Page 2717 - Business Finance
CM seeks 100pc funding under RUSA for educational institutions
Chief Minister V Narayanasamy today requested the Centre to restore cent per cent funding for development of higher educational institutions in the Union Territory. He made the request at a meeting with Union HRD Minister Prakash Javadekar in New Delhi today. The cent per cent grant was sought under the Centrally sponsored scheme of RUSA (Rashtriya Uchachakar Siksha Abhiyan), a release from the Chief Minister's office said. It said Puducherry earlier used to get cent per cent grant, but the Centre had brought it down to the ratio of 60:40. Health and Tourism Minister Malladi Krishna Rao was also present during the discussions the Chief Minister had with the Union Minister, the release said.
Equity indices extend record run on firm global cues (Roundup)
It was a complete bull-run in progress throughout the trading session in the Indian equity market on Monday, with both the key indices surging over one per cent and scaling new highs.
Concerned over provisions of UIDAI's face authentication norms for telcos, says COAI
COAI has voiced concern over Aadhaar-issuing body UIDAI's new norms on face recognition saying that some of the stipulated provisions impose additional cost and time burden on telecom firms and are against the tenets of ease of doing business. The Cellular Operators' Association of India (COAI) said that while the industry fully supports all efforts to make authentication secure and customer-friendly, two of the provisions under the new rules may put fresh posers for telcos. The face comparison and audit requirements place additional burden on operators and raise costs and processing time, COAI Director General, Rajan Mathews told PTI. And while the operators will strive to comply with the roll-out deadline of September 15, much would dependent on device manufacturers and their readiness, Mathews added. "The face recognition enhances security for consumers. But two aspects of UIDAI's order are of concerns to us. This includes a requirement that operators have to keep a copy of the ...
Wall Street on track for higher open on NAFTA progress
(Reuters) - U.S. stock index futures pointed to a higher open on Monday as news that the United States and Mexico were closing in on a trade deal added to optimism about the economy, following recent reassuring comments from Federal Reserve Chairman Jerome Powell.
Pradhan rules out splitting GAIL but wants petrochem business divested
Oil Minister Dharmendra Pradhan today ruled out separating GAIL's gas transportation and marketing businesses but said the state-owned gas utility should divest its non-core petrochemical business at a good price. To resolve the conflict arising out of the same entity owning the two jobs, GAIL will bifurcate the accounts and give outside parties access to its vast pipeline network. "GAIL board has considered the issue and has assured that it will operate the two businesses of gas transportation and marketing independently and autonomously," Pradhan said. He was speaking at the launch of the company's online portal for common carrier capacity booking by marketing entities and consumers for transportation of natural gas through its pipelines. Splitting GAIL "is not on the government's agenda," he said adding his ministry wants efficiency in operations of the company. Pradhan said GAIL was formed with the objective of building pipelines and over the past three decades has also become ...
Gold spurts Rs 355, silver tops Rs 37,000-mark on strong demand
Gold prices rebounded smartly by Rs 355 at the bullion market here today following renewed demand from stockists and retailers, even as metal weakened overseas. Silver prices firmed up for the second straight session, rising by Rs 390 to close above the 37,000 mark at Rs 37,105 per kg on persistent offtake by industrial units and coin makers. Standard gold (99.5 per cent purity) climbed by Rs 355 to finish at Rs 29,885 per 10 gram from last Friday's closing level of Rs 29,530. Pure gold (99.9 per cent purity) also moved up by a similar margin to end at Rs 30,035 per 10 gram against Rs 29,680, earlier. Silver (.999 fineness) advanced by Rs 390 to conclude at Rs 37,105 per kg compared to Rs 36,715. Globally, gold inched lower as the dollar firmed, reversing some of the previous sessions gains which came after the US Federal Reserve chairman reiterated the central banks intention to raise interest rates further, albeit at a gradual rate. Spot gold was down 0.2 per cent at USD 1,204.76 ...
Indian economy likely to grow at 7.4% in FY19: NCAER
Economic policy think-tank NCAER has retained India's growth forecast for the current fiscal at 7.4 per cent citing comfortable agricultural sector outlook and a marked improvement in the external sector. According to the National Council of Applied Economic Research (NCAER) report, in 201819 the real agriculture Gross Value Added (GVA) is envisaged to grow at 4.6 per cent, real industry GVA at 5.1 per cent, and real services GVA at 8.5 per cent. "Both the NCAER annual and quarterly models forecast that GVA will grow at 7 per cent per annum in 201819 on a year-on-year (y-o-y) basis. "The annual model forecasts that GDP at market prices will grow at 7.4 per cent for 201819 on a year-on-year basis, same as May 2018," NCAER's latest Quarterly Review of the Economy said. The growth rates in exports and imports, in dollar terms, are estimated at 11.9 per cent and 15.1 per cent respectively. The current account balance and central fiscal deficit, as percentages of GDP, are projected at 2 ...
CP issuance hits all-time high of Rs 4.92L cr in Q1: Report
Issuance of commercial papers (CPs) touched an all-time high of Rs 4.92 lakh crore in June quarter on risk averse investors' reluctance to bet long term, a report said today. The volumes grew 49 per cent over last year and 32 per cent over the preceding three months, domestic rating agency Icra said. The trend of higher short-term borrowing has continued in the second quarter of FY19 as well, according to Icra, with the CP outstanding going to a new high of Rs 6.39 lakh crore, a 96 per cent growth over the previous year. "Rising bond yields and the consequent possibility of mark-to-market losses led to investors turning risk averse and shunning long-term debt instruments, contributing to a surge in issuance of short-term debt instruments," said Karthik Srinivasan, group head for financial sector rating, Icra. He said CPs have become a "meaningful source of funds" now, but added that the volumes will stabilise as corporate bond issuances improve with stabilisation in ...
UP govt tables supplementary budget of Rs 34,833 crore
The Uttar Pradesh government today tabled the first supplementary budget to the tune of Rs 34,833.24 crore for FY2018-19 in the UP Legislative Assembly, to meet the additional expenditure for the year. Earlier in February this year, the Yogi Adityanath government had passed a budget of Rs 4.26 lakh crore for the ongoing fiscal year. The supplementary budget, presented by state Finance Minister Rajesh Agarwal, earmarked funds for a number of schemes under different heads in the memory of former prime minister Atal Bihari Vajpayee. The supplementary budget also proposed Rs 500 crore for developing a defence corridor along the Bundelkhand Expressway. The state government has earmarked Rs 34 crore for cow shelter homes that will be set up in 68 districts, and also proposed an additional Rs 50 crore for the Kumbh Mela, to be held in January 2019. Besides, the budget sought Rs 10 crore for developing different spots in Bateshwar (Agra) in the memory of Vajpayee and Rs 5 crore for setting up
Steel ministry PSUs to promote rural sports, games for differently-abled: Minister
The central public sector enterprises (CPSE) under the steel ministry will promote rural sports and sports for differently-abled, Steel Minister Chaudhary Birender Singh said today. Sports is an indicator of a country's economic development and strength, and CPSEs under the ministry will strive to groom medal aspirants for the Olympic Games, he said. The minister unveiled the corporate sports policy for CPSEs under the steel ministry here today. The policy, he said, will provide a framework for promotion of sports by these CPSEs. The minister stated that CPSEs will discharge their responsibility through infrastructural and institutional support for talent spotting, scholarships, training and coaching. Emphasisingon institutional support to sports,the minister said 'Khelo India' programme, whichprovides annual financial help ofRs 5 lakh for eight years to talented players identified in priority sports disciplines,has started yielding results. Steel CPSEs will allocate a specific ...
China defends 'New Silk Road' against debt complaints
Chinese officials have defended Beijing's initiative to build railways and other infrastructure across Asia against complaints it leaves countries with too much debt after Malaysia cancelled two high-profile projects. The officials today said the "Belt and Road" facilities built with Chinese loans might require time to pay off but are valuable for developing economies. The deputy chairman of the Cabinet's planning agency, Ning Jizhe, told reporters "people's livelihoods and economic development have been boosted." He said, "no 'debt trap' was created." Malaysian Prime Minister Mahathir Mohamad scrapped plans this month for Chinese-built projects including a USD 20 billion railway he said his Southeast Asian country cannot afford.
Sebi orders release of bank, demat accounts of 2 entities
Market regulator Sebi has ordered the release of bank and demat accounts of two entities after recovering dues of Rs 27.38 lakh in two separate matters. In March 2017, Sebi had directed the banks, depositories -- NSDL and CDSL -- and mutual funds to attach the bank and demat accounts of Dulron Procon Private Ltd along with other entities in the matter of Bank of Rajashthan Ltd to recover Rs 14.93 lakh. In another case, the regulator had passed an attachment order in 2014 against Mangiram Sharma to recover Rs 10.41 lakh in the case of Adani Exports Ltd. The attachment orders were passed against the two entities after they failed to pay the fine imposed on them by the regulator. As per two separate orders dated August 23, Sebi has recovered Rs 15.53 lakh in the matter of Bank of Rajashthan Ltd Technologies (India) and Rs 11.85 lakh in the matter of Adani Exports. Sebi said the banks, depositories -- NSDL and CDSL -- and mutual funds "are hereby directed to release the bank/ demat ...
RCOM completes sale of fiber assets to RJIO
Reliance Communications (RCOM) has completed the sale of its fiber and related infrastructure assets, worth Rs 3,000 crore, to Reliance Jio Infocomm Limited (RJIO).
Mauritius IFC a tax complaint jurisdiction, says its Eco Development Board
Mauritius IFC is a tax compliant jurisdiction and has put in place appropriate legislation for exchange of information with other nations as per global norms, the Economic Development Board of Mauritius said today. Mauritius was not included in the "European Union list of non-cooperative jurisdictions for tax purposes' published in December 2017", Faraz Rojid, head of financial services, Economic Development Board of Mauritius, said. "The Mauritius IFC (International Financial Centre) is a recognised jurisdiction by international authoritative organisations. "As a credible and trusted IFC, Mauritius has constantly and consistently implemented significant initiatives and adopted appropriate legislations to enhance its legal and regulatory frameworks for exchange of information and transparency as per the international norms and standards, in order to combat money laundering and terrorist financing," Rojid said. Mauritius has been at the forefront in the fight against international tax .
Turkish lira slides nearly 5 percent as U.S. stand-off back in focus
ISTANBUL (Reuters) - The Turkish lira tumbled nearly 5 percent against the dollar on Monday after a week-long holiday, hit by persistent concern about a diplomatic rift with Washington over a U.S. pastor on trial in Turkey.
Escorts forms joint venture with Japan's Tadano
Farm and construction equipment maker Escorts on Monday entered into a joint venture with Japan's biggest mobile crane manufacturer Tadano to produce higher capacity mobile cranes in the 20-80 tonnage category.
Netherlands eyes 2.05 lakh visitors from India in 2018
The Netherlands looks at around 25 per cent growth in Indian visitors in 2018 on the back of various promotional initiatives taken by the country, a senior tourism official of the European nation said. The country had 1.65 lakh visitors from India in 2017 which was a 31 per cent growth in visitor arrivals compared to 2016, the Netherlands Board of Tourism & Conventions (NBTC) said. "We forecast a 25 per cent growth in the number of visitors from India to around 2.05 lakh for the current year", NBTC Holland Marketing Global Travel Trade Manager Carola Muller - van Rijn told PTI. This growth is based on a number of initiatives that are being undertaken, she added. "One of the important reason for the rise in the number of visitors is growing direct connectivity from India to Amsterdam and KLM Royal Dutch Airlines beginning operations between Mumbai and Amsterdam, will also add to the number of visitors from India to the Netherlands," Muller said. A growing middle class and worldwide
Bonds for new Andhra capital Amaravati listed on BSE
Bonds for development of new Andhra Pradesh capital Amaravati were listed on Bombay Stock Exchange (BSE) on Monday.
Future Retail shares jump over 5%
Shares of Future Retail surged over 5 per cent today amid reports that Google and Paytm Mall may team up to buy stake in the company. The stock soared 5.41 per cent to end at Rs 547.25 on BSE. Intra-day, it jumped 7.47 per cent to Rs 557.95. At NSE, shares of the company gained 4.51 per cent to close at Rs 543.15. Buying was also seen in other group stocks, with Future Enterprises surging 12.35 per cent, Future Consumer 6.58 per cent and Future Lifestyle Fashions 2.55 per cent on BSE. Meanwhile, BSE had earlier in the day sought clarification from the company with reference to a news report that said Google may join hands with Paytm Mall to buy stake in Future Retail. Later in a clarification to BSE, it said:"With regards the news item published today, please take note that in the course of its business, the company evaluates various possibilities, including in relation to business association with third parties, which is always a subject matter of further feasibility studies and the .
Smaaash looks to raise $30 mn to fund expansion
Sachin Tendulkar-backed sports-based entertainment firm Smaaash is in talks to raise $30 million