Page 2761 - Business Finance
Sebi imposes Rs 2 lakh fine on Euram Bank
Markets regulator Sebi today imposed Rs 2 lakh fine on European American Bank AG (Euram Bank) as its sub-account failed to satisfy the broad based fund criteria. In an order, the regulator noted that India Focus Cardinal Fund (IFCF) had sought registration from Sebi as a sub-account in the broad based fund category under the foreign Institutional investor (FII) -- Euram Bank. IFCF was granted the registration with a condition that it will meet the broad based criteria within 90 days. Under the FII Regulations, broad based fund is categorised as as a fund, established or incorporated outside India, which has at least twenty investors, with no single individual investor holding more than forty-nine per cent of the shares or units of the fund. However, if the broad based fund has institutional investor(s), it shall not be necessary for the fund to have twenty investors and if it has an institutional investor who holds more than forty-nine per cent of the shares in the fund, then the ...
China says won't resort to strong stimulus but will keep liquidity ample
BEIJING (Reuters) - China's central bank said on Tuesday that it will not resort to strong stimulus to support the slowing economy but will keep liquidity reasonably ample and offer more help to companies which are having trouble obtaining financing.
Corrected: Toll Brothers profit beats on robust demand for luxury homes
(Reuters) - Toll Brothers Inc on Tuesday reported better-than-expected quarterly results on strong demand for its luxury homes, sending its shares up 12 percent.
Paisabazaar.com: Consumers lack Mutual Funds awareness
Paisabazaar.com, India's largest marketplace for lending and investment products, said today that 96% of its consumers were not aware of the existence of direct plans of mutual funds, a survey conducted by it had revealed. Compared to regular plans, direct plans of mutual funds offer higher returns, since it does not involve any commission or distribution fees. The survey, which had over 25,000 respondents, was conducted for all non-mutual fund consumers of Paisbazaar.com last month."While everyone in the industry is aware that direct plans offer better returns than regular plans, there's hardly been any consumer awareness initiative around it. As a consumer brand, we believe in offering what's best for our customers, whether it's free credit score or direct plans of mutual funds. The challenge is to make consumers aware of the distinct advantage direct plans have in the form of higher returns," said Yashish Dahiya, Co-founder & CEO, PolicyBazaar Group, the parent company of ...
Corrected: Toll Brothers profit tops estimates as home sales, prices rise
(Reuters) - U.S. luxury homebuilder Toll Brothers Inc on Tuesday topped Wall Street estimates for quarterly profit, as stronger housing demand helped it sell more homes at higher prices.
NSE inks pact with Bengal for MSME fund raising
The National Stock Exchange (NSE) on Tuesday signed an MoU with the West Bengal government's MSME & Textiles Department for supporting and facilitating the culture of alternate sources of funding through equity among the small and medium sector enterprises in the state.
TRIFED bought tribal products worth Rs 7.69 cr in 2018-19 so far
A PSU under the Tribal Affairs Ministry engaged in promoting tribal art and craft procured products worth Rs 7.69 crore made by tribal artisans this financial year. The Tribal Cooperative Marketing Development Federation of India Limited (TRIFED) has sold products worth Rs 5.29 crore through its network of retail outlets in the current fiscal. The PSU, in a statement, said it procured tribal products worth Rs 2.04 crore in July alone. Last month, products were purchased from 149 tribal producers associated with 23,127 tribal families. It has registered a "cumulative procurement of Rs 7.69 crore in the current financial year", the statement said. "This is the result of concerted efforts made by TRIFED to scale up retail marketing activities," Managing Director of TRIFED Pravir Krishna said.
Wall Street rises on trade, earnings optimism
(Reuters) - U.S. stock indexes rose on Tuesday, with the S&P closing in on its all-time high, helped by some encouraging earnings reports and optimism that planned trade talks between the United States and China would help resolve their trade spat.
Rlys to float global tender to address paucity of rails
A month after private steel maker JSPL bagged 20 per cent of the Rs 2,500 crore global tender by the Indian Railways to supply long rails, a senior official of the national transporter said the ministry will soon issue a similar tender for the rest of its requirement. Indian Railways had invited the global tender for procuring around 4.87 lakh metric tonnes of rails to meet the shortfall of supply from the Steel Authority of India Limited (SAIL). This is the first time in three decades that rail procurement has been opened for the private sector. "While JSPL has been given 20 per cent, we will re-tender for the rest of our requirement. Since SAIL has also increased its production, we will need to analyse the quantum of the tender based on the how much of our requirement is met by them," the official said. Seven foreign steel companies and JSPL had submitted their bids for the global tender. JSPL was the only Indian steel maker in the fray, and was expected to get an assured order of ..
Tata Motors launches compact SUV Nexon in Sri Lanka
Tata Motors today said it has launched its compact SUV Nexon in Sri Lanka priced between 1.99 million and 4.6 million Sri Lankan rupees. The Nexon in Sri Lanka will be available in six variants and will be for sale in 15 outlets across Colombo, the company said in a statement. It is priced Sri Lankan Rs 1.99 million for petrol and Sri Lankan Rs 4.6 million for diesel (permit holder prices) for the top variant, it said. The company has launched the vehicle in the island nation in partnership with its distributor Diesel & Motors Engineering PLC (DIMO). "With the introduction of this entire range (in Sri Lanka), we aim to tap a larger market and increase our market share in not only the compact SUV segment but also the AMT segment," Tata Motors President, Passenger Vehicle Business Unit, Mayank Pareek said. DIMO Chairman & MD Ranjith Pandithage said the launch marks the company's first big step into the compact SUV segment with Tata Motors.
Gold at one-week high as Trump's Fed criticism weighs on dollar
LONDON (Reuters) - Gold steadied after touching a one-week high on Tuesday as the dollar weakened after U.S President Donald Trump criticised the Federal Reserve for raising interest rates.
NCLAT stays Jyoti Structures liquidation
The National Company Law Appellate Tribunal (NCLAT) has stayed the liquidation of debt-ridden real estate firm Jyoti Structures and barred any sale of its assets till further orders. The appellate tribunal has directed the Mumbai bench of the National Company Law Tribunal (NCLT) and the resolution professional of the company not to take any steps in this regard. "Until further order, the Adjudicating Authority (NCLT) will not pass any order under Section 33, neither the Resolution Professional or the Adjudicating Authority will take steps to sell any movable or immovable assets of the Corporate Debtor. "Resolution Professional will also ensure that the company remains ongoing concern," said a NCLAT bench. A two member bench headed by Chairman Justice S J Mukhopadhaya has directed to list the matter on September 18 for next hearing. NCLAT's direction came over a petition filed by over 800 employees of Jyoti Structures. Jyoti Structures was among the 12 companies in the first list ...
IOC moves fuel to Kerala from southern states
Energy major Indian Oil Corp (IOC) is meeting the entire aviation fuel needs of the Indian Air Force (IAF) flights in Kerala, moving the fuel from other southern states, said a senior official.
Myanmar cuts Chinese investment in Port project
Myanmar's deputy Minister of Finance Set Aung recently announced the downsizing of the Kyaukpyu Deepwater Port project, a part of China's One Belt One Road programme over concerns about falling into a debt trap.Originally, around $7.3 billion was slated to be invested in the project, with the scope now reduced to $1.3 billion, with China's Ministry of Foreign Affairs indicating that negotiations were still ongoing, Chinascope cited Chinese media house Sina as reporting.China's CITIC Group, which is the primary developer of the port, suggested that the $1.3 billion investment was for the "initial phase", one of the four phases of the project.The project was slated to build as many as 10 berths for large oil tankers in the deep-water port, with that number now being curtailed to two.Myanmar's government had earlier clarified that it will not grant sovereign guarantees for loans to the project and that a third-party independent audit on the project spending was prerequisite for the ...
HDFC Life Launches New Click 2 Protect 3D Plus
The flagship term product is one of the most flexible and customizable protection plans with nine options covering Death, Disease & Disability ("3D")In line with customer needs, maximum age at maturity now increased from 75 to 85 years, while policy term extended from 40 to 50 years.Lifelong option covering the whole of life and used for legacy planning, enhanced with a premium payment term of 'up to 75 years'Critical Illness Plus Rider earlier offered up to Rs. 50 lakh, now available up to Rs. 1.5 croreHDFC Standard Life Insurance Company, one of India's largest private life insurers has announced the launch of a new and enhanced version of its flagship and highly popular term product Click 2 Protect 3D Plus.A pioneer in the Life Insurance space with innovative and customer focused products, HDFC Life has been constantly seeking distributor and customer feedback through its various touch-points.Customer purchase patterns indicated that more than 2/3rd of Click to Protect 3D ...
Wall Street opens higher on earnings, trade optimism
(Reuters) - U.S. stocks opened higher on Tuesday, helped by some encouraging earnings reports and anticipation that planned trade talks between the United States and China would help resolve the spat between the world's two largest economies.
Amid choppy trade equity indices settle at record closing levels; healthcare stocks up (Roundup)
Amid a largely choppy trade, the key Indian equity indices of S&P BSE Sensex and the NSE Nifty50 settled at their respective closing highs on Tuesday registering nominal gains over the previous trade.
Indiabulls HF waives off processing fee for Kerala customers
: Indiabulls Housing Finance Ltd today said it has waived processing fee for home loans and penalty charges collected for delay in payment of EMIs for its customers in Kerala for August and September. The company has also set up a special team to fast track sanction of loans and disbursal of finance schemes to customers affected by the floods in the neighbouring State, a company statement said. Indiabulls said it was also postponing by two months, the interest rate hike post the increase in repo rate, for its customers in Kerala. "The interest rate hike, which is applicable for all customers post the increase in repo rate, has been deferred by two months specifically for customers in Kerala", it said. The company said it is conducting an employee contribution drive to support the relief operations and to help the people of Kerala. "The company has urged its employees to voluntarily contribute one day's salary (or more for senior employees) for this cause", the statement .
Rupee ends flat at 69.81 against US dollar
The rupee today erased all its early strong gains and eventually ended just a paisa higher at 69.81 against the US dollar due to fag-end demand for the greenback from importers amid lacklustre local equities. Despite a firm start, the domestic currency showed signs of fatigue and succumbed to renewed dollar pressure even as market participants stayed away from taking fresh positions ahead of a trading holiday. The release of the latest FOMC meeting minutes and the key speech by the Fed Chair Jerome Powell at the central bank symposium in Jackson Hole also largely weighed on the forex front. The Indian unit built on overnight positive momentum, climbed to an intra-day high of 69.53 before cooling off. A broad-based US dollar sell-offs predominantly helped the rupee to stay afloat for the second-day after rebounding from its life-time low. It has gained a solid 33 paise against the dollar yesterday. Enjoying a strong recovery momentum, the rupee resumed higher at 69.69 from Monday's ...
NSE signs MoU with Bengal govt's MSME & Textile department
The National Stock Exchange of India Limited (NSE) today signed an MoU with the MSME and textiles department of West Bengal government for supporting and facilitating alternate sources of funding through equity among the small and medium sector enterprises. The Micro Small and Medium Enterprises (MSME) and Textiles department have taken the initiative to engage the NSE with all industry associations and chamber bodies, so that large number of SMEs in West Bengal can be encouraged to explore alternate sources of funding and help list them on emerge platform of NSE, a NSE statement said. This initiative by is just the beginning of journey towards the objective of getting 100 SMEs from West Bengal, listed on NSE Emerge platform by 2020, it said. NSE Emerge has a total of 168 SMEs, listed on the platform with total capital raise of Rs 2,597 crore. Currently, six companies from varied industries in the state are listed on NSE Emerge platform with total funds raised standing ..