Page 2585 - Business Finance
Sun Pharmaceuticals Industries to acquire 18.75% stake in Tarsius, Israel
For consideration of USD 3 mn
Manali Petrochemicals to launch Notedome products in Chennai
In month of September 2018
SpiceJet to start dedicated air cargo services from Sep 18
No-frills airline SpiceJet will launch its dedicated air cargo services from September 18. The carrier, which is working on ambitious business plans, Monday said it would operate the cargo services under the brand name 'SpiceXpress' and has a detailed plan for domestic as well as international routes. SpiceJet would be the first schedule domestic airline to start dedicated air cargo services in India. A Boeing 737-700 plane has been inducted as the first freighter aircraft. The airline would launch SpiceXpress operations on September 18 and the first flight would be from the national capital to Bengaluru, an airline official said. The aircraft, taken on operating lease, has capacity for 20 tonnes of cargo, the official added. "To begin with, the air cargo operations will cover Delhi, Bengaluru, Guwahati, Hong Kong, Kabul and Amritsar," the airline said in a release. According to the airline, the air cargo services would boost its ancillary business growth. SpiceJet plans to have an ...
Corrected: Turkish economic growth dips, lira crisis darkens outlook
(Corrects to say second quarter in third paragraph)
Re to hit 73 by Mar 2019; fisc target to be breached: Report
India is the only major emerging market having a negative balance of payments (BoP) and the pressure is expected to sustain, a Swiss brokerage said Monday, expecting the rupee to depreciate to 73 by March 2019. Shortfalls in GST collection and divestments, coupled with state finances being under strain will take the consolidated fiscal deficit to 6.5 per cent in FY19, against the government's budget estimate of 5.9 per cent, UBS said. A country's external balances is one of the key factors influencing the currency and weakness in it has led to a 12 per cent depreciation in the rupee till now, it said. "We revise our FY19 current account deficit (CAD) forecast to 2.7 per cent of GDP in FY19 from 2.5 per cent, much above the sustainable threshold. This would put India's overall BoP in a deficit of around 1 per cent of GDP, the first in seven years," the brokerage said. Expecting pressures on the BoP to continue till FY20, it revised its year-end rupee level estimate to 73 ..
Online hiring down 5% in August
Online recruitment activity in India declined five per cent on a year-on-year (YoY) basis in August 2018, a Monster.com report said on Monday.
JSRS Seminar at Chennai showcases Oman's national oil and gas procurement system
businessgateways, on behalf of the Ministry of Oil & Gas, Oman and in association with Federation of Indian Exports Organisations (FIEO), showcased Oman's Joint Supplier Registration System (JSRS) exclusively to the Indian exporters interested in business opportunities in Oman's Oil and Gas and other sectors, at JSRS Seminar in Chennai.The seminar revealed insights on the strategic importance of Oman's unique JSRS that is being exclusively used by all the 21 Oil & Gas Operators and major corporate organisations in Oman to select validated & JSRS Certified domestic & international suppliers for their procurement needs.Deputy Director General, FIEO (Southern Region), Unnikrishnan K welcomed the exporters and highlighted Oman's growing economy and the opportunities available in the Sultanate. Further, he spoke on how the JSRS platform would benefit Indian companies to expand their business into Oman and the Middle East.The 'Single Window' Joint Supplier Registration ...
Evolute Group makes India proud at seamless Africa; set to expand global footprint
Evolute Group, a leading and fastest growing Fintech and Cleantech company in India, recently participated in a global fintech exhibition 'Seamless Africa' in Nairobi, Kenya.This exhibition is one of the largest global annual platforms for fintech companies with 150 speakers joining over 100 content sessions, to assemble and showcase their financial technology products and services.At this exhibition, Evolute Group exhibited a range of financial technology products and services which got recognized and appreciated by global fintech participants."We have been receiving tremendous fintech opportunities from domestic as well as International markets. This participation has got us closer to our global counterparts. It was not just an opportunity for Evolute Group but also for the country, to showcase its financial technology capabilities and connect with deeper pockets of the world to achieve their common objectives of financial inclusion. We are front runners in helping the government ...
New information communication technology policy for TN
A new information communication technology policy for 2018 to boost the IT sector in the state was on Monday announced by Tamil Nadu Chief Minister K Palaniswami here. The policy would address the aspirations of micro, small and medium enterprises (MSMEs), start-ups by providing administrative and fiscal incentives, capital subsidies and tax exemptions, the Chief Minister said. Also, it has provisions for incubating start-ups and creation of research parks, he said. Presentation of awards for promoting a green IT industry and single-window system to faciliate quick clearance from government agencies is also part of the policy, Palaniswami said. Industry leaders, present during the announcement of the policy at the Secretariat, have been asked to make fresh investments during the second Global Investors Meet scheduled for January 2019, he said. "I am happy to inform the captains of the industry that the government will hold the meet to attract investments. I appeal to ...
Abu Dhabi Investment Authority, Singapore's GIC in race to pick 25% stake in Reliance Home Fin
Abu Dhabi Investment Authority, Singapore's sovereign wealth fund GIC and Public Sector Pension Investment Board of Canada are in race to pick 25 per cent stake in Reliance Home Finance for Rs 1,500-2,000 crore, sources said. The funds will be used for expansion of the Anil Ambani group company, which is focusing on affordable housing for future growth. When contacted a Reliance Capital spokesperson declined to comment. Sources, however, said that all three large funds have shown keen interest in purchasing stake in Reliance Home Finance, a subsidiary of Reliance Capital. The mortgage lender is looking to sell 24.99 per cent stake in the company and it will fetch anywhere between Rs 1,500-2,000 crore through the transaction, they added. Last week, Reliance Home Finance, in a filling to the stock exchanges, announced that it has entered into exclusive discussions with an overseas institutional investor for a potential equity investment into the company. It had said the discussions are .
Heavy rains drag down spot power price by 3.51pc at IEX in Aug
The average spot power price dipped 3.51 per cent to Rs 3.34 per unit in August compared to July this year due to weak electricity demand after heavy rains, the Indian Energy Exchange said Monday. "The average market clearing price (MCP) at Rs 3.34 per unit registered 3.51 per cent decline MoM (month on month) basis (August 2018 vs July 2018) and 6.81 per cent increase YoY (year on year, August 2018 Vs August 2017) basis," the exchange (IEX) said in a statement. Heavy monsoon rains in various parts of the country affected the demand for power as well as prices discovered in the market. The DAM (day ahead market) traded 3,975 MU (million units) in August registering a decline of 1.31 per cent over 4,028 MU MoM basis and almost at par with 3,982 MU traded year on year (YoY) basis. On a daily average basis, about 128 MU were traded during the month with average daily sell bids at 237 MU and average daily buy bids at 158 MU at IEX. One Nation, One Price was realised for 27 days. The ...
Trial opens in investor lawsuits against VW over scandal
Trial proceedings have begun against Volkswagen on behalf of investors alleging the company did not give them timely notice of its scandal over cars rigged to cheat on diesel emissions tests. Investors are seeking almost 9 billion euros (USD 10.4 billion), saying Volkswagen didn't give them the information they needed to decide what to do with their shares before the scandal became public. The U.S. Environmental Protection agency accused Volkswagen in September 2015 of manipulating diesel emissions, sending the shares sharply lower. The case opening Monday in front of the higher regional court in Braunschweig involves claims from investors that will serve as a model for further cases, the dpa news agency reported. The company says it met its duty to inform investors in time.
Gold edges lower as trade concerns lift the dollar
LONDON (Reuters) - Gold prices edged lower for a second session on Monday as trade tensions between China and the United States helped to boost the dollar and weaken the yuan.
HC dismisses Sonia, Rahul pleas against reopening of their tax assessment
The Delhi High Court today dismissed the pleas of Congress leaders Sonia Gandhi and Rahul Gandhi challenging reopening of their tax assessments for 2011-12. A bench of Justices S Ravindra Bhat and A K Chawla said, "The writ petitions have failed." The bench also dismissed the petition of Congress leader Oscar Fernandes who too had challenged reopening of his tax assessment for the same year (2011-12). The high court had on August 16 reserved its order on the pleas of the three leaders after the Income Tax Department had contended that Rahul Gandhi's tax assessment for 2011-12 was reopened as material facts were concealed. The bench had orally asked the tax department not to take any coercive step against Sonia, Rahul and Fernandes till pronouncement of its verdict. Senior advocate P Chidambaram, appearing for Sonia Gandhi, had said he had faith in the oral statement made by the Additional Solicitor General Tushar Mehta. Mehta had argued that the Congress leaders had alleged mala fide .
Elliott hits back at Vivendi over Telecom Italia accusations
MILAN (Reuters) - Activist fund Elliott on Monday struck back at Vivendi after its accusations over the management and share price performance at Telecom Italia since the U.S. fund staged a boardroom coup at the Italian firm.
Govt rules out excise duty cut as petrol, diesel prices hit fresh high
A cut in taxes on petrol and diesel is ruled out for now as neither the central government nor some states have the appetite to stomach revenue loss from such a move, a top government official said Monday. While a cut in excise duty that the central government levies will impact fiscal deficit, states like Bihar, Kerala, and Punjab are not in a position to cut sales tax (or VAT), the official, who wished not to be identified, said. The government, he said, anticipates that international oil prices, which together with a drop in the value of rupee has been fuelling the fuel price rise to record levels, will moderate in coming days to take pressure off. The comments come on a day when opposition parties held nationwide protests against record high petrol and diesel prices. Prices in Delhi, where rates are the cheapest among all metros and most state capitals because of lower VAT, saw petrol touch an all-time high of Rs 80.73 per litre Monday while diesel scaled to new high of Rs 72.83 a
ArcelorMittal ups bid for Essar Steel
MUMBAI (Reuters) - Steel giant ArcelorMittal SA has raised its bid for India's debt-laden Essar Steel in competition with Russia's VTB and Vedanta Resources.
Storm Gordon halts some energy production in U.S. Gulf
Storm Gordon halts some energy production in U.S. Gulf
Saudi fund picks Goldman to advise on SABIC sale: sources
DUBAI (Reuters) - Saudi Arabia's sovereign wealth fund has selected Goldman Sachs to advise it on the sale of its stake in petrochemicals firm SABIC to Saudi Aramco, two sources familiar with the process told Reuters on Monday.
FPIs turn net buyers
Net inflow of Rs 133.86 crore on 7 September 2018