Page 2705 - Business Finance
Continental ties up with IIT-M for high performance computing
: Technology major Continental Corporation has signed a Memorandum of Understanding with IIT Madras to take up research in high computing platform and cyber security for power train applications. The partnership with IIT Madras addresses cyber security for conventional drive trains and would focus on intrusion detection and reporting on power train applications, a press release issued by Continental Corporation said here. Together with IIT Madras, Continental would conduct research and technologies that involve "time deterministic" behaviour on power train controllers and its applications, the statement said. "Vehicles of tomorrow are computers on wheels, opening up areas of research hitherto unaddressed. Continental is implementing a sustainable growth strategy with a high-level of investment in research and development and in capacities for future technologies", Continental Power train Business Head Soorajith Radhakrishnan said. Commenting on the signing of MoU, IIT ...
World Bank to lend $250mn to improve Rajasthan's power sector
India on Tuesday signed a $250 million Development Policy Loan (DPL) to improve the performance of Rajasthan's electricity distribution sector under the states "24x7 Power for All" programme.
RBI cancels licence of Tech Mahindra for issuing pre-paid cards
The Reserve Bank today cancelled the licence of Tech Mahindra Limited to issue pre-paid cards following the voluntary surrender of authorisation by the Noida-based company. The certificate of authorisation (COA) was issued in November 2013, the Reserve Bank said in a statement. "The RBI, in exercise of the powers conferred on it under Payment and Settlement Systems Act, 2007, has cancelled the COA of (Tech Mahindra Limited, Noida) Payment System Operator (PSO) on account of voluntary surrender of authorisation by the company," it said. Following the cancellation of the COA, the company cannot transact the business of pre-paid card issuance. However, customers or merchants having a valid claim, if any, on Tech Mahindra, Noida as a PSO, can approach the company for settlement of their respective claims within two years from the date of this cancellation (upto August 27, 2020).
FinMin has cleared 'sizeable amount' as provision for FAME II: Geete
The finance ministry has approved a "sizeable amount" as provision for the second phase of the FAME India scheme, Union Minister Anant Geete said today. "Provisions for a sizeable amount have been made in FAME II, the finance ministry has approved it. The biggest concern today is charging facilities for an electric vehicle. Therefore, we are providing charging facilities free of cost in public places and government offices to encourage people to adopt electric mobility," Geete said. Prime Minister Narendra Modi will launch on September 7 the second phase of the FAME India scheme, offering incentives for mass adoption of electric vehicles with an outlay of Rs 5,500 crore, officials told PTI earlier. The minister for Heavy Industries and Public Sector Enterprises said about 300 charging stations have been established till now for electric vehicles. "We have accorded priority to public transport, especially buses, taxis and three-wheelers, including auto-rickshaws (in FAME). Similarly, ..
Board of Shree Pushkar Chemicals & Fertilizers approves fund raising up to Rs 15 crore
The current shareholding of the Promoters and Promoter Group stands at 63%. The money would be utilized by the company for the upcoming Capex of Rs. 75+ crore.
Berkshire Hathaway buys stake in Paytm
NEW YORK/MUMBAI/HONG KONG (Reuters) - Berkshire Hathaway Inc has acquired a 25 billion rupees ($356 million) stake in the parent of digital payments company Paytm, a source said, its first investment in an Indian startup as it moves into the financial payments sector.
Delhi Metro Dilshad Garden-Ghaziabad service to start in October
Delhi Metro services will start operating between Dilshad Garden in Delhi and New Bus Stand in Ghaziabad in the second week of October.
Still many challenges in ensuring DBT benefits reach women: NITI Aayog advisor
A large number of challenges still persists in ensuring that women are able to reap the benefits of Direct Benefit Transfer (DBT), NITI Aayog advisor Alok Kumar said today. Noting that though DBT is a way to ensure "seamless transfer" of money, he said it might be part of the answer but not a "complete answer" towards empowering women. Direct Benefit Transfer aims to transfer subsidies directly to people's bank accounts in a bid to reduce leakages and delays. At a panel discussion on the link between financial inclusion and women's development, Kumar said, "Many a times when we transfer the money the person is not aware that it has been transferred. "There are other issues like lack of banking infrastructure or if the bank is far from home, these all act as hurdles," he said. WCD Secretary Rakesh Srivastava said one of the best ways to empower women is through the Direct Benefit Transfer. "DBT has stopped leakages and given distinct advantages to beneficiaries," he said. Prabhat Labh,
Abraaj founder's bounced cheque case settled after court ruling
SHARJAH, UAE (Reuters) - A dispute over a $218 million bounced cheque signed by the founder of stricken private equity firm Abraaj and another executive has been settled, ending criminal proceedings against the two men, lawyers from both sides said on Tuesday.
S&P, Nasdaq open at record highs as trade war fears recede
(Reuters) - The S&P 500 and the Nasdaq Composite index opened at record levels on Tuesday, lifted by hopes that a trade deal between the United States and Mexico will go some way to averting a global trade war.
Equity indices climb new highs; Sensex nears 39,000 mark (Roundup)
The record run continued in the Indian equity market on Tuesday with both the key indices posting intra-day and closing highs as the S&P BSE Sensex inched closer to the 39,000 mark.
LIC board approves purchase of 14.9% stake in IDBI Bank
The Board of Directors of state-run LIC has given in-principle approval to purchase 14.90 per cent stake in debt-ridden government-owned IDBI Bank Ltd, the bank said in a stock exchange filing on Tuesday.
Sebi imposes Rs 1 cr fine on Omkar Overseas' promoter, 6 others
Markets regulator Sebi today imposed a fine of Rs 1 crore on Omkar Overseas' promoter Champalal Gopiram Agarwal and six others for trading in the firm's stock while having access to unpublished price sensitive information (UPSI). The others named in the Sebi order are: Varsha Agarwal, Shashidevi Agarwal, Krishnadevi Agarwal, Ronit Agarwal, Prashant Agarwal and Satyabhama Agarwal. The ruling followed a probe into the trading activities of certain entities in the shares of Omkar from October 2009 to April 2010. During the investigation period, Champalal was the chairman and managing director of the company. It was alleged that the seven individuals had traded in the shares of the firm while in possession of UPSI and thus violated PIT (Prohibition of Insider Trading) Regulations. In an order, the regulator noted that the information pertaining to the financial results of Omkar for the quarter ending September and December 2009 was price sensitive and since it was not published until ...
100% placement for JIM's first batch: Maruti Suzuki India
The country's largest car maker Maruti Suzuki India (MSI) today said its skill development initiative Japan India Institute for Manufacturing (JIM) in Gujarat has recorded 100 per cent placement for the first batch of students. All students were offered jobs by reputed organisations in the auto sector, Maruti Suzuki India said in a BSE filing. "Indian automobile industry is witnessing expansion of production capacities, sales and service networks that will create demand for skilled youth. Maruti Suzuki undertakes skill development as an important pillar of intervention under Corporate Social Responsibility," it added. JIM was set up by Maruti Suzuki following an agreement between the Governments of Japan and India to create a pool of 30,000 skilled manpower for manufacturing in India, the filing said. The ITI offers courses in eight trades related to automobile manufacturing, maintenance and services, it added. Shares of Maruti Suzuki India today closed at Rs 9,408 per scrip on BSE, ..
Gross NPAs of banks may improve to 10% in March 2019: Report
The gross non-performing assets (GNPAs) of the banking sector is likely to improve to 10 per cent in March 2019, from 11.52 per cent as on June 30, 2018, as nearly 60 per cent of the bad loans of the sector are under active resolution, a report said today. The net NPA is also expected to decrease to 4.3 per cent, from 5.92 per cent as of June-end this year, Icra said in its report. The rating agency, however, cautioned that GNPA and NNPA may be higher at 12.2 per cent and 5.6 per cent, respectively, in absence of resolution. With expiry of the 180-day period provided in RBI's February 12 circular for resolution of large stressed borrowers, Icra estimated that 70 big companies accounting for around Rs 3.8 trillion of debt may be heading for resolution under the Insolvency and Bankruptcy Code (IBC). "With ongoing resolution of stressed assets, despite fresh slippages, we expect GNPAs and NNPAs for banking sector are likely to reduce to close to 10 per cent and 4.3 per cent
Rupee ends up 6p at 70.10 against dollar, recovers from record closing low
The rupee today bounced back in tepid fashion from the record closing low, gaining 6 paise to end at 70.10 against the US currency largely tracking bearish dollar cues overseas. Most Asian currencies also recouped early losses against the greenback. Forex trading mood was upbeat after the US and Mexico agreed on a new trade deal to revamp the North American Free Trade Agreement (NAFTA) weakening demand for the safe haven US dollar worldwide. Investors cheered the development amid lingering trade concerns which have weighed on emerging market currencies in recent months. The Mexican peso recovered more than 1 per cent against the dollar after the deal. The US dollar fell to near one-month low against global rivals as the new trade deal boosted risk appetite. Against a basket of six currencies, the dollar index was down at 94.48. Though, the rupee briefly slipped to a low of 70.25 in mid-morning deals, it recovered in afternoon deals amid gains in stock markets and losses in the US ...
Jet Airways stock erases early losses; gains nearly 5%
Jet Airways stock erased all its early losses and ended with nearly 5 per cent gain today following the announcement of a turnaround plan. The stock bounced back from intra-day low -- down 3.5 per cent -- and jumped 4.61 per cent to end at Rs 294.80 on BSE. During the day, it soared 7.62 per cent to Rs 303.30. The scrip had opened nearly 3 per cent lower. On NSE, shares of the company closed at Rs 295.45, up 4.67 per cent. Cash-strapped Jet Airways, which yesterday reported a whopping Rs 1,323 crore net loss for the June quarter due to higher fuel cost, falling rupee and low fares, said it will monetise loyalty programme JetPrivilege and wet-lease some of its small aircraft to mobilise urgent working capital. The airline had booked net profit of Rs 53.50 crore in the year-ago period, while in the March quarter it had reported net loss of Rs 1,036 crore. The second back-to-back quarterly loss forced Jet Airways, which delayed the result announcement on August 9 indefinitely, to ...
Narvar raises $30 mn in new funding round led by Accel
Narvar, a customer engagement platform, today said it has raised USD 30 million (about Rs 210 crore) in funding, led by Accel. The series C round has seen participation from new investors -- Salesforce Ventures and Scale Venture Partners as well as other existing investors, including Battery Ventures, Narvar said in a statement. Ryan Sweeney, partner at Accel, will join Narvar's board, it added. Since its founding in 2012, Narvar has raised USD 64 million in total funding. Narvar helps brands to engage and build long-term loyalty with their customers. Some of its clients include Patagonia, Gap, Levi's, TUMI, Sephora, Costco and Lululemon. It has served nearly 5 billion customer interactions across 38 countries and 50 languages. Industry watchers predict that by 2020, customer experience will overtake price and product as the key brand differentiator. Traditionally, retailers focus more on acquisition and conversion of customers and often neglect the post-purchase phase of the ...
MP's RESCO tender attracts over 31 bidders for 35 MW solar rooftop
A tender floated by Madhya Pradesh Urja Vikas Nigam Ltd (MPUVNL) for 35 MW of solar rooftop power attracted 31 bidders, and received the country's lowest tariff quote of Rs 1.58 per unit. "Madhya Pradesh's RESCO tender attracted 31 international and domestic bidders, who oversubscribed its 35+ MWp rooftop tender capacity by more than 630 per cent," an MPUVNL statement said. State-run Power Grid was also a beneficiary in the tender and has got a rate of Rs 1.58 per unit, which is the lowest in country so far. Amongst all state buildings, the lowest rate is for municipal bodies, which would get power at Rs 1.69 per unit. Tariff of Rs 1.74 per unit has been discovered for medical colleges, which is about one fourth of what they are presently paying. Police establishments all over the state would get power at Rs 2.33 per unit. All government engineering colleges, ITIs and polytechnics would get power at Rs 2.35 per unit. The lowest rate amongst private institutions have been Rs 2.28 per .
Cochin Shipyard pays Rs 122.34 crore in dividend to Govt. of India
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