Page 3305 - Business Finance
PNB separates loan appraisal, monitoring to reduce credit risk
PNB today said it has segregated its loan appraisal and monitoring system and created various verticals to reduce credit risk, in the aftermath of the Rs 14,000-crore Nirav Modi fraud. Further, Punjab National Bank (PNB) said it is taking steps against erring employees, legal action against the fraud perpetrators and closely cooperating with the regulators and law enforcement agencies. "Technology based offsite audit system for monitoring alerts in CBS is in operation now. Loan appraisal and monitoring system have been segregated. Different verticals have been created for sourcing, initial due diligence, processing, monitoring and recovery of loans for reducing people risk, operational risk and credit risk," it said in its Annual Report 2017-18 published today. Going forward, it will continue its concerted efforts in addressing the asset quality concerns and strengthening its balance sheet to reinvigorate credit growth, the bank said. PNB suffered a fraud of Rs 14,357 crore allegedly .
TCS posts record profit, expects strong growth in financial services to continue
MUMBAI (Reuters) - India's biggest software services firm, Tata Consultancy Services Ltd (TCS), expects growth in its banking, financial services and insurance (BFSI) unit to remain strong in the next one to two years as it posted a record net profit, helped by a rebound in the key division.
Tesla goes big in China with Shanghai plant
SHANGHAI (Reuters) - Tesla Inc Chief Executive Officer Elon Musk on Tuesday landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the United States, that would double the size of the electric car maker's global manufacturing.
Global Markets: U.S. stocks rise on oil, strong earnings as dollar gains
NEW YORK (Reuters) - The S&P 500 stock index hit a four-month high on Tuesday, boosted by higher oil prices and strong earnings, while the U.S. dollar rose against the safe-haven Japanese yen as investors bought riskier assets.
All-round revival buoys TCS nos, net profit soars 23% to Rs 7,340 cr
Revival in both the core client segment and key operational geographies, along with some help from the currency gains, aided largest software exporter TCS to report 23 per cent jump in June quarter net at Rs 7,340 crore. The Tata Group flagship today said its total income clipped at 15.8 per cent to Rs 34,261 crore under the new accounting standards. The emerging digital segment saw a massive 44 per cent spike in revenue compared to the preceding quarter and now contributes a fourth of the total income. Revenue from clients in the banking, financial services and insurance sectors grew 4.1 per cent on constant currency basis as against the preceding three months - the fastest growth in the past 15 quarters - leading to a shift in the management commentary on growth expectations. TCS chief executive and managing director Rajesh Gopinathan said he is enthused by the rising demand from BFSI clients and sees the "green shoots developing nicely" to make him confident of sustaining the ...
FBIL to set reference rate for USD/INR, other currencies
The Financial Benchmarks India Private Limited (FBIL) today took over from RBI the responsibility of computation and dissemination of reference rate for USD/INR and other major currencies. FBIL fixed the reference rate at 68.7942 for dollar and 80.780 for euro today. Earlier in April, RBI had said that it had appointed FBIL for computation and dissemination of daily reference rate for spot USD/INR and other major currencies against the rupee which it used to do itself. "FBIL will commence the process of computing and disseminating reference rate for USD/INR and exchange rate of other major currencies with effect from July 10, 2018," RBI had said on July 4. Set-up in 2014, FBIL used to benchmark instruments such as Mumabi Interbank Outright Rate (MIBOR) and option volatility and also introduced benchmarks such as T-Bills and yield curve.
PepsiCo beverage sales signal gradual recovery, shares rise
(Reuters) - PepsiCo Inc's better-than-expected quarterly results on Tuesday pointed to signs of a gradual recovery in its struggling soda business as the company doubled down on efforts to promote colas, setting shares up for their best day in seven years.
Sebi invites fresh counter bids for PACL group properties
Markets regulator Sebi today invited fresh proposals from interested entities for the properties belonging to PACL group after receiving a new bid from the company. The entities have been asked to submit counter proposals till July 17 to the R M Lodha committee, in response to the new proposal submitted by PACL, the regulator said in a public notice. The committee has "received a revised proposal dated July 3, 2018 from PACL Ltd. The committee will consider counter proposals/revised proposals from persons or entities or corporates including PACL Ltd offering consideration higher than the revised proposal of PACL Ltd," the regulator noted. The committee has received a fresh proposal from PACL revising the total offer value for the properties to Rs 23,000 crore from Rs 20,000 crore earlier, Sebi said. The move is part of efforts made by the Securities and Exchange Board of India (Sebi) to recover funds totalling Rs 60,000 crore. PACL, also known as Pearl Group, which had raised money ...
Qatar Airways launches Qsuite on Mumbai, Bengaluru flights
West Asian carrier Qatar Airways today launched its luxury suite named Qsuite on its flights to Mumbai and Bengaluru. Qsuite is currently available on Qatar Airways select aircraft and offered on airline's flights to London, Paris, New York, Chicago, Houston, Shanghai and Canberra, the company said in a release. Qsuite features the industry's first-ever double bed available in business class, as well as private cabins for up to four people with privacy panels. "We are thrilled to be offering our loyal customers this unique product. We look forward to welcoming passengers from Mumbai, Bengaluru and points beyond on board," said Akbar Al Baker, group chief executive, Qatar Airways. ******************* Onida targets Rs 160 cr from washing machines sales in FY19 * Consumer durables brand Onida today said it is targeting Rs 160 crore from washing machines sales during the current financial year, at an 80 per cent growth rate. The company has launched 20 new models to ...
Flight service launched between Sriganganagar and Jaipur
Rajasthan Chief Minister Vasundhara Raje today inaugurated a direct flight service connecting Sriganganagar to Jaipur. The chief minister said air services will soon be extended to other cities of the state. Flights from Jaipur to Sriganganagar will operate at 7 am and 4 pm whereas from Sriganganagar to Jaipur will take-off at 9 am and 6 pm respectively.
INS Sumitra enters Indonesia's Sabang Port
Indian warship INS Sumitra, which was on a mission in Malacca Straits, on Tuesday entered Port of Sabang in Indonesia."The ship sailed from Port Blair and is visiting Sabang for routine operational turnaround, wherein it will take provisions and fuel before going for further deployment in the Indian Ocean," a statement from the Embassy of India in Jakarta read.As follow up to the shared vision on maritime cooperation in Indo-Pacific released during the official visit of the Prime Minister Narendra Modi to Indonesia on 29-30 May 2018, a Joint Indian and Indonesian team visited Sabang today to discuss follow up steps for mutual collaboration.During Prime Minister Modi's recent visit to Indonesia, it was decided India would invest and develop the strategic port of Sabang.The Indian team was led by Ambassador of India to Indonesia Pradeep K Rawat and included officials and business delegates from Andaman and Nicobar islands.The Indonesian team was led by officials from Ministry of Foreign
Hundreds of Norway oil workers go on strike, Shell shuts Knarr field
OSLO (Reuters) - Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.
ArcelorMittal to NCLAT; The company was eligible to bid for Essar Steel
ArcelorMittal today said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promotor of Uttam Galva and KKS Petron, and had already offloaded its shares before submission of the bids. Arguing before the National Company Law Appellate Tribunal (NCLAT) on behalf of ArcelorMittal, senior advocate Harish Salve submitted that its eligibility should be judged as on the date of submission of the resolution plan for Essar Steel. "ArcelorMittal is not a shareholder in Uttam Galva as on February 7 and on February 9 it was not a shareholder of KSS Petron... We have (ArcelorMittal) submitted bid on February 12," said Salve. He further contended that ArcelorMittal never had any management control in Uttam Galva. "ArcelorMittal never exercised any of the rights under the shareholders agreement, never appointed any directors to the board of Uttam Galva and never involved itself in the management and policy decisions of Uttam Galva," Salve said. Section .
Hyderabad entrepreneur donates Rs 1 crore to TTD
: A Hyderabad based industrialist today made an offering of Rs one crore at the famous hill shrine of Lord Venkateswara at nearby Tirumala. K S Rao, Chairman of Meenakshi Infra Private Limited, handed over the donation through a demand draft, to a temple official, TTD Public Relations Officer T Ravi told PTI. The industialist requested Tirumala Tirupati Devasthanams, that governs the hill shrine, to utilize the fund for the TTD run Free Meal Trust (Sri Venkateswara Annaprasadam Trust), the PRO said. "On an average about one lakh free meals are served to devotees each day by making use of the annual interest of over Rs 60 crore on more than Rs 800 crore donations made by philanthropists in banks," he added.
Tesla to build huge Shanghai factory: local govt
US electric-car maker Tesla has reached an agreement to build a factory capable of producing 500,000 automobiles per year in Shanghai, the city's government said today. The deal marks the biggest overseas foray yet for Tesla, which is looking to expand into global markets, plans that faced a potential threat from the intensifying China-US trade row. An announcement by Shanghai's government said an agreement had been reached to build the plant in the commercial hub's Lingang district. It said Shanghai would provide full support to Tesla in a project combing manufacturing, research and development, and sales and aimed at super-charging electric-vehicle development in the city. Anticipation about a potential big Tesla investment had bubbled over the past year, with expectations spiking after Bloomberg News reported that Tesla boss Elon Musk would travel to the city today. Tesla last month told shareholders that it was working with officials in China to build electric cars and battery ...
UK economy brightens as Bank of England nears rate decision
LONDON (Reuters) - Britain's economy picked up a bit of speed in May after slowing in early 2018, according to official figures that will give the Bank of England more confidence about raising interest rates next month for only the second time in over a decade.
TCS net up 23.5%, revenue up 15.8% in Q1
Global software major Tata Consultancy Services (TCS) on Tuesday reported Rs 7,340 crore consolidated net profit for the first quarter of fiscal 2018-19, registering 23.5 per cent annual and 6.3 per cent sequential growth.
Andhra Pradesh best state to do business; Gujarat ranking slips further
Andhra Pradesh continues to be the best state to do business while Gujarat slipped a position to rank fifth in the ease of doing business ranking prepared by the World Bank and the Department of Industrial Policy and Promotion (DIPP). In the last year's ranking, Andhra Pradesh had jointly topped the chart with Telangana while Gujarat was relegated to the third position from the top slot in 2015. According to the latest Business Reform Action Plan (BRAP) index, Telangana and Haryana are placed at second and third positions, respectively. On the other side of the spectrum, Meghalaya, Lakshadweep and Arunachal Pradesh were ranked at the bottom for not doing anything to improve business climate. "This time we have taken feedback from industry to see whether the reforms are percolated to the ground level," DIPP Secretary Ramesh Abhishek said adding next year "100 per cent evaluation would be done based on feedback from industry". Implementation of the reforms help attract both domestic and
6 Working Groups formed to enhance trade, investments between India, Korea
The India-Korea CEOs Forum held its second meeting here today, with business leaders from both the nations developing an ambitious agenda to enhance bilateral trade and investment. "The CEOs announced the formation of 6 working groups in sectors like Auto, Infrastructure, Services, Electronics (including renewable and allied sector) & IT and Start ups and Innovation Ecosystem (including MSMEs & SMEs) and Defense Manufacturing," industry body Ficci said in a statement. The CEOs deliberated upon the progress on major recommendation from the first meeting in the field of energy, including renewable energy technologies, nuclear power and LNG ship building, by way of joint developments, technology transfer and enhanced bilateral trade with a view to benefit from technological and business expertise of Korean enterprises in developing quality infrastructure in India. The first India-Korea CEOs Forum was held in Seoul, South Korea on May 19, 2015. Given the impetus on manufacturing ..
States' performance in doing biz ranking shows remarkable progress: CII
States' performance in the ease of doing business ranking by the World Bank and DIPP shows that remarkable progress has been made in improving climate over the last four years and the results are now visible on the ground, CII said today. "The innovative partnership between the Central and state governments in a spirit of cooperative and competitive federalism to facilitate investments across the country is yielding notable results," CII President Rakesh Bharti Mittal said. Andhra Pradesh has topped the ease of doing annual business ranking of states and Union Territories by the World Bank and Department of Industrial Policy and Promotion (DIPP). Telangana and Haryana are at the second and third positions, respectively, according to a statement issued by DIPP. Others in the top ten are Jharkhand (4), Gujarat (5), Chhattisgarh (6), Madhya Pradesh (7), Karnataka (8), Rajasthan (9) and West Bengal (10). Meghalaya was ranked last at 36th position. DIPP in collaboration with the World Bank