Page 311 - Business Finance
Loan disbursements slowdown to impact home loan borrowers
A continued slowdown in loan disbursements by housing finance company, owing to tight liquidity condition, could have a spillover impact on retail home loan borrowers and property developers, says a report. Loan disbursement in the four quarters to September 2018 averaged Rs 25,000 crore per month for large six housing finance companies (HFCs). Following September 2018, per month average disbursement fell to Rs 13,500 crore as few large HFCs faced serious challenges. "HFCs have slowed down their loan disbursements, which can have a spillover impact on both retail home loan borrowers and property developers," India Ratings and Researchs (Ind-Ra) said in a report. It said tight funding in the housing finance industry has not only impacted fresh loan disbursement, but also loans where disbursements are linked to construction, thereby impacting a large number of home buyers who could face challenges to service their commitments to property developers. If the tightening continues, there ...
Amul hikes milk rates by Rs 2 per litre; effective from Tuesday
The Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells dairy products under Amul brand name, on Monday announced to hike the milk prices by Rs 2 per litre across all its six variants.The new rate will be applicable in Delhi-NCR, Gujarat, West Bengal, Uttaranchal, Maharashtra markets starting Tuesday. The rate increase will apply on Amul Gold, Amul Shakti, Amul T Special along with other variants."Amul has increased price of milk by Rs 2 per litre. The prices will come into effect from tomorrow," Amul Managing Director RS Sodhi said.The revised prices of 500 ml pack of Amul Gold in Ahmedabad will be Rs 27, Amul Shakti Rs 25, Amul Taaza Rs 21 and Amul Diamond Rs 28. However, there has been no change in cow milk prices in Gujarat."Over the last year, there has been a major increase in the price of major cattle feed ingredients which has resulted in an increase in the cattle feed price by over 15 per cent. Similarly, the rate of green fodder has seen a hike of more than ...
UN health agency struggles with travel abuses
The World Health Organization spent nearly $192 million on travel expenses last year, with staffers sometimes breaking the agency's own rules by traveling in business class, booking expensive last-minute tickets and traveling without the required approvals, according to internal documents obtained by The Associated Press. The abuses could spook potential donors and partners as the organization begins its week-long annual meeting Monday in Geneva, seeking increased support to fight a devastating outbreak of Ebola in Congo and other deadly diseases including polio , malaria and measles. The nearly $192 million is down 4% from 2017, when the agency pledged to rein in travel abuses following an AP investigation . Recent documents show WHO auditors found some WHO staffers were still brazenly misrepresenting the reasons for their travel to exploit loopholes in the organization's policies and flying business class, which can be several times more expensive than economy, even though they did .
Flights grounded for Italy air traffic strike Tuesday
Alitalia has scrapped around half its flights scheduled for Tuesday after a call to strike by Italian pilots, cabin crew and ground staff. The industrial action by employees of Alitalia, Blue Air and Blue Panorama was confirmed Monday over the future of the sector and specifically that of the troubled national carrier. Alitalia has cancelled around half its flights on Tuesday, as well as some late Monday and early Wednesday. The company said it hoped to get 60 per cent of passengers to their destination. Unions lamented "on the one hand, a rising number of passengers and flights, and on the other a proliferation of bankruptcies", a statement said. They are worried about Alitalia's future and want their jobs protected. The Italian government earlier this month extended to June 15 a deadline for the state railway to submit a concrete takeover offer, following a request from Alitalia's administrators for more time. Italy's state railway Ferrovie dello Stato (FS) floated a bid to buy ...
Pakistan ends offshore drilling after no gas, oil were found
Pakistan's ministry of petroleum says authorities are ending offshore drilling off the Karachi coast in the Arabian Sea after no reservoirs of oil or gas were found. The news was a setback for Pakistan, which had placed high hopes in the project discovering enough oil for its needs. The ministry said in Sunday's statement that the drilling, which began in January, was a joint venture of Exxon Mobil, ENI and two Pakistani companies. It said the oil exploration well will be plugged and abandoned. Energy-starved Pakistan has large reservoirs of natural gas. But large oil fields are yet to be found in Pakistan, which has made several unsuccessful attempts to find oil in the Arabian sea. The country imports most of its oil from the Mideast, including Saudi Arabia.
BCCI CEO Johri wants increment, officials question validity
The Board of Control for Cricket in India (BCCI) CEO Rahul Johri who is paid an annual gross salary of Rs. 5,76,36,000 crore other than the allowances and other benefits, has requested the Supreme Court-appointed Committee of Administrators (CoA) to look into his increment process and the same is set to be discussed during the meeting of the committee on May 21 in the Capital. With CoA chief Vinod Rai giving the go-ahead to Johri's request for immediate attention, the matter is set to be brought up when the three committee members -- Rai, Diana Edulji and Ravi Thodge meet on Tuesday.
Board of Hindustan Housing Company approves change in directorate
At meeting held on 20 May 2019
Board of Indostar Capital Finance approves increase in borrowing limit to Rs 25K cr
At meeting held on 20 May 2019
Board of Indostar Capital Finance approves issue of NCDs for Rs 10,000 cr
At meeting held on 20 May 2019
Bengal Chamber in pact with IAICC
The Bengal Chamber signed a pact on Monday with Indian American International Chamber of Commerce (IAICC) to offer trade and advisory services to small businesses in India and US. "The Bengal Chamber will collaborate in facilitating B2B connects between American businesses and the Indian counterparts from the east and the Northeast," Bengal Chamber director general Subhodip Ghosh said. IAICC chairman and CEO K V Kumar said a plan was afoot to build a B2B platform which will help small business to tap the global market. On Generalised System of Preferences (GSP), Kumar said, "I feel lobbying by India is not enough and should rake up to strengthen its case." GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.
Runwal Group, Warburg Pincus enter into JV to develop retail mall platform
City-based real estate player Runwal Group and global private equity firm Warburg Pincus have formed a USD 1 billion joint venture (JV) for a retail mall platform. "Both partners will commit USD 200 million each in the form of equity and shall raise another USD 600 million in the form of debt to create a corpus of USD 1 billion, to invest in and develop high quality shopping malls across tier I, II, and III cities in India which have a sizeable population and growing disposable incomes," the Mumbai-based developer said in a statement. An affiliate of Warburg Pincus and Runwal Developers will hold a 50 per cent stake each in the platform. This investment is the first mall platform which Warburg Pincus has backed in India. The platform will look to build large destination malls as well as small hypermarket and cinema anchored community malls. Runwal Group already operates four malls in Mumbai with a total leasable area of approximately 2 million sq ft, including its flagship R-City mall
Indian Terrain eyes doubling of revenues in three years
: Men's wear brand Indian Terrain Fashions Ltd has lined up plans to expand its retail network, besides eyeing doubling revenues in three years, a top official said here Monday. The city-based company also declared its financial results Monday, clocking net profits of Rs 6.60 crore for the January-March 2019 quarter as against Rs 7.28 crore registered year ago. For the year ending March 31, 2019 net profits remained flat at Rs 25.71 crore as against Rs 25.44 crore last year. Total revenue for the January-March 2019 quarter went upto Rs 120.01 crore from Rs 108.78 crore in the same period of the previous year. For the year ending March 31, 2019, total revenue grew to Rs 425.35 crore from Rs 403.95 crore registered year ago. Commenting on the performance, Indian Terrain Fashions Ltd Managing Director Charath Narasimhan said the company was looking at doubling of revenue, besides expanding retail outlets from 150 to 300 across the country. "This will be in North, East, ...
Telcos rue inadequate checks on competing OTT services, demand 'same service same rules'
Telecom players Monday mounted a blistering attack on Over the Top (OTT) service providers like WhatsApp and Facebook, arguing that competing OTTs should be subject to same stringent safeguards as telcos, especially on lawful interception and data localisation aspects. OTT services refer to applications and services that are accessible over the Internet and ride on an operator's network. Skype, Viber, WhatsApp, Facebook and Hike are some of the popular and widely-used OTT services. Telecom Regulatory Authority of India (TRAI's) open house discussion on 'regulatory framework for OTT Communications Services' saw a pitched battle between the two camps, with telecom operators asserting that some of the popular OTTs offering voice and messaging services are "perfect substitutes" to services provided by telcos and hence need to be regulated to avoid an imbalance in the sector. The proponents of OTT services, however, hit back saying such apps are already regulated under Information ...
Airline stocks end on mixed note; IndiGo falls over 1%
Airline stocks Monday ended on a mixed note, with InterGlobe Aviation slumping over 1 per cent even as markets soared on exit polls showing NDA returning to power. Among the three airlines listed on the exchanges, shares of Jet Airways and SpiceJet gained, while that of InterGlobe Aviation, the parent of IndiGo, closed in the red. InterGlobe shares fell 1.17 per cent to close at Rs 1,456.75 apiece on the BSE. It had opened at Rs 1,539. On the NSE, the scrip declined 1.48 per cent to end the day at Rs 1,452 after opening at Rs 1,519. Differences have cropped up between the promoters of IndiGo, the country's largest airline. In a detailed statement issued on Saturday, InterGlobe had said that in any strong and well-managed company there will always be differences. "And, yes, there may be differences currently on certain matters but the company has a great track record of resolving issues and coming out ahead. If the current differences were to not get resolved, you shall certainly hear .
Market rides exit polls euphoria; Sensex soars 1,422 pts
Riding a wave of optimism, the Sensex Monday vaulted 1,422 points to close at a record 39,352.67 as investors cheered the exit polls predicting a clear mandate for the Narendra Modi-led NDA in the Lok Sabha elections. The NSE Nifty surged over 421 points to log its best single day gains in over 10 years. The 30-share BSE gauge also registered its biggest one-day rise in the last six years besides marking its all-time intra-day record of 39,412.56. The market capitalisation of BSE-listed companies jumped by Rs 5,33,463.04 crore on Monday. As of Monday's close, total valuation of BSE-listed companies stood at Rs 1,51,86,312.05 crore. A majority of exit polls have predicted a clear majority for the BJP-led National Democratic Alliance (NDA), which is expected to win over 300 seats in the parliament election. The counting of vote will take place on May 23. Analysts believe the Modi's BJP retaining power will ensure a continuation in reform measures initiated during the NDA's first ...
Rupee records biggest gain in 2 months after exit poll results
The rupee Monday appreciated by 49 paise, the biggest single-day gain in two months, to close at 69.74 against the US dollar following sharp gains in equities and forex inflows after exit polls suggested another term for the ruling NDA government. Forex traders said investors welcomed exit poll results that predicted a thumping majority for the current BJP-led government. At the interbank foreign exchange, the domestic unit opened at 70.36 and advanced to a high of 69.44 during the day. The currency finally settled at a nearly two-week high of 69.74, registering a rise of 49 paise or 0.70 per cent against the dollar over its previous close. On Friday, the rupee had settled at 70.23 against the US dollar. This is the biggest single-day for the rupee since March 18 when the currency had zoomed by 57 paise or 0.82 per cent. According to WGC Wealth Chief Investment Officer Rajesh Cheruvu, India saw a remarkable strengthening in its currency after exit polls and some de-coupling of the INR
IT stocks show mixed trend amidst positive broader market
IT stocks Monday showed a mixed trend even as broader market soared after exit polls suggested another term for the ruling NDA government. During the early trade, IT index was the only one trading in the red. However, it ended in green by gaining 0.69 per cent to 15,515.99. Among the IT stocks, Infosys fell 0.19 per cent to close at Rs 722.40 on the BSE. During the day, it was trading 2.34 per cent lower at Rs 706.85. Some of the other IT stocks that closed the counter with losses are Larsen & Toubro Infotech (down 1.54 per cent), Tech Mahindra (down 1.04 per cent) and Allsec Technologies (down 0.79 per cent). On the other hand, TCS bounced back to close at Rs 2,139.30, up 2.05 per cent. Intra-day, it was trading 2.19 per cent lower at Rs 2,050.25. Other IT stocks that ended in green include Mphasis (up 0.36 per cent), Mindtree (up 0.12 per cent) and Hexaware Technologies (up 0.93 per cent). The trend in the IT counter assumes significance as the broader market witnessed heavy ...
Next govt should abolish MSP in 3 years, cut corporate tax to 5 pc: Surjit Bhalla
The next government should reduce corporate tax by 5 per cent, should expand income support scheme, abolish the minimum support price (MSP) mechanism in the next three years and bring reforms in agriculture sector, noted economist Surjit Bhalla said Monday. An estimated 61 crore Indians voted during the seven-phase general election. The counting of votes is slated for May 23. "The next government should cut corporate tax by 5 per cent, should expand income support scheme formers, abolish MSP in the next three years. There should be zero interference in agriculture. "The cost of capital and corporate tax in India is high. The RBI is on misguided path for certainly 5-6 years. We can't have effective real interest rate of 3.5 per cent," he said while speaking at an event organised by industry body FICCI. Bhalla further said India's potential growth rate is around 8-8.5 per cent per annum. The former Economic Advisory Council to the Prime Minister (EAC-PM) member also said India is ...
Tata Motors consolidated Q4 net profit nearly halves to Rs 1,117 crore
Tata Motors said on Monday its consolidated net profit almost halved in the quarter ended March 31 to Rs 1,117 crore compared to a profit of Rs 2,125 crore in the same period a year ago.The company's revenue from operations fell to Rs 86,422 crore compared to Rs 89,929 crore in the same period, it said in a statement.Jaguar Land Rover, that contributes the bulk of Tata Motors' profit, is facing a tough time across geographies. In China, its fastest growing market, sales have been declining due to slowdown in the economy. In Europe too, demand has slow due to confusion around Brexit and clampdown on diesel automobiles."Q4 FY19 has been extremely tough with market sentiments remaining muted, impacting demand across segments," said Guenter Butschek, Managing Director and Chief Executive Officer of Tata Motors. "The industry outlook is not going to be anything different in the short term due to multiple uncertainties."To mitigate this impact, the company said it has strengthened actions ..
AlgaEnergy and Krishi Rasayan Group Announce a Joint Venture, AgMA Energy, to Bring New Agricultural Solutions for key Asian Markets
/ -- AlgaEnergy's wholly-owned subsidiary in India, MicroAlgae Solutions India Pvt. Ltd. (MASI), and Krishi Rasayan Export Pvt Ltd's (KREPL) sister concern , Agrolife Sciences Corporation (ALSC), have formed a 50-50 joint venture in India, AgMA Energy Pvt. Ltd. AgMA Energy, with headquarters in Delhi, India, has been established to develop a world-class crop agriculture & aquaculture business and platform, that will deliver new and innovative solutions and services based on the intersection of biological, microbial and chemical approaches. The key markets of initial focus for AgMA Energy include, in addition to India, a number of countries in Asia and elsewhere, giving the joint venture an international market presence. A cornerstone in the foundation of AgMA Energy is the unique technologies and products based on microalgae solutions developed by AlgaEnergy S.A., a Spanish biotechnology company with over a decade of effort creating natural biological solutions for a variety of ..