Page 2615 - Business Finance
India needs to cut import bill, switch to electric: Amitabh Kant
With 14 of the 20 most polluted global cities present in India, there is an urgent need to cut its import bill and switch the transport system from internal combustion to electric, NITI Aayog CEO Amitabh Kant said on Thursday.
Brazil's sugar exports could drop to 22 million tonnes - industry official
NEW DELHI (Reuters) - Brazil's sugar exports are likely to fall 28.6 percent in 2018/19 from a year ago to 22 million tonnes as the South American country trims production of the sweetener to raise ethanol output, a senior industry official said on Thursday.
Nissan chalks out holistic plan for India operations
Car maker Nissan Motor India Private Limited has identified its weaknesses in its Indian strategy and has chalked out a holistic plan encompassing products, people, production and technology to gain a firm ground in the Indian market, said a top company official.
Aluminium mkt will continue to face competition from imports under FTA: Ind-Ra
The domestic aluminium market will keep facing competition from continuing imports under FTA, India Ratings and Research (Ind-Ra) said Thursday. The competition may increase as the protectionist measures undertaken by the US will divert Chinese output to the rest of the world, as per the rating agency. "The domestic aluminum market will continue to face competition from continuing imports under free-trade agreements (FTA)," it said in a statement. On March 9, US President Donald Trump imposed heavy tariffs on imported steel and aluminium items, a move that has sparked fears of a global trade war. Domestic demand for aluminum improved during the first half of the current fiscal in line with its expectations and is likely to continue to improve during the second half of FY19 as well, driven by a rise in government spending on improving power transmission and distribution infrastructure in the country, Ind-Ra said. In the domestic market, it said, premiums and imports have gone up in the
Sebi imposes Rs 8 lakh fine on four persons in Saianand Commercial case
Markets regulator Sebi Thursday imposed a total fine of Rs 8 lakh on four individuals including three former directors of Saianand Commercial for disclosure lapses. The former directors -- Naresh Shivlal Rupani, Utam Ravji Gada and Ashok Shivlal Rupani -- were fined for failing to disclose to the exchanges the board's recommendation of change in management. In a separate order, Sebi fined one Sopan Maruti Shelar Rs 2 lakh for non disclosure of change in shareholding of Saianand Commercial (formerly known as Oregon Commercial Ltd). In the former directors' case, the regulator observed that the board of directors in its meeting held in July 2010 recommended change in management. However, no corporate announcement was made by the company to the exchanges regarding the board meeting and the recommendation of change in management, the Securities and Exchange Board of India (Sebi) said. "The recommendation of the board of director in regard to change in management of the company is a very .
L&T Technology Services to acquire Graphene
L&T Technology Services (LTTS) said Thursday it has signed an agreement to acquire 100 per cent stake in Bengaluru-based Graphene Semiconductor Services in an all-cash deal. The transaction is expected to be completed by October 2018, LTTS said in a statement without disclosing the deal size. Graphene is one of the fastest growing companies in the semiconductor services domain with a presence in India, Singapore, Taiwan, and Malaysia. The company provides chip design, embedded software and other solutions. The company had a revenue of Rs 66.3 crore in 2017-18.
People want electric vehicles to reduce air pollution: Survey
Eighty-seven per cent of the respondents believe that the need for reducing air pollution is the best reason to purchase an electric vehicle, a survey commissioned by Climate Trends and carried out by FourthLion Technologies showed on Thursday.
Burberry to stop burning unsold items
British luxury goods maker Burberry on Thursday announced that it will stop the practice of burning unsold goods, with immediate effect.
India will become a 10 trillion dollar economy before 2035: Union Minister Suresh Prabhu
He said that India shares an excellent and forward-looking relationship with the USA and that we will continue the constant dialogue with the US to promote greater partnership between the two nations in all avenues for mutual growth. The Minister proposed that India can set up a Special Economic Zone for US industry which will help make US-India parternship greater again. Speaking about the World Trade Organization, the union minister said that WTO needs reform, and that India can play the role of a facilitator in bringing about this reform, given its good relations with the world's countries. He said that India, the US and other countries need to work together in creating a new dynamic agenda for the multilateral institution.
Grains: Wheat ticks lower on weak export demand; soybeans firm
SINGAPORE/PARIS (Reuters) - Chicago wheat futures edged lower on Thursday, extending two days of deep losses due to a lack of demand for U.S. cargoes, but bargain-buying underpinned the market.
Exclusive: Italy preparing for first dollar bond in eight years, talking to banks
ROME/LONDON (Reuters) - Italy is making preparations to issue its first dollar-denominated bond in eight years and is talking to investment banks about setting up swap infrastructure for the deal, several sources told Reuters.
Pune-based KPIT adopts Palo Alto Networks' security platform
Global cyber security leader Palo Alto Networks on Thursday announced that Pune-based technology company KPIT has deployed its security operating platform, including its firewalls and network security management.
Mitsubishi's 1st investment in Indian real estate, infuses Rs 180 cr in Shriram Properties project
Japan's Mitsubishi Corporation will invest Rs 180 crore to acquire 70 per cent stake in Shriram Properties' residential project at Chennai, marking its maiden investment in the Indian real estate sector. Shriram Properties and an investment arm of Mitsubishi Corporation have signed definitive agreements for partnership in an ongoing large residential development project in Chennai, the realty firm said in a statement. As per the agreement, Mitsubishi arm is investing about Rs 180 crore towards 70 per cent stake in an ongoing residential project named 'Shriram Park 63'. The project has over 1,450 residential units and 2 million square feet of saleable area. Shriram has already pre-sales of over 25 per cent of the project that has revenue potential of over Rs 1,000 crore in next 3-4 years. Commenting on the transaction, Shriram Properties MD M Murali said: "Mitsubishi is another significant addition to the list of marquee partners of Shriram Properties' projects. With positively ...
Electric vehicle segment to stabilise in India over next 5 years: M&M
Mahindra & Mahindra (M&M) expects the electric vehicle segment to stabilise in India over the next five years with vehicle prices coming down due to reduction in battery cost, a top company official said Thursday. Speaking at the annual convention of SIAM, M&M Managing Director Pawan Goenka said with EV prices coming down and demand picking up for such vehicles, subsidy requirements would come down over a period of time. "For commercial viability of eIectric vehicles, I think we will need FAME scheme for the next 3-4 years," Goenka said. Elaborating further, he added that battery cost is coming down and in the last two years it has already come down by 20-25 per cent. "I expect another 20-25 per cent reduction from now to next two years. I think we would not require FAME and that according to my estimates will take four years. After this scheme of five years we should not require FAME for vehicles," Goenka said. The second phase of the Faster Adoption and Manufacturing of
Connect2India starts operations in 5 countries in EU to help MSMEs access new mkts
World trade information provider Connect2India today said it has started operations in Germany, France, Belgium, Italy and Spain to help domestic MSMEs access these markets. "Europe is India's top trading partner and local presence in this market would not only build confidence for exporters and importers on both sides but also help create new global opportunities for Indian SMEs by addressing the language and cultural barriers," Connect2India CEO Pawan Gupta said in a statement. The company would now provide all trade related information to micro, small and medium enterprises (MSMEs) in these five countries, he added. The company is providing such services to MSMEs from several cities in the country. He said this segment of exporters needs support and hand-holding at every step. He added that as per the estimates of the World Trade Organization (WTO), global exports would grow at a healthy rate. "This means more demand in the global markets, which eventually means more opportunities .
i2iFunding receives NBFC-P2P certification from RBI
India's second largest peer-to-peer lending platform, i2ifunding.com on Thursday announced receiving of Certificate of Registration (CoR) as NBFC-Peer to Peer Lending Platform (NBFC-P2P) from Reserve Bank of India (RBI).The central bank had issued master directions on in 2017, as per which each player in Peer-to-Peer Lending platforms are required to register as Non-Banking Financial Company (NBFC-P2P).i2iFunding.com is one of the pioneers of P2P Lending in India and has more than 80,000 registered users. It is backed by SucSEED Venture Partners and angel investors comprising industry veterans."We are thrilled to receive the certificate. We are now officially an NBFC-P2P. This is a testament of hard work we have put in last two and half years to create one of the most innovative and customer centric Peer to Peer Lending platforms in India. This certification will certainly boost credibility of our platform and will help us increase our penetration across India," said co-founder ...
Indian rupee to languish around 70 per dollar a year from now: Reuters poll
BENGALURU (Reuters) - India's battered rupee, which has lost more than 12 percent this year, will hover near record lows on a worsening trade balance and at best only pare some of those losses in the coming 12 months, a Reuters poll found.
FPIs turn net sellers
Net outflow of Rs 321.36 crore on 5 September 2018
Indian rupee breaches 72 to the dollar, markets worry over mild RBI intervention
MUMBAI (Reuters) - The Indian rupee fell sharply against the dollar on Thursday, despite gains by other Asian peers, as investors worried about the pace of its fall and a lack of strong intervention by the Reserve Bank of India (RBI).
Monetary limit for filing cases in DRT doubled to Rs 20 lakh
The government Thursday doubled the pecuniary limit to Rs 20 lakh for filing loan recovery application in the Debt Recovery Tribunals (DRT) by banks and financial institutions. The move is aimed at helping reduce pendency of cases in DRTs. There are 39 DRTs in the country. The Central government has raised "the pecuniary limit from Rs 10 lakh to Rs 20 lakh for filing application for recovery of debts in the Debts Recovery Tribunals by such banks and financial institutions," said a Finance Ministry notification. As a result, any bank or financial institution or a consortium of banks or financial institutions cannot approach DRTs if the amount due is less than Rs 20 lakh. As per RBI data on global operations (with provisional data as on March 2018), aggregate amount of Rs 3,98,671 crore was written-off by banks over the last four financial years. Over the same period, their NPAs reduced by Rs 2,57,980 crore due to recoveries. Banks and financial institutions' recovery of dues takes ...