Page 1997 - Business Finance
Goldman tracking ahead of $5 billion revenue goal: CFO
(Reuters) - Goldman Sachs Group Inc is tracking ahead of its goal to generate $5 billion in additional annual revenue by 2020 as growth initiatives bear fruit, and sees opportunities to grow its businesses further, its new finance chief said on Monday.
Goldman says it is ahead of schedule on $5 billion revenue goal
(Reuters) - Goldman Sachs Group Inc is ahead of its goal to generate $5 billion in additional annual revenue by 2020, having already achieved half that amount in the first nine months of this year, the Wall Street bank said on Monday.
Proposal will be brought for setting modern airport at Dhanbad
Union Minister of State for Civil Aviation Jayant Sinha Monday said a proposal for setting up a modern airport in Dhanbad would be brought, considering its demand. He further said that all big cities in Jharkhand, including, Hazaribagh and Medininagar would get airports to increase local air connectivity. Considering demand raised by coal city Dhanbad, the (aviation) ministry will bring a proposal for setting up a modern airport in Dhanbad, Sinha told a press conference in reply to a query. Sinha said that flight to Kolkata from Bokaro would start soon while Dhalbumgarh in East Singhbhum would be developed with modern facilities. He said that the number of operating flights connecting Jharkhand capital Ranchi to different metro cities has been doubled over the years. Sinha said there were only 10 to 12 flights from Ranchi connecting metro cities while now it has been increased to 30 flights and all metro cities including Delhi, Kolkata and Bangaluru, are well ...
Altico pumps Rs 600 cr in Renaissance Group logistic park
Altico Capital has invested Rs 600 crore as debt in a warehousing and logistic park being developed by Renaissance Group in Mumbai Metropolitan Region (MMR). Another Rs 50 crore has been infused by Altico's founding shareholder Clearwater Capital (now Fiera Capital). Altico Capital has recently closed Rs 650 crore transaction in the warehousing and logistics sector with Mumbai based Renaissance Group promoted by Mayur Suchak, the company said in a statement. "The funding is towards an ongoing warehousing and industrial park named 'Renaissance Industrial Smart City' in Bhiwandi having a development potential of 20 million sq ft across warehousing and industrial space. The park is the only one in Mumbai to have the Integrated Industrial Area licence," said Sanjay Grewal, CEO, Altico. Over 3 million sq ft of warehousing space in the project has already been committed to tenants, including a leading global e-commerce player. Altico Capital intends to diversify beyond residential and ...
MCA hopeful of quick resolution of financial constraints issue
The Mumbai Cricket Association (MCA) is optimistic that the ongoing issue of financial constraints would be resolved soon. There has been an administrative vacuum in the MCA after the two retired judges appointed by the Bombay High Court relinquished their charge on September 14. Since then, nobody in the MCA is authorised to operate its bank accounts. "We had on Friday filed a plea before the Bombay High Court. But we were asked to mention it before the vacation bench. The matter is expected to be taken up shortly," a senior MCA official told PTI Monday. According to the official, the MCA has prayed before the court that joint authority be given to MCA official Unmesh Khanwilkar and Chief Executive Officer C S Naik to operate the bank accounts. "We have to make payments of different people. Even we have borrowed money for giving salaries of the staff and that needs to be returned," the official argued. Another official said that the city cricket body was optimistic that
Punjab petrol dealers threaten strike over VAT issue
Petrol station owners in Punjab on Monday threatened to launch an agitation over their demand for reducing VAT to comparable levels with neighbouring Haryana, Himachal Pradesh and Jammu and Kashmir.
US sanctions: SWIFT network suspends Iran banks
The SWIFT banking network said Monday it has suspended "certain Iranian banks" from its services, after the US reimposed nuclear sanctions on Tehran. "In keeping with our mission of supporting the resilience and integrity of the global financial system as a global and neutral service provider, SWIFT is suspending certain Iranian banks' access to the messaging system," it said. "This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system.
Gold dips on profit taking; U.S. midterms in focus
BENGALURU (Reuters) - Gold fell on Monday as investors took some profits following a rally over the past week, but the market is cautious ahead of the U.S. midterm elections this week.
Adani Gas shares up 5% post demerger
Shares of Adani Gas rose by 5 per cent Monday in its first day of trade following a demerger. The stock debuted at Rs 70.20 and later closed the day at Rs 73.70, up 4.99 per cent from its opening price on the BSE. On the NSE, shares of the company jumped 5 per cent to end at Rs 75.60. In terms of equity volume, 1.22 lakh shares of the company were traded on the BSE and over 16 lakh shares changed hands on the NSE during the day. The company's market valuation stood at Rs 8,105.60 crore on the BSE. "Trading members of the exchange are hereby informed that effective from November 5, 2018, the equity shares of Adani Gas Ltd are listed and admitted to dealings on the exchange in the list of 'T' group Securities," according to a regulatory filing by the company.
Indian firms participating in China International Import Expo to showcase products
Indian companies are participating in the China International Import Expo at Shanghai to showcase their potential in areas like agro products, pharmaceuticals, IT, tourism and services sector, the commerce ministry said Monday. "The Ministry of Commerce, in consultation with the Embassy of India in Beijing decided to showcase areas where India has proven strength with significant global presence, and there are good prospects for further market access in China," it said in a statement. India's pavilion has focussed on key sectors such as food, agro products, pharmaceuticals, IT & ITES, tourism and services sector. "These four areas represent very minuscule Indian presence in China contrary to India's strength and overall global presence," it added. It said that China is India's largest trading partner with a total trade expecting to reach USD 100 billion mark in near future. Both countries have expressed a resolve to address India's concern regarding large trade deficit with China,
Apple drags down Nasdaq at open; S&P, Dow rise
The Nasdaq opened lower on Monday, dragged down by a more than 2 percent fall in Apple Inc shares, while a jump in energy stocks supported the S&P 500 and the Dow Jones industrial index.
Investors show lukewarm response to QIP; fund raising down 81% in Apr-Sep
Fund mobilisation by Indian companies through issuance of shares to institutional investors declined 81 per cent to nearly Rs 7,000 crore during the first half of the financial year 2018-19. The firms had raised Rs 36,653 crore during the corresponding period of the previous financial year. On a quarterly basis, the listed companies garnered Rs 4,070 crore during the three months ended June 30, 2018 and Rs 2,888 crore during the July-September period, through the qualified institutional placement (QIP) route, the latest data available with the Securities and Exchange Board of India showed. The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes. QIP is an alternative mode of resource raising available for listed companies to raise funds from the domestic market. The firms garnered Rs 6,958 crore through the QIP route during the April-September period of 2018-19. This is 81.02 per cent less than the amount .
Housing finance firms fall up to 5% amid persistent liquidity issues
Housing finance stocks fell by up to 5 per cent Monday amid persistent concerns over liquidity situation. Shares of DHFL tanked 4.60 per cent, Indiabulls Housing Finance tumbled 4.24 per cent, Reliance Home Finance declined 3.24 per cent, LIC Housing Finance fell 2.24 per cent, GRUH Finance dropped 0.67 per cent and Can Fin Homes dipped 0.33 per cent on the BSE. Amid authorities working on ways to tackle the IL&FS crisis, Corporate Affairs Secretary Injeti Srinivas Monday said non-banking financial companies (NBFCs), particularly housing finance firms, are facing liquidity issues but there is "no crisis". He also emphasised that there is a need to introspect the business models followed in the NBFC sector and adopt the model that is sustainable. The IL&FS crisis, triggered by debt defaults by some group companies, has sparked off concerns over liquidity in the system, while the corporate affairs ministry last month superseded the holding company's board as part of larger ...
New visa centre for 13 Schengen countries opened in Pondy
: A new state-of-the-art joint visa application centre to serve 13 of the 26 Schengen countries, including France, was inaugurated here Monday following a rise in demand for visa service. The centre was set up by outsourcing and technology service provider VFS Global, a press release from the company said. On the number of visa applications processed from Puducherry between January and September, Kochi saw a 51 per cent rise, followed by Chennai at 39 per cent and Puducherry at 34 per cent, the release said. The centre was opened recently by Consul General of Puducherry Catherine Suard. "Given the rise in visa applications to Europe and France with respect to business, tourist and educational purpose, I am happy to be at the inaugural function," the release quoted Suard as saying. "Historically, Puducherry shares deep ties with France seeing a continuous, strong demand for visa service to European destinations," regional group Chief Operating Officer of VFS Global ...
India a 'goldmine' for ropeways, says Gadkari
Describing ropeways potential in India as "goldmine", Union Minister Nitin Gadkari Monday urged Austrian firm Doppelmayr Group to tap the huge opportunities that the country offers. Doppelmayr, the world's leading manufacturer of ropeways, has installed 60 per cent of global ropeways. Port Rail Connectivity Corporation (PRCC) has identified 100 spots where ropeways will be beneficial, the road transport minister Gadkari said while addressing an event after signing a pact between Austria's Doppelmayr and India's WAPCOS for end to end solutions for passenger ropeway projects. Besides, he said JNPT was going for tender for a ropeway project. "Prime Minister Narendra Modi's new India vision can be actualised through this transport revolution," he said and urged Doppelmayer to follow 'Make in India' policy. "I will request you should take initiative to manufacture all types of material here under Make In India... This is going to reduce the cost" Gadkari termed ropeways as innovating ...
PowerGrid net profit up 8pc in Jul-Sept qtr
State-run transmission utility Power Grid posted about 8 per cent jump in its standalone net profit at Rs 2,309.49 crore in quarter ended September 30, 2018. The company's standalone net profit was Rs 2,141.04 crore in the quarter ended on September 30, 2017, stated a BSE filing. According to statement, the company's total income in second quarter rose to Rs 8,689.95 crore from Rs 7,492.52 crore year ago. The company, in its 29th Annual General Meeting held on 18th September has declared and paid final dividend of Rs 2.80 per share (face value of Rs 10 each) during the current quarter in addition to interim dividend of Rs 2.45 per share paid earlier, totalling to Rs 5.25 per share for the financial year 2017-18. It has recognised (power) transmission (segment) income during the quarter at Rs 7,104.34 crore up from Rs 5,770.69 crore year ago as per final tariff orders issued by CERC (central electricity regulatory authority). It has also recognised power transmission income of Rs ...
Wall Street set to open lower on election uncertainty, rate fears
(Reuters) - U.S. stocks were on course to open slightly lower on Monday, with little impetus moving markets ahead of crucial U.S. midterm elections and a Federal Reserve meeting this week.
SAMHI Hotels eyes 4k more rooms post acquisitions
Goldman Sachs-backed SAMHI Hotels is eyeing an increase in inventory to 4,000 rooms following the acquisition of Premier Inn portfolio in 2017 and also the acquisition and subsequent rebranding of several hotels to Holiday Inn Express. Currently, the investory is 3,000 rooms, this increase in is one of the highest by any Indian hotel ownership company in a single year, a release said here. Backed by financial institutions like Sam Zell led Equity International, Goldman Sachs, GTI Capital and IFC (Member of the World Bank Group), SAMHI's growth to over 4,000 rooms ownership within a period of 8 years is the fastest ever by any hotel company in India. The company had earlier indicated an investment of Rs 500 crore to boost its inventory including acquisition and the turnaround expenses and it confirmed that it is well on its way to execute on that plan. By first quarter of FY20, SAMHI will have over 4,000 rooms available across hotels in India and operated by Marriott, ...
US embargo on Cuba adversely hit tech, drug transfer from India: UN report
Transfer of technology and important drugs from Indian entities to Cuba has been adversely impacted due to the decades-long US embargo on the caribbean island nation, according to a report by UN Secretary General Antonio Guterres. The UN General Assembly (UNGA) had in a resolution titled 'Necessity of ending the economic, commercial and financial embargo imposed by the US against Cuba' requested the UN chief to prepare, in consultation with the appropriate organs and agencies of the UN system, a report on the implementation of the resolution. India was among the 189 UN member states that voted last week in the UNGA in favour of condemning the US' economic, commercial and financial embargo against Cuba -- a call that has made every year since 1992. Only the US and Israel had voted against the UNGA resolution. The report noted that not only has the embargo against Cuba remained in force, it has been tightened, as demonstrated by examples of the effects of the policy on Cuban entities ...
DHFL repays commercial paper worth Rs 1,775 crore
Housing finance company DHFL Monday said it has repaid commercial paper (CP) worth Rs 1,775 crore. DHFL since September 21, 2018, has repaid commercial paper holders Rs 9,465 crore including buyback worth Rs 3,240 crore, the company said in a statement. It further said that the company has either repaid or offered to buy back all commercial papers, including Rs 1,775 crore CP, maturing till November 15, 2018. "Over the years, DHFL has maintained a strong asset quality and has been well-matched in case of the ALM position. Despite the market scenario, DHFL has been committed towards honouring all the financial obligations without any delays," DHFL Managing Director Kapil Wadhawan said. DHFL's CP outstanding as on November 30, 2018 will be one per cent of the total borrowing amounting to Rs 1,125 crore, it said, adding, the company has conducted securitisation assignment of over 6,600 crore since September 21, 2018. The company is in the process of raising much more resources to ...