Page 2670 - Business Finance
Sebi fines Vital Communications, 4 directors Rs 5 lakh for non compliance
Sebi has imposed Rs 5 lakh fine on Vital Communications and its four directors for failing to provide information sought by the markets regulator regarding preferential allotment of shares. "A penalty of Rs 5 lakh is imposed jointly and severally" on Vital Communications Ltd (VCL), its four directors, Manoj Kumar, Shyam Sunder Sabharwal, Kalpana and Roop Singh, Sebi said in an order dated August 30. The regulator observed that VCL had allotted shares on preferential basis to its 15 related/ associated entities during December 1999 and VCL had used its own money to finance the said preferential allotment. Sebi also noted that VCL came out with several fraudulent corporate announcements of positive nature during April-May 2002 and during the same period preferential allottees offloaded their shares in the market. To determine the amount of preferential allotment funded by VCL, Securities and Exchange Board of India (Sebi) had sent summons to the entities for providing information ...
India's April-July fiscal deficit at 86.5 percent of full-year target
NEW DELHI (Reuters) - India reported on Friday a fiscal deficit of 5.4 trillion rupees ($76.12 billion) for April-July, or 86.5 percent of the budgeted target for the current fiscal year compared with 92.4 percent a year earlier.
Bruised bankers seek consolation prizes after shelved Aramco IPO
DUBAI/LONDON (Reuters) - Investment banks which lost out on big payouts for the work on the shelved listing of oil giant Aramco are lining up for a raft of other projects as Saudi Arabia pursues reforms.
EaseMyTrip introduces chatting app for co-passengers while on offline mode
Travel portal EaseMyTrip has announced the launch of an Android mobile app that will allows co-passengers to chat amongst themselves while on offline mode during the course of the flight.Offering a hassle-free booking experience, this app will also allow travelers to search and book flight tickets for all major domestic and international destinations as well as book hotels and bus tickets.Apart from the deals and offers on travel, what distinguish EaseMyTrip android app from other travel apps is its exclusive feature of Airplane Chat. This feature was introduced with a motive to break the monotony of airline journeys where passengers are asked to keep their phone on flight mode."Long-haul flights happened to be really boring for us and even in-flight entertainment could not help in killing time during the journeys. So, I always used to think that there should be something that not just keeps us engaged but can also help in networking with like-minded people," said CEO EaseMyTrip, ...
Danger to oil demand from trade wars may offset price boost from Iran: Reuters poll
Oil analysts cut their price forecasts for 2018 for the first time in almost a year in August, given growing concern over the impact on crude demand from escalating trade tensions, although falling supply, particularly from Iran, would likely limit losses, a Reuters poll showed on Friday.
GDP back series data technically acceptable: Principal Economic Adviser
As the government ponders over the back series of GDP that created a political storm, a Finance Ministry adviser has hinted that the methodology may be technically acceptable despite its quirk.
Nifty ends almost flat amid negative global cues
The Sensex ended with small losses while the Nifty ended almost flat amid negative global cues after US President Donald Trump stepped up his tough talk on trade. The barometer index, the S&P BSE Sensex, fell 45.03 points or 0.12% to 38,645.07, as per the provisional closing data. The Nifty 50 index rose 3.70 points or 0.03% to 11,680.50, as per the provisional closing data.
Japan's Renesas Electronics considering buying U.S. chip maker - source
TOKYO (Reuters) - Japanese automotive chipmaker Renesas Electronics Corp is considering buying U.S. chipmaker Integrated Device Technology Inc, a person familiar with the matter said on Friday.
Stronger sterling and trade war angst hit FTSE, Whitbread soars
LONDON (Reuters) - Britain's top share index fell on Friday and was set to end the month with a loss as a stronger pound and broader worries over an escalation in a trade war between the United States and China dented appetite for UK stocks.
Euro zone inflation eases, supporting ECB view
BRUSSELS/FRANKFURT (Reuters) - Euro zone inflation slowed this month, supporting the European Central Bank's assessment that a recent spike may only temporary as, despite years of monetary stimulus, underlying price pressures remain weak.
Yes Bank Ltd leads losers in 'A' group
Vakrangee Ltd, Kirloskar Oil Engines Ltd, Kwality Ltd and Oberoi Realty Ltd are among the other losers in the BSE's 'A' group today, 31 August 2018.
IDBI Bank approves issuance preference shares to LIC
IDBI Bank today approved LIC's proposal to pick up additional 7 per cent stake in the bank, a move that will eventually lead to acquisition of 51 per cent shareholding by the insurance behemoth in the debt-ridden lender. The board of directors have approved the proposal for seeking shareholders' approval through postal ballot for the preferential issue of equity capital to Life Insurance Corporation of India (LIC) aggregating up to 14.90 per cent of the bank's post issue paid up capital, IDBI Bank said in a filing to stock exchanges. At present, insurance behemoth LIC holds 7.98 per cent stake in the public sector bank. Earlier this month, the Union Cabinet had approved LIC's proposed acquisition of up to 51 per cent stake in debt-ridden IDBI Bank. This first round of stake sale, sources said, will take care of the immediate need of IDBI Bank and help it meet capital adequacy norms at the end of second quarter. The bank, in which the government holds 85.96 per cent stake, had posted a
Idea, Vodafone complete merger to become country's largest telco
Idea Cellular Ltd and Vodafone Plc on Friday announced completion of the USD 23.2 billion (approximately Rs 1.6 lakh crore) merger of their India operations to create the country's largest telecom operator to take on competition from Reliance Jio. The merged entity, called Vodafone Idea Ltd, will have a subscriber base of over 40.8 crore and a market share of over 35 per cent, overtaking Bharti Airtel to take numero uno spot, the two firms said in a joint statement. Kumar Mangalam Birla, chairman of the Aditya Birla Group that owned Idea Cellular, will be chairman of the new company that will have a 12-member board of directors, it said. Vodafone has a right to appoint the chief financial officer, and the two firms have together chosen Balesh Sharma as the CEO of the new company. Himanshu Kapania has stepped down as managing director of Idea Cellular, but will continue as a non-executive director on the merged entity's board. The merger puts Vodafone India and Idea in a strong ...
Simplex Projects Ltd leads losers in 'B' group
Signet Industries Ltd, Cerebra Integrated Technologies Ltd, Zodiac-JRD-MKJ Ltd and Prajay Engineers Syndicate Ltd are among the other losers in the BSE's 'B' group today, 31 August 2018.
JB Chemicals' board approves share buy-back for up to Rs 130 cr
JB Chemicals and Pharmaceuticals said today that its board has approved the buy-back of up to 33.33 lakh shares of the company for up to Rs 130 crore. The company has offered to pay Rs 390 per share. This excludes transaction costs such as fees, brokerage, taxes and duties, JB Chemicals said in a BSE filing. The Board of Directors of the company has, at its meeting held today, approved the buy-back of up to 33,33,333 fully paid-up shares of the company through the 'Tender Offer' route, it added. These shares represent 3.99 per cent of the total paid-up equity share capital of the company, it said. The company's stock was trading 1.26 per cent up at Rs 341.35 on BSE in the afternoon.
Chanda Kochhar gets majority votes to be reappointed on board of ICICI Securities
Shareholders of ICICI Securities have voted in favour of reappointing Chanda Kochhar as the company's Chairperson, as per a regulatory filing. ICICI Securities' promoter (ICICI Bank) and promoter group have voted 100 per cent in favour of Kochhar's reappointment. The ICICI Bank MD and CEO is on an absence of leave from office, pending the probe against her on the allegations of favouring family members in lieu of providing loans to a corporate house. The shareholders of ICICI Securities at its 23rd annual general meeting held yesterday passed the resolution to re-appoint Kochhar as the chairperson of the ICICI Bank subsidiary. She received nearly 97.7 per cent of the votes in favour of her reappointment, while nearly 2.32 per cent votes were cast against her, ICICI Securities said in a late night filing on Thursday. "In the absence of Chanda Kochhar, Chairperson, Vinod Kumar Dhall was designated by the board of directors of the company as the chairman of the meeting," it said in the ..
Gold rises on festive demand, weak rupee
Gold prices rose by Rs 140 to Rs 31,340 per 10 gram at the bullion market today on persistent buying by local jewellers and a firm global trend. Besides, a depreciating rupee which slumped to a historic low of 71 against the dollar, making imports costlier, aided the uptrend. However, silver remained unaltered at Rs 38,300 per kg in limited deals from industrial units and coin makers. Marketmen said besides a firm global trend, increased buying by local jewellers to meet the ongoing festive season demand at the domestic spot market, mainly kept the gold prices higher. Globally, gold rose 0.60 per cent to USD 1,206.80 an ounce and silver by 0.90 per cent to USD 14.65 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 140 each to Rs 31,340 and Rs 31,190 per ten gram, respectively. It had gained Rs 120 in yesterday's trade. Sovereign however remained flat at Rs 24,500 per piece of eight gram. On the other hand, silver ready ...
Chinese airlines' profit hit by fuel costs, weak yuan
China's major airlines mostly saw their earnings battered in the first half of the year as a weaker Chinese yuan and higher fuel prices offset steadily rising passenger traffic. Net profit at China Eastern Airlines for January-June plunged 48 per cent on-year to 2.3 billion yuan (USD 337 million), the company said yesterday in a statement to the Hong Kong stock exchange, where it is listed. "China's civil aviation industry continued to maintain a rapid, above double-digit growth rate, yet also faced challenges such as a sharp rise in fuel prices, large fluctuations in ... exchange rates and intensifying market competition," the Shanghai-based carrier said. China Southern Airlines, Asia's largest carrier, said earlier in the week that profit slumped 24 per cent to 2.1 billion yuan. However, it said revenue grew 12 per cent and it posted similar gains in passenger numbers, the latest in what has become routinely good news in the underlying business of Chinese airlines. Flag carrier Air .
China mulls exit from Nepal's Seti hydropower project
Citing high resettlement and rehabilitation costs, China is planning to make an exit from 750-megawatt West Seti hydropower project in Nepal, reported the South China Morning Post quoting sources in Kathmandu.A high-level delegation from CWE Investment Corporation, a subsidiary of China Three Gorges Corporation that had undertaken to execute the project in a memorandum of understanding (MoU) in 2012, told the Nepalese authorities that it has now found the project "financially unfeasible".A Nepal Investment Board official, on condition of anonymity told the South China Morning Post that the MoU and a subsequent agreement with the Nepal Electricity Authority would now have to be cancelled.In an attempt to save the contract, senior Nepali officials including Finance Minister Yubaraj Khatiwada and Energy Minister Barshaman Pun offered to reduce the generation capacity to 600 megawatt from the proposed 750 megawatt for the same contract award of USD 1.2 billion. They also suggested to ...
J B Chemicals gains as board approves buyback
J B Chemicals & Pharmaceuticals rose 1.51% to Rs 342.20 at 14:27 IST on BSE after the company's board of directors the buy-back of equity shares.