Page 2967 - Business Finance
Exim Bank expects 10-15% growth in lines of credit portfolio in FY19
Export Import Bank of India (Exim Bank) today said it expects 10-15 per cent growth in its line of credit (LOC) portfolio in the current financial year. "In 2017-18, the bank extended 12 lines of credit (LOCs) aggregating USD 6.11 billion to support export of projects, goods and services from India. The LOC portfolio is expected to grow by 10-15 per cent in the current financial year," Managing Director David Rasquinha said. At current exchange rate, USD 6.11 billion comes to Rs 41,930 crore. He said as on July 31, 2018 the bank had 262 LOCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.83 billion, available for financing exports from India. The growth in LOCs in any period depends on a variety of factors, including the progress of projects overseas being funded under LOCs, and diplomatic priorities of the Government of India and the partner country, he said further. Exim Bank is involved in a host of concessional finance ..
Digital payment transactions rose to over 2,070 cr in 2017-18: Ahluwalia
Digital payment transactions in the country have increased manifold to over 2,070 crore in 2017-18, Parliament was informed today. The digital payment transactions have increased considerably - the total number of transactions have increased from 220 crore in 2013-2014 to more than 2070.98 crore in 2017-2018, Minister of State for Electronics and IT (MeitY) S S Ahluwalia said in a written reply to Lok Sabha. In response to another query, he said the government has been working with various stakeholders including states, smart cities, banks and payment service providers to promote digital payment transactions. "Digital Payment transaction targets have been allocated to public and private sector banks for 2018-19. MeitY has set target of 3,013 crore digital payment transactions," he added. As per the information received from National Crime Records Bureau (NCRB), a total of 10, 18 and 26 cases were registered under debit/credit card frauds during 2014, 2015 and 2016, respectively, he ...
Exporters need to diversify export basket: Prabhu
Commerce and Industry Minister Suresh Prabhu today asked exporters to diversify trade basket and explore markets such as Africa and Latin America to expand overseas shipments. He said that a comprehensive strategy is being worked out to boost the country's exports. "We need to diversify our export basket and also look at ways to promote services exports," he said here while launching a mobile app for exporters. The ministry has also prepared a policy to promote agri exports and and it would soon seek the Cabinet's approval on that, Prabhu said. India's merchandise exports increased to USD 303.38 billion in 2017-18 from USD 275.85 billion in the previous fiscal. Services exports rose to USD 195 billion in the last fiscal from USD 164.2 billion in 2016-17. Prabhu launched a mobile app -- Niryat Mitra -- developed by the Federation of Indian Export Organisations (FIEO). The app provides wide range of information required to undertake international trade right from the policy provisions .
Cipla Q1 net profit up 10% at Rs 451 cr
Drug major Cipla today posted 10 per cent increase in its consolidated net profit to Rs 451 crore for the first quarter ended June 30, driven by robust sales across various markets. The company had reported a net profit of Rs 409 crore in the same period previous fiscal. Total Income from operations stood at Rs 3,939 crore in the quarter, as compared to Rs 3,525 crore in the corresponding period last year, Cipla said in a statement. "The limited competition launches in the US were in-line with our expectations and we are looking forward to more interesting launches in the coming weeks," Cipla MD and Global CEO Umang Vohra said. The company continued to retain its focus on quality with EIR (establishment inspection report) received for Goa and Indore plants, he added. The Mumbai-based company also announced appointment of R Ananthanarayanan as its Global Chief Operating Officer (GCOO), effective today. In his role at Cipla, he will oversee R&D, manufacturing, supply chain, API ...
Hindustan Petroleum tops profit estimates
(Reuters) - India's Hindustan Petroleum Corp Ltd posted an 86 percent jump in first-quarter profit on Wednesday, beating analysts' expectations, driven by strong refining margins.
Garware-Wall Ropes rebrands itself, looks to double profit in
Techincal textiles company Garware-Wall Ropes, which today changed its name to Garware Technical Fibres, is looking to double its profit to over Rs 200 crore in the next five to seven years. The company had reported a net profit of Rs 105.12 crore during FY18 and posted a revenue of Rs 885.5 crore. "The next five to seven years will be very important for the company as we are looking to double our profit," said Vayu Garware, chairman and managing director, Garware Technical Fibres. The rebranding is a part of a focused vision to double profit and be amongst the top two players globally in each of the firm's major operating verticals, a release said. The company also plans to continue expanding its international presence and business. Garware Technical Fibres chief executive officer Shujaul Rehman said the company's presence significantly impacts the sustainability of food production with a positive impact on the environment. "We will continue to grow our value added ...
Being pro-consumer does not mean one is anti-industry: TRAI chief
Outgoing TRAI Chairman R S Sharma, whose tenure saw major, at times controversial, decisions on issues like termination charge and predatory pricing, today said he is of the firm belief that being pro-consumer does not mean one is anti-industry. The TRAI Act itself calls for ensuring consumer protection and growth of the sector in equal measure, Sharma said. "Some people take the line that if you are pro-consumer, you are anti-industry... that is far from the truth. Pro-consumer does not mean anti-industry. It is not a zero-sum game, one should be conscious of that," Sharma told PTI. The TRAI Act mandates that the regulator has to ensure fair competition, consumer protection and growth of the industry, said Sharma who is set to complete his term as TRAI chief on Thursday. In the past, decisions by Telecom Regulatory Authority of India (TRAI), ranging from slashing of call-connect charges to its stance on the provision of points of interconnect (sought by Reliance Jio at the start of ..
PM has promised quick resolution of Goa mining issue: BJP
Prime Minister Narendra Modi has assured Goa Chief Minister Manohar Parrikar that the mining issue will be resolved in the next 2-3 months, a BJP leader said here today. Parrikar had called on the prime minister and the Group of Ministers (GoM) on mining in Delhi yesterday. He had requested an amendment to the Goa, Daman and Diu Mining Concessions (Abolition and Declaration as Mining Leases) Act, which will allow mining leases in the coastal state to remain operational till 2037. The Goa Legislative Assembly had last week passed a resolution urging the Centre to suitably amend the Act. BJP Goa spokesman Nilesh Cabral told reporters today that the PM showed a "keen interest" in resumption of iron ore mining in the coastal state. "He (Modi) assured to find a solution to the issue within the next 2-3 months," said Cabral. The state's mining sector has been shut since March 16 this year after the Supreme Court, through an order in February, cancelled 88 leases and banned the .
Future Consumer enters 50:50 JV with NZ's dairy firm Fonterra
Future Consumer, a part of Kishore Biyani-led Future Group today said it has entered into an equal joint venture with New Zealand's dairy firm Fonterra. The joint venture Fonterra Future Dairy Partners expects to launch its first product by mid-next year and will also look at having a direct-to-home subscription model, besides institutional opportunities. "Consumers are evolving and they want to consume dairy in a new form. This partnership is about creating new categories, new products...We are very excited that we are entering a space where consumers are indulging three or four times a day," Future Group chief executive officer Kishore Biyani said, while adding that 10-12 per cent of the group's small store business comes from dairy. The companies would be focusing more on value added dairy segment that is expected to grow 50 per cent faster than the dairy sector in the next seven years. Milk consumption in the country is also expected to increase by 42 per cent from ..
Indian postmen to turn bankers: Minister
Minister of State for Communications Manoj Sinha on Wednesday said that Prime Minister Narendra Modi will launch India Post Payments Bank (IPPB) on August 21 to provide financial services to people in underserved areas.
Fonterra, Future Group announce JV for Indian mkt
World's largest dairy exporter Fonterra today announced a joint venture with Future Consumer Ltd to produce a range of consumer and food service dairy products. The JV, Fonterra Future Dairy Partners, would enable New Zealand-based Fonterra to establish its presence in India. "It (partnership) will allow us to prepare the groundwork and make the most of our expertise as we enter the world's largest and fastest growing dairy industry," Fonterra's Chief Operating Officer Global Consumer and Foodservice Lukas Paravicini said in a statement. Consumer demand for dairy in India over the next seven years is set to increase by 82 billion litres seven times the forecasted growth for China, he added. "The partnership will be driven by growth through profitability. The initial stages of the partnership will focus on product development, and marketing with the right capital investment made during this period," Paravicini said. The first consumer products in India will be launched by the middle ..
PNC Infratech Q1 net profit jumps over 3-fold to Rs 102 cr
Construction firm PNC Infratech today said its standalone net profit jumped over three-fold to Rs 102 crore in the first quarter ended June 30. The company had clocked Rs 30-crore net profit during the same period a year ago, PNC Infratech said in a statement. Its total income during the said quarter more than doubled to Rs 753.39 crore from Rs 362.15 crore during April-June 2017. The total expenses of the company were also higher at Rs 636.01 crore in the June quarter as against Rs 330.21 crore in same period last fiscal. PNC Infratech provides end-to-end infrastructure implementation solutions that include engineering, procurement and construction (EPC) services on a fixed-sum turnkey basis as well as on item rate basis. The company is present in over 12 states. Shares of the company today ended 1.77 per cent up at Rs 166.50 apiece on BSE.
Incentivise local production, but don't penalise imports, says Ikea CEO
India must look at incentivising local production rather than penalising imports, IKEA Group CEO Jesper Brodin said today. The head of Swedish home furnishing major, which is set to open its first store in India tomorrow, said high import duties on items would only make customers pay the price as it does not necessarily translate into local manufacturing excellence. "Our point of view is that it would be better to incentivise local production than to penalise imports," Brodin said here in an interaction with media. He was responding to a query on key challenges faced by the company in India. Listing import duties on the top of the list, Brodin said: "Because it will be the customers who pays for it, and not necessarily (it) drives excellence in production." He, however, said the company could understand the import tariffs, stating "a nation of the size and the development (stage) of India, you have to defend yourself in your development curve". Although the company has been sourcing ..
Aurionpro Solutions fixes record date for scheme of arrangement
Record date is 17 August 2018
Quick Wrap: Nifty Energy Index gains 1.74%
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Cipla first-quarter profit trumps estimates on strong domestic growth
(Reuters) - Indian drugmaker Cipla Ltd posted quarterly profit well above analysts' expectations, helped by strong growth in the domestic market.
Global cues, healthy Q1 results lift indices to record highs
Positive global cues, along with expectations of healthy quarterly results, lifted the key Indian equity indices to their record intra-day and closing high-levels on Wednesday.
Co-location case: NSE initiates talks with Sebi on consent plea
Leading stock exchange NSE today said it has initiated fresh talks with markets regulator Sebi to settle a probe into the co-location issue through consent mechanism. "Now, Sebi has completed its work so we have again started the conversation with the regulator on consent," NSE MD and CEO Vikram Limaye told reporters here. A consent settlement allows entities to settle charges by paying a penalty without admission or denial of guilt. The regulator is seeking a settlement with the regulator in connection with a probe relating to allegations of unfair access to its high frequency trading systems to some brokers. The exchange's Rs 10,000 crore initial public offer has been delayed because of the probe in the co-location matter. "The timeline for the IPO is dependent on the resolution of the regulatory matters with Sebi," Limaye added. Last month, Sebi issued fresh show-cause notices to the National Stock Exchange (NSE) and several of its former and current executives. The Securities and .
IKEA set to open first Indian store in Hyderabad tomorrow
: Swedish home furnishing major IKEA is all set to open its first Indian store at Hi-Tec City here tomorrow. IKEA's Hyderabad store has come up with an investment of Rs 1,000 crore and and will house a 1,000-seater restaurant, IKEA's largest. The store is 4,00,000 sq.ft. large and spread over 13 acres. It will offer 7,500 affordable, value for money home furnishing products and 1,000 products will be priced below Rs 200, IKEA Retail India CEO Peter Betzel told reporters today. The IKEA Hyderabad store employs 950 co-workers (nearly 50 per cent women) directly and 1,500 indirectly in services and expects to host close to 7 million visitors each year. Patrik Antoni, deputy country manager of IKEA India said "Rs 10,500 crore is our approved initial investment back in 2013 and so far we have spent around half the amount. As we see big opportunities in India we believe that we will increase this investment as we continue our expansion". IKEA Group, CEO, Jesper Brodin said "We
IOC signs up US crude in 1st ever term-tender deal
Less than a year after first oil from the US was imported into India, state-owned Indian Oil Corp (IOC) has signed up to buy crude oil from the US through a term-tender deal, a senior company official said. IOC has signed a contract to buy about 6 million barrels of US crude oil under single tender for delivery in November 2018 to January 2019, he said. Currently, the company, as well as other state-owned oil firms, buy crude oil from the US on a spot or current tender basis which comprises one shipload of oil. They cannot enter into a term or fixed quantity deals as the government policy does not allow them to enter into such contracts with non-state foreign firms. IOC and other state firms like Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) enter into annual term import deals with national oil companies of mostly Middle East countries. To overcome this, IOC floated a tender to buy three shiploads of US crude instead of the usual practice of one cargo, the ..