Page 2334 - Business Finance
Xiaomi sells 10 mn 'Redmi 5A' smartphones in 9 months: IDC
Chinese electronics major Xiaomi on Monday announced that the company has sold 10 million "Redmi 5A" smartphones in nine months, as per the IDC monthly smartphone tracker report for August 2018.
What protection is available to a depositor if bank fails: HC asks Centre
What is the protection available to customers having deposits of over Rs 1 lakh if a bank fails, the Delhi High Court asked the Centre on Monday, saying this was a matter of public importance. A bench of Chief Justice Rajendra Menon and Justice V K Rao posed the query to the central government while hearing a PIL which claimed that the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides a maximum insurance cover of Rs 1 lakh per customer, irrespective of the amount of deposit, including savings, fixed, current and recurring. The DICGC, a subsidiary of the Reserve Bank of India, was established in 1961 for providing insurance on deposits and guaranteeing of credit facilities. The PIL filed by Pardeep Kumar challenged the Corporation's decision to provide a maximum insurance cover of only Rs 1 lakh irrespective of the amount deposited. Advocate Vivek Tandon, appearing for Kumar, told the bench that according to information received under RTI, there are 165 million ...
Boeing India chief to head its F-15 programme in US
Aviation major Boeing Monday said its India unit chief, Pratyush Kumar, has been selected to head its F-15 fighter aircraft programme in the United States. Kumar moved to India in December 2012 as Boeing India president, replacing Dinesh Keskar. In his new role, Kumar will focus on furthering the F-15 business in the US and globally, a release said. Boeing said it will be announcing his successor soon. ********************* Mindshare bags new business worth Rs 1,100 cr in last 9 months * Mindshare, the largest media agency of GroupM, Monday said it has bagged new business worth Rs 1,100 crore in the last nine months in the country. Mindshare won 30 plus new account including Unilever Digital business, SBI Life Insurance, Disney, Pharmeasy, Clubfactory, Intarem, IHG, Coverfox, Group SEB, Brussels Airlines, Urban Clap, Heritage Foods, Frankfinn, Mobiistar, Unibic, Hindware, Specmakers, Saloni Oil, among others, a release said. ******************* Hotstar partners with HOOQ
JLR global sales decline 12.3% in Sept
Tata Motors-owned Jaguar Land Rover (JLR) today reported 12.3 per cent decline in global sales at 57,114 units in September, hit by lower demand in China, the auto major said. The company's sales in China declined by 46.2 per cent during September as compared to the same month last year as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand. Sales of Jaguar brand of vehicles in September were at 19,146 units, an increase of 4.4 per cent over September 2017, the company said in a statement. Land Rover range posted sales of 37,968 units in the month, down 18.8 per cent, it added. "As a business we are continuing to experience challenging conditions in some of our key markets," JLR Chief Commercial Officer Felix Brautigam said. Customer demand in China has struggled to recover following changes in import tariffs in July and intensifying competition on price, while ongoing global negotiations on potential trade agreements ...
Oil drops to around $83 on expectations Iran will maintain some exports
LONDON (Reuters) - Oil dropped to around $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the U.S. re-imposes sanctions, easing a strain on supplies.
Emerging markets 'as prepared as they can be' for U.S. rate moves: Fed's Bullard
SINGAPORE (Reuters) - Emerging markets were "as prepared as they can be" for changes to U.S. monetary policy as the Federal Reserve had been as "transparent" as possible, St. Louis Federal Reserve Bank President James Bullard said in Singapore on Monday.
India to be among top three economies by 2030: Rajnath
Union Home Minister Rajnath Singh Monday said India will be among the top three economies of the world by 2030 if it kept up its current pace of growth. "India today is one of the fastest growing economies. We were at number nine in the list of 10 biggest economies of the world but jumped to the sixth position over the past few years," Singh said while addressing the concluding session of the two-day Investors' Summit here. "If it goes at this pace India will sure be among the world's three biggest economies by 2030," he added. Stressing that the time was right for global investors to invest in India, the Union Minister said major structural and procedural reforms were underway in the country under the "credible" leadership of Prime Minister Narendra Modi. "You will see that the GST will prove to be a boon for the country in the coming times," he said. Noting that the government's policies can be debated, Rajnath Singh claimed that the "undoubtable credibility" of the prime minister ..
Stocks of oil marketing cos bounce back after heavy sell-off in last two trades
Shares of oil marketing companies bounced back Monday, surging up to 8 per cent after a massive sell-off in the last two trading sessions. The scrip of Hindustan Petroleum Corporation soared 8.15 per cent and Indian Oil Corporation jumped 5.63 per cent on BSE. Bharat Petroleum Corporation gained 0.19 per cent. Shares of oil marketing companies Friday fell sharply by up to 25 per cent. Oil marketing firms HPCL, BPCL and IOC had plummeted up to 12 per cent Thursday also after the government announced Rs 2.50 per litre cut in petrol and diesel prices as it reduced excise duty and asked oil companies to absorb another Re 1.
Mahindra Mutual launches new rural fund
Mahindra Mutual Fund, a wholly owned subsidiary of Mahindra and Mahindra Financial Services Limited (MMFSL), Monday launched new open ended equity scheme Mahindra Rural Bharat and ConsumptionYojana. The scheme is aimed at investors seeking long-term capital appreciation by investing predominantly in equity and equity related instruments of entities engaged in and or expected to benefit from high growth of income and consumption in rural parts of the country, according to a company release. The New Fund Offer, which will open on October 19 closes on November 2, will reopen for continuous sale and repurchase within 5 business days from the date of allotment. Ashutosh Bishnoi, MD and CEO, Mahindra Mutual Fund said, We expect Indias higher GDP growth to be contributed by positive demographic dividend and improvement in consumption pattern from Rural India. Mahindra Rural Bharat and Consumption Yojana provides investors an opportunity to participate in India growth story ...
Salesforce's plans to hire 1,000 professionals in Hyderabad on track: India head
Cloud-enabled software firm Salesforce's plans to hire 1,000 professionals in Hyderabad by 2020 are well "on track", with the company looking at India as among its growth markets, a top country executive has said. Salesforce had established a Centre of Excellence (CoE) in Hyderabad in 2016, in line with its expansion blueprint for India. Asked if the company is proceeding as per plans on the Hyderabad hiring targets, Sunil Jose, Senior Vice President and Country Leader at Salesforce India, said: "Those plans are very much on track. We have picked up additional real estate out there so that is looking good for us". Overall, the company's India headcount has already crossed 1,000 employee mark across all functions, Jose told PTI in a recent interview. Stating that Hyderabad centre forms an integral part of the global operations, Jose said the location houses product development team, industry team, and customer support group, among others. "We are doing a couple of things out of ...
Global Steering Group's funds to meet long-term needs of developing nations
Tata group Chairman Emeritus Rata Tata said Monday the impact investment being planned by the Global Steering Group (GSG) in various fields would go a long way in meeting the needs of developing countries, including India. He was speaking at the fourth annual GSG Impact Summit here. This is the first time the event is being held in India. "The investment is going to meet the needs of the developing countries that need investment in infrastructure, investment in connectivity, education, medical facilities," Tata said. The UK-based GSG is an independent global network catalysing impact investment to benefit people and planet. It was set up in August 2015 as the successor to the Social Impact Investment Taskforce established during UK's presidency of the G8. The GSG brings together leaders of finance, business and philanthropy to drive adoption of impact investing around the world, unlocking capital to solve world's most pressing challenges. It is driven by its network of national and ...
Tata Steel's September quarter output at 7.33 MT
Tata Steel Monday said its consolidated steel output remained almost flat at 7.33 million tonne (MT) during the second quarter of the ongoing financial year. During July-September, 2017-18, the company's output on consolidated basis stood at 7.26 MT, Tata Steel said in a statement. Sales during the reported quarter also came down to 7.22 MT from 7.38 MT in the year-ago period, registering a fall of about 2 per cent. Tata Steel India produced 3.27 MT in July-September 2018 as against 3.20 MT during the same period a year ago. Its sales were at 3.18 MT as compared to 3.08 MT in July-September 2017, the statement said. "Automotive and special products sales grew 17 per cent year-on-year...mainly driven by higher demand from the auto sector," it said. Bhushan Steel Ltd (BSL), which was recently acquired by Tata Steel, reported over 23 per cent jump in its output at 1.05 MT for the reported quarter as compared to 0.85 MT in the year-ago period. BSL's sales also rose 10 per cent to 1.14 MT .
Value of shares pledged by promoters decline by 16 pc in September
The value of shares pledged by promoters of BSE-listed companies declined 16 per cent to Rs 2.10 lakh crore at the end of September, according to exchange data. The value of promoter's pledged shares stood at Rs 2.5 lakh crore as on August 30 this year. Promoters usually raise funds against the shares pledged for the same company or to finance other projects. It means that these shares are offered as collateral to financial institutions in exchange for loans. Till September this year, pledging of shares was seen in as many as 2,919 firms out of 4,643 BSE-listed companies. High pledging levels are typically not considered as a good sign by investors as a downturn in the market price can lead to invocation and change in management. Further, decline in the level of share pledging may indicate scaling down in stress. According to BSE data, promoters of as many as 401 companies pledged up to 30 per cent of their respective holdings, while 131 firms saw in the range of 30-50 per cent of the
Starbucks names Hyatt executive Patrick Grismer as its new CFO
(Reuters) - Starbucks Corp said on Monday that it named Patrick Grismer as its new chief financial officer replacing Scott Maw.
Mutual funds AUM drops 12.5% to Rs 22 lakh cr at Sep-end on massive outflow
Mutual funds' asset base declined 12.5 per cent to Rs 22 lakh crore at September-end over the previous month due to massive outflows from liquid funds and income schemes, according to the industry data. The asset under management (AUM) of the industry, comprising 41 active players, stood at Rs 22.06 lakh crore at the end of September against Rs 25.20 lakh crore at August-end, the Association of Mutual Funds in India (Amfi) data showed. The monthly drop in the asset base is mainly due to an outflow of Rs 2.3 lakh crore from mutual fund schemes. This included Rs 2.11 lakh crore withdrawal from liquid funds or money market segment which invest in cash assets such as treasury bills, certificates of deposit and commercial paper for a shorter horizon. In addition, income schemes -- a type of debt mutual funds that deliver a steady income -- have seen a pullout of Rs 32,504 crore. Besides, gold ETFs continued to see a net outflow of Rs 33 crore. "Income funds have witnessed outflows, which ..
Yes Bank shares surge over 7%; m-cap rises by Rs 3,446 cr
Shares of Yes Bank surged over 7 per cent Monday after the bank constituted a panel to choose chief executive officer after Rana Kapoor's exit. The scrip soared 7.08 per cent to end at Rs 220.80 on BSE. During the day, it jumped 10.40 per cent to Rs 227.65. At NSE, shares of the company surged 7.37 per cent to settle at Rs 221.20. The stock was the top gainer among the blue chips on both the key indices during the day. The company's market valuation rose by Rs 3,445.85 crore to Rs 50,988.85 crore on BSE. Former chairman of insurance watchdog Irdai, TS Vijayan, and retired SBI chief OP Bhatt will be part of the panel which will choose Yes Bank's chief executive officer after Rana Kapoor's exit. The five-member panel will also consist of board members Brahm Dutt, Lt Gen (Retd) Mukesh Sabharwal and SC Kalia, the bank said in a regulatory filing Friday evening.
The Asian Heritage Foundation showcased culture, craftsmanship at Jiyo Live It
Jiyo! Live it, a 19-day outreach programme organised by The Asian Heritage Foundation was inaugurated by Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Dharmendra Pradhan.An empowering programme creating new livelihoods in cultural industries amongst the skilled but economically vulnerable communities of India, JIYO! - a project of The Asian Heritage Foundation - signifies the arrival of a 'Swadeshi (Indigenous) Brand' for the 21st Century.The Foundation has organised 18 artisan producer groups/companies across clusters, and collaborated with district and state level government bodies nationally through Jiyo and Jani brands and locally through the 'Jiva' brand.The effort accelerates synergy between multiple stakeholders from domains of textile-handloom-handicraft, culture, skill development, tribal affairs, tourism, rural development, poverty alleviation, information and broadcast, youth and sports, culinary arts, khadi, cottage industry etc.The .
UAE plans initial coin offerings to boost capital markets: regulator
ABU DHABI (Reuters) - The United Arab Emirates plans to introduce initial coin offerings (ICOs) next year to provide companies with a fresh way to raise money, the head of the securities regulator said on Monday.
NBCC gets Rs 750 cr project in Dehradun to develop river fronts
State-owned NBCC said Monday it has bagged a contract to develop river fronts in Dehradun at an estimated cost of Rs 750 crore. In a filing to the BSE, NBCC informed that it has executed a Memorandum of Understanding (MoU) with Mussoorie Dehradun Development Authority (MDDA), Uttarakhand government, for 'River Front Development Project' on two rivers -- Rispana and Bindal -- in Dehradun for a total estimated value of Rs 750 crore as project implementing agency. NBCC, which is under the administrative control of the Ministry of Housing and Urban Affairs, is present in three main segments -- Project Management Consultancy (PMC), Real Estate Development and EPC Contracting. It has an order book of Rs 80,000 crore and the same is expected to reach Rs 1 lakh crore by end of this fiscal.
Puranik Builders gets Sebi nod to launch Rs 1,000 cr IPO
Mumbai-based realty firm Puranik Builders has received approval from market regulator Sebi to launch its initial public offer (IPO) to raise an estimated Rs 1,000 crore. In June, the company had filed draft papers with Sebi. The IPO comprises fresh issue of shares worth Rs 810 crore, besides, an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders. The proceeds of the issue will be utilised towards repayment of loan and other general corporate purposes. According to sources, the IPO size is around Rs 1,000 crore. Puranik Builders, a Mumbai-based residential real estate developer, has filed draft papers with markets regulator Sebi to raise an estimated Rs 1,000 crore through an initial public offer. As of March 31, 2018, the company has developed 45.36 lakh square ft of developable area across 29 completed projects. On the financial front, the company has registered revenue from operation of Rs. 505.86 crore with a net profit of Rs 50.72 ...