Page 2614 - Business Finance
C P Gireesh joins ESAF Small Finance Bank as CFO
C P Gireesh has been appointed Chief Financial Officer of ESAF Small Finance Bank with immediate effect. Prior taking up the new role, he served South Indian Bank as its CFO, a release from the ESAF Thursday said. Gireesh who has over two decades of experience had served Steel Authority of India Ltd at their Rourkela plant in Odisha as junior manager- finance and accounts. He also served in investor relations, finance and accounting divisions, the release added.
only policy formation not enough, implementation is key: Geete on future mobility
Heavy Industries minister Anant Geete said Thursday that only policy formation is not enough and importance must be given to implementation, amid calls for stable policy from the auto industry. Speaking at the annual convention of the Society of Indian Automobile Manufacturers (SIAM), the minister admitted that Indian auto industry was among the most highly taxed sectors and the government is preparing a comprehensive auto policy to address various issues faced by the industry. "Only framing of policy isn't enough. We have to be aware of how to implement the policy," Geete said. Various leaders from the automotive industry have soughtstable long-term policy and clear road map to prepare for future mobility, saying it would help companies plan their investments. Geete further said any policy related to the auto industry should not be done in a hurry. "We are coming up with a comprehensive auto policy which will address all the concerns of the industry," he said. The minister also asked
Gold, silver rise on good buying, global cues
Gold prices climbed by Rs 320 per 10 gram at the bullion market here today on increased buying by jewellers and retail consumers amid bullish global cues. Silver prices, too, attracted increased buying support from industrial units. Standard gold (99.5 per cent purity) moved up by Rs 320 to close at Rs 30,585 per 10 gram from Wednesday's closing level of Rs 30,265. Pure gold (99.9 per cent purity) also rose by a similar margin to end at Rs 30,735 per 10 gram as against Rs 30,415 previously. Silver (.999 fineness) climbed by Rs 405 per kg to close at Rs 36,820 as compared to Rs 36,415 earlier. Globally, gold clawed higher, propelled by a weaker dollar, short-covering and physical buying in Asia. Spot gold was up by 0.6 per cent at USD 1,203.35 an ounce in an early trade, after rising 0.5 per cent in the previous session. Among other precious metals, spot silver gained 0.8 per cent to USD 14.27.
Gold gains on short-covering, softer dollar
LONDON (Reuters) - Gold clawed higher on Thursday, propelled by a weaker dollar, short-covering and physical buying in Asia.
Rupee tumbles for 7th day; breaches 72-mark on global headwinds
The rupee's woeful run continued for the seventh straight session as worries on macroeconomic economic front and rout in emerging market currencies pulled the Indian unit below the historic 72-level for the first time ever. The domestic currency plunged to 72.11 to the dollar at one point during the day's trade before closing at 71.99, showing a steep 24 paise fall. The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit. Besides, escalation in global trade war tiff too weighed on sentiments. But primarily it was weakness in emerging market currencies overseas which boosted the dollar, resulting in a duress for the domestic currency. "Markets are expecting some support from policy makers in terms of a separate window for OMCs and more relaxation on buyers credit and ECB guidelines. RBI intervened at various levels but was not very effective to contain the (rupee) ...
Bajaj Auto to up 3-wheeler, quadricycle capacity to 1-mn a yr
Bajaj Auto Thursday said it plans to expand its 3-wheeler and quadricycle capacity to one million per year following the government's decision to exempt EVs and automobiles run on alternative fuel from permit requirements. The Pune-based auto major is the market leader with 86 per cent market share in the alternate fuel 3-wheelers. "Bajaj will shortly enhance its production capacities of 3-wheelers and quadricycles to one million per year," Bajaj Auto said in a statement. According to them, the demand for 3-wheelers in the country has seen a surge in the past 12 months owing mainly to permits released in Maharashtra, Karnataka, AP and Delhi, Bajaj Auto Ltd (BAL). Earlier in the day, addressing the SIAM (Society of Indian Automobile Manufacturers) convention in New Delhi, union transport minister Nitin Gadkari announced that electric vehicles (EVs) and all vehicles including auto rickshaws, buses, taxis run on alternative fuel will no longer require permits. The decision
Canada's JAMP Pharma to set up CoE in Hyderabad
Canadian generic drug manufacturer JAMP Pharma will be setting up its biggest centre of excellence for R&D and manufacturing of export quality drug formulations and will invest around Rs 250 crore. According to an official release, the firm which will come up in the Genome Valley cluster here, is expected to generate 2,000 direct jobs over the next 24 months. Telangana IT and Industries Minister KT Rama Rao assured the company of complete support from the Telangana government. The city-based GeneSys Biologics, a specialty biotech company engaged in R&D of advanced biosimilars also announced the inauguration of its state-of-the-art biotechnology manufacturing facility in the Genome Valley. Rama Rao Thursday unveiled several new projects in Genome Valley to the tune of Rs 800 crore, the release said.
Wall Street opens flat as trade worries linger
(Reuters) - U.S. stocks opened flat on Thursday, weighed down by concerns that the Trump administration would make good on its plan for fresh China tariffs and as energy stocks dropped.
CBS board in $100 million exit negotiations with CEO Moonves - CNBC
(Reuters) - Media company CBS Corp's board is in settlement talks with Chief Executive Officer Les Moonves and has offered about $100 million exit package, CNBC reported, citing people familiar with the negotiations.
Chaayos raises USD 12Mn From Saif Partners, Integrated Capital & Pacatolus
Cafe chain, Chaayos on Thursday announced raising funds worth USD 12 million in Series B round of funding from venture capital firm SAIF Partners, Integrated Capital and Pacatolus.The investment which aims to fuel growth plans, will enable Chaayos to expand its retail footprint in existing markets of Delhi-NCR, Mumbai and Chandigarh.This infusion of funds will be used to strengthen its foothold in the already existing markets by introducing more cafes.Over the last five years, Chaayos has established itself as a fast-casual dining chain, with a steady growth of over 52 cafes across 7 cities. The company also witnessed a healthy contribution from its deliveries (20%) and food business (45%), to the overall company revenues."Within a short span of its launch, the brand has grown exponentially with 42% MoM customer repeat business. As we embark on our next phase of growth, we aim to further consolidate our presence in existing markets with new outlets across cities," said founder and CEO
Chaayos raises $12 mn from SAIF Partners, others
Tiger Global-backed tea cafe chain Chaayos has raised USD 12 million (approx Rs 85 crore) in funding from venture capital firm SAIF Partners, Integrated Capital and Pactolus. Previously, Chaayos had raised USD 7 million from Tiger Global. Chaayos is the only non-tech investment of Tiger Global. "This investment (series B round of funding) will fuel growth plans of Chaayos as it expands its retail footprint in the existing markets of Delhi-NCR, Mumbai and Chandigarh," the company said in a statement. Within a short span of its launch, the brand has grown exponentially with 42 per cent month-on-month customer repeat business, it said. "As we embark on our next phase of growth, we aim to further consolidate our presence in existing markets with new outlets across cities," Chaayos Founder and CEO Nitin Saluja, said. Chaayos has over 52 cafes across seven cities.
Xiaomi likely to create dedicated team for Poco sub-brand
Chinese handset maker Xiaomi will likely put in place a dedicated team for its new sub-brand 'Poco', aimed at the premium smartphone market, a company source said on Thursday. "Xiaomi will have a separate team for the Poco sub-brand, though it will continue to leverage the company's existing marketing infrastructure," the source said. The 'Poco-F1' is the first handset from the Xiaomi sub-brand, and the company is planning to keep it limited to online sales for now in order to maintain aggressive pricing, he said. Xiaomi has already achieved 30 per cent of its total handset sales from the offline route within a year of introducing the channel, Chief Marketing Officer Anuj Sharma said here. He, however, did not speak about offline sales targets. Xiaomi has offline presence in some 40 cities with various marketing channels and expects to increase the number in future. Sharma was in the city to launch three smartphones under the new Redmi 6 series, a day after its national
U.S. weekly jobless claims fall to near 49-year low
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment aid fell to near a 49-year low last week and private payrolls rose steadily in August, pointing to sustained labor market strength that should continue to underpin economic growth.
Emerging market currencies due a bounce after crazy August: Reuters poll
JOHANNESBURG (Reuters) - Many emerging market currencies, which have had a torrid few months, will bounce back at least partially against the dollar in a year as weakening growth momentum takes the shine off the greenback, a Reuters poll found.
Weaker dollar lifts oil prices, but demand outlook cloudy
LONDON (Reuters) - Oil rose on Thursday, encouraged by a weaker dollar and evidence of strong U.S. fuel demand, though demand prospects remain clouded by the turmoil engulfing emerging markets and an escalation in the U.S. trade dispute with China.
Statkraft looking to invest more in hydropower in India - CEO
OSLO (Reuters) - Norwegian power producer Statkraft is looking to expand its investments in hydropower in India, where demand for electricity is growing rapidly, its chief executive said on Thursday.
Airtel Payments Bank enables card-less withdrawal at ATMs
Airtel Payments Bank customers would be able to withdraw cash at over lakh ATMs across the country without using the debit or credit card, the bank said in a statement.
Mazgaon Dock to diversify into exports & vessel repairing
State-run warships and submarine builder Mazgaon Dock Shipbuilders (MDS) is aiming to diversify into exports and vessel repairing, and also creating a facility at nearby Nhava, a senior official said Thursday. The company, which is reportedly aiming to raise up to Rs 850 crore in divestment for the government through an initial public offering (IPO) soon, is completely dependent on the defence ministry for its business at present. It has an order book of Rs 52,000 crore, including four P-15 bravo destroyers, seven P-17 frigates and five of the remaining Kalvari-class Scorpene submarines. Its director Capt Rajiv Lath said while the margins for the shipbuilding are capped at 7.5 per cent, the same for repairs and also exports are higher, which makes both the segments endearing from a profitability perspective. "We are looking for exports of ships, including commercial ships and ship repairs in a big way," he said. Another company official added that a delegation from Egypt .
Launching two models, Caterpillar targets the excavator market
Global construction equipment major Caterpillar in order to gain a sizeable share in the growing excavator market has launched two new models in the 20-ton capacity category, said a senior official.
Mitsubishi to invest Rs. 180Cr in real estate investments in India
Shriram Properties and investment arm of Mitsubishi Corporation, Japan (Mitsubishi), on Thursday announced their partnership for an ongoing large residential development project in Chennai.Mitsubishi, which marks its entry into the Indian real estate sector with this tie-up, will invest Rs.180 crores towards 70 percent stake in an ongoing residential project named "Shriram Park 63" in Chennai.Under the terms of the agreement, the project is being developed on a prime land at GST Road in Chennai, with over 1,450 residential units and two million square feet of saleable area."We are pleased to have a global giant like Mitsubishi as our partner and be part of their maiden investment in the residential sector in India. Mitsubishi is another significant addition to the list of marquee partners of Shriram Properties' projects. With positively changing industry landscape and improving market outlook, timing is appropriate for accelerating the development and leveraging best of both companies