Page 3034 - Business Finance
BoE's Carney says one rate rise a year a good rule of thumb: BBC
LONDON (Reuters) - Financial market expectations of one Bank of England interest rate rise a year for the next few years are a good rule of thumb, BoE Governor Mark Carney told the BBC after the central bank raised interest rates on Thursday.
Andhra approves host of policies for employment, agrarian crisis
The Andhra Pradesh government on Thursday held a state cabinet meeting and approved a slew of policies. It also took decisions on various projects to generate employment and tackle the agrarian crisis.In the meeting, the state cabinet approved the State Mega Seed Park Policy 2018, aiming to make the state as seed capital and to enable the setting up of seed industries in the state. The seed park would be set up at Tangadencha village in Kurnool district.Through this park, the government expects to attract Rs 3,000 crore investments and create 40,000 jobs by 2023. The government would encourage farmers for seed production, help them set up Ministry of Micro, Small and Medium Enterprises (MSME) units, allot land, and give subsidies available for industries.It further approved textile, apparel, and garments policy 2018-2023, which aims to attract Rs 15,000 crore investments and generate employment for 2.5 lakh people. The state government would also give various subsidies on the ...
Tata Trusts plans to support 1,000 innovations in tech sector
Tata Trusts, through its Foundation for Innovation and Social Entrepreneurship (FISE), plans to support around 1,000 innovations in the tech sector which can solve social problems, a company official said. Tata Trusts is working with some leading organisations to find and build a pipeline of such projects which need incubation support. "Our plan is to support 1,000 innovations. Currently, we already have 30-odd innovations incubated and our plan is to increase the number 8 to 10 fold by 2020," Ganesh Neelam, Associate Director, Tata Trusts, told PTI. Tata Trusts is trying to create an ecosystem for such projects. It provides the support they need, which includes risk coverage by the startups, he added. "The numbers which we are planning are fairly huge because we want to build an overall ecosystem for innovators to actually come and then work on technology which are really capable of solving social problems," he added. "We are going ahead and talking with lots of partners and trying ..
Power Grid setting up 5 MWp rooftop solar projects
Power Grid Corporation of India today said it is establishing 5 MWp rooftop solar PV systems at more than 50 premises of the company across the country. Presently, more than 500 kWp solar PV systems are operational at its various establishments, a company statement said. According to Power Grid, another 140 kWp is expected to be commissioned in townships at Sectors 43 and 46, Gurugram (Haryana) before Independence Day. Such installations shall facilitate meeting energy requirement of 7-8 million units (MUs) per annum. This is one of the endeavours of Power Grid towards becoming a net zero energy company, it added.
KTK Cabinet sub-committee under CM on special package for
The Karnataka cabinet today decided to constitute a cabinet sub-committee under the leadership of Chief Minister H D Kumaraswamy to decide on giving special package of incentives to industries. Speaking to reporters after a cabinet meeting, Law and Parliamentary Affairs Minister Krishna Byre Gowda said the cabinet sub-committee headed by the Chief Minister, based on criteria such as proposed investment, job creation and other factors, will decide on giving special package of incentives. "Industries department gives special package of incentives for mega projects, ultra projects and super projects, under industrial, textile and aerospace policies. For this we have set up a cabinet sub-committee," Gowda said. The sub-committee will also have Industries Minister, Small Scale Industries Minister and Revenue Minister as its members, he said. Gowda said the cabinet has also decided to give a grant of Rs 15 crore to National Centre for Biological Sciences (NCBS), located in ...
Coal India boosted supplies by 15.1% to power sector during April-July
Coal India Limited (CIL) on Thursday said it clocked 15.1 per cent growth in coal supplies to the country's thermal power plants during April-July of the current fiscal, compared to same period last year.
Availability of water will be a major issue: Prabhu
Noting that the availability of water is going to be a major issue for the country in future, Commerce and Industry Minister Suresh Prabhu on Thursday urged corporates to provide new technology and management expertise to address the crises in availability of portable water during a CSR event here.
Made mistakes in smartphone segment, will bounce back: Lenovo CEO
Admitting that Lenovo made some "mistakes" in the smartphones business in India, company CEO Yang Yuanqing on Thursday vowed to bounce back by launching right products for the Indian market under both its Lenovo and Motorola brand.
India biz will grow to USD 5-6 bn for Lenovo: Chairman
Chinese tech giant Lenovo hopes its India business will expand to USD 5-6 billion in size over the next few years, driven by growth across its PC, mobile phone and data centre verticals, a top company official said today. Yang Yuanqing, Chairman and CEO of Lenovo, said he was "satisfied" with the company's growth in the PC and tablet segment in the Indian market but admitted that Lenovo had "made some mistakes" with its smartphone portfolio. "I think we are very satisfied with our PC and tablet business... There is definitely room to improve our smartphone business. We made some mistakes with the products in this market, so we have re-designed our products, so you will see, we will come back in the smartphone market," he added. Emphasising the importance of the market here, Yuanqing said India is among Lenovo's leading markets that include countries like China, the US, Japan and Brazil. "I think India's potential is much... We would (want to) grow this to USD 5-6 billion, that's our ..
Swiggy acquires delivery platform Scootsy
Food ordering and delivery platform Swiggy today announced its acquisition of delivery platform Scootsy. With this acquisition, Swiggy will further strengthen Scootsy's curated restaurant network and help them expand to newer cities on the back of its operational excellence and backend strength. The acquisition of Mumbai-based Scootsy is in line with Swiggy's aim to provide a superior consumer experience and the widest choice for consumers, a press release said. "It (the acquisition) will extend the breadth and selection of the existing network of 40,000 restaurants on Swiggys platform " it said. "With a shared belief of providing a superior user experience, its (Scootsy's) addition will extend the convenience and reliability that Swiggy is synonymous with," Swiggy CEO, Sriharsha Majety said. "As Swiggy brings with it a conducive eco-system and the right resources for expansion, the acquisition will also propel Scootsy's foray into four or five major cities in the ...
Finance Ministry seeks applications for MD post at IIFCL
The finance ministry has for the second time in less than a year invited applications of eligible candidates for the post of Managing Director at India Infrastructure Finance Company (IIFCL). The government appointed panel had last year interviewed candidates for the post but did not find any one suitable to lead the organisation. The vacancy for the head of IIFCL had arise in June 2017. According to a public notice, the eligible candidates are required to send their applications by latest by March 20. The application of eligible candidates will be screened by the ministry and shortlisted candidates will be interviewed by the government appointed panel. The candidate should have at least 25 years of experience as on the date of vacancy in different verticals in commercial banks or financial institution. Of this, 2 years of experience should be either at the board level or GM in nationalised banks or CGM in IFCI, SIDBI, IIFCL, Exim Bank, SBI or RBI, it said. Even officers serving as ...
Intensifying U.S.-China trade fight drags down stocks, bond yields
NEW YORK (Reuters) - A deepening trade dispute between the United States and China weighed on global stocks and bond yields on Thursday, prompting investors to shed risky assets in favor of safer ones amid uncertainty over future tariffs.
Made mistakes, will bounce back: Lenovo CEO
Admitting that Lenovo made some "mistakes" in the smartphones business in India, company CEO Yang Yuanqing on Thursday vowed to bounce back by launching right products for the India market under both its Lenovo and Motorola brand.
Made amistakes, will bounce back: Lenovo CEO
Admitting that Lenovo made some "mistakes" in the smartphones business in India, company CEO Yang Yuanqing on Thursday vowed to bounce back by launching right products for the India market under both its Lenovo and Motorola brand.
HDFC Bank raises Rs 2,775 cr via QIP
HDFC Bank today said it has raised Rs 2,775 crore by issuing over 1.28 crore shares through qualified institutions placement (QIP). The private sector lender said the share allotment committee of directors at its meeting held today approved the issue and allotment of 1,28,47,222 equity shares at an issue price of Rs 2,160 per equity share aggregating to Rs 27,74,99,99,520. In a regulatory filing, the bank said: "the committee has approved the issue and allotment of 5,25,00,000 equity shares underlying the 1,75,00,000 ADRs to JP Morgan Chase Bank NA as depository pursuant to the ADR offering". Pursuant, to the QIP and ADR offering the paid-up equity share capital of the bank stands increased to Rs 541.72 crore consisting of 270.86 crore equity shares, it said. Stock of the bank closed 1.30 per cent down at Rs 2129.25 on BSE.
GST on petroleum products only after revenue stabilises: Sushil Modi
Bihar Deputy Chief Minister and GST Council's member Sushil Modi on Thursday said the Council can think of bringing the petroleum products under the new tax regime only after the monthly revenue target of Rs 1 lakh crore is achieved.
ED attaches over Rs 320-cr assets of Chennai jewellery group
The ED said today that it has attached assets worth over Rs 320 crore, including showrooms across Tamil Nadu and residential premises, of a Chennai-based jewellery firm in connection with an alleged bank loan money laundering probe case. In a statement, the agency, said it has issued a provisional order under the Prevention of the Money Laundering Act (PMLA), for attachment of Rs 328 crore worth assets of Ms Nathella Sampath Jewellery Private Limited its promoters. The firm is in the business of gold jewellery, silver articles and jewellery made of precious and semi-precious stones and it has a chain of showrooms across various locations in the Tamil Nadu capital like T Nagar, Velachery, Tambaram, Anna Nagar and Puraswalkam as also in the cities of Hosur and Vellore. The Enforcement Directorate (ED) said it registered a criminal case of money laundering based on a CBI FIR which had booked its own case after the SBI complained to it and "alleged that the promoters of Ms NSJPL had ...
Jharkhand's full potential nowhere near realisation: Finance
The Chairman of the 15th Finance Commission, N K Singh, said today that the full potential of Jharkhands economy is nowhere near realisation. However, the Commission recognises that the state will require sympathetic cooperation to solve the unique problems of the state. Addressing the media on the second day of the visit of the Commission to Jharkhand, Singh said, after going through the development in the past 18 years it is clear that full potential of Jharkhands economy is nowhere near realisation. "Expectations with which the separate state was created 18 years ago, for it becoming a fast growing state and rapidly catching up fast growing economythat expectation remains unrealised, he said. The Finance Commission chief said the number of the people below the poverty line in absolute terms continues to be alarmingly high. It is near 27 per cent to 28 per cent with some districts of the state have much higher index of poverty. And this situation has to be changed, he .
DowDuPont sees higher raw material costs, shares fall
(Reuters) - DowDuPont Inc said it expects higher raw material costs to hit all its units for the rest of the year even as an uptick in its agriculture business helped the U.S. chemicals producer beat Street estimates for the fourth straight quarter.
Indiabulls Housing Finance Q1 net up 30% on loan growth
Indiabulls Housing Finance today reported a 30 per cent rise in net profit at Rs 1,054.7 crore in the June quarter, driven by healthy loan growth. The company had reported a profit after tax of Rs 809.5 crore in the same period last year. "We had a strong quarter. Our loan book grew by 33 per cent and net interest income rose by 22 per cent," said Ashwini Hooda, deputy managing director, Indiabulls Housing Finance. Its loan book rose 33.4 per cent to Rs 1,25,962.9 crore in the reporting quarter, from Rs 94,450.7 crore in the same quarter last year, while total disbursal grew 47.7 per cent at Rs 10,044.2 crore. Net interest income (NII) was up by 22.1 per cent to Rs 1,690 crore, from Rs 1,400 crore in the year-ago quarter. Its gross NPA was at 0.78 per cent as against 0.80 per cent, while the net NPA stood at 0.59 per cent, compared with 0.34 per cent last year. The company's balance sheet size stood at Rs 1,38,235.9 crore as on June 30, 2018, up 29.7 per cent from Rs ...