Page 1987 - Business Finance
Exclusive: Buyout firm Thoma Bravo approaches Symantec about acquisition - sources
NEW YORK (Reuters) - Private equity firm Thoma Bravo has approached Symantec Corp to express interest in acquiring the U.S. cybersecurity software company, people familiar with the matter said on Tuesday.
Voltas' Q2 consolidated net profit up over 12% on year
Tata group company Voltas on Tuesday reported an on-year rise of more than 12 per cent in its consolidated net profit for the second quarter ended September 30.
Hero MotoCorp unveils XPulse 200T at EICMA motorcycle show
Two-wheeler maker Hero MotoCorp Tuesday unveiled XPulse 200T in the premium motorcycle segment at the EICMA motorcycle show here. The touring machine comes with features like ABS, LED head and tail lamps, digital speedometer with bluetooth connectivity and navigation facility, Hero MotoCorp said in a statement. Unveiling the new product, Malo Le Masson, Head of Global Product Planning, Hero MotoCorp said: "The adventure and touring motorcycle segments are very popular across (the) world and here we are showcasing Hero's vision for these segments with XPulse 200T based on our unique XPulse Platform". The company aims to further expand this platform and more products to our portfolio by the second quarter of next year, he added. The company is preparing to launch XPulse 200 and XPulse 200 T in all its markets beginning next year. In the statement, Pawan Munjal, CMD and CEO of Hero MotoCorp said : "Hero MotoCorp is globally known for its fuel-efficient and reliable products, sustainable .
Govt to continue pressing RBI for relaxing norms, funds
Keeping up the heat on the RBI, the government will continue to press the central bank to relax norms to boost lending and transfer at least a third of its Rs 9.6 lakh crore reserve, sources familiar with the discussions said. In recent weeks, the rift between the RBI and the government has been widening over various issues. Recently, the government cited never-used before provisions of law that gives it powers to issue directions to the RBI on mattes of public interest to resolve certain issues. Citing Section 7 of the RBI Act -- an unprecedented move in the 80-year history of RBI -- the government wants RBI Governor Urjit Patel to address three prime concerns. They pertain to transfer of surplus funds, easing of NPA norms to kick start lending and support growth, and easing liquidity crisis facing non-banking finance companies (NBFCs), sources had said. These issues may figure during the RBI's board meeting on November 19. According to the sources, the government would continue to .
Thyssenkrupp's Walker in line for top job at elevators business
FRANKFURT (Reuters) - Thyssenkrupp is likely to appoint company veteran Peter Walker to succeed Andreas Schierenbeck as the chief executive of its elevators unit, two people familiar with the matter told Reuters on Tuesday.
Bharat Financial completes Rs 2,334.71 cr worth securitisation transactions
Bharat Financial Inclusion Tuesday said it has completed securitisation transactions worth Rs 2,334.71 crore this fiscal and the entire pool qualifies for priority sector treatment as per RBI norms. Securitisation refers to pooling various types of debt and selling them to investors. In a regulatory filing, the company said it completed the fourth securitisation transaction of Rs 429.88 crore Tuesday. "With this transaction, the company has completed four securitization transactions worth Rs 2,334.71 crore in FY'19," the filing added. The entire pool qualifies for priority sector treatment as per the Reserve Bank of India's (RBI) priority sector lending guidelines, it said. The pool has been rated AA (SO) by a leading rating agency, signifying a "high degree of safety regarding timely servicing of financial obligations". Such instruments carry a very low credit risk, it added.
Oil prices under pressure after hit from Iran sanctions waivers
LONDON (Reuters) - Oil prices fell on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, as the market was left to work out the exact impact of the waivers.
Special programme to promote agri production clusters in
Odisha Chief Minister Naveen Patnaik Tuesday launched a special programme to promote agriculture production clusters (APCs) in tribal districts of Odisha, officials said. Rs 401.60 crore will be spent for the programme, which will trigger growth in farm sector with an objective of doubling the income of one lakh small and marginal farmers by establishing APCs in 40 blocks of 12 tribal dominated districts in the state over a period of four years, they said. Under it around 750 market linked agri-entrepreneurs will be groomed and nested as value chain enablers, they said. The programme is a collaboration of the agriculture and farmers empowerment and panchayati raj and drinking water departments aimed at promoting the APCs in highland regions of the state, they said. It was launched in partnership with Bharat Rural Livelihoods Foundation (BRLF) with professtional assistance of Development Action, a national-level NGO, they said. Under the programme, schemes available with ..
NBCC inks pact with Health Min to buy out HSCC
State-owned NBCC Tuesday said it has signed an agreement with the Health Ministry to acquire Hospital Services Consultancy Corporation (HSCC). "The Ministry of Health and Family Welfare and NBCC (India) Ltd have signed the share purchase agreement on November 6, 2018 for the transfer of 100 per cent share holding of HSCC to NBCC," the construction firm said in a regulatory filing. In September, NBCC had said it will buy out the government's stake in consultancy firm HSCC for Rs 285 crore. HSCC, under the Ministry of Health and Family Welfare, provides consultancy services in healthcare and other social sectors in India and abroad.
German economic advisors slash 2018 growth forecast to 1.6 percent: report
BERLIN (Reuters) - Economic advisors to the German government have slashed their forecast for growth this year to 1.6 percent from their previous prediction of 2.3 percent, a group of newspapers reported on Tuesday.
Higher oil price and output boost Rosneft, despite charges
MOSCOW (Reuters) - Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.2 billion), as higher crude output and prices outweighed impairments on downstream operations.
Govt set to further amend companies law
The government plans to make more amendments of "urgent nature" to the companies law, including to certain provisions regarding CSR spending, according to a notice. Days after promulgating an ordinance to amend the Companies Act, 2013, the Corporate Affairs Ministry has now sought comments from stakeholders for proposed changes to the law. In a notice, the ministry said certain amendments of "urgent nature would be required to further strengthen the corporate governance and enforcement framework". A committee to review the penal offences under the Act had suggested various amendments to the law. Pursuant to the recommendations, an ordinance was promulgated on November 2. Now, the ministry has sought comments from stakeholders on the fresh set of proposed amendments by November 20. Among others, amendments have been proposed to the CSR provisions. Under the law, certain class of profitable companies are required to shell out at least 2 per cent of their three-year annual average net ...
On eve of IMF talks, Pakistan's finance minister says balance of payments crisis over
ISLAMABAD (Reuters) - Pakistan's finance minister said on Tuesday his country's balance of payments crisis was over, a day before a team from the International Monetary Fund (IMF) is due to arrive to discuss a potential aid package.
EU could impose sanctions if no deal with Italy, but no decision yet: Moscovici
BRUSSELS (Reuters) - The European Commission could impose sanctions on Italy as a last resort if they cannot reach an agreement over Rome's rule-breaking budget, but Brussels wants to avoid that option, the EU's economics commissioner said on Tuesday.
Wall Street opens flat as U.S. elections get underway
(Reuters) - U.S. stocks opened flat on Tuesday as investors awaited the outcome of U.S. midterm elections that could shape the future of Donald Trump's presidency and test his tax and trade policies.
Toyota optimistic amid China slowdown as Lexus sales grow
TOKYO (Reuters) - Toyota Motor Corp on Tuesday said it sees room to expand in China as growing sales of its luxury brand Lexus help it buck an emerging trend of slowing demand which has hit profit at some of its global rivals.
Paytm ties up with 2 govt depts in Karnataka
: Paytm, one of the largest digital payments company, has tied up with two government departments for seamless payment experience. One97 Communications Limited, which owns Paytm, said in a press release that it has partnered with theDirectorate of Electronic Delivery of Citizen Services (EDCS) and DPAR (Department of Personnel and Administrative Service) to facilitate that experience. As a launch offer to drive user adoption, Paytm would extend a cashback of 10 per cent for upto a maximum of Rs 20 per useron a minimum transaction amount of Rs 200 forpayments, the release said. The EDCS and DPAR (e-governance) had set up BengaluruOne centres in Bengaluru and KarnatakaOne centres in 17 cities of the State, it said. The centres are conceptualised to electronically deliver service of various government departments and private companies under one roof in a citizen-friendly manner, the release said. Speaking on the occasion, Chief Operating Officer of Paytm Kiran Vasireddy ...
Thomson Reuters eyes multiple purchases after Blackstone deal
TORONTO (Reuters) - Thomson Reuters Corp is looking to make multiple acquisitions to boost its Legal and Tax & Accounting units after selling a majority stake in its financial terminal business, Chief Executive Jim Smith said on Tuesday.
Rosneft almost triples net profit despite downstream impairments
MOSCOW (Reuters) - Russia's largest oil producer Rosneft almost tripled third-quarter net profit to 142 billion roubles ($2.15 billion), citing higher crude output and prices, despite taking a heavy hit on downstream operations.
Ponzi scheme co MD, director arrested for duping investors of
The managing director of a ponzi scheme company and his wife, who is a director of the firm based in Odisha's Ganjam district were arrested by the police from Bhubaneswar on Tuesday for allegedly duping investors of over Rs 60 crore, police said. Braja Mohan Patnaik(44) and his wife Tridhara Mohanty (40), managing director and director respectively of Datum Marketing Limited had been absconding since May this year, Berhampur superintendent of police Pinak Mishra said. The couple were brought back to Berhampur and produced before a court which remanded the couple to police custody for three days, he said. The police had registered two cases against the couple and some employees of the company in 2016 and May this year following which the two fled, he said. The exact amount duped by the company, which had started functioning in October 2006, from the investors is yet to be assessed. Preliminary investigations, however, showed it had collected around Rs 60 crore under ...