Page 1726 - Business Finance
Milk output up 28% in last 4 yrs; farmers earning Rs 7 per litre more: Agri Min
The country's milk production has risen by 28 per cent in the past four years to 176.35 million tonne, while farmers are getting an average Rs 7 per litre higher price for their milk, Agriculture Minister Radha Mohan Singh said Monday. Addressing a National Milk Day event, Singh said there is a need to boost milk demand and stressed on raising milk processing level to 30 per cent, from the current 20 per cent. "We have taken a number of steps in the last four years to boost the dairy sector which is very important for doubling farmers income by 2022. The results of these efforts have started to become visible," he said while highlighting the initiatives like Rashtriya Gokul Mission, opening of breeding centres and dedicated fund for the dairy sector. The minister said the country's milk production stood at 137.7 million tonne in 2013-14 and now it has risen to 176.35 million tonne in the previous financial year. He said the annual growth in milk production stood at 6.5 per cent during
HEG board approves Rs 750 cr share buyback proposal
Graphite electrode maker HEG Monday said its board has approved a share buyback offer worth Rs 750 crore. Besides, the board has cleared an investment proposal of Rs 1,200 crore to expand the graphite electrodes and related products capacity by 20,000 tonne per annum (TPA).The existing capacity is 80,000 TPA, it said in a BSE filing. "The board of directors of company at its meeting held Monday approved a proposal to buy back up to 13,63,636 shares of the company, being 3.41 per cent of the total paid up capital of company for an aggregate amount not exceeding Rs 750 crore," it said. The company's plant at Mandideep near Bhopal in Madhya Pradesh is the largest single-site integrated graphite electrode facility in the world. Stock of HEG settled at Rs 4,360.40, up 0.22 per cent, on BSE.
Godrej Fund Management and Godrej Properties enter into JV with Hero Cycles
For development of commercial property in Gurgaon
BJP backs governor's decision on bringing J&K Bank under purview of RTI, CVC, state legislature
The Jammu and Kashmir unit of the BJP said state Governor Satya Pal Malik's decision to treat the J&K Bank as a public sector undertaking will go a long way in ensuring transparency and dealing with public money. The Jammu and Kashmir Bank was on Friday brought under the purview of the Right to Information(RTI) Act, Chief Vigilance Commissioner (CVC) guidelines and the state legislature, an official said. The State Administrative Council (SAC), which met here Thursday under the chairmanship of Malik, approved the proposal for treating the J&K Bank Limited as a public sector undertaking, the official said. The SAC approved that the provisions of the Jammu and Kashmir Right to Information Act, 2009 shall be applicable to the bank like other PSUs. Besides, the bank shall follow CVC guidelines, he added. "Bringing J&K Bank under the purview of RTI by state government is a welcome step. It will go a long way in ensuring transparency in dealing with public money by the premium ..
Indo-German Development Cooperation announces a 'Touring Exhibition'
To celebrate and showcase historical landmarks of Indo-German Development Cooperation, a 'Touring Exhibition' will be launched in New Delhi on Wednesday 28 November 2018 at the Hyatt Regency, New Delhi. This exhibition will then further travel to Bengaluru, Kochi and Chennai through 2019.The exhibition will be graced by the presence of Dr. C.S Mohapatra, Additional Secretary (EA), Ministry of Finance, Government of India and Dr. Wolfram Klein, Head of India & South Asia Division, Federal Minister of Economic Cooperation and Development (BMZ). Mrs. Christiane Hieronymus, Head of Economic Cooperation & Development, Embassy of the Federal Republic of Germany is expected to welcome the guests for the evening.The touring exhibition maps the history of the projects and achievements of this journey and also creates a space for nostalgia and discussions about the road ahead.Indo-German Development Cooperation laid the roots of its long-standing relationship in 1958. The goal was to ...
Analysis: VW, Ford alliance borne out of need to adapt to fragmented markets
FRANKFURT (Reuters) - The proposed alliance between Volkswagen and Ford shows that the days of carmakers going it alone are over, as tariffs, new technology and tougher emissions rules fragment markets that were once global.
Insight: In China's hinterland, car market growth engine sputters
PINGDINGSHAN, China (Reuters) - When Cao Jun, 40, an engineer from the central Chinese city of Pingdingshan, takes his old, grey MG 3 car to be serviced he always steals a few moments to pop into the Nissan and Honda dealerships next door.
Factbox: Auto industry megamergers and alliances
FRANKFURT (Reuters) - FiatChrysler's late Chief Executive Sergio Marchionne argued for deeper auto industry consolidation in an April 2015 presentation which said 50 percent of carmakers' research and development investments were being wasted on duplicate efforts.
HCL Technologies recognised as 'Leader' for Life Sciences Digital Services in North America
By Everest Group
Housing & Urban Development Corporation standalone net profit rises 6.24% in the September 2018 quarter
Sales rise 27.67% to Rs 1224.38 crore
IL&FS gets more than a dozen expressions of interest to buy stakes in two units
MUMBAI (Reuters) - India's debt-laden Infrastructure Leasing & Financial Services (IL&FS) said on Monday it received more than a dozen expressions of interest for its stakes in subsidiaries IL&FS Securities Services, and ISSL Settlement & Transaction Services.
Protocol amending India-China DTAA to eliminate double taxation
The Governments of India and China on Monday amended the Double Taxation Avoidance Agreement (DTAA) for avoidance of double taxation, and prevention of fiscal evasion with respect to taxes on income.The Protocol which accorded the approval between India and China for the avoidance of double taxation was signed on November 26, 2018.Besides other changes, the Protocol updates the existing provisions for exchange of information to the latest international standards.Further, the Protocol incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion and Profit shifting (BEPS) Project, in which India had participated on an equal footing.In view of the minimum standards, the Protocol brings in changes as per BEPS Action reports as agreed upon by the two sides.
Suzlon Energy completes sale of subsidiary - Tornado Solarfarms
As first part of the transaction, CLP acquired 49% stake in Tornado for a cash consideration of Rs.15.92 crore. And as second part of the transaction, CLP acquired balance 51% stake in Tornado for a cash consideration of Rs.16.57 crore.
RINL retains growth target, cuts iron-ore sourcing from NMDC
State-run Rashtriya Ispat Nigam Ltd (RINL) was hopeful of a 20-per cent rise in production to 6 million tonne of hot metal, a top company official said on Monday. The long steel maker has also consciously decided to expand its basket of obtaining key raw material iron-ore of up to 50 per cent from sources other than NMDC Ltd. "There is liquidity crunch caused by NBFCs in the last one and half months. It has induced some impact but that will get corrected. "However, we are keeping our target of 6 million tonne of hot metal this year, a rise of 20 per cent over the previous year," RINL Chairman and Managing Director P K Rath said on the sidelines of 'STEELIES India' 2018 Awards. He said in the next fiscal, the aim is for 7 million tonne of hot metal production. "We have already sourced one-third of the requirement recently from non-NMDC sources and are in constant dialogue with various sources, be it state-owned entities or private ones, to maintain adequate supplies," ...
Mitsubishi Motors fires Ghosn, CEO to be interim chairman
The board of Japanese automaker Mitsubishi Motors, which is allied with Renault and Nissan, voted unanimously Monday to dismiss Carlos Ghosn as its chairman following his arrest last week. Prosecutors arrested Ghosn on November 19 on suspicion he under-reported his income by USD 44 million over five years. Nissan Motor Co ousted him as its chairman last week, saying an internal investigation prompted by a whistleblower also found Ghosn misused company money and assets. Mitsubishi Motors' CEO Osamu Masuko, chosen by the board as acting chairman pending a shareholders' meeting, said Ghosn would not be able to perform his duties, considering his arrest and Nissan's dismissal of him as chairman. Masuko said he did not know the specifics of the criminal allegations and declined comment on the case. When asked for his personal view about the situation, Masuko said he was baffled. "To be honest, I was shocked, and I couldn't believe it," he told reporters at Mitsubishi Motors' showroom at ...
India-China amends double taxation avoidance treaty
India and China have amended the bilateral tax treaty which will help prevent tax evasion by allowing exchange of information, the Finance Ministry said Monday. The Government of India and the People's Republic of China have signed a protocol on November 26, 2018, to amend the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. ?"The Protocol updates the existing provisions for exchange of information to the latest international standards," the ministry said in a statement. Further, the Protocol incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion & Profit shifting (BEPS) Project. Besides minimum standards, the Protocol brings in changes as per BEPS Action reports as agreed upon by the two sides, the ministry added. Under Section 90 of the Income-tax Act, 1961, India can enter into an agreement with a foreign country .
Oil limps higher after rout, investors remain glum
LONDON (Reuters) - Oil prices rose on Monday, scraping back some of the losses after the previous session's near-7 percent fall, although a darkening demand outlook and uncertainty over global economic growth limited gains.
Nava Bharat Ventures and its subsidiary sign power supply contract
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Board of HEG approves buyback of shares up to Rs 750 crore
At meeting held on 26 November 2018
Infinix to add fitness bands to India portfolio by year-end
Smartphone maker Infinix Monday said it is looking at expanding its product portfolio in India with the addition of fitness bands by the end of next month. The company, which launched its Note 5 Stylus Monday, also said it has seen strong sales during festive season in October and November. "Our focus is on bringing in a differentiated portfolio. With our phones too, we wanted to move beyond just camera and battery size...We are looking at bringing in fitness bands by the end of December," Infinix India CEO Anish Kapoor told PTI. According to research firm IDC, the wearables market in India witnessed 66 per cent year-on-year growth to one million units in the June 2018 quarter. Xiaomi led the segment with 45.8 per cent share, followed by GOQii (18.8 per cent), Titan (7.4 per cent), Fitbit (3.8 per cent) and Lenovo (3 per cent). Infinix's parent, Transsion operates three brands in India -- itel, Tecno and Infinix. Infinix is a strong player in markets like Egypt, Morocco, Indonesia and