Page 3357 - Business Finance
Modi government nod to 50% profit for farmers over input cost (Roundup)
In a decision with political ramifications in an election year, the Narendra Modi government on Wednesday approved a Minimum Support Price (MSP), providing farmers a profit of 50 per cent or more over "cost of production", for 14 notified kharif crops for 2018-19.
Profitable AI will provide more disinvestment options, says Goyal
The government will try on its own to make Air India profitable so that the airline will become more attractive for disinvestment, Finance Minister Piyush Goyal said today. More than a month after the proposed strategic disinvestment of Air India failed to take off, he said the alternative mechanism of ministers would be meeting soon to decide the future course of action for the national carrier. "... we will try to make Air India a profit making company on our own. Then, we will have more options of disinvestment. It will become more attractive for disinvestment," Goyal told reporters here. According to him, the alternative mechanism would also look at the plan of action being prepared by the Air India CMD. Earlier in the day, Transport Minister Nitin Gadkari told PTI that the government has decided to "wait and watch" for the next three-four months before taking a call on Air India disinvestment due to prevalent market conditions, especially high fuel prices. Goyal and Gadkari are ..
Cabinet approves 50% profit over input cost for farmers
With less than a year to go for the general elections, the BJP-led NDA government on Wednesday approved a steep increase in the Minimum Support Price (MSP) for summer-sown crops in response to countrywide farm distress despite good monsoons and subsequent bumper output for the past two years.
Speaker cautions against loan waiver becoming a"fashion"
Ahead of the Congress-JDS coalition government's first budget tomorrow, Karnataka Assembly Speaker K R Ramesh Kumar today sounded a note of caution about loan waiver becoming a "fashion". Taking note of the discussions on farm loan waiver, the Speaker sought to knowwhy no one was talking about making farmers capable of paying back. His intervention came during the debate on the motion of thanks to the Governor for his address to the joint session of legislature in the assembly, when BJP member Sriramulu said there was no mention about farm loan waiver in it, as promised by Chief Minister H D Kumaraswamy. "We will get to know about the Chief Minister'spromise on loan waiver in the budget tomorrow. But my question is what will happen if he (farmer) takes loan againand is unable to pay back. Everyone is speaking of loan waiver, but no onewants to speak about making farmers capable of paying back,"Kumar said. "Giving farmers remunerative prices for their produce, fixing the .
Biocon gets EU GMP certification for Bengaluru drug product facility
Biotechnology major Biocon today said it has received EU GMP certification for its sterile drug product manufacturing facility in Bengaluru. The facility was inspected by the European agencies in March 2018, Biocon said in a filing to BSE. "This facility is used for the manufacture of Biocon's portfolio of biosimilars," a company spokesperson said. Earlier in May, in a regulatory filing Biocon had said it had received a preliminary report from the European Regulator post inspection of its sterile drug product facility in Bengaluru in March 2018. "The report lists six major observations with no observation classified as critical. We will submit a corrective and preventive action plan to the European inspection agency within the stipulated time period," a company spokesperson had said. Shares of Biocon Ltd today closed at Rs 628.15 on BSE, down 0.02 per cent from previous close.
Nifty settles at 10769.90, up 70 points
The Nifty-50 index advanced by 70 points to 10769.90 led by gains mainly in auto, banks and pharma stocks towards the fag-end of the session after the Centre hiked MSP for most kharif crops. Positive economic data with consistent buying by domestic institutional investors and upbeat June services PMI data boosted sentiment on the domestic bourses. In global markets, European stocks struggled and US futures advanced amid thin trading thanks to the American holiday. Asian shares slipped even as Chinese yuan extended a rebound, while the dollar recouped earlier losses. The broader NSE Nifty rose by 70.00 points or 0.65 per cent to end at Rs 10,769.90 after shuttling between 10,777.15 and 10,677.75. It saw an intra-day movement of about 99.40 points. Sector-wise, auto rose 1.25 per cent, followed by financial service 1.00 per cent, bank 0.88 per cent, private bank 0.83 per cent, pharma 0.80 per cent, energy 0.71 per cent, realty 0.47 per cent, FMCG 0.46 per cent and metal 0.13 per ..
Promoter Shetty hikes stake in Allcargo by 0.5% to 62.22%
Shashi Kiran Shetty, the promoter of Allcargo Logistics, has increased his stake in the company by over 0.50 per cent through two block deals, according to exchange data. The deal put the company scrip onto a rally, closing over 5.6 per cent higher on the BSE at Rs 117.30 after hitting a high of Rs 119.45 on a day the Sensex jumped 0.75 per cent. Shetty bought around 24.7 lakh shares at Rs 110 each in two block deals, aggregating to around Rs 25 crore, as per the exchange data. As of the March quarter, Shetty and his family held 69.11 per cent in the company, of which Shetty alone held 61.72 per cent. After this transaction, his holding has increased to 62.22 per cent. According to an industry analyst, the deal shows the confidence of the promoter in the company given the bullish outlook the logistics sector enjoys. According to industry reports, the logistics sector has gained the most from the implementation of GST with the operational cost of firms expected to come ...
Cinnamon Capital sells Indiabulls Ventures shares worth Rs 651-cr
Cinnamon Capital today sold more than 1.38 crore shares of Indiabulls Ventures for a little over Rs 651 crore through an open market transaction. The stocks were purchased by Jasmine Capital Investments Pte Ltd. According to block deal data available with the BSE, Cinnamon Capital offloaded a total of 1,38,34,381 shares, amounting to 2.28 per cent stake, of Indiabulls Ventures. Shares were sold at an average price of Rs 471, valuing the transaction at Rs 651.6 crore, the data showed. As of June 15, Cinnamon Capital held 5.19 crore shares or 8.6 per cent stake in the company. Indiabulls Ventures slipped 0.12 per cent to close at Rs 480.65 on the BSE.
BJP MP asks RBI Guv to look into complaints of housing societies
A BJP MP from Maharashtra has asked RBI Governor Urjit Patel to look into complaints with regards to banks misinterpreting a RBI circular on savings bank accounts held by co0perative housing societies. In a letter to Patel, BJP MP Gopal Shetty said there have "multiple instances" wherein banks have wrongly debited savings bank account of housing societies and even closed a few accounts. "When asked for explanation...they (banks) gave evasive answers referring to (the July 2015) RBI circular," the letter said. The circular relates to interest rates on rupee deposits held in domestic, ordinary non-resident (NRO) and non-resident (External) (NRE) accounts. The MP asked the RBI for a "quick intervention and corrective action" in the matter. He also demanded that accounts which have been closed should be re-instated, and debited money be returned.
Brent crude firm on drop in U.S. oil inventories, Iran threat
LONDON (Reuters) - Brent oil rose on Wednesday, driven higher by a threat from an Iranian commander and a drop in U.S. crude inventories for the second week in a row caused by an outage at a Canadian facility.
Danish watchdog may open new probe of alleged Danske Bank money laundering
COPENHAGEN (Reuters) - A newspaper report alleging Danske Bank laundered up to $8.3 billion through its Estonian branch could prompt Denmark's financial watchdog to open a new investigation into the bank, the country's business minister said on Wednesday.
CCI launches online guidance system for merger & acquisitions
The Competition Commission today launched an online guidance system on merger & acquisitions rules in order to simplify compliance requirements. The online guidance system has been launched as part of the fair trade watchdog's outreach initiatives and measures to simplify compliance requirements regarding combinations, the Competition Commission of India (CCI) said in a statement. This application envisages a staged process to guide the stakeholders in determining whether a merger or acquisition is notifiable to CCI. Supplementing the government's vision for e-governance and digital India programme, the CCI has launched "an online guidance system for determining notifiability of merger & acquisitions (combinations) in terms of the Competition Act". The guidance system has been named as 'Do It Yourself (DIY): A notifiability check for mergers & acquisitions under the Competition Act, 2002". The interactive online application has been developed based on relevant provisions ..
Board of Future Lifestyle Fashions approves investment of upto GBP 15.3 mn in Koovs
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Enbridge to sell some businesses to Brookfield Infrastructure Partners
(Reuters) - Enbridge Inc said on Wednesday it would sell its Canadian natural gas gathering and processing business to Brookfield Infrastructure Partners LP and its institutional partners for about C$4.31 billion ($3.28 billion), as part of a move to recast itself as a pipeline utility.
Rahul indicates Karnataka budget to waive farm loans
As the Union Cabinet approved MSP worth 50 per cent over cost of production for summer-sown crops, Congress President Rahul Gandhi indicated that the Karnataka budget, which will be presented on Thursday, will waive farm loans and said it will be a "beacon of hope for farmers".
Brakes seen on Russian car market recovery after VAT hike
MOSCOW (Reuters) - The Russian government's plan to increase value added tax to compensate for President Vladimir Putin's ambitious new economic goals is set to hit car sales which have only just started to recover from four years of stagnation, sellers say.
Petrobras-CNPC talks put China closer to first Americas refinery
SAO PAULO (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA and China National Petroleum Corp (CNPC) took another step on Wednesday in negotiations that could give the Chinese their first refining capacity in the Americas.
SR records 48 % increase in freight loading
Southern Railway has recorded a 16 per cent increase in 'originating freight' above the targeted value of 8 million tonnes during the first quarter of the financial year ending June this year. It is a 48 per cent increase compared to the corresponding period last year, a railway press release said. Originating freight means goods that has been loaded from Southern Railway zone and transported to other locations. "Southern Railway loaded 9.32 million tonnes of originating freight during first quarter of the financial year ending June 2018. Significantly, the loading has surpassed the Railway Board's target of 8.01 million tonnes by 16 per cent," the release said. "Further, there is a growth of 48 per cent in freight loading compared to the corresponding period of the financial year 2017-18. Coal constituted 62 per cent of the total freight," it said. Dolomite and Limestone loaded at Chennai Port saw an increase of 133 percentage this quarter, it added.
Rupee falters in late deals, ends 17 paise lower at 68.74
After strong overnight recovery, the Indian rupee today reversed most of its gains towards the fag-end session, losing 17 paise at 68.74 against the US dollar amid rising crude oil prices and inflationary concerns after MSP hike for kharif crops by the government. Renewed demand for the US dollar from importers and some corporates also weighed on the forex trading. A relief rally in local equities and bearish trend overseas, however, failed to arrest the rupee fall. In a session marked by wide swings and volatility, the home currency touched a high of 68.45 and low of 68.77. The rupee also weakened against the British pound, euro and Japanese yen. After a short-lived recovery, forex market sentiment once again turned little shaky following the government's announcement to hike minimum support price (MSP) of kharif crops. The move is seen further propelling inflationary concerns that may prompt the central bank to raise interest rates more steeply than expected, thus hurting the ...
Coal imports by power sector in April-May reduced 15%: Goyal
Coal imports by the country's power industry reduced by nearly 15 per cent during April-May this year in view of increased supplies from state miner Coal India Ltd (CIL), Coal Minister Piyush Goyal said on Wednesday.