Page 17 - Business Finance
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Himachal CM on four-day visit to UAE to woo investors
Himachal Pradesh Chief Minister Jai Ram Thakur is on a four-day official visit to the United Arab Emirates in a bid to attract investment to his State in various sectors including horticulture and tourism.Thakur arrived in Dubai on Sunday. He was accompanied by Industries Minister Bikram Singh and several other senior officials of the State.The Chief Minister has invited businessmen of the LuLu Group International to Himachal Pradesh Global Investors' Summit, which is scheduled to be held later this year."We visited the LuLu Hypermarket. There were products related to India's agricultural and horticultural areas, especially apples and other fruits. Obviously, investments from Dubai in agriculture and horticulture sectors in Himachal will benefit our farmers and gardeners," Thakur said while speaking to ANI.Expressing his views on Thakur's visit to the UAE, Yusuff Ali, Chairman of Lulu Group, said: "It was very interesting and enlightening meeting with the Chief Minister of the very ...
Himachal CM on four-day visit to UAE for attracting investment
Himachal Pradesh Chief Minister Jai Ram Thakur is on a four-day official visit to the United Arab Emirates to seek investments in sectors like horticulture, tourism, pharma and others, an official spokesperson said here Sunday. Thakur, who reached Dubai on Sunday afternoon, is accompanied by Industries Minister Bikram Singh and a high-level delegation, including senior officials of the state. The purpose of the visit is to project Himachal Pradesh as an attractive investment destination in sectors such as horticulture, tourism, pharmaceuticals, energy, food processing, logistics, education and skill developed. Thakur is scheduled to hold high-level meetings at ministerial and official level as well as with chambers of commerce and leading investors, the spokesperson said. The Chief Minister and his delegation will be holding a road show on "Rising Himachal: Global Investors' Meet 2019" at an event being organised by Indian Business and Professional Council, Dubai, on June 25 ...
CAIT delegation to visit Singapore looking to boost trade ties
A delegation of the Confederation of All India Traders (CAIT) will depart for Singapore on Tuesday on a three-day visit with a view to create a pilot for a trade corridor. The delegation is making this visit on the invitation of Monetary Authority of Singapore (MAS) and Infocom Media Development Authority of Singapore (IMDA). "As a part of the visit and with a view to create a pilot for an India Singapore Trade Corridor, MAS and IMDA have invited CAIT, accompanied by GlobalLinker to a three day visit to Singapore as a part of a 'Study Tour'," CAIT stated. The primary objective of the Study Tour is to immerse CAIT officials in the concept of Business Sans Border (BSB) an initiative of MAS and IMDA by leveraging Global Linkers participation and to get the views of the CAIT representatives on the BSB program construct and to secure their participation in the pilot programme. A few other related meetings are also being organised including a meeting with the Singapore India Chamber of ...
Jaypee Infratech homebuyers protest at Jantar Mantar, seek govt intervention
Homebuyers of Jaypee Infratech Sunday urged the government to direct IDBI Bank to vote in favour of state-run NBCC's bid for the acquisition of the debt-ridden firm and prevent it from going through liquidation process. On Sunday, hundreds of Jaypee homebuyers held protest at Jantar Mantar here and are planning to submit a petition to Finance Minister Nirmala Sitharaman in this regard. In their petition to Sitharaman, the homebuyers have appealed to the government to direct IDBI Bank and NBCC to resolve their differences on the resolution plan and IDBI Bank to vote for NBCC's resolution plan. They also demand that the majority vote of homebuyers in the CoC be treated as the vote of the whole voting sub-class of home buyers. Debt-ridden realty firm Jaypee Infratech's creditors, which include banks and homebuyers, met last week to assess the progress of the ongoing insolvency proceedings and decide the future course of action. According to sources, the Committee of Creditors (CoC) did ..
At least 8 killed in Nigeria oil pipeline blast
At least eight people were killed when an oil pipeline exploded in the southeast of Nigeria, police and a local official said Sunday, adding that the death toll could rise. The accident occurred Saturday during maintenance work on the pipeline in Oyigbo near the West African country's oil hub Port Harcourt, Rivers State police spokesman Nnamdi Omoni told AFP. "Some persons in the area had gone to scoop the spilled product when the explosion occurred," he said, adding that authorities had ruled out "sabotage as the cause of the incident for now". Local politician Gerald Oforji said rescue workers had "counted at least eight charred bodies, but I think there could have been more." He added that "from our findings so far, the pipeline belongs to the Pipeline Product Marketing Company," a subsidiary of the Nigerian National Petroleum Corporation. Nigeria is Africa's biggest producer of oil, which accounts for more than two-thirds of government revenue and the bulk of export earnings.
Libyan oil firm warns disrupting sector would fuel conflict
Libya's National Oil Company has warned that any bid to tamper with the sector could escalate unrest in the conflict-hit country, after the parliamentary speaker called for a halt to production. In a statement issued late Saturday, NOC said it "is concerned by recent calls for the shutdown of national oil production". "Any deliberate disruption of oil sector operations will severely impact national revenue streams, potentially render NOC in contravention of contractual obligations, and create further division in the country." Libya has been wracked by conflict since the 2011 uprising that ousted and killed dictator Moamer Kadhafi, with rival administrations vying for power and to control its oil wealth. The conflict has been exacerbated since April when commander Khalifa Haftar, who is based in the east of the country where most oil fields are located, launched an offensive against the capital Tripoli. The city is the seat of the internationally recognised Government of National ...
Indusind Bank promoters to infuse Rs 2,700 cr via warrants
The Hindujas will pump another Rs 2,700 crore into Indusind Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial, a senior official from the private sector lender has said. The merger between the bank and the micro-lender, which will be effective July 4, is accretive from a profit, marginand return on equity perspective. Our promoters will infuse Rs 2,700 crore to get their stake back to 15 percent, strategy head at the bank Sanjay Mallik told PTI over phone. He said a fourth of the money will come immediately after the merger, while the rest will come over the next 18 months. The promoters will be subscribing to the warrants at a premium of Rs 1,709 a share as against the Friday's close of Rs 1,448.70 on the BSE, Mallik said. He explained that dilution of their stake to about the 13 percent levels due to the merger with micro-lender is making it possible for the promoters to subscribe to the warrants and increase their ...
Qu Dongyu becomes first Chinese to head UN food agency FAO
Qu Dongyu on Sunday became the first Chinese national to be elected to head the UN's Food and Agriculture Organization, clinching the post in the first round of voting. Qu, 55, a biologist by training, won 108 votes, followed by Catherine Geslain-Laneelle of France with 71 votes and Georgia's Davit Kirvalidze with 12, according to official results. His election to the helm of the Rome-based agency, which brings together 194 member countries, comes as the fight to eradicate world hunger takes a blow from global warming and wars. Hunger blamed on the combined effects of extreme and erratic weather, economic slowdowns, and conflicts, particularly in Africa and the Middle East, has risen for the past three years. FAO has sounded the alarm over rising food insecurity and high levels of malnutrition, and Qu will have to ramp up support for small-holder farms and fisheries to combat the ills of intensive farming, food waste and poverty. The successor to Brazil's Jose Graziano da Silva will ..
ONGC sets up inquiry into leak of online exam questions
Oil and Natural Gas Corp Ltd has initiated a high-level inquiry into alleged leak of questions for an online recruitment exam it conducted in Assam, the state-owned company said. The questions of the computer-based tests held recently for non-executive posts in Assam were allegedly leaked on a social media platform through screenshots, ONGC said. "ONGC has taken a serious note of the screenshots posted in social media in Assam of the questions of its Computer Based Test (online)... through experienced independent agency," the company said in a release here on Saturday. The high-level internal committee has been asked to submit a report at the earliest, it said. The oil exploration major will take all necessary actions on the recommendations of the committee report and also lodge a police complaint, the release said.
BSNL engineers to Modi: Take measures to revive firm, reward performers
Citing zero debt and a continuous increase in market share, an association comprising engineers and account professionals at BSNL has sought Prime Minister Narendra Modi's intervention for the revival of the state-run firm and also said that non-performing employees should be held accountable. The All India Graduate Engineers and Telecom Officers Association (AIGETOA) in a letter dated June 18 urged the Prime Minister to provide a budgetary support to BSNL to help address liquidity crunch that is adversely impacting operation and maintenance of services at the organisation. "We firmly believe that with minimum basic support from the government to do away with the current liquidity crunch, BSNL can once again enter into the league of profit-making companies," the letter said. The association also stressed on a performance-based mechanism for BSNL employees so that good performers can be rewarded and non-performers be made accountable. Both state-run telecom firms BSNL and MTNL have ...
Sony India expects up to 15 pc sales growth this year
Consumer electronics major Sony India is eyeing sales growth of 10-15 per cent this fiscal, snapping two years of de-growth, led by its premium TV range, audio products and cameras, a top company official said. Sony India expects contribution from segments such as audio products and digital imaging to rise. The company's revenue at present is mainly led by the TV category. "I am expecting a growth of 10 to 15 per cent this year considering all the categories. If we are able to deliver that, then we would be in a very good spot," Sony India Managing Director Sunil Nayyar told PTI in an interview. According to him, there is a "positivity in the market" being seen after a long time. Presently, Sony India gets around 65 per cent revenue from the TV segment, 15 per cent from audio, 10 per cent from camera and rest 10 per cent from other verticals. "Two years back, contribution of TV was 80 per cent," he said, adding, "We are making a shift and balanced portfolio in the country, which is ...
Total stock of warehousing space to reach 344 mn sq ft in 4 yrs
The total stock of warehousing space is estimated to double in the next four years to 344 million sq ft in eight major cities on rising demand from third party logistics, e-commerce and automobile players, according to a report by JLL India. "The year 2018 saw Indian warehousing sector coming of age, outshining some of the conventional real estate asset classes and attracting global investors," the report said. It noted that 2018 witnessed 22 per cent year-on-year growth in total stock in Grade A & B warehousing space in eight major cities at 169 million square ft compared to 138 million square ft a year ago. The consultant projected the total stock of warehousing space to reach 344 million sq ft in the next four years in eight major cities namely Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad. The demand or absorption for warehousing space clocked an unprecedented 63 per cent year-on-year growth to 31.8 million square ft last year from 19.7 million
JSPL gives Rs 3 crore to Odisha CM Relief Fund
Jindal Steel and Power Ltd (JSPL) has given Rs three crore to the Odisha Chief Minister Relief Fund to support the government's relief and restoration work after cyclone Fani hit the state. JSPL's Chairman Naveen Jindal handed over a cheque of Rs three crore to Chief Minister Naveen Patnaik at the state secretariat here on Saturday, a company statement said. "JSPL, as a responsible corporate of the country has always stood with the people affected by natural calamities. In this difficult time, we stand in solidarity with the people and Government of Odisha for the rebuilding the cyclone affected areas," said Jindal after handing over the cheque. He appreciated Odisha Chief Minister's effort in saving lives during the cyclone and relief and restoration work aftermath. JSPL, through its CSR arm JSPL Foundation, had also provided one lakh cooked meals to the victims of cyclone Fani from May 10 to 19 at Puri, in coordination with the district administration, it said. The TRB
Govt mulls various options for consolidation of PSU general insurers
The government is exploring various consolidation options including merger of state-owned general insurance companies with New India Assurance with a view to create synergy and unlock value. The Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance is also looking at other options including stake sale in three state-owned insurance firms like National Insurance Company, Oriental Insurance Company and United India Insurance Company, sources said. The idea is to fast track stake sale in the public sector general insurance companies, which has been pending for the past two years, sources said. Various options including issuance of fresh shares which could be subscribed by New India Assurance are also being explored, they said, adding that direct sale of stake to New India is also in the consideration. Another option being considered is to merge all the four companies, instead of the proposed three, to create an LIC-type mega insurer in the general ...
Investment via P-notes rises to Rs 82,619 crore till May
Investments in the Indian capital market through participatory notes increased by nearly Rs 1,400 crore to Rs 82,619 crore till May-end, a gain of 1.72 per cent over the previous month. P-notes are issued by registered foreign portfolio investors to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. As per latest data by the Securities and Exchange Board of India (Sebi), the total value of P-note investments in the Indian markets -- equity, debt, and derivatives -- rose to Rs 82,619 crore till May-end, from Rs 81,220 crore at April-end. Of the total investments, P-note holdings in equities stood at Rs 61,574 crore, followed by debt (Rs 19,681 crore) and derivatives (Rs 193 crore). Investment through P-notes has been on the rise for the previous three months. A cumulative investment of Rs 73,428 crore was made till the end of February, Rs 78,110 crore till March and Rs ...
Optimising product portfolio, focusing on key brands: GSK Pharmaceuticals
GlaxoSmithKline Pharmaceuticals is optimising its product portfolio with focus on key brands to accelerate growth in India, a senior company official said. The company is also looking to launch some new products in the country over the next 15 months as it adopts a more structured approach to engage trade channel partners, with a dedicated team to engage stockists and retailers across India. "The business has embarked on it new strategy this year, as we put in place an optimal commercial structure and worked at building capability," GSK Pharmaceuticals MD (India) A Vaidheesh told PTI. "Our new commercial model is in place with increased focus on our priority brands, and expansion in our field force to drive focus, including a new trade channel strategy," he added. Vaidheesh said GSK India has over 55 major brands in its portfolio and the company has chosen to focus on dermatology, anti-infectives, pain, hormones, respiratory, gastrointestinal, nutrition/vitamins and vaccines ...
Trade wars causing collateral damage to global economic outlook: Fitch
Threats to global growth outlook from protectionism have become much more significant in recent months which raise the possibility of disruptions to trade and investments, according to Fitch Ratings Inc.Breakdown of US-China trade negotiations, the US Section 232 investigation into auto imports, recent use of a US tariff threat to pressure Mexico to change migration policies and the rising chance of a no-deal Brexit could have a much bigger impact on the world economy than anything seen over the course of 2018.Fitch said the global gross domestic product (GDP) is forecast to decline from 3.2 per cent in 2018 to 2.8 per cent in 2019 and 2.7 per cent in 2020 despite still robust labour market conditions in advanced economies supporting consumers.If the United States does impose the new tariffs and China retaliates, global growth will fall to 2.4 per cent in 2020 even allowing for a monetary policy easing response. While falling short of a global recession, said Fitch, this will be the ..
Usha International toying with franchisee model
Usha International, a diversified consumer durable company-- has decided to focus aggressively on the organised retail front, a top company official said. Traditional distribution account for close to 90 per cent of Usha's revenue but now the company has drawn a strategy to increase organised retail's share rapidly. "Currently, we have 51 company owned and company operated usha branded retail stores in 13 cities. Now, we will experiment with franchisee model to expand our exclusive store footprint in tier II and III cities. Once this model stabilises, then we can go for a major expansion spree in raising the number of stores," Usha International retail head Kapil Kohli told PTI. Now organised retail account for Rs 300 crore sales out of Rs 3,000 crore topline of the company but it wants greater share of sales through organised retail. Organised retail for company consists of sales from modern retail outlets, regional branded chains, Usha brand stores and e-commerce. "We
India has potential to become largest market for Logo: CEO
Logo Infosoft, the Indian arm of South Eastern Europe's leading software vendor Logo, expect India to become their largest market in the next 2-3 years riding on a projected boom for Goods and Services Tax (GST) management solution market, a top company official said. Government was trying to plug leakages in taxes and in this regard e-invoices is gaining importance. In the near future, e-invoices will become mandatory but for that entities need to adopt the digital system. Government was also trying to encourage the same through basic free software for entities below Rs 1.5 crore turnover for adoption. "India has potential to become the largest market for Logo in the next 2-3 years as huge potential lies ahead for GST management solutions as only 1.2 crore MSMEs have adopted GST solutions out of 6 crore total such firms," Logo Infosoft CEO Vinod Subramanian told PTI. "With government free software scheme there will be huge increase in firms using GST softwares who are ..
