Page 2638 - Business Finance
India plans relief package for airlines as forecast losses mount
NEW DELHI (Reuters) - India said on Tuesday it was working on a relief package for its airline industry, which is forecast to lose up to $1.9 billion this financial year due to rising costs and low fares.
Holiday Inn Express expands India footprint with launch in Gurugram
British multinational hospitality major InterContinental Hotels Group (IHG) Tuesday launched the first Holiday Inn Express hotel in Gurgaon in partnership with hotel asset firm SAMHI. Under IHG's partnership with SAMHI for a portfolio of 14 Holiday Inn Express hotels, this property will be the first to open its doors to guests on September 15. The global hospitality chain and SAMHI had entered into a partnership in 2017 to rebrand the latter's 14 hotels to Holiday Inn Express. Commenting on the development, IHG SWA Regional V P Vivek Bhalla said: "Our growth in India is fuelled by the Holiday Inn brand family and this partnership underscores our commitment to grow our midscale offering in the country." "Holiday Inn Express is our fastest growing brand globally, and we see further opportunity in the South West Asia market to expand our footprint," he said. In similar vein, SAMHI MD & CEO Ashish Jakhanwala said the conversion and the rebranding exercise of SAMHI's existing portfolio
Ebix acquires Miles Software for $19 mn
Ebix, a software provider for the financial sector, Tuesday announced that it will be acquiring city-based Miles Software for USD 19 million. The company has signed an agreement to acquire the nearly two-decade old Miles, which entails a payout of USD 19 million upfront and an additional up to USD 8.5 million in the next two years on meeting milestones, it said in a release. Miles focuses on providing on-demand software on wealth and asset management to banks, asset managers and wealth management firms. It clocked USD 8 million in revenues with a pretax profit margin of 8 per cent in 2017, the release said, adding that once integrated, the business can deliver 20 per cent growth and 20 per cent margins. The target company counts on over 300 companies across 18 different countries in Europe, the Middle East and South-East Asia as clients. Ebix's chairman, president and chief executive officer, Robin Raina, said Miles' businesses complement its own offerings. "It also ...
IFCI redeems 22.50 cr preference shares
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TSB CEO leaves bank after IT fiasco batters brand
LONDON (Reuters) - Paul Pester, the chief executive of Britain's crisis-hit TSB Bank, is stepping down after months of pressure following a botched IT project that has cost more than 200 million euros ($231 million).
No transaction fee on cross currency derivatives trade till August 2019: BSE
Leading stock exchange BSE has extended the time period for not levying any transaction fee on the trades done in cross currency derivatives for one year till August 2019, in order to encourage active participation in such contracts. The decision has been taken after taking feedback from market entities. The exchanges launched trading in cross-currency futures and options (F&O) derivatives in February. The trading in such contracts is available between 9:00 AM and 7:30 PM. The move was aimed at helping in direct hedging of foreign currency exposures as well as improving liquidity in existing currency contracts. Earlier, BSE had decided that no transaction charges will be levied on the trades done in F&O contracts on cross currency pairs (EUR-USD, GBP-USD and USD-JPY) till August 31, 2018. "Based on the market feedback it has been decided to extend the same for a further period of one year from September 1, 2018 to August 31, 2019," BSE said in a circular Monday. Under the ...
McNally Bharat Engineering Company receives order worth Rs 107.97 cr from NLC India
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Wipro wins 2018 Nutanix Outstanding Innovation Partner Award
Nutanix is a leader in enterprise cloud computing, headquartered in San Jose, California, whose solutions combine web-scale engineering with consumer-grade design to power any workload in multi-cloud environments.
Board of LT Foods approved equity infusion by Rabobank's India Agri Business Fund II into Nature Bio Foods
At meeting held on 31 August 2018
Jagran Prakashan hikes stake in MMI Online
MMI is a company engaged in business of managing, supervising, promoting and marketing web business/properties/assets.
Reliance Infrastructure - Astaldi bag Rs 7000 cr Versova- Bandra Sea Link Project
Reliance Infrastructure - Astaldi had earlier bagged the engineering, procurement and construction (EPC) contract for the Rs. 7,000 crore project on a competitive bid basis. The consortium had emerged the most competitive bidder with their bid of Rs. 6,993.99 crore. The other bidders in fray were L&T-Samsung and Hyundai Development Company-ITD.
Pb minister slams Centre over rising fuel prices
Punjab Cabinet Minister Tripat Rajinder Singh Bajwa Tuesday slammed the Centre over rising fuel prices. The rural development and panchayats minister demanded the Centre to bring petrol and diesel under the ambit of GST regime. "Punjab was the worst affected as the consumption of diesel was very high here. Farm machinery runs on diesel and any hike in fuel rates reduce the margin of profit," said Bajwa in a statement here. Bajwa recalled that the excise duty on petrol and diesel was hiked 12 times between May 2014 and September 2017 before it was cut by Rs 2 per litre in October last year. In the case of diesel, the excise duty went up between May 2014 and September 2017 by 154 per cent, he pointed out. He lashed out at the Centre for not taking the increase in fuel prices "seriously" which was adversely affecting the common man. "Petrol and diesel prices in the country have touched a new high, rather highest till date. Why is Prime Minister Narendra Modi keeping silent," he asked.
Nifty slips 62 pts on rising crude prices, rupee woes
The NSE benchmark Nifty extended its downtrend and slipped by another 62 points to 11,520.30 Tuesday, dragged by widespread selling mainly in banking, infra and FMCG stocks amid sustained foreign fund outflows and relentless fall in rupee. Investors remained concerned about macro effect of higher crude oil prices, even as Brent crude touched USD 79 per barrel. The broader midcap and smallcap also witneseed hectic sell-off. However, the rupee weakness helped the IT stocks, which received good response from buyers, capped some losses. Overseas, European stocks declined as rising trade tensions and the sell-off in emerging market currencies kept investors nervous. Asian stocks ended mixed, after a slightly turbulent trading day, with markets remaining uncertain over trade concerns and emerging market worries. The Nifty 50 index fell 62.05 points, or 0.54 per cent, to end at 11,520.30, its lowest closing level since August 17, 2018. The index rose 20.20 points to the day's high of ...
Asia Index launches S&P BSE Private Banks Index
Asia Index Pvt Ltd, a joint venture between S&P Dow Jones Indices and BSE Ltd, Tuesday announced the launch of an index designed to measure the performance of private banks. The S&P BSE Private Banks Index is drawn from the constituents of the S&P BSE Finance Index, the Asia's oldest exchange said in a statement. Only common stocks classified as Banks by the BSE Sector Classification model and that are not classified under the BSE scrip category as a Public Sector Undertaking (PSU) are eligible, it added. "The S&P BSE Private Banks Index is designed to provide market participants with a transparent and rules-based benchmark that measures the performance of private banks listed in India," said Alka Banerjee, chief executive officer, Asia Index Pvt Ltd. The index is calculated in Indian Rupees and US Dollar and is calculated real-time by BSE, said the exchange.
Evaluating various options for debt reduction: Hotel Leelaventure
Hotel Leelaventure Tuesday said the company in coordination with JM Financial Asset Restructuring Company (JMFARC) has been evaluating various options for debt reduction. The company in coordination with JMFARC "has been evaluating various options for a viable restructuring, including sale/monetisation of non-core assets, sale of hotels, or getting equity from a strategic investor for reduction of debt," Hotel Leelaventure said in a filing to BSE. The company is in discussion with three to four investors and Brookfield is one of them. "Nothing has been finalised yet," it added. On Saturday, Hotel Leelaventure said its shareholders had given consent to sell the company's land in Pune to Leela Lace Holdings, a related party, for Rs 130 crore. On June 11, the company's board had approved a proposal for issuance of up to 125 crore shares of face value of Rs 2 each in one or more tranches to JMFARC. Shares of Hotel Leelaventure today closed at Rs 17.25 per scrip on BSE, down 1.43 per cent .
Realty stocks fall up to 5 pc amid ban on construction in some states, UTs
Realty stocks Tuesday fell by up to 5 per cent following ban on construction in some of the states and union territories (UTs) by the Supreme Court. Shares of DLF plunged 5.01 per cent, Sunteck Realty 4.43 per cent, Housing Development and Infrastructure 4.05 per cent, Indiabulls Real Estate 3.08 per cent, Sobha Ltd 2.92 per cent, Unitech 1.03 per cent and Godrej Properties 0.57 per cent on BSE. Some of these realty stocks had fallen in the previous trading session also. The Supreme Court on Friday castigated some states and UTs for "pathetic" attitude in not framing proper policy on solid waste management and stayed further constructions there till they brought it out. Realtors' apex bodies CREDAI and NAREDCO Saturday said the Supreme Court should not have stayed construction activities in some states and UTs where waste management policy has not been framed.
Global Markets: Emerging market woes mount as dollar hits the boosters
LONDON (Reuters) - A rebound in Chinese shares and a rally in Italian bonds failed to keep Europe's spirits up on Tuesday, as a renewed burst of dollar strength and news South Africa had slumped into recession ramped up the pressure on emerging markets again.
Rupee plunges 37 paise to close at fresh record low of 71.58 vs dollar
The rupee dropped by 37 paise to close at a fresh record low of 71.58 against the US dollar Tuesday. The pound sterling also finished higher at Rs 91.77/79 at the close of the Interbank Foreign Exchange (forex) market here today. Following are the Interbank forex and FBIL rates : (In Rs per unit) Unit Interbank FBIL Reference US Dollar 71.58/59 US Dollar 71.1857 Pound Sterling 91.77/79 Euro 82.72/74 EURO 82.4919 Japanese yen (100) 64.
Xi Jinping announces USD 60 bn aid to Africa
Amid growing concerns about rising debt distress in Africa, Chinese President Xi Jinping has announced a financial package of USD 60 billion aid, comprising investment and loans to the continent.The announcement was made during the ongoing Forum on China-Africa Cooperation (FOCAC) summit, held between senior Chinese leaders and their African counterparts. The meeting was attended by the leaders of 53 African nations, CNN reported.The aid package is the same amount China had announced at the 2015 FOCAC summit. This comes as Beijing is seeking to assert its dominance in Africa.President Xi also announced more initiatives in Africa, during the two-day summit, such as a proposal to establish a China-Africa trade exhibition, provide one billion renminbi (USD 146 million) in food aid, pushing for extra imports to China from Africa and green development in the continent.The Chinese President also pushed for African investment for his Belt and Road Initiative (BRI) and called for African ...
COCO by DHFL GI urges new vehicle buyers to choose the right insurance
The Insurance Regulatory and Development Authority of India (IRDAI), in a circular on 28th August, asked general insurance companies to start offering mandatory multi-year third-party insurance policies for all new private cars and two-wheelers from 1st September onwards.The move follows the 20th July judgement of the Supreme Court, which observed that about 66 per cent of vehicles were running on the road without any third-party insurance cover and the victims of accidents were not getting compensation because the vehicles were not insured.While the Supreme Court has mandated a three-year third-party cover for all new cars and five years for all new two-wheelers sold from 1st September onwards, the customers have been given an option by IRDAI to go for either a standalone third-party (TP) cover for 3/5 years or bundled TP cover for 3/5 years along with 1-year Own Damage (OD) policy. Customers also have the option of buying a 3/5 years long-term comprehensive insurance if they so ...