Page 2573 - Business Finance
Government to invite bids to create NBFC for food processing sector
Union Minister for Food Processing Industries Harsimrat Kaur Badal on Tuesday said that the Request for Proposal (RFP) to set up a non-banking financial company (NBFC), which will cater to credit and lending needs of the food processing sector, will be issued this month.
Jivi Mobiles to invest Rs 100 cr for manufacturing facility in Maharashtra
Homegrown mobile phone maker Jivi Mobiles on Tuesday entered the budget smartphone segment and announced it will invest Rs 100 crore to build its own manufacturing facility in Maharashtra.
Doubling limit for filing DRT cases will expedite bad loan recovery: Finmin
The decision to double the limit to Rs 20 lakh for filing applications in debt recovery tribunals will help them focus on high value matters leading to quicker recovery of bad loans, the Finance Ministry said Tuesday. The pecuniary limit was raised last week following amendment in the rules of Recovery of Debts due to Banks and Financial Institutions Act, 1993. Revising the limit will free up debt recovery tribunals (DRT), leaving them to focus on high-value matters which will lead to quicker recovery of NPAs, Financial Services Secretary Rajiv Kumar said here. This is part of the ministry's targeted approach to make debt recovery laws and process more effective so as to increase recovery of public money from defaulting borrowers, he said. As many as 38,376 cases involving debt amount between Rs 10-20 lakh pending in DRTs which account for 38 per cent of total cases but in value terms these are just 4 per cent as on June 2018. However, he said, this number is rising as the recent data
BSNL, Unlimit ink partnership for IoT/M2M services in India
Unlimit, end-to-end IoT service provider in India on Tuesday announced its partnership with State-owned Bharat Sanchar Nigam Limited (BSNL) to offer comprehensive Internet of Things (IoT) solutions and services to the enterprise customers across India.The partnership between Unlimit and BSNL will leverage seamless wireless network footprint pan India to provide its solutions and services across industries.The solutions and services include managed connectivity, application enabling platform and device management, and advance analytics to customers across industries. BSNL will cement its foothold in India's IoT market and digitally transform the customers' business models."We are happy to work with Unlimit, a company that has a track record of providing comprehensive and customized IoT solutions to enterprises across the country. By combining our pan India coverage, last mile network access, and bandwidth with Unlimit's range of services," said CMD BSNL, Anupam Shrivastava."We will ...
Mamata slashes fuel prices by a rupee
Chief Minister Mamata Banerjee-led West Bengal government on Tuesday decided to cut down cess on petrol and diesel prices in the state, thereby reducing the fuel prices by Re 1 per litre.The announcement comes amidst continuously rising fuel prices across India, and is expected to bring some respite to the people ahead of Durga Puja, the biggest festival celebrated in the state.After the central government declined to reduce excise duty on fuel, Andhra Pradesh government on Monday announced a reduction of Rs 2 per litre each on petrol and diesel.Earlier this week, the Rajasthan government also issued orders for reduction of VAT on petrol and diesel by four per cent.The Central Government has been facing flak from various quarters over a continuous hike in fuel prices.The Opposition had even called for a nationwide lockdown on Monday to protest against the increasing fuel prices. However, despite the strike, fuel prices faced another hike the very next day with petrol being sold at Rs .
Gold steadies as dollar rally pauses while trade tensions simmer
LONDON (Reuters) - Gold steadied on Tuesday as the dollar trod water against a basket of currencies, with investors reticent to bid up the metal in the face of looming U.S. interest rate increases and escalating Sino-U.S. trade tensions.
Get Punjab to reduce taxes on fuel, SAD asks Rahul
A day after a Congress shutdown against rising fuel prices, SAD President Sukhbir Singh Badal on Tuesday asked its chief Rahul Gandhi to direct his party's government in Punjab to reduce state taxes on fuel to ensure relief to the common man.
Blaupunkt to invest USD 300 million in India on TV business
German consumer electronics maker Blaupunkt will invest around USD 300 million (Rs 2,158 crore) in television business in India in next 3 to 5 years along with its India partner, said a top company official. The investment would be made by Blaupunkt and Trigur Electronics jointly on marketing/ branding and manufacturing at Trigur's plant in Sonepat, Haryana. Blaupunkt, which would sell its products in Sri Lanka, Nepal, Bangladesh besides India, aims to have a business of Rs 500 crore in next 12 months. "We have plans to invest USD 300 million in next 3 to 5 years... This would be together with our local partner (Trigur Electronics)," Blaupunkt Managing Director Andrzej Cebart told PTI. During IFA Berlin 2018 Trade Show last month, Blaupunkt officially announced to foray into the Indian market. Blaupunkt and Trigur have entered into a long-term licence agreement, he said without disclosing the time period. "We have a long time agreement... We have a minimum 10-year vision and beyond," .
Auto stocks drop up to 4% on disappointing Aug sales data
Auto stocks fell up to 4.2 per cent Tuesday after domestic passenger vehicle sales declined for the second month in succession. Shares of Apollo Tyres tumbled 4.17 per cent, Hero MotoCorp declined 3.06 per cent, Tata Motors lost 3.03 per cent, TVS Motor Company 2.64 per cent, Ashok Leyland 1.73 per cent, Maruti Suzuki India 1.56 per cent and Bajaj Auto 1.24 per cent on BSE. Led by losses in these stocks, the BSE auto index fell 1.52 per cent to end at 23,903.70. Domestic passenger vehicle sales declined for the second month in succession with 2.46 per cent drop in August due to high base effect and partial impact of floods in Kerala, automobile industry body SIAM said Tuesday. According to data released by SIAM, domestic passenger vehicle sales stood at 2,87,186 units last month as against 2,94,416 units in August 2017. Car sales declined 1.03 per cent to 1,96,847 units last month as against 1,98,892 units in August last year.
Anshula Kant takes charge as new MD of SBI
Professional banker Anshula Kant has taken charge as a Managing Director of State Bank of India, an official announcement said here on Tuesday.
Aramco taps China Harbour Engineering for two drilling islands
DUBAI (Reuters) - Saudi Aramco said on Tuesday it has awarded China's Harbour Engineering Arabia a contract to construct two drilling islands under the company's Berri Increment Program (BIP).
Rupee pulls back from record low after RBI intervention
MUMBAI (Reuters) - The rupee hit a life-time low yet again on Tuesday amid strong dollar demand from foreign banks, but the currency pared some of its losses later in the day following a Reserve Bank of India (RBI) intervention, dealers said.
Rail ministry portal invites CSR funds for developing amenities at stations
Railway Minister Piyush Goyal Tuesday launched a web portal wherein private and public sector undertakings can contribute their corporate social responsibility (CSR) funds to develop amenities at railway stations. The companies wanting to contribute can register their requests on the portal - Rail Sahyog - and choose the amenity they want to promote. The railways has identified five activities in which such contributions will be allowed -- toilets in circulating areas, providing free Wi-Fi with kiosks for e-services for citizens at stations, plastic bottle crushing machines, steel benches and dustbins. "We want the process of using CSR funds to be simple and transparent. All we are desirous of is that a certain quality standard is maintained. The company which does contribute will have their names, logos or even company names on the initiatives. We have no problems with that," Goyal said. The portal also gives a cost estimation for each activity - Rs 22 lakh to Rs 30 lakh per station
Slower growth of Indian service sector in August 2018: Nikkei India Services PMI
Nikkei India Services Business Activity Index fell from 21-month peak of 54.2 in July to 51.5 in August 2018
JPMorgan to create wealth management unit in Luxembourg
(Reuters) - JPMorgan Chase & Co said on Tuesday it will establish a wealth management business in Luxembourg and boost offerings at its investment banking and custody and fund businesses.
Investors become poorer by over Rs 4 lakh cr in two days of mkt crash
As stock markets continued to face heavy selling pressure for the second straight session Tuesday, investors became poorer by more than Rs 4.14 lakh crore in two days of trading. The BSE benchmark index crashed 509.04 points, or 1.34 per cent, to end at 37,413.13. It had lost 467.65 points in the previous trading session also. Led by the steep decline in stocks, the market capitalisation of the BSE-listed companies tumbled by Rs 4,14,121.84 crore to Rs 1,53,25,666 crore in two consecutive days. Market experts said that rupee depreciation is a big concern for market sentiment. The rupee hit yet another new lifetime low of 72.73 against the dollar (intra-day) at the forex market. Besides, mounting tensions over trade war is a worrisome factor for the Indian market, they added. From the 30-share basket, 25 stocks ended with losses led by Tata Steel, Power Grid Corporation of India, Hero MotoCorp and Tata Motors. On the BSE, 1,841 stocks declined, while 874 advanced and 152 remained ...
China central bank unveils plans to straighten up country's ratings firms
SHANGHAI (Reuters) - China's central bank and securities regulator on Tuesday announced steps to strengthen supervision of credit-rating businesses in a bid to improve the quality of ratings.
SL's pvt loan sharks seek 'sex, kidney sale' against EMIs: UN Expert
The debt-trapped poor women in Sri Lanka often have to accord "sexual favours" to the private lenders against their loan installments, a UN expert on human rights said Tuesday. Juan Pablo Bohoslavsky, an independent UN expert on impact of economic policies and infrastructure projects on the human rights also said "he knew of cases of the debt-trapped poor trying to sell their kidneys to repay loans." Bohoslavsky made these startling claims in a statement while urging the Sri Lankan government to enact robust laws for mandatory assessment of its policies and projects on its citizens rights and save them from falling into the jaws of private loan sharks. I found that among the large number of borrowers, the war-affected, poor women are specially targeted by micro-finance lenders. These institutions charge up to 220 per cent interest rates for their loans and apply compound interest," said Bohoslavsky. "The mechanism has been designed to make huge profits for the lenders and put a very ..
Haryana cuts power tariff a year ahead of polls
In a major relief to the electricity consumers in the state, Haryana Chief Minister Manohar Lal Khattar on Tuesday announced reduction in power tariff on monthly consumption of up to 200 units from Rs 4.50 per unit to Rs 2.50.
Goldman banker had raised ethics concerns: NYT
(Reuters) - A top Goldman Sachs Group Inc banker had raised concerns about some unethical practices at the bank before he left in 2015, the New York Times reported on Tuesday, citing people close to the matter.