Page 2310 - Business Finance
Italian PM Giuseppe Conte to visit India on October 30
Prime Minister of Italy Giuseppe Conte will pay an official visit to India on October 30 with an aim to deepen bilateral cooperation in a range of sectors including trade, investment and aerospace. Making the announcement, the Ministry of External Affairs (MEA) said his visit will be part of the ongoing celebrations to commemorate 70th anniversary of establishment of diplomatic relations between India and Italy. It will be Conte's first visit to India after taking over as prime minister in June. The MEA said the Italian prime minister will also attend the 24th edition of the India-Italy Technology Summit which is being organised by Department of Science and Technology (DST) in partnership with the Confederation of Indian Industry (CII). It said Conte will be accompanied by a high-level delegation. "During the visit, PM Conte will hold bilateral talks with Prime Minister Narendra Modi on October 30. The two leaders will then address the valedictory session of the Technology Summit," it
ESAF Small Finance Bank raises Rs 464 cr through private placement of shares
ESAF Small Finance Bank Wednesday said it has raised Rs 464 crore through private placement of its common stock and will use the proceeds to support growth as well as for general corporate purposes. In the private placement, PNB MetLife India Insurance Co Ltd and ESAF Multi-State Co-operative have taken a stake of 4.99 per cent each in ESAF Small Finance Bank (SFB), the company said in a statement. Among others, Bajaj Allianz Life Insurance and ICICI Lombard General Insurance have taken a stake of 4.08 per cent and 1.45 per cent respectively. Seven other investors have also taken stake in ESAF Small Finance Bank. With the infusion of additional capital, the net worth of the bank has increased to Rs 807 crore and the CRAR to 27.9 per cent, ESAF said. "The proceeds from the private placements will be used for general corporate purposes, capital management and to support future growth," said K Paul Thomas, MD and CEO, ESAF Small Finance Bank. He said the infusion reflects the confidence .
PACL case: Refunds relating to over 1 lakh applications credited to investors' account
In the high profile PACL case, markets regulator Sebi Wednesday said refunds with regard to over one lakh claim applications have been credited to the bank accounts of investors. PACL, which had raised money from public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years. The Supreme Court-appointed R M Lodha committee -- which is overseeing disposal of PACL assets so as to repay the affected investors -- has started remitting refunds to investors after verification of the claim applications as received. To start with, the panel in January had invited claims from investors whose total outstanding amount (principal) with PACL is up to Rs 2,500. The process was open till March this year. Following this, "the committee has started remitting refunds to investors after verification of the claim applications as received. Till date refunds in respect .
Tech, luxury goods lead Wall Street slide
(Reuters) - U.S. stock indexes dived around 1 percent on Wednesday as worries over China and the impact of rising Treasury yields on global growth drove falls in luxury goods companies and chipmakers.
Arjun, Parineeti get candid with fans at Le Club AccorHotels Elite Experiences
AccorHotels' loyalty programme Le Club AccorHotels members were in for a treat as part of the Elite Experiences, where recently they enjoyed an exclusive opportunity to meet the stars of the upcoming movie 'Namaste England' - Arjun Kapoor and Parineeti Chopra - at Novotel Mumbai Juhu Beach.The evening not only included a fun interaction with Bollywood's favourites but also a live performance by the well-known stand-up comedian Kautuk Srivastava, coupled with a delightful menu of food and beverages.The event was hosted by Arif Patel, Vice President - Sales, Marketing, Distribution and Loyalty, AccorHotels India. "This evening was a part of our ongoing association with 'Namaste England' and our esteemed members were very excited about this opportunity. Such events are curated keeping our members' interests in mind and this is one of our way of rewarding our valued members with exclusive and unique experiences," said Patel.Le Club AccorHotels has more than 50 million members globally. ...
Gold slips on rising Treasury yields, strong dollar
BENGALURU (Reuters) - Gold prices eased on Wednesday as U.S. Treasury yields surged, with further bearish influence from a hawkish outlook for interest rates.
U.S. producer prices rebound, wholesale inventories rise
WASHINGTON (Reuters) - U.S. producer prices increased 0.2 percent in September, in line with expectations, while a revision to wholesale inventory estimates for August showed the biggest jump in nearly five years, beating forecasts.
Aviation stocks soar, Jet Airways up 8 pc
Aviation stocks were in high demand Wednesday, surging up to 8 per cent amid reports of a likely cut in excise on aviation turbine fuel (ATF). Shares of Jet Airways soared 7.78 per cent to end at Rs 189.15, while SpiceJet spurted 4.37 per cent to Rs 68.10 on BSE. Shares of InterGlobe Aviation climbed 2.98 per cent to Rs 745.75 . ATF is one of the biggest costs in airline operations. Aviation stocks have taken a hit in the recent past owing to surging crude oil prices. In the broader market, the BSE benchmark Sensex soared 461.42 points to close at 34,760.89.
IIM-K announces Entrepreneurship Fellowships
: Indian Institute of Management Kozhikode (IIMK) has announced Stayin Alive Entrepreneurship Fellowships to promote entrepreneurship in the campus. Under the programme, alumni-funded fellowship grants of up to Rs 50,000 a month will be provided for a year to graduates who decide to launch their own start-up. This is a joint initiative by IIMK LIVE (Laboratory for Innovation, Venturing and Entrepreneurship) business incubator and Entrepreneurship Development Center of IIMK along with the IIMKAA (IIM Kozhikode Alumni Association), an IIMK press release said.
World's top traders divided on oil outlook as Iran sanctions loom
LONDON (Reuters) - The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.
GST refunds worth Rs 22,000 cr pending with govt: FIEO
As much as Rs 22,000 crore GST refund is pending with the government, creating liquidity problem for exporters and impacting overseas shipments, FIEO said Wednesday. Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said the delay in refund is mainly impacting small exporters who provide jobs in labour-intensive sectors. "Refunds of about Rs 7,000 crore are pending on account of IGST (integrated GST) and about Rs 15,000 crore ITC (input tax credit) as of September 30. This is impacting small exporters," Gupta told reporters here. He said that liquidity is a major area of concern particularly for MSME exporters who constitute the bulk of exports in employment-intensive sectors. While refund process has improved in the last six months, the refund can be claimed only after manufacturing of goods and exports with a lead time of about three-nine months depending on the production cycle, he added. He demanded that exemption from GST should be provided on inputs ...
BDL receives Rs 200 cr worth order from DRDO for MR SAM
Bharat Dynamics Limited (BDL), a Defence PSU Wednesday said it received order worth Rs 200 crore from State-owned Defence Research and Development Organisation (DRDO) for supply of Medium Range Surface to Air Missile (MR SAM) rear section. In a press release, BDL said MRSAM is a joint development project between DRDO and Israel Aerospace Industries, Israel with BDL as the Nominated Production Agency. BDL shares closed at Rs 279 apiece up 3.70 per cent over previous close on BSE while the benchmark Sensex closed at 34760.89 up 1.35 per cent.
Book Parrikar, Parsekar in mining scam: Congress to Governor
The Congress on Wednesday met Goa Governor Mridula Sinha and demanded registration of an FIR against Chief Minister Manohar Parrikar and his predecessor Laxmikant Parsekar in an alleged mining lease renewal scam.
Wall Street opens lower as bond yields gain
(Reuters) - U.S. stocks opened broadly lower on Wednesday, as Treasury yields rose after data showed U.S. producer prices climbed last month, suggesting there was no relief on inflation pressures.
Jindal Stainless Steel to commission new plant for long products
Stainless steel major Jindal Stainless Steel (Hisar) Ltd will soon commission its 50,000 tonne per annum (tpa) long products plant, said a senior official in the group on Wednesday.
Govt to shut Biecco Lawrie
The government Wednesday decided to shut down Biecco Lawrie Ltd after oil companies refused to buy the perpetually sick British-era firm. The decision by the Cabinet Committee on Economic Affairs (CCEA) followed the oil ministry saying there is no possibility of its revival. The CCEA, chaired by Prime Minister Narendra Modi, "approved the proposal for closure of the Biecco Lawrie Ltd (BLL) including giving Voluntary Retirement Scheme (VRS)/ Voluntary Separation Scheme (VSS) to the employees of the company", an official statement said. The idling assets of BLL will be subsequently put into productive use after meeting all the liabilities in accordance with the extant guidelines of the government. Biecco Lawrie, located in Kolkata, was established in 1919 as British India Electric Construction Co. It started as a tea garden machine manufacturer and made shell cases, food containers, camouflage sets for military during World War II. In 1932, it produced low priced fans for masses. The ...
ESAF Small Finance Bank raises Rs 464 cr via private placement
ESAF Small Finance Bank Wednesday said it has raised Rs 464 crore through private placement of its stock to multiple investors, including PNB MetLife and Bajaj Allianz Life Insurance. With the current fund infusion, the net worth of the bank has increased to Rs 807 crore and the CRAR (capital-to-risk weighted assets ratio) to 27.9 per cent, the bank said in a release. Through this private placement, PNB MetLife India Insurance and ESAF Multi-State Co-operative have taken 4.99 per cent stake each in the bank, while Bajaj Allianz Life Insurance and ICICI Lombard General Insurance have picked up 4.08 per cent and 1.45 per cent stakes, respectively. Besides, seven other investors have also taken stake in the small finance bank. "The proceeds from the private placements will be used for general corporate purposes, capital management and to support future growth," the bank's managing director and chief executive officer, K Paul Thomas, said. The Kerala-based bank, which ...
KP Energy migrates to BSE from SME platform
Gujarat-based windmill infrastructure development K P Energy Limited Wednesday announced its migration to the BSE main board from the SME platform, after over two years of its getting listed on the bourse. The company's market cap stood at 261.15 crores on October 10. "The company survived the turbulence in the industry in the past few years, (but) we are confident that there are better times ahead, and we are comfortably placed to monetise the benefits of the upswing in wind energy installations," said Farukbhai Patel, managing director, KP Energy. The company reported a net profit of Rs 7.06 crore in HIFY19 as against Rs 1.01 crore in the same period of previous fiscal, thereby registering a whopping 599 per cent growth, it said. ***************** Lilly India enters autoimmune segment with Olumiant launch * Pharma firm, Eli Lilly and Company (India) (Lilly India) Wednesday announced its entry into the autoimmune segment with Olumiant, a new once-daily oral therapy
Cong accuses BJP-ruled civic bodies of Rs 3,000 cr 'scam'
The Delhi Congress Wednesday alleged "misuse" and "diversion" of over Rs 3,000 crore earned through conversion and parking charges by the three BJP-ruled municipal corporations of the city, even as it demanded a high-level inquiry into the matter. Rejecting the charges, the South Delhi Municipal Corporation (SDMC) said the civic body has been making use of the collected amount for development works. The three municipal corporations -- North, South and East Corporations -- ruled by the Bharatiya Janata Party (BJP) in past many years have collected money from conversion and parking charges. They have either "misused" or "diverted" it under other heads, Delhi Congress leader Mukesh Sharma alleged. "Since 2012 till now, an amount of Rs 3,084.03 crore was collected by the municipal corporations as conversion and parking charges, but instead of using it for coming up with multi-storey parking, the money was misused or diverted by the nexus of BJP leaders and officials," he said in a press ..
NBFC shares in focus; surge up to 16%
Shares of non-banking finance companies surged up to 16 per cent Wednesday after SBI decided to buy their assets to the tune of Rs 45,000 crore. The scrip of Dewan Housing climbed 16.08 per cent, Shriram Transport Finance 13.18 per cent, Edelweiss Financial Services 9.99 per cent, Bajaj Finance 9.91 per cent, Mahindra & Mahindra Financial Services 9.79 per cent and Bajaj Finserv 9.76 per cent on BSE. Coming to the rescue of cash-strapped NBFCs, State Bank of India Tuesday decided to buy their assets to the tune of Rs 45,000 crore, a move that will provide liquidity support to non-banking financing companies facing headwinds after a series of loan defaults by IL&FS group firms. NBFCs along with mutual funds have been facing a liquidity crunch following a series of loan repayment default since late September by IL&FS and its group companies. Stocks of NBFCs have wilted due to heavy selling pressure following the IL&FS defaults since late September.