Page 2524 - Business Finance
Pakistan raises gas prices to trim subsidies amid budget woes
ISLAMABAD (Reuters) - Pakistan on Monday increased natural gas prices by up to 20 percent, Petroleum Minister Chaudhry Mohammad Sarwar said, in effect slashing consumer subsidies that were a fiscal drag on the government's budget.
Sri Lanka to implement digital ID cards
The Sri Lankan government will soon implement digital identification cards for its citizens aimed at strengthening the island's digital economy, officials said on Monday.
Hiring of women saw 2.5% dip between 2017 and 2018: Report
Hiring of women saw a 2.5 per cent dip between 2017 and 2018, even as the average attrition rate of women across levels remained significantly lesser than men, according to a report. While in 2017, 36 per cent of all hires were women, in 2018, this stood at 33.5 per cent, according to the 2018 Working Mother and AVTAR BCWI report said. The average attrition rate of women across levels remained much lesser than men as in entry level (women 28 per cent and men 34 per cent), managerial level (women 12 per cent and men 16 per cent), senior managerial level (women 8 per cent to men 12 per cent) and C-Suite level (women- 4 per cent and men 8 per cent). However, it revealed that women hiring saw a 2.5 per cent dip between 2017 and 2018. While the promotion rates of men and women were at par at C-Suite level at 5.3 per cent and 5.6 per cent respectively, at the mid-management and senior management echelons, men were 3 per cent more likely to be promoted than women, it ...
Bank of Baroda, Dena Bank, Vijaya Bank to merge
The government Monday said state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third largest lender as part of efforts to revive credit and economic growth. 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, a niche state-run lender for women. Announcing the plan, Finance Minister Arun Jaitley said the merger will make the banks stronger and sustainable as well as increase their lending ability. Giving the context of the merger, he said bank lending was becoming weak, hurting corporate sector investments. Also, many banks were in a fragile condition due to excessive lending and ballooning NPAs, he said. "This amalgamated entity will increase banking operations," he said. As was in case of SBI, no employee of the three banks would have service conditions that are adverse to their present one. The government owns majority stakes in 21 lenders, which ...
No-deal Brexit will hit UK economy, warns IMF
The International Monetary Fund (IMF) on Monday warned that a "no-deal" Brexit on World Trade Organization terms will entail "substantial costs" for the UK economy.
Imran Khan govt auctions 70 luxury cars as part of austerity drive
The cash-strapped Pakistan government on Monday sold 70 cars "above their market price" as it started the process of auctioning 102 luxury vehicles of the PM House under Prime Minister Imran Khan's austerity drive, a senior minister said. Apart from luxury cars, the government, facing huge debts and liabilities, plans to auction eight buffaloes kept by deposed and jailed former prime minister Nawaz Sharif at the PM House for his "gastronomic requirements". Speaking to reporters on Monday, Information Minister Fawad Chaudhry said the first batch of 70 vehicles have been sold successfully. "These cars were sold above their market price," Chaudhry claimed amid reports that the government hopes to collect Rs 2 billion (USD 16 million) from the auction. He added that vehicles which are classified as protected (bomb and bullet-proof) would be auctioned next. The cars that are being auctioned include four recent models of Mercedes Benz, eight bullet-proof BMWs, three 5000cc SUVs and two ...
Goodricke Group to acquire specified assets of Mcleod Russel India's tea estate in Assam
Powered by Capital Market - Live News
India to merge state-owned Bank of Baroda, Dena Bank, Vijaya Bank
NEW DELHI (Reuters) - India plans to merge three state-run banks - Bank of Baroda, Dena Bank and Vijaya Bank - the financial services secretary said on Monday, as part of efforts to clean up the country's banking system.
IndiaMart, Avana Logistek get Sebi's go ahead for IPOs
Online marketplace IndiaMART InterMESH Ltd and logistics company Avana Logistek have received markets regulator Sebi's go ahead to float initial share sale offers. With this, the number of companies getting Sebi's approval to float an initial public offer (IPO) has reached 50 this year so far. These two companies, which had filed draft their respective draft offer documents with Sebi in June, obtained the regulator's "observations" on September 14, according to the latest update with the markets watchdog. Sebi's observations are necessary for any company to launch IPO, follow-on public offer and rights issue. Through IndiaMART's public issue, a total of 42,88,801 equity shares will be divested by the promoters and private equity firms Intel Capital (Mauritius) Ltd, Amadeus Capital Partners and Accion Frontier Inclusion Mauritius. The initial share-sale offer is expected to garner Rs 600 crore, merchant banking sources said. The public issue is being managed by ICICI Securities, ...
Adani Capital to raise Rs 1,000 cr in growth capital in FY19
Adani Capital, the financial services arm of diversified Adani group, is planning to raise around Rs 1,000 crore in debt, mostly in bank loans, this financial year to fund growth. The company began operations as an NBFC in April 2017 with a focus on MSME and corporate finance. The MSME finance mainly includes business loans, farm sector finance, commercial vehicle loans and supply chain finance, while in corporate finance, it mainly operates in infrastructure real estate and corporate loans. "We will be borrowing Rs 600 crore in term loans from the banks over the course of the year. Another Rs 200 crore is planned in short-term working capital and Rs 150 crore will be raised through commercial papers, taking the overall fund raising to around Rs 1,000 crore this fiscal year," Gaurav Gupta, chief executive, Adani Capital, told PTI Monday. The proposed long-term bank facilities have been assigned AA- rating from Crisil, he said, adding the latest Crisil rating adds to the
Vijaya Bank, Dena Bank, BoB to merge: Govt
The government will merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India's third largest lender, a top government official said Monday. Boards of the three banks will examine amalgamation proposal, the department of financial services secretary, Rajeev Kumar, told a news conference here. He said the banking sector needs reforms and the government is taking care of banks' capital needs. Rationalisation of overseas operation in banking sector is in full swing, he said, adding the government is keen to take steps so that history isn't repeated as far as NPAs are concerned.
Gold surges on global cues, silver gains
Gold prices moved up further at the bullion market here Monday largely in sync with overseas trend and increased buying by local jewellers. Silver also advanced on increased offtake by industrial units and coin makers. Standard gold (99.5 purity) moved up by Rs 40 to close at Rs 30,600 per 10 grams from last Friday's closing level of Rs 30,560. Pure gold (99.9 purity) also rose by a similar margin to end at Rs 30,750 per 10 grams as against Rs 30,710 previously. Silver (.999 fineness) climbed by Rs 105 per kg to close at Rs 36,700 as compared to Rs 36,595 earlier. Globally, a softer dollar lifted gold after two sessions of declines, but investors prepared for more weakness as simmering US-China trade tensions suggested the currency would stay supported and the worlds largest economy remained robust. Spot gold was up 0.4 per cent at USD 1,197.43 an ounce at early trade. Among other precious metals, spot silver climbed 0.9 per cent to USD 14.16.
Sebi bans fugitive economic offender from making open offer
Markets regulator Sebi has barred 'fugitive economic offender' from making an open offer or a competing offer for acquiring shares in a company. The move is expected to help in preventing such offender from taking control of a listed company. "No person who is a fugitive economic offender shall make a public announcement of an open offer or make a competing offer for acquiring shares or enter into any transaction, either directly or indirectly, for acquiring any shares or voting rights or control of a target company," Sebi said in a notification dated September 11. In the event of failure of the delisting offer, Sebi has issued a framework for acquirers to fulfil the open offer obligations. The acquirer, through the manager to the open offer, will have to within five working days from the date of the announcement need to file with the board a draft offer in this regard. This will be applicable provided that the "offer price shall stand enhanced by an amount equal to a sum determined ..
Edible oils end mixed, linseed oil declines
Groundnut oil slipped at the Vashi oils and oilseeds wholesale market here today following subdued demand from stockists and retailers. Refined palmolein recovered owing to renewed offtake from retailers. In non-edible section, castorseeds bold and castor oil commercial both held stable in absence of any large-scale buying activity. Linseed oil declined further due to reduced demand from paint and allied industries. Moving the edible segment, groundnut oil eased by Rs 5 to Rs 900 per 10 kg from the last closing level. However, refined palmolein rose up by Rs 4 to Rs 682 per 10 kg as against 678 earlier. In the non-edibles segment, linseed oil fell by Rs 20 to Rs 910 per 10kg as compared to Rs 930 previously. While, castorseed bold and castor oil commercial closed unchanged at Rs 4,615 per 100kg and Rs 953 per 10 kg, respectively.
Tamil couple get four litre petrol as wedding gift!
Newly wedded couple K. Prabhu and P. Divya got a surprise and unexpected gift on their wedding reception in this Tamil Nadu town on Sunday.
Ircon International IPO subscribed 29% on Day 1
The initial public offer of railways engineering and construction firm Ircon International was subscribed 29 per cent on the first day of bidding Monday. The Rs 470.49-crore IPO received bids for 28,92,870 shares against the total issue size of 99,05,157 shares, data available with the NSE showed. Non-institutional investors segment was subscribed 4 per cent and retail investors 86 per cent. The issue, which would close on Wednesday, has been set in a price band of Rs 470-475 per share. The initial public offer is of 9,905,157 shares. IDBI Capital Markets & Securities Ltd, Axis Capital Ltd and SBI Capital Markets Ltd are managing the offer. The shares of the company will be listed on BSE and NSE.
MSEDCL to set up 500 EV charging stations in 3-4 yrs
Maharashtra State Electricity Distribution Company (MSEDCL) is planning to set up 500 electric vehicle (EV) charging stations in the next three to four years across the state, a senior official said. The company will be setting up 50 stations in the first phase across key locations in the state. "Both the Centre and the state are encouraging the use of electric vehicles. Therefore, there will be a need to set up charging stations infrastructure. We have planned to set up 500 stations in the next three to four years," MSEDCL chairman and managing director Sanjeev Kumar told PTI. He said the firm have already invited bids and may soon issue letters of intent for the same. "We are hopeful that in the next six months, 50 stations (first phase) will be in place," added Kumar. When asked about the cost of setting up the charging stations, Kumar said that one station may incur a cost of around Rs 3-4 lakh. The land for setting up the stations will be facilitated by MSEDCL and ...
DowDuPont CEO Breen takes exec chair role in new DuPont
(Reuters) - DowDuPont Chief Executive Edward Breen will oversee the specialty-products unit that carries most of the company's legacy DuPont operations after the chemicals major splits back into three different businesses, the company said on Monday.
Sterlite Tech aims 10% global fibre market share by June 2020
Broadband technology provider Sterlite Tech is looking at commanding 10 per cent share of the global fibre market by June 2020, company's chief executive Anand Agarwal said Monday. The company is also focussed on enhancing production capacity of optical fibre and optical fibre cables. "We are now looking to move fibre market share from 6-7 per cent to 10 per cent of global by June 2020," Agarwal told PTI. He said the company has already invested around Rs 1,200 crore for expansion of optical fibre, from which optical fibre cable (OFC) is made, capacity to 50 route kilometer (RKm) from 22 million RKm. Further, the company has announced to invest Rs 320 crore for expansion of optical fibre cable production. "We will invest Rs 320 crore in over period of two years to enhance our optical fibre cable (OFC) production from 18 million RKm to 33 million RKm by 2020," Agarwal said. The company has OFC manufacturing unit in India, Europe and Brazil and optical fibre (from which OFC is made) ...
India's cashew exports to grow by 5% this year: Icra
Cashew kernel exports, which have been on a decline since last five years following intense competition from Vietnam is likely to be around 5 per cent this calender year (CY), Icra said in a report. In CY12, India's exports stood at 1.02 lakh tonne, enjoying 27 per cent market share compared to 58 per cent of Vietnam, Icra assistant vice president and head, mid-corporate ratings, R Srinivasan told PTI here. "However, since then India's marketshare began declining and while the Indian cashew exports recorded a marginal decline at a annually 3 per cent between CY2012 and CY2017, the exports from Vietnam grew at 10 annually during the same period," he said. In CY17, India's share was 19 per cent of global exports with 88,000 tonne while Vietnam enjoys 74 per cent, he added. Lower cost of production aided by a higher degree of mechanisation and cheaper labour costs have aided the Vietnamese processors to become more competitive in the global market, the Icra report said. To