Page 2512 - Business Finance
Rupee closes at new all-time low as crude prices rise
MUMBAI/BENGALURU (Reuters) - The rupee closed at a new all-time low against the U.S. dollar on Tuesday, pressured by rising crude oil prices and intensifying U.S.-China trade war tensions.
Adidas calls for stable import duty rates in India
German sportswear and accessories major Adidas Tuesday sought stable import duty rates in India, saying it would help in having "more faith in the market" as frequent changes in tariff hamper future investment planning. The company, which sells both locally-sourced and imported products, also said making it "too difficult to import" could prevent bringing the best products to India. "Import duties go up with no notice and you are charged retrospectively and immediately, or back three months. (It is) very had to do business that way because we plan for investment for future," Adidas India MD Dave Thomas told PTI. He was responding to a query on some of major challenges faced by the company in India. Thomas further said,"I think stability on that front would help us to have more faith in the market so that we can invest and be clear on what the future holds for certain degree. That would be helpful". In India duties on imports are quite changeable and happens without any warning, making
Crisis-ridden IL&FS under regulatory scanner for alleged corporate governance, disclosure lapses
Crisis-ridden infrastructure conglomerate IL&FS group, once hailed as a pioneer of public-private partnership, has come under the scanner of multiple regulators, including Sebi, for alleged defaults related to financial disclosures and corporate governance, officials said. Reeling under a huge outstanding debt burden, the group has seen its various long-term and short-term borrowing programmes downgraded to "default" or "junk" grades by credit rating agencies, even as the regulators are also probing alleged delay in disclosure about certain loan defaults. Besides, the role of some rating agencies is also being looked into for possible lapses on their part as mutual funds have had a huge exposure to various debt securities of the group, officials said. Among others, capital markets regulator Sebi, the Reserve Bank, the Corporate Affairs Ministry and the Finance Ministry have received complaints about alleged wrongdoings at Infrastructure Leasing & Financial Services Ltd ...
New entity post banks' merger to be operational from April 1
The new entity to be formed with the merger of Bank of Baroda, Vijaya Bank and Dena Bank will be operational in the beginning of the next financial year, sources said. These three state-run banks would work on strict timeline and necessary regulatory process is expected to be over by the end of 2018-19, they said adding that the merged entity should be operational from April 1, 2019. The scheme of the amalgamation will be formed subsequent to board meetings of the banks this month. The scheme will have various details including share swap ratio and requirement of capital from the promoter, sources said. The move follows top lender State Bank of India last year merging with itself five of its subsidiary banks and taking over Bharatiya Mahila Bank, catapulting it to be among top 50 global lenders. On Monday, 'Alternative Mechanism' (AM) headed by Finance Minister Arun Jaitley decided to merge three banks with a view to create global size lender which will be stronger and ...
Ircon International IPO fully subscribed
Receives bids for 1.01 crore shares
Oil rises on signs OPEC not prepared to boost output
LONDON (Reuters) - Oil firmed on Tuesday on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran and as Saudi Arabia signalled it was in no rush to bring prices down.
Ferrari plans 15 new models to double earnings by 2022
MARANELLO, Italy (Reuters) - Ferrari plans to launch 15 new models, including hybrid cars, a utility vehicle and more special editions as part of a plan to as much as double core earnings by 2022.
Thyssenkrupp overhaul must protect worker interests: labour boss
DUESSELDORF, Germany (Reuters) - Thyssenkrupp employees will not block a restructuring of the group as long as their interests are protected, its newly elected works council chief said.
ICICI Bank seeks settlement through consent on Kochhar issue, says Sebi chief
Markets regulator Sebi Tuesday said that the ICICI Bank has replied to its show cause notice with respect to a probe into alleged regulatory lapses involving its CEO Chanda Kochhar, her husband and his business dealings. Sebi Chairman Ajay Tyagi also said that the bank has sought to settle the issues related to Chanda Kochhar through consent mechanism. ICICI Bank and the business dealings of the Kochhar family has come under the regulatory lens of Sebi and other agencies. Earlier, the Securities and Exchange Board of India (Sebi) issued show cause notices to ICICI Bank, Kochhar and others after its preliminary examination favoured initiating adjudication proceedings against them for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with Videocon Group. The bank and Kochhar have been maintaining there has been no regulatory violation on their part and that she was not aware of specific business dealings of her husband. As
FPIs continue buying
Net inflow of Rs 106.27 crore on 17 September 2018
Ircon International IPO subscribed 29%
Receives bids for 28.92 lakh shares
No coercive steps against drug firms for FDCs already in market, says HC
The Delhi High Court said Tuesday that no coercive steps be taken against drug companies for FDCs already in market, subject to stopping of their manufacturing. Justice Vibhu Bakhru granted the relief to some drug manufacturers after they approached the high court. It had said earlier that no coercive steps be taken against Indian pharma major Wockhardt for sale of stock, already in the market, of its anti-inflammatory medicine which has been banned, subject to the company stopping further production of the drug. The court, in an interim order, had said the medicine, one of 328 fixed dose combination (FDC) drugs banned by the Centre a week ago, has been in the market for past 11 years and its stocks would already be in the distribution network. The ministry by its September 7 notification had banned the manufacture, sale and distribution of 328 FDC drugs. FDCs are two or more drugs combined in a fixed ratio into a single dosage form.
Bank of Baroda shares sink 16%; Dena Bank surges 20% post merger announcement
Shares of Bank of Baroda tumbled 16 per cent, while Dena Bank surged up to 20 per cent Tuesday following merger announcement. The scrip of Bank of Baroda dived 16.03 per cent to end at Rs 113.45 on BSE. Shares of Vijaya Bank plunged 5.69 per cent to close at Rs 56.40. Bank of Baroda's market valuation fell by Rs 5,726.62 crore to Rs 30,013.38 crore on BSE. Vijaya Bank lost Rs 442.61 crore to Rs 7,355.39 crore in market capitalisation. On the other hand, shares of Dena Bank jumped 19.75 per cent to end at Rs 19.10 -- its highest trading permissible limit for the day. "The proposed merger between the three banks Bank of Baroda, Vijaya Bank and Dena Bank is a step in the right direction to sustain the competitiveness of the public sector banks. "Given the increasing size and growing market share of the Indian private sector banks, such a merger and the consequent economies and synergies will strengthen the competitiveness of PSBs as a whole," said Suman Chowdhury, President - Ratings, ...
Nifty September 2018 futures at premium
Turnover on NSE's F&O segment jumps
28% of key IT spending to shift to Cloud by 2022 globally
Twenty eight per cent of spending within key enterprise IT markets will shift to Cloud by 2022 -- up from 19 per cent in 2018, Gartner said on Tuesday.
Ambani blames govt bodies for slow arbitration award payouts
With nearly Rs 8000 crore worth of arbitrations still pending approvals, Reliance Infrastructure chairman Anil Ambani today criticised government agencies, which drag their feet on arbitration payouts. Speaking at the 89th annual general meeting of the company, Ambani said, "it is an unfortunate fact of doing business in India that despite amendments to the Arbitration Act by the central government and clarity from the Supreme Court in multiple judgements, many government entities continue to drag their feet on arbitration award payouts to the detriment of shareholder interest." He said there are arbitrations of Rs 8,000 crore under advanced stages of approval, comprising Rs 5,300 crore in EPC sector, Rs 1,700 crore for Mumbai Metro and Rs 1,000 crore in the roads sector. "A stark example of this is DMRC's appeal in the DAMEPL arbitration which we won after no less than 68 hearings lasting almost four years," Ambani said. He further said the company also won when DMRC .
Sebi approves new KYC norms for foreign portfolio investors, revised settlement mechanism
Markets regulator Sebi Tuesday approved a slew of proposals, including revised framework for settlement of cases and new KYC norms for foreign portfolio investors. The proposals were cleared by the board of Sebi at its meeting here. Sebi Chairman Ajay Tyagi said the board has approved new KYC norms for foreign portfolio investors and fresh guidelines would be issued soon. The watchdog has approved a proposal to allow foreign investors to trade in commodity derivatives market, except for sensitive commodities, as well as common application form for the registration of FPIs in the domestic markets, Tyagi told reporters here after the board meeting. The board has given its nod for amending delisting regulations. Further, inter-operability of clearing houses for commodities and new methodology to calculate the total expenses ratio for fund managers have been cleared.
GCPL eyes Rs 100-cr revenue from male grooming segment
Homegrown FMCG firm Godrej Consumer Products (GCPL) is looking to garner revenue worth Rs 100 crore from the male grooming segment over the next two to three years, a top company official said. The company would be focusing on tier I, II and III markets for male grooming products and is also looking at e-commerce to drive sales. "In the next two to three years, we aim to garner at least Rs 100 crore revenues from the male grooming segment," Godrej Consumer Products India and SAARC chief executive officer Sunil Kataria told PTI. The company Tuesday rolled out an entire range of male grooming products in the estimated Rs 5,500-crore market under its Cinthol brand. Cinthol, a Rs 750-crore brand, has also entered the hairstyling segment for the first time, he added. According to Kataria, social media and e-commerce are becoming the preferred channels of consumption. "I clearly see e-commerce being a very critical channel for male grooming for us and that is where we are ...
Real estate developers in Telangana asked to register projects
The Telangana government Tuesday asked all builders and developers who have obtained permission for real estate projects on or after January 1, 2017 to get their projects registered with the concerned authority, immediately. "All the builders/developers who have taken permission for real estate projects on or after January 1, 2017 having about 500 sq.mts plot area or more than eightunits are requested to get their projects registered with Telangana State Real Estate Regulatory Authority (TS RERA) immediately through online to avoid penalties." "The official website is rera.telangana.gov.in," an official release said. As per Real Estate (Regulation and Development) Act, 2016 and Telangana Real Estate (Regulation and Development) Rules, 2017, notified by the state government, all the real estate projects approved on or after January 1, 2017 having above 500 sq mts plot area or more than eight units have to be registered with the authority, it added.
Malaysia shuts down Chinese petro companies
The Malaysian government informed the China Petroleum Pipeline Engineering Company (CPP) through a notification that it has 'formally closed' its three projects- MPP, TSGP and Petronas, stated Chinascope, attributing the information to Seehua, the Malaysian online Chinese news site.Chinascope, a media research company, says that the CPP accepted the decision that stemmed from 'economic and financial reasons.'The CPP is a subsidiary of the China National Petroleum Corporation, which is responsible for building a pipeline structure across China.After shutting down the projects, "the two parties will discuss fair and reasonable compensation arrangements," writes the media research company.It further mentions that the shut projects remain more than 85 per cent incomplete even as China had received a major chunk of payment.The Malaysian authorities have put other projects also under a scanner. "Some projects are still under investigation," writes Chinascope."The Malaysian Ministry of ...