Page 2326 - Business Finance
JSW Steel seeking legal opinion if can bid solo for Essar Steel: Official
JSW Steel is seeking a legal opinion if it can bid solo for stressed assets of Essar Steel, a top company official said Tuesday. When asked if JSW Steel is mulling going solo for acquiring stressed assets of Essar Steel if fresh bids were allowed, JSW Steel joint managing director Seshagiri Rao said that it would depend on legal opinion and the view of the Committee of Creditors. "It depends upon the legal opinion and the view of the CoC (Committee of Creditors) and the Resolution Professional (RP). If they take a positive view ... then we are open to look at it," he told reporters here. "We are seeking a legal opinion and based on that opinion we will take a call," he said. He was speaking during the International Conference on Minerals and Metals. "At that time when the second round of bidding was happening JSW Steel was looking at submitting the bid alone. We were not permitted. So, we have to see what view CoC and RP will take in the light of the Supreme Court judgement," he ...
Jurisdiction of taxpayer should not hamper GST enforcement action: CBIC
The CBIC has asked tax officials of the Centre as well as state governments to initiate enforcement actions against GST evaders irrespective of jurisdiction with a view to checking revenue leakage. The Central Board of Indirect Taxes and Customs (CBIC), in a communication to the field formations, has said that "intelligence based enforcement action" against a taxpayer can be initiated by Central and state officials even if the assessee does not fall under the official's jurisdiction. Under the Goods and Services Tax (GST) regime, which was rolled out from July 1, 2017, the taxpayers were assigned to Central and state officials on the basis of annual turnover. The communication seeks to end the ambiguity regarding initiation of enforcement action by central tax officials in case the taxpayer is assigned to state tax authority or vice versa. The GST Council had in January 2017 decided that both the central and state tax administration would have the power to take intelligence-based ...
Dividend from OMCs not down: Official
Economic Affairs Secretary Subhash Chandra Garg on Tuesday dismissed media reports which suggested that dividends from oil marketing companies (OMC) as well as revenue from disinvestment had gone down.
Tata Motors Ltd leads losers in 'A' group
Tata Motors-DVR, IL&FS Transportation Networks Ltd, Just Dial Ltd and Centrum Capital Ltd are among the other losers in the BSE's 'A' group today, 09 October 2018.
Sanghvi Brands enters into JV agreement with Kerala Ayurveda
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Kerala Ayurveda forms JV with Sanghvi Brands to expand Ayurvedagram
Kerala Ayurveda, through its subsidiary, owns and operates the Ayurvedagram Wellness Resort in Bengaluru. Ayurvedagram is one of the world's most awarded Ayurvedic Resorts and has set new standards in holistic and therapeutic healing.
Samsung ties up with Amazon, to offer deep discounts on phones
Samsung India on Tuesday announced it has partnered with online retailer Amazon.in to offer deep discounts on a range of smartphones during the "Great Indian Festival" sale between October 10 and October 15.
Nu Tek India Ltd leads losers in 'B' group
Onward Technologies Ltd, Morarjee Textiles Ltd, Manaksia Steels Ltd and Mercator Ltd are among the other losers in the BSE's 'B' group today, 09 October 2018.
Global Markets: European stocks find footing after Asia drops to 17-month low
LONDON (Reuters) - Europe battled to fend off a four-day losing streak for world stocks on Tuesday, after weary investors had seen Asia stumble to a 17-month low and bond markets hit by a fresh bout of selling.
Benchmarks turn range bound
Key indices were range bound near flat line in mid-afternoon trade. At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 29.05 points or 0.08% at 34,503.43. The Nifty 50 index was up 14.65 points or 0.14% at 10,362.70.
Volumes soar at Tata Motors Ltd counter
Tata Motors Ltd registered volume of 1159.82 lakh shares by 14:14 IST on NSE, a 8.88 fold spurt over two-week average daily volume of 130.63 lakh shares
Foreigners sold Asian equities in September on higher U.S. yields, slowing growth
(Reuters) - Foreign investors were net sellers in most Asian equity markets in September, as a stronger dollar, higher U.S. interest rates and earnings downgrades undermined the appetite for regional stocks.
Over 77,000 payments bank accounts opened in Maha, Goa postal
The Maharashtra and Goa Circle of India Post has got 77,339 customers for its payments bank since the facility was launched nationwide on September 1, a senior postal department official said Tuesday. The India Post Payments Bank (IPPB) was launched across 650 districts by Prime Minister Narendra Modi on September 1. Chief Postmaster General Harish Agrawal said Tuesday that the Maharashtra and Goa Postal Circle had 42 branches of the IPPB along with 210 access points, adding that 90 per cent of these accounts were opened by postmen and "gramin dak sewaks" in a door-to-door initiative. Providing a break-up of the 77,339 IPPB accounts opened, Agrawal said that Nanded district in Maharashtra, with 5,600 accounts, stood first while Gadchiroli, with 389 accounts, made up the rear. "Customers need to have Pan card, Aadhaar card and cellphone connection to open an account, which is completely free. The maximum balance for these accounts is Rs 1 lakh," he said. Explaining the ..
Hyundai Motor targets 8K-9K units/month sale for new Santro
Targeting about 8,000-9,000 units per month domestic sales of its new Santro car model, Hyundai Motor India Ltd also plans to ship out about 20,000-30,000 units per year, said a top company official on Tuesday.
IMF cuts world economic growth forecasts on tariff war, emerging market strains
NUSA DUA, Indonesia (Reuters) - The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that the U.S-China trade war was taking a toll and emerging markets were struggling with tighter liquidity and capital outflows.
China's HNA lists property assets worth $11 billion for sale - documents
HONG KONG (Reuters) - Chinese conglomerate HNA Group has put up for sale property assets worth at least $11 billion, according to documents seen by Reuters, accelerating a push to cut its large debt and restructure.
Aviva CEO Wilson to leave as board seeks to revive sagging shares
LONDON (Reuters) - Aviva CEO Mark Wilson has agreed to step down from his role after a sweeping restructuring of the British insurer during six years at the helm failed to translate into improved shareholder returns.
Oil stocks and banks help European shares steady above six-month low
MILAN (Reuters) - European shares steadied in early trading on Tuesday as Chinese equities stabilised after a heavy sell-off and immediate worries over a stand-off between Rome and Brussels over Italy's spending plans appeared to ease.
Gold falls on weak global cues, muted demand
Gold prices fell by Rs 220 to Rs 31,650 per 10 gram amid weakening global trend and easing demand from local jewellers at the bullion market Tuesday. Silver, too, remained weak and declined by Rs 50 per kg to Rs 39,250 per kg due to reduced offtake by industrial units and coin makers. Marketmen said, sentiment remained downbeat in sync with a weak trend overseas as dollar firmed which eroded demand for the precious metal as a safe-haven. Globally, gold fell by 1.39 per cent to USD 1,187 an ounce in New York Monday. Silver, too, shed 2.39 per cent to USD 14.38 an ounce. Besides, slackened demand from the local jewellers and retailers at the domestic spot markets fuelled the downtrend. In the national capital, gold of 99.9 per cent and 99.5 per cent purity lost Rs 220 each to Rs 31,650 and Rs 31,500 per 10 gram, respectively. The precious metal had fallen by Rs 30 yesterday. Sovereign gold, however, remained steady at Rs 24,600 per piece of 8 gram in restricted activity. In line with ...
Rupee hits record low of 74.28 per dollar
MUMBAI (Reuters) - The Indian rupee dropped to a record low on Tuesday afternoon with weakness in domestic shares and some Asian peers weighing on sentiment.