Page 1671 - Business Finance
MONITREE designated at The Mumbai Fintech Accelerator Programme
Sumit Chanda, CEO and Founder, MONITREE, a Fintech Start-up specialising in Artificial Intelligence and Machine Learning based Equity Advisory Model called "JARVIS" was recognised by Chief Minister Devendra Fadnavis in launch of the first cohort of the Mumbai Fintech Accelerator Programme here today.JARVIS is a one of a kind advisory model that creates a bespoke equity portfolio for the retail investor.Receiving the recognition, Chanda said, "It is an honour to be receiving this recognition from the Hon'ble CM. It is our vision to take technology to the farthest corner of this beautiful country and change the perception of the retail investor when it comes to equity investments. The idea behind JARVIS is to create a paradigm shifting delivery model where the investment decision making process is completely devoid of human emotions and interference."Having said that, JARVIS and its risk management system is a continuation of our ideology that the customer is king, and we are there at ..
Biryani by Kilo to raise USD 6-8Mn in its series A funding
Biryani by Kilo (BBK), a premium Biryani chain founded in 2015 by two veterans of industry Kaushik Roy and Vishal Jindal is now gearing up to raise around USD 6-8 million for the second time this year.This Series A funding will give a major boost to BBK's expansion plan across India and join the Rs. 100 crs+ topline club by 2020 with its coffers showing healthy profits.BBK has a strategic plan to establish a strong pan-India footprint and expand into select international markets like UAE & UK in the next 3 to 5 years. They aim to build a network of 120+ outlets generating a collective revenue of Rs. 450 crore+ by FY 2022-23.Both Vishal and Kaushik are passionate about the brand and possess ingrained expertise and experience in hospitality operations, strategy and finance. With the support of 450+ team members currently, BBK has already clocked a monthly revenue run rate of Rs. 3 crs+ from 14 outlets in Delhi/NCR, Mumbai, and Chandigarh. Their aim is to achieve Rs. 40 cr.+ in sales
Logistics Data Bank project introduced in KoPT
The Logistics Data Bank (LDB) project was launched in the Kolkata Port Trust (KoPT) on Saturday, which aims to track cargo on a real-time basis. The project was unveiled in July 2016 to make India's logistics sector more efficient through the use of information technology. LDB is being implemented by the Mumbai Industrial Corridor Development Corporation Logistics Data Services Ltd -- jointly (50:50) owned by the Delhi Mumbai Industrial Corridor (DMIC) Trust and Japanese IT services major, NEC Corporation. The initiative is expected to help cut logistics cost, which is high in India at 14 per cent compared to 7-8 per cent in the developed nations. KoPT Chairman Vinit Kumar said the project will make use of the Radio-Frequency Identification (RFID) technology.
Toyota Kirloskar domestic sales dip 16% in November
Toyota Kirloskar Motor (TKM) Saturday reported a 15.8 per cent decline in domestic sales to 10,721 units in November. The company had sold 12,734 units in the same month last year in the domestic market, TKM said in a statement. It exported 669 units of the Etios series last month, compared to 686 units in the same period a year ago. "Fluctuating exchange rates, rising fuel costs and high interest rates have impacted the consumer sentiment in auto industry," TKM Deputy Managing Director N Raja said. Consumer demand has witnessed a downward trend over the festive period as compared to same period last year, he added. "We are trying to maintain lean inventory at dealership to avoid stock pileup. Festive season has not been able to usual spur in customer demand," Raja said.
Maruti Suzuki's November sales down 0.7%
Automobile major Maruti Suzuki India on Saturday reported a decline of 0.7 per cent in its total sales including exports for November.
Honda Cars sales up 10% at 13,006 units in November
Honda Cars India Saturday reported a 10 per cent increase in its domestic sales to 13,006 units in November. The company had sold 11,819 units in the domestic market in November 2017, HCIL said in a statement. "This is largely due to Diwali, which happened in November this year as compared to being in October last year along with continued good performance of all new Amaze and robust sales of models like City & WR-V," HCIL Senior Vice President and Director, Sales and Marketing Rajesh Goel said. The company also exported 543 units last month.
November GST Revenue collection reaches Rs. 97,637 crore
The total gross Goods and Services Tax (GST) revenue collected in the month of November reaches Rs. 97,637 crore of which Central Goods & Services Tax (CGST) stands at Rs. 16,812 crore.The total collection reports State Goods and Service Tax (SGST) worth Rs. 23,070 crore, Integrated Goods and Services Tax (IGST) worth Rs. 49,726 crore (including Rs. 24,133crore collected on imports) and Cess calculated worth Rs. 8,031 crore (including Rs. 842crore collected on imports)."The total number of GSTR 3B Returns filed for the month of October up to 30th November, 2018 is 69.6 lakh," Ministry of Finance noted.The government has settled Rs. 18,262 crore to CGST and Rs. 15,704 crore to SGST from IGST as regular settlement.The total revenue earned by Central Government and the State Governments after regular settlement in the month of November, 2018 is Rs. 35,073 crore for CGST and Rs. 38,774 crore for the SGST.However, Rs. 11,922 crore has been released to the states as GST compensation for
Rohingya crisis: Bangladesh seeks international support
A Bangladeshi diplomat Saturday stressed the need for international help to overcome the Rohingya refugee crisis in the country and said being the largest nation in South Asia, India had a huge role to play in building trust in the region. Shahanaj Akhter Ranu, the political counsellor of the Bangladesh Deputy High Commission in the city, said political stability was necessary for economic growth and the non-state refugee issue was having an impact on the neighbouring country. "We need international help and cooperation to repatriate the Rohingya people to their homeland," she said at the MCCI Logistics Forum. India had more responsibility in building trust in the region, being the largest country in South Asia, Ranu added. Bangladesh had in the past also sought India's support in handling the Rohingya issue by mounting pressure on Myanmar to take back the refugees who had taken shelter in the country. According to the United Nations (UN), nearly seven lakh Rohingya Muslims have fled .
Growth projected at 7.4% for 2018-19, 7.5% for 2019-20: FICCI's Economic Outlook Survey
Further, the quarterly median forecasts indicate a GDP growth of 7.4 per cent in the second quarter of 2018-19. The median growth forecast for IIP was put at 4.6 per cent for 2018-19 by the participating economists, with a minimum and maximum range of 4.5 per cent and 5.4 per cent respectively. The outlook of the participating economists on inflation remained moderate. CPI based inflation has a median forecast of 4.3 per cent for 2018-19, with a minimum and maximum range of 4.0 per cent and 4.8 per cent respectively. Concerns seem evident on external front with median current account deficit forecast pegged at 2.7 per cent of GDP for 2018-19.
Bankers to go on strike on Dec 26
The United Forum of Bank Union (UFBU) - a consortium of nine unions in the banking sector - will strike work on December 26 opposing the merger of Bank of Baroda, Dena Bank and Vijaya Bank, the All India Bank Employees Association (AIBEA) said on Saturday.
Lack of tech innovation ecosystem a challenge for policy makers, industry: CUTS
Due to lack of a robust innovation ecosystem, Indian policymakers and industry need to look at collaborative standard development process for technology development to face global competition, non-profit consumer body CUTS has said in its latest report. It said patents that exist for present communication technologies -- technically called standard essential patents (SEPs) -- are prone to abuse by their owners, and lack of patent among Indian firms has pushed large number of domestic mobile manufacturers into assembling. "...instead of mulling sub-optimal regulation of SEPs, there is a need for policymakers and domestic players in India to utilise the collaborative standards development process as a ladder for growth and leverage it fully to compete in the global market," the CUTS report released on Friday evening said. Studies have concluded that Indian mobile manufacturers invest little in research and development (R&D) and have almost negligible returns from patent royalties ...
Gold declines on weak global cues, low demand
Amid weak cues from the global market and fall in demand from local jewellers, gold prices plunged Rs 390 to Rs 31,460 per 10 grams at the bullion market during the week. Silver also lost Rs 890 to reach Rs 36,560 per kg due to poor offtake by industrial units and coin makers. Traders said a weak trend in the overseas market weighed on gold prices. Besides, a considerable fall in demand from jewellers and retailers at the domestic spot market put pressure on the prices, they said. Globally, gold ended the week at USD 1,221.88 per ounce and silver at USD 14.17 an ounce in New York. In the national capital, gold of 99.9 and 99.5 per cent purity started the week with a gain of Rs 100 each but succumbed to profit-booking and tepid demand to close at Rs 31,460 and Rs 31,310 per 10 grams respectively, showing a fall of Rs 390 each. Sovereign, after remaining steady at Rs 24,800 per piece of 8 grams on Monday and Tuesday on some support, came under pressure and ended with a fall of Rs 100 at
Escorts reports 56.4% increase in tractor sales at 8,005 units in Nov
Farm equipment maker Escorts Saturday reported 56.4 per cent increase in tractor sales at 8,005 units in November. The company had sold 5,119 units in the same month last year, Escorts said in a regulatory filing. Domestic tractor sales were at 7,641 units last month as against 4,941 units in November 2017, an increase of 54.6 per cent, it added. Exports during the month increased by over two-fold to 364 units from 178 units in November last year, the company said.
Gold prices extend slide on lacklustre demand
Falling for the fourth straight day, gold prices Saturday dipped by Rs 15 to Rs 31,460 per 10 grams due to lacklustre demand amid weak global cues. Silver prices too declined by Rs 515 to Rs 36,560 per kg on weak demand from industrial units and coin makers. Traders said mild demand from jewellers and retailers and weakness in the global markets weighed on gold prices here. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 15 each to Rs 31,460 and Rs 31,310 per 10 grams, respectively. The yellow metal had lost Rs 65 on Friday. Sovereign gold, however, held steady at Rs 24,700 per piece of 8 grams. Globally, gold traded lower at USD 1,221.88 an ounce in New York, while silver dropped to USD 14.17 an ounce. Meanwhile, silver ready fell by Rs 515 to Rs 36,560 per kg, while weekly-based delivery declined by Rs 459 to Rs 35,147 per kg. Silver coins, however, ruled flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
Unions threaten nationwide strike on Dec 26 to protest merger of banks
Bank unions Saturday called for a nationwide strike on December 26 to protest the proposed merger of Bank of Baroda, Dena Bank and Vijaya Bank. The government had in September approved the merger of the three public sector lenders. The strike will be organised by the United Forum of Bank Unions (UFBU), an umbrella body of nine employee and officer unions. The government and the concerned banks were moving ahead with their decision for amalgamation and hence it was decided to give the call for strike, All India Bank Employees Association General Secretary C H Venkatachalam said. All unions under UFBU will participate in this strike call, said Ashwani Rana, vice president of the National Organization of Bank Workers. Following the government nod, the respective boards of these banks gave their approval for the amalgamation. The merged entity will be third largest lender of the country after State Bank of India (SBI) and HDFC Bank. As at June-end, the total business size of the three ...
M&M reports 16% increase in total sales to 45,101 units in November
Mahindra & Mahindra Saturday reported 16 per cent increase in total sales at 45,101 units in November. The company had sold 38,570 units in the same month last year, Mahindra & Mahindra said in a statement. Domestic sales were at 41,564 as against 36,039 in the year-ago month, up 15 per cent, it added. Sales of utility vehicles including popular models Scorpio and XUV500, stood at 15,049 units as against 14,958 units in November 2017, a growth of 1 per cent, it added. Commercial vehicle sales during the month stood at 19,673 units as against 15,554 units, in the same month last year, up 26 per cent, it said. Total exports during the month were at 3,537 units as compared to 2,531 units in the corresponding month last year, up 40 per cent. M&M President, Automotive Sector, Rajan Wadhera said, "We have registered a double-digit growth in our overall sales. However, adverse macro-economic conditions have impacted the growth forecast for the automotive industry in general." On .
World waits to see if Trump-Xi dinner brings trade peace
When President Donald Trump sits down for dinner Saturday with Chinese leader Xi Jinping, their table talk will undoubtedly have a global impact. What they agree on or don't will determine whether stock markets rise or fall, whether the world economy gets some relief from destabilising trade tensions, and cast judgment on the wisdom of the American leader's hard-nosed trade tactics. Trump and Xi will be seeking a way out of a trade war between the world's two biggest economies, while also saving face for their domestic audiences at home. Trump Friday expressed optimism about a deal. "There's some good signs," he said. "We'll see what happens." The Trump-Xi meeting is set to be the marquee event of Trump's whirlwind two-day trip to Argentina for the Group of 20 Summit after the president cancelled a sit-down with Russian President Vladimir Putin over mounting tensions between Russia and Ukraine. Trade analysts and administration officials acknowledge it won't be easy. The United ...
Escorts Agri Machinery Segment records 56% growth in tractor sales in November
Domestic tractor sales in November 2018 at 7,641 tractors registering a growth of 54.6% against 4,941 tractors in November 2017. Export for the month of November 2018 at 364 tractors registering a growth of 104.5% as against 178 tractors sold in November 2017.
Bank of Maharashtra announces cessation of MD & CEO
On 30 November 2018
VIP Clothing to discontinue licence agreement with Eminence Group
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