Page 26 - Business Finance
Moody's downgrades Tata Motors ratings with outlook negative
Ratings agency Moody's Thursday downgraded Tata Motors' corporate family rating (CFR) and senior unsecured instruments rating, citing sustained deterioration in the company's credit profile mainly on account of its British arm Jaguar Land Rover's weak performances. Moody's Investors Service also said the outlook on Tata Motors remains negative. Tata Motors Ltd's (TML) corporate family rating (CFR) and the company's senior unsecured instruments rating have been downgraded to Ba3 from Ba2, the ratings agency said in a statement. Both Ba3 and Ba2 ratings are considered to have speculative elements and significant credit risk. Commenting on the rationale behind the downgrade, Moody's Vice-President and Senior Credit Officer Kaustubh Chaubal said it reflected "the sustained deterioration in TML's credit profile, with weaker-than-anticipated credit metrics -- led by the weak performance of its 100 per cent-owned subsidiary Jaguar Land Rover". Besides, Chaubal said it was also due to Moody's
Wipro Gallagher Solutions releases NetOxygen Launchpad 3.0
Wipro Gallagher Solutions' NetOxygen Launchpad 3.0 experience helps lenders transform the consumer application by offering easy access to loan documents, disclosures, key loan contacts, and interactive to-do lists from any device (PC, laptop, tablet, or smartphone). With its responsive and adaptive design, NetOxygen Launchpad seamlessly adjusts to the end user's device.
Kia Motors announces global debut of SUV Seltos in India
South Korean auto major Kia Motors Thursday announced global debut of its SUV Seltos in India, where it plans to launch four new models in the next two years. The Seltos has been designed and developed keeping the Indian market in mind but will be exported from the company's plant in Anantapur, Andhra Pradesh, to Middle East, Africa, Latin America and other Asian countries. "Kia Motors' India project plays a crucial role in our global plans... We have invested tremendous amount of energy and resources to position India as a primary driver of Kia's future success," Kia Motors Corporation President and Chief Executive Officer Han-Woo Park told reporters here. He said the Anantapur plant will manufacture four new models, including the Seltos, in the next two years. Overall, Kia has invested USD 2 billion in India, including USD 1.1 billion at the plant which has a capacity of 3 lakh units annually, he added. Elaborating on plans going forward, Kia Motors India Managing Director & CEO
TCS wins 2019 Pega Partner Award for Excellence in Digital Transformation
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Board of Ganges Securities approves increase in authorised capital
At meeting held on 20 June 2019
Magma Fincorp bags award for 'Best NBFC of the Year 2019'
At India Banking Summit and Awards 2019
Board of AU Small Finance Bank approves raising capital up to Rs 500 cr
At meeting held on 20 June 2019
PSP Projects wins orders worth Rs 607.04 crore
With receipt of above, the total work orders received during the financial year 2019-20 (till date) on standalone basis amounts to Rs 762.65 crore.
Manappuram Finance acquires 92.6% stake in Manappuram Comptech & Consultants
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Druva raises USD 130 mn from Viking Global Investors, NVP, others
Cloud data protection and management firm Druva Thursday said it has raised USD 130 million (over Rs 900 crore) in funding led by Viking Global Investors. The latest round, which takes the total capital raised by the company till date to USD 328 million, also saw participation from new investors including certain funds advised by Neuberger Berman and Atreides Management. Existing investors including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners also participated in the round. "The investment will be used to fuel growth and global expansion, as well as drive new product innovations...this funding will help Druva to power data protection for the cloud era, and accelerate our momentum to better serve the needs of enterprise customers," Druva founder and CEO Jaspreet Singh told PTI. He added that the data protection industry is expected to expand significantly to reach USD 55 billion by 2020. With its R&D set up in Pune, Druva offers cloud-based backup, disaster ...
Forex trading platform for retail participants ready for rollout on Aug 5: RBI
The Reserve Bank on Thursday said foreign exchange trading platform (FX-Retail) for retail participants is ready for rollout by the Clearing Corporation of India Ltd (CCIL) on August 05. As a further facility for retail clients, the RBI said no transaction charges will be levied by the CCIL on transactions of customers if the transactions do not exceed USD 50,000 per day. The FX-Retail platform can be accessed by any customer of a bank (through the website https://www.fxretail.co.in) who has a need to purchase or sell US Dollar against the Rupee for delivery on cash basis (same day), tom basis (next day) or spot basis (two days after date of transaction). Also, there is no cap on the number of transactions per customer during a day. However, the total amount of transactions of a customer will be subject to the limit assigned by its bank. Further, the size of a single transaction is not allowed to exceed USD 5 million. "A transaction charge of 0.0004 per cent shall be charged by the ...
Focus on positioning India as export hub, not chasing market share: Lenovo
Smartphone maker Lenovo Thursday said it is positioning India as an export hub and is focused on delivering profitable growth rather than chasing market share for its Lenovo and Motorola brands. The company recently exported around 1.5 lakh units to markets like Middle East and Mexico, Lenovo India Mobile Business Group Country Head Prashanth Mani told PTI. "...one of the things that we're doing in India is making India export ready...Our manufacturing strategy (is) in place. We are 100 per cent 'Made in India', we have gone one step further, we have an export-focussed strategy...," he said. He, however, declined to comment on the volume of exports that the company plans to undertake from its manufacturing unit at Sriperumbudur in Tamil Nadu. The unit has a capacity of about 12 million units and has about 4,000 workers, Mani, who is also Motorola Mobility's India MD, said. "For us, it is not about number one, number two, its more about being profitable, and that's what we want. And ...
Growth impulses have weakened significantly: Minutes of the Monetary Policy Committee Meeting
MPC expresses need for decisive monetary policy action
Rupee surges by 24p to 1-wk high on US rate cut hopes
The rupee Thursday surged 24 paise to close at a one-week high of Rs 69.44 against the US currency on the back of a rally in equities and losses in the dollar after the US Federal Reserve hinted at a possible rate cut in near future. The rupee rose to a high of 69.35 to the dollar in the day trade on the US Federal Reserve's comments that a case for a rate cut has strengthened in view of the US-China trade war and low inflation. A spike in crude oil prices after Iran said it shot down a US drone in its coastal southern province, however, checked the rupee gains. Brent crude futures, the global oil benchmark, rose by 2.67 per cent to trade at USD 63.47 per barrel on heightening tensions between the US and Iran. At the interbank foreign exchange (forex) market, the domestic currency closed up by 24 paise or 0.34 per cent at 69.44, a level not seen since June 12. The rupee had settled at 69.68 against the US dollar Wednesday. Meanwhile, the 10-year government bond yield fell to 6.79 per .
Efforts on to make India 5th largest economy in terms of GDP: President Kovind
President Ram Nath Kovind on Thursday said that work is underway in full earnest to transform India into a "global manufacturing hub" and to ensure Indian economy is among five largest in the world in terms of gross domestic product (GDP)."Keeping in view Industry 4.0, a New Industrial Policy will be announced shortly. In 'Ease of Doing Business', India has leap-frogged 65 positions during the past 5 years, from a ranking of 142 in 2014 to 77. Now our goal is to be among the top 50 countries of the world," Kovind said in his customary address to the joint sitting of Parliament.The President said that the process of simplification of rules will be further expedited in collaboration with the states and necessary amendments are also being brought in the Companies Law.Kovind further emphasised that the reform process will continue to maintain the growth rate."India is now on the way to become the world's 5th largest economy in terms of GDP. To maintain a high growth rate, the reform ...
Car Dekho opens 3 stores in Jaipur
Online car search company Car Dekho on Thursday opened three pre-owned car selling stores - Car Dekho Gaddi Store - in Jaipur, an official said. The opening of these stores is a part of an ambitious plan to establish 200 stores across India by 2020. It already has 32 stores in Delhi-NCR and Bangalore where the firm steadily built trust with consumers as a dependable, and hassle-free platform to sell pre-owned cars, Co-founder and CEO of the Car Dekho Amit Jain said at a press conference here. The company will be investing about Rs 200-250 crore this year for opening retail stores of pre-owned cars in the country. In Rajasthan, the company aims to open nearly a dozen stores in 5-7 big cities this year, he said. "We are deeply entrenched in the used car ecosystem and now want to help customers to sell their cars with the utmost ease. Our rapidly increasing operations in multiple cities reaffirm our belief in the space. We'll continue to invest our time and energy in building a trusted ..
Ex-CJI calls for stringent laws to safeguard intellectual property rights
Former chief justice of India Dipak Misra called for "stringent laws" and a "collaborative enforcement" on Thursday to safeguard intellectual property rights in the country, which is emerging as a developing economy. Speaking at a conference on "Intellectual property through collaborative enforcement" organised by the PHD Chamber of Commerce and Industry and United IPR here, he said there was a need to protect those who were creating, inventing or were busy in the field of innovations. Misra said recognition of talent and its best use in the interest of institutions was the epitome of IPR (intellectual property rights). "In the present times, the statutory regime is in force and it is in consonance with the framework of progressive countries...That is not enough. Some more stringent laws are required, because we are growing as a developing economic nation," Misra said, adding that IPR was necessary to promote inventions and innovations. "We are advancing to such a degree of ...
When energy matters - think Socomec
Socomec, a specialist in the availability, control and safety of electrical installations, announces the launch of its new brand strategy 'When Energy Matters'.For modern businesses, high availability of systems is a key influencer when it comes to delivering revenue and customer satisfaction. This makes energy - the primary driver of system availability - a critical element. As the Industry 4.0 model - comprising Business 4.0 levers such as automation, cloud, agility, and intelligence - becomes the new norm across sectors including healthcare, manufacturing, retail and BFSI, energy efficiency, quality and performance are increasingly of paramount importance.Downtime is simply not an option; ensuring that all business-critical systems and applications are always available and protected is an absolute imperative - and this is exactly what Socomec promises. A leading manufacturer of Power Conversion and switching and monitoring equipment, Socomec provides the most innovative solutions ..
