Page 3346 - Business Finance
USG Boral to set up third manufacturing unit
Singapore-based USG Boral, engaged in manufacture of plasterboards, today conducted the ground breaking ceremony for its third manufacturing facility near here, to be set up at an investment of USD 39 million (about Rs 300 crore). The company, currently has a manufacturing facility at Khushkhera in Rajasthan and a fully automated joint compound and wall putty production unit at Sholavaram near here. "We are building new capacity at this place (Sri City SEZ, Tada). This is our third facility. We conducted the ground breaking ceremony this morning", USG Boral, CEO, Frederic de Rougemont told reporters here. He said the company would hire more than 100 people once the facility becomes operational by the end of 2019. The plasterboard industry was growing comparatively faster than the construction sector, he said. USG Boral, India, CEO, Sumit Bidani said the new facility proposed would be spread across 30 million square metres at the Sri City Special Economic Zone, which was ..
Rupee crumbles to all-time closing low of 68.95 a dollar
The Indian rupee tumbled for the second straight session to hit a fresh closing low of 68.95, sliding by 21 paise following a panic demand for the US dollar coupled with savage capital flight worries. Fears over a slowdown in the country's economy in the midst of surging international crude oil prices along with unambiguously hawkish Federal Reserve policies and widening current account deficits predominantly kept the forex sentiment highly nervous. Suspected RBI intervention, however, hauled the rupee off an intra-day low struck in the mid-afternoon trade and prevented it from touching the psychological 69 level. After an extraordinarily smooth ride in 2017, the home currency has been on a steady decline since April and crashed to a life-time low of 69.10 on June 28 this year. On July 2, the rupee had hit its life-time closing low of 68.80 a dollar. A sudden outrush of foreign investors triggered by the US Federal Reserve signalling of a tighter monetary policy further complicated ...
Bandhan Bank gets RBI nod for Ghosh's re-appointment as CEO, MD
Bandhan Bank, the newest private sector lender, today said it has received RBI approval for the re-appointment of current MD and CEO, Chandra Shekhar Ghosh, for three years. "RBI vide letter dated July 4, 2018, has accorded its approval for re-appointment of Chandra Shekhar Ghosh as the Managing Director and Chief Executive Officer of the bank for a period of three years," the bank said in a regulatory filing. The bank said his appointment comes to effect from July 10, 2018, till July 9, 2021. The Kolkata-headquartered private sector lender commenced its banking operations on August 23, 2015, and it is the first bank to be set up in the eastern part of India since independence. Ghosh is the founder of the bank, and has 37 years of experience in the micro-finance industry. The bank forayed into the stock market during 2017-18, raising Rs 4,473 crore through an initial public offer (IPO). Shares of the bank closed 1.45 per cent lower at Rs 539.90 on BSE today.
Berger Paints India to set up JV with Rock Paint, Japan
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Making pickles an excellent employment opportunity: Union Minister
Following Prime Minister Narendra Modi's stand on treating selling 'pakodas' (fritters) as a proper job, Union Minister Gajendra Singh Shekhawat on Thursday touted making and selling 'achar' (pickle) as a lucrative employment opportunity.
Tata Motors shares end 2 pc lower on JLR concerns
Shares of Tata Motors ended 2 per cent lower today after the company-owned Jaguar Land Rover warned the British government that a "bad" Brexit deal could jeopardise its investment plans and may even force it to exit from the UK. The stock went down by 2.06 per cent to settle at Rs 261.50 on BSE. During the day, it tanked 5.41 per cent to Rs 252.55 -- its 52-week low. At NSE, shares of the company dropped 2 per cent to end at Rs 261.55. The company's market valuation fell by Rs 1,587.83 crore to Rs 75,504.17 crore. In terms of equity volume, 14.64 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. Jaguar Land Rover has warned the British government that a "bad" Brexit deal could jeopardise the country's biggest carmaker's investment plans, cost it over 1.2 billion pounds annually and may even force it to close down plants and exit from the UK. "A bad Brexit deal would cost Jaguar Land Rover (JLR) more than 1.2 billion pounds ...
Wall Street opens higher on hopes of trade concessions
(Reuters) - Wall Street opened higher on Thursday, as signs that Washington may ease back on plans for tariffs on European cars drove gains for automakers, offsetting further signs of tension with China.
China pledges more 'selfless' loans to Sri Lanka
China today vowed to keep providing financial help, including loans, to Sri Lanka under its massive "Belt and Road" infrastructure plan despite warnings about the island nation's debt mountain. Dismissing "Western media" claims of a "debt trap", China's embassy in Colombo also rejected a recent New York Times report about alleged corruption in Chinese projects on the island. Sri Lanka last year granted Beijing a 99-year lease on a new port on one of the world's busiest shipping routes after being unable to afford to repay Chinese loans for the USD 1.4-billion project. This stoked concerns, including in Western countries and India, about President Xi Jinping's signature USD 1 trillion project of funding infrastructure projects across Asia and beyond. The embassy statement put China's Sri Lankan loan portfolio at USD 5.5 billion, just over a tenth of Colombo's total USD 51.82 external debt. It did not disclose what other projects it aims to finance. "China will continue to provide ...
India's domestic air passenger traffic grows due to network expansion: IATA
Strong growth in network expansion led to double-digit growth in India's domestic air passenger traffic for the 45th consecutive month in May, even as the rise in demand came down in the last few months, a global airline association said on Thursday.
Asian cues, depreciating rupee pull equity indices lower (Roundup)
Tepid investor sentiments in the Asian markets on the back of trade war concerns subdued the key Indian equity indices on Thursday.
Business Support Centre JETRO launched
The Japan External Trade Organization(JETRO) today opened its Business Support Centre(BSC) here to guide Japanese firms wanting to start its operations in Gujarat. After New Delhi, Mumbai and Chennai, this is the fourth such centre opened by JETRO in India to provide consultancy services to Japanese firms, said the chairman and CEO of JETRO, Hiroyuki Ishige during the opening ceremony of the BSC here. The centre was inaugurated by Gujarat chief minister Vijay Rupani in the presence of Ishige and consul-general of Japan in Mumbai, Ryoji Noda. On the occasion, Rupani assured full support from the his government's side to achieve the target of fetching investment of USD 3 billion from Japanese firms. "I am confident that BSE would help in bringing more Japanese investment in Gujarat. Till now, Japanese firms have invested USD 1 billion in Gujarat. We are committed to take this figure to USD 3 Billion by 2020. To achieve this, we will provide all possible help to the ...
Boeing to buy control of Embraer's $4.75 billion commercial jet unit
SAO PAULO (Reuters) - Boeing Co will buy a controlling stake in the commercial aircraft arm of Brazilian planemaker Embraer SA under a new $4.75-billion joint venture, the companies said on Thursday, cementing a global passenger jet duopoly.
Adhunik Metaliks update on CIRP
Committee of Creditors approves resolution plan submitted by Liberty House
Nifty ends below 10,750-mark, down 20 points
The Nifty 50 index slipped 20 points to end at 10,749.75 in choppy trade today, led by fresh selling in realty, energy, metal, pharma and IT sectors on the back of subdued Asian cues. Sustained capital outflows from Indian equites coupled with weak rupee and concerns over rising inflation following MSP hike for kharif crops dented trading sentiment. Overseas, European markets rose as auto shares surged on reports of tariff talks between the US and Europe. Most Asian markets declined as investors searched for direction ahead of the deadline when fresh US tariffs on Chinese goods are due to be implemented. The broader NSE Nifty slipped by 20.15 points or 0.19 per cent to end at Rs 10,749.75 after shuttling between 10,786.05 and 10,726.25. It saw an intra-day movement of about 59.80 points. Sector-wise, Realty fell 1.80 per cent, followed by Energy 1.51 percent, Metal 1.42 percent, Pharma 1.33 per cent, IT 1.10 percent, Infra 0.52 percent and PSU Bank 0.50 percent. Major index gainers ...
Fuel prices see fresh hike after more than a month
Fuel prices saw a fresh hike on Thursday morning. This comes after more than a month in the wake of rising international rates and a weakening rupee.The price of petrol has been hiked by 16 paise per litre while diesel has seen a hike of 12 paise per litre.The increased price came into effect after an eight-day self-imposed hiatus in rate revisions by state-oil firms in anticipation of softening international rates after the OPEC decision to raise output by 1 million barrels per day.According to price notification of Indian Oil Corp (IOC), fuel prices in Delhi climbed to Rs 75.71 per litre from Rs 75.55 for petrol and Rs 67.50 a litre from Rs 67.38 for diesel.State-owned fuel retailers, IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had not revised petrol and diesel prices since June 26.Last month, members of the Organization of the Petroleum Exporting Countries (OPEC), agreed to jointly increase oil production, which was estimated to be about one ...
Sebi reviews mechanism of dividend adjustment for stock options
Markets regulator Sebi today reviewed the mechanism of dividend adjustment for stock options and allowed alteration in strike price. According to the regulator, adjustment in strike price will be carried out in case dividend declared by a company is above 5 per cent of the underlying stocks. Besides, adjustment in strike price will be done in all other cases of dividend, wherein listed company has sought exemption from the timeline prescribed under listing and disclosure regulations, the Securities and Exchange Board of India (Sebi) said in a circular. The decision has been taken after several stakeholders had requested to review the framework. Thereafter, Sebi's secondary market advisory committee, after receiving suggestions from stakeholders, decided to review the mechanism of dividend adjustment for stock options. Strike price, in market parlance, is the price at which a derivative contract can be exercised. It is mainly used to describe stock and index options. For call options, .
Merkel says open to international talks on slashing car tariffs
German Chancellor Angela Merkel said today she would back opening talks with trading partners on lowering automobile tariffs, as US President Donald Trump threatens hefty levies on car imports from the European Union. Merkel's stance came after US ambassador in Berlin, Richard Grenell, hosted bosses of Germany's biggest car firms on Wednesday evening, calling on the EU to bring tariffs to zero on car imports -- in exchange for equal treatment by the US. But Merkel said that any negotiations on lowering tariffs could only be conducted with "all the countries with which we have trade in cars," rather than just with the United States. A deal with the US alone "would not conform with WTO" rules, she said. "We can either have negotiations about a wide range of tariffs, for 90 per cent of goods," Merkel said in a reference to the stalled talks for a transatlantic free-trade deal known as TTIP. "Or we can talk about one type of goods, but then we must accord the same treatment to all trading
TGBL focuses on scaling up its product lines
Tata Global Beverages Ltd (TGBL) would focus on scaling up its product lines, company chairman N. Chandrasekaran said on Thursday.
Soon, enrol for insolvency associate course
The government will soon start a short-term programme to train individuals as insolvency and bankruptcy associates who can help with work during a resolution process, officials said. The proposal for launching the programme under the Pradhan Mantri Kaushal Vikas Yojana also comes at a time when a large number of cases have been admitted for resolution under the Insolvency and Bankruptcy Code (IBC). Officials said the programme, which is likely to be launched this month, would cover various aspects related to the Code, procedural responsibilities and Companies Act, among others. Graduates as well as those who have cleared the intermediate level of chartered accountant, cost accountant or company secretary courses would be eligible to apply for the programme. It would be for around 250 hours, they added. After completion of the programme, the associates would assist insolvency resolution professionals in their cases. The plan is to offer the course through state-of-the-art educational, .