Page 2554 - Business Finance

Govt operationalises dairy processing fund; provides Rs 440 cr to NDDB

Agriculture Minister Radha Mohan Singh Thursday handed over a Rs 440 crore cheque to the NDDB from the Dairy Processing and Infrastructure Development Fund (DIDF), marking the formal launch of the fund set up to provide soft loans to modernise and raise capacity of dairy cooperatives. NABARD has set up the DIDF with a corpus of Rs 8,004 crore to bring more dairy farmers into organised milk marketing through cooperatives. The fund is implemented through National Dairy Development Board (NDDB) and National Cooperative Development Corporation(NCDC). Singh formally launched the fund by handing over a cheque of Rs 440 crore as the first instalment to NDDB Chairman Dilip Rath. The funding support is given to dairy cooperatives at an interest rate of 6.5 per cent per annum and will have to be reimbursed over a period of 10 years. Speaking about the fund, the minister said NABARD has so far sanctioned Rs 843.81 crore under the DIDF for 15 projects with an outlay of Rs 1,148.61 crore for dairy

Venezuela's Maduro eyes economic boost in China visit

Venezuelan President Nicolas Maduro was expected to arrive in Beijing on Thursday to strike deals with his crisis-hit country's biggest creditor. Before departing Caracas, Maduro said the trip was "very necessary, very opportune and full of great expectations." "We are leaving under better conditions, having activated a program of economic recovery, growth and prosperity. We are going to improve, broaden and deepen relations with this great world power," he said in a televised address on Wednesday. Maduro will be in China for a state visit from Thursday to Sunday, according to the official Xinhua news agency. China's foreign ministry said President Xi Jinping will treat Maduro to a welcoming ceremony and a banquet. "China is confident that this visit will further enhance political mutual trust, deepen mutually beneficial and friendly cooperation between the two countries in various fields," ministry spokesman Geng Shuang told a regular press conference. "Recently, the Venezuelan ...

PHL's initial bid submission deadline extended

The central government has extended the initial bid submission deadline for the divestment of chopper services company Pawan Hans Ltd (PHL).

Power regulators need to be more market-oriented: Secy

Electricity sector regulators need to be market-oriented and stakeholder-friendly, a senior official has said, adding that the government is injecting competition in the distribution sector through carriage and content separation. Once the carriage and content is separated in the distribution sector, consumers would be able to choose their power supplier as in the case of mobile telephone services. "The government is injecting competition in the power distribution sector through content and carriage reforms to make the supply of power consumer-friendly," Power Secretary Ajay Kumar Bhalla said Wednesday. He was addressing a workshop on 'Ensuring Sustainability of India's Electricity Sector Through Tariff Reforms, Industry Involvement and Innovative Business Models', organised by FICCI jointly with the Shakti Sustainable Energy Foundation and PwC, a statement said. Bhalla stressed on the need for the power regulators, like state electricity commissions, to be market-oriented and ...

Kaushal Vikas Yatra in Shimla on Sep 15, 16

All India Society for Electronics and Computer Technology (AISECT), in association with National Skill Development Corporation (NSDC), will organise Kaushal Vikas Yatra in Shimla on September 15 and 16, an AISECT representative said. The main objective of the yatra is to spread awareness on new-age diploma courses in subjects such as digital marketing, big data hadoop among others. This will be part of various such yatras already being held in Himachal Pradesh, the representative said. Further, the importance of skill development will be emphasised during the programme, the representative added. Information on schemes such as Pradhan Mantri Kaushal Vikas Yojana and Deen Dayal Upadhyaya Grameen Kaushalya Yojana will also be shared during the event, the representative added. The Kaushal Vikas Yatra was held in Kangra on Wednesday, in Kullu and Mandi on Thursday, and will be held in Solan on Monday. The programme will be held in Bilaspur and Hamirpur on Tuesday, in Una on Wednesday.

May consider price hike if rupee remains weak against dollar: Honda Cars

Honda Cars India may have to go for yet another price increase if the rupee continues to be weak against the dollar, a top company official said. The company, which sells models like City and Amaze, has been holding the price hike hoping the currency would recover from record low against the dollar. The rupee had crashed to an all-time low of 72.91 in morning trade on Wednesday tracking higher crude oil prices that increased concerns of widening trade deficit at home. It later rebounded from the historic low to end higher by 51 paise at 72.18 against the dollar after the finance ministry assured of steps to avert its fall to "unreasonable levels". "We are holding the price increase because one really doesn't know if this 72 will stay or come down to 69 level. We hope it comes down, if it stays then we will have to look at a price increase," Honda Cars India Ltd (HCIL) Senior Vice President and Director (Sales & Marketing) Rajesh Goel told PTI. Although in the festive season the ...

Syndicate Bank to raise up to Rs 250cr via employee stock purchase scheme

State-owned Syndicate Bank has said its board approved a proposal to raise up to Rs 250 crore by issuing shares to its employees under the employee stock purchase scheme. The board of directors of the bank in a meeting held Wednesday approved the proposal to raise capital up to Rs 250 crore by way of issue of equity shares under employee stock purchase scheme (ESPS), the bank said in a regulatory filing. The money would be raised in one or more tranches. Syndicate Bank will convene an extraordinary general meeting on October 29 to seek approval from shareholders on issuing shares to employees under the ESPS. The 'Compensation Committee of the Board' will decide all the modalities of ESPS scheme, the bank said. Another state-run lender Bank of India said Thursday a meeting of the Compensation cum Allotment Committee (CAC) of the bank is scheduled to be held on September 18, 2018 to allot shares to employees. Bank of India plans to offer 10 crore shares under the ESPS. The committee ...

Club Factory announces club shopping week

Club Factory, the leading cross-border E-commerce platform and currently one of the most popular shopping apps on Google Play Store and iOS App Store, announces the 'Club Shopping Week' with a host of exciting offers and 'Never Seen Before' discounts across unique range of next-generation affordable lifestyle products. The sale will last for a period of 6 days starting from September 15 to September 20, 2018.With the launch of the 'Club Shopping Week' customers can look forward to exciting deals across brands at the most affordable prices. The six-day shopping fiesta will be applicable on Club Factory's great selection of modern, trendy and unique products and accessories ranging from apparels, shoes, jewelry, home decor, handbags, beauty products to gadgets and appliances.Besides the various discounts on offer, users can also claim free phone cases and gifts as well as get coupons by sharing their shopping details on social media. The company is also offering free shipping across the

TVS launches NTORQ 125 scooter in Nepal

Chennai-based TVS Motor Company announced Thursday the launch of its scooter model TVS NTORQ 125 in Nepal priced at 2.25 lakh Nepalese rupee. The 125cc scooter, which will be available in disc brake version, was launched at the National Automobile Dealers Association (NADA) Auto Show 2018 held in Kathmandu, the company said in a statement. "With the launch of TVS NTORQ 125, we have developed an attractive, feature-rich product for the young scooter buyers in Nepal," a company spokesperson said. The TVS NTORQ 125 is equipped with TVS SmartXonnect, bluetooth-enabled technology which is paired to an exclusive NTORQ mobile App which can be downloaded from Google play store, the company said. Apart from the new launch, TVS' portfolio in Nepal includes Apache range of motorcycles and other scooter models such as Jupiter, WEGO along with 200cc three-wheeler TVS King petrol version.

ixigo partners with Treebo Hotels

Travel marketplace ixigo Thursday announced a partnership with Treebo Hotels for sales and distribution of the latter's inventory. This partnership will bring on board an additional list of over 400 budget hotels across 80 cities in India, a release said here. Treebo is a player in the domestic hospitality industry and budget hotel category. Now, ixigo users on its apps and website will be able to search, view and book a Treebo accommodation. The ixigo-Treebo partnership will enable business travellers and train AC-class passengers to find the best accommodations, not only in metropolitans but also tier II and III cities. "We are pleased to partner with Treebo Hotels. Going forward, this will extensively benefit ixigo users by offering hotels in a wide variety of locations, within various categories and price ranges. ixigo helps plan and manage nearly 4 million trips every month, and a significant percentage of those travellers are looking for affordable and reliable ...

'Crucial period' for oil as Iran exports shrink: IEA

Global oil output hit a record of 100 million barrels per day in August, but the market may tighten and prices rise as exports from Iran and Venezuela decline, the International Energy Agency said Thursday. "We are entering a very crucial period for the oil market," the IEA said in its latest monthly report. "Things are tightening up." The global record came as output from the Organization of the Petroleum Exporting Countries rose to a nine-month high of over 32 million barrels per day (mb/d). The cartel had agreed in Vienna in June to push up production in order to put a cap on soaring prices. In recent months, prices have wavered comfortably between the $70 and $80 per barrel on the Brent crude futures contract. According to the IEA, a rebound in Libyan production, near-record Iraqi output and higher supply from Nigeria and OPEC kingpin Saudi Arabia have so far managed to offset the impact of shrinking production from crisis-hit Venezuela and Iran. But with the crisis in Venezuela ..

DLF Shopping Malls come out with 'Fashion Month'

DLF Shopping Malls on Thursday announced the first edition of 'Fashion Month', a curated platform for brands to showcase their autumn-winter collections.

NCDRC orders financial firm to pay over Rs 1 crore for failing to repay deposit on maturity

The apex consumer commission Wednesday directed a non-banking financial company (NBFC) to pay over Rs 1 crore along with interest to a cooperative society for failing to repay deposits with interest after maturity. The National Consumer Disputes Redressal Commission (NCDRC) asked Trustwin Finance Co. Ltd to pay the principal amount of Rs 1,12,00,000 to Starjyot Cooperative Credit Society Ltd along with an interest of 15 per cent on the said amount from July 1, 2001, till the date of institution of the complaint. "Trustwin Finance Co. Ltd. is directed to pay the principal amount of Rs 1,12,00,000 to the complainant (Starjyot Cooperative Credit Society) along with interest on the aforesaid amount at the rate of 15 per cent per annum with effect from July 1, 2001 till the date on which this complaint was instituted," the commission said. It also ordered the NBFC to pay a sum of Rs 22,66,750 as interest payable up to June 30, 2001, Rs 20,00,000 as an additional interest with regard to a ..

UPA gave sweet deal to Kingfisher Airlines to keep it afloat: BJP

In an all-out attack against the Congress, the BJP on Thursday alleged that the previous UPA government had given a "sweet deal" to the beleaguered Kingfisher Airlines to keep it afloat and suggested that the airline was perhaps owned by the Gandhi family. Attacking Rahul Gandhi at a press meet, Bharatiya Janata Party (BJP) national spokesperson Sambit Patra, showing a purported confessional statement of a hawala trader, alleged that the Congress chief had links with a shell company. He claimed that Rahul Gandhi was on the backfoot in the case of Kingfisher Airlines and its promoter Vijay Mallya as well as the entire Gandhi family travelled on the airline and their travel was upgraded to business class for free. "The entire Gandhi family was in fact helping Mallya and Kingfisher Airlines with the sweet deal," Patra said, while showing a bunch of documents related to the loans given by banks to the airline. "There is a series of letters between the RBI (Reserve Bank of India) and the ..

OFB targets Rs 1,000 crore exports in two years

Ordnance Factory Board (OFB) is targeting to export Rs 1,000 crore worth of defence ammunition products over the next two years, its chairman P K Srivastava said Thursday. Last year, the state-run OFB's exports stood at Rs 250 crore, he said, adding that a deal of Rs 500 crore in the current fiscal would be finalised shortly. For the first time, OFB has conducted a road show for defence attaches with Indian embassies abroad to keep them updated on the products which it manufactures as also their export potential. "There was never a thrust on exports even a decade back. But now, with the change in approach, we are pursuing the global market," Srivastava, also the Director General of Ordnance Factory (DGOF), said. He said all the 41-odd ordnance factories were embracing technological advancements with focus on research and development.

Gold eases on muted demand; weak global cues

Gold fell marginally by Rs 25 to Rs 31,600 per 10 gram at the bullion market Thursday, dampened by scanty demand amid weak global cues. Silver too shed Rs 10 at Rs 37,900 per kg due to reduced offtake by industrial units and coin makers. Traders said besides easing demand from jewellers and retailers at domestic spot market, a weak trend overseas, mainly led to the decline in the precious metal prices. Globally, gold fell 0.11 per cent to USD 1,204.80 an ounce and silver by 0.07 per cent to USD 14.23 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity weakened by Rs 25 each to Rs 31,600 and Rs 31,450 per 10 gram, respectively. The precious metal had gained Rs 175 in yesterday's trade. Sovereign however remained steady at Rs 24,500 per piece of eight gram. Tracking gold, silver ready eased by Rs 10 to Rs 37,900 per kg and weekly-based delivery by Rs 120 to Rs 37,285 per kg. Silver coins however remained unaltered at Rs 72,000 for buying and

China welcomes US trade talks offer as new tariffs loom

China welcomed on Thursday a US offer to hold fresh trade talks, adding that the two are discussing the details and providing some hope the world's top economies could step back from the brink of an all-out trade war. The sides have been engaged in an escalating tit-for-tat trade fight for months but on Wednesday it emerged that US Treasury Secretary Steven Mnuchin had invited top Chinese officials to discuss the issue. "The Chinese side believes that the escalation of the trade conflict is not in the interest of either party," commerce ministry spokesman Gao Feng told reporters at a regular news briefing. Beijing "has indeed received an invitation from the US and holds a welcoming attitude to it", said Gao, noting the "two sides are still communicating on the specific details". News of the invite comes as it emerged Thursday that US firms in China are beginning to feel the pinch of tariffs already imposed on the Asian giant. Mnuchin's offer comes just under a week after US President .

Square Yards' Azadi Tour highlights industry revival with 950 real estate transactions

Organized around the theme to celebrate Indian Independence Day and conducted simultaneously in 6 countries and 16 cities globally, Square Yards, India's largest proptech player, concluded its mega realty event 'Azadi tour' in the month of August 2018 with a whopping 950 transactions resulting in Rs. 600cr worth of property sold in just under a month.The success of the event is being termed as an industry benchmark and a remarkable sign of revival in Indian Real Estate. The event was conducted in 16 cities namely Dubai, Abu-Dhabi, Doha, Muscat, Sharjah, Singapore, Noida, Gurugram, Mumbai, Pune, Kolkata, Bengaluru, Hyderabad, Vizag, Jaipur & Lucknow. This month-long campaign resulted in more than 50 million impressions and an unprecedented 150.000+ registrations and 7500+ clients walking to the event venues.In one of the most innovative and brilliantly crafted marketing campaigns seen in real estate industry, the event was christened as 'Azadi Tour' that offers the prospective home

Patanjali ventures into dairy segment

Yoga guru Ramdev's Patanjali Yogpeeth has now ventured into the dairy sector with an aim to expand its "swadeshi" consumer products portfolio.The firm will launch five products here today including cow milk, curd, buttermilk, paneer, cattle feed and feed supplements."Today we will supply as much as 4 lakh litres of milk across several states of the country. The national capital will get 30,000 litres, Rajasthan will be supplied 8,000 litres, Mumbai to get 10,000 litres and Pune will receive 8,000 litres of milk in the form of tetra packs, flavoured milk, herbal flavoured milk," reads a Patanjali Yogpeeth statement.Elaborating more about the new expansion plan, Ramdev's media manager Tijarawala SK tweeted that the company has also started manufacturing frozen vegetables which include Peas, Mix Veg, Sweet Corn, Potato Finger and Divya Jal (Pure water).With the launch of the project, five lakh people are expected to get employment in the company.The firm aims to make Rs 500 crore till ...

Rahul Gandhi, family partially owned Kingfisher Airlines through proxy: BJP

The BJP on Thursday alleged that the UPA government gave "sweet deals" to fugitive businessman Vijay Mallya, while claiming that Congress President Rahul Gandhi's family "partially owned the now-defunct Kingfisher Airlines through proxy".