Page 2510 - Business Finance
Trade tensions, rupee depress equity indices; banking stocks down (Roundup)
Latest global trade protectionist measures, along with high crude oil prices and a depreciation in rupee's value, dragged the Indian equity market in the red for a second consecutive session on Tuesday.
CIL likely to supply 16 rakes/day to Tamil Nadu Gen Co
Coal India Ltd has drawn up a plan to send 16 rakes per day to Tamil Nadu Generation and Distribution Corporation (TANGEDCO) in view of its increased demand for the dry fuel, officials of the mining major said. The state-run-miner's subsidiaries -- Mahanadi Coalfields Ltd, Eastern Coalfields Ltd and Central Coalfields Ltd will supply 13 rakes, two rakes and one rake, respectively, the officials told PTI. TANGEDCO reportedly asked for 20 rakes of coal per day. The Tamil Nadu government has decided to import about 30 lakh tonne of coal for its generation units, supply of which is expected to start from October. India's coal import is to the tune of about 200 million tonne per year. The CIL officials said TANGEDCO received more wind power support from its wind-based generating units, resulting in subdued generation by thermal units in the recent past. The supply from thermal units dipped to 63 per cent from the level of 83 per cent of pro-rata contracted quantity during ...
J-K govt rolls out 'Start-Up Policy 2018' to nurture budding entrepreneurs
The Jammu and Kashmir government Tuesday rolled out state's maiden 'Start-Up Policy 2018', which will be in force for next 10 years, for inspiring and nurtuing a new breed of entrepreneurs. "The Industries and Commerce Department formally rolled out the maiden 'J&K Start-up Policy-2018' for the state. The policy was approved by the State Administrative Council (SAC) headed by Governor Satya Pal Malik last week," an official spokesman said. Giving details, Principal Secretary Industries and Commerce Shailendra Kumar said the policy aims to nurture and inspire the young and entrepreneurial brains of Jammu and Kashmir to pursue innovation and entrepreneurship by creating a vibrant and conducive start-up ecosystem in the state. He said the government through this policy aims to empower start-ups to grow through innovation and design which will in turn help in accelerating economic growth and generating employment opportunities. Kumar said the policy will facilitate and nurture the ...
India's NALCO plans to invest 55.2 billion rupees in Odisha
BHUBANESWAR (Reuters) - India's National Aluminium Co. Ltd. plans to invest 55.2 billion rupees ($756.4 million) in the eastern state of Odisha to expand capacity, a government statement said on Tuesday.
Odisha clears 7 proposals worth Rs 7,416 crore
Odisha Government Tuesday approved seven investment proposals worth Rs 7,416 crore which would generate employment opportunities for 4,454 people, an official said. The proposals approved by the government belong to a variety of projects steel, downstream industries in metals and minerals and plastics. The governments nod to the projects came during the 80th meeting of the State Level Single Window Clearance Authority (SLSWCA) held under the chairmanship of chief secretary Aditya Prasad Padhi, an official statement said. The SLSWCA gave nod to a Hyderabad-based company to set up a manufacturing unit for pre-engineered building (PEB) including structural steel members at an investment of Rs 58 crore at Cuttack. The plants production capacity will be 50,000 MT per annum and the project will create direct and indirect employment for 550 people. This will add value to the primary metal being produced in the state, it said. A Kolkata-based companys proposal to establish a ..
Sebi clears proposal to bring cost effectiveness in mutual funds
In a major overhaul of the fee structure that mutual funds charge from investors, markets regulator Sebi Tuesday decided to cap the total expenses for investment in such funds to 2.25 per cent. Mutual fund industry must adopt the full-trail model of commission in all schemes, Sebi Chairman Ajay Tyagi told reporters after the board meeting. A trail-fee model benefits distributors if their clients stay invested in schemes for a longer period. At present, mutual funds pay distributors upfront commission as high as 2 per cent against the one per cent recommended by industry body Association of Mutual Funds in India (Amfi). Such decisions are expected to reduce the cost of investing in mutual funds, bring transparency and prevent any mis-selling. The board of Sebi has cleared the proposal to cap the maximum total expense ratio (TER) -- the fee that mutual funds collect from investors every year to manage their money -- for closed ended equity schemes to 1.25 per cent and other than equity .
ICICI Bank responds, seeks settlement through consent: SEBI
Controversy-hit private lender ICICI Bank has replied to security market regulator SEBI's show cause notice on the issue related to allegations of impropriety levelled against its MD and CEO Chanda Kochhar.
Nifty extends losses for 2nd day, ends below 11,300
NSE benchmark Nifty extended steep decline for the second session Tuesday, falling 98.85 points to 11,278.90 due to sharp sell-offs mainly in banking, realty and auto sectors. Investors remained cautious after US President Donald Trump imposed 10 per cent tariffs on an additional USD 200 billion worth of Chinese imports, and warned of duties on more products if China took retaliatory action. Domestic shares spent most of the trading session in negative territory although the reaction was muted. However, selling pressure intensified in the last hour of trade. Crude prices weighed on the market as well as traders reacted to statements from Saudi Arabia. Overseas, European shares were trading higher. Asian shares ended mixed after Trump administration decided to impose 10 per cent tariffs on USD 200 billion worth of Chinese imports. Back home, The broader midcap and smallcap shares also saw intense selling pressure. The Nifty 50 index fell 98.85 points or 0.87 per cent to 11,278.90 -- ...
China hits back by levying tariffs on $60 billion of U.S. goods
BEIJING (Reuters) - China will levy tariffs on about $60 billion worth of U.S. goods in retaliation for new U.S tariffs, as previously planned, but has reduced the volume of tariffs that it will collect on the products.
Exporters association want exemption of IGST payment extended
Tirupur Exporters Association (TEA) Tuesday urged the Centre to extend exemption of payment of IGST for machinery imported under the EPCG (exports promotion capital goods) scheme. The notification exempting payment of the integrated goods and services tax (IGST) while importing machinery under the scheme is valid till September 30. If the exemption was not extended, exporting units have to pay IGST upfront which is an additional burden on the units, TEA president Raja M Shanmugham said in a letter to Union Commerce Minister Suresh P Prabhu, a copy of which was released to the press here. The TEA chief said the concern is that upfront payment of IGST would affect the working capital of the exporting units as the GST refund through Input Tax Credit refund route would take time to receive the amount. As more than 80 per cent of the exporting units are MSMEs, they could not meet their financial requirements and this ultimately would affect day-to day-operations, he ...
Aadhaar seeding helped govt save Rs 90,000 cr under various
Bihar Deputy Chief Minister Sushil Kumar Modi Tuesday counted benefits of Aadhar seeding saying the central and the state governments have been able to save about Rs 90,000 crore under various welfare schemes by removing fake and duplicate beneficiaries due to it. He emphasised on the need for completing the integration of bank accounts with mobile and Aadhaar numbers in order to bring in more transparency and check corruption. Modi was speaking after launching "Bihar Aadhaar Authentication Framework (BAAF)" portal which is an umbrella framework to enable all Aadhaar based transactions in the state making service delivery more effective and efficient. BAAF is providing two major services namely- authentication of Aadhaar numbers and enabling e-KYC. "Digital is a way of life and digital revolution is changing the way of life. We are facing new problems in the cyber, digital age... Bank accounts are being integrated with mobile and aadhaar numbers in order to bring in more
UP govt says 2,721 clearances through single window system for investors in 6 mths
The new single window system - a digital platform - for project clearances launched by Prime Minister during the UP Investors' Summit early this year has evoked good response from investors and 2,721 clearances have been made through it in the past six months, a top official said Tuesday. "The new single window portal, launched by Prime Minister during the UP Investors' Summit for setting up of industries in the state has evoked encouraging response from investors. As an important component of improving ease of doing business in the state, 2,721 clearances had been issued through the new single window portal within the specified timelines in only six months...," Arun KumarSpecial Secretary, Infrastructure and Industrial Development and Joint Executive Director, Udyog Bandhu said Tuesday. With the launch of new system, 78 per cent of the applications received for setting up new projects so far have been cleared, while 742 applications were under process within timelines, he ...
HC to hear plea seeking formula of petrol pricing on Wednesday
The Delhi High Court will hear on Wednesday an application seeking direction to the Central government to disclose the formula on the basis of which daily prices of petroleum and diesel are fixed.
ITV CEO declines comment on possible interest in Endemol Shine
LONDON (Reuters) - The chief executive of ITV, Britain's biggest free-to-air commercial broadcaster, declined to comment on the company's interest in buying Dutch production company Endemol Shine, but said it would take a disciplined approach to any deals.
Lupin appoints Alok Sonig as head of generic biz in US
Drug maker Lupin Tuesday said it has appointed Alok Sonig as CEO US Generics and Global Head Generics R&D & Biosimilars. Sonig will lead and have overall responsibility for the US Generics business, including R&D activities in India and the US, and the commercial side of the American business. He will also be responsible for Lupin's global biosimilars business. Most recently, Sonig was CEO of Developed Markets (US, Canada, Europe and Japan) at Dr Reddy's Laboratories. Prior to that Sonig spent nearly 15 years at Bristol-Myers Squibb, where he held several senior positions. "His global experience, strategic perspective, and operational focus will help accelerate our team's efforts to strengthen and evolve our US generics business as we execute on near-term growth opportunities and navigate new platforms in complex generics and biosimilars," Lupin CEO Vinita Gupta said in a statement. Sonig will be based out of Somerset, New Jersey and will report to Vinita Gupta and ...
Global Markets: Shares hold ground as U.S. and China ramp up trade war
LONDON (Reuters) - Who's afraid of the big bad trade war? Not world stock markets, it seems.
Fanatics opens India tech centre in Hyderabad
Fanatics, the global leader in licensed sports merchandise, on Tuesday opened its first India technology innovation centre in Hyderabad.
'New STP in Delhi can generate 3 tonnes bio-fuel per day'
To combat emerging pollutants from the Barapullah drain in the national capital, Union Science and Technology Minister Harsh Vardhan on Tuesday inaugurated a sewage treatment plant (STP) here, saying it has a capacity to convert 10 lakh litres of sewage into three tonnes of bio-fuel per day.
Rupee falls 47p to close at record low of 72.98 as crude oil rises
The rupee Tuesday slid further 47 paise to settle at a record low of 72.98 against the US currency due to surging crude oil prices and escalating trade war worries. Panic dollar demand from importers and speculative traders sent the home currency sinking to a historic low of 72.99 in late afternoon deals with very little chance of RBI intervention. A sharp spike in international crude oil prices weighed on the trading front towards the tail-end session even as the US dollar fell to seven-week lows after Donald Trump announced fresh 10 per cent tariffs on Chinese imports. US President Donald Trump Monday night announced to impose additional 10 per cent duties on Chinese imports worth USD 200 billion. Benchmark Brent crude futures were up USD 1.14 a barrel to USD 79.19 a barrel, after hitting a high of USD 79.37 in early Asian trade. Since Monday, the rupee has plunged by 114 paise or more than 1.5 per cent as trade war concerns resurfaced and crude oil rebounded. The stubbornly high ...
Can't introduce Bt cotton tech in India due to royalty issues: Bayer AG
German chemical and pharma major Bayer AG, which has acquired biotech company Monsanto, Tuesday said it cannot introduce new Bt cotton seed technology in India as it has become difficult to make money in the south Asian nation because of royalty issues. In June this year, Bayer completed the USD 63 billion mega-deal to acquire US-based Monsanto to create the world's biggest agro-chemical and seed company. The acquisition of Monsanto has been completed globally but it is still in process in India. Monsanto has been selling genetically modified (GM) cotton seeds in India for more than a decade through its joint venture Mahyco Monsanto Biotech that has sub-licensed Bt cotton seed technology to various domestic seed companies. However, the company is now involved in a legal case where it has appealed against the Indian government's decision to fix cotton price along with trait value (royalty) under the Cotton Seed Price Control Order. Separately, it is fighting a legal case with Indian ...