Page 2640 - Business Finance
There is nothing new in April 10 Sebi circular, says Eco Affairs Secretary
Seeking to assuage foreign investors, Economic Affairs Secretary S C Garg said Tuesday there is nothing new in the Sebi circular of April 10, which some experts are asserting could lead to outflow of USD 75 billion. Garg asserted that Sebi last month extended the deadline of the circular until December and wondered that why there was much ado about the proposed guidelines. Market regulator Sebi also said that it was "preposterous and highly irresponsible" to claim that USD 75 billion will move out of India because of the April 10 regulatory move. Stock markets fell for the fifth straight session Tuesday on sustained capital outflows by foreign funds after an investor lobby group named AMRI flagged Monday the new Sebi KYC norms, if not amended, could lead to outflows of USD 75 billion from India, hurting the rupee and stocks. Speaking with reporters here, Garg said, "April 10 circular has been put off to December. There is nothing in operation at the moment ... why there is so much ...
IndiGrid invests Rs 232 cr in Patran Transmission Company
IndiGrid, the country's first infrastructure investment trust (InvIT), Tuesday said it has completed the Rs 232-crore investment in Patran Transmission Company (PTCL). The company had in February signed a definitive agreement with Techno Electric to invest Rs 232 crore in PTCL. "This is IndiGrid's first investment in a third-party asset. We will continue to look at value accretive opportunities for such acquisition in future," its chief executive officer and whole-time director Harsh Shah said. Shah said the company has set a target of Rs 30,000 crore of assets under management (AUM) in the next five years, which it wish to expand through such acquisitions. The acquisition was done entirely through internal accruals and available debt headroom, according to him. IndiGrid had raised Rs 250 crore in debentures through the e-bidding platform of BSE, making it the first ever bond issuance by an InvIT, which was used for funding the acquisition. Post the placement, IndiGrid's .
KVB gets nod to raise Rs 1,200 Cr tier-I debt: MD&CEO
Private sector Karur Vysya Bank (KVB) Tuesday said it has received approval from shareholders to raise Rs 1,200 crore tier I debt, to meet capital requirement. The Tamil Nadu-based bank had recently declared financial results for the first quarter ending June 30, 2018 with net profit registering at Rs 68.97 crore as against Rs 147.97 crore registered during year ago period. The bank's Managing Director and CEO, P R Seshadri in a brief interaction with PTI on the sidelines of an event marking the company's 70th Founders' Day said, "We have now approval to raise Rs 1,200 crore tier I or tier II debt.. The fund raising is basically to meet capital (requirement)". Seshadri and senior bank executives were here to announce a first-of-its-kind initiative in which retail and business loans upto a maximum of Rs two crore, can be sanctioned by processing application via digital route instead of traditional paper based method. "Our engagement with customers has become digital now. .
NCDRC orders Unitech to refund over Rs 40 lakh to buyer; give compensation
The National Consumer Disputes Redressal Commission (NCDRC) has asked real estate giant Unitech Limited to refund over Rs 40 lakh to a home buyer for failing to hand over the possession of an apartment. The apex consumer commission has asked the company to refund within six weeks Rs 42,58,475 and a compensation of simple interest at 12 per cent per annum to Noida-resident Rishi Kapoor for a delay of over seven years in handing over the possession. "Refund an amount of Rs 42,58,475 to the complainant within six weeks along with compensation of 12 per cent per annum from the date of payment till the realisation of the amount," Presiding Member of the Commission Justice Deepa Sharma said. The commission also asked the firm to pay a litigation cost of Rs 10,000 to the home buyer. Kapoor had booked an apartment in 'Unitech Horizon' in Greater Noida and he was allotted one for Rs 44,48,935, of which he paid Rs 42,58,475. He had paid Rs 4,11,000 on May 22, 2006 and Rs 5,47,475 on July 3, ...
India considers relief package for airlines as loss forecast mounts
NEW DELHI (Reuters) - India on Tuesday said it was working on a relief package for a battered airline industry that an aviation consultancy forecasts will lose up to $1.9 billion this financial year, mainly from rising costs and low fares.
Weak rupee depresses equity indices; banking stocks fall
Broadly negative global cues coupled with a weak rupee depressed the Indian equity markets on Tuesday.
Market drops in volatile trade
Key benchmark indices logged modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, was down 154.60 points or 0.4% at 38,142.40, as per the provisional closing data. The Nifty 50 index was down 62.05 points or 0.54% at 11,520.30, as per the provisional closing data. Cement stocks dropped sharply.
Japan Stocks end tad lower
Traders are waiting for US manufacturing activity figures later Tuesday and the resumption of US-Canada talks on a revised NAFTA deal Wednesday.They are also biding their time ahead of the possible imposition Thursday of more tariffs on $200 billion of Chinese imports by Washington, while US jobs figures are due Friday.
ADB unveils new tool to boost access to trade finance
The Asian Development Bank (ADB) on Tuesday launched its first Trade Finance Scorecard, a new tool to address market gaps stemming from the unintended consequences of global measures to fight money-laundering and terrorism.
ICRA downgrades Jet's short, long term credit ratings
Financially troubled Jet Airways has flown into yet another air pocket with rating agency ICRA downgrading the company's short and long term credit facilities.
Operator of China's top movie ticketing app seeks up to $1 bln in Hong Kong IPO - sources
HONG KONG (Reuters) - China's top movie ticketing platform, Maoyan Weying, has filed for a Hong Kong listing in which it aims to raise between $500 million and $1 billion, according to two people familiar with the company's plans.
Indian shares end lower for second day as rupee slide continues
(Reuters) - Indian shares ended lower for a second straight session on Tuesday, dragged down by banks and consumer stocks, as the rupee extended declines to a record low and oil prices rose sharply.
Sensex ends lower for second day as rupee slide continues
(Reuters) - Indian shares ended lower for a second straight session on Tuesday, dragged down by banks and consumer stocks, as the rupee extended declines to a record low and oil prices rose sharply.
Canada's Oxford battles Blackstone for Australia property with $2.4 billion Investa offer
SYDNEY (Reuters) - Canadian landlord Oxford Properties Group lobbed a last-minute A$3.3 billion ($2.4 billion) bid for Australian office owner Investa Office Fund on Tuesday, edging out an earlier offer from U.S. private equity firm Blackstone Group.
New WPP boss has work to do to strengthen U.S. business
LONDON (Reuters) - WPP's new boss Mark Read vowed to invest in creative talent in the United States to strengthen its position on Madison Avenue, as he seeks to rebuild the ad group by prioritising sustainable growth over short-term profits.
Privatisation, Disintermediation and Localisation to define financial services in India
CFA Society India, in collaboration with CFA Institute, the global association of investment professionals, hosted its 3rd India Wealth Management Conference in Mumbai.It brought together global and Indian experts to share their insights on best practices and frameworks - from asset allocation, manager selection, behavioural coaching, and succession planning - against the backdrop of robust and widespread economic growth, which has enhanced the importance of wealth management in India."Domestic savings are critical for India's growth and hence the wealth management segment, which is the last mile for delivery of financial products and services to investors, is of critical importance. Investment industry professionals and CFA® charterholders have an important role to play here by setting high standards and demonstrating the highest level of professionalism in dealing with investors," said Jayesh Gandhi, CFA, President, CFA Society India.Rashesh Shah, Chairman and CEO, Edelweiss Group ..
Australia Market falls as trade worries weigh
U.S. President Donald Trump has said he is ready to implement new tariffs on Chinese imports as soon as a public comment period on the plan ends on Thursday, which would be a major escalation after Washington already applied tariffs on $50 billion of exports from China.
Indian rupee hits fresh low of 71.54 versus dollar
MUMBAI (Reuters) - The Indian rupee continued its decline in afternoon trade on Tuesday, hitting a fresh low, as it fell in line with other emerging market currencies as broad dollar strength and simmering trade tensions put pressure on risk assets.
Shifting to SDRs would unshackle global central banks of forex woes (Comment: Active Voice)
It is no secret that the international monetary system is not perfect. The capital flow dynamics over the last decade stands testimony to this.
Biz-friendly policies, digital push boost retail FDI: Report
Government policies promoting ease of doing business, changing consumer behaviour due to digital influence, and revamped retail strategies have spurred foreign inflows into retail and wholesale trade, a report said. The government's proactive approach has been appreciated by global retailers who were sitting on the fence to invest into India, but have now taken a serious look, the joint report by Deloitte and Retailers Association of India (RAI) on foreign direct investment (FDI), launched at the Retail CFO Summit Monday said. As per the Reserve Bank of India (RBI), FDI in retail and wholesale trade nearly doubled to USD 4.4 billion in 2017-18, from USD 2.7 billion in 2016-17. The report expects the quantum of foreign investments flowing into the country to increase further "given the increasingly favourable macroeconomic environment in India and the government's consistent focus on making the business environment more conducive". Quoting the UNCTAD's World Investment ..