Page 3243 - Business Finance
HDFC Bank raises Rs 8,500 cr by issuing equity to parent HDFC
HDFC Bank today said it has raised Rs 8,500 crore by issuing over 3.9 crore shares on preferential basis to its parent HDFC Ltd. "The share allotment committee of the bank at its meeting held today has allotted 3,90,96,817 share to Housing Development Finance Corporation Ltd at an issue price of Rs 2,174.09 per equity share aggregating to Rs 84,99,99,98,871.53," HDFC Bank said in a regulatory filing. This is part of the bank's Rs 24,000 crore fund raising plan that was approved by the board of directors in December. Of this, Rs 8,500 was planned to be raised by issuing equity to HDFC on a preferential basis and the balance through issuance of equity shares or convertible securities or depository receipts to a qualified institutions placement or through ADR/GDR. As on June 30, 2018, the promoter firm HDFC Ltd held 20.86 per cent of the bank's equity capital. Stock of the bank closed 0.34 per cent up at Rs 2176.70 on BSE.
NSDC, Facebook partner to train youth on digital skills
Facebook and the National Skill Development Corporation (NSDC) have entered into strategic partnership to train youth and entrepreneurs in the country on digital skills. The partnership will enable Ministry of Skill Development and Entrepreneurship (MSDE) to incorporate Facebook's training on digital marketing skills in its courses, besides providing trainees with access to local, domestic and international markets, a statement said. The programme includes courses on digital marketing, online safety and financial literacy in regional languages with Facebook training master trainers nominated by the NSDC, it added. This will up-skill job seekers and increase their prospects of employment and trainees will also have access to Facebook's Jobs tool to easily search for job openings, the statement noted. "This partnership with Facebook aims to leverage the digital opportunity which can assist in creating a market place for many businesses and service offerings for candidates getting ...
BoE to play its hand in August; UK-EU to eventually cut a deal: Reuters poll
LONDON (Reuters) - The Bank of England will nudge up borrowing costs next month, according to economists polled by Reuters this week who have grown a bit more confident Britain will strike a free trade deal with the European Union.
Allahabad Bank plans Rs 1,900 cr equity capital mop-up
Public sector Allahabad Bank plans to raise up to Rs 1,900 crore through various means, including rights issue, public issue or a QIP. The decision was taken at the bank's annual general meeting held today. Allahadbad Bank said it has been decided to allot equity shares, in India or abroad, aggregating to not more than Rs 1,900 crore. The issue can be either by way of qualified institutions placements (QIPs), public issue, rights issue or a combination thereof with or without over-allotment, the lender said in a regulatory filing. Stock of Allahabad Bank closed 7.23 per cent higher at Rs 42.25 on BSE.
Jet Airways to hold 26th AGM on August 9
Jet Airways today said it would hold its 26th annual general meeting on August 9. "Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the Notice of 26th Annual General Meeting of the Company to be held on August 9," the airline said in a regulatory filing. The company said it would seek shareholders' approval for appointment of Nasim Zaidi, Kevin Nolan Knight and Harsh Mohan as directors and Ashok Chawla and Sharad Sharma as independent directors, as per the filing. Among others, the company would place the audited financial statements for the financial year ended March as well as reports of directors and auditors for adoption before the shareholders. Shares of Jet Airways rose by 2.96 per cent to Rs 315.05 apiece today on the BSE, against 0.54 per cent increase in the benchmark.
Punjab needs to pick up on its niche strengths: CII President
With Punjab being ranked a poor 20th in 'Ease of Doing Business' list, CII president Rakesh Bharti Mittal today suggested that the state needs to pick up on its niche strengths and also bring in large investments in food processing sector and go for setting up solar farms on agricultural land. "I think what Punjab needs to do is to pick up one or two sectors where they can offer synergies, strengths of the state. We need to have focus on agriculture, but bringing in large investments in food processing is very much needed. Unshackle the agri sector, if I may say so, which is how can the private sector be brought into agriculture, into cold chain, leading to food processing, that is one strength of Punjab. "We need to pick up on our niche strengths, build on that and sector by sector we need to have a plan what needs to be done and the same has to be monitored and reviewed very closely," Mittal said during a media interaction here. "We need to talk about strengths and market those. We .
Mutual Fund industry rebounds in June
The mutual fund industry picked up in June with total net inflows of Rs 46,475 crore as against net outflows of Rs 50,000 crore in May, rating agency ICRA said. The main reason behind the change in trend is "liquid/money market category registering an inflow of Rs 52,104 crore in June as against an outflow of Rs 46,724 crore in May," it said in a monthly update. According to the Association of Mutual Funds in India (AMFI), assets under management (AUM) of the Indian mutual fund industry grew 1.19 per cent sequentially to Rs 22.86 lakh crore in June. On a YoY basis, the industry AUM witnessed a growth of 20.57 per cent. The quarterly average assets under management (QAAUM) at the end of Q1FY19 was Rs 23.40 lakh crore, up 19.91 per cent from Rs 19.52 lakh crore at the end of Q1FY18. According to data from SEBI, the total folio count at the end of June stood at Rs 7.46 crore, up 1.57 per cent MoM and 21.97 per cent YoY.
Exclusive: Kenya's Safaricom taking M-Pesa to Ethiopia, sources say
ADDIS ABABA/NAIROBI (Reuters) - Kenya's Safaricom is in advanced talks with the Ethiopian government to introduce its popular M-Pesa mobile money service, a major step towards establishing a toe-hold in the market of 100 million people, two sources said on Tuesday.
Jindal Stainless Jun Qtr net profit jumps to Rs 91 cr
Jindal Stainless Ltd today said its standalone net profit more than doubled to Rs 90.85 crore during the quarter ended June 30, mainly driven by higher sales volume. The company had clocked a standalone net profit of Rs 41.50 crore in the same period a year ago. Its total income increased to Rs 3,152.53 crore in the first quarter of this fiscal from Rs 2,203.86 crore in the corresponding period of the previous fiscal, JSL said in a BSE filing. In a separate statement, the country's largest stainless steel maker said: "The growth stemmed from expansion in stainless steel flat product market, mainly driven by infrastructure spending, railway modernisation, and auto segment, among others. A buoyant market for stainless steel led to higher sales volumes growth of 51 per cent". JSL MD Abhyuday Jindal said, the company's plant at Jajpur, Odisha, is one of the most modern stainless steel plants in the world with state-of-the-art facilities. "We...target to increase our capacity from 0.8 ...
Wall Street pares losses after Powell's testimony
(Reuters) - U.S. stock indexes pared some losses on Tuesday after Federal Reserve Chairman Jerome Powell said in a Congressional testimony there were "several years" of strong jobs and low inflation still ahead for the U.S. economy.
Traders keep bets on Fed interest rate rises
(Reuters) - Traders of U.S. short-term interest-rate futures on Tuesday kept their bets the Federal Reserve will raise rates twice more this year after Fed Chairman Jerome Powell released Congressional testimony signaling his confidence in continued U.S. growth.
Investments in electricity exceeds 'oil and gas' for straight second year: IEA
The electricity sector attracted the largest share of energy investments in 2017, surpassing the oil and gas industry for the second year in row, International Energy Agency (IEA) said today. "The electricity sector attracted the largest share of energy investments in 2017, sustained by robust spending on grids, exceeding the oil and gas industry for the second year in row, as the energy sector moves toward greater electrification," it said. After several years of growth, combined global investment in renewables and energy efficiency dropped by three per cent in 2017 and there is a risk that it will slow further this year, it said. "For instance, investment in renewable power, which accounted for two-thirds of power generation spending, dropped 7 per cent in 2017. Recent policy changes in China linked to support for the deployment of solar PV raise the risk of a slowdown in investment this year," it said. Global energy investment totalled USD 1.8 trillion in 2017, a two per cent ...
GDP growth at 7.5% plus a healthy sign for economy: CII president
Noting that impact of sustained structural reforms is now being felt on the ground, CII president Rakesh Bharti Mittal today said GDP growth at 7.5 per cent plus was a very healthy and positive sign for Indian economy. "I am very happy that in the last quarter, GDP growth at 7.5 per cent plus is a very healthy and very positive sign for Indian economy. The trends and signals (of the economy) are on the recovery path," Mittal said in a media interaction here. "If you look at IMF, World Bank and other multi-lateral agencies including CII's own projection, we are looking at GDP growth of 7.3-7.7 per cent in 2018-19. So, USD 2.6 trillion economy growing at that rate .. If we are going to grow at a healthy rate of 8-9 per cent year-on-year in future years, then by 2030, we are looking at India becoming a 10 trillion economy." For next year, the CII is looking at 8 per cent growth, he said. Mittal said the impact of sustained structural reforms is now being felt on the ground as a mammoth ..
BSE Dalal Street building gets trademark
Stock exchange major BSE has secured a "trademark" for its iconic building -- Phiroze Jeejeebhoy Towers -- located on Dalal Street here.
Technoology driving BFSI sector to grow: TCS
With banking and financial verticals registering a 3.7 per cent growth on a quarterly basis,the country's largest IT services firm, Tata Consultancy Services,today said technology was driving the sector forward. According to a top company official, the growth in the Banking, Financial Services and Insurance sector (BFSI) sector would be sustainable in the medium term. "The BFSI sector was not growing as fast as it was. On a quaterly basis, BFSI vertical growth is 3.7 per cent and 4.1 per cent on a yearly basis. The sector has moved from compliance to growth focus," TCS Head, Banking, Financial Services and Insurance, K Krithivasan, said here. Talking to reporters, he said the growth drivers for the verticals was from technology, which helps in suggesting appropriate products for banks. "Our clients have been investing in workforce and workplace transformation. We are seeing them launch some large programmes in payments, AI (artificial intelligence), conversational ...
Availing funds from banks a challenge after PNB scam:jewellers
Jewellers are facing challenges in availing funds from banks following the PNB fraud case in which diamond traders Nirav Modi and his uncle Mehul Choksi are allegedly involved, a top industry official said today. Nirav Modi and Choksi are being investigated by the Enforcement Directorate (ED) for allegedly cheating Punjab National Bank (PNB), the country's second largest lender, to the tune of more than USD 2 billion or over Rs 13,000 crore. "Major challenge today we face is funding for the industry. Our immediate requirement is around Rs 15,000 crore. Earlier some jewellery retailer went bankrupt. After Nirav Modi issue, the issue has gone up pan-India," Gem and Jewellery Council vice-chairman Anandha Padmanabhan said. The ED recently moved a special court in New Delhi, seeking to declare Nirav Modi and Choksi as 'fugitive economic offenders' and to confiscate their assets worth Rs 3,500 crore. Padmanabhan said the banks have stopped issuing loans to traders after the ..
Exclusive: Lloyds Bank plans three EU subsidiaries after Brexit - sources
LONDON (Reuters) - Lloyds Banking Group plans to operate three subsidiaries in continental Europe after Britain leaves the EU, according to a source familiar with the matter, in a sign of how Brexit is fragmenting a banking industry long concentrated in London.
Netflix drags Wall Street lower ahead of Powell's testimony
(Reuters) - Wall Street dipped on Tuesday as Netflix's slump due to weak subscriber growth weighed on other high-growth stocks, while investors awaited Federal Reserve Chairman Jerome Powell's Congressional testimony.
Chennai Metro Rail selects Trimble Rail Solutions
: Nasdaq-listed Trimble today said that Chennai Metro Rail would implement its Nexala rail asset management solutions to improve overall fleet availability and reliability. Deploying the Trimble Solutions would enable CMRL improve its real-time status monitoring and analytics capability by accessing up-to-date fleet status, thereby reducing costs and improving safety, the company said in a statement. To be implemented by Trimble and city-based partner KKM Soft, the project would be 'one of the first examples of digital real-time, condition-based monitoring to be rolled out by a rail operator.' Solutions would include Trimble R2M real-time remote diagnostics system and Trimble E2M engineering rail asset management system. Together these systems would improve Chennai Metro's ability to make data-driven decisions and streamline maintenance planning and execution, it said. "Because Trimble's rail asset lifecycle management products are an inter-operable suite, CMRL will be ..
Tata Motors introduces AMT in Nexon mid-variant
Tata Motors today launched an additional automated manual transmission (AMT) variant of its compact SUV Nexon priced at Rs 7.50 lakh and Rs 8.53 lakh (ex-showroom Delhi). The new Nexon HyprDrive Self-Shift Gears (S-SG) - XMA variant will be available on both 1.2-litre petrol and 1.5-litre diesel engine options. While the petrol option is priced at Rs 7.50 lakh, for diesel it is priced at Rs 8.53 lakh (ex-showroom Delhi), Tata Motors said in a statement. With this introduction, the Nexon range will henceforth have two AMT variants XMA and XZA+, it added. Commenting on the launch, Tata Motors Predsident PV Business Unit, Mayank Pareek told PTI, "Automated gear shift is becoming popular in India and for us it accounts for 25 per cent of sales of our models which have AMT". He said the introduction of AMT in one more variant of Nexon underlines the company's expectations of how demand for AMT will grow in future. "The potential is such that in five years, every second car sold could be .