Page 2499 - Business Finance
GRSE working on double-lane bailey bridges for Army
Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd is working on making 7.5 metre double-lane bailey bridges for the Army to facilitate movement of tanks, a top company official said on Wednesday. Research and development is also underway for 30-feet long portable bridges, which soldiers can carry in parts on their shoulders, Rear Admiral (retd) V K Saxena, Chairman and Managing Director of GRSE, said. "Indian Army wants 7.5 mt wide double-lane bridges over which tanks can move. We are working on it and a prototype is likely to be ready by the end of 2018," Saxena said. Stating that bailey or suspension bridges are in good demand, he said that apart from the hill states, the likes of Odisha and Maharashtra are also in talks with GRSE for supply of these. Since these steel bridges cannot be blown away, Maharashtra is seeking to install these structures in Maoist-affected areas, a senior GRSE official said. The state is seeking around 100 bailey bridges from ..
Banks, traders launch first commodities blockchain platform
LONDON (Reuters) - Global banks and trading firms are launching the first blockchain-based platform for financing the trading of commodities from oil to wheat, they said in a joint statement on Wednesday.
AutoNation starts search for a CEO as Jackson steps back
(Reuters) - AutoNation Inc said on Wednesday it will begin a search for a new chief executive as longtime CEO Mike Jackson plans to move to an executive chairman role at the largest U.S. auto retail chain next year.
Danske Bank boss quits over $234 billion money laundering scandal
COPENHAGEN (Reuters) - Danske Bank's chief executive Thomas Borgen resigned on Wednesday after a investigation revealed payments totalling 200 billion euros ($234 billion) through its Estonian branch, many of which the bank said were suspicious.
Nikon aims Rs 1,200 cr sales in FY19, expects 30% sales from mirrorless segment in next 3 yrs
Japanese imaging product major Nikon India is targeting around 5 per cent growth in turnover at Rs 1,200 crore this fiscal on the back of its D-SLR and mirrorless cameras, a top company official said. Nikon India is working here on a twin strategy -- expanding the mirrorless camera segment, which are expected to grow in coming years, while focusing on its traditional D-SLR (digital single-lens reflex) cameras. The company is also expanding its retail presence and has plans to add 10 more Nikon experience zones to take the tally to 150, besides engaging more photo enthusiasts through its Nikon photo schools. "Last year, we have concluded to around Rs 1,150 crore and we are aiming this year (FY 2018-19) close to Rs 1,200 crore, with approximately 5 per cent increase," Nikon India Managing Director Sajjan Kumar told PTI. He further said, "The growth would come from D-SLR segment which is still growing in India and mirrorless and full frame cameras." The company as part of its strategy ...
Irdai to develop 'sandbox' approach for fintech-related products
Irdai has decided to develop a 'regulatory sandbox' to enable testing of products in a controlled environment so that the industry could keep pace with the fast-evolving financial technology (fintech). Loosely defined, a sandbox approach means experimenting and learning before finally adopting a technology or system. This approach helps in containing the impact of failures. The insurance regulator has set up a committee to come out with a consultation paper on 'regulatory sandbox' approach, said a Insurance Regulatory and Development Authority of India (Irdai) circular Wednesday. In recent years, the regulator said that new insurance companies and intermediaries have been applying technological innovations in their products and services. "The authority encourages the companies to develop and apply new technologies into the financial ecosystem to enhance value for customers, increase efficiency, manage risk better, create new opportunities and improve people's lives," the circular ...
ITC Hotels acquires Park Hyatt Goa Resort and Spa
Luxury hospitality chain ITC Hotels Wednesday said it has acquired Park Hyatt Goa Resort and Spa. The acquisition is a part of an auction held by Industrial Finance Corporation of India (IFCI) for Rs 541 crore in 2015, and upheld by the Supreme Court in its March 19, 2018 judgement, ITC Hotels said in a statement. The property spread across 45 acres is currently under minor renovation to comply with all the ITC's exemplary sustainability practises, it added. "ITC is pleased to announce the latest addition to its luxury hotel portfolio in the hospitality landscape of Goa," ITC Executive Director Nakul Anand said. This has been a long-awaited destination for ITC and "we welcome the opportunity to be integrated into the multi-faceted culture and ethos of Goa," he added. ITC Hotels, currently, has a collection of more than 100 hotels in over 70 destinations.
OnePlus enters top five premium Android OEMs during Q2 2018
According to Counterpoint Research's Market Monitor Q2 2018, the global premium smartphone segment grew faster than the overall smartphone market. This was driven by increasing shipments from Chinese players, which have recently upgraded their flagships and are positioning them at a higher price point, at launch, compared to their previous flagship models. As these players grow outside China, premium portfolio can help them tap the developed markets like Western Europe or USA where they were unable to expand their reach previously.Market Summary:• The global, premium smartphone segment grew faster (+7 per cent) than the overall smartphone segment (-1 per cent) in Q2 2018. Growth was driven by increases in shipments of Chinese players like OPPO, Vivo, Huawei, OnePlus and Xiaomi.• The premium smartphone segment contributed to one fifth of the global smartphone market during Q2 2018.• Close to 40 OEMs compete in the premium segment globally, out of which the top five players account for .
Oil hovers near $80, supply concern expected to underpin prices
LONDON (Reuters) - Oil eased on Wednesday, but held near its highest level this year, as concerns that producers may fail to cover a supply shortfall once U.S. sanctions on Iran come into force outweighed an increase in U.S. inventories.
Markets reel for third day on macro, valuation worries; FMCG, bank stocks weigh
Stocks spiralled lower for the third straight session Wednesday as wary investors pared their portfolios even as the rupee staged a recovery and global equities shrugged off the US-China trade tensions. The BSE benchmark Sensex tumbled 169 points to end at a near two-month low of 37,121.22, while the broader NSE Nifty dropped 44.55 points to 11,234.35. The 30-share Sensex has now lost about 970 points in three days, largely due to rupee woes, high crude oil prices, unabated foreign fund outflows and escalating trade tensions between the US and China. Meanwhile, the rupee appreciated 49 paise intra-day against the dollar to 72.49. Globally, Asian and European markets rose as investors wagered on a less-than-expected impact of the US-China trade conflict. Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low. However, the index turned weak in late-afternoon trade and closed lower by 169.45 points, or 0.45 ...
CCI dismisses complaint against Shree Yashashree Construction
The Competition Commission has dismissed a complaint alleging unfair business practices against real estate firm Shree Yashashree Construction with regard to sale of residential flats in Nashik. The complainant, who had purchased a flat in a building developed by Shree Yashashree, had alleged that the real estate firm was not issuing the sale deed, occupancy certificate and conveyance deed to the flat owners as agreed under the registered flat purchase agreement, in contravention of Sections 3 and 4 of the Competition Act. While Section 3 deals with anti-competitive agreements, Section 4 pertains to abuse of dominant market position. For the case, the Competition Commission of India (CCI) considered the "market for provision of services of development and sale of residential flats in city of Nashik", as the relevant one. In an order dated September 18, the fair trade regulator said Shree Yashashree (Opposite Party) has less than 10 per cent of the total ongoing and completed real ...
Turnover on NSE's F&O segment jumps
Nifty September 2018 futures at premium
WeWork opens 10th co-working centre in India; to add 11 more by Dec
US-based co-working operator WeWork has expanded its operation in India by opening its 10th centre in the country, taking the total capacity to 15,000 seats. The company launched its fifth centre at IT park project 'Embassy Tech Village' in Bengaluru. In Mumbai, the company has 4 centres and one in Gurugram. "The five-storey building occupied by WeWork caters to a workforce of around 2,500 professionals, and houses major startups and enterprises," a company statement said. At present, Embassy Tech Village is WeWork's largest space in India. "With Bengaluru as a cosmopolitan city and home to a growing population of entrepreneurs, startups, and established multinationals, we are seeing rising demands from corporates and we believe that WeWork can support every one of them with the addition of our fifth location," said Karan Virwani, CWeO, WeWork India. By driving innovation and collaboration, WeWork India will continue its growth trajectory in changing the face of collaborative spaces ..
India's largest hotel chain OYO to expand into Britain
LONDON (Reuters) - OYO Hotels, India's largest and fastest-growing hotel chain, aims to shake up Britain's budget accommodation market with a franchising and marketing strategy to sign up 300 independent hotels before 2020, its founder told Reuters on Wednesday.
Former Malaysian PM arrested, to face fresh charges
Former Malaysian Prime Minister Najib Razak was arrested on Wednesday to face fresh corruption charges related to scandal-hit state investment fund 1Malaysia Development Berhad, the Malaysia's anti-graft body said.
PE investment deal tally touches USD 12.84 bn in Jan-Aug: Report
Private equity investments worth USD 1.33 billion were announced in August, taking the year-to-date deal value to USD 12.84 billion, says a report. According to Grant Thornton's PE Dealtracker, 67 PE investments worth USD 1.33 billion were announced in August, registering a decline of 73 per cent in terms of value over the year ago period even as there was an increase in the number of deals. "PE transactions in August 2018 witnessed 43 per cent improvement in volumes, however, fell short on the deal value by 73 per cent as compared to August 2017," Grant Thornton India LLP Director Pankaj Chopda said. For the January-August period, there were 552 PE investment deals worth USD 12.8 billion, down 12 per cent over the same period last year when USD 14.57 million worth of investments were announced. Going ahead, the deal outlook for PE investments looks bullish, the report said. "Bearing in mind the drive for consolidation for strengthening market position, competition for acquiring IBC ..
Railways accepts GE's diesel-electric evolution series prototype locomotive
Indian Railways has confirmed its acceptance of GE's 4,500-horsepower diesel-electric evolution series prototype locomotives, a statement from the US technology giant said Wednesday. After successful testing on India Railways' tracks, the locomotives were handed over in February 2018, the statement read. The acceptance of these locomotives is a testament to GE's engineering depth and understanding of customer requirements. This is a major step towards fulfilling our contract with Indian Railways, said Nalin Jain, President and CEO-APAC, GE Transportation in the statement. A standard practice, the acceptance of the 4500hp locomotives came after months of reviewing key design aspects, documentation and a thorough validation around various parameters in US and India, said the statement. The locomotives also completed additional reviews including oscillation trialsand rating and performance tests. The new units feature an evolution series engine and an electronic fuel-injection system for
BSE gets Sebi clearance to launch commodity derivatives segment
Leading stock exchange BSE Wednesday said it has received markets regulator Sebi's approval to launch commodity derivatives segment from October 1 and to start with, it will focus on non-agriculture commodities like metals. At present, the platform offers trading in equities, equity derivatives as well as currency derivatives. The Securities and Exchange Board of India (Sebi) last December, announced that from October 2018, the country would have a unified exchange regime wherein stock exchanges would be allowed to offer trading in commodity derivatives. In a statement, BSE said it has received "another feather in its hat by getting Sebi's approval to launch commodity derivatives segment from October 1, 2018". "BSE will begin trading in commodity derivatives with non-agriculture commodities like metals initially, followed by agri commodities subsequently," it added. According to the exchange, its commodity derivatives platform will help in efficient price discovery, reduction in ...
IGL to set up 60 CNG stations, give 2 lakh connections in FY19
Indraprastha Gas, India's biggest city gas retailer, plans to add a record 60 CNG dispensing stations and give piped cooking gas connections to at least 2 lakh households this fiscal as it steps up efforts to achieve the government's target of a gas-based economy. IGL Managing Director E S Ranganathan said the company, which retails CNG to automobiles and piped cooking gas to household kitchens in Delhi and its suburbs, has adopted a dealer-franchise model in the push for rapidly expanding the network. The company, with 452 CNG stations in Delhi, Noida, Greater Noida, Ghaziabad and Rewari, has started to give the franchise to dealers who own lands. "We already have two CNG dispensing stations operating on dealer model and have given letters of intent (LoI) for another 21 which will be commissioned within the current financial year," he said. Ranganathan said the company opened 30 CNG stations last year and in the current financial year running from April 2018 to March 2019 it has a ...
Quick Wrap: Nifty Media Index registers a drop of 1.89%
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