Page 2030 - Business Finance
Next tranche of gold bonds scheme from Nov 5
The government will launch the next tranche of sovereign gold bonds scheme on November 5. "The issue price of the bond during this subscription period i.e. November 5-9, 2018, shall be Rs 3,183 per gram with settlement on November 13, 2018, as also published by RBI in the Press Release dated October 12, 2018," an official statement from the Finance Ministry said. It has also been decided to allow discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors, the issue price of gold bonds will be Rs 3,133 per gram of gold. The sovereign gold bond scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings -- used for the purchase of gold -- into financial savings. Under the scheme, the bonds are denominated in units of one gram of gold and multiples thereof. Minimum investment in the bonds is one gram with a maximum limit of ..
HAL Nashik unit will not be shutdown: HAL CMD
Hindustan Aeronautics Ltd CMD R Madhavan Friday said the company's Nashik factory would not be shut down, but admitted there will be shortage of workload there after 2021, which would be solved by "re-arranging its priorities." Madhavan said HAL would focus on continuity of business and develop vendors to avoid producing everything in-house. "We will have shortage of workload in our Nashik factory after 2021, but we are re-arranging our priorities there. So, contrary to what people have been thinking, the unit is not going to shut down," he told reporters here. On the company's vision, he said the company wants to take forward Light Combat Aircraft production and be leaders in helicopters in this region, he said. HAL wants to be serious in taking up export which was absent in previous years because it could not manage handling domestic and export business, Madhavan said. However with the help of outsourcing, the company expects to improve its export business, he ...
Rajnath asks banks to address liquidity crunch
Home Minister Rajnath Singh Friday said that there should be no liquidity shortage for businesses in the country while asking banks to continue lending to borrowers. Addressing the audience at the Trade Facilitation Centre here, he noted that the government was providing loans to the MSME sector at lower interest rate. The MSME sector is the backbone of the economy, contributing over 29 per cent share in the GDP and also generating the highest employment in the country, he said. The Narendra Modi-led government's focus is to further strengthen the MSME sector, and enabling entrepreneurs to avail loans up to 1 crore through its newly launched portal in just 59 minutes. He exuded confidence that the size of Indian economy will grow two-folds in the next 5-10 years from the current USD 2.5 trillion and even become larger than the UK's. Recalling the 1991-92 economic reforms, Singh said if it was known as an era of economic reforms then the present Narendra Modi government will be ...
Wall Street lower as Apple drag outweighs trade, jobs data boost
(Reuters) - U.S stocks gave up early gains to trade lower on Friday, after Apple's disappointing forecast added to fears of slowing corporate growth, outweighing a boost from healthy economic data and trade optimism.
Interest subsidy hike for MSME exporters to enhance competitiveness: FIEO
Exporters body FIEO Friday said interest subsidy increase from 3 per cent to 5 per cent will provide competitiveness and a level-playing field to MSME exporters. Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said this is a timely move and it will help the exporters to get credit at competitive rates. "Coming at a time when interest rates are moving northward, the deeper support of 5 per cent would provide much needed relief to the MSMEs (micro, small and medium enterprises) exporters who were burdened by increasing cost of credit," Gupta said. He also said banks should now move pro-actively to increase the flow of credit as there is an about 50 per cent drop in export credit in August as compared to the same month last year. "The outstanding export credit in August 2017 was Rs 41,500 crore which dropped to Rs 20,500 crore in August this year," he added. The government announced several steps including increasing interest subvention on pre-shipment and ...
Puravankara Q2 profit flat at Rs 21.6 cr; revenue up 34 pc to Rs 500 cr
Realty firm Puravankara Ltd Friday reported flat net profit at Rs 21.54 crore for the quarter ended September. Its net profit stood at Rs 21.14 crore in the year-ago period, the company said in a regulatory filing. Total income rose to Rs 499.28 crore during July-September quarter of this fiscal from Rs 371.53 crore in the corresponding period of the previous year. Ashish R Puravankara, MD, Puravankara Ltd, said: "A great quarter with a good rise in sales volume and bookings. The overall volumes sold during the quarter registered almost a 100 per cent increase from the year ago quarter." Sales bookings stood at Rs 633 crores in the second quarter of this fiscal from Rs 470 crore in the year ago period.
India's Petronet, ONGC Videsh eye stake in Tellurian project
NEW DELHI (Reuters) - India's Petronet LNG and ONGC Videsh are jointly in talks about buying a stake in Tellurian Inc's proposed Driftwood project in Louisiana, Petronet's managing director said on Friday.
SEBI's latest refund order goes against natural law: Sahara
Sahara India Commercial Corporation (SICCL) on Friday said that market regulator SEBI's order to refund Rs 14,000 crore to the company's investors with annual interest of 15 per cent goes against the spirit of natural law.
Sardar Patel was pro-business, pro-trade: Piyush Goyal
Sardar Patel was a farmers' leader but also believed that promoting business was necessary to improve the economy and create employment, Union Minister Piyush Goyal said Friday. He was addressing a gathering here ahead of Prime Minister Narendra Modi announcing various measures for the Micro Small and Medium Enterprises (MSME). PM Modi Friday announced 12 measures, which he termed historic, to boost MSMEs, which is the country's second largest employing sector. The PM's event, held in Delhi, was streamed live at the gathering here attended by Goyal. Speaking here, Goyal said, "He (Patel) was considered as pro-business and pro-trade. He believed it is necessary to promote business for improving the economy and creating employment opportunities." "He (Patel) was basically a farmers' leader. But he knew that income of farmers will not improve until business activities are promoted. He always believed in promoting business and farming," Goyal added. Speaking on India jumping
Congress making 'blatant lies' on Rafale for political gains: Reliance
A Reliance Infrastructure Limited's spokesperson on Friday stated that the Congress party has dragged the company into a political battle in view of the impending state and general elections in the country.In a statement, the spokesperson said, "The Congress Party has today once again resorted to blatant lies and distorted facts to mount an unwarranted campaign of calumny and falsehoods against the Reliance Group and its Chairman Anil Ambani personally.""Dassault's investment in Reliance Airport Developers Limited (RADL) has no link whatsoever with the Rafale contract between the Government of India and France on a Government to Government basis where all 36 aircraft are to be exported from France. This investment is an independent arms-length transaction based on the fair market valuation of the land and other assets of the Company and the future business potential in the airports and related infrastructure sector," he further said.Earlier today, Congress president Rahul Gandhi had .
SEC subpoenas Tesla on Model 3 production estimates
(Reuters) - Tesla Inc said on Friday it received a subpoena from the U.S. Securities and Exchange Commission regarding Model 3 production forecasts the electric-car maker made in 2017.
Global Markets: Stock gains curtailed, with U.S. lower, on report U.S.-China trade deal not imminent
NEW YORK (Reuters) - Concerns that a trade deal between the U.S. and China may not be imminent reined in a rally in world equity markets and reversed gains on Wall Street on Friday, while strong U.S. wage growth boosted U.S. bond yields.
Modi announces quick loans, relaxation in labour laws for MSMEs as Diwali gift
Prime Minister Narendra Modi Friday announced sanction of loans of up to Rs 1 crore in 59 minutes, relaxation in labour laws, easier compliance with environmental rules and changes in company laws for small and medium enterprises as a 'Diwali gift' to give a boost to the sector, the country's second-biggest employer. Announcing a slew of measures for the sector, he said GST-registered micro, small and medium enterprises (MSMEs) will be sanctioned a loan in just 59 minutes through a new portal www.psbloanin59min.com. Also, GST-registered MSMEs will get a 2 per cent subvention or subsidy on a new loan or incremental loan of up to Rs 1 crore, Modi said, adding interest subvention on pre- and post-shipment credit for exports by MSMEs has been increased to 5 per cent from 3 per cent. "Now the GST portal will ask MSME, do you need a loan? Now the government is coming forward to provide loans to MSMEs. Now no one has to run from one bank to other for loans. In new India, no one should be ...
Jason Kothari steps down as Infibeam Avenues President
Infibeam Avenues President Jason Kothari has stepped down from his position "due to personal reasons", the company said in a regulatory filing on Friday. "...we wish to inform you that Jason Kothari who is serving the company as a president has informed the company that he is required to spend more time abroad due to personal reasons," Infibeam Avenues said in the BSE filing. It added that Kothari will continue to be associated with the company in the capacity of a senior advisor. The filing, however, did not divulge any details of the transition plan. In June this year, the Ahmedabad-based firm had named Kothari, a former Snapdeal executive, as its president. Kothari's role at Infibeam entailed leading strategy, corporate development, international operations and investor relations. A statement issued by Infibeam at that time had said that he will help drive the company's next phase of growth with the leadership team. The June statement had also quoted Infibeam Managing Director ...
Exxon Mobil profit tops estimates but production falls
(Reuters) - Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimate on higher prices received for its oil and natural gas but its production volumes fell on a year-over-year basis.
Gold dips as dollar pares losses on solid U.S. jobs data
BENGALURU (Reuters) - Gold slipped on Friday as the dollar regained some ground on the back of strong U.S. jobs data, but the metal was on track for a fifth week of gains.
Waiting for a calmer market to launch QIP: DLF
India's largest realty firm DLF will wait for capital market to stabilise to launch its QIP for raising about Rs 4,000 crore. "We are waiting for a calmer market to launch QIP (Qualified Institutional Placement)," DLF's group CFO Saurabh Chawla said in a conference call with analysts. DLF plans to issue up to 17.3 crore shares to qualified institutional investors to raise funds as part of its target to become debt free. The company has a debt of over Rs 7,000 crore. "Internally, we are fully prepared to launch QIP whenever market gives us an opportunity, Chawla said, adding that the market is currently volatile amid liquidity crisis among the non-banking financial companies (NBFCs). He said the company has yet to appoint any merchant bankers for the proposed issue. In an analyst presentation, DLF said it is targeting to bring down net debt to zero for its development business over next few quarters. To achieve this objective, the company said the promoters would infuse Rs 2,250 crore .
IOC hopes of US waiver to continue buying oil from Iran
Indian Oil Corp (IOC), the country's biggest buyer of Iranian oil, Friday hoped that the US will give waiver to the company for continuing import of oil from the Persian Gulf nation. US sanctions on Iran's oil buyers snap back Monday, forcing importing countries to negotiate with the US for waivers by making cuts in purchases or risk getting blocked from the US financial system. "I can't say there will be a waiver or no waiver, but definitely we are hopeful that we will have some sort of clearance to continue with Iran," IOC Chairman Sanjiv Singh told reporters here. India, which is the second biggest purchaser of Iranian oil after China, is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, for the waiver. Earlier in the day, Bloomberg quoted a US official to say that Washington has agreed to let eight countries, including ...
HC impleads online medicine traders in plea seeking ban on e-pharmacies
The Madras High Court Friday allowed firms involved in online sale of medicines to be impleaded in a petition seeking a ban on their business. Justice R Mahadevan, who has granted an interim stay on sale of medicines online by those not having required licence, impleaded the petitioners, including New Delhi-based 1MG Technologies Private Limited, as party to the petition filed by the Tamil Nadu Chemists and Druggists Association (TNCDA). He impleaded the petitioners after hearing arguments by senior counsels for them and also the TNCDA and adjourned the matter to November 9 for further hearing. The Judge had on Wednesday granted an interim order restraining online sale of medicines, but clarified Thursday that his order was applicable only to those firms which do not have valid licences. TNCDA has sought a ban on online sale of medicines contending that purchasing drugs from unlicensed online stores can be risky as they may sell fake, expired, contaminated or unapproved drugs .
Tata Chemicals Q2 profit rises 17 pc to Rs 409 cr on higher income
Tata Chemicals said Friday its consolidated profit grew by 17 per cent to Rs 408.82 crore during the quarter ended September 30, 2018, helped by higher income from operations. Its consolidated profit from continuing operations stood at Rs 349.59 crore during the same quarter a year ago, the company said in a BSE filing. During the said quarter, total income also jumped to Rs 3,084 crore from 2,740 crore in July-September of 2017-18, Tata Chemicals said. The company's total expenses were at Rs 2,592.45 crore, higher from Rs 2,256.62 crore in the year-ago period. In a separate statement, Tata Chemicals said that "the company's results by reporting segment showed income from operations for basic chemistry products at Rs 2,033 crore, up by 7 per cent, consumer products segment at Rs 460 crore, up by 22 per cent, and specialty products Rs 669 crore, up by 12 per cent." The company's Board of Directors also approved a capital expenditure of Rs 2,400 crore which would be deployed towards ...