Page 2664 - Business Finance
Monnet Ispat says NCLT's insolvency resolution plan completed
Bankrupt Monnet Ispat & Energy today said the insolvency resolution plan approved by NCLT has been completed under which JSW Steel has provided a working capital advance of Rs 125 crore. The bankrupt Monnet owes over Rs 11,000 crore to a clutch of lenders. "This is to inform you that, as on August 31, 2018, the company has completed the necessary actions in respect of implementation of the resolution plan," Monnet Ispat said in a regulatory filing. It also said Rs 2,457 crore has been paid to the secured financial creditors. "The company has executed a loan agreement with JSW Steel Limited on August 31, 2018 and pursuant thereto; JSW Steel Limited has provided a working capital advance to the company for an aggregate amount of Rs 125 crore on the terms and conditions set out in the resolution plan," Monnet Ispat said in the filing. Monnet Ispat, once one of the country's foremost steel makers, ran a successful coal-based sponge iron plant with an annul capacity of 1.5 million ...
Maha govt announces 21 appointments to state-run corporations
The Maharashtra government today announced appointments to 21 vacant posts in various state-run corporations, boards and authorities. Almost half of these posts have gone to leaders of the Shiv Sena, the ruling BJP's bickering ally. Sena MLA from Ratnagiri Uday Samant has been appointed as chairman of Maharashtra Housing and Area Development Authority (Mhada), an official statement said. Former Dahisar MLA and Sena leader Vinod Ghosalkar has been appointed as chairman of the Mumbai board of Mhada. Haji Arafat Shaikh, who joined the Shiv Sena after quitting the MNS, has been appointed as chairman of the Maharashtra State Minority Commission. A BJP source said these appointments were made late, but could still be a shot in the arm for political workers ahead of coming elections. Another BJP ally, RPI (Athawale faction), has also received representation as its leader Sudhakar Sarvade has been appointed as chairman of Mahatma Phule Backward Class Development ...
Goa mining ban: Outfit demands Rs 25,000 monthly compensation
An umbrella body of people dependent on Goa's now defunct mining sector today demanded that those who had lost their livelihoods due to a ban on iron ore extraction should be given a monthly compensation of Rs 25,000. Goa Mining People's Front chief Puti Gaonkar today said that this compensation amount should be be given before Ganesh Chaturthi festivities, slated to start from September 13, failing which the outfit would hold protests in Delhi. "Our demand is specific. We expect the state government to pay Rs 25,000 every month to those who had lost their livelihood due to the mining ban till the sector resumes," Gaonkar said. He said that the GMPF would hold protests at Delhi's Jantar Mantar if the state government failed to act on this demand since it was a matter of three lakh people's survival. The state mining sector came to standstill in March after the Supreme Court, in an order dated February 7 this year, quashed 88 mining leases and banned extraction of iron ..
Wall Street Week Ahead: U.S. fund managers trim bank stocks on profit worries
NEW YORK (Reuters) - U.S.-based mutual fund managers worried about the outlook for bank earnings have been trimming financial stocks from their portfolios, although some value-oriented portfolio managers and analysts said they still see attractive opportunities in the sector.
8.2% GDP signals steady growth: DEA secretary
Hours after the country's Gross Domestic Product (GDP) growth rate for the first quarter of fiscal 2018-19 surged to 8.2 per cent, Secretary of the Department of Economic Affairs (DEA) Subhash Chandra Garg opined that the data signals "very steady, high growth path.""With this quarter, I think the V-shaped recovery process is complete. From 8.1 per cent, we started reducing and now we have to come 8.2 per cent. I think this signals economic growth on a steady, high growth path," Garg said in a press conference on Friday.As the manufacturing sector catapulted to a 13.5 percent of growth, complemented by cement and steel production, Garg said, "13.5 percent growth in manufacturing signals a very good turnaround of manufacturing. Coupled with manufacturing is the construction sector which also grew at 8.99 per cent. It is also indicated in cement, steel and other products consumption and growth. So all this indicates that the manufacturing is back on track and is growing at a very high ..
People have more cash today than prior to demonetisation: Chidambaram
New Delhi [India], Aug 31 (ANI): Backing Congress President Rahul Gandhi's assertion that demonetisation was the biggest scam in India, former Finance Minister P. Chidambaram on Friday said that people have more cash in hand today than prior to demonetisation."Today, the cash with public is equal or more than the cash (they had) prior to November 8, 2016. The cash in the hands of people is a good 1.4 per cent more than what it was on November 8, 2016. Of the total 11 per cent household savings, 2 .8 per cent is in cash. So why are people holding cash?" Chidambaram said in an interview to ANI.The former Finance Minister further said: "Correspondingly, there is less public cash in the banks which means people have less confidence in putting cash in the bank and are more comfortable keeping cash in their homes." He added that there is serious suspicion or charge on government that the entire demonetisation exercise was designed to convert black money into white."The government claimed .
UIDAI relaxes minimum Aadhaar enrolment targets, related deadlines for banks
In a breather to banks, the UIDAI today extended till November 1 the deadline for banks to do minimum Aadhaar enrolments and updations in identified branches, according to a communication sent to banks. The Unique Identification Authority of India (UIDAI) has asked banks to ensure that at least eight enrolments or updations are carried out daily in each stipulated branch from November 1, 2018, to avoid financial disincentives to be applicable from July 2018. On June 1, the UIDAI had said that stipulated bank branches with Aadhaar facility will have to ensure at least eight enrolments or updations in each branch daily from July 1, 2018, 12 per day per branch from October 1, and to 16 from January 1, 2019 onwards. The authority had outlined that non-compliance would attract financial disincentives. Under the new deadline, the banks will have to ensure that minimum enrolment or updation be raised to 12 from January 1, 2019 and 16 from April 1, 2019, according to the UIDAI directive seen .
Telangana to roll out RERA from tomorrow
The Telangana Government will roll out the Real Estate Regulatory Authority (RERA) with a website and facility to make online payments from tomorrow. Telangana Minister for IT and Industries K T Rama Rao today inaugurated the TS RERA office here. He said all the builders will be given three months time to register projects that commenced from January 1, 2017. "Transparency in the construction sector will benefit home buyers," he said. A senior official said the government took some time in implementing this as they studied the model in Maharashtra and other states. In July last year, the Telangana Government notified rules to the Real Estate (Regulation and Development) Act, 2016. RERA rules are applicable to all real estate projects whose building permissions approved on or after January 1, 2017 by the Competent Authorities such as Municipal Corporations , Municipalities Nagar Panchayats among others. The Real Estate (Regulation and Development) Bill, 2016 was passed by .
Structural reforms started paying rich dividends: Officials
Reacting to a growth rate of 8.2 per cent in the first quarter of the current fiscal, government officials on Friday said that structural reforms have begun paying dividends and India's economy remains robust despite global concerns.
Access Healthcare acquires Noida-based Pacific BPO
Healthcare BPO services provider Access Healthcare today said it has acquired Noida-based Pacific BPO for an undisclosed amount. The transaction will see Pacific BPO's 2,100 employees becoming a part of Access Healthcare, making the combined entity one of the largest healthcare outsourcing companies with over 11,000 employees, Access Healthcare said in a statement. The operations will now span 19 delivery centres across the US, India, and the Philippines, it added. While the company did not disclose the financial details, industry watchers estimate the deal to be worth about USD 20-25 million. Headquartered in Noida, India, Pacific BPO was founded in 2010. Its client base includes hospitals, physician practices, and revenue cycle intermediaries. "With the addition of hospital inpatient revenue cycle management capabilities that Pacific BPO brings, we have significantly increased the breadth of healthcare customers in our portfolio," Access Healthcare Chairman Anurag Jain said. He ...
Srinivasan Venkatakrishnan takes charge as CEO of Vedanta Resources
Srinivasan Venkatakrishnan has taken the charge as the Chief Executive Officer (CEO) of Vedanta Resources Plc with effect from today. "Vedanta Resources Plc (Vedanta) announced today that Srinivasan Venkatakrishnan, popularly known as Venkat has taken charge as the Chief Executive Officer (CEO) of the company with effect from August 31," the company said in a statement. Venkatakrishnan has also joined the company's board of directors, the statement said. Venkat joins the company from AngloGold Ashanti and brings unique perspectives on the global business environment, having a true multi-cultural career journey, Vedanta Chairman Anil Agarwal said. Venkat served as the CEO of AngloGold Ashanti Ltd, the world's largest emerging market gold producer.
GCPL sells UK biz to JZ International for over Rs 310 cr
Godrej Consumer Products Ltd (GCPL) today said it has divested its entire stake in its UK business, Godrej Consumer Products UK Ltd, to JZ International effective immediately for GBP 34 million (over Rs 310 crore). Commenting on the development, GCPL Executive Chairperson Nisaba Godrej said: "As we build on our presence in these emerging markets and sharpen our strategic focus, we have decided to divest our UK business." This is in line with company's long-term objective of continually optimising its portfolio and making the appropriate capital allocation choices to drive superior value creation, she added. The consideration received from such sale is GBP 34 million, with adjustments -cash/ debt, working capital, holdback amounts as per the agreement including deferred consideration, GCPL said. "We are delighted to announce the acquisition of Godrej UK from Godrej Consumer Products and we look forward to working with the talented UK management team," JZ International Senior Partner ...
Hutchison wins EU approval for $2.9 billion Wind Tre deal
BRUSSELS (Reuters) - CK Hutchison secured approval from EU antitrust regulators on Friday for its 2.45 billion euro ($2.9 billion) deal to buy out Veon from their Italian joint venture Wind Tre.
Global Economy: Summer is over for investors as global worries build
LONDON (Reuters) - Investors returning from their summer holidays in the coming days are likely to feel a distinct chill in the air as they assess the world economy.
Wall Street sluggish on trade concerns; Apple, Amazon lift Nasdaq
(Reuters) - The S&P 500 and the Dow Jones Industrial Average were little changed on Friday as jitters over ongoing trade talks between the United States and other major economies weighed, but gains in Apple and Amazon lifted the Nasdaq.
Growth may decline in Q3, Q4: Chidambaram
As India's GDP growth for the first quarter of 2018-19 accelerated to 8.2 per cent, former Finance Minister P. Chidambaram said the rate of growth may decline in Q3 and Q4, and the annual growth rate could be almost like last year's.
8.2% growth represents potential of New India: Jaitley
With the Indian economy registering a GDP growth of 8.2 per cent in the first quarter of the current fiscal, Union Finance Minister Arun Jaitley on Friday said that it represented the potential of a 'New India' in an environment of global turmoil.
Telecom Commission approves forming National Trust Centre for M2M devices, apps certification
The Telecom Commission today said a new National Trust Centre will be created for certifying devices and applications for machine-to-machine communication, a new-age technology that is at the heart of concepts like smart homes. It has also decided to form an apex body for this technology segment and its members will include representatives from other regulatory authorities like National Highways Authority of India and Central Electricity Regulatory Commission. Machine-to-Machine (M2M) communications forms the basis for automated information exchange between machines. It can impact various industries like smart cities and grids, transportation systems and healthcare, among others. According to some estimates, the number of connected devices in India is projected to touch about 275 million by 2020. "... a new institution will be set up called NTC, which will be there for certifying M2M devices and applications...This is not so much for existing mobiles ... this is for all the new ...
Session on 'Vibrant Gujarat' held in Coimbatore
A session on 'Vibrant Gujarat Start-up and Technology Summit 2018' to showcase the forces driving the start-up revolution in Gujarat and across the country was held here today. The event was organised by Ahmedabad-based Entrepreneurship Development Institute of India (EDII). The session was aimed at providing an opportunity to start-ups and stakeholders to connect with the best and brightest minds to explore how to fuel their business growth, member-secretary and project director of DSTNIMAT, EDII, S B Sareen said. Leading companies, innovators, entrepreneurs, venture capital firms, academic institutions, NGOs, and start-ups from the country and abroad were featured on the occasion, he said.
Manufacturing upturn lifts India's Q1 GDP growth to 8.2% (Roundup)
An upswing in manufacturing activity and revival of private investment, supported by strong consumer demand, accelerated India's GDP growth rate in the first quarter of 2018-19 to 8.2 per cent, official data showed here on Friday, even as industry welcomed the continuous momentum in economic growth over the last two quarters.