Page 1334 - Business Finance
ICICI Bank appoints B Sriram, Rama Bijapurkar independent directors
Private sector ICICI Bank Monday inducted former SBI Managing Director B Sriram on its board as independent director. Besides, management consultant Rama Bijapurkar was also appointed director. Both were appointed for 5 years, subject to the approval of shareholders, ICICI Bank said in a regulatory filing on stock exchanges. Sriram retired as the managing director of IDBI Bank in September 2018. Prior to IDBI Bank, he was the managing director of SBI.
Minor fire at Wendt India plant in TN
: A minor fire broke out Sunday in Wendt India of Murugappa group which manufactures abrasives and auto components in Hosur, company officials said. The fire was soon brought under control and there was no loss to life or limb, but the damage caused to the factory was being assessed, the officials said The blaze occurred at the electroplating manufacturing unit of the company, they said. "The extent of damage which is under assessment is not likely to cause any significant impact on our operations considering the presence of an alternative facility," said the a company in a BSE filing.
Eastern Mediterranean countries to boost energy ties
Eastern Mediterranean countries including Egypt and Israel agreed on Monday to boost energy ties through the creation of a body to strengthen the gas market. The decision came during a meeting bringing together seven energy ministers including those from Cyprus, Greece, Jordan, Italy and the Palestinian territories. The "East Mediterranean Gas Forum" is to be based in Cairo, Egypt's energy ministry said, as it seeks to become a regional energy hub. The forum will help in "the creation of a regional gas market that benefits the members through security of supply and demand," said a post-meeting statement from the ministry. It also aims to "ensure competitive pricing, and promote improved commercial relationships". A further meeting in April is due to determine the body's structure, with plans in the pipeline for other countries or international organisations to join as "observers". On Sunday, Israel's Energy Minister Yuval Steinitz arrived in Cairo to attend the meeting in a rare visit
Prabhu launches phase II of Ratnagiri, Sindhudurg dev plan
Commerce and industry minister Suresh Prabhu Monday launched the second phase of the district development plan (DDP) for Ratnagiri and Sindhudurg in the Konkan region of Maharashtra. The first phase of the plan involved identifying growth areas and mapping and determining the baseline for each of the earmarked districts, and aimed to increase GDP growth by 2-3 per cent annually, thereby helping boost national GDP. Through a pilot project of the department of industrial policy and promotion (DIPP), six districts Varanasi (UP), Muzaffarpur(Bihar) Visakhpatnam (AP) and Solan (HP), Ratnagiri and Sindhudurg in Maharashtra have been identified for the district development plan. IIM Lucknow and NCAER have been selected to implement the exercise. "The first phase has been completed and the next phase is taking forward the plan from the baseline," Prabhu said at the launch. The target is to devise and implement customised growth strategies for districts, focusing on their ...
Dec retail inflation drops to 18-month low, industry calls for rate cut by RBI
Continued decline in food prices pulled down retail inflation to an 18-month low of 2.19 per cent in December 2018, creating headroom for the RBI to cut interest rate in its monetary policy review next month. Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December on softening fuel and food prices. The inflation based on the Consumer Price Index (CPI) was 2.33 per cent in November and 5.21 per cent in December 2017. According to the data released by the Ministry of Statistics and Programme Implementation, food inflation remained in the negative zone at 2.51 per cent compared to (-) 2.61 per cent in November. The rate of price rise in vegetables, fruits and protein-rich eggs continued to decline. However, there was a marginal increase in the prices of meat, fish, and pulses. Fuel and light inflation was 4.54 per cent in December, down from 7.39 per cent in November on back of reduction in prices of petrol and ...
Jet stocks shoot-up 16% amidst reports of rescue deal with Etihad
Troubled Jet Airways' scrip shot up by more than 16 per cent on Monday amidst reports that a rescue deal has been sealed between the cash-strapped airline and its partner, Etihad Airways.
Railways freight loading rises 3.3% in December 2018
Freight revenue moves up 8.8% in December 2018
Wall Street opens lower after Citi results, China trade data
(Reuters) - U.S. stocks opened lower on Monday in broad-based declines after Citigroup posted an unexpected fall in revenue, adding to fears of a sharper slowdown in global economic growth that resurfaced after data showed an unexpected drop in China's trade.
Thai Airways to operate 3 daily flights on Delhi-Bangkok route
Thai Airways will operate three daily flights from the national capital to Bangkok from February, according to a release. At present, the airline has two daily flights on this route. "Increase in services to Bangkok will enable the airline to capitalise on the steadily growing round-the-year demand on the highly popular sector, offering guests greater flexibility and choice throughout the day," Thai Airways said in the release. The additional flight service will commence from February 3. Thai Airways also operates daily services from Mumbai, Kolkata, Hyderabad, Chennai and Bengaluru to Bangkok. The airline also has a daily flight from Jaipur, five times a week service from Lucknow, among others. * * * * * * * UKIBC inks MoU with Maharashtra UK-India Business Council (UKIBC) has signed an MoU with the Maharashtra government to promote investments and ease of doing business. "This MOU is about increasing the connections between UK businesses and Maharashtra that deliver investment, ...
Disappointing IIP, global growth concerns dent equity market (Roundup)
The Indian equity market fell on Monday as concerns over the third quarter earning, along with fears of a global growth slowdown and disappointing macro-economic industrial production data, subdued investor sentiments.
India's plunging inflation rate opens door to monetary easing
NEW DELHI (Reuters) - India's annual retail inflation rate dropped to an 18-month low of 2.19 percent in December, strengthening views of some economists that the central bank could ease monetary policy next month as prices for many food items fell and the nation faces a manufacturing slowdown.
Commerce Min launches initiative to enable women entrepreneurs to sell items on GeM
The commerce ministry Monday said Government eMarketplace (GeM) has launched an initiative to enable women entrepreneurs and self-help groups to sell different products at the platform. GeM is an online platform of the ministry for procurement of goods and services by government departments, public sector units, and other agencies. The initiative - Womaniya on GeM - seeks to develop women entrepreneurship on the margins of society to achieve gender-inclusive economic growth, it said in a statement. The initiative would enable women entrepreneurs and women self-help groups to sell handicrafts and handloom, jute and coir products, home dcor and office furnishings, directly to various government ministries, departments and institutions, it said. "Womaniya homepage [https://gem.gov.in/womaniya] will inform procurement officers in various government ministries, departments and CPSEs about the drive to promote procurement of common use goods and services from women entrepreneurs," it ...
No tariff hike in Goa for 2019-20, says Electricity department
People in Goa were Monday spared an electricity tariff hike for fiscal 2019-20 despite a projected revenue gap of Rs 308 crore, a state Electricity department official said. The department informed its decision to the Joint Electricity Regulatory Commission (JERC) which held a public hearing here Monday to review the former's 2018-19 performance and determine tariff for the next fiscal. The hearing was chaired by JERC chairperson M K Goel along with member Neerja Mathur. Goa Chief Electrical Engineer Reshma Mathew told the gathering that net revenue gap will be Rs 308 crore in 2019-20 but the same will be met through government budgetary support. She said there would be no additional burden on the consumers since there would be no tariff hike for fiscal 2019-20. Consumer rights activist Roland Martins told the JERC hearing that power theft was the prime reason for increasing revenue gap. He also told the JERC hearing about faulty electricity meters.
ICICI Securities Q3 profit slips 34% to Rs 101.1 crore
ICICI Securities, investment services arm of ICICI Group, Monday reported a 34.3 per cent decline in consolidated profit to Rs 101.1 crore for the third quarter ended December 31. In comparison, the company's profit stood at Rs 153.9 crore in the October-December quarter of 2017-18, ICICI Securities said in a regulatory filing to the stock exchanges. The company's total income also declined to Rs 404.7 crore, compared with Rs 493.8 crore in the third quarter of the previous fiscal. During the current financial year, there have been several short-term headwinds such as volatile market, NBFC liquidity crisis, frozen state of primary market, and significant regulatory changes, which impacted the overall business sentiment and performance, it said.
Board of ICICI Bank approves appointment of directors
At meeting held on 14 January 2019
Board of Iris Mediaworks approves change in directorate and CFO
At meeting held on 14 January 2019
Tata Power announces change in shareholding of Resurgent Power Ventures
Resurgent Power is a joint venture based out of Singapore and is held 26% by Tata Power through its wholly-owned Singapore based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank, Power Platform and Kuwait Investment Authority.
Vakrangee launches 3,300+ Nextgen Vakrangee Kendras across India
Powered by Capital Market - Live News
Lower fuel prices ease India's December retail inflation to 2.19%
Lower fuel prices further eased India's retail inflation in December to 2.19 per cent from the annual rate of 2.33 per cent in November, even as food prices appreciated somewhat over the previous month although continuing to remain in the negative zone, official data showed on Monday.
OYO aims at 1mn rooms to become world's "largest" hotel chain
Hospitality firm OYO Hotels and Rooms on Monday said it is working on a roadmap for 1-million room inventory from the existing count of 4.6 lakh. "We will have one million rooms inventory into our fold in the near distant future. I think, it should happen in a year and a half," OYO CEO, India and South Asia, Aditya Ghosh told PTI. This will help OYO to become the "world's top player from number three now", he claimed. The company has set a target of 2.5 million rooms by 2023, its promoter Ritesh Agarwal said. At present, OYO has over 13,000 franchised and leased hotels, and over 450,000 rooms, adding over 64,000 rooms every month, globally. "In India, we have over 8,700 leased and franchised hotels, and more than 164,000 rooms," a company official said. The firm has changed from the aggregator model to own inventories through the franchisee or lease operation model. In China, a traditionally strong market for corporates, OYO's revenue is lower despite having a higher ...