Page 1725 - Business Finance
NMDC iron ore production at 15.47 MT in Apr-Oct
State-owned miner NMDC Monday said it has produced 15.47 million tonnes (MT) of iron ore in April-October this fiscal. The company produced 9.64 MT iron ore from its mines in Chhattisgarh, while its production from Karnataka mines stood at 5.83 MT, NMDC said in a filing to BSE. The PSU sold 16.55 MT of iron ore during the April-October period, NMDC said. Production and sales figures of iron ore are provisional, it added. Iron ore is the main ingredient used in making steel. NMDC is the country's single largest iron ore producer, presently producing about 30 million tonnes of iron ore from three fully mechanised mines, according to company's website. The company is involved in the exploration of wide range of minerals, including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten and graphite, it said.
Indian large companies must borrow 25 percent in bonds from as early as April 1: SEBI
MUMBAI (Reuters) - Indian companies with outstanding long-term borrowing of 1 billion rupees ($14.11 million) or more will have to raise a fourth of their fresh financing needs in bonds as early as April 1, 2019, the Securities and Exchange Board of India (SEBI) said on Monday.
Gold gains on tepid dollar; G20 meeting in focus
BENGALURU (Reuters) - Gold prices rose on Monday as the dollar weakened, with uncertainties over the outcome of an upcoming G20 meeting and the future course for Britain's exit from the European Union providing further support for bullion.
Snapdeal unveils 'Brand Shield' to help firms fight counterfeits
E-commerce major Snapdeal Monday said it has launched 'Brand Shield', an anti-counterfeiting programme to help brands report counterfeit products being sold on its platform. The programme has been designed based on the inputs received from various brand owners, Snapdeal said in a statement. The programme is aimed at enabling a structured interaction between the platform and brands with regard to any intellectual property (IP) issues flagged by the brand, it added. Under Brand Shield, there will be an online, triple-check point process for brands to report any violation of their IP rights in terms of trademark, copyright, patent or concerns related to design. Brands can also list specific issues relating to unlawful copying of logos, brand images, design features and packaging by sellers listed on Snapdeal's platform. Brands will be required to establish their ownership of the IP, identify the listing of concern through proof and state their claim of infringement. The statement said ...
India welcomes EU's policy paper on deepening bilateral ties
India on Monday welcomed the release of a policy document by the European Union, outlining the bloc's roadmap to significantly scale up ties between the two sides in a range of areas like trade, investment, defence and security. The Ministry of External Affairs Ministry (MEA) said India looked forward to engaging with the EU not only on a robust bilateral agenda, but also on regional and global issues of shared concern. "The report recognises India's consistent economic growth, demographic dynamism and modernisation drive and calls for greater India-EU political, security and defence cooperation," the MEA said. It further said the EU document refers to India as an emerging global power that plays a key role in the current multi-polar world and a factor of stability in a complex region. India's engagement with the EU has substantially intensified since the establishment of strategic ties in 2004. India-EU cooperation now spans over 30 dialogue mechanisms, covering foreign policy and ...
EX-IMF chief Rato goes on trial again in Spain
A major trial harking back to the dark years of Spain's economic crisis kicked off Monday over the alleged fraudulent 2011 listing of financial giant Bankia, with former IMF head Rodrigo Rato in the dock. The Spanish state was forced to step in to prevent the bank's collapse and then to borrow 41 billion euros (USD 46.5 billion) from the EU to keep the rest of Spain's banking sector afloat. The 69-year-old Rato, head of the bank at the time, is accused of falsifying the books and fraud to the detriment of investors. Prosecutors are seeking a five-year jail sentence for Rato, who in October began serving four-and-a-half years in prison for misusing funds when he was the boss of Caja Madrid, another bank, and of Bankia between 2010 and 2012. Bankia was formed in 2010 when Caja Madrid and six other unlisted savings banks merged. Rato arrived at the court in San Fernando de Henares, a Madrid suburb, for the trial in a police van out of sight from the glare of the media. A total of 35 ...
Oil creeps back above $60, but growth doubts curb gains
LONDON (Reuters) - Oil prices rose above $60 a barrel on Monday, recovering some of the previous session's near-7 percent fall, although uncertainty over global economic growth limited the gains.
Portal for processing interest subvention on bank loans to beneficiaries launched
A portal for processing interest subvention on bank loans to beneficiaries under the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission was launched by the Ministry of Housing and Urban Affairs here on Monday. The centralised electronic platform named 'PAiSA Portal for Affordable Credit and Interest Subvention Access' has been designed and developed by the Allahabad Bank, which is the nodal bank. "PAiSA is yet another effort by the government to connect directly with the beneficiaries, ensuring that there is greater transparency and efficiency in delivery of services. Direct Benefit Transfer of subvention on monthly basis under DAY-NULM will give the necessary financial support to small entrepreneurs in a timely manner," said Durga Shankar Mishra, secretary, Ministry of Housing and Urban Affairs. All 35 states and Union Territories and all scheduled commercial banks, Regional Rural Banks (RRB) and cooperative banks are expected to be on board the PAiSA portal the year ...
SBI General Insurance plans IPO in 2020, aims to be in top-five non-life insurers
SBI General Insurance Company Ltd aims to be among the top five non-life insurers by investing in technology and launching new products, and seeks to go public through an initial share sale in 2020, a senior official said on Monday.
Oriental Bank shareholders to consider issuing 5 crore shares under ESPS
The shareholders of Oriental Bank of Commerce (OBC) will consider next month a proposal to issue up to 5 crore shares under the employee stock purchase scheme. An extraordinary general meeting of the shareholders will be held on December 21, 2018, the bank said in a regulatory filing Monday. The shareholders will consider allotment of up to 5 crore new equity shares under Employee Stock Purchase Scheme (ESPS) in one or more tranches, at such prices, terms and conditions as may be decided by board/committee, the bank said. Such shares will be locked in for a minimum period of one year from the date of allotment, the state-owned lender said. In March, the government allowed public sector banks to offer stock options to their employees in order to retain experienced hands. The scheme also aims at providing better incentives besides being a means of capital raise. Allahabad Bank has raised nearly Rs 236 crore in its maiden ESPS. United Bank completed the issue of around 5 crore fresh ...
Robin Kamark to be Etihad's nominee director on Jet Airways board
Jet Airways Monday said Robin Kamark would be strategic partner Etihad Airways' nominee director on its board from December 1. The appointment of Kamark, who would replace Harsh Mohan, comes at a time when cash-strapped Jet Airways is looking at ways to raise funds. There have also been reports that the airline is seeking help of Etihad Airways, which owns 24 per cent strategic stake, to tide over the current crisis. In a filing to the stock exchanges, Jet Airways said Kamark would be the nominee director of Etihad Airways in place of Harsh Mohan from December 1. Kamark is responsible for leading Etihad Aviation Group's minority equity investment strategy and optimising business performance, revenue and cost synergies between Etihad Airways and its equity partner airlines around the world, the filing said. He handles strategic leadership for airline partners where Etihad Airways has management responsibility, it added. Kamark had served as Executive Vice President and Chief Commercial
Kering takes e-commerce in-house in online luxury battle
PARIS (Reuters) - Kering said on Monday it would develop its own online shopping sites by 2020, ending an outsourcing joint-venture for brands like Balenciaga and showing how major luxury companies are speeding up e-commerce plans.
Advitiya Trade India announces change in CFO
With effect from 23 November 2018
IMP Powers allots 5.50 lakh convertible warrants
On 26 November 2018
MoMagic buys Spice Mobility's 49% stake in AdGyde
Data analytics company MoMagic Technologies on Monday announced that it has acquired Spice Mobility's entire 49 per cent stake in AdGyde Solutions.
Axis Bank allots 1.10 lakh equity shares
Under ESOP
DCB Bank allots 10,370 equity shares
Under ESOP
NMDC announces production and sales of iron ore up to October 2018
Total production - 15.47 million tonnes Chhattisgarh - 9.64 million tonnes Karnataka - 5.83 million tonnes
G20 meeting could trigger rebound in commodities prices: Goldman
(Reuters) - Goldman Sachs said on Monday the G20 meeting this week could be a catalyst for a rebound in commodities prices, possibly prompting a thaw in U.S.-China trade tensions and offering greater clarity on a potential OPEC oil curb.
Global wage growth slumps to 1.8 percent in 2017, lowest in a decade: ILO
GENEVA (Reuters) - Global wage grew by 1.8 percent in 2017, down from 2.4 percent in 2016 and the slowest rate since the global financial crisis in 2008, the International Labour Organization said in its two-yearly Global Wage Report on Monday.