Page 3318 - Business Finance
Corrected: Wall Street enters third day of gains as trade fears ease
(Reuters) - (orrects to show duties imposed on imported goods worth $34 billion each of U.S. and China in third paragraph, not duties worth $34 billion.)
Tarun Daga appointed executive director of Jusco
Tarun Daga was today appointed as executive director, of Jamshedpur Utility and Services Company (Jusco), a 100 per cent subsidiary of Tata Steel, a Jusco press release said. Daga has been appointed with effect from July 10, it said. Sanjay Ubale, Head, Infrastructure and Urban Solutions, Tata Sons, has been appointed on the Board of JUSCO, as additional director (non-executive), the release said. A decision in these regard were taken at the Board Meeting of JUSCO held here today, it added.
Uttam Galva Steels June qtr net loss widens to Rs 366 cr
Uttam Galva Steels Ltd's net loss widened to Rs 366.19 crore in the quarter ended June 30. The company had reported a net loss of Rs 192.53 crore during the April-June period of the preceding fiscal, it said in a regulatory filing. The firm's total income in the June quarter fell to Rs 93.16 crore, from Rs 949.80 crore in the year-ago quarter. Total expenses of the company during the period under review stood at Rs 459.35 crore as against Rs 1,142.33 crore in the same period last fiscal. Uttam Galva Steels Ltd is one of the largest manufacturers of cold rolled (CR) steel and galvanized steel in Western India. Shares of the company today ended 1.50 per cent up at Rs 8.12 apiece on BSE.
Govt agreed to release withheld subsidy on ammonium sulphate: GSFC
The Gujarat State Fertilizer Corporation (GSFC) today said the government has agreed to release the withheld subsidy on ammonium sulphate. In a regulatory filing, the company informed that the "Department of Fertilizers, Government of India has agreed to release the subsidy on Ammonium Sulphate for the period from 18th March, 2013 to 05th March, 2017". This should help in getting a subsidy of Rs 693 crore held up for the said period, it added. The government had stopped subsidy payment to GSFC in March 2013 as it found the company did not pass on the benefits to farmers for a certain period, which was challenged by the company immediately in the Delhi High Court. However, the company withdrew its case in March 2017 to enable the Department of Fertilizer to make recovery and take further action.
Tata-Mistry feud to go on as Cyrus to challenge NCLT order
The Tata-Mistry feud that hogged the limelight in the past two years is all set to intensify with Cyrus Mistry deciding to challenge the NCLT verdict that went against him today. The much-awaited NCLT ruling, which came in as resounding victory for the Tatas, was hailed by many including the group patriarch Ratan Tata. Earlier in the day, the Mumbai bench of the National Company Law Tribunal (NCLT) dismissed the petitions filed by the Mistry family alleging oppression of minority shareholders and corporate governance issues at the biggest corporate entity in the country. The NCLT said it is not accepting Mistry's contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group. The Mistry family owns a tad over 18.3 per cent in Tata Sons, the holding company of the Tata Group, which in turn is 66.8 per cent owned by over a dozen Tata Trusts, the largest public charity in the country. Welcoming the NCLT .
SRF to set up new plant in Thailand at Rs 410 cr cost
Chemical firm SRF Ltd today announced setting up of a plant in Thailand with an investment of USD 60 million (Rs 410 crore). The company said it will set up Bi-axially Oriented Polyethylene Terephthalate (BOPET) film line and a resin plant in Thailand at an investment of about USD 60 million. "This new plant will be put up at our existing manufacturing location in Rayong, Thailand by our wholly owned subsidiary - SRF Industries (Thailand) Ltd and is expected to become operational in close to two years," the company said in a statement. Once operational, the new line will be capable of producing about 40,000 metric tonnes per annum, it added. SRF's MD Ashish Bharat Ram said: "While our long-term strategy of investing into our chemicals business remains intact, we believe that we have adequate capacities in place to meet our customers' requirements on a short-to-medium term basis". The investment into packaging films business makes good business sense as the global packaging films ...
Sebi orders Rising Agrotech to refund investors' money
Regulator Sebi has barred Rising Agrotech and its present and former directors from the capital market for at least four years and directed them to refund the money that the company had collected illegally from investors. According to a Sebi order, the company had allotted equity shares to 530 investors in 2010-11 and 930 investors in 2011-12 and the total amount mobilised by the firm by such allotment was more than Rs 1 crore. Since the shares were issued to more than 49 people in each allotment, the offer qualified as a public issue and required their compulsory listing on a recognised stock exchange. However, the company did not comply with the provision. "I find that no material or record is available to indicate that RAL had made any such application seeking listing permission to any stock exchange. Further, noticees (the company, and its present and former directors) have never represented that they have made any refund of money due to the investors," Sebi Whole Time member G ...
Goyal urges passengers to demand bill from rly catering staff
Railway minister Piyush Goyal today said passengers should insist on bills from railway catering staff who are being equipped with point-of-sale machines for the purpose. The machines would also help in stoppage of tipping to the catering staff, Goyal said at an Indian Chamber of Commerce event here. "Demand a bill from the railway catering staff. If no bill is given, then refuse to pay. My officers will deal with the matter," Goyal said. He said that an announcement in this regard would be made soon and all the catering staff would be provided with POS machines. The move would also plug the loss of revenue for railways, he said.
Samsung to make India a global export hub: Modi
The world's largest mobile factory unveiled by South Korean tech giant Samsung in Noida will not only generate more jobs but also make India a global export hub, Prime Minister Narendra Modi said on Monday.
French plan to cut public spending due 'in coming weeks': Macron
French President Emmanuel Macron today said that the government would unveil "in the coming weeks" a plan to cut public spending and keep the budget within European Union deficit targets. "There can be no tax cuts or increased investments without slowing the continued growth of our spending," Macron told lawmakers in a speech at the Versailles Palace, promising "bold and courageous decisions". "Everybody wants lower taxes... but nobody ever wants to take responsibility" for financing them, he said at a joint gathering of both houses of parliament. Macron said the spending cuts would be part of a broad reorganisation of the French state aimed at boosting state services in remote and deprived areas while making them easier to manage. He defended last year's controversial labour law reforms and other measures aimed at encouraging businesses to invest, saying it was the only way to improve the prospects of all citizens. His critics say the policies, including corporate tax cuts and laws ..
Goyal asks Coal India to ensure supply for power sector
Union Coal Minister Piyush Goyal has asked Coal India to focus on meeting coal demand, particularly from the power sector, in a review meeting held here today. Owing to a sharp rise in coal demand from the power sector, Coal India was finding it difficult to meet the demand despite steady rise in supply to the sector. Sources said that in the meeting, Goyal called for better coordination between Coal India and Railways to ramp up supplies. He also asked Coal India to plan for the next fiscal for better production and supply, sources said. Coal India has registered a 15.2 per cent growth in coal production during the first quarter ended June 2018 to 136.87 million tonne while supply to power plants also jumped by 15.4 per cent to 122.84 million tonne. Projects stuck due to environmental issues were also discussed at the meeting, the sources said. Goyal, in a tweet on the meeting, had ensured sufficient and adequate coal availability across the nation.
Setback to Mistry; NCLT says Tata Sons board competent to dismiss executive chairman
In a set back to ousted Tata Sons chairman Cyrus Mistry, a company law tribunal today ruled that the board of the USD 100 billion conglomerate was competent to dismiss its executive chairman, and said it found no merit in his allegations of mismanagement in Tata group firms. The National Company Law Tribunal (NCLT) rejected Mistry's contention of proportional representation on Tata Sons board saying his conduct did not augur well for the smooth functioning of the group. While Mistry said the ruling was "disappointing although not surprising" and an appeal on merits will be pursued, Tata Group patriarch Ratan Tata said the ruling was a vindication of the actions that Tata Sons took against him in October 2016. Ruling on Mistry's December 2016 petition against his "illegal" removal as chairman of the salt-to-software conglomerate after a four-year stint, Mumbai NCLT's division bench presided by B S V Prakash Kumar and V Nallasenapathy -- said that he was ousted because the Tata Sons' ..
India Inc. working to bridge gender diversity in India: Report
India's ranking in gender diversity has improved in 2018 with the financial sector hiring more women even as the country ranks fifth lowest in having women in such roles, a report said.
Taj Mansingh's auction likely to be postponed again as NDMC gets only 2 bids
The much-delayed auction of the iconic Taj Mansingh hotel in Lutyen's Delhi is likely to be postponed again as the New Delhi Municipal Council has got less then the required number of bids for the five-star property to go under the hammer. "We have got only two bids for the auction, while as per the norms at least three bidders were required for the auction to be conducted. The issue will now be placed before the council, which will decide the further course of action," a senior NDMC official told PTI. The auction was to be held on July 18 had the NDMC got at least three bids by today evening. The civic body had issued an annulment notice for the e-auction last month when the auction had to be cancelled since only the Tata Group's Indian Hotels Company Limited (IHCL) - the existing operator - had submitted its bid for retaining the property. The bid of the only other participant, ITC, was not accepted on technical grounds. The Taj Mansingh was given to the Tata group in 1978 on a ...
Gold touches two-week peak on yuan rebound, weaker dollar
LONDON (Reuters) - Gold extended its recovery on Monday, touching its highest level in nearly two weeks as the dollar weakened, the Chinese yuan rebounded and some investors reversed bearish gold bets.
Citigroup, with limited options, hopes to lure deposits digitally
NEW YORK (Reuters) - Citigroup Inc is facing a unique dilemma among the four largest U.S. banks: it is light on deposits from individuals, an important funding source that costs little and tends to stick around.
Punjab signs MoU with SAB Industries to set up Rs 719-cr ethanol plant
The Punjab government today signed an MoU with SAB Industries Ltd for the setting up of a bio-ethanol project with proposed investment of Rs 719 crore. Industry and Commerce minister Sundar Shyam Arora said this project will produce 25,000 TPA of Bio-ethanol from paddy straw collected from the state, according to an official release. It will not only generate employment but will also help in reducing crop residue burning, he said. The minister said few studies have indicated the availability of biomass to the tune of 120-160 million tonne annually which, if converted, has the potential to yield 3,000 crore litres of ethanol annually. Surplus biomass/agricultural waste can be converted to ethanol using second generation (2G) technologies which has cellulosic and lignocellulosic content, the minister said in a statement here. Arora said the ministry of Petroleum and Natural Gas, Government of India notified national policy on Biofuels-2018 to promote bio-fuels in the ...
Goyal downplays Amartya Sen's observations
Union Minister Piyush Goyal today sought to downplay the observations made by Nobel prize winning economist Amartya Sen on the present government saying that he had been saying this for a long time. Sen had said yesterday that the country had made a quantum jump in the wrong direction since 2014. "He has been saying this for a long time", Goyal, who holds the portfolios of finance, coal, railways and corporate affairs, said when his comments were sought. Sen had said at a book launch in Delhi yesterday, "Things have gone pretty badly wrong... It has taken a quantum jump in the wrong direction since 2014. We are getting backwards in the fastest-growing economy. "Now, India is the second worst. Pakistan has managed to shield us from being the worst," Sen said.
Wall Street enters third day of gains as trade fears ease
(Reuters) - U.S. stocks rose on Monday, with bank stocks leading third day of gains in a row after strong U.S. jobs data from last week helped investors brush aside trade concerns.
Raj govt proposes Khadi dresses for petrol pump vendors
Petrol pump vendors in Rajasthan may soon wear Khadi if a proposal in this regard by Rajasthan Khadi and Village Industries Board is accepted by the Union Ministry of Petroleum and Natural Gas. Rajasthan Khadi and Village Industries Board chairman Jaswant Singh Bishnoi had recently proposed the ministry to provide Khadi dresses to vendors at petrol pumps. I had submitted the proposal to the Petroleum Ministry on July 6 that vendors working at HPCL, BPCL and IOCL wear Khadi as the companies provide the dresses and charge for the same, he said today. Bishnoi said Rajasthan would be the first state to start such a trend, if the proposal was accepted. He said the step would also boost Khadi and its culture in the country. Bishnoi, who was here to inaugurate Bikaner Khadi Gramodhyog Samiti, also proposed the Centre to link the National Rural Employment Guarantee Act (NREGA) with Khadi production. Talking about the significance of Khadi, the chairman said Mahatma Gandhi had dreamt that ...