Page 19 - Business Finance
Centre not in favour of increasing spending: Kerala FM
The Centre did not respond favourably to Kerala's suggestion to increase spending and relax the fiscal deficit target for overcoming the economic slowdown, state's Finance Minister Thomas Isaac said Friday. Isaac was addressing reporters at the Kerala House after attending the pre-budget meeting with Union Finance Minister Nirmala Sitharaman here. The meeting was part of the 35th meeting of the GST Council held here Friday. He said the central government was not in agreement with the view that states should be allowed to take more loans. He further said that in the coming financial quarter, Kerala has been allowed to take loans of only Rs 4,000 crore while in the earlier quarter it was permitted to take loans of Rs 6,000 crore. In fact, in the next three quarters, the state has been allowed to take loans of only Rs 4,000 crore which according to the Centre will reduce Kerala's loan by Rs 6,000 crore, he said. Isaac said that instead of increasing the spending, the central government ..
IndiaMart raises Rs 213 crore from anchor investors
IndiaMart InterMesh, an online marketplace for business products and services, said Friday it has raised more than Rs 213 crore from 15 anchor investors by allotting 21,95,038 equity shares at a price of Rs 973, the upper band of its IPO that opens on June 24. ICICI Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Birla Mutual Fund, Hornbill Capital Advisers LLP are among the 15 anchor investors. IndiaMart on Wednesday said it will launch its initial public offering from June 24 and has fixed a price band of Rs 970973 per share. The initial public offering (IPO) is of up to 48,87,862 equity shares, according to a statement by the company. Promoters Dinesh Chandra Agarwal and Brijesh Kumar Agrawal will sell 14,30,109 shares through the issue, while investors Intel Capital (Mauritius), Amadeus IV DPF and Accion Frontier Inclusion Mauritius will offload 33,20,753 shares and 1,37,000 equity shares by other selling shareholders, it added. At the upper end of the price band, the offer is ...
Imran Khan urges people to take advantage of tax amnesty scheme
With nine days left for the tax amnesty scheme to end, Pakistan Prime Minister Imran Khan Friday urged the people to declare their assets and help the government in extricating the country out of the debt trap. In his third address to the nation since the launch of the Asset Declaration Scheme in May, Khan said taxes given by the people will be used to pay back the heavy loans which have become a main hurdle in the country's economic development. The Asset Declaration Scheme was launched on May 14 and is to end on June 30, but despite his efforts it has reportedly not been able to attract the people. The scheme offers that the assets within the country and abroad can be legalised after paying a tax at the rate of 4 per cent. The legalised cash assets will have to be kept in Pakistani bank accounts, but if anyone who wants to keep the money abroad, a rate of 6 per cent will apply. "Until the people do not resolve, along with the government, to extricate itself from these loans, they ...
China to provide USD 1 billion grant to Pak for socio-economic development
China has made huge investments in Pakistan in the energy sector under the USD 60 billion China-Pakistan Economic Corridor initiative and Beijing will provide USD 1 billion grant to Islamabad for the socio-economic development in the country, a minister said Friday. Addressing a seminar by the CPEC Forum in Islamabad, Minister for Planning and Development Khusro Bakhtiar said industrial and agricultural development will be targeted in the next phase of CPEC. "Cooperation in education, health, water, poverty alleviation and other sectors has been included in socio-economic development," Bakhtiar said at the seminar titled Regional Cooperation and Industrial Development through Business to Business Cooperation. He urged the private sector to take a lead in the industrial development, asserting that cooperation in the industrial sector will further strengthen relationship between Pakistan and China. China will provide USD 1 billion grant to Pakistan for the socio-economic development, he
1,103 railways stations developed under 'Adarsh Station' scheme: Piyush Goyal
Railway Minister Piyush Goyal on Friday said that 1,253 stations have been identified for development under Adarsh Station Scheme (ASS) out of which 1,103 railway stations have been developed so far."Modernisation and upgradation of railway stations in Indian Railways is a continuous and on-going process. This has been undertaken from time to time under various modernisation schemes such as Model Station Scheme, Modern Station Scheme and Adarsh Station Scheme," Goyal said in the written reply to a question in the Rajya Sabha on Friday."At present, upgradation of stations is undertaken under the Adarsh Station Scheme. 1,253 stations have been identified for development under the Adarsh station Scheme out of which 1,103 railway stations have been developed so far and the remaining stations are planned to be developed by 2019-20," he said.The Railways Minister apprised that 68 stations have been identified for soft upgradation and all 68 stations have been upgraded in the year ...
CPRL reopens more McDonald's outlets in Delhi-NCR
Connaught Plaza Restaurants Private Limited (CPRL), which operates McDonald's chain of restaurants in northern and eastern India, on Friday said it has re-opened more restaurants in Delhi NCR, taking the total number to 53. "Additional restaurants will continue to re-open in the coming days and weeks," CPRL said in a statement. CPRL on May 20 had announced the reopening of 13 restaurants in Delhi NCR. The company is now wholly-owned by McDonald's after its estranged partner Vikram Bakshi transferred his share in the JV to the US-based firm. After that CPRL had temporarily shut down its 160 outlets and now opening in phases. McDonald's and its estranged partner Bakshi last month announced an out-of-court settlement to end their six-year long dispute over licensing and royalty payment issues. The US fast food chain agreed to buy out Bakshi in the joint venture. The details of the pact, including financial terms, were not disclosed. However, state-owned the Housing and Urban Development .
Govt's total liabilities rise to Rs 84.68 lakh crore at end-March 2019
Government's total liabilities reached Rs 84.68 lakh crore at the end of March 2019, up 1.5 per cent over the preceding quarter, a report released by the Finance Ministry said Friday. The total liabilities stood at Rs 83.40 lakh crore crore at end-December 2018. "The total liabilities (including liabilities under the 'Public Account') of the Government, as per provisional data, increased to Rs 84,68,086 crore at end-March 2019 from Rs 83,40,027 crore at end-December 2018," it said. Public debt accounted for 89.5 per cent of the total outstanding liabilities at end-March 2019. Nearly 28.27 per cent of the outstanding dated securities had a residual maturity of less than 5 years. "The holding pattern indicates a share of 40.5 per cent for commercial banks and 24.6 per cent for insurance companies by end-December 2018," the quarterly report on 'public debt management' said. During the March quarter of last fiscal, the central government issued dated securities worth Rs 1,56,000 crore as .
India expresses concern over rising oil prices following developments in Strait of Hormuz
India Friday expressed concern over developments in the Strait of Hormuz impacting oil prices and sought OPEC-kingpin Saudi Arabia's active role in keeping rates at reasonable levels. Brent oil Thursday jumped about 5 per cent, the most since January, and is now trading near USD 65 a barrel. This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces. Oil Minister Dharmendra Pradhan discussed the situation with Saudi Oil Minister Khalid Al Falih. "Expressed concern on the developments in the Strait of Hormuz leading to rising crude oil price. Reiterated the sensitivity of Indian consumers to prevailing oil price volatility. Sought active role of #SaudiArabia within OPEC & OPEC Plus for keeping oil prices at reasonable levels," Pradhan tweeted. About a quarter of the world's LNG and about one-fifth of the world's
Virtual Facebook currency faces real-world resistance
If Facebook's new cryptocurrency should resonate anywhere it should be India, where the social media giant has more than 300 million followers. Many Indians are shut out of banking and face punitive fees for simple transactions, like transferring money to their loved ones. But in India as elsewhere, the US company's ambitions to remake global finance through its "Libra" currency will have to overcome regulatory mistrust, plus the existence of popular homegrown rivals in the market for digital payments. "If regulations were not a hurdle in India, Libra would instantaneously have a massive reach because of Facebook," Anirudh Rastogi, the founder of a technology-focused law firm in New Delhi, told AFP. When it launches next year, Libra will be backed by a basket of real-world currencies and a consortium of companies. To mint and store new coins, access to its underlying "blockchain" technology will be more restrictive than for the free-for-all of bitcoin. Companies rooted in traditional .
Govt announces many 'key reforms' to boost domestic apparel sector: Smriti Irani
Union Textile Minister Smriti Irani on Friday said the central government announced many "key reforms" such as relaxation of Sections of Income Tax Act and incentives to boost the domestic apparel sector to enable it to compete with multinational brands."To encourage the domestic apparel sector to compete with multinational brands, government announced key reforms under a special package that includes additional incentives under the Amended Technology Upgradation Fund (ATUFS), relaxation of Section 80JJAA of Income Tax Act and introduction of fixed-term employment for the apparel sector," a press release by the PIB read.The press release added that a written reply submitted by Irani in the Lok Sabha today cited that the government is providing the whole 12 per cent of employer's contribution towards Employee's Provident Fund and Pension Scheme."Under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), the government is providing entire 12% of employer's contribution towards Employee's ...
'Digital Success Summit' to be held in city in Aug
The second of 'Digital Success Summit' will be held in the city on August 8 and 9 after the success of its inaugural edition of Eastern India's first and largest digital technology and marketing summit, organisers said Friday. The event will witness coming together of leading business owners, CXOs, strategists and thought leaders from across sectors, Indus Net Technologies CEO Abhishek Rungta said. Speakers at the DSS 2019 will share their knowledge and cover a wide array of topics such as social selling, user experience, growing need of remote work in every business, voice search and its impact, and many interesting subjects, he said.
India Ratings downgrades Reliance Infra
Ratings agency India Ratings Friday downgraded Reliance Infrastructure Ltd's long-term issuer rating to 'D - Issuer Not Cooperating'. The downgrade comes barely a week after the Anil Ambani-led company's auditors raised red flags over its financial results as well as "significant doubt" over the group's ability to continue as a going concern. "India Ratings and Research (Ind-Ra) has downgraded Reliance Infrastructure Limited's (RInfra) Long-Term Issuer Rating to 'IND D (Issuer Not Cooperating)' from 'IND C'," Ind-Ra said in a statement. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency, it said. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating, it added. "The rating will now appear as 'IND D (Issuer Not Cooperating)' on the agency's website," it said, adding the downgrade reflects RInfra's ongoing delays in debt ...
Govt issued dated securities worth Rs 156000 crore in Q4 of FY19: Quarterly Report on Public Debt Management
Weighted average yield of primary issuances declined to 7.47% in Q4 from 7.82% in Q3 of FY19
Discussing with banks to provide foreign currency loans to exporters: Goyal
Commerce and Industry Minister Piyush Goyal Friday said the ministry is in dialogue with banks to see ways to extend foreign currency loans to exporters. Addressing members of the CII here, he said there are ways to resolve the problem of inadequate and expensive credit without putting a significant stress to the exchequer. He said providing subsidies is not a solution to any trade-related issues. "I would like to articulate a possible alternate scenario to all to consider and see whether that is better. If instead of that (subsidies and interest subvention), we will work on foreign currency loans and I already have dialogues with bankers to see how we can expand foreign currency loans," he said. Goyal also said Export Credit Guarantee Corporation of India (ECGC) can play a role of credit enhancement agency for exporters. He has asked ECGC to come up with a robust policy on guarantee or insurance for traders and that would help bankers lend exporters at affordable rates. "We are ...
PMKSY envisage over 5 lakh jobs by 2020: MoFPI
Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) envisages the creation of direct and indirect employment for over 5 lakh persons by 2020, said Union Minister of State for Food Processing Industries, Rameswar Teli on Friday.A press release by Ministry of Food Processing Industries said, "Rameswar Teli, while giving a written reply to a question on employment opportunities in the food processing sector and increase in its share in GDP, in Rajya Sabha today, stated that PMKSY envisages creation of direct and indirect employment for 5,30,500 persons by 2020.""Government has taken a number of measures and policy initiatives to promote the overall growth of the food processing sector and generate employment opportunities. 100 per cent Foreign Direct Investment (FDI) through automatic route in manufacturing of food products and 100 per cent FDI under Government approval route for retail trading, including through e-commerce, in respect of food products produced and/or manufactured in India, has .
India's steel export to US declines by 35 pc: Piyush Goyal
India's total steel export to the US has declined by 35 per cent during the financial year 2018-19 after Washington imposed additional tariff of 25 per cent and 10 percent on steel and aluminium respectively on a global basis, the Rajya Sabha was informed on Friday.Industry and Commerce Minister Piyush Goyal, in a written reply, however, said that the export of aluminium has increased by 14 per cent.The US last year in March had signed a proclamation that sets the tariff on imports of steel at 25 per cent and on the aluminium at 10 per cent.However, he exempted allies, Canada and Mexico from the measure, and said the allies had "security relationship" with the US could propose exemptions, before the new tariffs come into force.The move, which garnered a lot of criticism from China and Europe. In retaliation, India threatened the US to suspend concessions on 30 products originating from the United States.On June 5, a proclamation issued by President Donald Trump stated that the US is ..
Emami Paper Mills accorded status of One Star Export House
By Ministry of Commerce and Industry, Director General of Foreign Trade, Govt. of India
Radiant Life Care acquires 49.7% stake in Max Healthcare from Life Healthcare
Radiant's stake acquisition is one of several steps that will eventually result in Soi and KKR together acquiring a controlling stake in Max Healthcare by combining the health care assets of Max Healthcare, Max India and Radiant to create the largest hospital network in North India.
Mindteck (India) recognised as Niche and Emerging Player in Zinnov Zones 2018 Engineering R&D Services ratings
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