Page 1733 - Business Finance
PSU oil firms to expand retail presence in Tamil Nadu, add over 5,000 outlets
As part of their retail network expansion plan, India's three state-run oil-marketing companies would open 5,125 petrol bunks in Tamil Nadu over the next two years, said a senior official of Indian Oil Corporation (IOC) on Sunday.
Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel
Standard Chartered Bank has filed an interlocutory application in the bankruptcy court against a panel of lenders selecting ArcelorMittal to takeover debt-ridden Essar Steel, saying the decision was "illegal" and was taken without considering its claims. Standard Chartered Bank (SCB), which has more than 7.5 per cent weightage in the Committee of Essar Steel Creditors, in the petition before the National Company Law Tribunal (NCLT) claimed that ArcelorMittal's revised bid of Rs 42,000 crore was never considered by the CoC. SCB had lent Essar Steel, which the lenders are auctioning to recover 49,395 crore of unpaid financial dues, a principal amount of Rs 2,646 crore but the Committee of Creditors admitted only Rs 60.71 crore for repayment out of the auction proceeds. "The manner of conducting the 21st CoC meeting dated October 22, 2018 and e-voting on the voting resolutions approved on October 24, 2018 and October 25, 2018 is non transparent, flawed and illegal and was carried out ...
Cruise to Bangladesh, northeast likely from March'19
Buoyed by successful trial of cargo movement to Bangladesh via the inland waterways protocol route, India is now preparing to exploit the path for the purpose of tourism, an official said. A transboundary river cruise operation is expected to commence from Kolkata in March next year through Sunderbans to Bangladesh and then to connect the northeastern destinations by private operators, a senior official said. "Bilateral secretary-level meetings between India and Bangladesh were held in October. It has been decided that one of the river cruise operators would be starting operations from March, 2019 from Kolkata through Sunderbans via the protocol route to Bangladesh and then to northeast," Member, Inland Waterways Authority of India, SVK Reddy said. Reddy was in the city to participate in a transport seminar organised by the Confederation of Indian Industry (CII) recently. Bangladesh shipping secretary Abdus Samsah had earlier said that private players will be allowed to .
Jio tops chart in terms of AGR in Sept qtr: Trai data
Reliance Jio has emerged as the top telecom service provider in terms of adjusted gross revenue (AGR) at Rs 8,271 crore for the July-September quarter, according to Trai data. The Telecom Regulatory Authority of India's (Trai) latest data showed that newly merged Vodafone Idea recorded an adjusted gross revenue (AGR) -- earnings from mobile phone services -- of Rs 7,528 crore, followed by Bharti Airtel at the third position with an AGR market share of Rs 6,720 crore for the said quarter. The government's revenue share of licence and other fees is determined on the basis of the AGR from access services. BSNL revenue market share stood at Rs 1,284.12 crore in July-September. In the previous April-June 2018 quarter, Jio led the chart on standalone basis with Rs 7,125.7 crore AGR. However, the combined AGR of Vodafone and Idea, which were in the process of merger, was more than that of Reliance Jio at Rs 8,226.79 crore. Separately, Vodafone's AGR was Rs 4,483.69 crore and that of Idea was
China steps up fight against abuse of power by stock market regulators
SHANGHAI (Reuters) - China's corruption watchdog will work with the country's stock market commission to combat graft and abuse of power following a spate of violations in which companies pay officials to gain regulatory approvals, it said on Sunday.
Oil PSUs plan to add 4,450 petrol pumps in Gujarat: Official
Public sector firms Indian Oil, Bharat Petroleum and Hindustan Petroleum plan to add 4,450 retail outlets across Gujarat in a bid to expand its network and meet growing fuel needs, an official said here Sunday. The three oil companies Sunday launched the process of selecting eligible dealers for these outlets from a single online platform, nearly four years after a similar exercise was taken in 2014, the official said. "Three PSU oil companies have together issued a joint advertisement for dealership after a gap of around four years. Expansion of the petrol pump network is required to meet growing fuel needs and for the convenience of customers," Indian Oil Executive Director (Gujarat), S S Lamba said Sunday. The three companies seek to add 4,450 retail outlets in Gujarat, comprising 2,350 of IOC, 998 of BPCL and 1,102 of HP, he informed. They already operate around 4,000 petrol pumps in Gujarat. "With new highways getting added and distance from urban centres growing,
Cred to roll out publicly by Dec-end, raises $25 mn from Sequoia, others
Freecharge co-founder Kunal Shah will roll out 'Cred' to the masses by December-end that aims to reward credit card users for making timely bill payments and offer various benefits to them. Cred, which is operated by Dreamplug Technologies, had raised USD 25 million led by Sequoia and Ribbit and supported by DST Gloval, Ru-Net, Lakestar and Morning-side about 6-8 weeks ago to accelarate its expansion plans. "This is a unusual model that we have set up where we want to reward good actors. Cred will allow users to manage their credit cards, get rewarded on paying their credit card bills in time and also get clarity on the hidden charges related to their cards," Shah told PTI. He added that the platform, which is in pilot stages currently, will be available for those with credit score (CIBIL score) of above 750 for the programme. The company has received strong response in beta testing phase and will roll out to the public by the end of December, he said. Cred has already partnered a ...
3 PSUs to open 5,125 new petrol bunks in TN, Puducherry
Three public sector oil marketing companies have decided to expand their retail network by adding about 5,125 new outlets in Tamil Nadu and Puducherry over the next two years, a senior official of the Indian Oil Corporation (IOC) said on Sunday.
UAE seeks rich, educated foreigners with long-term visa scheme
DUBAI (Reuters) - The United Arab Emirates will offer long-term visas to rich property investors, senior scientists and entrepreneurs in an effort to support its economy and real estate market, which have been hurt by low oil prices.
Indians keen on celebrating white Christmas, New Year: Report
Contrary to the belief that people flock to tropical destinations to beat freezing winters, a study has revealed that more Indians are gearing up for a snow filled experience this season. "With the onset of winter and long breaks during Christmas and New Year, destinations such as Europe and North America are now popular among Indian travellers for a white Christmas with New York topping the list followed by London and Toronto," global travel search engine KAYAK's director of India and Middle East, Abhijit Mishra, said. The data is based on searches done by Indian travellers on return flights on KAYAK platform during January till November this year for travelling between January and February 2019. There has been an eight per cent year-on-year surge in searches by Indians compared with the corresponding period in the previous year. Mishra pointed out this could be due to the fact that off-season travel brings with it some amazing deals, making these countries perfect for
Ex-Nissan chief Ghosn denies allegations: media
Nissan's former chairman Carlos Ghosn has denied allegations of financial misconduct, claiming he had no intention of making false reports, Japanese media said Sunday. The Brazil-born tycoon, who has not spoken publicly since he was arrested last Monday, told prosecutors he did not intend to understate his income on financial reports, public broadcaster NHK said. Without exercising his right to remain silent, Ghosn advocated his view to prosecutors, NHK said, quoting unnamed sources. Ghosn was sacked as Nissan chairman Thursday, a spectacular fall from grace for the once-revered boss whose arrest and ouster have stunned the business world. Prosecutors accuse Ghosn and fellow executive Greg Kelly of under-reporting the former chairman's income by around five billion yen ($44 million). Kelly also denied the allegations, saying Ghosn's salaries were paid appropriately, news reports said. Local media reported Sunday that Nissan had formed a "secret" team earlier this year to probe the ...
RBI may hold the rates baton till March: report
The Reserve Bank will hold the rates for the remainder of the fiscal year ending March 2019 and is likely to go for "measured hikes" in FY20 as inflation inches up, Singaporean lender DBS has said. Decision on rates will be majorly influenced by the movement in oil prices and also the currency, which were termed as "wildcards" by its house economists. In a report that comes days after the headline inflation print eased to a surprising 3.31 per cent for October, the lender lowered its consumer price inflation (CPI) expectations for FY19 to 4 per cent from 4.4 per cent earlier. It said the price rise scenario will go up to 4.2 per cent for FY20, which may prompt the RBI to go in for a hike. "The RBI is likely to get the leeway to hold the rates unchanged this year owing to the below target inflation. We pencil in measured hikes in FY20 to contain core pressures, with oil and currency direction seen as wildcards," it said in the note. The lender said inflation is averaging
Welspun India aims 50% revenue from innovation-based products by 2022
Home textiles maker Welspun India is eyeing about 50 per cent of its revenue from innovation-based products by FY2021-22, a top company official said. The company, which offers bath, bedding and flooring solutions, has 29 active patents globally. "We expect revenue from innovation-based products to grow significantly in the years to come. We see at least 50 per cent of our revenue from innovation-based products. We see this happening by year 2022. Our innovation-based products are relevant to the customers," Welspun India CEO and Joint Managing Director Dipali Goenka told PTI. At present, around 25-30 per cent of Welspun India's sales come from innovation-based products. For the half-year ended September 2018, the company had reported a total income of Rs 3,375.6 crore. When asked if the company has any major capital expansion plans for the textiles business, Goenka said: "Not for Welspun India. We have had a great share of investments. Now we are looking at optimising... for the next
JSW Steel revamps operations, product mix to align with climate change goals
JSW Steel is undertaking a major reorientation of its operations as well as product mix to reduce carbon dioxide emissions and align with the country's climate change priorities. On the portfolio mix, the company is focusing on environment friendly products for packaging, electrical and appliance sectors. "As Government of India tightens pollution norms, it will become critical for steel industry manufacturing processes to undergo a dramatic change going forward," Seshagiri Rao, Joint Managing Director of JSW Steel told PTI. On the operational front, it is setting up a 40 tonnes per hour (TPH) granulated slag crusher to double its current daily slag sand production to replace natural river sand in construction among other initiatives. "Last year we sold 2.87 lakh tonnes of slag sand as an alternate for natural river sand in construction and 4.5 million tonnes of granulated slag. The installation of the new granulated slag crusher will double our daily slag sand production," Vinod ...
Panel on RBI's capital framework likely to be formed this week
? The government and the Reserve Bank will likely by this week appoint members of an expert committee which will look into the economic capital framework (ECF) of the central bank, a source said. In its nine-hour meeting held last week, the RBI's board had decided to constitute a committee of experts to examine the ECF, the membership and terms of reference of which will be jointly determined by the government and the RBI. It will determine the appropriate levels of reserves the central bank ought to hold. "The names will be decided by the RBI governor and the Finance Ministry together in next 5 to 6 days," the source said. The committee will have minimum of three people, which will include present and past central bankers, and officials from the Finance Ministry, the person said. "Within two-three months, the committee will submit its recommendations. The idea is to submit the report before the closing of the financial year," the source added. As of June 30, 2018, RBI's reserves ...
CG Corp Global plans 79 Fern Hotels & Resorts in India by 2020-end
Nepal-based CG Corp Global plans to have 79 operational hotels under The Fern Hotels & Resorts brand in India by end of 2020 as part of its expansion plans in the country, a top company official said. The diversified group currently has 53 hotels in India under the brand. "We plan to have 79 hotels under The Fern Hotels & Resorts brand by end of 2020 in India. We will be adding 26 hotels under the brand during this time across India," CG Corp Global Chairman Binod K Chaudhary told PTI. The upcoming hotels are under various stages of development, he added. On being asked about the locations of the upcoming hotels and resorts, Chaudhary said: "The upcoming hotels will be in places such as Gujarat, Bengaluru as well as Satara, Karad and Lonavla in Maharashtra among others." On being asked the business model, the company follows for the Fern Hotels, Chaudhary said: "At present we are following the management model for these hotels, but going forward we may have some hotels that ...
Prices of TV, home appliances may go up 7-8 pc from next month
Prices of TV and home appliance are set to increase as the consumer durable makers are reviewing their selling price post festive season sales amid tight margins. In order to ensure smooth festive season sale, consumer durable manufacturers had temporarily absorbed impacts on their input costs, following the depreciation of the Indian rupee against US dollar and increase in custom duty. Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it. "Over the last few months, the rupee has continually risen which in turn is impacting our inputs costs. While we try to absorb maximum costs for our consumers, but given the market situation, we will be forced to hike the prices by 5-7 per cent from next month," Panasonic India President and CEO Manish Sharma told PTI. Expressing similar sentiments, Haier India President Eric Braganza said: "We have ensured that the price rise comes into effect post the festive season .
Cabinet may take up agri export policy this week
The Union Cabinet is expected to consider this week the proposed agriculture export policy, which aims at doubling outbound shipments of farm products and increasing their share in the world market, an official said. The commerce ministry has finalised the policy and has forwarded it for the consideration of the Cabinet. The proposed policy would focus on all aspects of agricultural exports including modernising infrastructure, standardisation of products, streamlining regulations, curtailing knee-jerk decisions, focusing on research and development activities, setting up of an agency in line with the European Food Safety Authority for framing, regulating and implementing rules related to both production and trade. The draft policy, prepared by the ministry, has suggested bringing in a stable trade policy regime, reforming the APMC (Agricultural Produce Market Committee) Act, streamlining of Mandi fee, and liberalising land leasing to double the agricultural shipments to over USD 60 ..
Govt plans to complete sale of Air India subsidiary AIATSL by March
The government plans to complete the sale of Air India ground handling subsidiary AIATSL by March 2019, an official said. Air India is reeling under a huge debt burden of over Rs 50,000 crore and the government is planning to sell its non-core subsidiaries of the national carrier. "We are looking to conclude strategic sale of Air India Air Transport Services Limited (AIATSL) in current fiscal. We will soon invite bids from merchant bankers for managing the sale process," the official told PTI. The sale proceeds would add up to the government's disinvestment kitty. The government has so far has raised over Rs 15,200 crore from CPSE stake sale in current fiscal as against the budgeted target of Rs 80,000 crore. The government is launching a follow on public offer of CPSE Exchange Traded Fund (ETF) on November 27, targeting to raise up to Rs 14,000 crore. As part of its plans to take forward the strategic sale of non-core assets of CPSEs, the Department of Investment and Public Asset ...
Andhra Bank puts up Rs 1,553-cr NPAs for sale, prefers cash bids
To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts. The bank has invited expressions of interest (EoIs) from ARCs for the sale of its non-performing assets (NPAs) by November 30, according to the tender document. "Andhra Bank invites EoIs from ARCs for the proposed sale of its NPAs comprising 53 accounts with principal balance of Rs 1,552.96 crore on cash basis only," the bank said. The state-owned lender said that the bids may be submitted for tranches and/or individual basis. All ARCs that are registered as a securitisation and reconstruction company pursuant to Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI Act), that have tendered their letters of interest and non-disclosure agreements pursuant to the notification of the bank are eligible to participate in the sale process