Page 2595 - Business Finance
Maha govt working on proposals to reduce fuel prices: Fadnavis
Maharashtra Chief Minister Devendra Fadnavis Sunday said the state government was working on various proposals to give relief to the people from the rising fuel prices. Talking to PTI, Fadnavis also said bringing petroleum products under Goods and Services Tax (GST) was one of the ways of reducing the prices. "The state government is working on various proposals to reduce the prices of fuel in the state," he said without elaborating on the measures. "The best way to control fuel price is to bring it under GST. If the GST Council moves this proposal, then Maharashtra will support it," Fadnavis added. Taking a dig at the opposition, Fadnavis said the NDA government reduced the petrol prices 13 times in the first three years. "They know that oil prices are dependent on the international markets. This government reduced the price of petrol 13 times in the first three years. Now, international prices of crude oil have skyrocketed," he said. He added that if the opposition is .
ITL foraying into NBFC segment to finance tractor sales
International Tractor Ltd (ITL) is foraying into non-banking finance segment to offer loans for its tractors besides other products in rural market, according to a top company official. The company has received nod from the government to enter the segment with a wholly-owned subsidiary, Autotrac Finance Ltd (AFL), and the move is expected to help it in meeting target of selling two lakh tractors annually in the next five years, Sonalika International Tractors Executive Director Raman Mittal told PTI. "At present, 80 per cent of tractor purchase is financed and the rest 20 per cent is on cash payment. However, whenever there is distress in the rural economy, the financing option is not available. So we thought of addressing this through our own captive financing," he said. Mittal further said AFL received the licence to enter the segment in August and by February 2019 the company is expected to start financing. When asked about investments in the venture, he declined to share details ..
SECL produces record 144.71 MT coal in FY18
Coal India subsidiary South Eastern Coalfields Limited (SECL) produced a record 144.71 million tonnes (MT) of coal in 2017-18, according to its annual report. The production rose by 3.36 MT in 2017-18 against 140 MT in 2016-17. The 2017-18 financial year witnessed a record production of 144.71 MT, which is not only the highest coal production amongst all subsidiaries of CIL but also accounts for more than 21 per cent of the total coal production of India, the company said in its Annual Report 2017-18. The company is operating 75 opencast and underground mines spread over the states of Chhattisgarh and Madhya Pradesh, it added. From opencast mines, the company produced 130.25 MT coal, registering a rise 3.83 per cent as against 125.45 MT in the preceding fiscal. However, it witnessed a fall of 0.62 per cent from underground mines at 14.46 MT as against 14.55 MT in 2016-17. There was also a rise of 9.17 per cent rise in total offtake at 150.28 MT during 2017-18 compared to 137.66 MT in
Govt sets up panel of secretaries into look e-commerce issues
With concerns being raised on some proposals of the draft e-commerce policy, the government has set up a group of secretaries to look into the issues, according to an official. The group will be chaired by the secretary in the department of industrial policy and promotion (DIPP). The other members of the group include secretaries of the ministry of electronics and information technology and department of commerce. Representatives of Niti Aayog and department of economic affairs are also members of the group. "The group would look into all the issues of e-commerce sector," the official said. The first meeting of the group is likely to be held this week. Commerce and Industry Minister Suresh Prabhu last month tweeted that he had received few concerns regarding the draft e-commerce policy following which he directed officials to conduct another round of consultation with stakeholders to address them. The initial draft e-commerce policy has suggested several steps to promote the growth of
HMSI guns for double-digit growth despite challenges in Kerala, West Bengal
Honda Motorcycle and Scooter India (HMSI) expects to log double-digit sales growth in the current fiscal despite facing challenges in two of its prominent markets -- West Bengal and Kerala, a top company official said. The company, which sold a total of 57.75 lakh units in the domestic market last year, is grappling with shortfall in sales in Kerala which has been ravaged by floods. It is also impacted in West Bengal, like the rest of the industry, where the state government has made driver's licence mandatory for buying two-wheelers. "There is a situation in West Bengal and Kerala and we have been struggling. But we have intention to recover in other regions," HMSI President and CEO Minoru Kato said in an interaction. When asked about growth outlook for the ongoing fiscal in the backdrop of the developments, he said,"This fiscal we expect double-digit growth...we plan to stick to our target." Both Kerala and West Bengal contribute around 10 per cent to the company's overall domestic .
Tata Capital Financial closely monitors P2P lending sector
Striving for a high growth trajectory, the Tata Capital Financial Services Ltd, the flagship subsidiary of Tata Capital, was closely tracking emerging Peer-2-Peer lending space and may enter the space in future. Fintech companies are active in the P2P platforms and the RBI has created separate NBFC-P2P category for proper regulations. Around six startups have already registered under the same. However, there is no official P2P lending data is available but players in the segment claimed high growth and rise in average lending ticket size. "We are watching the space carefully. This sector is at a very nascent stage now and we are looking at the loss rate and delinquency. If found good business, we will get into it," Tata Capital Financial Services managing director Kusal Roy told PTI when asked about its plans on P2P lending. He, however, categorically said there is no plan to foray into it as of now. Tata Capital Financial Services which is set to hit the NCD market on .
Indiabulls Real Estate eyes over Rs 30,000cr sales revenue from 14 projects
Indiabulls Real Estate expects to garner a sales revenue of over Rs 30,000 crore from its 14 ongoing projects, being developed mainly in Delhi-NCR and Mumbai, the company said. In his message to shareholders in the annual report, Indiabulls Real Estate Chairman Sameer Gehlaut said the company has well-diversified presence in both commercial and housing segments. "With the recovery in the real estate deals in the country, the company has been expanding its base in its key markets such as Mumbai Metropolitan Region (MMR), National Capital Region (NCR) etc. The company's ongoing projects have 28.5 million sq ft saleable area with a gross development value of around Rs 30,130 crore," he said. Gehlaut said the company has projects across the price spectrum, from mid-income, premium to super luxury. According to the report, the company has a saleable area of 28.5 million sq ft in these 14 projects and execution of these projects will generate a net surplus of Rs 17,191 crore after meeting ..
Fuel prices hiked again, citizens seek govt intervention
A day ahead of the Bharat Bandh called for by the Congress Party, fuel prices have been hiked yet again on Sunday.In New Delhi, the price of petrol has been hiked to Rs. 80.50 per litre, and diesel to Rs.72. 61 per litre, following an increase of 12 paise and 10 paise, respectively.The surge in fuel prices has affected people in Mumbai the most, with petrol retailing at Rs. 87.89 per litre and diesel at 77.09 per litre, after a 12 paise and 11 paise hike, respectively.The constant rise in fuel prices is strengthening citizens' demand for government intervention in the matter."There is an increase in the fuel price with each passing day, and the common man is suffering the most. The government should do something about it," a citizen from New Delhi to ANI.A local from Mumbai, while narrating the plight of commoners, said rising fuel prices have triggered a surge in the prices of other commodities as well."We are tired of this government. Instead of the 'Achhe Din' promised by the ...
OVL declines Venezuela's offer for additional stake in oilfield
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), has rejected Venezuela's offer for additional stake in an oilfield as it fears the Latin American nation may use it as an excuse to not pay USD 449 million of past dues, a top official said. State oil firm Petroleos de Venezuela SA (PDVSA) had last year offered a 9 per cent stake in the San Cristobal field to OVL. OVL already holds a 40 per cent stake in the field, which produces around 18,000 barrels of oil per day (bpd). "Cash-strapped PDVSA hasn't been able to pay our dues and the additional stake may be used to settle the dues. We don't think that is what we want. We want our dues to be cleared first," the official, who wished not to be identified, said. OVL, he said, has declined the offer for an additional stake. The official said Venezuela has not paid OVL USD 449 million (about Rs 3,200 crore) of accrued dividend for four years. This dividend pertains to the San Cristobal field, where .
'Outperformance of Indian market to continue; Nifty to touch 12,000 by Dec'
Indian markets have outperformed all other emerging markets so far this year and the trend is expected to continue, with the Nifty likely to touch 12,000 by December this year, a senior official of Edelweiss Investment Research said. "India is up 12 per cent so far this year while MSCI emerging market index is down 10 per cent, showing clear outperformance," Sandeep Raina, Associate Director, Edelweiss Investment Research told PTI. "We believe that the outperformance may continue given the fact that earnings of the companies are looking better and there are many companies available at reasonable valuations. We have a December target of 12,000 for Nifty," he added. The 30-share benchmark index Sensex has surged over 12 per cent so far this year and is currently trading around 38,000 level while the broader Nifty is hovering at 11,500 points. Asked whether the risk reward for the Indian market has turned negative as it has accrued significant gains, he said the markets are not looking ..
IIP, inflation data to drive market in holiday-shortened week ahead
Upcoming macroeconomic data announcements, including industrial production and inflation figures, are expected to chart the course of the equity markets in a holiday-shortened week ahead, say experts. Bourses will remain closed on Thursday for Ganesh Chaturthi. "We have some major data lined up ahead this week for Indian markets. Industrial and manufacturing production figures will be released for July. We have inflation numbers for August," said Mustafa Nadeem, CEO, Epic Research. Industrial production for July and inflation rate for August are due on Wednesday. Also, WPI inflation for August will come out on Friday. "Investors will be keen on upcoming CPI inflation and US unemployment data to get some cues on market direction," said Vinod Nair, Head of Research, Geojit Financial Services. Movement of rupee and crude oil prices will also be crucial for market movement. On the global front, investors would also watch the US-China trade issues. Depreciating rupee and surging crude oil .
Post dept to set up insurance company in 2 yrs: Manoj Sinha
The Department of Posts is working to set up an insurance company after launching of a payments bank and the parcel directorate, Communications Minister Manoj Sinha said. "Departments of Posts is now reincarnating itself. After diversifying its business with parcel directorate and payments bank, the department has decided to set up insurance firm as a special business unit in two years," Sinha told PTI. "The request for proposal to appoint a consultant for setting up insurance unit will be floated in the coming week," Sinha said. Prime Minister Narendra Modi launched India Post Payments Bank (IPPB) on September 1 that aims to take banking to the doorstep of every citizen by arming three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services. IPPB, which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018, is like any other bank but with a smaller scale of operations and without
Consultation process on for finalising NFRA technical rules, says Chaudhary
The government is consulting stakeholders to finalise technical rules for the National Financial Reporting Authority (NFRA), Union minister P P Chaudhary has said. Besides, the Corporate Affairs Ministry is processing applications received for the posts of chairperson and full-time members at the regulator. In March, the Cabinet approved setting up of the NFRA under the Companies Act, 2013. The independent regulator would have sweeping powers to act against erring auditors and auditing firms. Setting up of the NFRA also comes at a time when auditors have come under the regulatory lens for alleged lapses relating to various corporate misdoings. On May 30, the ministry had sought applications for the posts of chairperson and three full-time members at the NFRA. Chaudhary, the Minister of State for Corporate Affairs, said the ministry is processing the applications. "The consultation process for finalisation of the NFRA (Technical) Rules with stakeholders is ongoing," he told PTI. The ...
'Investment limit hike for EB-5 investors visa not likely till Dec'
The investment limit for EB-5 investor visa programme, which provides Green Cards to foreigners investing at least USD 500,000 in the US, is not expected to increase at least till December this year, according to US Congressman Aaron Schock. The employment-based fifth preference category (EB-5) visa is meant for high networth individuals (HNIs) to earn the Green Card which offers permanent residency in the US for themselves and their immediate family through a one-time minimum investment of USD 500,000 into a new business that creates 10 or more jobs for the Americans. "We don't see an investment hike when the EB-5 programme gets an extension in September. That (investment limit) is expected to change only when the new session is in place," Schock, a Republican and the Chief Sponsor of the EB-5 Reauthorisation Bill 2012 told PTI. According to estimates, the EB-5 market has been growing at 30-40 per cent every year from India and is expected to see significant increase in the next 3-4 .
Krishnapatnam Port to pump Rs 500 cr for liquid cargo terminal
Andhra Pradesh-based Krishnapatnam Port is looking to invest Rs 500 crore over the next 18 months for setting up a liquid cargo terminal and expanding container handling capacity, a top official has said. The port is witnessing an increase in capacity utilisations across the bulk and container segment, which is leading to firming up of new plans. "We will invest Rs 500 crore over the next 12-18 months for creating a liquid cargo terminal and also expand container capacity," its chief executive Anil Yendluri told PTI over the weekend. He said the liquid cargo container terminal will handle a host of commodities and it is already in touch with prospective clients. It is aiming to increase the container capacity by 8 lakh standard 20-feet units to 20 lakh TEUs as part of the expansion, he said. The container terminal expansion entails putting up a few equipment and readying the yards to handle more, he said. The port is targeting to close FY19 with 6 lakh TEUs being handled
California governor signs bills to block Trump administration's drilling expansion
Governor of US state of California, Jerry Brown has signed bills to block the Trump administration from expanding offshore oil drilling along the western US state's coast.
'Certain individuals' left out in mining scam probe: Ex-Goa CM
Former Goa Chief Minister Laxmikant Parsekar, who faces a Lokayukta probe in connection with the Rs 1.44-lakh crore mining renewal scam, has stated in his affidavit filed before the anti-corruption authority that "certain individuals", who were involved in the process of granting renewals, were "left out" in the complaint filed by an environment foundation.
SEBI invites public comments on KYC norms for FPIs
Market regulator Securities and Exchange Board of India (SEBI) on Saturday called for public comments over its panel's recommendations on "Know Your Client (KYC) Requirements for Foreign Portfolio Investors".
Linseed oil slips in lacklustre trade
Linseeds oil slipped in an otherwise lacklustre Vashi oils and oilseeds wholesale market here today following reduced demand from paint and allied industries. Elsewhere, refined palmolein also eased owing to sluggish demand from retailers. While, groundnut oil, castorseeds bold and castoroil commercial ruled steady in absence of any large-scale buying activity. In the non-edibles segment, linseeds oil fell by Rs 18 per 10kg to Rs 940 from Friday's closing level of Rs 958. Castorseeds bold and castoroil commercial closed unchanged at Rs 4,620 per 100kg and Rs 954 per 10kg respectively. Moving to edibles section, refined palmolein softened by Rs 2 per 10kg to Rs 680 as against Rs 682 and groundnut oil ended unlatered at Rs 895 per 10kg.
UniCredit to assess strategic options in 2019 business plan
CERNOBBIO, Italy (Reuters) - Italy's top bank UniCredit will assess strategic options when drawing up a new business plan next year, its chairman said, when asked about a possible merger with France's Societe Generale.