider proposal for raising Rs 2000 cr
On 21 January 2019
SBI puts its Essar Steel loan of Rs 15,431 cr on sale
The country's largest lender State Bank of India Wednesday said it has put on sale its entire exposure of Rs 15,431.44 crore to debt-ridden Essar Steel. The lender, which is selling its exposure on a 100 per cent cash basis, has kept the reserve price of Rs 9,587.64 crore, it said in an auction notice. The loans put on sale includes working capital loans, term loan, corporate loans, export performance bank guarantee (EPBG) and standby letter of credit (SLBC). "The facility may be assigned in whole or in part and all the security in relation to the same will be transferred and shared pari-passu to the extent of the amount of facility assigned," the bank said. Essar Steel's resolution plan was approved and filed in NCLT Ahmedabad. The bank said as per approved resolution plan of ArcelorMittal India Private Ltd (AMIPL), the minimum recovery on these loans is Rs 11,313.42 crore. The reserve price of Rs 9,587.64 crore is on the basis of net present value of minimum recovery ..
Goldman Sachs reports higher fourth-quarter trading revenue
(Reuters) - Goldman Sachs reported an increase in trading revenue on Wednesday, the first Wall Street bank so far to show growth in that business during the fourth quarter as a rise in equities trading revenue offset losses from bond trading.
India's Jet Airways in creditor talks over possible Etihad bailout
MUMBAI (Reuters) - India's Jet Airways said on Wednesday it is in talks with its lenders to resolve its debt problems, amid increasing prospects of a bailout by major shareholder Etihad Airways.
Jet Airways in creditor talks over possible Etihad bailout
MUMBAI (Reuters) - India's Jet Airways said on Wednesday it is in talks with its lenders to resolve its debt problems, amid increasing prospects of a bailout by major shareholder Etihad Airways.
Nation needs to find ways to reduce petrol dependence: Mukhi
Assam Governor Jagdish Mukhi on Wednesday emphasised the need for use of alternative sources of energy to reduce dependence on petrol. The nation needs to formulate ways and means of switching to alternative sources of energy such as solar and tidal power, Mukhim said on Wednesday after inaugurating a month-long public awareness campaign SAKSHAM (Sanrakshan Kshmata Mahotsav) 2019 at Guwahati Refinery Auditorium here. "Crude oil is diminishing fast. There should be extensive research on use unconventional sources of energy as an alternative to petrol," he said. The governor urged people to work towards making the campaign a success. "We need to take a pledge to ensure that this month- long awareness campaign bear fruits," he maintained. Mukhi said economic development usually leads to increased dependence on petroleum products. "Therefore, serious efforts have to be made in conserving crude oil and finding alternative sources of energy that can fuel the nation," he ...
Start-Up investors set to get relief from 'Angel Tax'
Start-Ups in India are set to get relief from the 'Angel Tax,' with the exemption limit being raised to Rs 50 lakh from Rs 25 lakh for returns on the income a year before an investment.Union Commerce and Industry Minister Suresh Prabhu has approved a notification pertaining to Clause (VII-B) of Subsection (2) of Section 56 of the Income Tax Act to give relief to 'Angel investors' in the Start-Ups, according to highly placed sources.'Angel Tax,' a UPA era law, is a tax imposed on the difference between the premium value of shares and fair market value of shares.The ambiguity lies in the valuation of these premium shares, wherein, the tax man sees angel investor valuations higher than fair market values and hence issues show cause notices to these start-ups.The Central government's decision came after a number of representations were made to Commerce and Industry Minister Prabhu by the Start-Ups for relief from the often ambiguous 'Angel Tax' demands, sources said, adding that the step .
2019: a propitious year for the real estate market
The year 2018 has been a resuscitating year for real estate in our country. Housing sales have shown an emergence in its sales with the preoccupation of the real estate players on the completion of projects. The implementation of the subsidies under Pradhan Mantri Awas Yojana (PMAY) this year has also brought about some trends the market including Affordable Housing, Co-working, etc.This helped in the improvement of transparency and accountability in the sector by restoring faith in the market. Although there is a delay in according an 'industry status' to the real estate sector, but anticipations are high from 2019 with the upcoming budget, infrastructural development and new metro lines to bring about favourable changes in the sector.In addition, the recent incentives of lowering the GST rates and infrastructure status to affordable housing from the government have stoked up the demand in the sector. The reduced prices boosted the Housing sales to 6% in eight major cities making it .
IndiGrid Q3 FY19 EBIDTA up by 32% at Rs. 1553 Mn
IndiGrid, India's first power sector Infrastructure Investment Trust ("InvIT"), announced its results for the quarter ended 31 December 2018.On the back of acquisitions, the company reported a consolidated revenue of Rs. 1,710 million for the quarter, up 35% YoY. The consolidated EBITDA for the quarter was Rs. 1,553 million, up 32% YoY.The Board of Sterlite Investment Managers Limited acting as the Investment Manager of IndiGrid approved DPU of Rs. 3.00 for Q3 FY19 payable as interest to unit holders. IndiGrid is on track to achieve its stated DPU guidance of Rs. 12.00 per unit for FY19.Commenting on the quarterly results and developments, Harsh Shah, Chief Executive Officer, IndiGrid, said, "IndiGrid delivered another strong quarterly performance and is on track to comfortably meet its FY19 distribution guidance. Since listing, we have distributed Rs. 18.56 per unit totaling to Rs. 5,255 million of distribution. IndiGrid is committed to provide AAA rated stable yield to investors ...
Cabinet nods integrated e-filing project for faster ITR processing
The Cabinet on Wednesday approved Rs 4,241.97 crore to set up an integrated e-filing and processing centre which aims to cut down the processing time for income tax returns from 63 days to one day.
Cabinet approves Rs 22,594-cr expansion of Numaligarh refinery
The Cabinet on Wednesday approved a Rs 22,594-crore expansion of Numaligarh refinery in Assam for increasing the capacity by 6 million tonnes per annum to meet the fuel demand of north-eastern India. The central government will provide a Rs 1,020 crore viability gap funding for the project, said Coal and Railway Minister Piyush Goyal in a news briefing on Cabinet decisions. Numaligarh Refinery Ltd, in which 61.65 per cent is owned by Bharat Petroleum Corp Ltd (BPCL), currently refines 3 million tonnes of crude oil a year. The refinery was set up in 1999 following the Assam Accord. Goyal said the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, gave its approval to the expansion of the refinery to 9 million tonnes per annum. "It (the project) involves setting up of a crude oil pipeline from Paradip (in Odisha) to Numaligarh and product pipeline from Numaligarh to Siliguri (in West Bengal) at a cost of Rs 22,594 crore. The project is to be completed within
Ford forecasts weaker-than-expected fourth quarter profit
DETROIT (Reuters) - Ford Motor Co gave a fourth-quarter earnings forecast on Wednesday that was below analysts' expectations, sending shares down slightly in U.S. premarket trading.
Bank credit growth eases to 14.54% as on 04 January 2019
Deposits rises 9.91% as on 04 January 2019 over a year ago
Marriott looks to reboot loyalty plan after cyber attack
(Reuters) - Marriott International Inc will relaunch its loyalty program under a new brand name, the company said on Wednesday, as it seeks to undo the damage to its name from a massive cyber attack that led to millions of customer records being stolen.
India rising: Investment opportunities with higher incomes (Column: Behind Infra Lines)
As per capita incomes in India move higher and as we converge towards $2,000 per capita, it would be interesting to look at the potential investment opportunities as the next phase of income growth begins.