Page 2562 - Business Finance
SCHWING Stetter acquires land to set up Rs 350 Cr unit in TN
Concrete equipment manufacturer SCHWING Stetter India has acquired 53 acres in Tamil Nadu for setting up a new manufacturing facility with an investment of Rs 350 crore. The plant would come up in SIPCOT Industrial area, Cheyyar in Tiruvannamalai district, a company release said. Top executives of the firm made the payment towards acquiring the land to officials of State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Wednesday. "The new site aims to focus on new product launches and support the progression of engineered products from the prototype stage to serial production," the release said. The firm would invest the amount in two phases towards installing "the technology-enabled and environmentally-sustainable manufacturing facility," it said. Company vice-chairman and managing director Anand Sundaresan said, "the new facility is core to the company's long-term strategy to expand and reinforce our position as one of India's leading concrete equipment ...
CPI inflation dips to 3.69% in August 2018
Core CPI inflation eases to 5.9% in August 2018
Board of Zodiac Clothing Company allots warrants and equity shares
At meeting held on 12 September 2018
Retail inflation cools to 11-month low of 3.69 pc in Aug
Retail inflation cooled to an 11-month low of 3.69 per cent in August mainly due to a fall in prices of kitchen items, including fruits and vegetables, official data showed Wednesday. The inflation based on Consumer Price Index (CPI) stood at 4.17 per cent in July and 3.28 per cent in August 2017. CPI inflation was at 3.58 per cent in October 2017 and has remained above RBI's targeted rate of 4 per cent since then. The Reserve Bank of India (RBI) will be considering this set of data for formulating its next bi-monthly monetary policy on October 5. The central bank has been mandated to keep retail inflation at 4 per cent level (with a margin of 2 per cent on either side).
ED chargesheets Pearls Group in Rs 48K cr ponzi scam
The Enforcement Directorate (ED) on Wednesday filed a charge- sheet against Pearls Group and its chief Nirmal Singh Bhangoo in connection with a ponzi scam involving over Rs 48,000 crore.
6 new start-ups selected for 'NetApp Excellerator' programme
Data storage and management company NetApp on Wednesday announced the names of six start-ups for its "NetApp Excellerator" programme, which is designed to help new enterprises achieve their full potential through mentorship with one of its largest R&D teams.
GIC Re among top 10 global reinsurers
Government-owned reinsurance company, GIC Re, has secured 10th position amongst the top 40 global reinsurers in a recent ranking published by Standard and Poor's. The ranking was given on the basis of premium booked during FY18, the company said in a release. In FY18, the company registered a top line growth of 24.5 per cent, recording premium of Rs 41,799 crore. ******************* MSRDC gets Rs 735cr bank guarantees from R Infra for sea-link proj * Maharashtra State Road Development Corporation (MSRDC) Wednesday said it has received Rs 735 crore as bank guarantees from Reliance Infrastructure consortium for the Versova-Bandra sea link project. The state government-run infrastructure company had last week signed an agreement with Reliance Infrastructure - Astaldi S.p.A (Italy) consortium for construction of 17.17 km long Versova-Bandra sea link, to be constructed at a cost of Rs 7,000 crore. MSRDC has received Rs 350 crore as Performance Bank Guarantee (PBG) and Rs ..
Rupee strengthens after comments by finance ministry official
MUMBAI (Reuters) - The rupee staged a sharp recovery on Wednesday, following talk of possible fiscal and monetary steps to stabilise the currency and comments from a government official that the slide was overdone.
Cashfree launches Cashgram to make e-commerce refunds fast and simple
Bangalore based payments technology company Cashfree, launches Cashgram, a smart payout system for one time payments, like Cash on Delivery refunds in e-commerce. Cashgram is an extension of Cashfree's Payout system that enables businesses to send money to their user and vendors.Using Cashgram, companies can send a web link to their users requesting bank account information. On receiving the information, a one click refund can be processed instantly. Currently, e-commerce companies do this manually over multiple emails between customer, finance team and customer support team, very often leading to errors and delays. Cashgram also gives the users the option of sharing their UPI IDs or PayTM, instead of their bank account."Cashgram is a powerful product for businesses that need to pay their users - for refunds or otherwise. It not only saves operational overhead of processing payments but the customer's trust on the e-commerce company also increases when they get their refunds ...
Wipro and Anaplan partner to deliver Best-In-Class Cloud Enterprise
As part of this alliance, Wipro will leverage its strong consulting and execution expertise to deploy Anaplan's Connected Planning platform across customers' business functions.
Odisha woos investors with low wages, land availability; holds investors meet
Odisha Chief Minister Naveen Patnaik Wednesday held an investors meet here ahead of the 'Make in Odisha' conclave in November with the state highlighting low wages and land availability as competitive advantages to attract investment. Patnaik said his administration has demonstrated its commitment to deliver projects on ground "using the mantra of teamwork, technology and transparency". "In last six months we conducted ground breaking ceremonies of 50 project entailing an investment of over Rs 17,000 crore," he said at the well-attended function. The state government had organised a similar event in Mumbai in August, inviting industrialists for the 'Make in Odisha' event being organised in Bhubaneswar between November 11-15. Japan is the partner country this year. Jindal Steel and Power Limited Chairman Naveen Jindal and OYO Room founder CEO Ritesh Agarwal were among the industrialists who attended the meeting. Jindal said Odisha has a lot of advantages such as better connectivity ...
CIL sets 652MT production target, to close 53 UG mines
Giving a fillip to the government's traget to supply more coal to the power sector, Coal India has taken an aspirational production target of 652 million tonne for 2018-19 against an initial target of 630 million tonne for the year. Supply to the power sector has been set at 525 million tonne for this fiscal as against 454 million tonne supplied in 2017-18, CIL marketing director S N Prasad said Wednesday. "We have taken an aspirational production target of 652 million tonne during the year and offtake of 680 million," company Chairman A K Jha said. Jha said the power demand was growing exponentially and Coal India was not in position to keep pace with that in the monsoon months of August and September. As production targets had been revised upwards, a rare in CIL's history, the world's largest miner continues to close down underground mines on the grounds of safety and economic viability. This year, 53 underground mines would be closed and in the last financial year, a .
Airline removes nuts after Sri Lanka president's rage
Sri Lanka's national airline said Wednesday it has stopped serving cashews after the country's president flew into a rage over nuts served to him on a flight to Colombo. "Returning from Kathmandu, I was served some cashews on board a SriLankan flight, but it was so bad even a dog wouldn't eat it," Maithripala Sirisena said on Monday. "I want to know who authorised the purchase of these nuts," the president told a meeting of farmers. An airline spokesman said it has responded by clearing its stock of cashews -- only served in business class -- and would change its Dubai-based supplier. This is not the first time that airline nuts have prompted outrage. In 2014 a South Korean heiress famously ordered a Korean Air plane back to its gate to eject a cabin crew member after she was served nuts still in their packet. Last month Colombo renewed its search for an equity investor in the loss-making and heavily indebted SriLankan after the International Monetary Fund warned that the airline was .
Striking Ryanair crews ground flights in Germany
BERLIN (Reuters) - Pilots and cabin crew at Ryanair in Germany staged a full-day walkout on Wednesday and threatened further strikes to put pressure on management in labour talks with Europe's biggest low-cost carrier.
China puts off licenses for US companies amid tariff battle
Amid a worsening tariff battle, China is putting off accepting license applications from American companies in financial services and other industries until Washington makes progress toward a settlement, a business group says. The disclosure Tuesday is the first public confirmation of U.S. companies' fears that their operations in China or access to its markets might be disrupted by the battle over Beijing's technology policy. China is running out of American imports for penalties in response to President Donald Trump's tariff hikes, which has prompted worries regulators might target operations of US companies. The license delay applies to industries Beijing has promised to open to foreign competitors, according to Jacob Parker, vice president for China operations of the US-China Business Council. The group represents some 200 American companies that do business with China. In meetings over the past three weeks, Cabinet-level officials told USCBC representatives they are putting off ..
Sun Pharma shares spurt 3 pc; m-cap rises by Rs 4,500 cr
Shares of Sun Pharma Wednesday witnessed volatile trading but finally settled with gains of nearly 3 per cent, following which the market capitalisation of the company rose by Rs 4,500 crore. During the day, the shares of the company had slipped 1.75 per cent to an intra-day low of Rs 620. The stock, however, recovered lost ground and finished at Rs 649.85, up 2.98 per cent on the BSE. Following the recovery in the counter, the market capitalisation of the company climbed by Rs 4,506.88 crore to Rs 1,55,916.26 crore. The stock had fallen 4 per cent in the last three trading sessions. The drug major Tuesday said the US health regulator is conducting an inspection of its Mohali facility in Punjab. The inspection by the United States Food and Drug Administration (USFDA) started on September 10, 2018 and is ongoing, Sun Pharma had said in a regulatory filing in clarification to an article. Last week, the USFDA had issued Form 483 with six observations after an inspection of the company's .
Oil nears $80 a barrel as concern grows over global supply
LONDON (Reuters) - Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.
Rupee recovery, value buying buoy equity indices
A recovery in the rupee value along with value buying buoyed the key Indian equity indices on Wednesday.
Government, RBI to check rupee's undue slide
The Finance Ministry on Wednesday said the government and the Reserve Bank of India (RBI) will take all necessary measures to check further slide of rupee.