Page 2725 - Business Finance
Ex-NPCI MD Abhay Hota joins Indiabulls Ventures as Independent
Indiabulls Ventures has appointed former managing director of National Payments Corporation of India (NPCI) as an Independent Director on the Board of the company from August 25. Hota, who served in the Reserve Bank of India for 27 years prior to joining NPCI, mostly worked in the areas of operating payment system platforms and payment system policy and his last such position with RBI was as Chief General Manager, Department of Payment and Settlement Systems, the company said in a statement. He has been instrumental in designing, developing and launching various payment systems including MICR technology in cheque processing, RTGS, NEFT, IMPS and Aadhaar based system in association with UIDAI, among others.
AXISCADES opens new engineering centre in Arizona
Aiming to expand their engineering services to US-based manufacturers, Bengaluru-based global tech provider AXISCADES has announced a new centre in Tucson, Arizona.
Emaar India to complete, deliver 10K units by 2019-end at Rs 1,000 cr cost, says new CEO
Dubai's realty major Emaar Properties will complete all delayed projects, comprising 10,000 units, in India by the end of next year and has secured fund as well as ramped up workforce for execution. Emaar India's new CEO Prashant Gupta said the company needs about Rs 800-1,000 crore to construct these units and the funds have been tied up. "Our entire focus is on completion of all existing projects. We have increased the number of labourers at our sites to 9,000 from 7,000 workers few months back," he told PTI. Gupta had in June joined Emaar India, which is part of Emaar Properties. Earlier, he was with Aditya Birla group since 2011. About 10,000 units, comprising mainly flats and plots as well as some shops, are yet to be completed apart from 2,000 units where possession letters have been issued to customers. For completing these pending units, Gupta said about Rs 800-1,000 crore is estimated construction cost. "About Rs 500 crore fund has already been tied up from banks and NBFCs as
Sinopec forecasts second-half fuel sales drop after surge in H1 profit
BEIJING (Reuters) - China Petroleum & Chemical Corp, the country's largest refiner, said on Sunday that it expects fuel sales to drop and processing rates for crude to stay flat in the second half of 2018, amid an oversupply of refined fuels.
Sinopec's first-half 2018 profit rises 53.6 percent on higher fuel margins, gas output
BEIJING (Reuters) - China Petroleum & Chemical Corp, the country's largest refiner, reported on Sunday that net income in the first half of 2018 rose 53.6 percent from a year ago, beating a company forecast of 50 percent profit growth as the upstream and refining sectors delivered strong results.
Grofers eyes over Rs 2,500-cr revenue in FY19
Online grocery firm Grofers expects its revenue to cross Rs 2,500 crore this fiscal on the back of strong addition of new customers along with increasing cart sizes of existing users. The SoftBank-backed company, which competes with the likes of Alibaba-funded BigBasket as well as e-commerce majors like Flipkart and Amazon, currently has a monthly revenue run rate of about Rs 150 crore (translating into Rs 1,800 crore for the year). "We had launched a loyalty programme -- Smart Bachat Club (SBC) -- earlier this year and that has given a strong fillip to out business. It's a subscription offering, where the customer is paying in advance for special pricing on items and we have seen huge uptake for it, we have crossed half a million subscribers already. By December, we expect to reach one million," Grofers co-founder and CEO Albinder Dhindsa told PTI. He added that the frequency of shopping for SBC members is 2.5 times that of non-members, while their carts are 30 per cent larger. "SBC .
IG Petrochemicals eyes 2x turnover at Rs 2,000 cr by FY21
IG Petrochemicals (IGPL), which makes phthalic anhydride (PA) chemical aims to double turnover to Rs 2,000 crore by 2021 after completion of its brownfield expansion worth Rs 300 crore. Post expansion, the company will be among the top three PA manufacturers in the world and targets to nearly double turnover from Rs 1,150 crore in FY18 to Rs 2,000 crore by 2021, IGPL managing director and CEO Nikunj Dhanuka told PTI. "We have taken up expansion by adding another 53,000 tonne per annum of PA chemicals to our existing 1,70,000 tpa capacity and to make a foray into the downstream products at a cost of Rs 300 crore at Taloja near hear. We are hopeful of completing the project by next August," he said. The domestic PA market is 350,000 mtpa and has been growing at a healthy rate of 7 per cent at current levels. This is catered to by domestic production of 250,000 mt and balance of 100,000 mt is imported from Korea. The company is raising Rs 125 crore through equipment ...
AMFI new campaign to focus on debt investment benefits
The Association of Mutual Funds of India (AMFI) is all set to come out with its next campaign that will focus on the benefits of investing in debt funds, following the popular 'Mutual Funds Sahi Hai' drive. "We are now planning the second phase of mutual funds campaign on debt investment benefits. It is expected to be aired from the third week of September," AMFI Chief Executive N S Venkatesh told PTI. Venkatesh said at present, debt fund investment by retail investors constitute just 10 per cent, while the rest is equity, and this ratio is not prudent asset allocation. He said in the 2018-19 fiscal, AMFI will spend Rs 150-175 crore to promote mutual funds investments. In the last fiscal, it had spent Rs 200 crore for the purpose. "There is no plan to pull-out the 'Mutual Funds Sahi Hai' campaign. Instead, it will become the master campaign brand and sectoral products will also come under it," he said. Regulator SEBI has repeatedly stressed that risks associated with ...
Majority of young adults lack financial literacy
Did you know many young adults lack financial literacy and money management skills? This indicates an urgent need for educational programs to help them enter adulthood so that they are better equipped to handle their financial affairs, a new study reveals.Nearly a third of young adults were found to be financially unstable because they had poor financial understanding and literacy. They also lacked money management skills and income stability.The study sample included 3,050 emerging adults who participated in the National Financial Capability Study, a survey that assesses the financial knowledge and practices of US adults aged 18 and over.Only 22% of the 18 to 24-year-olds were deemed to be financially stable in the study sample, according to the lead author Gaurav Sinha, a graduate in social work from the University of Illinois.These individuals were better at planning and managing their finances, had checking or savings accounts in mainstream banks and were less likely to use ...
Bolivia seeks pact with Indian firms for lithium supply
With India likely to emerge as a major market for electric vehicles (EVs) and battery storage, Bolivia, known to have the largest lithium reserves used for making batteries, is seeking partnerships with public and private firms to ensure reliable access to the metal. The South American nation's ambassador to India, Sergio Dario Arispe Barrientos, said the country is also looking to sign a preferential trade agreement with India to create a framework to address issues pertaining to investments and markets. "Given India's massive programme on becoming a leading player in the electric vehicles' space, Bolivia can address the demand for lithium, which is the key component for battery storage. There is a huge opportunity for both India and Bolivia to work together in this area," Barrientos told PTI. He said Bolivia is also looking at partnering with Indian companies, both private and public. "If you associate yourself in Bolivia and produce value-added products here, you can .
IndAS dents realtors' networth by 18%, revenue by 24%: Report
The adoption of new accounting standard IndAS has dented the net-worth of nine major listed real estate firms by 18 per cent and revenues by 23.6 per cent sequentially in June quarter, according to a report. IndAS 115, which came into effect from April 1, lead to these companies applying project completion method (PCM) compared to the earlier adopted percentage of completion method (POCM), and restating their net-worth with a retrospective effect. The companies had to reverse the gains recognised on projects that were not completed as on April 1. "The cumulative impact on the net worth of these nine companies has been to the extent of Rs 11,279 crore, an 18 per cent downward revision from their March 31, 2018 reported net-worth under the earlier accounting regime," ratings agency Icra said in its report. The companies under analysis are Godrej Properties, Prestige Estates Projects, Brigade Enterprises, DLF, Indiabulls Real Estate, Phoenix Mills, Sobha, Mahindra ...
Bearing merchants await dues from cos under IBC resolution
Operational creditors, including bearing merchants, have expressed concern over a substantial part of their dues getting stuck from companies that have been referred to the National Company Law Tribunal for resolution under the Insolvency and Bankruptcy Code (IBC). "We are a worried lot as our old dues have got completely stuck with the companies filed with the NCLT under the IBC," Eastern India Ball Bearing Merchants' Association Chairman-Trust Board Surendra Choraria told PTI. He said payments were slow prior to the companies getting referred to the NCLT, but now the clearance of dues have come to a standstill. The steel sector accounts for nearly 30 per cent of sales for eastern region bearing suppliers. Companies with around 22 million tonnes of crude steel capacity have been referred to the NCLT in the first round of the stressed assets resolution process by the Reserve Bank of India, involving close to Rs 1.6 trillion. Choraria said as operational creditors' claims .
GAIL to launch portal allowing outsiders to hire its gas pipelines
State gas utility GAIL India Ltd will tomorrow launch a new portal to allow anyone to hire its vast pipeline network for transporting natural gas as it makes last-ditch attempt to ward off breaking of the company, people in the know of the development said. The oil ministry has been for last few months considering separating GAIL's gas transportation and marketing business to resolve the conflict of the same entity doing both the jobs. One of the reasons for this was some industry players alleging that GAIL was not giving them access to its 11,000-kilometer pipeline network to transport their gas. Sources said while GAIL has maintained that it allows third-party access based on firm commitment, the company will tomorrow launch an online portal for common carrier capacity booking by marketing entities and consumers for transportation of natural gas through its pipelines. The ministry had in January stated that it is considering to split GAIL into two - one for laying pipelines and the .
Abbott India lines up 100 product launches over the next 5 years
Drug major Abbott India aims to launch around 100 products over the next five years as it looks to strengthen existing therapy areas as well as grow over-the-counter portfolio, a top company official said. The Mumbai-based firm, which is a subsidiary of US-based Abbott Laboratories, had launched 21 new products in the country last fiscal. "Abbott plans to launch around 100 products over the next five years. Our focus remains on growing existing therapy areas such as gastroenterology, metabolics, vaccines, central nervous system and women's health," the company's Managing Director Ambati Venu told PTI in an interview. The company is also looking at strengthening its over-the-counter portfolio with a wider range of product formats, he added. "In total, our pharmaceutical business covers 90 per cent of therapies in India so our goals are to increase the depth and breadth of the medicines we offer in these areas, ensure broader reach to people in India and continue to launch improved ...
Macro data, global leads to set market tone this week
Indian equities this week will mainly be guided by April-June quarter GDP data, while growing US-China trade war and rising crude oil prices will continue to have an impact on market sentiments, say experts. The Central Statistics Office (CSO) will release the last quarter's GDP numbers on August 31. "Macroeconomic data will dictate trend in the near term. On the economic front, the government will announce data on second quarter gross domestic product (GDP) on Friday. However, markets will continue to remain volatile as traders will roll over their positions in the F&O segment from August to September series," Rahul Sharma, senior research analyst at Equity99, said. Besides, the rupee, which has seen extreme volatility in the past few sessions, will also dictate sentiment on domestic bourses during the week. The Indian currency slumped to a life-time low of 70.32 on August 16, 2018. "Fundamentally, we are seeing a continuous rise in crude oil and accumulation has been seen at ...
Macro data to direct equity market trends (Market Outlook)
The Indian rupee's movement against the US dollar and the upcoming macro-economic data points are expected to chart the course of key domestic equity indices during the coming week.
Rupee fall no macro worry, was long overdue: Panagariya
Former Niti Aayog vice-chairman Arvind Panagariya has opined that rupee depreciation was long overdue, saying appreciated currency had hurt the country's exports. Panagariya further said India's macroeconomic management is sound and there was no reason to worry. "The main news recently in the macro story is depreciation of the rupee. But this had been long overdue. "The real exchange rate has seen large appreciation in recent years and this has hurt our exports," he told PTI in an interview. The rupee on August 16 slumped to a life-time low of 70.32 to the US dollar on strong demand for the greenback. The rupee on Friday staged a good recovery to end higher by 20 paise at 69.91 against the US currency. Panagariya who is currently a professor of economics at Columbia University further said, "I am personally very pleased the RBI has used our foreign exchange reserves prudently in managing the exchange rate." Replying to a question, the former Niti Aayog vice chairman said that he ...
Maruti Suzuki says will not ignore any segment
Country's largest carmaker Maruti Suzuki India (MSI) would continue to bring in models with varied body styles as it aims to cater to 'every segment and lifestyle', a top company official said. The auto major, which has over 50 per cent market share in the domestic passenger vehicle segment, is also focussing on giving enhanced features across its model range with market moving gradually towards premium products. "Our intent is that we will provide car for every pocket for every lifestyle and for every aspiration and we will also keep focus on the premiumisation in terms of the variants which we are giving," MSI Senior Executive Director (Sales and Marketing) R S Kalsi told PTI. The company's strategy is keep launching varied body types -- hatchbacks, sedans and SUVs, he added. "We won't ignore any vertical," Kalsi said. He was responding to a query if the company would focus more on SUV body style going ahead as the segment is showing tremendous growth in the country. He, however, ...
Stainless steel producers hopeful of govt removing duty on ferro nickel
Stainless steel industry body ISSDA is expecting the government to look into the demands of local players to remove 2.5 per cent basic customs duty on import of ferro nickel and stainless steel scrap It is a long-standing demand of domestic stainless steel producers that the duty on import of ferro nickel and stainless steel scrap -- key raw materials used in producing stainless steel -- should be removed or made zero. "The two raw materials are not available in the country and the industry is importing it. Steel Secretary Aruna Sharma has assured us that the duty will be removed and her ministry is already in touch with the finance ministry in this regard," Indian Stainless Steel Development Association (ISSDA) President K K Pahuja said. The government had removed customs duty on pure nickel in the last budget, but the move did not help the industry much since most of nickel used by stainless steel makers is in the form of ferro nickel, Pahuja said. The same relief should be extended
Cabinet note soon for stake purchase by major ports in Dredging Corp
A Cabinet note is likely in a fortnight, paving the way for three of the top 12 major ports in India to pick up stake in state-run entity Dredging Corporation of India (DCI), a top official has said. The Dredging Corporation of India Limited (DCI), a state run entity under the administrative control of the Ministry of Shipping, provides dredging services to the major ports of the country and is a pioneer organisation for maritime development. "A Cabinet note is likely soon for pick up of equity stake in DCI by three of the 12 major ports in the country," a top official who did not wish to be quoted told PTI. The official said the ports that may pick up stake include Paradio Port Trust (PPT), Visakhapatnam Port Trust (VPT) and New Mangalore Port Trust (NMPT). The pick up of the stake, if Cabinet approves it, will be based on the availability of surplus funds with the ports, the official added. Earlier on June 18, 2018, a meeting of the heads of the major ports was held, chaired by ...