Page 2667 - Business Finance
Buyer of govt's 51% stake in Pawan Hans can decline ONGC's 49% holding
Entities willing to buy the government's 51 per cent stake in Pawan Hans will have the option not to purchase the remaining stake held by ONGC in the helicopter service provider. Responding to queries raised by bidders, the government clarified today that existing interested bidders need not resubmit their bids for Pawan Hans, which has a fleet of 46 choppers. "In case the successful bidder decides not to exercise this option of buying ONGC stake or ONGC is unable to sell its stake due to any unforeseen events, then ONGC will continue as a shareholder in PHL and the successful bidder would have to execute a Shareholders' Agreement with ONGC," it said. Earlier this month, the government had issued an addendum to the Expression of Interest (EoI) for sale of Pawan Hans Ltd (PHL) and invited bids from entities saying that along with government's 51 per cent stake, the bidders will also have the option to buy ONGC stake of 49 per cent in the company. The last date for submission of bids is
Toyota Kirloskar sales up 11.47% in August
Toyota Kirloskar Motor (TKM) today reported 11.47 per cent rise in total sales at 14,581 units in August as against 13,081 units in the year-ago month. The company sold a total of 14,100 units in the domestic market in August 2018. It had sold 12,017 units in the domestic market in the same period last year, TKM said in a statement. Exports of Etios series in August stood at 481 units as compared to 1,064 units in August 2017, down 54.8 per cent. Commenting on the sales performance, TKM Deputy Managing Director N Raja said Innova Crysta and Fortuner have been performing consistently as segment leaders, driving TKM's domestic growth. The good response to the recently launched dual tone Liva limited edition has also contributed to the positive growth in domestic sales this month, he added. Raja said floods in Kerala has had an impact. "We have been able to overcome the challenge with complete support of other dealers across other regions. Kerala is a very important market for us and we .
India gold demand steadies before festivals, China interest ticks up
MUMBAI/BENGALURU (Reuters) - Physical gold demand in India was moderate this week amid an improvement in retail purchases before the festival season despite an increase in domestic prices, while top consumer China saw a slight uptick in activity.
Expert Views: India's economy grows 8.2 percent in April-June
MUMBAI/BENGALURU (Reuters) - India's annual economic growth surged to a more than two-year high of 8.2 percent in the three months ended June, powered by a strong performance of manufacturing and consumer spending.
China's Zijin to acquire Serbia's largest copper mine
Serbia has picked a Chinese firm to take over its debt-hit copper mine after the company offered to invest USD 1.26 billion, a minister said today. The deal, which gives China's Zijin Mining a 63 per cent stake in the RTB Bor mining and smelting complex in eastern Serbia, marks the latest expansion of Beijing's economic footprint in the Balkan region. As part of the agreement, Zijin has also promised to cover RTB Bor's USD 200 million debt and keep 5,000 jobs at the mine, Serbia's Minister of Energy and Mining Aleksandar Antic told reporters. The contract is expected to be signed in September and Zijin could start managing the company early next year, Antic added. A Chinese company bought Serbia's sole steel mill in 2016, while other firms have built infrastructure projects across the Balkans as part of Beijing's global "One Belt, One Road" ambitions. The deals have raised concerns in Brussels and Western Europe over growing Chinese influence in the region, as well as risky loan terms
China's exports losing steam amid Trump's trade war: report
China's powerful export machine is "quickly losing steam" amid the trade war with the US, according to Beijing's official purchasing manager index. China and the US are currently involved in a trade war slapping billions of dollars of tariffs on each other goods following President Donald Trump's demand that Beijing bring down the trade deficit to USD 375 billion. Beijing and Washington started the trade war last month each imposing 25 per cent tariffs on USD 34 billion of each other's exports. Later they slapped another USD 16 billion on each other's goods on August 23. Trump was reportedly keen to move ahead with a plan to impose tariffs on USD 200 billion of Chinese imports next week on which Beijing said it would retaliate. The trade war seems to have begun impacting China - often referred to as the world's factory - as it is the biggest global exporter. "China is quickly losing steam amid threats of a full-blown trade war," the Hong Kong-based South China Morning Post ...
Gold surges on firm global cues, silver recovers
Gold prices rose by Rs 105 to Rs 30,250 per ten gram at the bullion market here today, extending rally for the second day in a row. Besides, persistent buying by local jewellers to meet the increased demand helped the upswing. Silver, however, recovered by Rs 50 per kg on mild offtake from industrial units. Standard gold (99.5 per cent purity) climbed by Rs 105 to finish at Rs 30,250 per 10 gram from Thursday's closing level of Rs 30,145. Pure gold (99.9 per cent purity) also moved up by a similar margin to end at Rs 30,400 per 10 gram against Rs 30,295, earlier. Silver (.999 fineness) gained by Rs 50 to conclude at Rs 37,135 per kg compared to Rs 37,085. Globally, Gold prices rose due to a lower dollar and jitters about an escalation in the US-China trade dispute after fresh threats by President Donald Trump, although bullion is still heading for its fifth straight monthly decline. Spot gold was up 0.6 per cent at USD 1,206.19 an ounce at early trade. Silver was up 0.9 per cent at ...
Finance Ministry denies 6-day bank closure in September
The Ministry of Finance on Friday clarified that banks will remain open and banking activity will continue uninterruptedly in the first week of September, apart from on September 2 (Sunday) and September 8 (second Saturday).In an official release, the Ministry further said that September 3 would not be a pan India holiday, apart from those states where a holiday is declared under the Negotiable Instruments Act, 1881.The clarification from the Ministry came after media reports suggested that banks would not be operational for six days in the first week of September, and stirred a sense of panic among citizens."It has come to notice that a rumour is circulating in several sections of the social media that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public. It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September," the notice read.The Finance Ministry ...
Indian economy grows at 15-quarter high of 8.2% in Q1
The gross domestic product (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, a Central Statistics Office statement said.
Instant View: India's economy grows 8.2 percent in April-June
MUMBAI/BENGALURU (Reuters) - India's annual economic growth surged to a more than two-year high of 8.2 percent in the three months ended June, powered by a strong performance of manufacturing and consumer spending.
OPEC August oil output hits 2018 high despite Iran losses: Reuters survey
LONDON (Reuters) - OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to U.S. sanctions limited the increase.
India's GDP grows 8.2 percent in June quarter, best in over two years
NEW DELHI (Reuters) - India's annual economic growth surged to a more than two-year high of 8.2 percent in the three months through June, powered by a strong performance of manufacturing and consumer spending.
Refined palmolein firms up on rising demand -(A)
Refined palmolein firmed up at the Vashi oils and oilseeds wholesale market here today due to rising demand from retailers. Elsewhere, industrial oils recovered following renewed demand from soaps and shippers industries. While, groundnut oil and linseeds oil ruled steady in absence of any large-scale buying activity. In the edible section, refined palmolein edged up by Rs 4 per 10 kg to Rs 675 from Thursday's close Rs 671 and groundnut oil closed unchanged at Rs 890 per 10kg. Moving to non-edible segment, castorseeds bold rebounded by Rs 25 per 100kg to Rs 4,550 as against Rs 4,525 and castoroil commercial moved up by Rs 5 per 10kg to Rs 940 from Rs 935 yesterday. Linseeds oil ended unaltered to Rs 950 per 10kg.
Eight core industries output up 6.6% in July 2018
Cumulative growth at 5.8% in April-July 2018
Board of Viji Finance approves consolidation of shares
At meeting held on 31 August 2018
Cheviot Company allots 21.55 lakh equity shares
Under bonus issue
Manufacturing upswing lifts India Q1 GDP; growth at 8.2%
An upswing in manufacturing activity accelerated India's GDP growth rate in the first quarter of 2018-19 to 8.2 per cent, official data showed here on Friday.
Voda-Idea merger a big corporate milestone, market heading for stability: Telecom Secy
The government today termed the merger of Idea and Vodafone in India as a big corporate milestone and said the move paves the way for a "good competitive scenario" in India. Telecom Secretary Aruna Sundararajan sought to allay any fears of cartelisation in the market saying it is "unlikely". "This is a good competitive scenario and good configuration for India to have," she told reporters here. Earlier today, Vodafone and Idea Cellular announced completion of the USD 23-billion merger of their India operations creating the country's largest operator to take on competition from the likes of Reliance Jio and Airtel. The merged entity called Vodafone Idea Ltd will have a subscriber base of over 40 crore and a market share of over 35 per cent. "The market is heading for consolidation and stability and that is a big milestone... The biggest corporate merger has happened in the sector," she said. The consolidation will pave the way for three large private players and one large public sector
JPVL board approves hike in authorised capital, conversion of Rs 4,000 cr debt into equity
Jaiprakash Power Ventures today said its board has approved the proposal to alter its memorandum of association to increase authorised share capital of the company to Rs 20,050 crore from Rs 10,050 crore, mainly to convert debt of lender into equity. The board has approved alteration of clause V of the memorandum of association of the company to increase the authorised share capital of the company from Rs 10,050 crore to Rs 20,050 crore, a BSE filing said. According to the statement, the board has also approved in its meeting held today the proposal to convert part of the outstanding loans of banks/financial institutions (lenders) into cumulative compulsory convertible preference shares (CCPs) or such other instrument/security as may be mutually agreed between the lenders and the company up to an amount of Rs 4,000 crore in one or more tranches under the resolution plan. The lenders to be issued CCPs are ICICI Bank, IDBI Bank, Punjab National Bank, Central Bank of India, State Bank of