Page 2962 - Business Finance
RBI to transfer Rs 50,000Cr surplus funds to Centre
The Reserve Bank of India (RBI) on Wednesday announced the transfer of surplus funds amounting to Rs 50000 crore for the year ended June 30, to the Government of India.The decision was taken by the RBI's Central Board of Directors in its meeting held earlier in the day.Last year, the RBI had transferred surplus funds worth over Rs.40,000 crore to the Centre in two installments-one in August last year and another in March this year. However, the August tranche of the funds transferred was lower on account of repercussions after the November 2016 demonetisation drive.The central government in consultation with the Reserve Bank deliberated over its borrowing programme for 2018-19 in March this year and finalised its borrowing calendar for the first half of 2018-19 (April-September).After making a careful assessment of its financial needs for the first half, the government's gross G-Sec borrowing will be only Rs. 2,88,000 crore in H1 of 2018-19, the Ministry of Finance said.This makes up .
Flipkart-Walmart deal gets CCI consent
The Competition Commission of India (CCI), the anti-trust regulator of the country, on Wednesday approved the proposed acquisition of e-commerce major Flipkart by American multinational retail corporation Walmart.On Wednesday, the CCI sent out a tweet from its official Twitter handle, giving a stamp of approval for the deal to go through. Further details of the development are awaited."@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc," the tweet read.Walmart International Holdings, Inc, the company based in Bentonville in the United States, had in May announced that it would pay approximately USD 16 billion for an initial stake of approximately 77 per cent in Flipkart.However, traders and shopkeepers had opposed the Flipkart-Walmart deal and urged the Centre to take substantial steps to withhold it.Meanwhile, the Communist Party of India (Marxist) or CPI (M) had also vehemently opposed the move back then, saying the deal ...
Cipla's Q1 consolidated net profit up 5%
Pharma major Cipla on Wednesday reported an increase of 4.86 per cent in its consolidated net profit during the first quarter (Q1) of 2018-19.
Oil tumbles on slowing Chinese demand, U.S.-China trade spat
NEW YORK (Reuters) - Oil prices slid almost 4 percent on Wednesday as a trade dispute between the United States and China escalated further and after Chinese import data showed a slowdown in energy demand.
NY Congressman, son charged with insider trading
An influential New York congressman, who was the first House Republican to endorse Donald Trump for president, has been charged by federal prosecutors along with his son of insider trading. Christopher Collins, 68 the US Representative for New York's 27th Congressional District, his son, Cameron Collins, 25 and a third individual, Stephen Zarsky, 66 have been charged by federal prosecutors as well as by the Securities and Exchange Commission for participating in a scheme to commit insider trading relating to securities of Innate Immunotherapeutics (Innate), an Australian biotechnology company on whose Board of Directors the senior Collins served. As alleged in the indictment, in June 2017, Christopher Collins, who possessed material, non-public information through his service on Innate's board of directors, betrayed his duties of trust and confidence to Innate by providing inside information to his son about confidential drug trial results so that his son and others, including his ...
Chinese exports accelerate even as Trump escalates trade war
BEIJING (Reuters) - China's exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.
Wall Street dips as oil slide drags down energy shares
(Reuters) - U.S. stocks were slightly lower on Wednesday as a steep fall in crude oil prices hit energy shares, more than offseting gains in technology and bank stocks.
IPL value increases by 19 per cent in 2018
The fifth edition of Duff and Phelps annual study of the Indian Premier League (IPL) suggested an increase in the overall value of the league's ecosystem from $5.3 billion in 2017 to $6.3 billion in 2018.
Global Markets: Oil prices drop on China import data, weighing on equities
NEW YORK (Reuters) - Oil prices fell after Chinese import data showed a slowdown in demand, weighing on world equity markets which fell modestly, even as U.S. technology shares extended recent gains.
Corrected: Chinese exports accelerate even as Trump escalates trade war
(Corrects paragraph 3 to refer to "fuel" rather than "oil")
Sebi imposes Rs 3 lakh fine on Salputri Commerce for delayed disclosure
Sebi has imposed Rs 3 lakh fine on Salputri Commerce for delayed disclosure regarding change in its shareholdings in Falcon Tyres. According to a Sebi order dated August 7, Falcon had allotted over 1.30 crore shares, amounting to 16.80 per cent of its share capital, to Salputri Commerce in 2012. Under PIT (Prohibition of Insider Trading) Regulations, Salputri was required to disclose the acquisition of shares within two working days to the firm. In its order, Sebi said Salputri disclosed the said acquisition of shares to Falcon in June 2015 with a delay of more than three year and thereby violated PIT norms. For the violation, the regulator imposed a fine of Rs 3 lakh on Salputri. In a separate order, the regulator fined one Sunil Purohit Rs 2 lakh for indulging in fraudulent trading in the shares of Parsoli Corporation.
Competition Comm clears USD 16 billion Walmart-Flipkart deal
The Competition Commission today said it has cleared US retail giant Walmart's proposed acquisition of Flipkart, a deal estimated to be worth USD 16 billion. The approval comes less than three months after the announcement of the mega deal, which is also being opposed by various trader organisations. In May, Walmart announced acquisition of 77 per cent stake of Flipkart in its biggest takeover till date. "@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc," the regulator said in a tweet. Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI). Welcoming the regulator's decision, Walmart said it remains committed to contributing to the Indian economy by supporting smallholder farmers, manufacturers, and its Kirana customers. "Flipkart is a prominent player in India with a strong, entrepreneurial leadership team that is a good cultural fit with Walmart. "We believe ...
CCI clears Walmart's $16 billion acquisition of Flipkart
NEW DELHI (Reuters) - The Competition Commission of India (CCI) has approved U.S. retail giant Walmart Inc's $16 billion acquisition of online marketplace Flipkart, beefing up the competition to Amazon.com Inc in the fast growing e-commerce market.
PhonePe raises Rs 452 crore from Flipkart Payments
Leading online payment system provider PhonePe raised Rs 452 crore from Flipkart Payments Ltd by allotting 21 lakh shares at a premium under a rights issue, said Chennai-based business intelligence platform Paper.vc on Wednesday.
NMDC net almost flat at Rs 975 cr in April-June quarter
NMDC today posted almost flat net profit of Rs 975.27 crore on standalone basis for the quarter ended on June 30, 2018, compared to the year ago period. The standalone net profit of the company was Rs 969.20 crore in the quarter ended on June 30, 2017, a BSE filing said. Total income of the company came down to Rs 2,547.13 crore in the quarter from Rs 2,970.13 crore a year ago. It said that the company has been legally advised that there is no impact of Supreme Court judgement with reference to the Writ Petition (Civil) No 114/2014 dated August 2, 2017 on the NMDC. However, it said that in case it is found applicable to the NMDC at a later date, it may impact the profits of the Company. Meanwhile, it said that the Bailadila Projects of the NMDC have received the Show Cause Notices on July 31, 2018 from District Collector Dantewada as to why NMDC should not be asked to deposit an amount of Rs 7,241 .35 crore as compensation as calculated by Collector based on the judgement. The NMDC ..
IKEA strives to keep prices low as opens first store in India
HYDERABAD (Reuters) - IKEA will set some prices even lower in India than elsewhere when it opens its first store in the country on Thursday, as it woos cost-conscious shoppers unaccustomed to DIY furniture.
Lupin Q1 profit falls 43% to Rs 203 cr
Pharma major Lupin Limited on Wednesday reported a 43.4 per cent fall in its consolidated net profit at Rs 202.8 crore for the quarter ended June 30.
CCI nod for Walmart-Flipkart deal, traders' body to move court
Fair trade watchdog Competition Commission of India (CCI) has approved the acquisition of e-commerce major Flipkart by Wal-Mart International Holdings.
India on track to stay among fastest growing economies: IMF
Observing that India'a near-term macroeconomic outlook is "broadly favorable", the International Monetary Fund (IMF) has said that the country is on course to hold its position as one of the fastest growing economies in the world.
Thomson Reuters on offense as Blackstone deal nears
TORONTO (Reuters) - Thomson Reuters Corp said it was thinking about acquisition opportunities after reporting quarterly earnings that were ahead of expectations on Wednesday and reaffirming its 2018 forecast.