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Page 1314 - Business Finance

Quick Wrap: Nifty Media Index registers a drop of 0.85%

Updated On : 16 Jan 2019 | 5:04 PM IST

Audi India resumes sales at Gurugram, ropes in new dealer partner

After getting a hit on sales last year due to the closure of its largest dealer location, German luxury car maker Audi Wednesday said it has restarted selling vehicles in Gurugram through a new partner. The company has roped in Kristan Auto as dealer partner to run its sales and service facility, which became operational on Wednesday, at Gurugram in the National Capital Region (NCR), Audi India said. In September 2018, Audi India closed an outlet in Gurugram and one in the national capital after terminating Zenica Cars India as one of its dealers. It followed the arrest of promoters of Zenica Cars India while trying to flee from the country after defaulting on a loan worth Rs 270 crore. Zenica Cars India was also operating Audi Approved Plus outlet in Gurugram to sell pre-owned cars of the company besides running the company's service centre. Commenting on the resumption of sales and service facility at Gurugram, Audi India Head Rahil Ansari said in a statement: "Audi Gurugram will ..

Updated On : 16 Jan 2019 | 5:00 PM IST

Jet Airways shares dive 8% amid uncertainty over revival plan

Shares of Jet Airways came under selling pressure Wednesday and slumped nearly 8 per cent amid uncertainty over the revival plan of the company. The stock tanked 7.95 per cent to close at Rs 271 on BSE. During the day, it plummeted 9.62 per cent to Rs 266.05. On NSE, shares of the company slumped 7.47 per cent to end at Rs 271.75. In terms of equity volume, 36.28 lakh shares of the company were traded on BSE and over 4 crore shares changed hands on NSE during the day. Jet Airways, which has also defaulted on loan repayments, is looking to raise funds and is in discussions with Etihad and lenders to chart the way forward. There is a proposal for Etihad raising its stake in the full service from the current 24 per cent. According to reports, Etihad might have to make an open offer in case it is hiking the stake in Jet Airways. Etihad has sought an exemption from the market regulator on preference pricing and open offer guidelines, the reports added. Under market regulator Sebi's norms, .

Updated On : 16 Jan 2019 | 5:00 PM IST

World Economic Forum warns of impact of global tensions

Organisers of next week's annual gathering of business and political leaders in the Swiss ski resort of Davos say worsening international relations are hindering efforts to resolve global challenges. In its annual Global Risks Report, the World Economic Forum says Wednesday that a "darkening" economic outlook, in part fostered by geopolitical tensions between the United States and China, "looks set to further reduce the potential for international cooperation in 2019." The report, which is based on the views of around 1,000 experts and decision-makers from around the world, also found that 88 per cent of respondents expect a "further erosion" of global trading rules and agreements. The trade spat between the US and China is set to be a key point of discussion in Davos this year.

Updated On : 16 Jan 2019 | 5:00 PM IST

Microsoft's venture fund M12 to invest in Indian startups

Microsoft on Wednesday announced that its corporate venture fund M12 will now invest in Indian startups, helping entrepreneurs innovate and grow.

Updated On : 16 Jan 2019 | 4:55 PM IST

SBI along with other lenders, stakeholders working on resolution plan; no decision yet: Jet Airways

Crisis-hit Jet Airways Wednesday said State Bank of India, along with other lenders and stakeholders, is working on a comprehensive resolution plan to turnaround the airline. The resolution plan being discussed contemplates equity infusion and consequent changes in the board of directors, the full service carrier said. Against the backdrop of its shares taking a beating amid uncertainties over possible revival plan, Jet Airways said it has been working on various cost cutting measures, debt reduction and funding options. The full service carrier, which has been grappling with financial woes, defaulted on loan repayment to a consortium of Indian banks led by State Bank of India (SBI) on December 31, 2018. In a statement, the airline said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out. "SBI, in consultation with the other members of the consortium ..

Updated On : 16 Jan 2019 | 4:55 PM IST

Start-Up investors to get relief from 'Angel Tax'

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 decision came after a number of representations were made to Commerce and Industry Minister Suresh Prabhu by Start-Ups, seeking relief from the often ambiguous 'Angel Tax' demands, sources said, adding the step is expected to give a boost to the growing sector of Start-Ups.According to the new notification, a Start-Up, which is recognised by the Department of Industrial Policy and Promotion (DIPP), ..

Updated On : 16 Jan 2019 | 4:55 PM IST

Oriental Carbon & Chemicals update on buyback

Updated On : 16 Jan 2019 | 4:51 PM IST

Kerala govt inks pact with US firm to develop AR, VR ecosystem

: Kerala Startup Mission (KSUM) has tied up with Unity Technologies, USA, to develop an augmented reality (AR) and virtual reality (VR) ecosystem in the state by opening a centre of excellence here. The centre would come up in the newly-inaugurated integrated startup complex at Kalamassery, a press release from the KSUM release said Wednesday. Through the centre, Unity Technologies would support startups developing products, services and games on platforms, including mobile, PC, and various AR and VRhardware, the release said. The centre would also have special focus on providing different levels of training on AR and VR developer tools to students and professionals, it said. "The AR and VR market is expected to witness huge growth globally in the next 5-6 years, the release said. The growth would be accompanied by the sprouting up of a new set of businesses, it said. "The centre of excellence for AR and VR developer tools with Unity Technologies is a step taken by the ..

Updated On : 16 Jan 2019 | 4:50 PM IST

Funds Advised by Apax Partners Invest USD 200 Million in Fractal Analytics

/ -- Investment will accelerate Fractal's path to a $1 billion-revenue company in the AI space Funds advised by Apax Partners (the 'Apax Funds') have today announced a definitive agreement to invest USD 200m for a significant minority stake in Fractal Analytics, a global provider of AI to Fortune 500 clients. The transaction, which consists of a secondary stake acquired from existing shareholders and a primary investment into the business, is expected to close by February 2019. (Logo: https://mma.prnewswire.com/media/809139/Fractal_Analytics_Logo.jpg ) (Logo: https://mma.prnewswire.com/media/809146/Apax_Partners_Logo.jpg ) Founded in 2000 with the vision of powering every human decision in the enterprise, Fractal Analytics is a strategic analytics and AI partner to the most admired Fortune 500 companies globally. The company will use the investment by the Apax Funds to accelerate growth, both organically and through M&A, and to invest further in AI products and research. Srikanth

Updated On : 16 Jan 2019 | 4:45 PM IST

Mukesh Ambani in top Global Thinkers list of Foreign Policy

Richest Indian Mukesh Ambani has featured in the top Global Thinkers 2019 ranking of the prestigious Foreign Policy publication alongside the likes of Alibaba founder Jack Ma, Amazon CEO Jeff Bezos and IMF head Christine Lagarde. The publication on its website released a few of the names in the 2019 list of 100 Thinkers, saying the full list would be released on January 22. "With a fortune of USD 44.3 billion, Mukesh Ambani displaced Jack Ma in 2018 as Asia's richest man. Ambani's fortune comes from his holdings in the oil, gas, and retail sectors, but he's likely to make his biggest impact on India through his new telecom venture Jio," it said. Ambani is Chairman and Managing Director of Reliance Industries Ltd. Reliance Jio is a subsidiary of RIL. "Offering cellular data and voice free for the first six months after Jio's launch, he got more than 100 million to sign up -- accelerating a smartphone internet revolution in the world's largest democracy," it said. "The next stage of ...

Updated On : 16 Jan 2019 | 4:40 PM IST

Hong Kong Market gains 0.27%

Investors risk sentiments were encouraged amid fresh round of stimulus promise including tax cuts from China's top economic planning body and the finance ministry on Tuesday. China's leaders plan to reduce taxes, increase government spending, and provide financing to private and small enterprises in a bid to strengthen the world's second-largest economy. China is enduring its worst slowdown since the global financial crisis, partly because of a punishing tariff dispute with the U.S.

Updated On : 16 Jan 2019 | 4:32 PM IST

China Market ends flat

Updated On : 16 Jan 2019 | 4:32 PM IST

Cabinet approves capacity expansion of Numligarh Refinery to 9 MMTPA

Cabinet approves setting up of crude oil pipeline from Paradip to Numaligarh and Product pipeline from Numaligarh to Siliguri

Updated On : 16 Jan 2019 | 4:32 PM IST

Cabinet approves capital infusion of Rs 6000 crore in Export-Import Bank of India

Cabinet also approves an increase in authorized capital of Exim Bank to Rs 20000 crore from Rs 10000 crore