Page 1648 - Business Finance
Maharashtra farmer donates pittance earned from onion sale to PMO
In an unusual form of protest, a Maharashtra farmer donated a paltry sum earned from selling his onion crop at a huge loss to the Prime Minister's Relief Fund, officials said here on Tuesday.
Gold scales five-week peak, palladium close behind
BENGALURU (Reuters) - Gold rose to its highest in more than five weeks on Tuesday as the dollar sagged after the United States and China agreed a 90-day pause on fresh trade tariffs, while palladium hit a record high, leaving it about $4 short of parity with bullion.
Daimler raises prospect of boosting stake in Chinese partner: Bloomberg
(Reuters) - Germany's Daimler AG has raised the prospect of increasing its stake in a joint venture with Chinese partner BAIC Motor Corp <1958.HK>, Bloomberg reported https://www.bloomberg.com/news/articles/2018-12-04/daimler-is-said-to-float-plan-to-increase-stake-in-china-venture on Tuesday, citing people familiar with the matter.
EU strikes deal on bank reform, few technical details remain
BRUSSELS (Reuters) - European Union finance ministers struck a deal on a major reform of banking rules on Tuesday, addressing some of the loopholes exposed by the global financial crisis.
Sensex, Nifty snap 6-day gaining streak, all eyes on monetary policy (Roundup)
The Indian equity market snapped its six-day gaining streak on Tuesday amid caution ahead of the RBI's monetary policy announcement.
SEBI panel proposes direct listing of Indian firms on foreign bourses
An expert committee set up by the Securities and Exchange Board of India (SEBI) on Tuesday recommended that the market regulator allow listing of Indian companies on foreign exchanges even without getting listed in India.
WTO to set up dispute panel in India-US case on steel, aluminium duties
The dispute settlement body of World Trade Organisation (WTO) has agreed to set up a panel to assess if high customs duties imposed by the US on certain steel and aluminium products infringes global trade norms, an official said. India had approached Geneva-based WTO for setting up of the dispute panel as both the countries failed to resolve the issue in a bilateral consultation process under the dispute settlement mechanism of the WTO. "The dispute settlement body has agreed to establish a panel to rule whether additional duties imposed by the US on imports of certain steel and aluminum products comply with WTO rules," the official added. Consultation is the first step of the dispute settlement process at the WTO. If the two countries are not able to reach a mutually agreed solution through consultation, a country can request for a WTO dispute settlement panel to review the matter. Imposition of high import duties on these items by the US has impacted exports of these products by ...
MFIs in Bengal see 50pc dip in bank credit in Oct-Dec
Bank credit to Micro Finance Institutions (MFI) is likely to decline by 50 per cent in the third quarter of the current fiscal, an official said on Tuesday. Bank finance typically accounts for 50-70 per cent of MFI credit. "Since September, bank finance has dried up. We estimate that on an average, there is a decline of 50 per cent to the MFI sector in West Bengal," Association of Microfinance Institutions-West Bengal Chairman A K Maity said. He was speaking at a programme to announce the 4th Eastern India Microfinance Summit 2018 on December 14. However, association secretary and Uttarayan MFI MD, Kartick Biswas said impact of liquidity crisis is not across the board, and banks are extending credit based on individual balance sheet. The outstanding loan book of 36 MFIs under the association is Rs 27,000 crore. Biswas said most of MFI growth takes place in the fourth quarter and he expects the liquidity situation to ease in the January-March quarter.
Sorrell's new S4 bolsters digital ad skills with MightyHive deal
LONDON (Reuters) - Martin Sorrell's S4 Capital has agreed to buy San Francisco-based programmatic ad firm MightyHive for an enterprise value of $150 million, funded by the issue of new shares worth 74 million pounds ($94 million).
S&P cuts credit rating on Tata Motors citing JLR weakness
(Reuters) - S&P Global Ratings on Tuesday downgraded the credit rating of Indian automaker Tata Motors Ltd and its unit Jaguar Land Rover Automotive Plc (JLR), citing weaker-than-expected profitability at JLR.
Kesoram Industries to hive off tyres business, list new entity
BK Birla group firm Kesoram Industries said Tuesday it will spin off its tyres business into a separate entity, which will become a publicly traded company. The board of directors of the company at its meeting held Tuesday approved the proposal to demerge the tyres business into a new entity, Birla Tyres Ltd, Kesoram Industries said in a regulatory filing. "The demerger proposed is part of an ongoing exercise undertaken by Kesoram over the past few months in further realigning and recalibrating operations," it said. For BTL, the company said the move would open new growth vistas as it looks at opportunities with renewed vigour, it added. "The process is expected to act as a stimulant for further investments into BTL," the filing said without elaborating. Upon grant of requisite approvals, BTL will also become a listed company with its shareholding pattern mirroring Kesoram, it said. As on quarter ended September 2019, promoters held 53.18 per cent stake in Kesoram Industries and ...
Tata Sons chairman meets Captain, to expand presence in Punjab
Encouraged by the positive stimulus given to industry by Chief Minister Captain Amarinder Singh led Congress government, Tata Sons is looking to expand its Taj Group of Hotels portfolio in the state in a big way."The company has identified 10-15 projects for expanding its business in the state. Its chairman Natarajan Chandrasekaran informed Chief Minister Captain Amarinder Singh at a meeting here on Tuesday," said an official statement issued from the Chief Minister's Office (CMO).The Chief Minister, during the meeting, asked Tata Sons to come out with a detailed project report (DPR) for its proposed project on rejuvenation of 'Chhoti Nadi' and 'Badi Nadi' river bodies in Patiala. He handed over to the company chairman a formal letter of mandate for the same. The preliminary cost of the project is estimated at Rs 550 crore, with a maintenance period of 10 years.According to the statement, Tata Sons chairman also agreed to explore the Chief Minister's suggestion of setting up an auto ..
Board of Inditrade Capital approves execution of MoU with Robocash for JV
At meeting held on 04 December 2018
Koinex ventures into Blockchain with new development centre in Bengaluru
Digital assets exchange firm Koinex on Tuesday announced its foray into the Blockchain solutions with the opening of a new development centre in Bengaluru.
Alcobrew Distilleries to invest Rs 100 cr in branding, setting up manufacturing unit
Alcobrew Distilleries Tuesday said it plans to invest Rs 100 crore to set up a new manufacturing unit as well as in brand promotion. The company said the proposed investment would help the company double its business in next 2-3 years. "Investment of Rs 100 crore will help us double our business in the coming 2-3 years," said Alcobrew Distilleries Chairman and MD Romesh Pandita. The company plans to raise Rs 65 crore through debt and Rs 35 crore from its reserves to fund the investment, Alcobrew Distilleries said in a statement. The company, which has received a letter of intent from Himachal Pradesh government to set up a malt distillation and saturation plant, said it aims to focus on premium and semi-premium whisky segments. "We are also exploring investment and funding opportunities to expand the business and create a high revenue generating organisation," Alcobrew Distilleries Chairman and MD Romesh Pandita said. Alcobrew Distilleries has brands like 'Golfer's Shot' in premium ...
RBI to inject Rs 10,000 cr through open market operations on Thursday
The Reserve Bank of India (RBI) Tuesday said it would inject Rs 10,000 crore into the system through purchase of government securities on December 6 to increase liquidity. The purchase will be made through open market operations (OMOs). "Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank has decided to conduct purchase of ... government securities under open market operations for an aggregate amount of Rs 100 billion on December 6, 2018 (Thursday)," the central bank said. The OMO operation will help ease tight liquidity situation triggered by a series of defaults by group companies of IL&FS. The eligible participants should submit their offers in electronic format on the RBI Core Banking Solution (E-Kuber) system on December 6. The result of the auction will be announced on the same day and payment to successful participants will be made on the following day. The RBI also announced auction of a 12-day ..
S Africa exits recession as govt eyes 2019 polls
South Africa broke free of recession on Tuesday when it reported GDP growth of 2.2 per cent for the third quarter, the statistics authority said, marking a positive economic trajectory ahead of elections. President Cyril Ramaphosa, who took power in February, has pledged to revive the listless economy ahead of polls due in May by attracting USD 100 billion in foreign investment and by fighting corruption. The growth, which contrasted sharply with the second quarter's 0.4 per cent contraction, was driven by a surge in the manufacturing, agriculture and transport sectors, Stats SA said in a statement. The announcement follows a strong week for the local Rand currency which has benefited from a detente in the United States' trade war with China. The Rand currency was the second strongest performing of all developing countries against the dollar since Friday, gaining 1.81 per cent according to Bloomberg. Lukman Otunuga, an analyst at FXTM foreign exchange, said in a note to investors that
New emissions tests brake German car sales again
New car sales in Germany dipped again in November, official data showed Tuesday, as automakers continued to feel the sting from tough new EU emissions tests that have led to production slowdowns. A total of 272,674 new cars hit the road last month, down 9.9 percent year-on-year, the KBA transport authority said. The figure is an improvement however on the 30-percent plunge seen in September when the so-called WLTP emissions tests took effect. A scramble to adapt cars to the new regulations has caused bottlenecks at auto plants, resulting in fewer models hitting the market in recent months although carmakers are gradually catching up. The introduction of the WLTP procedure was spurred by the "dieselgate" scandal that started with Volkswagen's admission in 2015 that it had installed cheating software in millions of diesels to dupe pollution tests. Once popular diesel cars have fallen out of favour since then, losing significant market share to petrol motors. Diesels accounted for just ..
Kesoram to demerge tyre division, help to pare Rs 1000cr debt
B K Birla group company Kesoram Industries on announced demerger of its tyre business in a major second round of restructuring in the wake of unsustainable debt of the company. Kesoram, in a statement, said the company approved the demerger of the tyre undertaking into a new entity, Birla Tyres Limited. "We are open for investors but will continue to be in the business of tyres," Kesoram CFO Radhakrishnan told PTI. Two years ago, the company had sold off the Laksar tyre plant near Haridwar to JK Tyres for close to Rs 2,000 crore in a bid to control its debt of Rs 5,300 crore. The company has been continuously paring debt which currently stands at Rs 3,500 crore, but was grappling to manage it. The turnover of the demerged tyre division is Rs 1453 crores which is 39 per cent of the total company topline as on last fiscal. Approximately Rs 1000 crore debt will get transferred to the demerged tyre company. Kesoram shareholders will get one share of Rs 10 each of Birla Tyres
Incremental credit to MSEs up 5 times to Rs 1.23 lakh crore post GST: SBI study
Incremental credit to micro and small enterprises (MSEs) has increased five times to Rs 1.23 lakh crore in the post-GST period, an SBI research report Tuesday. The credit growth to MSEs is quite stupendous post-GST, the report by SBI Ecowrap said. The Goods and Services Tax (GST), which subsumed most of the indirect taxes, was rolled out in July 2017. For the 15-month period ended post GST, the incremental credit to MSEs (under priority sector) has increased by five times to Rs 1.23 lakh crore compared to Rs 25,700 crore during corresponding period pre-GST, the report said. The deceleration in credit in pre-GST period was partly due to overall slowdown in economic activity, rising NPAs and reclassification of food and agro-processing units from MSME category to agriculture sector (as per the revised priority sector lending guidelines, 2015), it said. "The jump in credit to MSE sector bodes well regarding the formalisation of the Indian economy and hence the ensuing benefits," said ...