Page 20 - Business Finance
Niti asks 2-, 3-wheeler makers to present EV conversion plan in 2 weeks
Government think-tank Niti Aayog has asked conventional two- and three-wheeler makers to suggest within two weeks concrete steps towards transition to electric mobility keeping in mind 2025 deadline, according to sources. At a meeting of the manufacturers and start-up electric vehicle (EV) makers called by Niti Aayog on Friday, the industry was cautioned that if they do not take steps to address pollution issues, courts will step in. The meeting was attended by top officials of major two-wheeler manufacturers, including Bajaj Auto Managing Director Rajiv Bajaj, TVS Motor Co Chairman Venu Srinivasan, Honda Motorcycle and Scooter India (HMSI) President & CEO Minoru Kato along with SIAM Director-General Vishnu Mathur, and Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta, among others. Niti Aayog Vice-Chairman Rajiv Kumar and CEO Amitabh Kant represented the think-tank. "Without a policy and road map, transition to EVs cannot happen. ...
CAIT urges Goyal to keep steel and allied products out of RCEP
Domestic steel and other metal products should be kept out of the proposed RCEP as the mega trade pact will enable nations like South Korea and China to flood the Indian market with their goods, traders' body CAIT said Friday. In a meeting convened by the Commerce Ministry to discuss the impact of the Regional Comprehensive Economic Partnership (RCEP) on steel sector, the Confederation of All India Traders (CAIT) submitted a memorandum calling for India not to sign the mega trade pact, saying it will adversely affect steel trade and industry in the country. Commerce Minister Piyush Goyal attended the meeting. CAIT said the pact will open flood gates for RCEP countries to export to India through zero duty access, making operations for domestic producers non-viable. "It (RCEP) will damage India's export competitiveness since the trade balance in the country is already skewed to a greater extent. Therefore, we are of the considered view that India should not enter into any RCEP agreement
Jet Airways case: Etihad's demands for open offer waiver, slots assurance not feasible, says SBI
State-run SBI Friday said Etihad Airways had sought waiver of open offer and assurance of flying slots for take over of Jet Airways, but the lenders to the debt-ridden carrier had no authority to accommodate the relaxations sought. State Bank of India (SBI) chairman Rajnish Kumar had Thursday defended the lenders' decision to take Jet Airways for bankruptcy saying "it was their last effort to find a resolution" for the grounded airline and also did not rule out the possibility of liquidation. Earlier this week, SBI-led consortium of 26 lenders had decided to seek resolution under IBC as they had received only a conditional bid. In a filing to stock exchanges Friday, SBI said financial position of Jet Airways (lndia) Limited (JAL) being weak, lenders were continuously trying for viable resolution for last one year on account of operational losses. ln this regard, it added reputed consultants -- SBICAPS, McKinsey -- were roped in as process advisors/advisors. lt was also decided to ...
RCap reduces outstanding commercial papers to Rs 75 cr
Reliance Capital Friday said it has reduced outstanding commercial papers (CPs) to Rs 75 crore from Rs 950 crore earlier. "ICRA had revised the ratings on our short-term debt programme (CPs) of Rs 950 crore to A4 on April 26, 2019. "The company has redeemed CPs of Rs 875 crore on the respective due dates in the past 2 months, and the outstanding CP is now Rs 75 crore, which will also duly be redeemed on its maturity date i.e. July 24, 2019," it said in a regulatory filing. Stocks of Reliance Capital Friday closed 0.72 per cent lower at Rs 68.55 on the BSE.
GST Council extends anti-profiteering authority's tenure, sends rate cut on EVs to fitment panel
The all-powerful GST Council Friday extended the tenure of the anti-profiteering authority by two years and approved imposing a penalty of up to 10 per cent on entities not passing on benefits of GST rate cuts to consumers. Briefing reporters after the 35th meeting of the Council, Revenue Secretary A B Pandey said it has been decided to allow the use of Aadhaar by businesses to register with GST-Network. Also, it extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30, he said, adding the one-form new GST return filing system will be applicable from January 1, 2020. The Council, which is headed by the Union Finance Minister and comprises representatives of all states and UTs, also approved an electronic invoicing system and e-ticketing in multiplexes. Pandey said the proposal to reduce GST rate on EVs to 5 per cent from the current 12 per cent and that on electric charger to 12 per cent from 18 per cent to the fitment ...
BSR & Associates resigns as statutory auditor of IL&FS Investment Managers
IL&FS Investment Managers said Friday that audit firm BSR & Associates LLP has resigned as the statutory auditors of the company. "We hereby inform that BSE & Associates have resigned as the statutory auditors of the company," it said in a regulatory filing. The announcement has come a day after BSR & Associates, a KPMG group associate, resigned as statutory auditor of IL&FS Financial Services (IFIN). BSR & Associates in a letter to IL&FS Investment Managers has said that it has re-evaluated the client continuation of the company, according to the filing. "As a part of this re-evaluation, the firm has considered recent development, including actions and investigations initiated by various regulatory authorities in relation to Infrastructure Leasing & Financial Services (IL&FS) and its affiliated companies," BSR & Associates said in the resignation letter to the company. BSR & Associates expressed its inability to continue as the statutory ...
Jet Airways shares soar another 15.5 pc
Shares of Jet Airways zoomed 15.5 per cent Friday, continuing the previous day's sharp rally. The scrip witnessed choppy trading, touching a high of Rs 79.75 and a low of Rs 39.10 during the day on the BSE. Intra-day, the scrip jumped 24.60 per cent despite a weak opening. It finally closed at Rs 72.45, up 13.20 per cent. At the NSE, shares of the airline climbed 15.51 per cent to close at Rs 72.60. Shares of Jet Airways had witnessed an unprecedented rally Thursday, bouncing back sharply after days of massive declines to close the day over 122 per cent higher. The airline had stopped flying on April 17 and banks voted for bankruptcy on June 17. Jet Airways, started over 25 years ago, stopped flying after it ran out of cash and unpaid lessors took away most of its 100-odd operational airplanes.
Sebi asks clearing corps, bourses to deposit penalty levied on margin money shortfall in Core SGF
To bring uniformity in depositing penalties levied on clients for short collection or non collection of margins in the commodity derivatives segment, Sebi Friday asked clearing corporations and exchanges to deposit such penalties in Core SGF. Earlier, the regulator had asked to deposit such penalties in Investor Protection Fund (IPF) but Sebi noted that while a few clearing corporations and exchanges are crediting the penalties to IPF, others are crediting the same to Core SGF. Core Settlement Guarantee Fund (SGF) is a fund which is available to meet settlement obligations of clearing corporation in case clearing members fail to honour settlement obligation. Accordingly, "it is hereby clarified that all penalties levied on short-collection/non-collection of margins... shall be credited to Core SGF only," the regulator said in a circular. In futures market, members or brokers are required to collect the margin money from clients, which is later deposited with the exchange. Margin money
Rupee tumbles 14 paise against dollar on US-Iran tensions
The rupee dived 14 paise to close at 69.58 against the US dollar Friday, pressured by firming crude oil prices amid intensifying geopolitical tensions in the Gulf region. A broad sell-off in the domestic equity markets also kept sentiment at a low ebb, forex traders said. At the interbank foreign exchange (forex) market, the domestic currency opened sharply lower at 69.75 against the dollar. However, it recouped some losses to finish at 69.58, registering a fall of 14 paise. The rupee had settled at 69.44 against the US dollar Thursday. "Overnight surge in crude oil prices have weighed on Indian rupee as it weakened the most among Asian currencies. The geopolitical risks from escalation of US-Iran tension pushed crude oil price higher. "In near-term, rupee is having resistance around 69.03 and support at 70.01, the 100 days simple moving average," said V K Sharma, Head - PCG and Capital Market Strategy, HDFC Securities. Safe-haven assets like the yen rose after reports said US ...
Shristi Infrastructure Development Corporation unveils its Vision 2022 plan
To launch affordable housing projects in Assam and Guwahati
India's forex reserves declines by US$ 1.35 billion in the week ended 14 June
Forex reserves eases to US$ 422.2 billion as on 14 June 2019
Samsung eyes 20 pc growth in tab biz this year
Tech major Samsung is aiming for 20 per cent growth in tablet PC business this year in India as it lines up new devices in the market to cater to demand of millennial buyers. "For us, our tablet range has been doing well. We saw an 8 per cent increase (in value) in our tablet business and maintained volume numbers in 2018 over the previous year. This year, we expect a healthy double digit growth of 20 per cent in this segment," Samsung India Director Mobile Business Aditya Babbar told PTI. Samsung had 50 per cent share in the tablet market in India at the beginning of this year and expects to push this to 60 per cent by the end of 2019, he said. Babbar added that the company has also seen average selling price (ASPs) of these tablets going up as consumers nowadays opt for more feature-rich devices. Over the last few years, the tablet PC category in India has seen a decline as consumers increasingly opted for smartphones with better performance and displays. Babbar said Samsung has ...
Moody's assigns Baa3 to Adani Ports and Special Economic Zone's proposed bonds
Moody's Investors Service on Friday assigned a Baa3 rating to the proposed senior unsecured bonds of Adani Ports and Special Economic Zone (APSEZ).The issuer rating and the rating of APSEZ's existing senior unsecured bonds remain unchanged at Baa3. The outlook on the ratings is stable, Moody's said in a statement.APSEZ will apply the proceeds of the dollar bond issuance to capital expenditure, refinancing part of existing indebtedness and other permissible uses under the external commercial borrowings guidelines.The bonds will represent a senior unsecured obligation and will rank equally with all of APSEZ's existing and future unsecured and unsubordinated indebtedness.Moody's said APSEZ's Baa3 issuer rating primarily reflects the company's strong market position as the largest port developer and operator in India by cargo volume, and the strength of its landmark Mundra Port concession in Gujarat.The Baa3 issuer rating is also predicated on the company continuing to execute its various
Turnover in F&O segment tumbles
Nifty June 2019 at premium
Rajasthan farmers not covered under loan waiver scheme should pay in time: Registrar of Cooperatives
Rajasthan farmers who do not fall under the government's loan waiver scheme will have to pay their crop loan on time, Registrar of Cooperatives Neeraj K. Pawan said Friday. Farmers who have taken loan from central cooperative banks and village cooperative societies are ineligible under the state government's loan waiver scheme and will have to pay their loan on the due date, Pawan said in a statement. He said that such farmers who are included in the negative list of Rajasthan Agricultural Debt Waiver Scheme, 2019 and who have taken the crop loan after the last date of the scheme, 30 November, 2018, will have to pay their outstanding short-term crop loan by June 30. Pawan said that the names of farmers who fail to pay the loan amount on the deadline will be included in the category of overdue loanee. Such farmers will not get the benefit of state government's interest-free crop loan scheme and in the event of the overdues, simple interest rate along with penalty will be recovered from
PMKSY envisage creation of direct and indirect employment for over 5 lakh persons by 2020
Govt taken a number of measures and policy initiatives to promote overall growth of food processing sector and generate employment opportunities
No separate RRB, divisional headquarters for SCoR as of now: Rail Ministry
Railway Minister Piyush Goyal on Friday ruled out a separate recruitment board or divisional headquarters for now for the newly created South Coast Railway Zone, stating that all issues regarding it will be addressed in due course. Responding to a question in Rajya Sabha, Goyal said that there are 21 Railway Recruitment Boards (RRBs) across the country for catering to the recruitment requirements of various categories of Group 'C' posts of zonal railways. "Visakhapatnam area is catered adequately by RRB/Secunderabad," he said. Goyal had announced the formation of the new railway zone, SCoR with Visakhapatnam as its headquarters in February this year comprising Vijaywada, Guntur and Guntakal rail divisions, besides a section of the Waltair rail division. Goyal also said that it was not a convention that the place having zonal headquarter must also have a divisional headquarter. Giving examples of zonal headquarters of Northeast Frontier Railway (Maligaon), South Eastern Railway ...
Pradhan Mantri Kisan SAMPADA Yojana Envisages Creation Of Direct And Indirect Employment For Over 5 Lakh Persons By 2020
Union Minister of State for Food Processing Industries, 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 Pradhan Mantri Kisan SAMPADA Yojana envisages creation of direct and indirect employment for 5,30,500 persons by 2020.
Ashok Leyland announces senior management restructuring
Hinduja flagship firm Ashok Leyland Friday announced restructuring in senior management, with Anuj Kathuria and Nitin Seth being designated as the chief operating officer. While Kathuria will be responsible for all of medium and heavy commercial vehicle business, Seth will be responsible for light commercial vehicles, defence, international operations and power solutions business, Ashok Leyland said in a statement. Gopal Mahadevan, who was recently appointed as a whole-time director in addition to his current role as chief financial officer and president (customer solutions business), will also be responsible for information technology, corporate strategy and business analytics, it added. The company further said N Saravanan, who was recently appointed as the chief technology officer in addition to his current role as senior vice-president (product development), will also be responsible for the electric vehicles business. These organisational changes are in line with the company's ...
No pantry car in 342 pairs of trains with journey of more than 1000 km: Rlys
There are 342 pairs of trains having journey distance of more than 1000 km that have no pantry car, ministry of railways informed Rajya Sabha on Friday. Minister of Railways Piyush Goyal in a written reply said catering services were provided in 1256 pairs of trains. He also said that catering services in those trains with no pantry cars are provided by train side vending, static catering units at en route stations and by e-catering services. He also said that the Catering Policy 2017 envisages periodical audit of catering services including quality of food in trains and at stations by Railways/IRCTC through independent third party agencies.
