Page 2679 - Business Finance
Outcome of board meeting of Mudit Finlease
Held on 30 August 2018
PNC Infratech receives LoA for Nagpur-Mumbai Expressway project
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Abercrombie sales miss as Hollister runs out of stock in Europe
(Reuters) - Abercrombie & Fitch Co failed to take full advantage of an unusually long summer in Europe as its stock of Hollister brand of summerwear could not keep up with increased demand in the second quarter, sending its shares down as much as 14.6 percent.
Irdai makes long-term 3rd-party insurance must; car, bike purchase to cost more from Sep 1
Buying a car or two-wheeler is set to become expensive from Saturday as long-term third party insurance policy has been made mandatory by the Irdai following a Supreme Court order. The three-year third-party insurance will cost Rs 5,286 crore for cars with engine capacity of less than 1,000 cc, Rs 9,534 cr (1,000 - 1,500 cc) and Rs 24,305 for cars with engine capacity of 1,500 cc and more. In case of two-wheelers, the five year-third party insurance will cost Rs 1,045 for vehicles with engine capacity below 75 cc, Rs 3,285 (75-150 cc), Rs 5,453 (150-350 cc) and Rs 13,034 (exceeding 350 cc). As per the Motor Vehicles Act, third-party insurance is mandatory. As regards the comprehensive insurance, which covers theft and damage among others, the vehicle buyer would have the option to buy it for one year or three years in case of cars and five years in case two-wheelers. As per the court order, it is mandatory for all general insurance companies to issue a three-year third party ...
Amarinder launches Punjab's e-properties module
Punjab Chief Minister Amarinder Singh today launched PUDA 360, an e-properties module to facilitate online property transactions. It is aimed at bringing greater efficiency and transparency in the functioning of Punjab Urban Planning and Development Authority (PUDA). It would go a long way in providing seamless services to the people in property related matters, said the CM in a release here. The online process would also make e-auction more convenient and give a common platform to the promoters, builders, individuals for advertising their projects. Besides improving the delivery of PUDA services, it would help check delays in sanction of building plans, issuance of no objection certificates, issuance of conveyance deeds and transfer of property, among other things. All these services are currently offered offline, the release said. Dedicating the online services to the people, the chief minister said the applicants would now get the option of submitting applications through online or
Board of Oriental Bank of Commerce approves fund raising up to Rs 1000 cr through QIP
At meeting held on 30 August 2018
RoC receives complaint against Jet Airways, seeks response from airline
Jet Airways, which is grappling with financial woes, today said it has received a communication from the Registrar of Companies (RoC) following receipt of a compliant. Without providing specific details about the communication or the complaint, the loss-making airline said it was taking necessary steps to provide the responses to the RoC, which comes under the corporate affairs ministry. On August 27, the full-service carrier reported a net loss of Rs 1,323 crore for the three months ended June. Earlier this week, a senior official said the ministry has sought details about certain issues from the airline, which is also under the regulatory scanner for postponement of its June quarter results. To a query on whether the airline has received a communication from the RoC regarding certain financial matters, an airline spokesperson replied in the affirmative. "The company has received communication from the office of Registrar of Companies (RoC) seeking response to a compliant received by
FM cites rise in tax payer base to justify demonetisation
The larger purpose of demonetisation was to move India from a tax non-compliant society to a compliant one, and invalidation of non-deposited currency was not its only objective, Finance Minister Arun Jaitley said today. His comments come a day after Reserve Bank of India said that almost all the Rs 500 and Rs 1,000 notes made illegal in November 2016 have returned to the banking system. Reeling out data on increase in taxpayer base to justify the unprecedented demonetisation which overnight sucked out 86 per cent of the currency in circulation, Jaitley wrote in a Facebook blog that "this necessarily involved the formalisation of the economy and a blow to the black money". He further said: "Was the invalidation of the Non-deposited currency the only object of demonetisation? Certainly Not." Banks received Rs 15.31 lakh crore or 99.3 per cent of the Rs 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes that were in circulation on November 8, 2016 -- the day when the note ban was ...
Wells Fargo fires bankers after probe into doctoring of expense receipts - WSJ
(Reuters) - Wells Fargo & Co has fired or suspended more than a dozen employees in its investment bank over alleged violations of the company's expense policy regarding after-hours meals, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Argentine central bank hikes rate to 60 percent, peso plummets 15.6 percent
BUENOS AIRES (Reuters) - Argentina's central bank on Thursday yanked up its benchmark interest rate to 60 percent from 45 percent in a bid to control inflation running at more than 31 percent as the country's currency plummeted 15.6 percent to a record low 39 pesos per U.S. dollar.
Reliance Infrastructure shares soar nearly 6 pc, other group stocks too gain
Shares of Reliance Infrastructure surged nearly 6 per cent today after the company said it has completed the Rs 18,800-crore deal for sale of its Mumbai energy business to Adani Transmission. The scrip jumped 5.54 per cent to end at Rs 463.10 on the BSE. Intra-day, it soared 8.88 per cent to Rs 477.80. On the NSE, shares of the company climbed 5.62 per cent to close at Rs 464. Buying was also seen in other group stocks, with Reliance Power soaring 5.93 per cent, Reliance Naval and Engineering 4.94 per cent and Reliance Capital 2.87 per cent on the BSE. The Adani group and Reliance group yesterday completed the Rs 18,800-crore deal under which Anil Ambani-led Reliance Infrastructure has sold its energy business in Mumbai, including generation, distribution and transmission to Adani Transmission.
Demonetisation slashed cash transactions: NITI Aayog Vice Chariman
A day after the RBI said that 99.3 per cent of the demonetised currency has returned to the banks, NITI Aayog Vice Chairman Rajiv Kumar on Thursday said the objective of the note ban exercise was not to have a large number of unreturned Rs 500 and 1,000 notes but to encourage digital payments and reduce cash transactions.
Argentine peso spirals 15.6 percent lower, central bank hikes policy rate
BUENOS AIRES (Reuters) - Argentina's currency plummeted 15.6 percent to a record low of 39 pesos per U.S. dollar on Thursday and the central bank yanked its policy interest rate up to 60 percent after the International Monetary Fund (IMF) called for stronger monetary and fiscal policies.
23 railway workshops would start using natural gas by Dec 31
Railway Board Chairman Ashwani Lohani on Thursday said that all 23 railway workshops would start using natural gas by December 31, 2018.
Profit booking, rupee plunge pull equity indices lower (Roundup)
Profit booking along with a slump in the rupee and weak global cues pulled the key Indian equity indices lower on Thursday.
HDFC offers home improvement loans for Kerala flood victims
HDFC today said it will provide home improvement loans with zero processing fee and at lower rate of interest for rebuilding properties ravaged by floods in Kerala. Home improvement loans are for properties located in Kerala, even if the customer is stationed somewhere else, and will be valid only for loan applications submitted till October 31, subject to the mortgage lender's norms and eligibility criteria, a release said. Processing fee for the loan will be nil and the rate of interest will be 8.50 per cent under adjustable rate home loans (ARHL), it added. "We at HDFC are committed to support the people of Kerala affected by flood. We have decided to offer home improvement loans to all people whose properties have been impacted by the rains. There will be no processing fees on all such loans," said Renu Sud Karnad, managing director, HDFC. This offer is also applicable to NRIs and PIOs, the release said.
Campbell Soup to sell units, leaves open option of complete sale
NEW YORK/BOSTON (Reuters) - Campbell Soup Co said on Thursday it plans to sell its international and fresh refrigerated-foods units and left open the possibility of putting the whole company up for sale, following a months-long review and pressure from hedge fund investors to sell itself outright.
Gold slips on stronger dollar, palladium hits 10-week peak
LONDON (Reuters) - Gold dropped back below key support of $1,200 an ounce on Thursday, undermined by a firmer dollar following strong U.S. economic data.
Wall Street lower on China tariff worries
(Reuters) - U.S. stocks fell on Thursday, after four days of gains, weighed down by weak results from retailers and on rising concerns over the U.S.-China trade war that has weighed on markets for most of the year.
LKP Finance receives RBI approval for sale of up to 62% stake to Essel Group
Earlier, Dakshin Mercantile and the Company had entered into a definitive agreement on 14 May 2018, under which Dakshin Mercantile agreed to acquire majority equity shareholding in the Company. After the RBI approval Dakshin Mercantile would now make an open offer to acquire a minimum 26% equity shares from public shareholders in accordance with SEBI and other applicable regulations.