Page 3037 - Business Finance
India's Road Map to USD 5 Tn Economy: RR Singh, CEO, Karvy Stock Broking Ltd.
There was a big round of cheer from people in the industry and the corporate as well, when the economic data pertaining to the GDP was released by government agencies. According to sources, the Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion.The Real GVA expansion for Q4FY18 congregated a respectable pace and clocked 7.6% YoY (higher than anticipated 7.2%) versus 6.6% in previous quarter.The upswing was strongly aided by low base with the government spending and agriculture doing better than expected although the impetus in private sector GVA was just a tad weak.However, on the GDP front private consumption and exports were mostly weak. But encouragingly, GFCF (Gross Fixed Capital Formation) maintained its improving trend, perhaps reflecting the strong pace of government spending.Going ahead, with the base effect being on the favorable side, and with the broader economy reviving from ...
U.S. jobless claims rise modestly, labor market firming
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits rose less than expected last week, pointing to sustained strength in the labor market despite trade tensions.
Torrent Pharma Q1 net dips 13 pc at Rs 163 cr
Torrent Pharmaceuticals today reported 13.29 per cent decline in its consolidated net profit at Rs 163 crore for the first quarter ended June 30. The company had posted a net profit of Rs 188 crore during the same period of the previous fiscal. Revenue of the company, however, increased by 37 per cent during the April-June period of the current fiscal at Rs 1,872 crore as compared with Rs 1,362 crore during the same period of last year, Torrent Pharma said in a regulatory filing. Amortisation impact of acquiring branded business of Unichem Laboratories in December 2017 and lower foreign exchange gains impacted the company's profit during the first quarter, it added. On a standalone basis, the company posted a net profit of Rs 122 crore, up 45.23 per cent, from Rs 84 crore in the same period of 2017-18. Shares of Torrent Pharma today ended 0.14 per cent down at Rs 1,522.70 apiece on the BSE.
MCF, Rae Bareli, produces record 368 LHB coaches in 1st four months of FY 2018-19
The Modern Coach Factory (MCF) here has produced a record number of 368 Linke Hofmann Busch (LHB) coaches in April to July (FY 2018-19), which is its best ever out-turn in the first four months in any financial year. LHB coaches, designed for increasing the train speed, are the new generation passenger coaches of the Indian Railways that have been developed by Linke-Hofmann-Busch of Germany. In comparison to first four months' out-turn of FY 2017-18, which was 185 coaches, it is almost double in the corresponding period in the current fiscal, MCF General Manager Rajesh Agrawal said in a press release today. This is remarkable that the total production of the MCF for the first four months of the last four fiscal was 397 (output of the 16 months in total), whereas 368 coaches have been manufactured in the current fiscal's first four months," the press release said, terming it as a "record outturn in the history of MCF". As compared to Integral Coach Factory (ICF) design coaches, the
Amit Spinning Industries update on CIRP
NCLT approves resolution plan
NITI Aayog launches global hackathon to crowdsource mobility solutions
Envisaged to be one of the largest hackathons in the world, the NITI Aayog on Thursday launched a global mobility hackathon "Move Hack" to crowdsource future mobility solutions for India.
East Bridge Capital buys stake worth Rs 255 cr in Shriram City Union Finance
Foreign investor East Bridge Capital Master Fund today bought 2 per cent stake in non-banking finance company Shriram City Union Finance for Rs 255 crore, through open market transactions. According to the bulk deal data available with the NSE, East Bridge picked up 13.27 lakh shares, amounting to 2.01 stake in the non-banking finance company. The shares were purchased at an average price of Rs 1,922.25, translating into a transaction worth Rs 255.03 crore, the data showed. Among the sellers of the shares was Morgan Stanley Asia (Singapore), which disposed of 13.19 lakh shares or 1.99 per cent stake in Shriram City Union Finance. The shares were offloaded at a price of Rs 1,922.25 apiece, valuing the transaction at Rs 253.53 crore. Shriram City Union Finance shares ended the day on the NSE at Rs 1,920 apiece, up 0.22 per cent from the previous close.
Ebix acquires Mercury Travels, Leisure Corp for $14.2 mn
Atlanta-based Ebix today said its Indian subsidiary EbixCash has signed agreements to acquire Mumbai-based Mercury Travels and Delhi-based Leisure Corp for about USD 14.2 million, to create a new travel division that will focus on a niche segment. The new company, Mercury, will focus on the luxury, events and sports related traveller and will be led by the Leisure Corp founder, Naveen Kundu, a release said here. Kundu will hold 15 per cent stake in this new Mercury initiative, while Ebix will have a controlling 85 per cent share in the venture. Ebix will now have two brands in the travel segment focused on different niche audiences Via and Mercury. "Between this Mercury initiative and our existing Via.com travel initiative, we are now uniquely positioned as an financial exchange that has end-to-end travel solutions for all sections of the society," said Robin Raina, chairman, president and chief executive officer, Ebix. The acquisition of Mercury and Leisure Corp will ..
Govt may extend deadline for imposition of higher tariffs on 29 US products by 45 days
The government may extend by another 45 days the deadline for imposition of higher customs duties on 29 products, including almond, walnut and pulses, imported from the US. Through a notification, the Finance Ministry had in June said the higher tariffs on imports from the US would come into effect from August 4. "Commerce Ministry has suggested the Department of Revenue to amend the notification for further extension of retaliatory measures for another 45 days," a Commerce Ministry official said. According to another official, India and the US are holding discussion to remove trade hurdles between the countries and India is expecting some positive outcome. The Central Board of Indirect Taxes and Customs (CBIC) is likely to issue on August 4 an amended notification extending the date for the new levy, the official said. While import duty on walnut was to be hiked to 120 per cent from 30 per cent earlier, duty on chickpeas, Bengal gram (chana) and masur dal was to be hiked to 70 per ...
63% of Indian firms struggling to comply with EU GDPR: Report
Nearly 63 per cent of the Indian organizations are struggling in their compliance journey towards the European Union General Data Protection Regulation (GDPR) that came into effect on May 25, a new report said on Thursday.
Jio and SBI enter into digital partnership
SBI YONO to integrate with Reliance MyJio platform
Coimbatore to host international textile fair in February
An international textile fair will be held here in February as was announced by Tamil Nadu Chief Minister K Palaniswami, State Handloom Minister O S Manian said today. Speaking to reporters here, the Minister said the State government has allocated Rs 2 crore for the conduct of the fair which would showcase the capability of the State in the textile sector and in finding newer markets for the products. Besides, the fair would help bridge the gap between production and sales, he said. The Minister was here to discuss with the captains of the textile industry and experts on the successful conduct of the fair, since the government was hosting such a show for the first time. Asked about the impact of the five per cent good and service tax imposed on the textile sector, he expressed hope the Centre would soon bring it down. To a question on fixing of wages for the labourers in the industry, the Minister said the State government would soon fix the pay of handloom weavers ...
Spentex Industries provides update on subsidiary - Amit Spinning Industries
NCLT approves Resolution plan submitted for Amit Spinning Industries
Rosneft's India venture Nayara rejigs debt to cut interest costs
MUMBAI/NEW DELHI (Reuters) - Russian oil company Rosneft's Indian venture Nayara Energy, which owns one of the largest refineries in the country, is moving to replace high-interest loans with new debt, part of efforts to reshape its balance sheet and cut borrowing costs, according to three sources familiar with the plan.
DMRC revenue up 73% in 4 years
The Delhi Metro's revenues increased by more than 73 per cent in the last four years, the Rajya Sabha was informed on Thursday.
Siemens CEO Kaeser plays his last card on strategy
MUNICH (Reuters) - German trains-to-turbines group Siemens launched its biggest strategy overhaul in four years, aimed at making it more nimble and profitable in the digital industrial age beyond the reign of current Chief Executive Joe Kaeser.
Siemens CEO Kaeser play his last card on strategy
MUNICH (Reuters) - German trains-to-turbines group Siemens launched its biggest strategy overhaul in four years, aimed at making it more nimble and profitable in the digital industrial age beyond the reign of current Chief Executive Joe Kaeser.
Shanthi Gears Ltd reports Q1 PAT up 67.9% to Rs 8.50 cr
Shanthi Gears Ltd has recorded a profit after tax at Rs 8.50 crore for the April-June quarter up by 67.9 per cent, over corresponding period of last year. The Coimbatore-based Murugappa Group company, had clocked a profit after tax of Rs 5.06 crore during year ago. For the year ending March 31, 2018 profit after tax stood at Rs 28.58 crore, Shanthi Gears said in a BSE filing. Total income for the quarter ending June 30, 2018 grew to Rs 64.31 crore, from Rs 59.15 crore registered during corresponding quarter of previous year. For the full year ending March 31, 2018, the company registered a total income of Rs 231.47 crore. During the quarter, the company said its orderbook size improved to Rs 73.3 crore as against Rs 60.5 crore registered during same period of last year. The growth led strategies of enhancing efficiencies, exploring new markets and enlarging customer base helped the company to remain focused on its path for a sustainable growth. The company's shares ended ..
Revenue collections may fall due to GST rate cut: Sushil Modi
Chairman of GST Implementation Committee Sushil Modi today said that revenue collection might fall in the next 3-4 months due to rate cuts on a number of items totalling to Rs 70,000 crore. The GST Council in its last meeting reduced rates of 450 items, Modi said, adding that all the states were taking compensation for the shortfall in revenue as the Centre had promised to them. Speaking at a seminar on GST organised by the Institute of Chartered Accountants of India ICAI here, Modi, who is also Bihar's deputy chief minister, said that revenue collections realised during July was Rs 96,483 crore and the target is to reach Rs 1 lakh crore a month. He said that the GST Council might consider merging the rates of 12 per cent and 18 per cent into a single slab of 14-15 per cent, depending on stabilisation of revenues. For a country like India, he said, it was not possible to have a single GST rate. "The number of items under the 28 per cent category may also be reduced but ..
Auction of 44 mineral blocks cancelled: Govt
The auction of 44 mineral blocks has been annulled with maximum 14 such mines from Maharashtra, the government said today. A total of 87 mineral blocks have been notified till now for auction of which 43 have gone under the hammer till July 26, Minister of State for Mines Haribhai Parthibhai Chaudhary said in a written reply to Lok Sabha. The 44 mines whose auction has been annulled include Maharashtra (14), Karnataka (7), 5 each in Gujarat, Madhya Pradesh and Rajasthan and 4 in Odisha, among others. Of these mines, 24 are limestone blocks, 9 (iron ore), 5 (bauxite), 2 (copper), among others, the minister said. The government had earlier said states will earn a revenue of Rs 1.55 lakh crore over the lease period from 43 auctioned mines.