Page 2342 - Business Finance
Govt plans to auction over 100 mineral blocks by Mar 2019
Having secured Rs 1.81 lakh crore in its kitty from e-auction of 50 mineral blocks, the government is looking to put on block another 100 mines in the next six months, according to the Ministry of Mines. The government so far has auctioned 50 mines, including 23 limestone, 17 iron ore, 4 gold, 2 each of manganese and graphite blocks and one bauxite and diamond block each. There are 102 blocks in pipeline to be auctioned by March 2019 in Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Telangana and Assam, as per a report by the Ministry of Mines on progess of block auction. These include 42 limestone, 19 bauxite, 11 manganese ore, 8 copper, 6 iron ore, 6 graphite, 3 zinc, 2 emerald, 2 gold, 1 iron ore & manganese, 1 dolomite/limestone and 1 copper ore. As per the report, Jharkhand will auction the highest 20 blocks followed by 16 by Rajasthan and 13 each by Madhya Pradesh and Maharashtra. Of these 102, the government ...
CoWrks takes on lease office space from Puravankara, Bharti Realty to expand co-working biz
Leading co-working operator CoWrks has taken on lease 2.1 lakh sq ft office space from Puravankara Ltd and Bharti Realty in Bengaluru and Gurugram as part of its plan to expand business four times to reach 65,000 seats by 2020, a top company official said. CoWrks, which was founded by Bengaluru-based Menda family that owns realty firm RMZ group, will have 14 centres operational this month across five major cities comprising 15,000 seats in about 1.5 million sq ft area. Its founder and CEO Sidharth Menda said the target is to reach 23 co-working centres, comprising 2.5 million sq ft space and 25,000 seats, by March next year. By 2020, it will have 60-80 centres having 65,000 seats spread over 6 million sq ft. "We are expanding rapidly as there is a huge demand for co-working space in India not only from startups but also large corporates," company's founder and CEO Sidharth Menda told PTI. He said the company has taken on lease 70,000 sq ft office space, located at Aerocity in the ...
Indian aviation sector is vibrant, country a strategic market: Lufthansa
The Indian aviation sector is very vibrant and the country is one of the strategic markets for Lufthansa, which is constantly evaluating opportunities to expand capacity here, according to top officials of the German carrier. "We have many connections between various Indian cities and Europe and we are connecting India with the world via our hubs... we are focussing specifically on customers from India to international markets via Europe," Heike Birlenbach, Senior Vice President Sales Lufthansa Hub Airlines and Chief Commercial Officer Hub Frankfurt, told PTI in an interview. Lufthansa Group serves 343 destinations in 103 countries, offering 15,415 weekly frequencies. In India, it operates 62 weekly flights to New Delhi, Mumbai, Chennai, Bengaluru and Pune from its Frankfurt and Munich hubs. "On those 62 frequencies, we have seen lately that there is a trend that more and more Indians, originating in India, are on that flight. Usually you have a balance between people originating on ..
Aavas Financiers to make stock market debut Monday
Housing finance company Aavas Financiers, which raised Rs 1,734 crore through an initial public offering recently, will list its shares on the exchanges on Monday. The IPO, which opened from September 25-27, was subscribed 97 per cent at a price band of Rs 818 to Rs 821 per share. Effective Monday, October 8, 2018, the equity shares of Aavas Financiers shall be listed and admitted to dealings on the exchanges, the NSE and BSE said in separate circulars. The IPO comprised fresh issue of up to Rs 400 crore and an offer for sale of up to 1,62,49,359 equity shares, including anchor portion of 63,36,439 equity shares. ICICI Securities Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited, Spark Capital Advisors (India) Private Limited and HDFC Bank were the merchant bankers to the issue. Aavas Financiers offers housing loans to customers from low and middle income segments in semi-urban and rural areas.
'Bankruptcy code will help deepen corporate bond market'
A recent study has noted that India's corporate bond market, which contributes 17 per cent to the country's Gross Domestic Product(GDP) and is highly concentrated in the AAA rated bonds, is expected to change once the Insolvency and Bankruptcy Code (IBC) brings about successful resolution of stressed assets in a time-bound manner.As per a joint study conducted by ASSOCHAM and CRISIL, reduction in the timeline for resolution of stressed assets under the IBC would not only enhance confidence of investors but would also make them go in for bonds less than AAA rating.Presently, about 90 per cent of trading is restricted to AAA and AA rated categories. "With greater certainty of outcome and expectations of a faster resolution because of the IBC, the interest of both domestic and foreign investors in lower-rated paper will increase over time," the study noted.Countries such as Brazil, Russia, China and the United Kingdom had taken steps to reform the bankruptcy laws which, along with other .
China cuts some banks' reserve requirements to spur growth
BEIJING (Reuters) - China's central bank said on Sunday it would cut the amount of cash that some banks must hold as reserve to lower financing costs and spur growth in the world's second-biggest economy.
Bengal's beverage Co says fizz to stay in carbonated drinks
Despite an estimated Rs 70,000 crore carbonated soft drinks (CSD) is under pressure in the beverages market, a city based company remains optimistic about its future in the country. "CSD in India is going to stay and will grow despite the fear that it is slowing down. With this believe we have introduced an Indian brand 'Fly Up' in carbonated drink segment during the festive season," Greenfizz Beverages Director Pramod Lundia told PTI. He said "the main brunt is on colas and not the other variants. The total beverage market is shared equally between carbonated drinks and non-carbonated drinks." Speaking about the market, another Director Punit Lundia said "whatever slowdown is witnessed is in cities and not in rural areas which still remains an untapped market. "The overall volume of even Colas has not dipped, but fresh growth is taking place in other variants like lime and lemon flavours," he said. To overcome some negative perception about the carbonated drinks, we ...
Guj NRE Coke promoter hopes favourable NCLAT outcome
The promoter of Gujarat NRE Coke Ltd is expecting a positive outcome from the National Company Law Appellate Tribunal (NCLAT). "We are expecting a proper order from NCLAT to move forward on Sec 230 of the Companies Act in the next hearing on October 8," the company Promoter and Chairman Arun Jagatramka told PTI. Jagatramka had submitted a proposal under Section 230 of the Companies Act before the NCLAT Kolkata bench to revive the firm which employs 1,100 people. The NCLAT had accepted the proposal of Jagatramka on May 15 and had ordered to convene a meeting of all the stakeholders on July 16. The Jindal Steel & Power Ltd, an unsecured creditor with only 0.5 per cent of the total debts of Gujarat NRE Coke, has obtained an ex-parte order of NCLAT on July 12 to stay the meeting scheduled on July 16. A stay order just a day ahead of the meet of the lenders and shareholders of Gujarat NRE Coke Ltd cast a shadow on the future of the debt-laden firm which found no takers ...
Fuel prices continue to surge
Fuel prices continued the upward trend for another day on Sunday as the petrol price was hiked by 0.14 paisa and diesel by 0.29 paisa in Delhi.After the revision, petrol is being sold at Rs 81.82 per litre and diesel is being retailed at Rs 73.53 per litre in the national capital.Petrol and Diesel prices were increased by 0.14 paisa and 0.31 paisa respectively in Mumbai.After the fresh hike, petrol is being sold at Rs 87.29 per litre while the diesel price stands at Rs 77.06 per litre in the capital of Maharashtra.On September 4, Jaitley had announced a cut of Rs 2.50 per litre on both petrol and diesel prices and directed the state governments to implement the same.
Cash, gold haul in anti-graft raids on 2 Karnataka officials
The Karnataka Anti-Corruption Bureau (ACB) on Saturday said its raids on the premises of two state government officials have led to seizure of Rs 5.30 crore in cash, 4.6kg gold and 17.5kg silver.
Maken writes to Kejriwal, requests him to reduce VAT on petrol, diesel in Delhi
Delhi Congress chief Ajay Maken Saturday wrote to Chief Minister Arvind Kejriwal requesting him to reduce the value-added tax on petrol and diesel "to the same level as it was in December, 2013, during the Congress regime in the city". In a letter to Kejriwal, Maken pointed out that the VAT charged on petrol in Delhi is 27 per cent and that on diesel is 16.5 per cent, while the same during the Congress regime in Delhi was 20 per cent and 12 per cent respectively. According to a statement issued by the Delhi Pradesh Congress Committee (DPCC), the state unit chief elaborated in his letter that on December 21, 2013, during the Congress regime in the national capital, people of Delhi had to pay as VAT Rs 14.30 per litre of petrol and Rs 6.45 per litre of diesel. "Under your (Kejriwal's) government, the VAT on petrol/litre is Rs 22.68 and on diesel it's Rs 12.45/litre as on 4th October, 2018," he said. "That means that the citizens of Delhi have to shell out an extra amount of Rs 8.38 per
Employees mediclaim policy implemented in fair, transparent manner: JK govt
In the wake of Congress chief Rahul Gandhi's allegation that industrialist Anil Ambani was being favoured in rolling out an insurance policy in Jammu and Kashmir, the state government Saturday said the scheme has been implemented in a fair and transparent manner. "Dispelling the rhetorical misgivings being created about the Group Medical Health Insurance Scheme rolled out by the JK government recently, the state government Saturday made it clear that the scheme has been implemented after following all the required procedures in a fair and most transparent manner," an official spokesperson said here. Gandhi took a jibe at Prime Minister Narendra Modi on Saturday for allegedly favouring Anil Ambani after the Jammu and Kashmir government gave his company the contract for executing the government employees mediclaim policy. "When your BFF is the PM, you can get the 1,30,000 Cr. Rafale deal, even without relevant experience. But wait. There's more! Apparently, 4,00,000 JK Govt staff will ..
Petrol costlier across metros; climbs to Rs 81.68/l in Delhi
Petrol prices rose across the four metro cities on Saturday, just a day after the BJP-led Central government reduced excise duty on the transportation fuel.
Qualcomm plans to set up largest campus outside U.S in Hyd'bad
Tech major Qualcomm Saturday announced plans to set up its largest campus outside the U.S. here. The company's officials met Minister for IT in the Caretaker government K T Rama Rao Saturday to discuss their growth plans in the city. "Qualcomm will be investing USD 400 million (Rs 3,000 crore) to set up their campus in Hyderabad, Telangana. This is one of the largest investment by a marquee company after the formation of the state," it said in a release. Phase-1 of the project would include a built up space of 1.7 million square feet, housing about 10,000 employees, it said. The release quoted Qualcomm officials as saying that the company was playing a key role in driving the wireless revolution by making mobile communications more accessible and affordable. The proposed facility would be its largest campus globally after its San Diego headquarters and the USD 400 million investment by Qualcomm in Hyderabad would be its largest globally, the release said.
Indian government seeks to reassure markets on deregulation of fuel prices
NEW DELHI (Reuters) - The Indian government on Saturday sought to assure investors that the government would not go back to regulating fuel prices, a day after oil company shares tumbled on concerns about a return to a regime that has hurt their profits in the past.
KP youth launches Jammu chapter for startups
Kashmiri Pandit community youth Saturday launched Jammu chapter of startups & business conferences with a view to create a platform for budding entrepreneurs and small medium enterprises to come together and grow in the state. "We have officially launched Jammu chapter of KP startups & business conferences with a vision to create a platform for the KP startups and small medium enterprises (SMEs) to come together and grow. The ecosystem aims to nurture entrepreneurship and facilitating success stories," its co-convenor and spokesperson Rohit Kachroo told reporters here. He said that they also aim at assisting in reaching out to SMEs, potential customers, and Venture Capitalists (VCs). As a part of this initiative, the first KP startup conference was organised in Delhi on April 7, he said, adding that the conference was attended by 25 SME and startups. The second conference was organised in Pune. It is now organising the third business conference in Jammu on Sunday and about 40 .
NCDEX gets approval for 4 new options contracts
Commodity exchange NCDEX Saturday said it has received nod to launch options contracts in four new commodities by markets regulator Securities and Exchange Board of India (Sebi). The exchange is expected to launch these contracts early next week, National Commodity & Derivatives Exchange Ltd (NCDEX) said in a statement. For guargum, soybean and chana, the first contracts will be launched with November 2018 expiry whereas, the first refined soy oil options contract will be expiring in December 2018, it said. The exchange has modified the expiry date of the options contracts for these commodities as compared to the existing options in Guarseed, it said. Contracts for the newly added commodities will expire on 10th of the underlying futures expiry month, it said. Launch of options in the four commodities will provide an additional tool for risk management to the value chain participants, including farmers, FPOs, traders, processors etc, it said. So far, 73 FPOs from 12 states have ...
BoB launches fortnight programme dedicated to farming community
State-owned Bank of Baroda (BoB) has launched a fortnight programme dedicated for the farming community with a view to give a push to lending to the segment. During the 15-day period that culminates on October 16, the bank would be holding loan fair at various places in the country, BoB director Gopal Krishan Agarwal told reporters here. Various products would be available at the 'Loan Mela' and farmers can access these products as per their needs and requirement under a single roof, he said. Besides, he said, financial literacy camps would also be organised at various places. The bank has decided to celebrate October 16 that coincides with World Food Day, as Baroda Kisan Diwas.
Discover best deals with Club Factory's 'Club Diwali Sale'
Be it traditional Indian attire or glamorous western suits you prefer, Diwali is the time to refurbish your wardrobe with the latest in the world of fashion. The 'Club Diwali Sale' gives customers fabulous reasons to shop on the Club Factory app this festive season with the biggest ever discount available on a unique range of next-generation affordable and trending apparels, shoes, jewellery, beauty products, handbags, gadgets and must have home decor for the festive season.Whether you wish to buy gifts for others or shop for yourself, the leading online fashion portal offers huge discounts with prices as low as Rs. 99 on selected items. Furthermore, throughout the sale, one lucky buyer stands a glorious chance of winning an iPhone absolutely free every day.Besides, customers also get to enjoy free shipping on all orders across the country. To spread the joy of gifting, the Club Diwali Sale offers a unique opportunity to customers shopping on the app to invite their friends to get ...
"Dual control by Centre, RBI a problem in banking industry"
Former Reserve Bank of India Governor YV Reddy Saturday said dual control by the Centre and the RBI is a problem in the banking industry. Reddy, who was speaking at an event at the Indian School of Business (ISB) here, said the RBI says that it does not have enough regulatory powers. The government, however, says that the RBI has enough regulatory powers, he said. "If the regulator and government could not agree and cannot agree, what is the truth? The truth is that there is a problem of dual control. Narasimhan committee recommended 20 years ago, please end this. Till today, it has not ended," he said. To a query on job creation, he said, quoting from a recent international conference, the likely scenario from a global situation is that "most probably either 20-30 per cent employed, rest of them cannot be employed because technology will replace". There could also be a restriction (in the future) on the number of days one can work in a week. "Our (in India) strategy ...