Page 1750 - Business Finance
Future Grp eyes Rs 30k cr transactions on its e-wallet nxt yr
Future Group eyes Rs 30,000 crore worth transactions on its e-wallet next year, Future Group chief executive Kishore Biyani said Thursday. Future Pay is an app-based wallet introduced for shopping across Future Group stores. Biyani further said the company is getting into another round of technology innovations and is building digital financial services business based only on technology/digital. "In the last few years we have built a product called Future Pay. It will do a business of Rs 30,000 crore next year. It is running at a run rate of Rs 10,000 crore. We have 40 lakh active users every month and close to 80-85 lakh members on Future Pay," he said at the Ascent Conclave. On the retail front, Biyani said the company is opening small store formats targeting the 50,000 population towns. "If you look at Future Group we operate on three levels. One is Big Bazaar which is our largest store and we are operating in the population range of one-lakh plus. We are within 5 km
Narendra Modi targets gas exchange to ease shift from oil
NEW DELHI (Reuters) - India is working to establish a natural gas trading exchange, Prime Minister Narendra Modi said on Thursday, as part of a shift away from a reliance on crude oil based products which are blamed for much of the country's pollution problem.
Bank credit grows by 14.88%, deposits by 9.13%
Bank credit rose by 14.88 per cent to Rs 91.11 lakh crore in the fortnight ended November 9, while deposits grew by 9.13 per cent to Rs 118.25 lakh crore, according to the RBI data. In the year-ago fortnight, bank advances stood at Rs 79.31 lakh crore, while deposits at Rs 108.35 lakh crore. In the previous fortnight ended October 26, 2018, credit had grown by 14.57 per cent to Rs 90.37 lakh crore, while deposits rose by 9.01 per cent to Rs 117.71 lakh crore. In September this year, non-food credit rose by 11.3 per cent, as against an increase of 6.1 per cent in same month last year. Bank loans to the services sector expanded by 24 per cent, compared with 7 per cent in September 2017. Personal loans rose by 15.1 per cent in the month, against 16.8 per cent last year. Advances to agriculture and allied activities grew by 5.8 per cent, same rate as in September 2017. Credit to industry rose by 2.3 per cent in September 2018, against a contraction of 0.4 per cent in September
Sensex, Nifty decline for third straight session
Indian equities settled with losses for third day in a row weighed by slide in ICICI Bank, Reliance Industries and HDFC Bank. The Sensex settled below the psychological 35,000 level after sliding below that level in late trade. Metal and mining stocks declined. Realty stocks fell.
Global Markets: European stocks wilt after tech reboot fails
LONDON (Reuters) - Europe's share markets drooped back into the red on Thursday, as investor worries about slowing global growth in the face of rising U.S. interest rates and trade tensions outweighed crucial Brexit progress.
Nissan votes unanimously to fire Chairman Ghosn, ending two decade reign
YOKOHAMA, Japan/PARIS (Reuters) - Nissan Motor Co's board voted unanimously to oust Chairman Carlos Ghosn on Thursday after the shock arrest of the industry heavyweight, ushering in a period of uncertainty for its 19-year alliance with Renault.
Gold gains as dollar dips and equities slide into red
BENGALURU (Reuters) - Gold prices crept higher on Thursday towards a two-week peak scaled in the previous session, helped by an easing dollar and as investors sought refuge from weakness in financial markets on economic growth concerns.
Finolex Cables to expand retail presence in 2019
Finolex Cables Ltd, manufacturer of electrical and communication cables, plans to set up 50 brand retail stores 'Finolex House' by 2019, the company said. The first exclusive store was formally inaugurated by the company's Executive Chairman, Deepak Chhabria here Thursday. Finolex House would serve as a one-stop shop for consumers offering end-to-end electrical solutions. "Our goal is to provide complete electrical solutions to our customers across India. We are happy to launch the first Finolex House in Chennai," Chhabria said after formally inaugurating the store. "Finolex plans to launch 50 Finolex Houses by 2019 with exclusive stores in key cities," a company statement said. Experts would be available at the stores to help customers with appropriate products for safe and secure homes. Finolex Cables has 3,500 channel partners and 40,000 dealers across the country. The company has manufacturing facilities in Pune, Goa and in Uttarakhand, the release added.
Nifty November 2018 futures at small discount
Turnover spurts
Allotment of petrol pump sites, CNG stations in Haryana through e-tendering now
The Haryana government has decided to allot petrol pump sites as well as CNG and PNG stations through e-tendering to ensure more transparency in the process. "Only the Oil Marketing Companies and CNG and PNG distribution company authorized for the city would be eligible to participate in the e-tendering," an official release said. The decision was taken at the 116thmeeting of the Haryana Shehri Vikas Pradhikaran (previously Haryana Urban Development Authority). The meeting was held here Thursday under the chairmanship of Chief Minister Manohar Lal Khattar. These sites would be designated as "filling cum charging station" and can be used by the allottee for CNG, petrol or diesel pump or allied activities like battery charging stations. The release also said construction of first floor on single-storey booths and service booths has been allowed in HSVP markets.
ECB policymakers united behind stimulus exit plan in October: minutes
FRANKFURT (Reuters) - European Central Bank policymakers stressed at their meeting in October the need to reaffirm plans to dial back monetary stimulus even as some saw growing risks to the economy, minutes showed on Thursday.
AXISCADES opens a 'Digital Centre of Excellence' in Pune
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Board of HDFC Standard Life Insurance Company approves change in directorate
On 22 November 2018
Ghosn gone: Nissan drives out chairman after arrest
Nissan board members voted unanimously to sack Carlos Ghosn as chairman on Thursday, a spectacular fall from grace for the once-revered boss whose arrest for financial misconduct stunned the car industry and the business world. Ghosn stands accused of under-reporting his income by millions of dollars and a host of other financial irregularities, alleged after a months-long internal Nissan probe following a whistleblower report. His ouster as chairman represents an astonishing turnaround for the titan of the auto sector who revived the Japanese brand and forged an alliance with Renault and Mitsubishi Motors, which sold a combined 10.6 million cars last year more than any other firm. It also throws the future of the alliance into doubt, as Ghosn was the architect of the fractious tie-up -- which employs 450,000 people globally -- and the glue holding it together. "After reviewing a detailed report of the internal investigation, the board voted unanimously ... to discharge Carlos Ghosn .
Once National Herald publication started, how is re-entry notice justified: HC asks Centre
What is the justification to re-enter the premises now when publication of National Herald has commenced, the Delhi High Court asked the Centre on Thursday. Justice Sunil Gaur, who reserved his verdict in the matter, asked the Urban Development Ministry, "They are now running the newspaper. So where is the justification now to re-enter premises? Where is the occasion now to re-enter the premises?" Solicitor General (SG) Tushar Mehta, appearing for the ministry and the Land and Development Office (L&DO), told the court that re-entry notice was issued as it had initiated the proceedings back in 2016 when no printing or publishing activity was going on. All the procedures have been followed to the hilt before issuing the notice for re-entry to AJL, Mehta said. "Procedure may have been followed, but by the time re-entry notice was issued, they were running a newspaper," the court said. Senior advocate Abhishek M Singhvi, appearing for AJL, opposed the SG's argument saying that ...
Singapore co to invest Rs 2,000 cr in Punjab
Singapore-based Think Gas Investments PTE Limited has decided to establish natural gas distribution infrastructure in Punjab with an expected foreign direct investment (FDI) of Rs 2,000 crore, an official said. This project has the potential to generate more than 1,500 jobs, an official spokesman of the Punjab government said here. The proposed infrastructure will be spread across an area of 12,000 sq km, covering the districts of Ludhiana, Barnala, Moga, Jalandhar, Kapurthala and Shaheed Bhagat Singh Nagar. The company aims to reach approximately 45 per cent of Punjab's households, in both urban and rural areas, along with its industrial sector. Think Gas CEO Hardeep Singh Rai met Chief Minister Amarinder Singh here Wednesday to discuss the company's plans for the next 3-4 years, the spokesperson said. He informed the Chief Minister that the company will start the first phase of its ground operations soon. Additional Chief Secretary, Investment Promotion, Vini Mahajan and CEO, Invest
Exclusive: Libyan wealth fund to hire auditors in push to unfreeze assets
LONDON (Reuters) - Libya's sovereign wealth fund will appoint auditors within weeks and conclude a wide-ranging examination of its assets by 2019 as part of its efforts to get billions of dollars of assets unfrozen, the fund's head told Reuters.
Capital infusion in PSBs by December: Sources
Government sources on Thursday said that capital infusion into Public Sector Banks (PSBs) are likely to take place by the end of 2018.As per the source, the recap burden is likely to be lower due to the unlocking of capital on the account of recent decisions taken by the Reserve Bank of India (RBI)."A total of Rs. 43,000 crore is pending in terms of PSU bank recap is pending, while Non Performing Assets (NPAs) in the Micro Small and Medium Enterprise (MSME) sector has reduced to Rs. 1 lakh crore," added the source.Overall, net NPAs are down to Rs. 27,000 crores in the last two quarters, the source further said.On November 19, the RBI Central Board had decided to constitute a Board for Financial Supervision (BFS) to examine the framework for banks under Prompt Corrective Action (PCA).The decision was taken after the RBI's Central Board meeting on Monday, which discussed the Basel regulatory capital framework, a restructuring scheme for stressed Micro, Small and Medium Enterprises ...
TPL Plastech announces change in compliance officer
With effect from 24 November 2018
Realme top emerging brand in India in festive season: Report
China-based Realme's smartphone shipments grew by over 600 per cent in the September-October period in comparison to the July-August period, making it the top emerging brand in India, a new report said on Thursday.