Page 3445 - Business Finance

Capital First to issue NCDs of Rs 75 cr with green shoe option

On private placement basis

Axis Bank allots 5450 equity shares

Under ESOP

Approval process for additional borrowing by states simplified

The government on Monday simplified the process for granting additional fiscal deficit limit to eligible states over and above the three per cent limit of the state GDP.

Stalin slams government for water supply contract to French firm

DMK leader M.K. Stalin on Monday slammed the Tamil Nadu government for awarding a 400 million euros project to supply drinking water in Coimbatore to French company SUEZ.

Congress slams Modi regime over Rs 70,000 cr bank scams, IDBI sale

Congress on Monday launched a scathing attack on the Narendra Modi government for leading India into "financial anarchy" with its "utter economic mismanagement" that has led to bank scams over Rs 70,000 crore, and now forcing LIC to buy the sinking IDBI Bank to "hide its failures".

Zuari Agro Board gives nod to raise funds up to Rs 500 cr

Zuari Agro Chemicals (ZACL) today said its Board has given in-principle approval for raising up to Rs 500 crore funds by issuing debentures and 32 million euro via foreign currency convertible bonds. The decision was taken up in the Board meeting held today, the company said in a regulatory filing. The board gave the in-principle nod for raising funds through the issue of Compulsory Convertible Debentures (CCDs) by way of a rights issue to the existing shareholders on a record date for an amount not exceeding Rs 500 crores. The Board has constituted a Committee of Directors to decide on the ratio, price and respective matters as may be necessary. The Board has given in-principle approval for issue of Foreign Currency Convertible Bonds (FCCBs) and/or any other similar securities up to 32 million euro on a private placement basis, subject to approval of the shareholders and receipt of necessary regulatory and other approvals. Shares of the Goa-based company settled 3.27 per cent down at

Corrected: Harley-Davidson to move some production out of U.S. to avoid EU tariffs

(Corrects paragraph 9 to show share of sales in Europe were more than 16 percent, not 14 percent)

Sebi disposes of case against PNB over depository activities

Markets regulator Sebi today disposed of case against Punjab National Bank (PNB) regarding activities carried out by it as a registered depository participant. The ruling comes after Sebi conducted a probe in March 2016 and the period covered under inspection was from April 2014 to December 2015. It was alleged a discrepancy in the systems and procedures adopted by PNB, for handling instructions on behalf of the clients from POA (Power of Attorney) holders, as well as maintaining records of instructions received from beneficial owners. The regulator had conducted an inspection of the books of accounts maintained by PNB in respect of activities carried out by it as a registered depository participant with a focus to verify whether the necessary documents are being maintained by it in the manner specified by the Securities Contracts (Regulation) Act and Depositories guidelines. Further, the probe was also conducted to verify the extent of compliance with respect to provisions relating ..

Argentina paralysed by anti-IMF deal strike

Argentina's unions paralysed the country with a 24-hour strike today in protest of the government's deal with the International Monetary Fund. With no trains, subways, buses or flights in service, organizers expected at least one million workers to take part in the action. Although the General Confederation of Workers (CGT) called only for a strike, more radical groups organised demonstrations that cut off access to Buenos Aires. Toward 7:00am (local time), activists began to close off the main routes into the capital where hundreds of federal law enforcement personnel were deployed. Most of the city was deserted, including schools. "The strike is against the economic program ... The IMF has always brought hardship to the Argentines," CGT director Carlos Schmid told AFP. The unions are demanding that salary negotiations for this year be reopened in order to align them with projected inflation, calculated at 27 percent by the central bank. Negotiations mostly took place at the start ..

Rebound in South powers U.S. new home sales in May

WASHINGTON (Reuters) - Sales of new U.S. single-family homes increased more than expected in May as sales in the South surged to their highest level in nearly 11 years.

Seychelles seeks investments from India

Seeking investments, Seychelles President Danny Faure today said his country welcomes ideas, services and products from India to further strengthen economic ties between the two countries. He said that Seychelles has created a conducive business environment and has taken number of reform measures to attract investments. "We will make your investment project a functioning enterprise...We value your investments and our country welcomes you," he said here, while addressing business members of industry chambers, including CII. Faure said that retail sector and large construction firms in Seychelles is largely owned by Indians and they have contributed significantly in the socio-economic development of that country. He added that huge business opportunities exists in sectors such as tourism and infrastructure development. "We need you to support us. Our role as a government is one as a facilitator. ...Whether you want to invest in medical tourism, renewable energy, waste management, ...

AIIB keen on affordable housing investment, seeks govt support

The Asian Infrastructure Investment Bank (AIIB) is willing to look at investing in affordable housing in the country, but needs support from the government on repayments, a senior official said today. "In the coming years we would probably open to affordable housing. But since we are lenders, we want our money back. So, affordable housing needs to be supported by the government in terms of repayments," AIIB's principal strategy officer Najeeb Haider told reporters at the bank's two-day annual summit that began here today. He said the project in which the AIIB would like to invest can be packaged like a public private partnership. Elaborating on the insistence on sovereign support, Haider said in all the markets, housing requires support from the government. Till now, the bank has invested USD 1.6 billion in seven projects in the country and has not taken any direct exposure in the affordable housing segment, he said. The bank invests in specific sectors of energy, ...

GE selling distributed power unit for USD 3.25B

GE is selling its distributed power unit to Advent International for USD 3.25 billion as it continues to shed businesses. The deal includes distributed power's Jenbacher and Waukesha engines and manufacturing sites in Austria, Canada and the US. The distributed power business had 2017 sales of USD 1.32 billion and has about 3,000 workers. The deal is expected to close by the fourth quarter. GE Chairman and CEO John Flannery was tasked last year with reshaping the Boston company. GE has shrunk dramatically since it became entangled in the financial crisis a decade ago, and Flannery has vowed to shed $20 billion in assets quickly. Former CEO Jeff Immelt left last June, and its CFO left several days later. Shares of General Electric Co. fell slightly in early morning trading on today.

Nifty drops 59 pts on negative global cues

The NSE Nifty slipped by 59 points to 10,762.45 on emergence of selling mainly in PSU banks, auto and infra counters amid ongoing concerns with regard to US-China trade war. Besides, weaker rupee and fresh selloffs by foreign funds also hit sentiments. Globally, European and Asian shares too remained under pressure due to escalating trade tensions with the Trump administration mulling curbs on Chinese investment in the US. The Nifty 50 index fell by 59.40 points, or 0.55 per cent, to close at 10,762.45. It hovered between 10,831.05 and 10,753.05 during the session. It saw an intra-day movement of about 78.00 points. Sector-wise, PSU banks dropped 2.09 per cent, auto 1.61 per cent, infra 1.52 per cent, realty 1.49 per cent, media 1.36 per cent, energy 1.23 per cent, metals 0.99 per cent, pharma 0.79 per cent, private banks 0.66 per cent, financial service 0.66 per cent, banks 0.59 per cent and FMCG 0.47 per cent On the other hand, IT rose by 0.64 per cent. Major Index gainers were ...

Gold pinned near six month lows, trade concerns stem losses

LONDON (Reuters) - Gold steadied off last week's six-month low on Monday as concerns over a global trade war ratcheted higher after a report said the United States plans to bar Chinese companies from investing in its technology firms.

Harley, stung by tariffs, shifts some production overseas

Harley-Davidson, up against spiraling costs from tariffs, will begin shifting the production of motorcycles headed for Europe from the US to factories overseas. The European Union on Friday began rolling out tariffs on American imports like bourbon, peanut butter and orange juice. The EU tariffs on $3.4 billion worth of US products are retaliation for duties the Trump administration is imposing on European steel and aluminum. Harley-Davidson Inc. sold almost 40,000 motorcycles in the Europe Union last year, generating revenue second only to the United States, according to the company. The maker of the iconic American motorcycle said in a regulatory filing Monday that EU tariffs on its motorcycles exported from the U.S. jumped between 6 percent and 31 per cent. The company said it expects the tariffs will result in an incremental cost of about $2,200 per average motorcycle exported from the US to the EU. "Harley-Davidson maintains a strong commitment to US-based manufacturing which is .

Foreign investment into Indian real estate at $2.6 bn in 2017: Report

Foreign investment into the Indian real estate sector stood at $2.6 billion in 2017, a Knight Frank report said here on Monday.

Centre simplifies procedures for extending fiscal deficit limit

The Central Government on Monday simplified the process for states to stretch their fiscal deficit limit.This simplification process is in continuation of the Central Government's reform through simplified consent mechanism of August 2016 which mandated states to have their borrowing calendar for April-December (9 months) as per their cash flow projections based on Central Government consent conveyed to them.As per recommendation of the 14th Finance Commission, the states have the access to additional borrowing limits subject to fulfilment of conditions mentioned therein.Fiscal deficit of all states will be anchored to an annual limit of three per cent of Gross State Domestic Product (GSDP). The states will be eligible for flexibility of 0.25 per cent over and above this for any given year for which the borrowing limits are to be fixed if their debt-GSDP ratio is less than or equal to 25 per cent in the preceding year.States will be further eligible for an additional borrowing limit ..

Wall Street opens lower as trade fears weigh

(Reuters) - Wall Street's main indexes opened lower on Monday as a move to curb Chinese investments in U.S. technology firms further raised tensions between the United States and its trading partners.

Oil drops after OPEC+ output deal, but markets to stay tight

LONDON (Reuters) - Brent crude oil fell on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production.