Page 2715 - Business Finance
Wall Street rallies as U.S.-Mexico reach trade deal
(Reuters) - U.S. stocks posted strong gains on Monday, with the benchmark S&P 500 and the Nasdaq hitting all-time highs, as the United States and Mexico reached a deal to replace the North American Free Trade Agreement.
Corporates have a big role to play towards building society: Gangwar
Corporate houses have a big role to play towards building the society through CSR activities, Labour Minister Santosh Kumar Gangwar said today. "We have more than six lakh villages in our country, people do have intent to spend money towards corporate social responsibility (CSR). If all our corporate houses work with their social responsibility they can help the society to get along with the growth," Gangwar said at a book launch here. There is no dearth of ideas in the country how to spend the CSR funds and constructing toilets across the country in areas where people have no such facilities is one of them, he said at the launch of 'Corporate Social Responsibility in India' written by retired IAS officer Sanjay Kumar Panda. Even as India got independence more than 70 years ago but people still defecate in the open which is a sorry state, the minister said adding that it has become a drive across the country to construct toilets as part of the Swachh Bharat Abhiyan.
Gurugram to act against builders securing fraudulent occupation certificates
Chairman of Haryana Real Estate Regulatory Authority (HARERA) in Gurugram K.K. Khandelwal said on Monday that builders who have fraudulently secured occupation certificate (OC) will face action.
Prama Hikvision to invest Rs.500 crore in Andhra
Prama Hikvision India Limited plans to invest Rs.500 crore in a manufacturing facility for electronic security and surveillance products in Andhra Pradesh.
GMR Warora Energy account standard, no impact of RBI circular: GMR Infra
GMR Infrastructure today said its arm GMR Warora Energy Ltd (GWEL) does not have any pending dues with any of its lenders and is not affected by the RBI's February 12 circular. "For GWEL there are no over dues with any of its lenders as on date and the account is "STANDARD" with all lenders," the company said in a filing to BSE. "GMR Warora Energy Ltd (GWEL) will not be affected by the RBI Circular dated February 12, 2018 as GWEL has cleared all dues to the existing lenders as on August 27, 2018," it said. Reserve Bank had come out with 'Resolution of Stressed Assets-Revised Framework' on February 12, 2018. State Bank of India managing director Arijit Basu had recently said that about 7-8 power sector projects worth Rs 17,000 crore are expected to be resolved soon as lenders are nearing consensus on these. There are about 34 stressed power projects and the combined value of their outstanding loans is about Rs 1.74 lakh crore.
India to double exports by 2025: Prabhu
The government is working on a comprehensive strategy to double the country's exports by 2025, Commerce Minister Suresh Prabhu said today. Issues related to exporters were discussed during a stakeholders' meeting to discuss a strategy for revitalising India's exports and doubling the exports by 2025. "This is necessary in view of challenges like uncertainty of global trade, rigid approach of banks affecting availability of credit, high logistics cost and productivity standards and qualities," an official statement quoting Prabhu said. Minister of State for Commerce and Industry C R Chaudhary will be the chairperson of this mission and will review the work of different export promotion councils and divisions of the ministry. In 2017-18, the country's merchandise exports grew by 10 per cent to USD 303 billion, while services exports rose by 18.8 per cent to USD 195 billion in the same period. The ministry is also taking meetings with key ministries for preparing sectoral export ...
RITES Q1 net jumps 18.5% to Rs 82 crore
Railway PSU RITES today reported an 18.5 per cent increase in net profit at Rs 82 crore for the April-June quarter. The company has recorded revenue of Rs 370 crore in the the first quarter of 2018-19, a flat growth from the corresponding period in 2017-18, RITES said in a statement. "PAT (profit after tax) has gone up by 18.5 per cent to Rs 82 crore over first quarter of 2017-18. This increase in profit is achieved as our consultancy segment, domestic leasing and turnkey projects kept their momentum and other income has increased by Rs 20 crore," it said. Consultancy business remained the focus area where the company has achieved revenue of Rs 209 crore with a growth of 2.6 per cent over the same period previous fiscal. During the quarter we were able to maintain the consultancy margins of 37.9 per cent excluding the un-allocable expenses. Domestic leasing business has also shown a growth of 16.8 per cent over first quarter of 17-18 with high profit margins and recorded revenue of Rs
Amrutanjan to list products on Amazon
Amrutanjan Health Care today said it has joined hands with Amazon to offer its products on the e-commerce giant's platform. While initiatives have been taken to strengthen distribution in the existing channels, e-commerce is also the principal area of focus for the company's management as part of Go to Market effort, Amrutanjan Health Care said in a filing to BSE. "This will help us realise our objective of ensuring that the brand reaches consumers in new geographies," it added. Shares of Amrutanjan Health Care Ltd today closed at Rs 351.35 per scrip on BSE, up 2.39 per cent from its previous close.
G Satheesh Reddy takes charge as DRDO Chairman
Renowned missile scientist Dr G. Satheesh Reddy on Monday took over as Secretary, Department of Defence (Research and Development), and Chairman of the Defence Research and Development Organisation.
World stock index at highest in over 5 months on trade deal
NEW YORK (Reuters) - An index of major world stock markets rose to its highest level in more than five months on Monday after the United States and Mexico struck an agreement that lowers trade tensions.
Total chief executive drives an electric car, but only on weekends
STAVANGER, Norway (Reuters) - The chief executive of French oil and gas giant Total said on Monday that he and his wife drive an electric car - but when it comes to business, he relies on fossil fuels.
Airline industry is in 'great stress', says SpiceJet chief
The domestic airline industry is in "great stress" as it is grappling with high fuel prices and fall in rupee, SpiceJet chief Ajay Singh said today. His comments come against the backdrop of high crude oil prices hurting the airline industry as Aviation Turbine Fuel (ATF) alone accounts for over 40 per cent of a carrier's operational costs. "Airlines across the world are suffering from high oil prices and in India we compound the problem with significant taxes as well. "The depreciation of rupee has been a big issue... many of our costs are denominated in dollars. Of course, there is great stress in the sector," Singh said. Despite the fact that India is the fastest growing aviation market in the world, it has been very tough to pass on the sudden increase in costs because things happened together -- the increase in oil prices and depreciation of rupee, he noted. On why airlines are not able to increase fares, the SpiceJet's Chairman and Managing Director said it has all happened at a
NCLT orders liquidation of Lanco Infratech
: The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm. The bench headed by judicial member Ratakonda Murali in his orders appointed the interim resolution professional (IRP) Savan Godiavala as the liquidator of the company. The Reserve Bank had last June directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC). The company, among 12 firms identified by the RBI with high debt for proceedings under IBC, owes over Rs 44,000 crore to the IDBI Bank-led lenders consortium. The Committee of Creditors (CoC) of Lanco Infratech had earlier rejected the resolution plan submitted by Thriveni Earthmovers, which subsequently submitted a revised resolution plan on April 1 which was also rejected. On ...
Jet Airways posts first-quarter loss; draws up strategy to cut costs
(Reuters) - India's biggest full-service airline, Jet Airways Ltd, posted its second consecutive quarterly loss on Monday, and said it would inject funds and cut costs in excess of 20 billion rupees in two years as it seeks to turnaround the business.
Modi government protecting GSPC from being declared bankrupt: Jairam
Citing an RBI notification, Congress leader Jairam Ramesh on Monday demanded that the SBI should declare Gujarat State Petroleum Corp (GSPC) bankrupt and said the company owed Rs 12,000 crore to several banks.
Satheesh Reddy takes over as DRDO chief
Renowned missile scientist G Satheesh Reddy took over as the Chairman of the Defence Research Development Organisation (DRDO), an official statement said. He will also serve as the Secretary, Department of Defence Research and Development. Reddy is known for his significant contributions towards indigenous design, development, deployment of diversified Missiles and Strategic Systems, Guided Weapons, Avionics Technologies. He has contributed towards advancement of aerospace technologies and industries in the country. Prior to his current appointment, Reddy was the scientific advisor to the defence minister.
Oil flat; trade worries, rising output weigh
NEW YORK (Reuters) - Oil prices were flat on Monday, pausing after last week's substantial gains as a committee monitoring a deal between OPEC and non-OPEC producers saw production increasing and a U.S.-China trade dispute also weighed on sentiment.
Jet's Q1 net loss at Rs 1,326 cr; considers cost-reduction steps
Airline major Jet Airways on Monday reported a net loss of Rs 1,326 crore for the first quarter of 2018-19.
Committee to review offences under Companies Act 2013 submits final report
The Committee, constituted by Government of India in July 2018 to review the existing framework dealing with offences under the Companies Act, 2013 and related matters and make recommendations to promote better corporate compliance, has submitted its final report here on Monday.The report was presented to Union Minister for Finance and Corporate Affairs Minister Arun Jaitley by Secretary of Ministry of Corporate Affairs Injeti Srinivas, who chaired the committee.The Committee undertook a detailed analysis of all penal provisions, which were then broken down into eight categories based on the nature of offences.It recommended that the existing rigour of the law should continue for serious offences, covering six categories, whereas for lapses that are essentially technical or procedural in nature, mainly falling under two categories may be shifted to in-house adjudication process.The Committee observed that this would serve the twin purposes promoting of ease of doing business and ...
Jaitley blames NPA woes to 'indiscriminate lending' under UPA
Amid the tug of war between ruling BJP and Opposition Congress over the higher growth numbers during the latter's tenure, finance minister Arun Jaitley today termed the higher GDP prints and NPA pile to the indiscriminate lending before and after the 2008 global credit crisis. Addressing the AGM of bankers lobby IBA through a video link this evening, Jaitley who resumed office last week after a medical leave since April, blamed the NPA pile, which is about 12 per cent of the system, and the macroeconomic problems of fiscals 2013 and 2014 to the debt-driven growth and banks funding unsustainable projects during the previous regime. "If we have growth which is engineered on the strength of a 31 or 28 per cent credit offtake in a given year, then history will certainly record it as some indiscriminate lending, which is bound to show its impact on the future," he said without naming the past Congress-led government. He also blamed the bankers for the NPA problem saying ...