Page 3436 - Business Finance

Infosys Finacle to power Santander UK's inter-bank cash management system

Santander will utilize Finacle's proven digital offering which includes Finacle Online Banking, Omnichannel Hub, Payment Solution and Liquidity Management Solution to better support its customers.

If Mallya wanted to repay debts, he had many years to do so: M J Akbar

Minister of State for External Affairs M J Akbar today said if fugitive liquor baron Vijay Mallya wanted to repay his bank dues, he had many years to do so. "If Mallya wanted to pay to the banks, I think he had...many, many years in which he could have done so," Akbar told a press conference, in response to a question about the fugitive liquor baron claiming that he had tried to settle the dues and had become a victim of sorts. Mallya, who is wanted in India for bank loan default, today said he had become the "Poster Boy" of bank default and a lightning rod of public anger, and that there was nothing he could do "if politically motivated extraneous factors interfere" with his efforts to settle the dues. Speaking after "two years of silence" on the controversy surrounding him in the over Rs 9,000-crore Kingfisher Airlines loan default case, Mallya denied that he was a wilful defaulter. Mallya is currently undergoing an extradition trial in a UK court over fraud and money-laundering ...

Gold hits more than 6-month low as dollar, equities recover

LONDON (Reuters) - Gold hit its lowest in more than six months on Tuesday as a sell off in global risk assets eased and the precious metal remained under pressure from the prospect that rising U.S. interest rates will further support the dollar.

Satish Kumar Sivalingam appointed brand ambassador of isteel

: isteel, a reputed brand in manufacture and marketing of construction steel for over 20 years, announced Commonwealth Games weighlifting gold medalist Sathish Kumar Sivalingam as its brand ambassador. The company's Chief Executive Officer G Gautam Reddy praised the ace weightlifter, who won a gold medal in the Commonwealth Games in Gold Coast earlier this year, also unveiled its new brand identity. Expressing happiness on the association with the Vellore born Sathish Sivalingam, he said, "We wanted to associate our brand isteel with a sportsperson from Tamil Nadu and he is the best choice since he is an inspiring personality, given his humble beginnings, and the success he has achieved." "Sathish Sivalingam stands for strength and flexibility - characteristics that define isteel XLS TMT bars. He is an inspiration to many. We would like to get inspired and motivate the real heroes like him," Reddy added. The TMT bar manufacturer with a turnover of Rs 250 crore is aiming .

India a weak innovator, but potential exists: EU official

India is weak in innovation but has the potential to improve its position with increase in investments in research, an European Union official said today. "We have looked at a couple of third world countries and according to all rankings... India is a very weak innovator but of course the potential is there. We do see a very quick evolution," Minister Counsellor in Delegation of EU to India Tania Friederichs said at an ICRIER event here. At the event, ICRIER and European Business and Technology Centre released a joint white paper on India as an innovation economy. The data in the paper showed that India's rank on the networked readiness index has plummeted to 91st position in 2016 from 68th in 2013. Friederichs said Europe is going to start a programme that will focus on innovation with help of increased public funding. "We will shift from present programme which is called horizon 2020 to the next one which will be called horizon Europe. We will pay much more attention on innovation.

Parliamentary panel meets head of 11 PSU banks

The Parliamentary Standing Committee on Tuesday met 11 Public Sector Undertaking (PSU) bank heads to submit a report in Monsoon session of Parliament, as per sources.Sources further said, the NPA of state-run banks is more than Rs nine lakh crore.The standing committee meeting heard 11 PSU bankers today under Prompt Corrective Action (PCA) and will hear the government official again of July 3.The Committee report will suggest a resolution of present NPA crisis and will address problem-related to the PCA.All 11 heads appeared before the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, which is looking into 'Banking Sector in India- Issues, Challenges and the Way Forward, including Non- Performing Assets/ Stressed Assets in Banks/Financial Institutions'.

GST Council to look at option of centralised appellate authority

The revenue department is considering setting up of a centralised appellate authority to deal with the problem created by contradictory verdicts passed by the Authority of Advance Rulings (AAR) in different states, a top official said today. Under the Goods and Services Tax (GST) law, each state is required to set up an Authority for Advance Rulings (AAR) comprising one member from the central tax department, and the other from the respective state. In view of the confusion being created by contradictory rulings given by different authorities on the same or similar issues, the Finance Ministry is planning to set up a centralised appellate authority which could reconcile the contradictory verdicts of different AARs. A decision in this regard is likely to be taken by the GST Council in its 28th meeting on July 21. If approved, the government would have to amend the GST law to create a centralised appellate authority. In an interview to PTI, Finance Secretary Hasmukh Adhia said the ...

Raj blames Fadnavis for arrest of Bank of Maharashtra CMD

Maharashtra Navnirman Sena chief Raj Thackeray today alleged that Chief Minister Devendra Fadnavis was behind the action against the CMD of Bank of Maharashtra in the alleged DSK Group scam. "Chief minister Fadnavis is behind the action against Ravindra Marathe (Chairman and Managing Director of the bank)," Thackeray, who had earlier came out in support of builder D S Kulkarni, the promoter of DSK Group, said. Fadnavis holds the charge of home ministry among other departments. Thackeray was speaking to reporters here. The Economic Offences Wing of Pune police last week arrested Marathe and some other officials, alleging that they failed to carry out due diligence while granting loans to the group. Thackeray had earlier alleged that Kulkarni, a "Marathi" builder, was being harassed at the behest of his non-Marathi business rivals. Kulkarni and his group are facing allegations of cheating depositors and diverting the loans obtained for real estate projects elsewhere. In a .

Jet Airways starts second Delhi-Dhaka service

Airline major Jet Airways on Tuesday started its second flight service between New Delhi and Dhaka.

Hong Kong Market falls as trade fears

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As investment stalls, auto industry warns PM May: Avert a Brexit car crash

LONDON (Reuters) - Uncertainty over Brexit has halved new investment in the British car industry and Prime Minister Theresa May should urgently change tack to keep the world's fifth largest economy in the EU's customs union, the country's main car lobby group said.

Vijay Mallya seeks to sell $2 billion worth assets to repay creditors

MUMBAI (Reuters) - Businessman Vijay Mallya, who is being pursued by Indian authorities over unpaid loans tied to his defunct Kingfisher Airlines, said on Tuesday he was trying to sell assets worth about 139 billion rupees ($2.04 billion) to repay creditors.

Sebi receives 8 counter bids for PACL group properties

Markets regulator Sebi today said it has received proposals from eight interested entities, that can offer higher price for the properties belonging to PACL group, than that proposed by the company. The regulator had invited counter proposals from interested entities last month. The entities were required to submit such proposal till June 21, to R M Lodha committee, in response to the proposal submitted by PACL. The move was a part of efforts made by Sebi to recover funds totalling Rs 60,000 crore from the group. "The committee has received eight counter proposals by the end of business hours on June 21, 2018," Securities and Exchange Board of India (Sebi) said in a statement. PACL also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years. The panel, headed by former Chief Justice of India Lodha, is overseeing the ...

Shriram Transport Finance to raise Rs 5,000cr via bonds issue

Shriram Transport Finance today said it will raise up to Rs 5,000 crore through a public issue of bonds to augment its business growth. The non-banking financial company (NBFC), which mainly provides financing for pre-owned commercial vehicles, will raise the amount by issuing 5 crore secured redeemable non-convertible debentures (NCDs). The public issue will open on June 27 and closes July 20 with an option of early closure, the company said. The funds raised through this issue will be used for onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings of the company and for general corporate purposes, Shriram Transport Finance said. "The funds will be used to fund business expansion mainly as the demand for loans is good and the monsoon is also good. We expect 20 per cent growth in our loan book in the current fiscal," Shriram Transport Finance MD & CEO Umesh Revankar said. The proposed NCDs under this issue have been rated ...

Daikaffil Chemicals India consolidated net profit rises 89.36% in the March 2018 quarter

Sales decline 7.73% to Rs 5.85 crore

Swarnsarita Gems consolidated net profit rises 34.78% in the March 2018 quarter

Sales rise 46.83% to Rs 120.58 crore

Exclusive - KKR preps vending machine operator Selecta for $1 billion IPO: sources

FRANKFURT/LONDON (Reuters) - Buyout group KKR has started preparations to list vending machine operator Selecta on the Swiss bourse as soon as the fourth quarter of 2018, people close to the matter said, adding to a flurry of major listings in the country.

NMDC ore prices to remain at Rs 3,050 per tonne

The country's top iron ore producer NMDC today said the prices of its lump ore and fines will continue to be at Rs 3,050 a tonne and Rs 2,660 a tonne, respectively, for about a month. The state-run PSU had raised the prices of lump ore by Rs 150 to Rs 3,050 per tonne on May 23. The rate of fines was also hiked by Rs 100 to Rs 2,660 per tonne. On April 18, the state-run firm had fixed the rate of lump ore at Rs 2,900 per tonne and of fines at Rs 2,560 per tonne. The new rates are with retrospective effect from June 22, 2018, NMDC said in a BSE filing. The current prices exclude royalty, DMF (District Mineral Fund), NMET (National Mineral Exploration Trust), cess, forest permit fee and other taxes, it said. Iron ore is a key raw material for making steel. NMDC produces about 30 million tonne of iron ore from three fully mechanised mines. The company is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, limestone, dolomite, gypsum, ...

Amid trade war with US, China drops import duty on Indian soybean

On the brink of a trade war with the US, China on Tuesday decided to drop import tariffs on soybean from five countries including India.