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Axis Bank allots 48,235 equity shares

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Outcome of board meeting of AXISCADES Engineering Technologies

Held on 14 January 2019

India's softer wholesale inflation opens door to monetary easing

NEW DELHI (Reuters) - India's wholesale inflation eased to an eight-month low in December, strengthening views among some economists the central bank could ease its monetary policy stance next month as the country faces a slowdown in manufacturing.

NCLT asks RTIL investor amount it can deposit as earnest money

The National Company Law Tribunal (NCLT) has asked SP Growth Partners (SPGP), an investor in the bankrupt premium apparel brand Reid & Taylor (RTIL), to inform the bench how much it can deposit as the earnest money deposit (EMD) before filing the resolution plan. The Mumbai NCLT bench headed by Bhaskara Pantula Mohan and V Nallasenapathy had earlier told the Hong Kong-based SPGP to deposit Rs 50 crore as EMD, but consequently reviewed it. SPGP is also a co-applicant with the RTIL Employees Welfare Association to take over the company, whose creditors had voted for liquidation, as none of the eight parties who presented their expressions of interest presented a resolution plan. At the previous hearing, the NCLT had directed the Employees Welfare Association of Reid & Taylor to produce the certified financial accounts of SPGP for 2017-18. The documents submitted by SPGP showed the company's networth as Rs 7 crore against its claim of around Rs 70 crore in an ...

Citigroup reports surprise drop in quarterly revenue, shares slip

(Reuters) - Citigroup Inc reported a surprise drop on Monday in quarterly revenue due to a steep decline in its fixed income trading business, hurt by volatility in financial markets at the end of the year.

Citigroup adjusted profit rises 14 percent on lower expenses

(Reuters) - Citigroup Inc reported a 14 percent rise in adjusted quarterly profit on Monday, as lower expenses offset a decline in revenue in its fixed income business.

Kerala agency in pact for AR/VR Centre of Excellence

Kerala Startup Mission, a nodal agency of the state government for technical entrepreneurship, has partnered with Unity Technologies to launch a Centre of Excellence for AR/VR and gaming.

CEO of Flipkart's arms Myntra, Jabong Ananth Narayanan quits

The Chief Executive of Flipkart Group's e-tail portals Myntra and Jabong, Ananth Narayanan, has stepped down from the post, the companies said on Monday.

Govt launches global technology challenge to build houses in shorter time

Union minister Hardeep Singh Puri Monday launched the Global Housing Technology Challenge (GHTC) among stakeholders, a move aimed at introducing best technologies that seek to construct houses in a shorter period of time with lower cost. Under the initiative launched by the Pradhan Mantri Awas Yojana-Urban (PMAY-U), the government will hold 'grand expo-cum-conference' in March where stakeholders will showcase their best technologies to build houses. Builders can opt for identified technologies for timely delivery of their projects. The PMAY-U, launched by Prime Minister Narendra Modi in June 2015, aims to construct more than one crore houses and ensure "Housing for All by 2022" by providing financial assistance to the beneficiaries. The ministry has so far sanctioned around 68.5 lakh for construction under the PMAY (U). Around 1.5 million houses have been handed over to beneficiaries. Speaking at an event which also saw launch of GHTC websites and mobile app, the Union Housing and ...

China's exports register steep fall in December, worst in two years

China's exports fell by a whopping USD 221.25 billion in December registering the biggest plunge in two years amid the ongoing trade war with the US, highlighting the continued slowdown of the world's second largest economy. Both exports and imports fared worse than expected in December, according to the figures released Monday by the General Administration of Customs (GAC). The figures suggest the negative impact of the trade war may be greater than Chinese authorities previously estimated, and point to the need for a more rapid and larger economic stimulus to stabilise growth, the Hong Kong-based South China Morning Post said in its report. Total exports fell to USD 221.25 billion in December, down 1.4 per cent from November, and 4.4 per cent from the same month in 2017. The figures indicate a further weakening in the strength of the world's second biggest economy which sent Asian stock markets lower on Monday. The fall of exports in December which is the biggest since December ...

Instant view: India's December retail inflation rate drops to 2.19 percent, lowest since June 2017

BENGALURU/MUMBAI (Reuters) - India's retail inflation rate dropped to 2.19 percent in December from a year earlier, the lowest level since June 2017, government data showed on Monday. The decline was helped by a fall in food prices and smaller increases in fuel costs.

RBI slaps Rs 1-cr penalty on Bajaj Finance

The Reserve Bank of India (RBI) Monday said it has imposed a penalty of Rs 1 crore on Bajaj Finance Ltd, a non-banking financial company (NBFC), for violating "fair practices code". This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the NBFC with its customers, the RBI added. Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending.

SUVs, trucks and sports cars take center stage at Detroit auto show

SUVs, trucks and sports cars were set to take center stage Monday as a subdued Detroit auto show kicked off with fewer carmakers and more uncertainty. With compact cars and sedans an ever-shrinking portion of the North American market, auto makers have all but abandoned them, as evidenced by what they chose to emphasize in Detroit. Trucks, SUVs and high-performance vehicles dominated the new debuts scheduled for the US's premier auto show. The exception was Volkswagen, which was to unveil a new Passat sedan. "Car companies are acknowledging that the crossover, sport utility vehicle boom is continuing," said analyst Michelle Krebs of Autotrader. For those looking for an alternative, carmakers were emphasizing sporty cars with nostalgic pasts. Ford's redesigned Explorer SUV, debuted in Detroit on Friday, is on public display for the first time, with a high-powered version of the Mustang sports car called the Shelby GT500 also to be unveiled. Toyota was also scheduled to show off a new ..

BLU-SMART launches EV taxi fleet in Delhi-NCR, invests over Rs 50 cr

Gensol Mobility Monday said it has launched India's first electric vehicle (EV) taxi fleet, BLU-SMART, in Delhi-NCR with about 70 cars that will be ramped up to 400 vehicles by the end of March 2019. The company, which is in talks with various car companies such as Tata Motors, Mahindra & Mahindra and Nissan for procuring EVs, has also invested over Rs 50 crore to set up charging infrastructure in various parts of the city. "We at BLU-SMART believe that the next revolution is in the EV space... We are not a competition to current app-based cabs services (like Ola and Uber), but a mere greener alternative to them," Gensol Mobility promoter Anmol Singh Jaggi said in a statement. He added that the promoters have pumped in USD 10 million (Rs 70.92 crore) investment to fund BLU-SMART's expansion plans. BLU-SMART currently has 70 Mahindra Verito EVs on its platform with plans to scale up the number to 400 vehicles by March. "We are negotiating with Tata Motors (for Tigor EV) and in the .

Flipkart unit Myntra and Jabong CEO steps down

(Reuters) - The chief executive officer of Myntra and Jabong, a unit of Walmart-owned Flipkart, Ananth Narayanan has left the company to pursue external opportunities, Myntra said on Monday.

December core consumer inflation at around 5.7 pct: analysts

MUMBAI (Reuters) - India's core consumer inflation was about 5.7 percent in December, unchanged from the previous month, three analysts estimated from inflation figures released on Monday.

Apple supplier Dialog Semi weathers iPhone slump to hit revenue target

FRANKFURT (Reuters) - Chip designer Dialog Semiconductor said on Monday that it managed to hit its fourth-quarter revenue guidance despite a slump in iPhone sales at its main customer Apple.

Top U.S. utility PG&E says it is preparing bankruptcy filing

(Reuters) - PG&E Corp, the biggest U.S. power utility, said on Monday it is preparing to file for Chapter 11 bankruptcy for all of its businesses as it faces potentially crushing liabilities linked to catastrophic wildfires in 2017 and 2018.

OYO plans centre of excellence in Kolkata

Hospitality firm OYO Hotels and Rooms on Monday said it is planning a centre of excellence for training and capacity building in the city. The company has also made an offer to the West Bengal government to maintain a realtime data repository for 'Digital Arrival and Departure Register'. "We are looking to set up an OYO Centre of Excellence (OYO Skill Institute) towards the end of the year, as we continue to scale our business further in the state. The government has extended support with space," CEO, India and South Asia, Aditya Ghosh said here on the sidelines of CII Bengal Tourism Global Meet 2019. The space for the training institute is likely to be in New Town area. At present, OYO trains about 3,500 people per month from 26 institutes globally, company officials said. It estimates a capacity of around 7,500 rooms in West Bengal. OYO manages a total of 4.5 lakh rooms across the world, including 1.64 lakh rooms in India, they said. About the digital data repository, ..

Relaxo Footwares gets revision in ratings from ICRA

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