Page 2572 - Business Finance
Yes Bank raises USD 400 mn through syndicated loan facility
Private sector lender Yes Bank Tuesday said it has raised USD 400 million (approx Rs 2,894 crore) by way of syndicated loan facility, through IFSC Banking Unit in Gujarat International Finance Tec City. Besides, the Capital Raising Committee of the Board of the bank also approved the issue of rated, listed, non-convertible, redeemable, unsecured, BASEL III compliant Tier 2 Bonds of Rs 4,000 crore. It will be in the nature of debentures, of Rs 10,00,000 each aggregating up to Rs 3,000 crore with Green Shoe Option of up to Rs 1,000 crore, the bank said in a regulatory filing. The bank said USD 400 million will be utilised to support the IBU's (IFSC Banking Unit) growing business. "The bank has tied up a three-year loan facility in a syndication led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Ltd and Westpac Banking Corporation, ensuring representation from a diverse set of countries across
Reliance Capital posts net profit of Rs 272cr in Q1
Reliance Capital (RCL) Tuesday reported a consolidated net profit of Rs 272 crore for the April-June quarter of the current fiscal. The company had registered a net loss of Rs 378 crore in the April-June period of 2017-18. Total income in the first quarter of 2018-19 was at Rs 4,641 crore as against Rs 4,444 crore in the corresponding previous year, an increase of 4 per cent, the company said in a release. Company's earnings per share stood at Rs 11.70 in the first quarter. As on June 30, 2018, total assets of Reliance Capital stood at Rs 87,041 crore, up by 7 per cent from a year ago. The company however, did not incorporate the results of its insurance subsidiaries --Reliance General Insurance and Reliance Nippon Life Insurance. The Reliance group firm controlled by Anil Ambani has business interests in asset management and mutual funds, pension funds, life, health and general insurance, commercial and home finance and wealth management among others. Reliance Capital shares closed ..
Data loggers helped increase train punctuality: Goyal
Railway Minister Piyush Goyal on Tuesday said that fixing automatic data loggers at 98 places on different railway routes had helped increase train punctuality to 72 per cent in August compared with the past few months.
Pension fund managers may get marketing rights
Pension fund managers, who can just hawk various retirement-savings products now, may soon get marketing rights as sectoral regulator PFRDA is set to take a proposal in this regard to the its board shortly, the industry watchdog said Tuesday. There are eight private sector pension fund managers at present and PFRDA said it will soon invite RFPs (requests for proposal) to allow more players in. Currently the pension fund managers can only sell products, which means they cannot market/advertise the same, and the move, if approved, will allow these fund managers to better target and sell the products. "There has been demand from pension fund managers to allow them to do marketing. We are open to the idea and the proposal will be taken up at the next board meeting," PFRDA chairman Hemant Contractor told reporters on the sidelines of a CII event on pensions and insurance. Contractor also said despite a 37 per cent growth in subscription in FY18, only 15 per cent of the ...
RBI nominee on PSU boards create illusion of regulatory control, says Rajan
Former RBI Governor Raghuram Rajan is not in favour of having an RBI nominee on the boards of public sector banks, saying it creates an "illusion that the regulator is in control". "The RBI is primarily a referee, not a player in the process of commercial lending. Its nominees on bank boards have no commercial lending experience and can only try and make sure that processes are followed," he said in a note to Chairman of Estimates Committee Murli Manohar Joshi. "They (RBI nominee) offer an illusion that the regulator is in control, which is why nearly every RBI Governor has asked the government for permission to withdraw them from bank boards," he said. The Parliamentary Committee on Estimates had invited Rajan to brief it on the matter after former Chief Economic Advisor (CEA) Arvind Subramanian praised him for identifying the NPA crisis and trying to resolve it. Even Rajan's successor and present RBI Governor Urjit Patel had suggested withdrawal of nominee directors from the boards .
Lakshmi Vilas Bank announces revision in MCLR
With effect from 01 September 2018
RBI remains net seller of US dollar in July, sells $1.87 bn
The Reserve Bank of India (RBI) continued to be a net seller of the US dollar for the fourth consecutive month in July, after it sold USD 1.874 billion of greenback in the spot market, RBI data showed. In the reporting month, the central bank purchased USD 4.129 billion, while sold USD 6.003 billion in the spot market, the recent RBI data showed. In June, May and April, the RBI had net sold USD 6.184 billion, USD 5.767 billion and USD 2.483 billion of the US dollar, respectively. In July 2017, the apex bank was the net buyer of the US currency, as it had bought USD 4.893 billion, while sold USD 1.940 billion in the spot market. RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic currency. In FY18, the apex bank had net purchased USD 33.689 billion from the spot market. It had bought USD 52.068 billion from the spot market, while selling USD 18.379 billion. In FY17, RBI had bought ..
Outcome of board meeting of RDB Realty & Infrastructure
Held on 11 September 2018
Oil rises as U.S. sanctions on Iran squeeze supply
LONDON (Reuters) - Oil prices rose on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.
Bengal reduces fuel tax by Re 1 per litre
Urging the Centre to reduce the cess on fuel prices, West Bengal Chief Minister Mamata Banerjee on Tuesday announced that her government will reduce the state tax on petrol and diesel by Re 1 per litre.
NHB head meets top HFCs to boost rural demand to meet 'Housing for All by 2022'
Looking to achieve the target of housing for all by 2022, the National Housing Bank (NHB) Tuesday held a meeting with top housing finance companies to give a fillip to rural housing, according to a source. Representatives of top 15 housing finance comoanies (HFC), which capture about 90 per cent of the market, today met with Additional Secretary, Finance, Dakshita Das, who is also the interim Managing Director and Chief Executive of NHB to understand the "challenges in rural housing and how demand can be boosted in this segment of the market", the source said. NHB which governs the housing finance companies in the country is owned by the Reserve Bank. NHB asked the players to have a focussed approach in boosting demand for rural masses so that the government's Housing for All scheme is achieved by 2022. The government's ambitious 'Housing for All by 2022' has been implemented under two broad categories -- Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Gramin). The .
I-T Dept issues notices to 9000 people in Noida
The Income Tax Department has sent notices to 9000 people in Uttar Pradesh's Noida who have registered properties worth Rs 30 Lakh and above in the financial year 2010-11 and not submitted the details before the I-T department.The 9000 people have been asked for the details of their tax return.Rajnikant Gupta, Chief Commissioner of I-T Department, Ghaziabad region told ANI that the notices have been sent to all property buyers to seek their clarification on tax returns."We are checking whether the buyer has bought a property in Noida and has filed a return at some other place. If the buyer has filed it, then, it's fine. But if not, then we will issue a notice, to which the buyer has to provide clarification," Gupta said.The Chief Commissioner further said, "Based on the property transaction in 2010-2011, notices were issued to these nine thousand people last year."He also informed that the I-T officials are approaching the Resident Welfare Associations (RWA) to sensitise people to pay
Wall Street opens lower as trade jitters weigh
(Reuters) - U.S. stocks opened lower on Tuesday, weighed down by fears over the escalating trade spat between the United States and China.
Rupee crashes to fresh record low of 72.69
The embattled rupee plummeted 24 paise against the US dollar to end at a new record low of 72.69, due to a rebound in crude oil prices and capital outflows amid intensifying global trade war concerns. The rupee had a positive start and touched a high of 72.25 versus the dollar in early morning deals. But, it suddenly collapsed to hit a fresh record low of 72.74. However, the swift RBI intervention led to some recovery. Any policy response other than the RBI's intervention, will depend upon the strength of the sell-off in key emerging markets and contagion risk, currency dealers said. The rupee is the latest currency to be dragged down by fears that an escalating trade war could hurt global growth and severely affect Asian economies. The spillover from the emerging-market turmoil in the Argentina peso and Turkish lira is largely weighing on Asia currencies. Besides, a massive portfolio liquidation pressure from foreign investors and some political uncertainty about 2019 general ...
Future group ties up with USAID horticulture & agri mktg prog
Future group, through its various retail formats including Big Bazaar, is collaborating with USAID Commercial Horticulture and Agricultural Marketing Programme (CHAMP) to deliver mutual benefits to Indian consumers and Afghanistan horticultural producers. This will augment the domestic supply and provide customers with more choice during the non-season, Gopal Bihani, head of farm fresh business at Future group, said in a statement Tuesday. More than 50 agriculture exporters from Afghanistan are currently visiting the city to explore business tie-ups as well as to showcase their finest agriculture products including fruits, nuts and spices buyers from Maharashtra and neighbouring states, at a four-day 'Passage to Prosperity: India-Afghanistan International Trade and Investment Show' that opens Wednesday. "Our agriculture export growth is likely to continue as South Asian economies expand and as Afghanistan's trade environment continues to improve," said Naseer Ahmad ...
Boeing calling back retirees to fix 737 production snags
SEATTLE (Reuters) - Boeing Co is bringing retired workers back on the job as the world's largest planemaker tries to fix delays at its 737 jetliner plant outside Seattle, a union official told Reuters on Monday.
Cash-strapped Pakistan eying IMF bailout?
Pakistan has invited a team of IMF experts to visit the country by the end of this month as its economy faced a balance-of-payments crisis, a media report said Tuesday. Pakistan has decided to engage with the IMF after an in-house assessment found that the benefits of getting a bailout programme outweigh the cost that the country may have to pay, including some compromises on economic sovereignty, the Express Tribune reported. A fresh assessment by the State Bank of Pakistan (SBP) and the Finance Ministry showed that Pakistan needed USD 11.7 billion to service its external debt in current fiscal year 2018-19. Pakistan's gross external financing requirements have been assessed at an alarming level of USD 31 billion by the finance ministry. This is based on the assumption that the current account deficit will touch USD 18.5 billion, the report said. After doing an in-house analysis, spanning over two weeks, Pakistani authorities have decided to invite an International Monetary Fund ...
States to get Rs 22,700 cr windfall from Re plunge,crude spike
The continuing plunge in the rupee, coupled with the rising crude prices, will give the states a windfall in tax revenues to the tune of Rs 22,700 crore over and above the budget estimates for the current fiscal, says a report. The rupee plumbed a new life-time low of 72.73 to a dollar, falling 28 paise Tuesday on strengthening American currency as crude prices went past the USD 78 a barrel mark. This also pulled down the markets with the benchmark Sensex crashing by over 509 points or 1.34 per cent, to close at 37,413.13. The rupee opened on a positive note by inching 20 paise higher at 72.25 against the US dollar amid increased selling by banks and exporters. "This increase in petrol and diesel prices is likely to give the states a windfall gain of around Rs 22,700 crore over and above the budget estimates for current fiscal," SBI Research said in a note. An increase of USD 1 a barrel in crude price translates to Rs 1,513 crore revenue gain on an average to all the .
Lenovo pins hope on gaming PC growth, expects 25% share in 5 yrs
Lenovo Tuesday said it expects to have 25 per cent market share in Indian PC gaming segment in the next five years if it becomes 5-10 per cent of the overall PC market, a senior company official said. "The overall gaming PC market in India is around 1 per cent. It is difficult to call out how the market will expand in next 5 years but we will be surprised if the market does not cross 5 per cent. "There I expect our market share to be around 25 per cent. If I project it on the current growth rate, it will be more," said Shailendra Katyal - Executive Director & India PCSD Consumer Leader at Lenovo. He was speaking on the sidelines of unveiling of new range of Legion gaming personal computers (PCs) priced at Rs 89,999 onwards. Katyal said the company started investing in gaming segment 5-6 years back and is now focussing on building Legion as strong brand in gaming segment. He said the segment is growing at a fast pace in India with various estimates projecting the growth at 50-100 ..