Page 1602 - Business Finance
Oil gives up some of its OPEC gains as stock markets sag
LONDON (Reuters) - Oil fell on Monday, in line with further declines in global stock markets, erasing the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January.
FHRAI warns OYO of action for contract breaches; aggregator strongly denies allegation
After putting online travel aggregator MakeMyTrip on notice, the Federation of Hotel and Restaurant Associations of India (FHRAI) Monday warned OYO of action, alleging large-scale breach of contracts, jeopardising consumers safety and violation of laws by the hospitality firm. OYO, however, strongly denied the charges, saying it believes that the demands made are representative of a certain level of cartelisation and will lead to consumers seeing a price hike. In a letter to OYO Founder and CEO Ritesh Agarwal, the FHRAI said apart from breach of contracts, most of its members have grievances with OYO regarding endorsement of and hoarding illegal and unlicensed bed and breakfast apartments, flats in residential/commercial buildings, rooms in chawls and such other independent structures as hotels. "Such positioning/endorsement is not only misleading, but also a potential guest safety hazard," the letter said. Unfortunately, OYO has been reneging on all its obligations and in fact ...
Rupee forwards slump after RBI head quits
LONDON (Reuters) - Rupee forwards posted their biggest daily slump in more than five years on Monday, after Reserve Bank of India Governor, Urjit Patel, resigned for "personal reasons".
Alstom wins 100 mn euros contract for signalling system in Mumbai Metro
Alstom Monday said it has been awarded a 100 million euros contract to provide CBTC signalling system for Mumbai Metro that will help ease commuter congestion. It said it will equip Line 3 of the Mumbai Metro with Urbalis 400, its latest generation of CBTC signalling technology. "Alstom has been awarded a contract by Mumbai Metro Rail Corporation Ltd (MMRCL) to supply a CBTC signalling system for Line 3 of the Mumbai Metro. "The contract, which builds on rolling stock and power supply contracts won earlier this year for the same line, is worth over 100 million euros," Alstom said in a statement. The scope of the contract includes unmanned train operation (UTO), computer-based interlocking and centralised train supervision, platform screen doors, and electrical and mechanical supervisory control and data acquisition system. The company said Urbalis 400 is an advanced communication-based train control signalling system that will help ease Mumbai's commuter congestion. It claims it has a
Analysis: The next worry for U.S. stocks - shrinking profit forecasts
NEW YORK (Reuters) - The growing ranks of stock market Eeyores now have another reason to stay glum: Next year's profit picture is darkening fast.
Titagarh Wagons bags Rs 1,561 cr order from Railways
Titagarh Wagons Ltd Monday announced that it has bagged Rs 1,560.8 crore order from the railway ministry for supply of wagons. "The company has been awarded a contract for manufacture and supply of 5,058 wagons to Indian Railways, the bidding for which was conducted under the reverse auction method," the company said in a BSE filing. The wagons are designed to carry coal, steel and stones and the value of the order is Rs 1,560.8 crore, it added. "As per the contract, one third quantity (1,686 Wagons) is to be supplied within six months and to complete the supply of full quantity of wagons before February 28, 2020," the filing said. Titagarh stretches its global reach and presence through factories in India, Italy and France with offices also in Singapore and Dubai. It cater to passenger rolling stock, including double decker and single deck commuter trains, metros and trams.
Roselabs Finance shifts registered office
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Harish Bakers found guilty of not passing GST cut benefits
The GST anti-profiteering Authority has found Harish Bakers & Confectioners guilty of not passing on GST rate cut benefit to the tune of Rs 15,958 to consumers. The case before the National Anti-Profiteering Authority (NAA) states that retailer Harish Bakers & Confectioners had hiked the base price of Nestle Munch Nuts 32 gm and Cadbury Dairy Milk Chocolate -- after the GST Council slashed tax on them to 18 per cent from 28 per cent on November 15, 2017. The Directorate General of Anti Profiteering (DGAP), which investigated the complaint, went through the books of accounts of the retailer for the period November 15, 2017 to March 31, 2018. It was found that the base price of the Nestle Munch chocolate was increased from Rs 15.63 to Rs 16.95 apiece with effect from November 16. However, the MRP was retained at Rs 20 a piece, after charging 18 per cent GST. Similarly, the base price of the Cadbury Dairy Milk was increased to Rs 33.90 from Rs 31.25 apiece. The MRP was retained .
Continental to start production from Pune facility in 2020
Technology major Continental Monday said its around Rs 180-crore manufacturing facility for premium surface materials for automotive industry in the city will start production in 2020. The firm performed the groundbreaking ceremony for the facility Monday, which will supply premium materials such as the acella eco artificial leather to the local market, a release said. Spread over 12,000 square meter area in a four-hectare plot, the facility coming up at Kesurdi area of the south of Pune will have an initial annual capacity of five million square meter. It will be built at an investment of about 22 million euros (around Rs 180 crore), the release said. The German automotive manufacturing firm currently has 15 plants across Asia, the Americas and Europe. Dirk Lei, head of the surface materials business unit, Continental, said India is rated as the fifth-largest automotive market in the world with huge growth opportunities and every vehicle needs interior materials for ...
Global Markets: Stock selloff snowballs as investors price in slowing world economy
LONDON (Reuters) - Losses on global stocks snowballed on Monday, with Wall Street set to follow Europe and Asia lower as fresh signs emerged that the U.S.-China trade spat was taking a deeper toll on world economic growth.
Jio to become India's No 1 telecom operator by 2021: Bernstein report
Richest Indian Mukesh Ambani's Reliance Jio Infocomm Ltd could become the country's No 1 telecom operator by revenue in 2021 and on a subscriber basis by 2022, a Sanford C Bernstein & Co report said. Reliance Jio started operations two years back with free voice calls and data offering. It started to charge for data - voice calls to be free-for-life - last year and had amassed about 227 million subscribers to rank third largest telecom operator in the country behind Vodafone-Idea combine and Bharti Airtel Ltd. Bernstein in the report said when it in 2015 initiated coverage of the Indian telecommunications market, it knew Jio was destined to profoundly change the landscape -- the company had national spectrum, had been building out national fibre, and had the backing of the richest man in India. "We expected 'unlimited' voice and 'big buckets of data' to put pressure on the market forcing consolidation of the many smaller players. We even contemplated Jio could eventually surpass .
Rupee plunges 50 paise to 71.32 against US dollar
The Indian rupee Monday tumbled 50 paise to close at 71.32 against the US dollar as nagging worries on global trade war front and uncertain crude prices hurt forex market sentiment. Besides, the trading pattern in the forex market was impacted by massive sell-offs in domestic equities as investors panicked over exit polls suggesting the Congress giving a tough fight to the ruling BJP in state elections. It was a virtual collapse for the Indian unit during the session as investors hit the panic button in view of several headwinds confronting trading sentiment. The rupee opened lower at 71.28 against the US dollar and dropped further to 71.44. The Indian unit hit a high of 71.23 during the day. However, global crude oil declined on Monday, in line with plunging global stock markets, wiping out the gains made last week when cartel OPEC and other non members agreed to slash their crude production from January. Brent crude oil was trading at USD 61.03, a decline of 1.04 per cent. "Rupee ...
CASHe targets Rs 2k cr worth loan disbursal via its digital platform by FY'20
Digital lending platform CASHe Monday said it aims to disburse loans worth Rs 2,000 crore in the next fiscal. The company said it has disbursed loans worth over Rs 650 crore through its mobile-only lending platform in less than three years of operations. It has witnessed an year-on-year growth of over 80 per cent for unsecured loans ranging from Rs 10,000 to Rs 2 lakh, the firm said. The company has disbursed 3 lakh loans to over 1,80,000 customers with an average daily disbursal of Rs 2 crore, it said. "The increase in loan outlay of Rs 2,000 crore for the next fiscal is mainly attributed to the substantial rise in the average loan ticket size, higher demand of loans from urban working millennials from top corporates and blue-chip companies based in tier 1 & 2 cities," it said. CEO Ketan Patel said the company is focussed towards achieving the target by 2019-20. "By disbursing Rs 650 crore in loans within a span of 33 months, CASHe has propelled itself as the largest digital ...
NSE issues notices to IL&FS Group firms, others for non-compliance with listing norms
The National Stock Exchange (NSE) has imposed fines and issued notices to as many as 60 companies, including two IL&FS group firms, Videocon Industries and Unitech, for non-compliance with listing regulations. ABG Shipyard and Bharati Defence and Infrastructure are among the other entities, according to a communication. The exchange would initiate further regulatory action on the companies, which could include suspension, if they do not comply with the requirement, it added. These firms have not made required submissions to the exchange as per listing regulations within the prescribed time limit for the quarter ended September 2018. In a communication to investors, the NSE said the "exchange has levied fines and also issued notices for such non-compliances to the companies." "The continued non-compliance of such regulations may lead to further regulatory action on the companies which may include suspension," it said. As per the NSE, IL&FS group firms -- IL&FS Engineering ..
66 kg smuggled gold seized by DRI, total seizure 2.63 tons this fiscal
A total of 66 kg smuggled gold valued at Rs 21 crore was seized by the Directorate of Revenue Intelligence (DRI) last week, taking the total seizure to about 2.63 tons of gold for the current fiscal till November, an official statement said.
Kanoria Chemicals & Industries hikes stake in Ethiopian subsidiary
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Shyam Metalics gets Sebi's go-ahead for Rs 900-cr IPO
Shyam Metalics and Energy, a leading integrated metal producing company, has received Sebi's go-ahead to raise Rs 909 crore through an initial public offer (IPO). The company, which had filed IPO papers with the capital markets watchdog in August, obtained its "observations" on December 7, as per the latest update with the Securities and Exchange Board of India (Sebi). The regulator's observations are necessary for any company to launch public issues like IPO and rights issue. According to the draft papers,"the company's IPO comprises fresh issue of shares worth up to Rs 909 crore". It plans to utilise the proceeds for payment of debt, including that of its subsidiary SSPL and for other general corporate purposes. ICICI Securities, Edelweiss Financial Services, IIFL Holdings and JM Financial are the merchant bankers to the issue. Kolkata-based Shyam Metalics is one of the largest manufacturers of long steel products and ferro alloys in the country. It operates three manufacturing ...
Equinor halts some Mongstad gasoline production, evacuates workers after leak
OSLO (Reuters) - Equinor's Mongstad oil refinery on Norway's west coast evacuated 300 workers and halted part of its gasoline production following a leak, the company said on Monday.
Escorts declines 4pc as firm joins hands with Japan's Kubota Corp
Shares of Escorts dropped 4 per cent Monday as the company formed a joint venture (JV) with Japan's Kubota Corporation to produce high-end technology tractors for domestic as well as export geographies. The stock dived 3.56 per cent to close at Rs 603.85 on BSE. During the day, it declined 4.13 per cent to the intra-day low of Rs 600.25. On NSE, scrip of the company shed 4.08 per cent to end at Rs 601.1. The scrip had touched a high of Rs 614.4 and a low of Rs 601 during the trading session. In terms of equity volume, over one lakh shares of the company were traded on BSE and more than 14 lakh shares changed hands on NSE during the day. Engineering and farm equipment maker Escorts has formed a JV with Kubota Corporation to produce high-end technology tractors for domestic as well as export geographies, a joint statement issued by the two companies Monday said. "With an initial investment of Rs 300 crore, the 60:40 manufacturing JV between Kubota and Escorts, respectively, will enable .
Ozonetel Enables Instant Cloud Telephony for Shopify Stores
/ -- Launches KOOKOO Interactive Assistant, an omni-channel widget, to run voice calls and chat sessions in parallel Ozonetel, India's leading provider of on-demand cloud communication/telephony solutions, today announced the launch of Cloud Telephony solutions for Shopify stores. Shopify, a proprietary e-commerce platform, enables a business to set up an online store in minutes. Today, there are over 600,00 Shopifyonline businesses. Ozonetel has now launched an omni-channel widget, to enable instant cloud contact centers on Shopify. KOOKOO Interactive Assistant (KIA) is a first-of-its-kind widget that enables customer service helpdesks to run voice calls and chat sessions in parallel. To enable an instant helpdesk, an online store on Shopify has to merely place the KIA widget on its Shopify store -with an API key and phone number. With this, visitors can click and speak & chat with the customer support team. The KIA widget integrates with Zendesk, Salesforce, Zoho CRM and all ...