Page 1646 - Business Finance
Fusion Microfinance raises Rs 520 cr in Series E funding
Microfinance firm Fusion Microfinance on Tuesday said it has raised Rs 520 crore investment in its Series E funding round led by Warburg Pincus, a global private equity firm.
Wall Street drops on trade truce doubts, bond market jitters
(Reuters) - Banks led Wall Street lower on Tuesday, as a decline in U.S. bond yields set off warning lights about slowing growth, while industrial and technology stocks fell on skepticism over the chances of a breakthrough in the U.S.-China trade talks.
HC grants interim bail to company executives in Rs 1,137 cr cheating case
The Madras High Court Tuesday granted interim bail to the erstwhile directors of Disc Assets Lead India Limited in a Rs 1,137 crore cheating case against them. A division bench comprising Justice M Sathyanarayanan and Justice N Seshasayee granted the relief to former managing director V Janarthanan and directors N M Umashankar and N Arun after they gave an undertaking to hand over the original title deeds of various properties to the court-appointed administrator Justice (retired) N Paul Vasanthakumar. The bench also directed them to furnish a bail bond for Rs 25,000 each with two sureties and also with an assurance to extend co-operation with the investigating agency and to appear on every first working day of the calendar month until further orders. The matter relates to alleged cheating of 12 lakh depositors of their investment to the tune of over Rs 1,137 crore by the Madurai-based Disc Assets, which was formerly into agricultural business, after offering farm land for purchase on
Axis Capital MD & CEO Dharmesh Mehta quits
Dharmesh Mehta has stepped down as the managing director and chief executive of Axis Capital to "pursue other interests", an official statement said Monday. The investment banking arm of the third largest private sector lender has elevated Salil Pitale and Chirag Negandhi as joint managing directors and co-chief executive officers, it said. Mehta has reportedly put in a bid to acquire the broking and investment banking division of IDFC Bank and was asked to proceed on leave by Axis Bank. ***************** Shriram EPC bags 2 orders worth Rs 225.71 cr * Engineering services firm Shriram EPC Tuesday said it has secured two separate orders worth Rs 166.16 crore and Rs 59.55 crore from the Jharkhand Urban Infrastructure Development. The scope of work of this order involves augmentation and strengthening of Dhanbad Water Supply Scheme - Phase 1 under Dhanbad Municipal Corporation and Water supply system for Khunti Nagar Panchayat(Jharkhand), a release said ...
TCS launches intelligent power plant solution
Largest software exporter TCS Tuesday said it has launched an intelligent power plant solution to digitally transform utilities' operations. The solution will support critical plant assets for uninterrupted power generation, improve operational efficiency, and minimise emissions, an official release said. ******************* Allcargo joins hands with JNPT, Cidco for skill development * Logistics player Allcargo has entered into a pact with country's largest container port JNPT and nodal development body Cidco to enhance employment opportunities for underprivileged youth in port and maritime logistics. The company will set up a skill development centre at Uran where the youth will be provided skill-based training at the Centre to boost their employability opportunities in the domestic port and maritime logistics sector, an official statement said. ******************* HDFC Bank to hold 12th edition of blood donation drive Friday * Largest private sector lender HDFC Bank ..
Axis Capital CEO Dharmesh Mehta steps down
Leading Investment Bank Axis Capital Tuesday said its MD & CEO Dharmesh Mehta has stepped down. The bank also said it has elevated Salil Pitale and Chirag Negandhi as Joint Managing Directors and Co-Chief Executive Officer. Pitale and Negandhi's appointment will be with immediate effect, the company said in a statement. "Dharmesh Mehta, MD & CEO of Axis Capital today submitted his resignation, having decided to pursue other interests," the company said. The Board of Axis Capital in a meeting held today accepted Mehta's resignation. It further said: "The Board has decided to elevate Salil Pitale and Chirag Negandhi as Joint Managing Directors & Co-Chief Executive Officer". However, their elevation will be subject to requisite regulatory approvals, it added. Both are currently Co-Head of Investment Banking at Axis Capital since 2016. Pitale has been with Axis Capital and Axis Bank since 1999, and has led several sector practices for the investment bank. While, Negandhi is ...
Tata Motors plans large-scale overhaul of its sales network
Auto major Tata Motors is planning a large-scale overhaul of its sales network across the country over the next one year as it prepares to bring in new products, including premium SUV Harrier, a top company official Tuesday said. The company, which plans to have all its future products on just two platforms -- Omega and Alpha, currently has around 790 dealerships across the country. "We acknowledge that our showrooms and workshops need complete overhauling and accordingly we have hired a global consulting agency to look into upgrading all our showrooms," Tata Motors President Passenger Vehicles Business Unit Mayank Pareek told PTI in an interview. The work on upgrading the showrooms starts from next month and would go on for at least one year, he added. It would include bringing in new technologies, enhancing ambience and workforce across the dealerships, he added. "We have decided to have wi-fi in all the showrooms. There should be lounge where you can come and sit and not just ...
Thomson Reuters to cut 3,200 jobs in next two years
TORONTO (Reuters) - Thomson Reuters Corp said on Tuesday that it will cut its workforce by 12 percent in the next two years, axing 3,200 jobs, as part of a plan to streamline the business and reduce costs.
UAE and India sign 35 billion rupees currency swap agreement
ABU DHABI (Reuters) - India and the United Arab Emirates on Tuesday signed a currency swap agreement to boost investment and enable direct trade without using dollars or other international currencies.
UK bags major sheep-meat export order from India
The UK's lamb industry has bagged a lucrative export order to deliver sheep-meat to India, a promising new market for its product. The Agriculture and Horticulture Development Board's (AHDB) exports division said a range of different cuts of sheep-meat will be covered by the agreement, which is likely to be worth about 6 million pounds over the next five years. According to Farmers Weekly', the new agreement follows a series of inspections and negotiations led by the UK's Department for Environment, Food and Rural Affairs (DEFRA) alongside AHDB, the Food Standards Agency (FSA), the UK Export Certification Partnership (UKECP), the Department of Agriculture, Environment and Rural Affairs (DAERA), the Animal and Plant Health Agency and other organisations. "Despite India currently only representing a small market for our sheep-meat exports, it has the potential for future growth due to its growing population and income," said AHDB international market development director Dr Phil ...
HCL Tech opens delivery centre at Adelaide
Indian IT services company HCL Technologies on Tuesday announced the opening of a new delivery centre in Adelaide, with signing a six-year contract with Australian agri-business firm Elders. "HCL will work with Elders to achieve their vision of an agile IT environment that supports future business growth and delivers quality service to clients across Australia and internationally," an HCL statement said. Initially, HCL will help create 50 jobs in the region, the statement said, adding that the Indian major currently employs over 1,600 professionals in the Australia region. "Our growing relationship with Elders over the past two years has brought us to Adelaide with the opening of our new office here. The opening of this office reiterates the strategic importance of South Australia in HCL growth strategy and restates our commitment to the region at large," Michael Horton, Senior Vice President, Australia, HCL Technologies said.
November GST revenue falls short, will meet annual target: Official
Despite falling short in the GST collections for last month, the government on Tuesday said it is confident of meeting the collection target for the current fiscal.
Chopper firm Fly Blade forays into India in JV with Hunch
US-based helicopter transport services provider Fly Blade Tuesday announced its foray into the domestic aviation market in a joint venture with equity investment firm Hunch Ventures. As part of its plans, the Indian subsidiary plans to offer intra-city as well as inter-city helicopter charter services, starting March next year, Blade India chief executive and former chief executive officer of budget carrier Air Asia India Amar Abrol said. The firm will be connecting Mumbai to Pune and Shirdi with heliports, departing from Juhu and Mahalaxmi, he said. "There is neither intra-state connectivity nor within the city, where commuting consumes a lot of time. So, there exists a huge opportunity. We are going to cut that travel time significantly," said Abrol. The digitally powered-aviation company, Blade, is the largest arranger of helicopter flights for civilian travel in the United States. This would be the first time the company is venturing out of the US. Blade India is ...
S&P downgrades Tata Motors, JLR credit ratings
Homegrown auto major Tata Motors Tuesday said S&P Global Ratings has downgraded the credit rating of the company and its British arm Jaguar Land Rover Automotive Plc. Tata Motors' issue credit rating and senior unsecured notes rating have been been revised to 'BB-/negative watch' from the existing 'BB' due to weaker profitability at JLR, the company said in a regulatory filing. Similarly, the issuer credit rating and senior unsecured notes rating of JLR have been revised to 'BB-/Negative Watch' from 'BB' due to weaker profitability, it added. As per S&P, a 'BB' rating indicates an entity's possibility of facing major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation. Last month, Moody's Investors Service had changed Tata Motors' rating outlook to negative from stable, citing expectations of weak operating performance of JLR. In the ...
Uber launches bus-booking service in Egyptian capital
CAIRO (Reuters) - Uber Technologies Inc has launched a bus-booking service in Cairo, the company's chief executive said on his first visit to Egypt on Tuesday, as the company aims to tap a sprawling low-income market.
France's Iliad seeks to revive sales with high-end set-top box
PARIS (Reuters) - Telecom operator Iliad unveiled on Tuesday a new high-end set-up box with luxury audio speakers and embedded video applications which it sees reviving sluggish sales in France.
Jet Airways nears funding deal with Etihad: CNBC-TV18
(Reuters) - Debt-laden Indian carrier Jet Airways Ltd is close to finalising a deal under which shareholder Etihad Airways will inject fresh funds, news channel CNBC-TV18 reported late on Tuesday, citing sources.
UAE and India sign currency swap agreement
ABU DHABI (Reuters) - India and the United Arab Emirates on Tuesday signed a currency swap agreement in a further sign of advancing strategic cooperation between the two countries.
Thomson Reuters to cut workforce by 3,200 or 12 percent by 2020
TORONTO (Reuters) - Thomson Reuters Corp said on Tuesday that it will cut its workforce by 12 percent by 2020, axing 3,200 jobs, as part of a plan to streamline the business and reduce costs.
Fact-finding committee set up to examine working of JKPCC
Authorities Tuesday constituted a fact finding committee to look into the affairs of Jammu and Kashmir Projects Construction Corporation Limited (JKPCC), an official spokesperson said. Divisional commissioner Sanjeev Verma, commissioner secretary revenue Shahid Anayatullah, managing director JKPCC M Raju among others will be the members of the committee, he said. Principal Secretary, Planning, Rohit Kansal said the committee would look into the matters regarding process of awarding contracts, diversion of funds from one project to another, irregularities in appointments at various levels, inefficiency in functioning and cost overruns in implementation of the project, maintaining discipline in the corporation and delivery of quality work. Raju was directed to prepare a detailed report on the pending and ongoing projects, their estimated cost, funds being spent on them and the process of tendering and appointments among others, the spokesman said.