Page 1616 - Business Finance
Final regulations on e-pharmacy likely by month-end: DGCI
The union government is expected to come out with final regulations for the companies selling medicines online by the end of this month, Drugs Controller General of India Eswara Reddy said Friday. The aim is to regulate online sale of medicines across the country and provide patients accessibility to genuine drugs from authentic portals only. He said they already have examined the comments of stakeholders on draft regulations, which were released in September. "The biggest hurdle for the growth of online pharmacy is that we do not have any regulations. By the end of this month, the government is going to finalise the regulations," he said here at the Global Venture Summit. Currently, there are no regulations for such entities. Regulations will help investors understand risk and benefits of investing in the sector, he added. Currently, the market size of retail sale of medicines is about Rs 1.2 lakh crore. The market size of online sale of medicines is about Rs 3,500 crore, and is ...
Mutual funds' asset base rises 8 pc to Rs 24 lakh crore till Nov-end
Mutual funds' asset base rose to a little over Rs 24 lakh crore by November-end, an increase of 8 per cent from the preceding month, on strong inflow in liquid schemes. Going ahead, industry body Amfi is hopeful that many more investors will choose mutual funds as their preferred option to grow their wealth next year. "As India becomes the fastest growing economy and with inflation rates slowing down, equities are expected to perform better in the near future. We are hopeful that next year, many more investors will choose mutual funds as their preferred option to grow their wealth," Amfi Chief Executive NS Venkatesh said. According to Amfi data, the asset under management (AUM) of the industry, comprising 42 players, climbed from Rs 22.23 lakh crore at the end of October, to Rs 24.03 lakh crore in November-end. The total asset base of all the fund houses put together was Rs 22.79 lakh crore in November last year. The latest inflow was mainly driven by contributions from liquid funds, .
World stocks attempt rebound after selloff
LONDON (Reuters) - World stocks attempted a rebound on Friday with Asian and European markets gaining modestly after the previous day's selloff, while oil prices fell as producers bickered over the details of an output cut.
Rupee claws back some lost ground, rises 23 paise against US dollar
The Indian rupee Friday recuperated by 23 paise to close at 70.67 against the US dollar in line with rally in domestic stocks and positive global cues. Forex dealers said the local unit recovered lost ground tracking weakness in American dollar against some currencies overseas following reports that the Federal Reserve could slow down its pace of interest rate hikes next year. At the Interbank Foreign Exchange (forex), the rupee opened on a firm footing at 70.58 against the US dollar and surged further to touch a high of 70.44 during the day. The local unit finally settled for the day at 70.67, higher by 23 paise over its previous closing price. On Thursday, the rupee fell by 44 paise against the dollar to close at 70.90. The BSE Sensex rallied 361.12 points, or 1.02 per cent, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87 per cent, to 10,693.70. Meanwhile, Brent crude, the international oil benchmark, was trading 0.52 per cent higher at USD 60.37
Once mighty Noble Group faces insolvency protection after re-listing ban
SINGAPORE (Reuters) - Noble Group said on Friday it will seek changes to its original debt restructuring plan, with the spotlight now moving towards what the once mighty commodity merchant has called the alternative: insolvency protection.
Eurostat confirms euro zone GDP, employment growth slows in third quarter
BRUSSELS (Reuters) - The euro zone economy grew at its slowest pace in four years in the third quarter of 2018, while employment growth also eased during the period, data released by the European Union statistics agency Friday showed, confirming earlier estimates.
India Inc's Jan-Nov M&A deal tally at USD 82 bn: Report
Corporate India announced merger and acquisition (M&A) deals worth USD 2.3 billion in November taking the cumulative 11-month deal value to USD 82.1 billion, a report said Friday. According to tax and advisory firm Grant Thornton's latest Dealtracker, November M&A deal tally saw a 27 per cent decline in value terms and 31 per cent drop in terms of number of transactions. In November 2017, there were 39 deals worth USD 3.2 billion. Ultratech Cement's acquisition of Binani Cement was the biggest deal in November. Some of the other major deals announced in November include, Agritrade Resources's acquisition of SKS Power Generation (Chhattisgarh) and Cipla subsidiary InvaGen Pharmaceuticals' acquisition of US-based speciality business firm Avenue Therapeutics. Till November this year, there have been 437 M&A deals worth USD 82.1 billion as compared to 391 deals worth USD 40.08 billion in the same period last year. The year so far has registered 14 deals in the billion-dollar ..
Oil edges higher after Russia indicates larger output cut
LONDON (Reuters) - Benchmark Brent oil edged up on Friday after indications Russia would contribute a bigger output cut than previously suggested to an OPEC and non-OPEC deal, although prospects for an overall agreement still hung in the balance.
Gold set for best week since August, U.S. jobs data eyed
BENGALURU (Reuters) - Gold prices edged higher on Friday and were on track for their best week in 15, as the dollar weakened on renewed speculation of an imminent pause in the U.S. Federal Reserve's tightening cycle.
VW says can build up to 15 million cars on electric car platform
FRANKFURT (Reuters) - Volkswagen on Friday said it can build up to 15 million electric cars using its new MEB vehicle platform, revealing the extent of the carmaker's push to mass produce zero-emission vehicles.
Wall Street Week Ahead: Licking their wounds, fund managers prep for rally in 2019
NEW YORK (Reuters) - With bond and equity markets from the United States to emerging markets all on pace to lose money this year, investors have not seen this much red on their screens since 1972, the last time no asset class returned at least 5 percent.
Low derivatives participation due to lack of hedging culture:
Lower investor participation in the derivatives market maybe due to absence of a culture of hedging, a Reserve Bank official said. In terms of interest rate derivatives, apart from overnight index swaps (OIS), which has some volumes, there is not much traction in other exchange-traded or over-the-counter (OTC) derivatives market in the country, the official said. "One reason why the participation is not happening, I don't know whether it is a cause or effect, is the absence of hedging culture," RBI chief general manager (financial markets regulation department), T Rabi Sankar, said at a CII financial market summit. Recently, RBI came out with a draft guideline to allow non-residents to hedge their rupee interest rate risk flexibly using any available interest rate derivatives (IRD) instrument. Sankar said one of the issuse that needs to be addressed in the government securities market is investor diversity. "Some amount of diversification is happening. We are trying to ..
Board of Punjab & Sind Bank to consider QIP issue up to Rs 500 cr
On 12 December 2018
Board of Alna Trading & Exports approves change in compliance officer
At meeting held on 07 December 2018
Krishnamurthy Subramanian appointed as new Chief Economic Advisor
The Appointments Committee of the Cabinet (ACC) on Friday approved the appointment of Dr. Krishnamurthy Subramanian as the new Chief Economic Advisor (CEA) for a term of three years."The Appointments Committee of the Cabinet (ACC) has approved the proposal for the appointment of Dr. Krishnamurthy Subramanian, Associate Prof. & ED (CAF), ISB, Hyderabad to the post of Chief Economic Adviser (CEA) in Level 17 of the Pay Matrix as per the r CPC (Rs.2,25,000/- fixed), on contract basis, for a period of 03 years w.e.f. the date of his assumption of charge of the post, or until further orders, whichever is earlier," a statement read.This comes nearly six months after former CEA Arvind Subramanian stepped down from the post at the end of his term owing to "pressing family commitments", Finance Minister Arun Jaitley had confirmed in a Facebook post. While Arvind's term was originally slated to be over in October 2017, he was given a year's extension by the Ministry of Finance.Krishnamurthy
Baring Private Equity Asia to buy Japan's Pioneer for $900 million
TOKYO (Reuters) - Baring Private Equity Asia will buy cash-strapped Japanese electronics firm Pioneer Corp for $900 million, in a two-stage investment that marks the latest attempt by the country's car navigation system makers to survive.
Oil Minister Dharmendra Pradhan hopes OPEC will remember consumers when cutting output
NEW DELHI (Reuters) - Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production.
Significant beneficial owner: Sebi comes out with disclosure format
Listed companies will have to make disclosures about details pertaining to significant beneficial owners in a prescribed format, markets regulator Sebi said on Friday. This will come into effect from the quarter ended March 31, 2019, the Securities and Exchange Board of India (Sebi) said in a circular. As per Sebi, listed entities need to disclose details such as name, PAN and nationality of the significant beneficial owner as well as registered owner. Among other disclosures are details of the shares in which significant beneficial interest is held by the beneficial owner and date of acquisition of significant beneficial interest. The move is aimed at bringing transparency to investors. Significant Beneficial Owner (SBO) is a person who is not a registered shareholder of the company but the person either individually or jointly owns at least 10 per cent stake in the company or directly or indirectly exercises significant control over the company.