Page 2625 - Business Finance
Lithium producer Albemarle eyes buying rival if IPO stumbles -source
(Reuters) - Albemarle Corp, the world's largest lithium producer, could buy FMC Corp's lithium division if the smaller rival's initial public offering stumbles this fall, a senior executive told investors at an event in June, according to a source who attended.
Srei Infra Finance Q1 net jumps 2-fold to Rs 140 cr
Srei Infrastructure Finance Ltd Wednesday reported an over two-fold rise in its consolidated net profit at Rs 139.55 crore for the quarter ended June. The company's net profit in the corresponding April-June period of 2017-18 stood at Rs 65.15 crore. The standalone profit after tax (PAT) was at Rs 30.18 crore during the first three months of this financial year as compared to Rs 21.05 crore in the corresponding period of last year. The consolidated assets under management stood at Rs 49,390 crore as on June 30, 2018 as against Rs 39,766 crore a year earlier, a company statement said. Consolidated disbursements during the quarter ended June 2018 was Rs 5,941 crore as compared to Rs 4,406 crore earlier. Sameer Sawhney, chief executive officer, Srei has resigned from his position in order to devote time to his family based in Singapore, the company said. The company also announced appointment of Balaji Viswanathan Swaminathan as additional director (non-executive and non-independent) on .
Want to make Maharashtra a logistics hub of India: Fadnavis
Maharashtra Chief Minister Devendra Fadnavis Wednesday said he wants to make the state a logistics hub of the country to tap the growing investments in the sector following the introduction of GST. The entire country has been integrated to become a single market place now and logistics is the fastest growing sector in the country, Fadnavis said at an USIBC event here. "We have also been investing to help the logistics sector and I want Maharashtra to be the logistics hub of India," he said. He said 60 per cent of the state's hinterland is now connected with the country's largest container port Jawaharlal Nehru Port Trust located in the Mumbai metropolitan region. The state is also creating three dry ports at Wardha, Nashik and Jalna, from where farmers and other exporters will be able to directly send goods that shall ship out from JNPT, he said. The chief minister said the state is also constructing the country's longest expressway, a 700-km road connecting its capital .
21.96 pc growth in revenue in TL in first 5 months of 2018-19
Telangana has achieved a growth rate of 21.96 per cent in revenue in the first five months of financial year 2018-19, the state government said Wednesday. "During the first five months from April to August 2018 in the 2018-19 financial year, the state has achieved 21.96 per cent Growth Rate. As against the revenue of Rs 21,642.02 crore in 2017-18 financial year in the first five months, the revenue in the same period during 2018-19 financial year touched Rs 26,394.18 crore," a release from the Chief Ministers Office said. Since the formation of Telangana (in June, 2014), the state has recorded a revenue growth of 17.17 per cent on an average, it said. After formation of Telangana State, the first four financial years state recorded a revenue growth rate of 17.17 per cent on an average every year," the release said.
Govt makes PMJDY open-ended scheme
The government Wednesday decided to make the Pradhan Mantri Jan Dhan Yojana (PMJDY) an open-ended scheme and added more incentives to encourage people to open bank accounts. Briefing reporters about the cabinet decision, Finance Minister Arun Jaitley said as the scheme has been a "runway success", the government has decided to make it an open-ended scheme, meaning that it will continue indefinitely. The PMJDY was launched in August 2014 for a period of four years as a national mission for financial inclusion to ensure access of financial services like bank accounts, insurance and pensions to the masses. To make the scheme more attractive, the government has decided to double the overdraft facility from Rs 5,000 to Rs 10,000, the minister said. He further said that 32.41 crore accounts have been opened under the scheme and as much Rs 81,200 crore has been deposited in them so far. Jaitley said 53 per cent of the PMJDY account holders are women, while 83 per cent of the accounts are ...
Gutka Scam: CBI conducts searches across India
The Central Bureau of Investigation (CBI) on Wednesday conducted searches in several locations across the country.A total of 35 locations were raided by the investigation agency. The raids were carried out in Chennai, Tiruvallur, Thoothukudi, Puducherry, Bengaluru, Mumbai and Guntur.The places searched are residential premises of the promoters/directors of a company and other public servants including officials of Sales Tax Department, Customs & Central Excise, Food Safety & Drug Administration Department and jurisdictional police officials.The CBI had registered the case on the orders of the Madras High Court dated April 26. The High Court had directed the agency to conduct investigation into all aspects of the offence of alleged illegal manufacture, import, supply, distribution and sale of gutka and other forms of chewable tobacco which are banned in Tamil Nadu and the Union Territory of Puducherry.It was alleged that one private company based in Tamil Nadu was in the ...
Tata most 'consumer-focussed' brand in India, Patanjali 24th: Report
Salt-to-software conglomerate Tata is India's most "consumer-focussed" brand, said a TRA Research report released on Wednesday.
'Make in India' boost in Schneider Electric buying L&T's E&A arm
Engineering conglomerate Larsen and Toubro's (L&T) sale of its electrical and automation (E&A) division to the French multinational Schneider Electric will spur growth in domestic manufacturing, Commerce Minister Suresh Prabhu said on Wednesday.
BEL bags order to supply surface-to-air missiles
State-run Bharat Electronics Ltd (BEL) on Wednesday said it has bagged an order worth Rs 9,200 crore for supply of seven Long Range Surface-to-Air Missile (LRSAM) systems to Mazagon Dock and Garden Reach Shipbuilders and Engineers.
HC grants time to Centre to decide Vedanta's plea on Barmer oil pact extension
The Delhi High Court on Wednesday granted time to the Centre to decide Vedanta Ltd's application for extension of the production sharing contract (PSC) to produce oil from a Rajasthan block. A bench of Chief Justice Rajendra Menon and Justice V K Rao allowed the Centre's plea seeking two months time to comply with the court's July 3 order asking the government to "decide or process" within that period Vedanta's application for extension of the PSC under its new policy of April 2017 for such contracts. "We allow the application granting time. The government shall comply with the order preferably within four weeks but in any case, not more than eight weeks," the bench said, making it clear that it was granting final opportunity to the Centre. The division bench had earlier put on hold its single judge's order directing the Centre to extend till 2030 its PSC with Vedanta and ONGC to produce oil from the Rajasthan's Barmer block. The interim order had come on the Centre's appeal against ..
Sebi to take holistic view on FPI matter; panel meets stakeholders
Amid concerns among some FPI groups, markets regulator Sebi Wednesday said it will review the proposed new norms for foreign investors and take a holistic view after taking into account views of all stakeholders, including the government. The regulator has already constituted a working group headed by former RBI Deputy Governor H R Khan to look into the various issues raised by foreign portfolio investors (FPIs), including those about Know Your Client (KYC) requirements and disclosures about beneficial ownership. In a statement, Sebi said that the working group has heard various stakeholders, held consultations and is in the process of giving its recommendations. The ministry of finance has also been consulted on this. "Based on these inputs, Sebi would review the matter and shortly take a holistic view," it added. Sources said that the Khan committee met Wednesday with various stakeholders. The proposed regulatory move, for which Sebi recently extended the deadline till December, ...
Fox invests $100 million in broadcasting platform Caffeine
(Reuters) - Twenty First Century Fox said on Wednesday it made a $100 million investment in social broadcasting platform Caffeine.
SEBI says will review tighter norms on foreign funds
NEW DELHI (Reuters) - The Securities and Exchange Board of India (SEBI) on Wednesday said it would review an order tightening rules on foreign funds ownership by entities of Indian origin, after some fund managers said it could lead to massive dollar outflows.
Bayer cuts forecasts on Monsanto delay as lawsuits pile up
FRANKFURT (Reuters) - Bayer cut its earnings forecast on Wednesday due to delays to its $63 billion takeover of Monsanto, and said sales of its consumer care products fell, hitting its shares, already reeling from a legal battle over the weed killer Roundup.
Facebook, energy stocks bog down Wall Street, tariff woes loom
(Reuters) - U.S. stock indexes were lower on Wednesday, weighed down by Facebook, energy stocks and concerns over the possibility of President Donald Trump going through with plans to slap new tariffs on Chinese goods as early as this week.
Walmart trials grocery delivery to rival Amazon Flex
(Reuters) - Walmart Inc is testing whether independent drivers could deliver its groceries as the retailer races to meet its goal of offering home delivery to more than 100 U.S. cities by the end of the year.
Corrected: Fox invests $100 million in broadcasting platform Caffeine
(Reuters) - Twenty First Century Fox said on Wednesday it made a $100 million investment in social broadcasting platform Caffeine.
Agreement signed for military aviation service centre in Hyderabad
India-based Space Era Materials and Processes and Russias KRET, a part of Russian state corporation Rostec, have signed an agreement to set up a service centre for military aviation in Hyderabad.
Snapdeal looks for AI experts through hackathon to tackle e-commerce challenges
Online marketplace Snapdeal Wednesday announced an 'AI Hackathon' aimed at developing solutions based on the new-age technology that can help address challenges related to the e-commerce sector. "This competition challenges participants to solve interesting problems around computer vision and natural language processing. The winner will be selected based on his/her ability to solve the real world business problems," Snapdeal said in a statement. Some of the key issues that could be taken include the ability to personalise search results to suit individual customer's requirements and minimisation of fraud on e-commerce platforms. As part of the 30-day competition, which begins September 10, the winner would have to beat the algorithm built by the internal team at Snapdeal as well as that built by other contestants. Apart from a cash prize, the winner will also have an opportunity to join Snapdeal's AI team. Once a major player in the Indian online marketplace segment, Snapdeal was ...
Machilipatnam port work to begin this month
The work on the proposed deep water port here would begin by this month end, Andhra Pradesh Deputy Chief Minister N Chinna Rajappa said Wednesday. The foundation stone for the project would be laid by Chief Minister N Chandrababu Naidu, who was keen on launching the first ship from the port within one year, he said on the sidelines of a function here. The green-field, deep-water and all-weather multi-purpose port at Machilipatnam is being developed by Machilipatnam Port Limited (MPL) as a public private partnership project on build, own, operate transfer basis.