Page 24 - Business Finance
Mining companies in Goa offering VRS to employees: GMOEA
After mining operations in Goa came to a standstill in March 2018, the companies have come under intense pressure and are offering various financial options to their employees, including VRS, industry body GMOEA has said. "Between 2012-2015, majority of the companies gave no lay offs. I mean it was very minimum. And the pressure from last year is building on day to day basis that companies are offering financial options to their employees to either take VRS or settlement," Goa Mineral Ore Exporters' Association (GMOEA) President Ambar Timblo told reporters here. The mining sector has been defunct in Goa since March last year following a Supreme Court order quashing 88 mining leases. Replying to a question Timblo said that in case of layoffs, the direct or confirmed employees of the mining companies will come in the last round. Big mining companies like Vedanta would be the last one to do layoffs, he added. He also said that the first round of layoffs will affect labourers that come ...
Aurobindo Pharma receives USFDA warning for its API unit at Srikakulam, Andhra Pradesh
This action follows the earlier inspection of the site by the USFDA Agency in February 2019. The company believes the existing business from this facility will not be impacted. The company will be engaging with the regulator and are fully committed in resolving this issue at the earliest.
Flipkart revamps seller financing programme to empower 1 lakh MSMEs
Sellers on e-commerce major Flipkart platform can now get loans at competitive interest rates from banks and non-banking financial companies (NBFCs) within two days, a move that is likely to benefit more than one lakh micro, small and medium enterprises (MSMEs).The sellers can avail loans up to Rs 3 crore at an interest rate of 9.5 per cent for one year from 10 banks and NBFCs.Government estimates suggest that there are over six crore MSMEs across the country. For many of these, securing financial access and liquidity is challenging. Flipkart's initiative aims to fill the gap between financial institutions and the underserved through tech and the digital economy."Small businesses are the backbone of our economy. Being a homegrown company, Flipkart is committed to helping sellers all across India grow," said company's Chief Executive Officer Kalyan Krishnamurthy."Our knowledge and understanding of the Indian ecosystem allow us to construct frameworks such as 'Growth Capital' through ...
Cords Cable Industries wins orders worth Rs 16.63 crore
The commercial production for the said order is expected to commence from August and is to be executed I 2" within the current financial year as per the schedule.
Balaji Telefilms jumps on completing sale of rights of four movies
Balaji Telefilms was up 3.89% to Rs 62.80 at 10:38 IST on the BSE after the company said that it has completed the sale of theatrical distribution rights for its upcoming slate of four movies.
Volumes spurt at Sobha Ltd counter
Sobha Ltd notched up volume of 51.58 lakh shares by 10:49 IST on BSE, a 510.85 fold spurt over two-week average daily volume of 10096 shares
Moody's downgrades Tata Motors to Ba3 with outlook negative
Moody's Investors Service has downgraded Tata Motors Ltd's (TML) corporate family rating and the company's senior unsecured instruments rating to Ba3 from Ba2.The outlook remains negative, it said in a statement."The downgrade reflects the sustained deterioration in TML's credit profile, with weaker than anticipated credit metrics -- led by the weak performance of its 100 per cent owned subsidiary Jaguar Land Rover (JLR) -- and our expectation that it will take longer than we had previously expected for the company's free cash flows to return to positive territory," said Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer.TML's credit metrics for the fiscal year ending March 2019 were significantly weaker than Moody's previous expectations, with consolidated debt/EBITDA leverage of 5.3 times and adjusted EBITA margins of just about 0.9 per cent, both breaching the downgrade triggers for the earlier Ba2 ratings.While the company's restructuring efforts should prevent a ..
Benchmarks hit fresh intraday low; pharma shares slide
Key indices extended early losses and hit fresh intraday low in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 169.08 points or 0.43% at 39,432.55. The Nifty 50 index was down 46.30 points or 0.39% at 11,785.45.
Washington has no plans to cap H-1B visas: US State Department
The United States has said it is not considering capping the number of annual H-1B work visas for countries that force foreign companies to store local data locally."The U.S. has no plans to place caps on H-1B work visas for nations that force foreign companies to store data locally," a statement by the US State Department said.Thursday's statement was in response to media reports which suggested that the US was considering capping H1B visas issued each year for different countries, with the proposed annual quota for Indian companies to be around 10 to 15 per cent.The statement cleared that Trump administration's "Buy American Hire America" Executive order is not targeted at any specific country, and is completely separate from Washington's ongoing discussions with New Delhi regarding the importance of ensuring the free flow of data across borders."The Trump Administration's Buy American Hire American Executive Order called for a broad review of U.S. worker visa programs, including ...
Equities fall amid weak sentiment ahead of GST Council meet
Equity benchmark indices were in the negative zone during early hours on Friday amid subdued Asian markets as investors awaited the outcome of GST Council meet later during the day.At 10:15 am, the BSE S & P Sensex was down 172 points at 39,429 while the Nifty 50 slipped 47 points to 11,784. All sectoral indices at the National Stock Exchange were in the red.Among stocks, Jet Airways dived another 10 per cent to Rs 57.60 per share, a day after the National Company Law Tribunal (NCLT) has admitted an insolvency plea under the Insolvency and Bankruptcy Code (IBC).The process lenders led by State Bank of India to sell the company -- either as a whole or its assets -- will halt uncertainty over the airline's future.Home loans lender Indiabulls Housing Finance dropped 4.7 per cent while Yes Bank was down over 3 per cent. Tata Motors, Maruti and Indian Oil Corporation also traded with losses.Those which showed marginal gains were Tech Mahindra, Wipro, Grasim and Coal India.Meanwhile, ...
India's industrial production growth accelerates to six-month high of 3.4% in April 2019
Capital goods and intermediate goods production growth rebounds after months of decline
Malaysia seeks forfeiture of portion of embezzled 1MDB money
Malaysia's anti-graft agency said Friday it has begun legal action to seek forfeiture and recovery of 270 million ringgit (USD 65.1 million) embezzled from the 1MDB investment fund. Officials estimated that another $5 billion worth in assets abroad linked to the fund could be recovered. Latheefa Koya, the new chief of the Malaysian Anti-Corruption Commission, said the agency has filed complaints in the high court against 41 individuals and entities to recover the money allegedly given to them by ex-Prime Minister Najib Razak. US investigators say at least USD 4.5 billion were allegedly stolen and laundered by Najib's associates from 1MDB. Najib set up the fund when he took power in 2009, but it accumulated billions in debts. The 1MDB fiasco led to Najib's shocking electoral defeat in May last year and ushered in the country's first change of power since independence from Britain in 1957. Najib and his wife have been charged with multiple counts of corruption and money laundering and ..
Social Kinnect Evolves its Brand Identity to Kinnect
/ -- As a brand, Kinnect represents a full-service agency that challenges the status quo, and is always dynamically evolving to harness the full potential of digital by bringing the best of Creative and Media under one roof. The name Kinnect derives its inspiration from kinetic energy which is, in essence, the energy possessed by an object due to motion. It is the energy needed to drive action, movement and change. This is the Kinnect philosophy - constant change, momentum and forward-thinking that is spurred by integrating different verticals with a single-minded vision to achieve real and tangible results. Kinnect also represents a bolder take on the future, and a broadening of the horizons to become a company that is more service-agnostic and customer-centric. Discussing Social Kinnect's evolution into Kinnect, Rohan Mehta, CEO, said, "I am extremely excited to see where Kinnect takes us as a brand. It is a name that marries old-school branding principles with new-age solutions, .
Tata Motors skids after Moody's downgrades rating
Tata Motors fell 1.85% to Rs 156.20 at 9:45 IST on the BSE after Moody's Investors Service downgraded its credit rating on the company.
Rupee slips 28 paise against US dollar in early trade
The rupee Friday fell 28 paise to trade at 69.72 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone. Subdued sentiments in domestic equity markets also influenced the trading pattern in the currency market, forex traders said. However, a weak dollar against major currencies overseas restricted the rupee's fall, they added. At the interbank foreign exchange (forex) market, the domestic currency opened sharply lower at 69.75 against the dollar. However, it recovered some lost ground in the early deals to trade at 69.72, registering a fall of 28 paise. The rupee had settled at 69.44 against the US dollar Thursday. Political tensions in the Middle East intensified Thursday when Iran claimed it had shot down a US military drone that was violating its airspace. However, the US has refuted this claim. Meanwhile, the US barred its civilian flights from Tehran-controlled airspace over the Gulf and ...
Market drifts lower in early trade
Local stocks drifted lower in early trade on selling pressure in index pivotals. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 140.10 points or 0.35% at 39,461.53. The Nifty 50 index was down 30.75 points or 0.26% at 11,801.
Sobha Ltd Slides 6.54%
Sobha Ltd has added 3.86% over last one month compared to 2.3% gain in S&P BSE Realty Index index and 0.94% rise in the SENSEX
Rajesh Exports Ltd Surges 2.6%
Rajesh Exports Ltd has added 12.48% over last one month compared to 5.64% gain in S&P BSE Consumer Durables index and 0.89% rise in the SENSEX
NTPC gains on order win
NTPC was up 0.30% to Rs 134.95 at 09:17 IST on the BSE after the company announced that it has won 160 MW solar order from Solar Energy Corporation of India.
Market may open lower
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 8 points at the opening bell.
