Page 2680 - Business Finance
Board of LKP Finance takes on record RBI approval for proposed change in ownership
At meeting held on 30 August 2018
Rupee hits fresh low; slips on crude oil prices (Roundup)
High global crude oil prices, along with continuous outflow of foreign funds pulled the Indian rupee to a fresh intra-day and closing low on Thursday.
Centre to launch 'One District, One product' scheme in Odisha
To provide market link to farmers and make small industries successful in the state, Union Minister Giriraj Singh today said 'One District One Product' scheme will soon be launched in Odisha. Singh, the Union Minister of State for MSME said this while participating at the inaugural function of the SC-ST State Conclave cum Exhibition under National SC-ST Hub and inauguration of NSICs Dharmapada Bhawan here. He asked the Union MSME secretary Arun Panda to conduct a survey of districts in Odisha on the potentials of starting new MSME units in aromatic, agro, marine food processing, organic food marketing, turmeric and ginger processing and other section. Singh said farmers of Kandhamal district will be taken to Maharashtra for a field visit to witness agro clusters in that state and 50,000 agro entrepreneurs will be imparted training in Odisha. The Union Minister said the Centre has a plan to make 18 lakh new youth entrepreneurs in the coming days. He said mobile vans will
Ahead of no-trust motion, Nashik civic chief cuts property tax
Nashik civic chief Tukaram Mundhe today announced reduction in property tax by half, two days before a special general body meeting is likely to discuss a no confidence motion against him. According to sources in the BJP-ruled Nashik Municipal Corporation (NMC), Mundhe yesterday met Maharashtra Chief Minister Devendra Fadnavis and Nashik district Guardian Minister Girish Mahajan in Mantralaya in Mumbai. Local politicians had protested against Mundhe's earlier decision to hike property tax in a bid to shore up revenues of the civic body. Mundhe told reporters today that people unhappy with slashed property tax can appeal against the decision within 21 days. A special general body meeting of the civic body is likely to be held on September 1 to discuss the motion moved against the bureaucrat by the BJP corporators. Mayor Ranjana Bhansi (BJP) had said citizens are unhappy with the NMC's recent "drastic upward revision" of tax rates. "For a property of 1,300 sqft, the tax ...
Diesel guzzler Indian Railways turns to natural gas to cut cost
NEW DELHI (Reuters) - Indian Railways on Thursday signed a preliminary deal with gas firm GAIL (India) Ltd to use natural gas in some of its operations, part of a drive by the world's third biggest oil consumer to gradually shift to cleaner fuels.
Jaitley hits back at Rahul, dubs his claims on demonetisation as fiction
Finance Minister Arun Jaitley on Thursday hit back at Congress President Rahul Gandhi for his allegation that demonetisation helped "15-20 biggest crony capitalists", dubbing it as fictitious.
PFS net profit down by 23% to Rs 56 crore in Q1
PTC India Financial Services (PFS) has reported a decline of 23 per cent in its net profit at Rs 55.93 crore in first quarter ended June of this fiscal. Its net profit in the corresponding period of 2017-18 was at Rs 72.39 crore. Total revenues for the first quarter of 2018-19 stood at Rs 325.19 crore, up from Rs 300.13 crore during the first quarter of the previous fiscal, the company said in a statement today. PFS said its total outstanding loan assets grew by 22 per cent to Rs 13,361 crore as on June 30, 2018. Non-fund based commitment for amounts to be disbursed in coming quarters aggregates to Rs 1,003 crore by end of the quarter, it added. "The focus of the company during the quarter continues to be on consolidation and quality of the portfolio. The loan portfolio of the company has grown by about 22 per cent. The business model of the company remains robust with net interest income of Rs 90.43 crore which is 30 per cent of the interest income, Ashok Haldia, Managing Director ...
GoAir overseas flights from October 11; to connect Mumbai, New Delhi with Phuket
Nearly 13 years after commencing domestic operations, Wadia group-owned GoAir today announced international services with the first flight to Phuket in Thailand starting from October 11. The no-frills airline, which is all set to start direct flights from New Delhi and Mumbai to Phuket, would become the sixth Indian carrier to go international. "We announce the commencement of our maiden international operations to Phuket in Thailand from New Delhi and Mumbai from October 11," GoAir Chief Executive Officer Cornelis Vrieswijik said. GoAir would be flying overseas nearly 13 years after it started domestic operations in November 2005. From October 14, the airline would also start flights to Male from Mumbai and New Delhi, Vrieswijik told reporters here. Going forward, GoAir would also connect Phuket and Male with Bengaluru. GoAir would join the league of Air India, its low-cost subsidiary Air India Express, Jet Airways, IndiGo and SpiceJet to become the sixth domestic airline to have ...
2nd India-Afghanistan trade show in Mumbai in September
Over 600 businessmen are expected to participate in the second annual "Passage to Prosperity: India-Afghanistan International Trade and Investment Show' in Mumbai from September 12-15, officials said here on Thursday.
Sebi orders Prayag Infotech to refund investors money
Markets regulator Sebi today ordered Prayag Infotech Hi-Rise and its former as well as current directors to refund the money that the company collected illegally from investors and barred them from the markets for at least four years. According to Sebi, Prayag Infotech had made an offer of Redeemable Preference Shares (RPS) between 2007-2008 and 2011-12 and raised at least Rs 131.37 crore from over 1.57 lakh investors. The number of investors to whom equity shares were allotted during these financial years are in excess of 49 so the firm was under a legal obligation to list such shares on a stock exchange. Among others, it was also mandatory for the firm to bring out a prospectus with respect to the public issue. However, the company did not comply with the provision 'public issue' norms under Companies Act. "Since PIHL (Prayag Infotech High Rise Ltd) came out with offers of RPS which were deemed to be public issues and PIHL was mandated to comply with the 'public issue' norms as ...
Analysis: Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline
LONDON (Reuters) - An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.
Rajiv Singh, wife sell DLF shares worth Rs 351-cr to another promoter
DLF Vice Chairman Rajiv Singh and his wife Kavita today offloaded 1.62 crore shares of the realty major for over Rs 351 crore to another promoter entity. The shares were picked up by Rajdhani Investments and Agencies Pvt Ltd through open market transaction. According to block deal data available with the NSE, Rajiv Singh sold 70 lakh shares of DLF, while Kavita offloaded 92 lakh shares of the company. The shares were sold on an average price of Rs 217, valuing the transaction at Rs 351.54 crore. At the end of June quarter, Rajiv Singh held 0.41 per cent in the company, his wife owned 0.53 per cent holding and Rajdhani Investments and Agencies held 54.59 per cent stake in the realty company. Overall, promoter entities held 74.95 per cent stake in the company. Shares of DLF today closed at Rs 221.65 apiece on the NSE, down 1.91 per cent from the previous close.
NSIC signs pacts to skill Odisha youth
The National Small Industries Corporation Limited (NSIC), under the Ministry of MSME, today signed two Memorandums of Understanding (MoUs) to enhance the skills of Odisha youths. The pacts were signed here on the occasion of the SC/ST state conclave-cum-exhibition here in the presence of Union Tribal Affairs Minister Jual Oram, Union Petroleum Minister Dharmendra Pradhan and Union Minister of State, MSME, Giriraj Singh. The first MoU was signed between the Rourkela Steel Plant and National Scheduled Tribe Finance Development Corporation. As per the agreement, a livelihood Business Incubator will be set up at Rourkela for transforming the tribal youth from "unemployed" to "self-employed" in different trades. This will create more job opportunity for the youths, particularly in SC and ST communities in Odisha, said Oram while praising the initiative by the NSIC. NSIC also signed an MoU with SAP for skilling youth on enterprise software. As part of the MoU, SAP India will .
British minister uses UK-made naan exports to India as post-Brexit success story
Britain's treasury minister today used the example of a UK bakery exporting naan to India as a "go-getting" reshaping of post-Brexit Britain as a global trading nation. Liz Truss, UK's Chief Secretary to the Treasury, during a visit to Signature Flatbreads in Befordshire, said that a company in the east of England selling India its own traditional bread is a sign that the region can expand its exports base as the UK prepares to leave the European Union (EU). "Selling naan breads in India from a company based in Dunstable would once have been unthinkable, said Truss. "It's this type of entrepreneurial, and go-getting, spirit that will help the UK make a success of this once in a lifetime opportunity to reshape Britain, she said. She noted that east of England exports are already worth 29 billion pounds per year, which is set for a boost after Brexit. Truss added: We are in a terrific position to take advantage of the new trading horizons open to us after Brexit, and I know that ...
Jaitley hits back at Rahul, says Rafale deal under BJP 20% cheaper than UPA's
As the war of words over the Rafale deal escalated, Finance Minister Arun Jaitley said today that the fully weaponised fighter jets which his government is buying are 20 per cent cheaper than the ones offered under the previous UPA regime. Minutes after Congress President Rahul Gandhi launched a no-holds-barred attack on Prime Minister Narendra Modi for allegedly helping only "15-20 crony capitalist friends", Jaitley took to the twitter to say any diversionary tactic will not wipe out the falsehood of the opposition leader. "@RahulGandhi has not read my question - The fully weaponised Rafale aircraft's 2016 price is 20% cheaper than the 2007 offer. This is what the 2015 statement of the PM and the French President refers to as 'on terms better than the 2007 offers'," he wrote. Jaitley had yesterday posed 15 questions to Gandhi, charging him with "peddling untruth" and carrying out a "false campaign" on the Rafale deal in a bid to counter the opposition's charge of it being the ...
South Indian Bank announces change in director
With effect from 30 August 2018
IRDAI executive director Maruthi Prasad Tangirala's tenure cut short
The tenure of Maruthi Prasad Tangirala, executive director of insurance regulator IRDAI, has been cut short by the Centre, an official order said today. Tangirala is a 1990 batch officer of Indian Post and Telecommunication Accounts and Finance Service. The competent authority has approved the premature repatriation of Tangirala, ED, Insurance and Regulatory Development Authority of India (IRDAI), Hyderabad, on personal grounds, the order issued by the Personnel Ministry said.
Railways ties up with GAIL to use natural gas in production units, workshops
The railways signed a memorandum of understanding (MoU) with state gas utility GAIL today to use natural gas in its workshops and production units. The aim is to replace industrial gases like dissolved acetylene, LPG and furnace oil/high-speed diesel (HSD) with environment-friendly natural gas. In the first phase, around 23 workshops will use natural gas by December 31. It will be expanded to all 54 workshops and production units, and railway establishments -- including base-kitchens, guest houses, hostels -- by June 30 next year, Railway Board Chairman Ashwani Lohani told reporters. The use of natural gas has a potential to replace fuel worth Rs 70 crore per annum. GAIL and the Indian Railways Organization for Alternate Fuel (IROAF) would prepare a project report by September 30, Lohani said. A pilot project at Matunga and Kota, Rajasthan, has been commissioned, which can result in annual savings of Rs 20 lakh and Rs 21 lakh respectively. Its use at the Rail Wheel Factory, Bengaluru,
Punjab rolls out module for online property transactions
The Punjab government on Thursday launched a facility for online property transactions in the state to bring efficiency and transparency in the system.
Rising costs to pressurise profitability of cement cos: Study
Despite pick-up in cement demand in Q1 FY 19, higher coal, pet coke prices and freight costs in the near-term are likely to put pressure on the profitability margins and debt metrics of the cement companies, a report said. Domestic cement demand registered a healthy growth of 14.2 per cent Y-o-Y in Q1 FY2019. This buoyancy has however not been translated into improved financials for the sector. The rising supplies have restricted any significant increase in cement prices. which remained flat in Q1 FY2019 on a QoQ basis. They declined by around 5-6 per cent on a pan- India level in Q1 FY2019 on a YoY basis. In addition, rising costs continue to put pressure on the profitability of the cement companies in FY2019, rating agency Icra said in its report here. Overall, we expect the demand to show a growth of around 6-7 per cent in FY2019, primarily driven by a pick-up in the affordable and rural housing segments and infrastructure, mainly road and irrigation projects, in .