Page 2222 - Business Finance
Jet Airways to make part payment of Sep salary to senior
Struggling private carrier Jet Airways Friday said it will disburse 25 per cent of the September salary to its pilots and engineers along with the senior management on October 25th. The airline, however, in a communication to these categories of employees did not give any time line on the payment of the rest 75 per cent of the salary for last month. The airline has over 16,000 employees on the payroll. Jet Airways has been delaying payment of salaries to these categories of staffers since August. "We would like to inform you that the first tranche (25 per cent) of September salary will be remitted on the forthcoming week of October 25," Jet Airways Chief People Officer Rahul Taneja said in the communication. While there is delay in the payment of the September payroll, please be reassured that the company remains committed to honour its obligation and is making every possible effort to release the remaining amount at the earliest, Taneja added in the communication. Jet ...
Indiabulls Housing to make investors presentation on developer loans to allay concerns
Indiabulls Housing Finance Friday said the company will make a detailed presentation on top 25 developer loans to its debt investors (mutual funds and insurance firms), following recent rumours regarding the lending to developers. "To assuage any concerns that may have arisen due to rumours, the company is taking a proactive step for making a detailed presentation to its debt investors (mutual fund and insurance companies) of the top 25 developer loans of Indiabulls Housing Finance, the other lenders to these developers, the LTV (loan to value) and details of the security package including LRD assets and residential units mortgaged with Indiabulls Housing Finance for each of these loans," it said in a regulatory filing. When contacted what are the specific rumours, a company official said it is regarding to concerns stemming from its exposure to Supertech Group, whose credit ratings have been downgraded to default. "Further, we wish to highlight that average LTV of the top 25 ...
Consumer staples lead Wall Street rebound
(Reuters) - U.S. stocks rose broadly on Friday, driven by the consumer staples sector which was helped by Procter & Gamble results, brushing aside growth risk concerns in Europe and political tensions in Saudi Arabia.
RBI eases liquidity for NBFCs, but industry not enthused; key sectoral stocks tank
In an effort to ease current liquidity crunch, the Reserve Bank Friday allowed banks to use government securities equivalent to their incremental credit to non-banking lenders for a three-month period starting Saturday to meet their liquidity coverage ratio (LCR) needs. The provision, which can free Rs 50,000-60,000 crore of liquidity which banks can lend to NBFCs, will be available to banks up to December 31, the RBI said in a circular. Many NBFCs and industry analysts, however, described the move as too little and too late, saying it will not help much, especially those NBFCs which are into home/auto loans. The only beneficiary will be those into short-term consumer loans as well as microfinance players, they said. This was clear from the way market reacted to the sectoral stocks with the second largest pureplay home loan player Indiabulls Housing Finance, which has heavy exposure to developers, plunging over 17 per cent and the market leader HDFC shedding over 4 per cent and ...
Honeywell says China growth slowing, tariffs to squeeze margins
(Reuters) - Honeywell said on Friday it was seeing slower growth in China and that trade tariffs would squeeze margins and potentially cost it "hundreds of millions" of dollars in 2019.
P&G shares surge on strong results, higher product prices
(Reuters) - Procter & Gamble Co reported better-than-expected quarterly profit and sales, and said it was raising prices on several products around the world, sending shares up on Friday by their most in a decade.
RBI objects to payments regulator outside its control
MUMBAI (Reuters) - The Reserve Bank of India (RBI) issued a rare public objection on Friday to a government-led panel's recommendation for payments systems to be overseen by a regulator that would be set up outside the central bank's control.
Global Economy - High noon in Brussels: Italy prepares for budget showdown
FRANKFURT (Reuters) - The European Central Bank's policy meeting will be relegated to a sideshow next week as the wrangle over Italy's budget takes the main stage.
RBI's MPC minutes: Majority of members voted to keep repo unchanged
Majority of the RBI's six-member Monetary Policy Committee, including Governor Urjit R Patel, favoured to retain the key repo rate unchanged earlier this month, as part of "calibrated tightening" to keep retail inflation at 4 per cent, as per minutes of the meeting released Friday. Pami Dua, Ravindra H Dholakia, Michael Debabrata Patra, Viral V Acharya and Urjit R Patel voted in favour of keeping the policy repo rate unchanged, RBI said in its minutes of the MPC meeting held between October 3-5. MPC member Chetan Ghate voted for an increase in the policy rate by 25 basis points (bps), RBI said. During its fourth bi-monthly monetary policy review that kept the key repo rate unchanged at 6.50 per cent, the RBI's MPC noted that global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook. "It is, therefore, imperative to further strengthen domestic ...
Product demand helps Procter & Gamble beat profit, sales estimates
(Reuters) - Procter & Gamble Co reported first-quarter profit that beat estimates and sales that unexpectedly rose on Friday, thanks to robust demand for its beauty and cleaning products, helping it stave off rivalry from cheaper store-branded products.
RBI against certain amendments to PSS Act
The Reserve Bank of India (RBI) has expressed its dissent against certain amendments recommended by a government committee for the Payment and Settlement Systems (PSS) Act, 2007.
Barclays hires technology services banker from Deutsche Bank
NEW YORK (Reuters) - Barclays PLC said on Friday it had hired an investment banker from Deutsche Bank AG, Ed Wehle, to focus on technology services deals based in New York.
SBI Life clocks 11% rise in net profit at Rs 250 cr in Q2
SBI Life Insurance Company Friday reported a rise of 11 per cent in its net profit at Rs 250.53 crore in second quarter ended September of the current fiscal. The insurer had registered a net profit of Rs 225.47 crore in the same quarter of fiscal ended March 2017. The gross premium income (first year, renewal and single premium combined) rose to Rs 7,685.47 crore during the September quarter, up from Rs 5,460.06 crore in the same period a year ago, SBI Life said in a regulatory filing. The collective income from net premium, investments, other sources and transfer of funds from shareholders' accounts was at Rs 9,638.27 crore in the second quarter of 2018-19, up from Rs 7,734.24 crore in year-ago September quarter. The company has registered a growth in savings and protection business reflecting balanced product mix, SBI Life said. SBI Life said it has strong distribution network of 169,662 trained insurance professional and widespread operations with 848 offices across country. "The .
Supply chain-focused NBFC Livfin to offer invoice-based loans
Supply chain-focused non-bank lender Livfin, the NBFC vertical of the SAR Group that created the Luminousbrand of inverters, has launched an invoice-based lending solution to its focus customers. The new offering, which the Gurgaon-based firm claims to be an industry first, is targeted attravel aggregators, logistics service providers and home electrical service providers, apart from its existing clientele of energy storage, green energy and e-commerce service providers. Since the launch in March 2018, the NBFC has notched up a loan book of over Rs 325 crore and has raised Rs 45 crore in debt capital and will be raising another round of debt worth Rs 75 crore this fiscal. "Our invoice-based lending solutions, targeted at travel aggregators, logistics providers and home electrical service providers, in addition to our existing clients in the energy storage, green energy and e-commerce space, is an industry first by a financial intermediary," managing director Rahul ...
Spain considers new taxes on internet companies
Spain's Socialist government wants to introduce new taxes on big internet companies and on financial transactions as a way of paying for improved pensions and public services. The proposed tax on digital services will be levied on companies with annual revenue of more than 750 million euros (USD 860 million) worldwide and earnings in Spain above 3 million euros, Finance Minister Maria Jesus Montero said Friday. That would include US internet giants like Google, Facebook and Amazon. The financial transaction tax foresees a 0.2 per cent tax rate on the purchase of Spanish stocks by financial sector operators. Montero told a news conference the government's aim is to modernise tax rules for 21st-century business and "lay the foundations for a fairer society. "The new taxes will also help keep public debt and the budget deficit within eurozone rules, Montero said. The planned laws require parliamentary approval. It was not immediately clear whether the minority government can collect ...
Shares of PayPal jump after quarterly results highlight Venmo success
(Reuters) - Shares of U.S. payments processor PayPal Holdings Inc rose 10 percent on Friday, a day after the company reported better-than-expected profit as it added new customers and processed a huge amount of payments.
RBI's monetary policy committee highlights inflation spike risk, signal rate hikes
MUMBAI (Reuters) - The Reserve Bank of India's monetary policy committee sees a risk of rising headline inflation from high crude oil prices and a weak rupee, indicating potential rate hikes ahead even as it held rates unchanged at its last meeting.
Foreign fund sells Indiabulls Housing Fin shares worth Rs 171 cr
A foreign fund Friday sold 25 lakh shares of Indiabulls Housing Finance for over Rs 171 crore through an open market transaction. According to the bulk deal data available with the NSE, William Blair Emerging Markets Growth Fund offloaded 24.80 lakh shares, amounting to 0.58 per cent stake in Indiabulls Housing Finance. The shares were disposed of at an average price of Rs 691.84, valuing the transaction at Rs 171.56 crore, the data showed. The buyer(s) of the shares could not be ascertained immediately. Indiabulls Housing Finance settled for the day on the NSE at Rs 659.05, down 16.43 per cent from the previous close.
Strong corporate earnings power rebound on Wall Street
(Reuters) - U.S. stocks rose broadly on Friday, as a raft of strong corporate earnings helped allay concerns over growth risks in Europe and political tensions in Saudi Arabia that drove a 1 percent drop a day earlier.
Reliance Industries raises Rs 3,500 cr on BSE BOND platform
Leading exchange BSE Friday said Reliance Industries has garnered Rs 3,500 crore by issuing bonds on private placement basis on the bourse's electronic book mechanism platform. In July 2016, the exchange had launched BSE BOND -- the electronic book mechanism platform -- for issuance of debt securities on private placement basis. "On October 16, 2018, Reliance Industries Ltd successfully raised Rs 3,500 crore by issuing bonds on private placement basis using BSE BOND platform," the exchange said in a statement. Since its commencement, 129 issuers have undertaken 1,254 issues of bonds and raised Rs 5.24 lakh crore using this platform. Among the issuers are Reliance Jio, National Highways Authority of India, HDFC, Axis Bank, National Bank for Agriculture and Rural Development, Yes Bank and Andhra Pradesh Capital Region Development Authority. "At Rs 3,500 crore, this is the largest ever 10 year bond issuance on the EBP platform of BSE. The new age digital platform has now made fund ...