Page 2626 - Business Finance
VAT on petrol, diesel in Meghalaya less: CM
Chief Minister Conrad Sangma on Wednesday hinted that there would be no reduction in Value Added Tax on petrol and diesel in Meghalaya despite record fuel prices.
Jindal Stainless to tap opportunities in automotive sector
The country's largest stainless steel maker Jindal Stainless Ltd (JSL) will tap the growing business opportunities in the domestic automotive industry, a company official said Wednesday. "The Indian passenger vehicle manufacturing industry became the fourth largest in the world, with sale increasing to 4.02 million units in 2017. Overall, auto sector consumes nearly 2 lakh tonne of stainless steel in a year. "The Indian automobile sector is pegged to grow at a rate of 15 per cent per annum, providing enough scope of growth to domestic producers of stainless steel. Jindal Stainless is eyeing the auto sector in a big way. The company plans to triple its supplies towards this segment in the next 5 years," Vijay Sharma, Head Sales, Jindal Stainless said in a statement. At present, domestic automotive sector's 60 per cent demand of stainless steel is met through JSL, Sharma added. The company supplies stainless steel to major auto players like Honda Group, Yamaha, Bajaj, Ashok Leyland, ...
Oil drops below $78 as supply concern eases, demand worries mount
LONDON (Reuters) - Oil fell below $78 a barrel on Wednesday as a U.S. Gulf tropical storm weakened and moved away from oil-producing areas and concern about weakening global demand added downward pressure.
'India's overall steel trade balance may improve on weak Re'
Sharp depreciation in the rupee is likely to help the domestic steel industry lower imports and boost exports in the coming months, which in turn may improve the country's overall steel trade balance, a report said. The weaker rupee is also likely to translate to higher landed cost of steel imports, which in turn should support domestic prices, rating agency Icra said in its report. The domestic currency's unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.75, down 17 paise against the US currency as surging oil prices and weak trend in emerging market currencies weighed on sentiments. Icra noted that in the first quarter of FY19, steel exports dropped by over 33 per cent, whereas imports grew by over 11 per cent, and consequently the country turned a net steel importer, after having been a net exporter for the last two years. While the consumption levels are likely to ease in a seasonally weak second quarter, the ...
E-mobility to be preferred mode of road transport by next decade: Kant
Electric-mobility will be preferred mode of road transport in India by next decade and the challenge for the country was to battery-charge all types of vehicles, Niti Aayog CEO Amitabh Kant said Wednesday. Kant, at an event organised by Ficci, said that at present 76 per cent of all vehicles sold are 2-wheelers, which consumed 64 per cent of fuel and accounted for 30 per cent of pollution, while 3-wheelers caused 5 per cent of pollution. "In addition, 70 per cent of goods transportation was on lorries, which too were a major contributor to vehicular pollution. "The challenge for the country was to battery-charge all modes of road transport vehicles, and therefore, it was imperative to substitute fossil fuels with cleaner alternative fuels for both inter-city and intra-city movement of vehicles," Kant said. Businesses need to seize the opportunities that are set to emerge from the e-mobility and sharing of vehicles space, and rise to the challenge of R&D for developing technologies
Equity indices fall; consumer durable stocks slump (Roundup)
The key Indian equity indices ended on a negative note for the sixth consecutive trading session on Wednesday, weighed down by a plunge in the Indian rupee and broadly negative global cues.
IKEA Hyderabad store suspends sale of Veg Biryani, Samosa
: IKEA India Wednesday said it has stopped selling vegetable biryani and samosa in its 1,000 seater restaurant located at its store here, days after a customer allegedly found a worm in the food served to him. In an embarrassment for the recently opened IKEA store, a man allegedly found the worm in the vegetable biryani served to him, prompting the Greater Hyderabad Municipal Corporation (GHMC) to issue a notice to the firm on August 31. "IKEA India has voluntarily stopped sales of two of its most appreciated products - vegetarian biryani and samosa, sourced locally in India. IKEA follows strong internal processes to secure quality and takes full responsibility for its supply chain. IKEA India has initiated an internal review in order to take any corrective actions as needed," the company said in a statement. The Swedish furniture maker said it takes food safety and quality very seriously and customer health is always a priority. During the first month of operation, IKEA .
Only ten out of 15 legacy documents can be relied upon for inclusion in Assam NRC: Report in SC
Following is the list of ten legacy documents in List-A of claim form to be relied upon for inclusion in the NRC as per the report of state National Register of Citizens (NRC) coordinator Prateek Hajela given in the Supreme Court on Wednesday: * Land documents like Registered Sale Deed, Records of land rights up to March 24, 1971 (midnight). * Permanent Residential Certificate issued from outside the State up to March 24, 1971 (midnight) * Passport issued by the Government of India up to March 24, 1971 (midnight) * Life Insurance Corporation of India Insurance Policy (LICI) of relevant period up to March 24, 1971 (midnight) * Any licence/certificate issued by any government authority of relevant period i.e. up to March 24, 1971 (midnight). * Document showing service/employment under Government/Public Sector undertaking up to March 24, 1971 (midnight) * Bank/Post Office Accounts of relevant period i.e. up to March 24, 1971 (midnight). * Birth Certificates issued by the competent ...
PACL case: Sebi to auction luxury vehicles
Moving ahead with its efforts to recover investors' money in the PACL case, markets regulator Sebi has decided to put on sale three luxury vehicles owned by the company. The move comes after the regulator had in July directed to auction 28 vehicles owned by the firm. PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected funds worth crore of rupees through illegal collective investment schemes over a period of 18 years. Pursuant to a Supreme Court order, Sebi had set up a high-level committee to ensure that refunds are made to the genuine investors after sale of attached PACL assets, including vehicles. The panel, chaired by former Chief Justice of India R M Lodha, is overseeing the process of disposing of assets to refund money to investors after verifying their genuineness. "The PACL committee has decided to auction three vehicles belonging to PACL," the Securities and Exchange Board of India (Sebi) ...
Board of Superior Finlease approves appointment director
At meeting held on 05 September 2018
Srei consolidated Q1 net up at Rs 139cr
Srei Infrastructure Finance Limited reported a consolidated net profit of Rs 139 crore, up 114 per cent in the Q1 period ended June 2018, the company said Wednesday. The company had posted Rs 65.15 crore net profit in the corresponding period last year. Disbursement was Rs 5,941 crore during the quarter under review, a rise of 35 per cent over the corresponding period last year. "Overall there has been improvement in the business as projected earlier. There is a general feeling of shyness towards the infrastructure sector by banks and non-banking financial institutions. "But our focus has been on the infrastructure industry and we have retained our leadership position in the sector," Srei chairman and managing director Hemant Kanoria said.
U.S. trade deficit rises to five-month high on declining exports
WASHINGTON, (Reuters) - The U.S. trade deficit increased to a five-month high in July as exports of soybeans and civilian aircraft declined and imports hit a record high, suggesting that trade could be a drag on economic growth in the third quarter.
Concept Hospitality to add 34 new hotels by 2019
Hotels firm Concept Hospitality is planning to add 34 new properties by the next calendar year, a top company executive said. While one property will be in Nepal, the others will be in India. "We currently have 55 operational properties and 34 are in the pipeline. Of this, we are looking to open 16 this year," Concept Hospitality chairman and managing director Param Kannampilly told PTI Wednesday on the sidelines of the three-day 'Food and Hotel India Expo'. This expansion is part of its target of have 100 hotels and 4,000 rooms by 2020, he added. The company is looking for opportunities in tier-II and III cities, including industrial towns, district headquarters of major states and tourist spots. With an overseas presence in Nepal and Seychelles, the company is now scouting for opportunities in Africa, the South East Asia and the US. "As a contract management company, we are always looking for opportunities to expand our presence both in India as well as overseas. We ...
Wall Street set to open lower on tariff woes, social media stocks in focus
(Reuters) - U.S. stocks were set to open lower on Wednesday, as investors weighed the likelihood of President Donald Trump going through with plans to slap a fresh round of U.S. tariffs on Chinese goods right after a public comment period ends on Thursday.
Ram Venkataramani takes over as ACMA President
Ram Venkataramani, Managing Director, India Piston Rings, has taken over as the new president of Automotive Component Manufacturers Association of India (ACMA), a release issued Wednesday said. Lumax Industries Managing Director Deepak Jain has taken over as Vice President for the term 2018-19. "In an industry where change is the only constant, I am confident that with the support of the government and all our stake holders, we will not only overcome the challenges but also harness the newer opportunities that arise due to the technological transformations in the automotive industry," Venkataramani said in a statement.
Cos raise Rs 1.11 lk cr via preferential allotment in Apr-Jul FY'19
Indian firms mopped up Rs 1.11 lakh crore through issuance of shares on preferential basis during April-July period of the ongoing financial year, registering more than 11-fold jump over the year-ago period. The firms had garnered Rs 9,598 crore during the corresponding period of 2017-18. The funds mobilised during the reported period were also higher than the amount raised during the entire 2017-18, when the companies could manage to garner only Rs 59,500 crore. According to the data available with the Securities and Exchange Board of India, the companies had raised Rs 1,11,173 crore during the first four months of 2018-19, through preferential allotment of shares. The funds were garnered for business expansion, refinancing of debt, working capital requirements and other general corporate purposes. Preferential allotment serves as an alternative mechanism of resource mobilisation wherein a listed issuer issues shares or convertible securities to select persons or entities. While the .
Route Mobile forays into RCS A2P business messaging space
Route Mobile Ltd., leading global cloud-communications platform service provider to enterprises, over-the-top (OTT) players and mobile network operators, has announced strengthens its offering into Google's Early Access Program for Rich Communication Services (RCS) business messaging.Since its incorporation in 2004, Route Mobile has delivered innovative solutions and adopted quickly to emerging technologies in the rapidly growing cloud communications space. Marking another milestone.RCS on Android helps brands to deliver more advanced experiences to users. It allows brands to send interactive, useful and effective messages to its customers, like images of their products, GIFs, videos, location to the nearest point of sale (POS) and even allow customers to browse and buy products/pay without leaving the messaging app. Retailers can now demonstrate products, airlines can handle bookings and banks can process banking transactions - all over messaging. It's the power of an app, with the ..
Goldman drops bitcoin trading plans for now: Business Insider
(Reuters) - Goldman Sachs Group Inc is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future as the regulatory framework for crypto remains unclear, Business Insider reported on Wednesday, citing people familiar with the matter.
World's biggest sovereign fund pleads to save oceans
Companies should be doing more to protect the world's oceans, including combatting plastic waste pollution, Norway's sovereign wealth fund, the world's biggest, said on Wednesday. "The ocean is a vital part of the biosphere and an important part of the global economy," said Yngve Slyngstad, the head of the fund valued at 8.66 trillion kroner (890 billion euros, USD 1.03 trillion). "We expect companies to manage the challenges and opportunities related to sustainable use of the oceans," he added. A heavyweight on the global finance scene, the Government Pension Fund Global published a document outlining what it expects from the 9,000 companies in which it holds stakes. Among other things, it urged them to integrate environmental ideas into their business strategies, suggesting for example that plastics producers plan a transition to a "circular economy" frugal in raw materials, and that fisheries companies incorporate forecasts on future stocks in their planning. The recommendations ...
Zomato acquires TongueStun
Zomato, Food delivery platform, has announced acquisition of TongueStun - India's largest player in the Food at work segment.TongueStun, which has steadily grown into a formidable eco-system, operates across six cities including Bangalore, Mumbai, Chennai, Hyderabad, Gurgaon/Noida, and Pune and caters to over 1500 companies."Manju founded TongueStun in 2012 and has been leading TongueStun through a string of challenges to bring it to its leadership position today. We've been in talks with him and his core team for quite some time. For us, this acquisition is about the team, as much as it is about the business. I am excited to have Manju join the core team at Zomato and build out an important part of our business strategy going forward," said Deepinder Goyal, founder and CEO, Zomato.TongueStun is the largest company in this space in the country, and serves hundreds of mid-large sized companies - including IBM, Accenture, E&Y, Sony, Genpact, 3M, Mindtree and Deloitte. Zomato will ...