Page 1703 - Business Finance
Trai to initiate consultation on spectrum issues, valuation methodology in 2019
Telecom Regulatory Authority of India (Trai) will next year initiate an in-depth consultation on general principles related to spectrum including its valuation methodology, Chairman R S Sharma said Wednesday. Sharma - who chaired a meeting with telcos including Vodafone Idea, Reliance Jio and Airtel on Wednesday to discuss issues to be prioritised for 2019 - said the upcoming consultation will not have any bearing on the past recommendations of Trai on the auction of radiowaves. Trai, in August this year, had recommended rules and prices for the next round of spectrum auction that included radiowaves for 5G mobile services and other bands. "We have received suggestions on spectrum-related issues, policy relating to spectrum auction, reserve price valuation methodology, spectrum leasing, surrendering, trading...all these things will be deliberated upon. We will bring out a consultation paper which will have all spectrum-related issues," Sharma told reporters here. He noted that telecom
Unilever in pole position to swallow GSK's Horlicks business: sources
HONG KONG/ZURICH (Reuters) - Unilever has emerged as the leading bidder in a tight contest for GlaxoSmithKline's Indian Horlicks nutrition business, three people familiar with the situation told Reuters on Wednesday.
TCS buys US-based consulting firm BridgePoint
Indian IT bellwether Tata Consultancy Services (TCS) on Wednesday said it had acquired the US-based management consulting firm BridgePoint Group for an unspecified amount to have expertise in the US financial services industry and retirement services.
No-deal Brexit could cost UK economy 9.3 per cent of GDP over 15 years: Govt
If Britain crashes out of the EU without a deal its economy could end up being 9.3 per cent smaller in 15 years' time than would otherwise be the case, the government said on Wednesday. A cross-departmental analysis found leaving the EU will leave Britain poorer than it would have been had it remained inside the bloc, even accounting for new trade deals it would eventually be able to sign. It did not exactly model for the deal struck by Prime Minister Theresa May with the EU last week, the outlines of which remain vague, but suggests something similar could see the economy shrink by as much as 3.9 per cent. The 83-page report was published a fortnight before British MPs vote on the deal, with many deeply opposed. The Brexit deal comprises a divorce agreement and a political declaration on future ties, which offers a "spectrum" of options for how Britain will trade with the EU after Brexit, the report said. Given this range of options, the economic analysis offered two different models
Gold near two-week low ahead of Fed speech
BENGALURU (Reuters) - Gold hovered near a two-week low on Wednesday as the dollar remained buoyant ahead of a speech by U.S. Federal Reserve Chair Jerome Powell that is expected to offer clues on the central bank's monetary policy.
Tata Trusts, Mars Inc. to fight malnutrition among schoolkids in India
Tata Trusts and Mars Inc. have announced plans to tackle malnutrition among schoolchildren in the 6-16 age group in all population segments by delivering enhanced nutrition products manufactured locally, officials said here on Wednesday.
Govt revises downwards GDP growth data during UPA regime
The government Wednesday lowered the GDP growth rates for a majority of the previous 10 years of the UPA regime, saying the data has been recalibrated to reflect a more appropriate picture of the economy. The GDP growth rates for FY 2006-12 have been revised using new back series data, Chief Statistician Pravin Srivastava said at a press conference here. As per the data released by the Central Statistics Office (CSO), the economy in 2010-11 grew by 8.5 per cent and not 10.3 per cent estimated earlier.
De'Longhi Group partners with Orient Electric
Italy-based small appliances maker De'Longhi Group has partnered with Orient Electric and aims to bring India among its top 10 emerging markets in the next five years. De'Longhi Group owns brands as De'Longhi, Kenwood and Braun. As per the agreement, Orient Electric, a CK Birla group firm, would have exclusive rights to market and sell these three brands in India. The company is looking at the fast growing premium home appliances segment here in the metro and tier II markets driven by rise in disposable income and aspirations. "Appliances market in India is poised for significant growth and premiumisation. We believe that our brands and current product selection will cater to a wide spectrum of consumers in India," said De'Longhi Group MEIA V-P Commercial Tunc Gencoglu. He said eventually he expects India to be among its top 10 emerging markets in the next five years. The company would have De'Longhi brand in the instant 'Bean to Cup' coffee segment, while Kenwood would be in the ...
Satin Creditcare Network enters digital lending with LoanDost
Satin Creditcare Network Limited, a leading microfinance companies in the country, has launched LoanDost, a digital lending platform for short to medium term personal loans.The application is available on Google Play Store for Android users and can be used for availing instant loans up to 25,000 in the first phase. SCNL has partnered with The Hongkong and Shanghai Banking Corporation Limited, India (HSBC) to manage the digital collection of EMI payment, using the UPI platform.In addition to consumers in metros, LoanDost will also serve the instant credit requirements of people in tier 2 and 3 cities. Therefore, it bridges the massive credit gap for the unbanked and underbanked population in the country. The mobile first platform will target millennials aged between 20 to 40 years, who are open to experimenting with technology. Minimum monthly salary of applicants can be as low as Rs. 23,000. After signing up by providing the necessary identification documents, an applicant can receive
Allahabad Bank increases MCLR by 10 bps across tenors
With effect from 01 December 2018
India's GDP growth may slow down to 7.6% in Sept qtr: Report
The country's GDP growth is expected to decelerate to 7.6 per cent in the September quarter, from the 8.2 per cent in the June quarter, driven by slowdown in industrial activity, a report said Wednesday. Growth will continue to be under pressure for the remainder of the current fiscal as well and the FY19 growth number will come at 7.1 per cent, economists at private sector lender Axis Bank said in the report. The industrial sector growth on a gross value added basis will come at 6.6 per cent, dragged down by sluggish mining and manufacturing activity, the report said, noting the handsome upsurge in electricity. Despite a higher factory output, manufacturing growth will slowdown to 7.5 per cent on weaker corporate sector results, it said. The services sector activity will grow at 8.3 per cent, but will not be able to pull up the overall GDP growth, it said. Within services, financial services and public administration will grow at a faster clip and will offset the ...
Rupee rises 17 paise to 70.62 on easing crude prices
The rupee strengthened by 17 paise to close at 70.62 against the US currency Wednesday as global crude oil prices slipped below the USD 60 per barrel mark amid a smart recovery in domestic equity markets. Forex dealers said the greenback's weakness against some currencies overseas also aided the domestic currency. At the Interbank Foreign Exchange (Forex), the rupee opened lower at 70.88, but soon recovered the lost ground and touched a high of 70.58. The domestic unit however pared some gains and settled the day up by 17 paise at 70.62 against the US dollar. The rupee had recovered by 8 paise to close at 70.79 against the US dollar Tuesday. Forex dealers said bullish trend in the equity market as well as easing crude oil prices also supported the rupee's upward movement. "The rupee resumed its uptrend ahead of the important G20 meeting scheduled during this weekend. Further move in the Indian currency is also dependent on the crucial data and events like domestic GDP and fiscal ...
Wipro arm to sell Schreder lighting products in India
The Consumer Care and Lighting business of Wipro Enterprises will offer Belgian lighting manufacturer Schreder's smart lighting solutions in India, the company said on Wednesday.
Update on SEBI Investigation in Matter of Trading Activities in Scrip of Vakrangee Limited
/ -- No findings or instance of any stock manipulation by Promoter or Promoter group entities Securities & Exchange Board of India (SEBI), had conducted an investigation into the trading activities of certain entities in the scrip of Vakrangee Limited. Please take note that there were no findings or instance of any stock manipulation by Promoter or Promoter group entities. There have been rumours and various media reports and articles over the past few months about the Company's promoters being under SEBI's scrutiny on charges of stock manipulation. However, the latest development indicates that the rumours were totally baseless. We would like to inform that the Company promoters have also received a clean chit from the office of Economic offences wing (EOW). A complaint was filed with the office of Economic Offences Wing (EOW) against the Company and its Promoter/ Managing Director & CEO Mr. Dinesh Nandwana relating to price/ volume manipulation and accordingly EOW had ...
TCS acquires BridgePoint Group
India's biggest software services firm Tata Consultancy Services (TCS) Wednesday said it has acquired the business of BridgePoint Group, LLC, a US management consulting firm. BridgePoint Group caters to the financial services industry and specialises in retirement services through the purchase of select company assets. "This acquisition augments TCS' financial services and insurance domain knowledge, particularly in the area of US retirement services, where BridgePoint's team of experts currently provide strategic insights and advisory services around growth, business agility, customer experience and technical transformation," TCS said in a statement. However, the quantum of acquisition deal could not be ascertained. The statement added that BridgePoint's entire management team and key experts will join the Mumbai-based company. BridgePoint's deep customer relationships and significant industry knowledge will add to TCS' ability to provide digital solutions and drive transformation in
L&T's A M Naik appointed NSDC chairman
The government Wednesday said it has appointed Larsen & Toubro Group Chairman A M Naik as the chairman of the National Skill Development Corporation (NSDC). Making the announcement, Skill Development and Entrepreneurship Minister Dharmendra Pradhan said under Naik's leadership, the corporation apart from its engagement in executing skilling modules, should also be a think-tank providing direction and necessary guidance for creating a demand-based skilling ecosystem in the country. Naik said NSDC has developed a unique model combining skill development with strong industry partnerships. NSDC, under the ministry, aims to promote skill development by catalysing creation of large, quality and for-profit vocational institutions. The organisation provides funding to build scalable and profitable vocational training initiatives.
Milan, Stockholm present 2026 Winter Olympic bids as rivals drop away
Milan and Stockholm presented their bids to host the 2026 Winter Olympics at a Tokyo meeting Wednesday, the last two cities standing after a string of withdrawals. The race to host the 2026 Winter Games has highlighted a general trend in recent years against staging the expensive showcase sporting event. The Swiss city of Sion and an Austrian bid based around Graz withdrew, citing a lack of either political or public support. Then the Canadian city of Calgary formally pulled the plug on its bid last Monday after residents roundly rejected it in a referendum. The northern Japanese city of Sapporo originally threw its hat into the ring to host the 2026 Games but then shifted its focus to 2030. Perhaps mindful of recent public support issues, the mayor of Milan -- which plans to co-host with the nearby ski resort of Cortina d'Ampezzo -- said his residents were firmly behind the bid. "I'm proud to say that the citizens have responded with remarkable enthusiasm to the vision and challenge .
Mexichem launches Israel tech hub, building on Netafim deal
TEL AVIV (Reuters) - Mexican industrial group Mexichem is establishing an innovation hub in Israel, building on this year's acquisition of Israeli drip irrigation pioneer Netafim.
Tiffany misses sales estimates on weak spending by Chinese tourists
(Reuters) - Tiffany & Co missed estimates for quarterly same-store sales on Wednesday, blaming lower-than-expected spending by mainland Chinese tourists at its U.S. and Hong Kong stores.
Triumph to launch 6 new bikes in India by June next year
British superbike maker Triumph Motorcycles Wednesday said it plans to launch six new products in India by June next year. The company, which has completed five years in India, also aims to grow its sales in the country by 10-12 per cent annually going ahead. Our aim is to further grow 10-12 per cent each year going forward. We are entering our sixth year in India with a very positive outlook and before June 2019, we plan to launch six new products, Triumph Motorcycles India General Manager Shoeb Farooq said in a statement. It would be a mix of new and facelifts of the current models, he added. The company also intends to expand its sales network from the current 16 dealerships to 25 over the next 3-4 years, he said. "For Triumph, the growth has been phenomenal in the last five years," Farooq said on the company's performance in India over the last five years. He added that the spread and contribution from smaller towns is increasing and the company expects the tier II towns to propel