Page 1625 - Business Finance
India's domestic air traffic grows in double digit for 50th month
India's domestic air passenger traffic grew in double digit for the 50th consecutive month in October, a global airline association said on Thursday.
Tripura seeks Amul help to develop dairy industry
Tripura Chief Minister Biplab Kumar Deb on Thursday sought help from Amul India Ltd for developing dairy industry in the state. A delegation of Amul India, headed by senior dairy expert S T Deshai called on Deb at his office and discussed the prospects of developing the dairy industry and milk-based economy in the state, a press statement said. The chief minister hoped that help from Amul will help in solving unemployment to some extent besides fulfilling the state's demand for milk, it said. Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) is the largest food company marketing milk and milk products under the brand name of Amul. Deb also said his government wants to share experiences in running dairy industry with Amul which has a vast experience in the sector. The CM sought help from Amul to implement his plan of distributing 10,000 cows to farmers in rural Tripura. The state government had last month that it would launch a scheme for distributing 10,000 cows ..
Uncooperative attitude of bankers hurting exports: FIEO
Exporters body FIEO Thursday said the uncooperative attitude of state-owned bankers is hurting exports and it would not be possible to increase shipments without adequate credit support. Federation of Indian Export Organisations (FIEO) President Ganesh Gupta demanded quick resolution of bank credit issues to push the country's exports. "PSU banks officials including MDs, EDs, GMs, AGMs are not accessible to exporters, particularly from the MSME sector. This has tightened the hands of these exporters to take orders as they are not able to discuss issues and challenges with regard to availability and cost of credit to the exports sector," he told reporters here. He added that the efforts of Commerce Minister Suresh Prabhu, who is taking several steps to promote exports, would not fructify if banks fail to lend adequate funds to exporters at affordable rates. While the government is pushing the Digital India initiative and paperless transactions, the banks are demanding bundles of ...
Muthoot Finance net profit up 9% at Rs 483 crore in Q2
Muthoot Finance Thursday posted a 9 per cent rise in standalone net profit to Rs 483.83 crore in the second quarter ended September 2018. Its net profit stood at Rs 445.71 crore in the corresponding period a year ago. Total income, however, fell to Rs 1,650.11 crore during the reported quarter as against Rs 1,661.86 crore in the same period of the previous fiscal, the company said in a regulatory filing. Stock of the company closed 7.10 per cent down at Rs 415.90 on the BSE.
Exim Bank extends USD 500 mn loan to Tanzania for water projects
Export-Import Bank of India (Exim Bank) has extended a credit facility of USD 500 million (about Rs 3,542 crore) to Tanzania for water supply projects in the African country. Exim Bank signed an agreement on May 10, 2018, with the Tanzania government for making available to the latter a Government of India-supported line of credit of USD 500 million for the purpose of financing water supply schemes, the RBI said in a release. Under this agreement, of the total credit by Exim Bank, goods and services of value of at least 75 per cent of the contract price shall be supplied by the seller from India, the central bank said. The remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India. The RBI said that the agreement under the line of credit is effective from September 18, 2018.
UPL makes new appointments post acquisition of US-based Arysta
Agri-chemical major UPL Ltd Thursday announced new appointments in leadership positions post its recent big-ticket acquisition of US-based Arysta Life Science Inc for USD 4.2 billion (around Rs 29,700 crore) in an all-cash deal. The appointments will be effective after the completion of the proposed transaction, which is subject to obtaining various regulatory approvals and the satisfaction of other customary closing conditions, it said in a statement. The new executive team will be led by Jai Shroff, currently the Global CEO of UPL Ltd. Vikram Shroff will continue as executive director of UPL Ltd, which is one of the fastest growing agri-input companies in world with strong presence in the seeds, plant nutrition, crop protection and post-harvest food preservation value chains. "Diego Casanello, currently president of Arysta LifeScience, will take over as the COO for the crop protection business for new UPL. Ajit Premnath, currently, the COO of the crop protection business at UPL, ...
OPEC looks to cut oil production to support falling price
OPEC countries were gathered Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and key ally Russia would agree to cut production by at least 1 million barrels per day. Crude prices have been falling since October because major producers including the US are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand. The price of oil fell 22 percent in November and was down again on Thursday amid speculation that OPEC's action might be too timid to support the market. Saudi Arabia, the heavyweight within OPEC, said Thursday it was in favor of a cut. "I think a million (barrels a day) will be adequate personally," Saudi oil minister Khalid Al-Falih said upon arriving to the meeting in Vienna. That, he said, would include production for both OPEC countries as well as non-OPEC countries, like Russia, which have in recent years been coordinating their production limits with the cartel. That view was ...
China demands release of Huawei executive arrested in Canada
China on Thursday demanded the immediate release of Meng Wanzhou, the Chief Financial Officer (CFO) of tech giant Huawei, whose arrest could escalate into a major diplomatic incident.
Zydus Wellness to raise Rs 2,575 cr through share sale to investors
Zydus Wellness Thursday said it is planning to raise Rs 2,574.99 crore through issue of shares on a preferential basis to fund the acquisition of Heinz India. The Zydus group firm's board Thursday approved issuing equity shares of face value of Rs 10 each on a preferential basis to Cadila Healthcare, True North, Pioneer Investment Fund and Zydus Family Trust, Zydus Wellness said in a filing to the BSE. The board has also given its nod to raise debt by issuing listed, secured, redeemable, non-convertible debentures on a private placement basis for an amount up to Rs 1,500 crore anytime within a year from the date of passing the special resolution, it added. The company plans to issue 72,35,890 shares to True North for Rs 999.99 crore, 7,23,589 shares to Pioneer Investment Fund for 99.99 crore, 85,02,170 shares to Cadila Healthcare for Rs 1,174.99 crore and 21,70,767 shares to Zydus Family Trust for Rs 299.99 crore, Zydus Wellness said. The fund raise is for funding the acquisition of ..
OPEC agrees tentative oil cut, waits for Russia to commit
VIENNA (Reuters) - OPEC tentatively agreed an oil-output cut on Thursday but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.
Explainer: What is China's Huawei Technologies and why is it controversial?
(Reuters) - The arrest in Canada of Meng Wanzhou, a top executive at China's Huawei Technologies Co Ltd and daughter of the founder and CEO, jolted the global business community on Thursday and raised fears that a truce in the U.S.-China trade war could come to a swift end.
Alpha Design keen to partner with Adani Defence for Navy chopper upgrade
With the Navy embarking on an upgrade programme of a fleet of anti-submarine helicopters, Bengaluru-based defence equipment manufacturer Alpha Design Technologies Pvt Ltd has offered "its expertise" in partnership with Adani Defence.
Jet Airways to pay salaries in instalments to senior staff till April
Crisis-hit Jet Airways will pay salaries to its senior staff, including pilots, in instalments till April, sources said. The full service carrier, which has been grappling with financial woes, would give this month 75 per cent of the October salary, of which 25 per cent is expected to be credited on Thursday, they added. The sources said the payment schedule was discussed with pilots during their meeting with Jet Airways CEO Vinay Dube. As per the latest schedule, salaries would become current from April 2019 and 100 per cent of March salary would be paid in April itself, they added. According to the sources, 25 per cent of the October salary as well as 75 per cent of the November salary would be paid in January. Further, 25 per cent of the November pay along with full December salary would be given in February. Around 25 per cent of the January salary would also be paid in February, the sources said. They also said that 75 per cent of the January pay and full salary of February would
Gold dips but holds near five-week high as stocks sag
BENGALURU (Reuters) - Gold prices were slightly lower on Thursday as the dollar firmed on renewed trade tensions, but a decline in global equities helped keep prices near the more than one-month high hit this week.
Ride-hailing firm Lyft Inc files for IPO
(Reuters) - Ride-hailing company Lyft Inc beat bigger rival Uber Technologies in filing for an initial public offering that will test investor appetite for high-profile but loss-making technology companies.
Highway construction rate to peak at 30-32 km/day in FY'19: Report
Highway construction will increase up to 30-32 km per day in the current fiscal, as execution of projects is likely to pick up in the remaining months, CARE Ratings said Thursday. However, it said overall pace of construction is expected to decline in 2019-20 on account of funding shortage for new projects. "Despite slowdown in construction rate to 23 km/day for the first seven months of the year due to monsoon and seasonal disruption, we expect execution to pick up over the next four months, which would push overall road construction rate to an all-time high in 2018-19," CARE Ratings said in a statement. The current fiscal ends on March 31, 2019. Although, NHAI would be able to collect toll on hybrid-annuity model (HAM) projects achieving completion by 2018-19, there would be cash flow mismatch for the company during ramp-up of these projects, the rating agency said. It said factors like delay in obtaining pre-requisite land for new projects under engineering, procurement and ...
Sensex tanks over 570 points fearing oil output cut, trade war (Roundup)
Fears over a rise in global trade protectionist measures and a possible crude oil production cut by the OPEC pulled the barometer S&P BSE Sensex index lower by over 570 points on Thursday.
Trading Trump: Wall Street stresses over White House comments
NEW YORK (Reuters) - JPMorgan Chase & Co's trading desk was not buying what U.S. President Donald Trump was selling this week.
India to import Iranian oil using rupee payment mechanism: source
NEW DELHI (Reuters) - India will import crude oil from Iran using a rupee-based payment mechanism, an industry source involved in discussions told Reuters on Thursday, adding that 50 percent of those payments will be used for exporting items to Tehran.
Debt-ridden Pakistan seeks $2 billion commercial loans from China
Islamabad is seeking commercial loans of $2 billion from Beijing amid the debt-ridden country seeking a bailout package from International Monetary Fund (IMF). China has already refused to provide balance of payment (BoP) support to Pakistan.Business Recorder said in a report: "According to well-informed sources, a technical team of the State Bank of Pakistan and Finance Ministry paid a visit to China recently to talk about various modalities of loans and interest rate, however, an agreement wasn't inked because of differences and conditions imposed."It added: "Islamabad had reached out to Beijing for $3 billion BoP support and after the conclusion of Prime Minister Imran Khan's visit a technical team including Secretary Finance Arif Khan and State Bank of Pakistan (SBP) Governor Tariq Bajwa held talks with Chinese authorities but the result of the negotiations bore no fruit".Reportedly, the meeting between the two sides ended in 30 minutes and the Chinese officials' attitude was ...