Page 2559 - Business Finance
PACL case: ED files prosecution complaint
The Enforcement Directorate on Wednesday filed prosecution complaint in a Delhi court against M/s PACL and its directors Nirmal Singh Bhangoo and others in respect of attached properties in Australia valued at Rs.472 crore belonging to M/s PACL Ltd.During an investigation in the case, illegal and fraudulent activities on the part of promoters/directors of PGF and PACL have been revealed. They collected more than Rs. 48,000 crore of funds from investors all over the country through a collective investment scheme in the garb of sale and development of agriculture land.Out of the said funds, the company has invested the proceeds of crime worth Rs. 164 crores in M/s Pearls Infrastructure Projects Limited (PIPL) for acquiring 25.37 per cent shares and the remaining 74.63 per cent shares of PIPL were acquired indirectly by PACL through its 43 front companies for an investment of Rs. 493.18 crores. Thus, in total PIPL, an associate company of PACL received Rs. 657.18 crores from PACL during .
Exclusive: China's Fosun in talks to buy commodity broker Marex Spectron - sources
LONDON (Reuters) - Chinese conglomerate Fosun International Ltd is in discussions to buy British-based commodities broker Marex Spectron, two industry sources said.
Vijay Mallya's extradition decision set for December 10
LONDON (Reuters) - The ruling on whether Indian tycoon Vijay Mallya can be extradited from Britain to India to face fraud charges will be given on Dec. 10, a London judge said on Wednesday, after she heard closing submissions in the case.
Govt determined to contain fiscal deficit at 3.3 pc
The government is determined to keep fiscal deficit within the budgeted level of 3.3 per cent of GDP as the country cannot afford to have a twin deficit problem, a top official said. The official said a depreciating rupee and high crude import bill would definitely put pressure on the country's current account deficit (CAD), and a fiscal slippage at this juncture would lead to a twin deficit. Ruling out any excise duty cut on petrol and diesel, the official said the dependence on oil as a source of tax revenue has to be brought down and this can only happen when the share of non-oil tax to GDP goes up. "India will maintain the fiscal deficit target as we are a consumption driven economy and tax revenues are also increasing. We are determined to do that. We will not cut expenditure as it would have adverse impact on growth," the official said. He said cutting expenditure is the easiest way to trim fiscal deficit. "If we cut Rs 1 lakh crore in expenditure, it would lower fiscal deficit .
New Town awarded Gold certification under Green Cities Rating
The satellite township New Town was awarded the Gold Certification Wednesday for its Master Plan and Design, under the Green Cities Rating of CIIs Indian Green Building Council (IGBC), a top WBHIDCO official said. "This indeed is a major leap in the governments mission to build a greener and a healthier state," said Debashis Sen, CMD, WBHIDCO Ltd, who was handed over a plaque and certificate at an award ceremony held at the HIDCO premises. "New Town is Indias first green-rated satellite city and is a unique blend of ancient architectural practices and modern technological innovations," Sen said. The satellite township has already become a much sought-after city for many national and international companies keen to enhance the quality of life of its employees and explore new growth opportunities, he added. Sushil Mohta, Co-Chair, IGBC Kolkata Chapter & Chair, Core Group on Real Estate Infrastructure Subcommittee, CII Eastern Region, said "New Town will be home to some
Will clear the liability, want to have a steel plant in India: ArcelorMittal tells SC
ArcelorMittal on Wednesday told the Supreme Court that it was ready to pay Rs 7,000 crore - a liability which one of its sister concerns is burdened with for having 29 per cent stakes in now beleaguered Uttam Galva and KSS Petron - as it wanted to have its presence in India's steel sector and also live harmoniously with the banks.
Exports up 19.21pc in Aug; trade deficit slips to USD 17.4 bn
India's exports grew by 19.21 per cent to USD 27.84 billion in August on account of healthy growth in petroleum shipments. "Export trade during August 2018 recorded at USD 27.84 billion, a positive growth of 19.21 per cent. Exports excluding Petroleum also reported a positive growth of 17.43 per cent," Commerce and Industry Minister Suresh Prabhu said in a tweet. Merchandise imports too rose by 25.41 per cent in August to USD 45.24 billion due to the rising crude oil prices, leaving a trade deficit of USD 17.4 billion. In July, trade deficit soared to a near five-year high of USD 18.02 billion. During April-August this fiscal, the exports recorded a growth of 16.13 per cent, while the imports during the first five months of this fiscal grew by 17.34 per cent. The continuous fall in the value of domestic currency appears to be helping the exports. In August, the growth rate in overseas shipments grew by a three-month high of 19.21 per cent. Earlier in May, the exports recorded a growth
Brent pushes above $80 a barrel after U.S. crude stock draw
NEW YORK (Reuters) - Oil futures climbed on Wednesday, with Brent reaching $80 a barrel, after a larger-than-expected drop in U.S. crude inventories and as U.S. sanctions on Iran added to concerns over global oil supply.
Autogrid raises USD 32 million in series-D funding
AutoGrid, which builds software applications that utilise AI, machine learning, big data and internet of things technologies, on Wednesday announced it has raised USD 32 million in series-D funding secured from a set of energy investors. Series-D funding is a type of funding round used for venture capital financing by which start-ups get investment generally from venture capitalists and other institutional investors. The new set of investors includes CLP Holdings Group, innogy, rstead, Tenaska and others. "We are excited by this investment, which will help us drive forward our mission of accelerating the transition to clean, affordable and reliable energy," a press release quoted chief executive officer of Autogrid Amit Narayan as saying. All the existing investors - Energy Impact Partners, EnvisionVentures, Total Energy Ventures, Clearsky Power and Technology Fund, E. ON and Foundation Capital - also participated in thisround, the release said. AutoGrid's round of USD ..
Chinese electric carmaker NIO slumps in U.S. debut
(Reuters) - Shares of Chinese electric carmaker NIO Inc fell as much as 15 percent in their market debut, a day after its public offering was priced at the lower end of an expected range, weighed down by investor worries about the prospects of chief rival Tesla Inc.
Inflation cools to 10-month low; industrial output expands by 6.6 pc
Retail inflation cooled to a 10-month low in August on cheaper food items while industrial output expanded by 6.6 per cent in July, official data showed Wednesday. The good news on the inflation and factory output front comes amid falling rupee and rising petrol and diesel prices. The RBI, which is struggling to stem rupee depreciation, will be factoring in the data while deciding the interest rate at its next bi-monthly monetary policy meeting on October 5. Consumer Price Index (CPI) based inflation fell to 3.69 per cent in August on the back of easing prices of fruits, vegetables and other food items, as per data released by the Central Statistics Office (CSO). Retail inflation was at 4.17 per cent in July and 3.28 per cent in August 2017. The previous low for CPI inflation was in October 2017, when it stood at 3.58 per cent. Inflation remained above RBI's targeted rate of 4 per cent since then. As per the CSO, rate of price rise in the food basket fell significantly to 0.29 per ...
Former PepsiCo India head D Shivakumar elected as ASCI Chairman
Advertising watchdog ASCI Wednesday said D Shivakumar, former PepsiCo India head, has been appointed as its chairman. Shivakumar, who is presently Group Executive President, Corporate Strategy at Aditya Birla Group, was unanimously elected as the Chairman of the Board of ASCI for a period of three years. While, Sony Pictures Networks India President - Network Sales & International Business Rohit Gupta was elected as the Vice-Chairman and Media Brands CEO Shashidhar Sinha was re-appointed as honorary treasurer of the Advertising Standards Council of India (ASCI). Commenting on the development Shivakumar said:" We live in changing times with respect to information, media and trust of society. ASCI has been built on the foundation of self-regulation." Members of the board includes TGBL Director Harish Bhat, BBH Communications India Managing Partner Subhash Kamath, HUL Executive Director & Vice President Sandeep Kohli, SK Palekar from IMT, P&G Hygiene and Health Care CEO ...
PACL case: ED files charge sheet in Delhi court
The Enforcement Directorate on Wednesday filed a charge sheet against PACL Ltd and its director Nirmal Singh Bhangoo and others in a money laundering probe in the PACL ponzi scam case. The charge sheet, filed before special judge Kiran Bansal, relates to the attached properties in Australia valued at Rs 472 crore belonging to the firm. The ED's documents, filed by its special public prosecutor N K Matta, said that "illegal and fraudulent activities on the part of promoters of PGF and PACL have been revealed". "They collected more than Rs 48,000 crore of funds from investors all over the country through a collective investment scheme in the garb of sale and development of agriculture land," the agency said. The court has posted the matter for consideration on September 26. The ED had earlier attached assets, including shares and an immovable property, worth Rs 472 crore in Australia in connection with the probe. The central probe agency had registered a criminal case against the firm ..
Sugar stocks surges after Cabinet hikes 25pc ethanol prices
Sugar stocks gained up to 18 per cent Wednesday after the government approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol. Shares of Avadh Sugars & Energy surged 6.47 per cent to close at Rs 393.90 on the BSE. During the trading session, the stock had touched an intra-day high of Rs 402.25 and low of Rs 374. The stock of Dhampur Sugar Mills jumped 9.59 per cent to settle at Rs 97.70 and Magadh Sugar & Energy rose 9.61 per cent to end at Rs 89. Similarly, Simbhaoli Sugars, 17.81 per cent, Shree Renuka Sugars, 11.30 per cent, Ugar Sugar, 5.49 per cent, Dwarikesh Sugar Industries, 5.91 per cent saw northward movement on BSE. Meanwhile the 30 share index, Sensex zoomed 305 points or 0.81 per cent ending at 37,717.96. The Cabinet Committee on Economic Affairs raised the procurement price of ethanol derived from 100 per cent sugarcane juice to Rs 59.13 per litre from the current rate of Rs 47.13. The move would help .
Chinese electric car maker NIO slumps in U.S. debut
(Reuters) - Shares of Chinese electric carmaker NIO Inc fell as much as 15 percent in their market debut, a day after its IPO was priced at the lower end of its expected range.
SC appoints DRT officer to sell Amrapali properties
The Supreme Court on Wednesday appointed a Debt Recovery Tribunal (DRT) officer to start the process of selling the unencumbered commercial properties of the real estate major Amrapali Group.
Nifty rebounds after 2-day losing run, up 82 points
The NSE Nifty snapped its two-session losing streak Wednesday to end 82 points higher at 11.369.90 amid a recovery in the rupee. Sentiment was bolstered after reports said the government may announce measures this weekend to support the rupee. The domestic unit rebounded from its fresh all-time low and strengthened against the US dollar after better-than-expected August trade data. Sharp bouts of value-buying in FMCG, metal, pharma, infra and energy sectors led the upmove. India's exports grew by 19.21 per cent to USD 27.84 billion in August on account of healthy performance by sectors such as petroleum. Overseas, shares in Europe traded slightly higher, despite further tensions between the US and China surrounding trade. Asian stocks fell as investor confidence was dented by the latest round of verbal threats in an intensifying US-China trade conflict. The Nifty 50 index rose 82.40 points or 0.73 per cent to end at 11,369.90. It saw an intra-day movement of about 130.55 points. Among
Lower food prices ease India's August retail inflation
Lower food prices eased India's August retail inflation to 3.69 per cent from 4.17 per cent in July, official data showed on Wednesday.
India's July industrial output eases to 6.6%
India's industrial output eased in July with a slower rise of 6.6 per cent as compared to 6.87 per cent in June, official data showed on Wednesday.
Congress slams Jaitley after Mallya says he met him
As fugitive businessman Vijay Mallya on Wednesday said he had met Finance Minister Arun Jaitley before leaving the country, the Congress took a dig at him dubbing him as "fiscal mismanagement blog minister".