Page 3424 - Business Finance
Cabinet hikes ethanol prices by Rs 3 per litre
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a mechanism for procurement of ethanol by Oil Marketing Companies (OMCs) and hiked ex-mill price for ethanol derived out of 'C' heavy molasses by Rs 3 to Rs 43.70 per litre.
DHFL mulls raising Rs 12,000-crore fund by via bond issue
Housing financier DHFL will raise up to Rs 12,000 crore by issuing bonds on a private placement basis. The board of directors the company approved this fund raise at the meeting held today. DHFL said issuance of securities will be held on a private placement basis from time-to-time, depending upon the prevailing market conditions and business requirements for the ensuing quarter or till the next board meeting. Of this, Rs 10,000 crore is proposed to be raised by floating non-convertible secured/unsecured redeemable debentures, DHFL said in a regulatory filing. While, non-convertible subordinated unsecured debentures up to Rs 1,000 crore and non-convertible perpetual unsecured debentures of Rs 1,000 crore are to be issued under this fund raise plan. Perpetual bonds carry no maturity and may be treated as equity than debt. A company that issues such bonds pay interest continuously and need not to redeem the principal. Stock of DHFL closed flat at Rs 642.50 on BSE today.
UK's John Lewis warns on profit and 'no deal Brexit' chaos
LONDON (Reuters) - John Lewis Partnership warned of a big fall in annual profit on Wednesday, deepening a crisis in Britain's department store sector, and said chaos could ensue if the country crashed out of the European Union without a deal.
Cash-strapped Punjab approves disinvestment of three ailing PSUs
In a move aimed at bridging revenue and fiscal deficits and raising funds for the cash-crunched state exchequer, the Punjab cabinet on Wednesday approved the disinvestment of three ailing public sector units (PSUs).
UCO Bank looks at recovery of Rs 4,000 cr this fiscal
State-run lender UCO Bank, which is aspiring to be back in profit, is aiming at recovery of bad loans of around Rs. 4,000 crore during the current fiscal, its MD and CEO R.K. Takkar said on Wednesday.
Temasek picks up minority stake in UST Global for $250 mn
Singapore-based sovereign wealth fund Temasek Holdings today agreed to invest USD 250 million for a minority stake in the California-based digital technology solutions player UST Global. "The partnership with Temasek will allow us to further our reach so that we can partner our clients in designing their digital impact strategies," UST chief executive Sajan Pillai said in a statement. "Temasek will invest USD 250 million for a minority stake," he said, but did not disclose how much equity the fund will pick up. Pillai further said the investment marks a milestone for UST Global as it makes Temasek the first institutional investor in the company. The city-based i-banker Avendus Capital was the advisor to UST Global. Tricase Investment Holdings owns majority stake in the California-headquartered UST Global promoted by the Chandaria family. Praful, Indu and Paras Chandaria are on the board which is headed by Paras as the executive chairman. The company was originally ...
Takeover target IWG blames growing pains for profit warning
LONDON (Reuters) - Serviced office provider IWG warned that profit would be hit by the cost of opening new sites and a weak performance in Britain, rattling investors who have been anticipating a takeover battle for the 2.9 billion-pound company.
Wall Street gains after new U.S. plan for China investments
(Reuters) - U.S. stocks rose on Wednesday after the Trump administration said it would use a strengthened security review process to deal with threats from Chinese investments in domestic technologies, instead of imposing China-specific restrictions.
Wall Street opens higher after new U.S. plan for China investments
(Reuters) - U.S. stocks opened higher on Wednesday after the Trump administration said it would use a strengthened security review process to deal with threats from Chinese investments in domestic technologies, instead of imposing China-specific restrictions.
U.S. business spending on equipment softening; trade gap shrinking
WASHINGTON (Reuters) - New orders for key U.S.-made capital goods and shipments unexpectedly fell in May, but data for the prior month was revised higher, suggesting moderate growth in business spending on equipment in the second quarter.
Global cues, weak rupee subdue equities; oil, gas stocks slump (Roundup)
Negative global cues, including rising crude oil prices and the escalating trade war concerns along with a weak Indian rupee, pulled the domestic equity indices deep into the red on Wednesday.
Indiabulls Real Estate raises Rs 480 cr via issue of debentures
Indiabulls Real Estate today said it has raised Rs 480 crore through issue of debentures on private placement basis. In a BSE filing, the Mumbai-based developer informed that the board's operations committee has allotted NCDs (non-convertible debentures) aggregating Rs 480 crore. The company had earlier proposed to issue secured, redeemable, non-convertible debentures of face value Rs 10 lakh each aggregating Rs 480 crore on a private placement basis. Indiabulls Real Estate said that Rs 240 crore worth NCDs have been issued for 24 months tenor with maturity in June 2020 and the rest for 36 months tenor with maturity in June 2021. The coupon rate for both the series of NCDs is 9.5 per cent. During the 2017-18 fiscal, the company's net profit rose to Rs 1,980.20 crore from Rs 356.67 crore. Total revenue also doubled to Rs 5,926.53 crore from Rs 2,320.34 crore in the previous financial year.
Telecom sector revenue dips 1.7%, licence fee falls 12.7% in Mar quarter
The gross revenue of telecom operators slipped 1.76 per cent year-on-year during the quarter ending March 2018, while licence fee and spectrum charges, that government collects from them, fell 12.7 per cent and 23.4 per cent respectively, according to a Trai report. The adjusted gross revenue or AGR earned by companies from sale of telecom services dropped over 12.5 per cent to Rs 35,697 crore during the January-March quarter 2018 from Rs 40,831 crore in the year-ago period. "Gross Revenue (GR) and Adjusted Gross Revenue (AGR) of telecom service sector for the quarter ended March 18 has been Rs 62,198 crore and Rs 35,697 crore respectively... The year-on-year growth in GR and AGR over the same quarter in last year has been -1.76 per cent and -12.57 per cent, respectively," Trai said in the quarterly update it gives on the performance of Indian telecom services market. The gross revenue during January-March 2018 fared a tad better by 1.8 per cent compared to the previous quarter. ...
KSUM, YES Bank ink MoU to help startups
: In a major fillip to the startup ecosystem in the state, the Kerala Startup Mission (KSUM) and YES Bank will join hands to provide a host of startup-focused corporate and commercial banking services. A Memorandum of Understanding (MoU) to this effect was signed by Dr Saji Gopinath, CEO, KSUM and SanilChorinchath, Vice-President,Transaction Banking, YES Bank, here today. Under the MoU, YES Bank will provide and render the platforms/services to the startups, subject to the relevant contractual arrangements. It will offer Special Current Account Proposition to all associated startups of KSUM, including a 'no minimum balance commitment' for one year after starting a current account with the bank, a press release said. The bank will look at structured financial solutions for startups recommended by KSUM with less than three years of operating history under the Receivable Discounting programme, on a case-to-case basis. It will also provide structured loan offerings for ...
Zomato launches operations in 25 new cities in India
Online restaurant guide and food ordering firm Zomato today said it has launched operations in 25 new cities across the country. With this move, the company is now present across 63 cities in India, Zomato said in a statement. The newly launched cities include Vijayawada, Raipur, Madurai, Jodhpur, Thrissur, Ajmer, Manali, Alappuzha, Gorakhpur, Kota, Manipal, Dharamshala, Haridwar, Jalandhar, Jammu, Rishikesh, Mussoorie, Udupi, Cuttack, Shimla, Palakkad, and Srinagar among others, it added. Zomato Listings Business Global Head Oytun Calapover said: "India continues to be our highest priority market and we will continue to expand and build further depth within the country." Every month, over 19 million users in India use Zomato to make food choices, the company said. At present, Zomato is present in 24 countries and serves more than 50 million users every month, offering users a list of over a million restaurants.
NDTV shares jump 20% as Sebi orders open offer
Shares of NDTV today settled with 20 per cent gain after market regulator Sebi ordered Vishvapradhan Commercial to make an open offer to the company's shareholders. Besides, a Bombay High Court directing the RBI to consider the compounding applications filed by NDTV in a case of alleged violation of Foreign Exchange Management Act (FEMA) boosted the stock, according to market analysts. Stock of the company opened on a positive note at Rs 36, then soared further to Rs 39, up 20 per cent from its previous closing price on BSE. Similar movement was seen on NSE, where the stock opened at Rs 36.10, then gained further ground to touch Rs 38.80, up 19.94 per cent over its last close. On Tuesday, Sebi ordered a little-known entity, Vishvapradhan Commercial, to make an open offer for NDTV for indirectly acquiring control of up to 52 per cent stake through a convertible loan of Rs 350 crore in 2009 'sourced' from a subsidiary of Reliance Industries. In a filing to the stock exchanges, NDTV said
Pb Cabinet nod to depositing zoo revenue into society account
The Punjab Cabinet today gave ex-post facto approval to deposit of all zoo revenue into the account of Punjab Zoos Development Society. The Cabinet okayed a decision of the State Board for Wildlife, taken to this effect on July 14, 2017, at a meeting chaired by Chief Minister Amarinder Singh. Besides entry tickets, the revenue from canteens, parking, safaris, vehicles, food courts etc was being deposited in the society account since April 1, 2013. The Punjab Zoos Development Society was constituted vide Punjab Government Notification dated February 26, 2012 for development of zoos of the state.
Allahabad Bank looks at Rs 5,500 cr recovery in FY19
State-run lender Allahabad Bank is looking at a recovery of around Rs 5,500 crore in the current fiscal, an official said on Wednesday.
DRDO gets more financial powers for faster decision-making
To enhance the efficiency and effectiveness of defence research establishments, the Defence Ministry has delegated greater decision making powers in financial clearances to these institutions, an official communique announced on Wednesday.
Italian luxury watch brand enters India
Italian luxury watch brand Meccaniche Veneziane has forayed into the Indian market.