Page 3330 - Business Finance

Sagarmala Development Company to infuse Rs 125 cr in KRCL

Sagarmala Development Company (SDCL) has decided to infuse Rs 125 crore in special purpose vehicle KRCL, formed to provide rail connectivity between Krishnapatnam Port and Obulavaripalle in Andhra Pradesh. Krishnapatnam Railway Company Ltd (KRCL) is a joint venture (JV) of Ministry of Railways, in which Rail Vikas Nigam (RVNL) has equity contribution. SDCL is a company formed under the government's ambitious Rs 14 lakh crore Sagarmala initiative for identifying port-led development projects and provide equity support for the SPVs. "The in-principle approval of the Board of Directors be and is hereby accorded for infusion of up to Rs 125 crore in the form of equity in Krishnapatnam Rail Company Ltd pending completion of further financial and legal due diligence," the SDCL Board has resolved. The total cost of the rail connectivity project between Krihsnapatnam Port and Obulavaripalle is estimated to be at Rs 2,198.50 crore, of which Rs 1,458.9 crore will be met through debt, as per ...

Niti mulls to set electric vehicle target for state public transporters

The government is mulling over giving target to state public transporters to deploy certain percentage of electric vehicles in their new orders, while it will refrain from coming out with a policy on electric vehicles, a top Niti Aayog official said. Moreover, the official said for the personal transportation, the Aayog is of the view that the market forces should be allowed to decide whether people want to buy electric car or diesel/petrol car. "We may like to tell states that their carbon footprints must be minimised. We are considering of giving some targets to state public transporters to deploy certain percentage of electric vehicles in their new orders," the official told PTI. He further added that,"We don't need a policy on electric vehicles, we need a behavioral change". The official also said that the government wants to encourage indigenous production of electric vehicles. As per an estimate, India at present has 1 to 1.5 lakh electric vehicles and it is projected to grow to

Govt working on time-bound plan for conversion of unlisted cos' shares into demat form

The government is working on a time-bound action plan for unlisted companies to convert their shares into dematerialised form, and MSMEs are likely to be exempted from the requirement, according to a senior official. Keeping shares in the dematerialised (demat) or electronic form will also act as a safeguard against illegal dealings involving unlisted companies. The proposal, which has been in the works for many months, also comes at a time when the authorities are intensifying their efforts to curb illicit fund flows, especially through shell companies and obscure ownership structure. A "time bound action plan" for companies to convert their shares into demat form is under the consideration of the corporate affairs ministry, the official said. A decision will be taken after sorting out of various issues involved, including the ideal transition time required and status of shares that have been seized as part of regulatory actions, he added. The ministry is implementing the Companies ..

Huawei says does not expect U.S. sanctions: press

PARIS (Reuters) - China's Huawei, the world's largest maker of telecommunication network equipment, does not see itself becoming the target of U.S. sanctions and will keep buying U.S. chips this year, one of its three rotating chairmen told a French newspaper.

Iran slams Trump's 'interfering' remarks on OPEC

Iran's Petroleum Minister said US President Donald Trump has recently made "interfering" remarks on the Organisation of the Petroleum Exporting Countries (OPEC).

EU has 'card to play' in trade war: IMF

The European Union has "a card to play" if it offers a united front in its response to the trade war pitting the United States against China, International Monetary Fund director Christine Lagarde said today. "In the show of force we see coming to bear... between the United States on the one hand and China on the other, who represent two totally different forms of capitalist impetus, Europe can play a very particular card," Lagarde told an economic forum in the southern French city of Aix-en-Provence. "Europe is strategic for the one as for the other (the United States and Russia)" when it comes to trade, said Lagarde a week ahead of a bilateral EU-China summit which the latter will host July 16 and 17 in Beijing. She added Europe had the power to balance out the commercial powerplay between Washington and Beijing with neither enjoying sufficient leverage to swing it to either camp. "The Europeans together are a force, a power. When they are united they have a true voice" which can ...

Focus on modernising existing businesses, developing new ones: Prabhu

Union Commerce and Industry Minister Suresh Prabhu on Saturday said the focus of the new industrial policy would be on modernising existing businesses and developing new industries.

Misconception that India is subsidising exporters: Prabhu

AUnion Commerce Minister Suresh Prabhu on Saturday said there is misconception that India is providing subsidies to its exporters, noting what the government gives is to minimise the adversities they suffer in entering the global markets.

Currently evaluating bids, no change in audited results: FHL

Fortis Healthcare Ltd (FHL) on Saturday reported no change in the audited financial statements from the unaudited one and said that it is currently in the process of evaluating the bids for investment into the company.

Twitter rooting out fake accounts at record rate: report

Twitter has been suspending more than one million fake and dubious accounts per day, according to The Washington Post, in an aggressive bid to stem the flow of false information. The social media platform has more than doubled its crackdown rate since late last year, the Post said, when testimony from Twitter, Facebook and Google revealed startling new data showing many more millions of Americans were exposed to fake news than previously thought. Russia-linked fake accounts are believed to have fired off false tweets in an effort to sway the 2016 US presidential vote. In recent years Twitter, which has some 336 million active users, has faced sharp criticism for allegedly not doing enough to control the proliferation of bots and trolls created to spread disinformation. The new offensive against such accounts represents something of an ideological shift in the tech company; it had long abstained from policing potential abuses of the platform in the name of free speech. Del Harvey, ...

Karna CM assurance to CII on simplifying investment process

Karnataka Chief Minister H D Kumaraswamy today promised the business community that he would appoint a responsible officer at his office to simplify investment process. The chief minister's assurance came when the office-bearers of Confederation of Indian Industries led by Infosys co-founder Kris Gopalakrishnan called on him at his home office 'Krishna' to invite him for their upcoming event 'India Innovation Summit' on July 12. The delegation discussed with him investments in the state's industrial sector, a government release said. Kumaraswamy told the delegation about his government's intention to set up industries in various districts and invited investors to invest in various projects. In response, the CII office-bearers said they would present their plans for investment in Karnataka.

PM Modi to address 'thanksgiving' rally for MSP hike in Punjab on July 11: Sukhbir

Prime Minister Narendra Modi will preside over a 'thanksgiving' rally at Malout in Muktsar district to mark the "unprecedented" increase in minimum support price of kharif crops, Shiromani Akali Dal president Sukhbir Singh Badal said today. The rally will be organised jointly by the SAD and the BJP, he said in a statement here. The SAD president held a meeting of party legislators and district presidents at the head office here in connection with the preparation of rally. He said farmers from Punjab, Haryana and Rajasthan will attend this rally. Sukhbir said the party rank and file as well as the farmers of Punjab were waiting anxiously to give a rousing welcome to the prime minister for his "bold and decisive" step to "implement the Swaminathan Commission report" which called for 50 per cent profit on input cost. The former deputy chief minister said the rally will also witness attendance of thousands of farmers from the two neighbouring states. "We are confident this will be a ...

Karnataka to simplify investment process for industries

Karnataka would simply the investment process to enable investors set up industries in diverse verticals across the state, Chief Minister H.D.Kumaraswamy said on Saturday.

Financial closure for phase-I of Navi Mumbai International Airport reached

Conglomerate GVK-led Navi Mumbai International Airport (NMIAL) on Saturday announced the financial closure for construction of the first phase of the Navi Mumbai International Airport.

Infosys arm offers Rs 200 cr to Bengaluru metro

Global software major Infosys' social arm Infosys Foundation offered to give Rs 200 crore to the Bengaluru metro network project, said Karnataka Chief Minister H.D. Kumaraswamy on Saturday.

Singareni Q1 coal revenues up by 17 pc to Rs 5,567 Cr

: State-owned Singareni Collieries Company Limited today said it registered 17 per cent growth in coal revenues to Rs 5,567 crore during the first quarter of the current fiscal. The company had clocked Rs 4,730 crore revenue by selling coal during the same quarter last fiscal, a release said. The miner transported nearly 17 million tonnes of coal during the quarter this year against nearly 16 million tonnes in first quarter of FY 18. SCCL produced nearly 15 million tonnes of coal in April-June quarter against 14.3 million tonnes in the corresponding quarter last fiscal. The company sold Rs 804 crore worth thermal power in the first quarter, up 7 per cent over the year ago period.

Syndicate Bank hikes lending rate by 0.1 pc

State-run Syndicate Bank today increased its marginal cost of funds based lending rate (MCLR) by 0.1 per cent for various tenors of loans. The bank has revised MCLR and the new rates would be effective July 10, Syndicate Bank said in a filing to stock exchanges. Interest rates for loan tenors of overnight, one month, three months, six months and one year have been hiked by 0.1 per cent to 8.10 per cent, 8.15 per cent, 8.20 per cent, 8.40 per cent and 8.65 per cent, respectively. However, another public sector lender Bank of Maharashtra reduced interest rate on select tenors by up to 0.15 per cent. Lenders review the MCLRs every month. The rise in MCLR will make retail loans such as auto, home and personal loans costlier for the customers.

Haiti government asks for patience amid fuel price protests

Haiti's prime minister today called for patience from residents of the Caribbean nation amid deadly protests over an unpopular fuel price rise. At least one person has died there in the past day. The capital Port-au-Prince has stood paralysed since yesterday with major routes blocked, following the government announcement that gasoline prices would rise by 38 per cent, diesel by 47 per cent and kerosene by 51 per cent starting this weekend. "I ask your patience because our administration has a vision, a clear program," said Prime Minister Jack Guy Lafontant. "Do not destroy, because every time it's Haiti that becomes poorer." "The country is under construction but if each time we destroy we will always lag behind," he added, as many shop and car windows stood shattered in wealthy neighbourhoods. Last night the bodyguard of a politician died in an altercation with demonstrators in Port-au-Prince as he attempted to force a passage through a roadblock. His body was then burned in the ...

Board of Envair Electrodyne approves preferential allotment of warrants up to Rs 6 crore

At meeting held on 07 July 2018

Himachal gives subsidy on rooftop solar installations

The Himachal Pradesh government on Saturday announced a subsidy of 10 per cent or Rs 4,000 per KW, whichever is less, to all domestic consumers, institutions and those in the social sectors for installation of solar power plants at the rooftop of their buildings.