Page 2315 - Business Finance
Centre not releasing Rs 700 cr funds to Andhra for backward districts, says AP official
In what appears to be fall out of the TDP pulling out of the NDA, the Centre has not released Rs 700 crore funds to Andhra Pradesh for development of seven backward districts for 2017-18 and 2018-19, but a similar assistance due to Telangana has already been given. While the government think-tank Niti Aayog has recommended release of the funds to the bifurcated Andhra Pradesh, a file in this regard is pending with the Prime Minister Office (PMO) for last few months, Andhra Pradesh Planning Board vice-chairman C Kutumba Rao told PTI. Both Andhra Pradesh and Telangana are entitled to a special development package from the Centre for a period of five years under the Andhra Pradesh Reorganisation Act 2014. Andhra Pradesh is entitled to Rs 350 crore annual grant for the development of seven backward districts, while the neighbouring Telangana would get Rs 450 crore annually for nine backward districts. The Telugu Desam Party (TDP) broke away from the NDA early this year over the Centre's ..
PE/VC investments drop 23 pc in Jul-Sep to USD 6.7 bn: Report
Private equity and venture capital (PE/VC) investments in India declined 23 per cent to USD 6.7 billion in the third quarter of this year as investors adopted a cautious approach, says a report. According to EY India's Private Equity Deal Tracker, the July-September period was also the most under-performing quarter in 2018 in terms of investments. The largest deals in the July-September quarter include Softbank, Sequoia, Lightspeed and others investing USD 1 billion in OYO Rooms, KKR's USD 530 million buyout of Ramky Enviro and AION-JSW's USD 400 million buyout of Monnet Ispat. On a year to date basis however, PE/VC investments in India are higher by 17.4 per cent and the investment tally also looks set to surpass the previous year high driven by some large deals in the pipeline, provided there is no major macro setback, the report noted. "PE/VC deal activity was strong in the first half of 2018. However, third quarter data and discussions with PE/VCs suggest that investors are ...
Maruti Ciaz takes top slot in premium sedan segment during Apr-Sep, FY'19
The country's largest carmaker Maruti Suzuki India (MSI) Wednesday said its premium sedan Ciaz has sold over 24,000 units in the first half of the ongoing financial year to lead the sales in the segment. The model currently accounts for 28.8 per cent market share in the premium sedan segment, MSI said in a statement. The company introduced the version of the sedan in August and received over 10,000 bookings in the first month itself. "With a sale of over 24,000 units in the first half of this fiscal (2018-19), Ciaz has taken the pole position in the A3+ segment this year so far," MSI Senior Executive Director (Marketing and Sales) R S Kalsi said. The company has sold over 2.34 lakh units of the sedan since launching it in 2014. It is retailed through the company's NEXA network. Maruti Ciaz competes with the likes of Honda City and Hyundai Verna.
Datsun launches refreshed versions of Datsun GO & GO+
Datsun, the sister brand of Japanese auto major Nissan, Wednesday rolled out the refreshed versions of Datsun GO and Datsun GO+, at introductory prices of Rs 3.29 lakh and Rs 3.83 lakh, respectively. The deliveries of the refreshed cars, which come with 28 new features and over 100 upgrades, have commenced from Wednesday from all Nissan and Datsun dealerships across the country, the company said in a release. "The new Datsun GO and Datsun GO+ are equipped with new features and upgrades for a more comfortable and safe driving experience," said Thomas Kuehl, president, Nissan India operations. Nissan had last week announced Bollywood star Aamir Khan as the brand ambassador for its Datsun brand in India for its new brand campaign #ExperienceChange. Both the models will come with a standard warranty of two years 'Datsun Care' comprehensive all-inclusive car service package, the company said.
AirAsia India close to appointing new head: sources
NEW DELHI (Reuters) - AirAsia India is close to appointing an executive from Tata Steel Ltd to head the troubled low-cost carrier as its local partner, Tata Sons, moves to take greater control of the company, two sources aware of the matter told Reuters on Wednesday.
Cabinet approves payment of productivity-linked bonus for non-gazetted railway staff
The Cabinet on Wednesday approved payment of productivity-linked bonus (PLB) equivalent to 78 days' wages to all eligible non-gazetted Railway employees, excluding RPF and RPSF personnel, for the 2017-18 financial year. Around 11.91 lakh non-gazetted Railway employees are likely to benefit from this decision. The financial implication of payment of 78 days' productivity-linked bonus to railway employees has been estimated at Rs 2,044.31 crore, a statement said. The wage calculation ceiling prescribed for payment of PLB to eligible non-gazetted railway staff is Rs 7,000 per month and the maximum amount payable per eligible railway employee for 78 days is Rs 17,951, it said. Productivity-linked bonus is paid each year before the Dusshera and Puja holidays. For the year 2017-18 PLB equivalent to 78 days' wages will be paid, which is expected to motivate the employees for working towards improving the performance of the Railways, the statement said.
Bharat Dynamics receives order worth Rs 200 crore from DRDO
MRSAM is a joint development project between DRDO and Israel Aerospace industries, Israel with BDL as the Nominated Production Agency.
Pakistan, China negotiating on phase-II of FTA: Chinese diplomat
China and Pakistan are negotiating the terms of the second phase of their free trade agreement to increase trade and provide free trade opportunity for their businesses, a senior Chinese diplomat has said. Beijing and Islamabad have held around 10 rounds of talks to iron out differences over the terms of the phase-II of the China-Pakistan Free Trade Agreement. Both the country had signed a major free trade agreement in 2006, which came into effect in July 2007. "Pakistan has huge potential market for international investors and its strategic location gives more comparative advantages to other trading partners. Pakistan and China are negotiating on phase-II of the Free Trade Agreement (FTA) to increase trade and provide free trade opportunity in their markets," Economic and Commercial Counselor of Chinese Embassy, Wang Zhihua said. Meawhile, Pakistan and China have signed eight memorandum of understanding (MoU) worth USD 100 million for mutual investment in steel, seafood, agriculture .
UK economy's summer surge turns out stronger than expected
LONDON (Reuters) - The British economy's summer surge turned out to be stronger than expected as hot weather spurred consumer spending, although a weak August hinted at slower growth ahead of Brexit next year, data showed on Wednesday.
Trump says China not ready to reach trade deal, repeats threat of more tariffs
WASHINGTON (Reuters) - President Donald Trump on Tuesday repeated his threat to slap tariffs on an additional $267 billion of Chinese imports if Beijing retaliates for the recent levies and other measures the United States has imposed in an escalating trade war between the economic giants.
Cabinet approves closure of loss-making Biecco Lawrie
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved closure of Kolkata-based Biecco Lawrie Limited (BLL), after several attempts to revive the loss-making company failed, an official statement said.
IL&FS Transportation Networks Ltd leads losers in 'A' group
Kwality Ltd, Central Bank of India, Birla Corporation Ltd and VST Industries Ltd are among the other losers in the BSE's 'A' group today, 10 October 2018.
Titan Eyeplus Reinvents Omnichannel - Why choose Between Online & Offline When You Can Have the Best of Both Worlds?
/ -- Consumers today value both the convenience of shopping online & the assurance and expertise that a trusted retail chain has to offer. In India 14% people who need vision correction end up not buying eyewear because they find the buying journey very complicated & inconvenient. Keeping this in mind, Titan Eyeplus has launched a strategic partnership with the country's E-commerce giant - Flipkart. During the upcoming Big Billion Day, a customer buying a frame on Flipkart can walk into any of the 500+ Titan Eyeplus stores and get a lens free. To view the Multimedia News Release, please click: https://www.multivu.com/players/uk/8423751-titan-eyeplus-reinvents-omnichannel/ This winning combination will allow the customer to choose from a wide variety frames from the comfort of his home, and walk into an Eyeplus store to complete the purchase. Choice of frame is driven by style which is more personal and does not need technical help. On the other hand, lenses are more technical .
Bandhan Bank Q2 profit jumps 47 percent
(Reuters) - India's Bandhan Bank Ltd posted a 47.3 percent jump in second-quarter profit on Wednesday, helped by higher interest earned, and reports said the bank was looking at options to comply with Reserve Bank of India norms on shareholder stake.
STI India Ltd leads losers in 'B' group
Mercator Ltd, IL&FS Engineering & Construction Co Ltd, Celestial Biolabs Ltd and Space Incubatrics Technologies Ltd are among the other losers in the BSE's 'B' group today, 10 October 2018.
Oil dips as IMF cuts growth outlook; eyes on hurricane
LONDON (Reuters) - Oil prices slipped on Wednesday after the IMF lowered its global growth forecasts, but markets were supported as Hurricane Michael moved towards Florida causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude production.
SER earnings from freight traffic register 6 per cent growth
South Eastern Railway has earned Rs 6007.17 crore during the first half of the current financial year from originating freight traffic, an SER spokesman said Wednesday. The amount earned from April to September of 2018-19 by the SER is Rs 348.59 crore more than the corresponding period of last financial year, thus registering a growth of 6.16 per cent, SER spokesman Sanjoy Ghosh said. "SER's total freight loading during April-September of the current fiscal has been 75.06 million tonnes as against 73.56 million tonnes loaded during the corresponding period of last year, recording a growth of 2.04 per cent," he said. There has been a massive growth of 50 per cent in coal loading during the first six months of the current fiscal in comparison to the corresponding period of last year, he said. The major components of freight loading during the above period were 16.45 million tonnes of coal, 39.52 million tonnes of iron ore, 7.56 million tonnes of pig-iron and finished steel
Volumes soar at NLC India Ltd counter
NLC India Ltd recorded volume of 35.73 lakh shares by 14:14 IST on NSE, a 7.09 times surge over two-week average daily volume of 5.04 lakh shares
Saudi Arabia to supply about four million barrels of extra oil to India in November: sources
SINGAPORE/NEW DELHI (Reuters) - Saudi Arabia, the world's biggest oil exporter, will supply Indian oil buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said on Wednesday.
Global Markets: Stocks flatline after selloff as US borrowing costs hold below multi-year peaks
LONDON (Reuters) - World stocks inched off eight-week lows on Wednesday as U.S. long-dated borrowing costs held below multi-year peaks, though market gains were checked by fears for global economic growth and the possibility of an Italy-EU clash over budget spending.