Page 3307 - Business Finance
Patanjali not to back out from race to acquire Ruchi Soya: Acharya Balkrishna
Patanjali Ayurved will not back out from the race to acquire bankruptcy-bound Ruchi Soya and explore all options, including legal, to clinch the deal, its Managing Director Acharya Balkrishna said today. Adani Wilmar, which sells cooking oil under the Fortune brand, and Baba Ramdev-led Patanjali are in the fray to acquire debt-ridden Ruchi Soya. Adani has emerged as the highest bidder (H1) with an offer of about Rs 6,000 crore, while Patanjali's bid was worth around Rs 5,700 crore. After Adani Wilmar emerged as H1, Patanjali Ayurved sought clarification from the RP (resolution professional) of Ruchi Soya related to eligibility of Adani Group to participate in the bidding process. It also sought to know the parameters adopted by the RP to declare Adani Wilmar as the highest bidder. The Haridwar-based firm has also questioned the appointment of Cyril Amarchand Mangaldas as the RP's legal advisor as the said law firm was already advising Adani Group. "We are waiting for the reply," ...
HP India expects gaming laptop biz to grow over 30%this yr
PC maker HP India today said it expects its gaming laptop business to grow beyond projected market growth rate of 30 per cent this year. "Sales have been strong. Feedback has been very strong. If you look at market, there is 30 per cent (gaming) market growth forecast. We are growing higher than the market everywhere. In this one also, obviously, we will grow higher than the market," Vickram Bedi, Senior Director, Personal Systems Business at HP Inc, India said. He was speaking on sidelines on launching two laptops focussed at gaming - HP Pavilion Gaming 15 priced Rs 74,990 onwards and Omen 15 laptop priced Rs 1.05 lakh onward. While Omen series focusses on heavy digital game players, Pavilion series has been focussing on customers that have diverse interest and not just gaming. According to the market research firm IDC, HP Inc led the overall Indian PC market with 28.6 per cent share in the first quarter of 2018. The company reclaimed its top spot in Indian traditional consumer PC ...
Gas retailing bids: Adani goes for 52 cities, GAIL Gas for close to 30; RIL-BP JV skips
Adani Group today emerged as the top bidder for city gas retailing licences, eyeing as many as 52 cities, while Reliance-BP combine took a close look at bidding but dropped out at the last moment, sources said. GAIL Gas Ltd, the city gas distribution arm of state-owned GAIL India Ltd, put in bids for close to 30 cities, sources privy to the development said. Adani Gas Ltd bid for 32 cities on its own and another 20 cities in equal joint venture with state-owned Indian Oil Corp (IOC). Bidding for the biggest city gas distribution licensing round, offering 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories, closed today. India Gas Solutions Pvt Ltd -- the 50:50 JV of UK's BP plc and Reliance Industries, looked very closely to foray into city gas distribution but dropped out at the last moment, the sources said. IGSPL, which was formed to retail natural gas in India, looked at licence for 15 cities but did not place any bid, they ...
India, South Korea aim to more than double trade to $50 billion
NEW DELHI (Reuters) - India and South Korea signed 11 agreements on Tuesday to expand business ties and more than double mutual trade to $50 billion by 2030, a day after the premiers of the two countries launched a Samsung mobile phone factory near Delhi.
Wall Street set to gain as Pepsi results add to earnings optimism
(Reuters) - Wall Street was set to open higher on Tuesday as PepsiCo's quarterly report signaled a strong start to the U.S. corporate earnings season, overshadowing concerns over a possible escalation in trade wars.
Ownership change of IDBI Bank unlikely to affect ratings: Icra
The change of ownership of state-run IDBI Bank is unlikely to have any significant impact on the credit profile of the lender, says a report. Last month, insurance regulator IRDAI had given permission to state-run LIC to increase stake up to 51 per cent or controlling stake in the debt-ridden lender. Currently, life insurance major owns 7.98 per cent in the bank compared with 10.82 per cent as on March 31, 2018. "Acquisition of stake by LIC, with equally strong ability to infuse capital, is unlikely to drive the credit profile in the near-term till there is an improvement in the standalone profile of the bank," rating agency Icra said in a report. Icra has an 'A' rating on the bank. Its head for financial sector ratings, Anil Gupta said the acquisition of stake in IDBI Bank is likely to be done under the policyholders accounts of LIC and hence even a 51 per cent stake in the bank will not make IDBI bank a subsidiary of LIC. "Being an investment in the policyholders ...
Success with Snap helps venture firm Lightspeed raise $1.8 billion for new funds
SAN FRANCISCO (Reuters) - Venture capital firm Lightspeed Venture Partners has raised $1.8 billion to invest in startups from cryptocurrency to beauty supplies, hoping to build on its streak of lucrative bets in companies such as Snap Inc, the firm's partners told Reuters.
Rupee drops by 10 paise on inflation worries, strong dollar
The rupee today fell by 10 paise to close at 68.82 against the US currency due to fresh buying of the dollar by importers after the greenback rebounded in global markets on waning trade war worries. Foreign fund outflows from capital markets and crude oil prices regaining USD 79/barrel mark on supply concerns also weighed on the rupee sentiment, dealers said. The US dollar today rebounded from its mid-June low levels against a basket of global currencies after economic data showed that trade tensions are yet to impact economic growth prospects. The US dollar index, which had fallen to 93.711 -- the lowest since mid-June -- yesterday, recovered by 0.33 per cent to 94.38 on positive US jobs data. Back home, retail inflation worries weighed on the rupee sentiment. "Rupee depreciated and bond yield rose in expectation of increase in June CPI inflation," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said. The 10-year benchmark yield edged up to 7.90 per cent from 7.89 per .
Gas retailing bids: RIL-BP JV abstains, IGL seeks licence for 13 cities
The Reliance-BP joint venture today came close to bidding for licence to retail gas in 15 cities but did not place a firm bid, while Indraprastha Gas Ltd put in bids for 13 cities. Bidding for the biggest city gas distribution licensing round, offering 86 permits for selling CNG and piped cooking gas in 174 districts in 22 states and union territories, closes this evening. India Gas Solutions Pvt Ltd -- the 50:50 JV of UK's BP plc and Reliance Industries, is making its maiden foray in city gas distribution as it looked at putting in bid for 15 cities, but dropped out at the last moment, sources said. IGL, which retails CNG in the national capital region, is putting in bids for 13 cities, they said. Essel Infraprojects Ltd has put in a total of seven bids. As many as 86 geographical areas (GAs), made by clubbing adjacent districts, are on offer in the 9th city gas distribution (CGD) bidding round. The GAs cover 24 per cent of the country's area and 29 per cent of its population. The ...
Board of Ushakiran Finance appoints CFO and director
At meeting held on 10 July 2018
Welcure Drugs & Pharmaceuticals to discuss results
On 30 July 2018
RIL shares gain 3%; m-cap rises by Rs 19,247 cr
Shares of Reliance Industries rose 3 per cent today after a Reliance-BP joint venture bid for licence to retail gas in 15 cities, making its maiden foray in city gas distribution. The stock gained 3.02 per cent to end at Rs 1,025.75 on BSE. During the day, it soared 3.29 per cent to Rs 1,028.50. RIL topped the Sensex gainers list. At NSE, shares of the company rose by 2.86 per cent to close at Rs 1,025.70. Led by the surge in the stock price, the company's market valuation rose by Rs 19,247.12 crore to Rs 6,49,956.12 crore. In terms of equity volume, 6.11 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. India Gas Solutions Pvt Ltd -- the 50:50 JV of UK's BP plc and Reliance Industries, is making its maiden foray in city gas distribution as it put in bid for 15 cities, sources said.
'Most tax professionals not ready for new taxation regime'
With the tax function evolving at a rapid pace over the last few years 78 per cent respondents believed they are not adequately prepared for the new avatar of tax function, according to a study. "The tax function is evolving to keep pace with digital advances and helping firms in their compliance journey. Over 78 per cent respondents believe they are not adequately prepared for the new avatar of tax function and consider that there is a need for tax functions to better leverage people, process and technology to deal with the external environment and add value to business," the EY Tax Survey 2018 - reimagining the tax function, said. The EY Tax Survey 2018 - reimagining the tax function, is based on views from the leading CFOs, tax leaders and senior executives across 15 sectors and industries in India including public and private organisations as well as global corporations. The survey further revealed that for tax to be seen as a strategic function, 44 per cent ...
TCS posts record quarterly profit on strong growth in BFSI unit
(Reuters) - India's top software services exporter, Tata Consultancy Services Ltd, posted a record quarterly net profit in the June quarter, driven by robust growth in its Banking, Financial Services and Insurance (BFSI) division.
Andhra Pradesh tops ease of doing business ranking
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 conducts an annual reform exercise for all States/UTs under the Business Reform Action Plan (BRAP). "A large number of states have made significant progress in reforms suggested in BRAP 2017," it said. The assessment under the BRAP 2017 is based on a combined score consisting of reform evidence score that is based on evidence uploaded by States/UTs and feedback score that is based on response garnered from the actual users of the services provided to the businesses. DIPP ...
Hero MotoCorp stretches lead over HMSI in first quarter
Two-wheeler market leader Hero MotoCorp has increased its lead over rival Honda Motorcycle and Scooter India (HMSI) in the first quarter of the current fiscal. According to data released by the Society of Indian Automobile Manufacturers (SIAM), Hero MotoCorp sold 20,60,342 bikes and scooters in the April-June period as compared to 16,90,423 units sold by HMSI, a gap of 3,69,919. In the April-June quarter of last fiscal, Hero had sold 18,11,343 units as compared to 14,78,478 units of HMSI, a gap of 3,32,865 units. Both the companies, however, have lost respective market shares during the first quarter of the current fiscal. Hero's market share stood at 37.67 per cent, down from 38.5 per cent in the April-June period of 2017-18. Similarly, HMSI's market share declined to 30.9 per cent in the first quarter from 31.43 per cent in the same period of the previous fiscal. Bajaj Auto, on the other hand, saw its market share increase to 10.86 per cent from 9.06 per cent in the first quarter of
TCS net up 23.5% in Q1
Tata Consultancy Services (TCS) on Tuesday reported Rs 7,340 crore net profit for the first quarter of fiscal 2018-19, registering 23.5 per cent annual and 6.3 per cent sequential growth.
Tata Motors picks up 26% stake in TruckEasy
Tata Motors said today that it has bought 26 per cent stake in TruckEasy, a tech-based freight aggregator, marking its first investment in a start-up. It did not disclose the deal value. The investment is being done through Tata Motors Finance Holdings, a wholly-owned subsidiary of the company, Tata Motors said in a statement. TruckEasy, which is owned by Bangalore-based logistics company Loginomics Technologies Solutions Ltd, was formed in 2015 providing service for transporting needs of businesses within the city. The start-up will use this investment to expand it footprint to additional cities. Tata Motors said the investment is part of its continued endeavour to bring smart solutions to enable the Trucking Community to have better lives and improve their livelihood. Tata Motors President Commercial Vehicles Business Unit (CVBU) Girish Wagh said: "Through this investment from Tata Motors, TruckEasy will be able to access our wide network to grow the supply side and also to expand .
HDFC Ergo launches title insurance cover
Private sector general insurer HDFC Ergo today launched a title insurance policy, a first in the private insurance segment, under which it will offer cover to property developers. This specialty cover provides indemnity to property developers and the subsequent owners of the property against losses and risks related to defects in property titles arising out of third-party challenges not discovered prior to the commencement of the policy due to different ownership, the non-life insurer said in a statement. The product has been developed stemming from the requirement of the Real Estate (Regulation and Development) Act, 2016 (Rera), which mandates the purchase of title insurance for all new and ongoing property developments registered with the regulatory body. This title insurance policy will be beneficial to real estate developers, property investors and housing finance companies. The policy will also cover ownership issues, inadequate descriptions and plans in historic ..