Page 3265 - Business Finance
Rupee slips 6 paise against US dollar
The rupee fell 6 paise to 68.59 against the US dollar in early trade today on fresh buying of the American currency by importers. Traders said dollar's strength against some currencies overseas and fresh demand of the US currency from importers weighed on investor sentiment. Besides, India's trade deficit widening to a more than three-and-a-half-year high of USD 16.6 billion due to costlier crude oil imports, too kept pressure on the rupee. On Friday, the rupee saw a marginal four paise rise in its value at 68.53 a dollar. Meanwhile, the benchmark BSE Sensex rose 117.08 points, or 0.32 per cent, to 36,658.71 in opening trade.
Infosys in focus after Q1 result, bonus issue
On a consolidated basis, Infosys' net profit declined 2.1% to Rs 3612 crore on 5.8% rise in revenues to Rs 19128 crore in Q1 June 2018 over Q4 March 2018. Financial year ending March 2018 revenue guidance in constant currency was retained at 6%-8%, while operating margin guidance was retained at 22%-24%. The result was announced after market hours on Friday, 13 July 2018.
Asian shares fall as China data points to slowing growth
SHANGHAI (Reuters) - Asian shares were lower on Monday after data from China showed the world's second-largest economy slowed slightly in the second quarter, and as investors remain cautious over the impact of the heated Sino-U.S. trade war.
GST worked well, generated sufficient revenue: Piyush Goyal
Finance Minister Piyush Goyal has said that the Goods and Services Tax (GST) has worked well in past one year and has generated sufficient revenue.Addressing the seminar organised by Chhattisgarh Chamber of Commerce and Industries (CCCI) under aegis Chhattisgarh State Infrastructure Development Corporation (CSIDC), Goyal said, "The GST in the past one year has successfully worked and has generated ample revenue. This year there won't be a dearth of revenue if people continue to be a part of this system and pay their taxes. Just when people pay their taxes correctly, the government will be more empowered to reduce the rates even further, making the mechanism simpler."The Union Minister further said that the tax-related cases in the Supreme Court will be withdrawn by the government."The government has decided to withdraw almost half of the Supreme Court cases relating to the taxation. Most of the cases in the Supreme Court are of small and medium scale businessmen," he added.He also ...
Boeing concerned about tariff talk, but no business impact yet
LONDON (Reuters) - Boeing Co is concerned about the impact of possible trade tariffs on the cost of running its supply chain, but has not yet seen any impact from U.S.-Chinese trade tensions on its business, Chief Executive Dennis Muilenburg said on Sunday.
HNA foundation says not seeking tax exempt status
FRANKFURT (Reuters) - The Hainan Chihang Foundation, a charity linked to Chinese airline-to-property conglomerate HNA Group [HNAIRC.UL], is not seeking a tax exempt status, it said on Sunday.
Amway India partners with the Ministry of Skill Development
In line with the governments 'Skill India' initiative, direct selling FMCG Company Amway India today inked a Memorandum of Understanding with Retailers Associations Skill Council of India (RASCI) to renew its partnership for the second year in a row. Rajat Banerji, Vice President, Corporate Affairs, Amway India and James A Raphael, Executive Head, RASCI signed the MoU in presence of Union Skill Develoment and Enterpreneurship Minister Dharmendra Pradhan at a function on the occasion of the 3rd anniversary of 'Skill India' here. The renewal of association with RASCI is a step further for Amway reiterating its alignment with the governments 'Skill India' initiative. The association began last year, an Amway India official said. The MoU will enable Amway India to extend free training for upskilling of its direct sellers for the second year in a row. Altogether 51,000 direct sellers and retailers will be benefitted and certified under two categories of Individual Sales ...
Bundesbank chief warned German cabinet of economic risks: paper
BERLIN (Reuters) - The chief of Germany's central bank, Jens Weidmann, warned the government of increasing risks of the economy cooling when he spoke at a July 6 cabinet meeting, business newspaper Handelsblatt reported, citing government sources.
Connect2India to expand to 20 more cities by next quarter
World trade information provider Connect2India today said it will expand its reach to 20 more cities by the next quarter of this fiscal. These include Pune, Ahmedabad, Ludhiana, Indore, Kanpur, Surat, Jaipur, Rajkot and Varanasi. Currently, the company operates in three cities -- Hyderabad, Bengaluru and Delhi. Pawan Gupta, founder and CEO of the company, said: "We are bridging the knowledge and information gap and are making global trade safe and easy with technology for micro, small and medium enterprises (MSMEs)." He said that this segment of exporters needs support and hand-holding at every step. He added that as per the estimates of the World Trade Organization (WTO), global exports would grow at a healthy rate. "This means more demand in the global markets, which eventually means more opportunities for SMEs to sell their products," Pawan said. India is home to over 65 million SMEs but unfortunately only a fraction of them enter overseas markets, that too with a great degree of ..
Bhushan Steel appoints T V Narendran as chairman
Bhushan Steel Ltd, acquired by Tata Steel under corporate resolution process, said today that its board of directors has approved the appointment of T V Narendran as chairman and non-executive additional director of the company. Narendran, CEO and MD of Tata Steel, has more than 30 years of experience in metal and mining industry. A new management team has been put into place at Bhushan Steel Ltd after it was acquired by Tata Steel Ltd through India's new insolvency and bankruptcy process. "The Board of Directors at their meeting held on 11th July 2018 approved appointment of T V Narendran as Chairman and Non-Executive-Additional Director and Koushik Chatterjee as Non-Executive-Additional Director with effect from July 11," the company said in a statement. On May 18, Tata Steel which had won the bid for Bhushan Steel in an insolvency process completed the acquisition of 72.65 per cent stake in the debt-laden firm. Lenders to Bhushan Steel also received 7.25 crore equity shares worth
Fuel prices unchanged on Sunday after three days of rise
Following three days of hikes in transport fuel prices, state-run oil marketing companies (OMCs) kept petrol and diesel prices unchanged on Sunday under the dynamic pricing regime in operation since June last year.
IFFCO launches e-commerce platform for farmers; eyes USD 5 bn sales in 2 years
Fertiliser major IFFCO has partnered with Singapore-based technology firm iMandi to start an e-commerce platform for farmers with an investment of about Rs 80 crore. An e-commerce app, 'IFFCO iMandi', has been launched that would cater to 5.5 crore farmers already associated with the cooperative. A web portal has also been developed. IFFCO's subsidiary IFFCO eBazar Ltd has taken 26 per cent stake in iMandi Pte Ltd. The remaining 74 per cent is with I-tech Holdings and some other investors. "After spearheading the campaign across India to sensitise the farmers about the use of online and digital transactions, we are proud to come up with an app IFFCO iMandi'. It is a 'one stop shop' for agri inputs and produce, FMCG, electronics, loans, insurance etc," IFFCO Managing Director U S Awasthi said. iMandi would address all needs of the farming community and aims to cater to captive user base of 55 million farmers, he added. The app was launched here yesterday. V K Agarwal, founder of iMandi
NCLAT stays July 16 revival meet of Gujarat NRE Coke
A stay order ahead of a crucial meet of the lenders and shareholders of Gujarat NRE Coke Ltd has cast shadow on the future of the debt-laden firm which found no takers under the IBC. The company said Jindal Steel & Power Ltd, an unsecured creditor with only 0.5 per cent of the total debts of Gujarat NRE Coke, has obtained an ex-parte order from National Company Law Appellate Tribunal (NCLAT) on July 12 to stay the meetings which were scheduled on July 16. Gujarat NRE Coke had failed to get any suitor for resolution under the Insolvency and Bankruptcy Code (IBC) as an ongoing concern as no plan was accepted by its secured creditors. Gujarat NRE Coke promoter A K Jagatramka had then submitted a scheme under Section 230 of the Companies Act before the National Company Law Tribunal (NCLT) to revive the firm, which employs 1,100 people. The scheme would have required at least 75 per cent voting in favour from secured creditors, FCCB holders, unsecured creditors and ...
African market stays key to Godrej Consumer growth
Having a strong foothold in Africa remains a key strategy of Godrej Consumer Products Ltd (GCPL) as the company increases the pace of overall growth, the FMCG major said. It is accelerating innovation pipeline by investing in R&D and capacity to step up the pace of growth, GPCL said in its annual report. "Establishing a strong foothold in Africa continues to be key to our strategy in terms of business size today as well as potential for the future. Our largest investment as a company, of Rs 4,000 crore...," said GCPL Managing Director & CEO Vivek Gambhir. Among other areas, the company intends to double revenues from the hair care segment. "Today, catering to the hair care needs of women of African descent contributes to 21 per cent of our revenues. We intend to double this in the next 4 years," Gambhir said in the report. He added that the acquisition of US-based brand Strength of Nature has catapulted GCPL to become one of the largest players globally. "It will, over time, ..
PDO-based wi-fi model, de-licensing of V-band spectrum to hurt financial viability of telcos: COAI to govt
Industry body COAI has asked the government not to allow internet services by unlicensed operators or any 'de-licensing' of the V-band spectrum, saying the twin measures can jeopardise massive investments made by telecom firms and hurt their financial viability. Expressing "great shock" at recent reports suggesting that the two proposals are being considered, COAI said this "completely neglects the contributions by the telecom service providers in the country and jeopardises their investment and infrastructure by putting them on a non-level playing field against the unlicensed entities". COAI has also cautioned that any radical shift in the regulatory framework would create "uncertainty in the telecom business environment", and run contrary to the government's aspiration of attracting up to USD 100 billion investments in the sector as outlined by the new telecom policy. In effect, COAI is opposing the introduction of Public Data Office Aggregator (PDOA) and Public Data Office (PDO) ...
Gold imports in June qtr dip 25% to $8.43 bn
Gold imports fell by 25 per cent to USD 8.43 billion in the first quarter of the current fiscal due to sliding prices of the metal in both global and domestic markets. According to the commerce ministry data, gold imports had amounted to USD 11.26 billion in the corresponding quarter of last financial year, 2017-18. The imports of the metal have been declining since January this year. Contraction in gold imports help contain the current account deficit (CAD). CAD, which is the difference between the inflow and outflow of foreign exchange, jumped to USD 48.7 billion, or 1.9 per cent of GDP, in 2017-18 fiscal. This was higher than USD 14.4 billion, or 0.6 per cent, CAD in 2016-17 fiscal. With rising oil prices, depreciating rupee and outflow of portfolio investments, there are concerns that CAD might rise in the current fiscal. Rise in crude oil prices and imports too have impacted the trade deficit, which widened to USD 44.94 billion during April-June this fiscal as against USD 40 ...
JSW Steel to focus on inorganic & organic growth:Sajjan Jindal
Leading integrated steel manufacturer JSW Steel is looking at inorganic growth in both domestic and international markets as well as organic growth, to steer the company on its growth path, company chairman and managing director Sajjan Jindal said. "Inorganic growth has always been an integral part of our growth journey and we will continue to explore strategic opportunities, both in domestic and international markets," he said while addressing shareholders in the company's annual report for 2017-18. With a likely thrust on infrastructure development, the medium to long-term outlook for the domestic steel demand growth is very positive, he added. Inorganic plans for the domestic market include buying stressed assets through NCLT, and towards that end it has tied up with Numetal, which is co-promoted by the Essar Group to buy Essar steel. It can be noted that JSW Steel bids were disqualified for Bhushan Steel and Bhushan Power and Steel. In the domestic market, JSW Steel .
IRCON gets Sebi nod for IPO, issue likely in Sept
Market regulator Sebi has given its go-ahead for the initial public offering (IPO) of rail PSU IRCON, which could hit the markets in September to raise about Rs 500 crore, an official said. IRCON had filed papers with the Securities and Exchange Board of India (Sebi) for the IPO, through which the government will divest 10 per cent stake or over 99 lakh shares. "Sebi gave its nod for IRCON IPO on July 13," an official told PTI. The Finance Ministry would now organise roadshows for the share sale and subsequently the IPO would be launched in September, the official added. The share sale is expected to fetch about Rs 500 crore to the exchequer. Besides IRCON, the Finance Ministry is also readying share sale plans of IRFC (Indian Railway Finance Corporation) and would file draft prospectus with Sebi soon. The government plans to launch the IPO of these two central public sector enterprises after the resounding success of RITES IPO, which was subscribed 67 times last month. The scrip got .
Maersk Tankers in talks for coastal oil movement
Global shipping major Maersk Tankers is ramping up its presence in the country and is also in talks for an intra-country coastal movement of oil products courtesy the relaxations in rules, a top official has said. Maersk Tankers opened a subsidiary in the country only this year, its sixth office globally, and already employees over 650, including 500 seafarers, which is a fifth of its global staffage, managing director Mehul Bhatt told PTI. He said the company has definite plans to grow the size of the organisation by 10 per cent over the next year based on achievement of milestones. Welcoming the relaxation in the cabotage rules, which now makes it possible for a foreign-flagged vessel to ferry cargo between two domestic ports, he said the company is also in talks to cater to the demand. "Certainly i would say that the talks are on," he said, adding this will be a movement from oil refineries on the West coast to the East coast for consumption. He, however, did not give
A K Capital Services leads race to manage India's first debt ETF
Debt advisory services firm A K Capital Services is likely to manage India's first Debt Exchange Traded Fund (ETF) proposed to be set up for PSUs and public sector banks to raise long terms funds from the market. Two advisory services firms -- Trust Investment Advisors Pvt Ltd and A K Capital Services Ltd -- had made presentations before the Department of Investment and Public Asset Management (DIPAM) on July 13. Sources said A K Capital Services has emerged as the front-runner for managing the proposed debt ETF. A final approval for the appointment would be accorded by the Finance Minister, they said. As per the company's website, A K Capital Services is the flagship company of the A K Group. Incorporated in 1993, A K Capital Services is one of the country's leading Sebi registered category-I merchant bankers. DIPAM had in April invited bids from advisors to help create and launch a debt ETF to help PSUs and public sector banks raise funds for capital expenditure. The advisor would ..