Page 1610 - Business Finance

Alcobrew Distilleries targets Rs 1,000cr revenue by FY21

Liquor firm Alcobrew Distilleries is eyeing a turnover of Rs 1,000 crore by fiscal 2021 as it expands its distribution reach in India and overseas as well as product offerings, a top company official said. The company also plans to invest about Rs 100 crore in the next two-three years to establish a malt distillation and saturation plant and towards marketing of the brand. "We are looking at closing the current financial year with Rs 500 crore turnover and are looking at doubling it to Rs 1,000 crore at the end of 2020-21. We will achieve this growth as we deepen footprint in India, explore new markets overseas and also introduce new products and premium variants of existing brands," Alcobrew Distilleries Chairman and MD Romesh Pandita told PTI. Pandita said the company, which reported a net turnover of Rs 350 crore in the previous fiscal, is looking at getting into rum and brandy products as well. At present, it only sells whiskey. The company plans to fund its investment plans ...

China's factory gate inflation eases

China's factory inflation slowed in November, a sign demand remains weak amid Beijing's ongoing trade war with the United States, while consumer inflation also flagged, official data showed Sunday. The producer price index - an important barometer of the industrial sector that measures the cost of goods at the factory gate - climbed 2.7 per cent on-year in November. It ticked down from 3.3 per cent the previous month, recording its weakest growth since October 2016, while remaining in line with the forecast in a Bloomberg News survey. A slowdown in factory gate inflation reflects sluggish demand. The consumer price index (CPI) - a key measure of retail inflation - rose 2.2 per cent on-year, compared with 2.5 per cent in October. Food prices, up 2.5 per cent, rose quicker than non-food prices, which were up 2.1 per cent. Energy prices fell over the month. "The broad moderation in inflationary pressures appears to be a reflection of weaker demand growth over the past half a year and ...

FPIs pull out nearly Rs 400-cr in just 5 sessions on global cues

Foreign investors have pulled put close to Rs 400 crore from the Indian stock market in the last five trading sessions amid weakness in global equities due to the arrest of a high-profile Chinese executive. This comes following a net inflow of over Rs 6,900 crore in the equity market by Foreign Portfolio Investors (FPIs) on easing crude oil prices and a strengthening rupee. According to depositories, FPIs withdrew a net amount of Rs 383 crore from equities from December 3-7. However, they put in Rs 2,744 crore in the debt markets during the period under review. After making a spirited comeback in November, FPIs have once again turned net sellers in the Indian equity markets in the month of December. "In fact, the sell-off was triggered on Thursday December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock ...

China's November PPI up 2.7 percent, CPI up 2.2 percent

BEIJING (Reuters) - China's factory prices rose in November at their slowest pace since October 2016 as domestic demand lost further momentum, piling pressure on policymakers to unveil more measures to support the economy.

India expected to receive total remittance of $80 bn in 2018

India is expected to receive a total remittance of $80 billion in 2018, said the latest edition of the World Bank's Migration and Development Brief, released on Saturday.

J&K Panchayat polls: 79.9% voter turn out recorded in Phase VIII

An overall polling percentage of 79.9% was recorded at the end of phase-VIII of the panchayat polls here on Saturday.According to the Chief Electoral Officer of Jammu and Kashmir, Shaleen Kabra, "A massive 85.1 per cent polling was witnessed in Jammu division and 49.6 per cent in Kashmir division."Giving district-wise details, Kabra said that after the phase VIII, 53.8 per cent polling was recorded in Kupwara, Bandipora 18 per cent, Baramulla 56.9 per cent, Srinagar 11.6 per cent, Budgam 9.1 per cent, Reasi 89.8 per cent, Kathua 84 per cent, Samba 84 per cent, Jammu 84.8 per cent and Rajouri 82.4 per cent.Kabra further said that 74.1 per cent polling was recorded in the phase-I of Panchayat polls, including 64.5 per cent in Kashmir division and 79.4 per cent in Jammu division.The second phase of Panchayat polls held on 20 November 2018 witnessed 71.1 per cent polling across the State along with 80.4 per cent polling in Jammu division and 52.2 per cent in Kashmir division.After the end

Man arrested for taking loans on 'fake' bank accounts

A 32-year-old man was arrested for allegedly cheating bank by opening fake accounts and later getting away after taking credit card and loans, police said Saturday. The accused was identified as Sanjeet Kumar, a resident of Vaishali district in Bihar. On February 1, a bank filed a complaint that they noticed two companies had credited various denomination salaries from other bank accounts towards savings accounts opened with bank at various branches in Delhi, Chinmoy Biswal, Deputy Commissioner of Police (Southeast) said. Later, their bank had extended multiple credit facilities like credit cards and loans to those respective account holders on the basis of their account transactions, he said. During scrutiny of relevant account opening forms and documents, it was found that most of the documents provided by those customers were forged, the DCP added. Bank officials also visited the addresses of both companies but no business operations were found at office premises. It was later ...

Two more HP industrial areas included in concessional food parks list

The Centre has included two newly developed industrial areas of Himachal Pradesh in the consolidated list of designated food parks under concessional credit scheme of NABARD, a top state official said Saturday. Pandoga in Una district and Kandrori in Kangra district have beenin the consolidated list of designated food parks under concessional credit scheme, Himachal Chief Secretary BK Agarwal said. The Biotechnology Park at Auduwal in district Solan was already in the list. This would give a fillip to the industrial activities in the state and would attract more investors, he added. The matter was raised with the Food Processing Secretary during a meeting last month, he said adding that the union government now conceded the request. After the notification food/agro processing units will be set up in these state of art industrial areas in Pandoga, Kandrori and Biotechnology Park at Auduwal, he said adding that these food parks would be eligible for concessional credit from NABARD and ..

Julius Baer in talks with Santander over Venezuela business: sources

ZURICH (Reuters) - Swiss private bank Julius Baer is in talks about transferring its Venezuelan book of business to Spain's Banco Santander as Baer reorganises operations in Latin America, sources close to the situation have told Reuters.

Huawei CFO accused of Iran sanctions cover-up; hearing adjourned for Monday

US prosecutors argue that Meng was not truthful to banks who asked her about links between the two firms

Petrol prices down nearly 15% from record levels

Petrol prices across the four metros have declined by nearly 15 per cent from the record high levels they had reached in October.

CM to inaugurate global textile expo in Coimbatore on Jan 27

: Tamil Nadu Chief Minister K Palaniswami is to inaugurate the Global Textile Expo here on January 27. Announcing this to reporters, chairman of the Textile Sector Skill Council T Rajkumar said a programme to upgrade the skills of 1.5 lakh weavers and workers in the textile industry would be held as part of the exhibition. He said the council would train 25,000 handloom weavers,, 50,000 in powerloom sector, 25,000 in spinning mills, 15,000 in knitting and 10,000 workers in processing under different courses. Rajkumar said the weavers and textile workers attending the course would be given a certificate, which would help them get subsidised loans and the benefits of the Centre's scheme of 75 per cent financial assistance to set up looms. Chief executive officer of the council Dr J V Rao said the 'Recognition of Prior Learning' scheme helped handloom weavers get educated in digital learning, mobile banking, importance of e-commerce and awareness on health and hygiene in .

J-K records 79.9 pc voting in penultimate phase of panchayat polls

Jammu and Kashmir recorded 79.9 per cent voting Saturday in the penultimate phase of the nine-phased panchayat polls, state electoral officer Shaleen Kabra said. A massive 85.1 per cent polling was witnessed in five districts of Jammu division, while encouraging 49.6 per cent was witnessed in five districts of Kashmir division, he said. The voting in the eight phase began at 8 am at 2,633 polling stations - 550 in Kashmir division and 2,083 in Jammu division and ended peacefully at 2 pm. The highest 89.8 per cent was recorded in Reasi district of Jammu region, while the lowest 9.1 per cent was registered in Budgam district of central Kashmir, Kabra said. He said Jammu recorded 84.8 per cent followed by Kathua and Samba -- 84 per cent each, and Rajouri -- 82.4 per cent. In the Kashmir Valley, Baramulla topped the turnout chart with 56.9 per cent followed by Kupwara -- 53.8 per cent, Bandipora -- 18 per cent and Srinagar -- 11.6 per cent, Kabra said. He said 6,304 candidates were in the

China warns Canada of consequences if does not release Huawei CFO

BEIJING (Reuters) - China's foreign ministry called on Canada to immediately release Huawei Technologies Co Ltd's chief financial officer on Saturday, warning that otherwise it would face consequences.

No GST on sale of flats with completion certificate: Government

The government on Saturday said that buyers of real estate properties will not have to pay Goods and Services Tax (GST) if they purchase the fully constructed property after the issue of completion certificate.

Continental to turn to software takeovers after Powertrain IPO: report

FRANKFURT (Reuters) - German car parts maker Continental is considering acquiring software makers after the flotation of its Powertrain unit expected in the second half of 2019, its Chief Financial Officer Wolfgang Schaefer told Boersen-Zeitung.

Qatar Petroleum to buy stake in ExxonMobil Mozambique blocks

CAIRO (Reuters) - Qatar Petroleum said on Saturday it had agreed to buy a 10 percent participating interest in three of ExxonMobil's offshore exploration blocks in Mozambique's Angoche and Zambezi basins.

Gold worth Rs 21 cr seized, 4 arrested

Around 66 kg of foreign-origin gold, valued at over Rs 21 crore, was seized in two different search operations and four persons were arrested, an official said on Saturday.

Deadline for filing annual GST returns extended till March 31

The government has extended the last date of filing annual Goods and Services Tax (GST) returns by three months till March 31, 2019 providing much-needed relief to businesses struggling to comply with the year-end deadline.

Gold, silver rise on positive global cues, strong demand

Taking positive leads from the global market amid firm demand from local jewellers, gold prices surged Rs 890 to Rs 32,350 per 10 grams at the bullion market during the week. Similarly, silver climbed Rs 1,940 to Rs 38,500 per kg on higher demand from industrial units and coin makers. Traders said a positive trend in the overseas market lifted gold prices here. Globally, gold ended the week at USD 1,247.46 per ounce and silver at USD 14.62 an ounce in New York. A considerable increase in demand from jewellers and retailers at the domestic spot market added to the momentum, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity started the week on a positive note. Except Tuesday and Friday, gold prices moved northwards through the week to end at Rs 32,350 and Rs 32,200 per 10 grams respectively, climbing Rs 890 each. Sovereign ended at Rs 25,000 per piece of 8 grams, showing a rise of Rs 100. In line with the overall trend, silver ready traded in the green ..