Page 349 - Business Finance
Shares are seen opening higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 22 points at the opening bell.
'India-US shared vision opens way for future opportunities'
US Navy Chief Admiral John Richardson said that his recent visit to India was a "critical opportunity" to strengthen ties between the two navies with their shared vision of an open Indo-Pacific region.
Chanda Kochhar Money Trail-VII: The mom & pop shop that Kochhar-Advani fam built (IANS Exclusive)
The cosy Kochhar-Videocon deal smacks of absolute cronyism, more so because Chanda was on the credit committee, which cleared the loan, instead of maintaining an arm's length, which makes it even more questionable. What about firewalls and other governance issues that this raised? Or they don't apply to private banks and their CEOs? Are they then a law onto themselves? Shouldn't she have recused herself, like judges do these days, isn't there a clear conflict of interest? And what was RBI doing, was it asleep on the wheel?
State of Economy-II: Private investment remains tepid in highway sector
Highway development has been in top gear on massive public spendings, but private sector appetite has remained tepid in the last four years of the NDA rule due to NPA-heavy public sector banks shying away from the sector.
US should grasp the situation, get back on right track: China
China on Wednesday called on the United States to "carefully weigh its gains and losses, grasp the situation and get back on the right track as soon as possible," in the wake of escalating trade tensions between the two nations, according to the Foreign Ministry spokesperson Geng Shuang.He added that China has the "confidence and capacity to fend off any external risks and shocks," as the US increased tariffs on Chinese imports amounting roughly to USD 200 million.Efforts were on between the US and China to put an end to the trade dispute which is ongoing since last year. The two sides had held more than 10 rounds of negotiations towards this before US President Donald Trump accused China of backing out of the deal.Following this, the United States hiked tariffs on 200 billion dollars worth of Chinese goods, inviting retaliatory measures by China. Beijing, in return, announced its intent to raise tariffs on USD 60 billion worth of US goods from June 1. The tariffs would range from 5 ..
Saudi Arabia approves permanent residency for first time
The Saudi government has approved for the first time a scheme that gives permanent residency to certain expatriates, allowing them to own real estate in the kingdom and reside with their families without a Saudi sponsor. The decision, approved by Saudi Arabia's Cabinet and announced on Wednesday, is aimed at attracting long-term investments as the government tries to diversify the economy and boost domestic spending. The "Privileged Iqama" system will offer a permanent residence scheme and one that can be renewed annually to highly skilled expatriates and owners of capital funds. Further details and rules about the program are not yet announced. Officials say they hope the decision will attract more investors and entrepreneurs to Saudi Arabia to help drive private sector growth and expand employment opportunities for Saudis.
Flying cars mooted for Paris' public transport network
European aerospace giant Airbus and Paris underground operator RATP will study the viability of adding flying vehicles to the city's urban transport network, the companies said Wednesday. The firms will "explore the feasibility of urban air mobility services" in the French capital and the broader Ile de France region, they said in a statement. "Airbus is developing demonstrators of autonomous and unmanned technologies," said the company's chief executive Guillaume Faury. "This is not science-fiction any more, It is fact. Today we have all the technical tools. But they have to be integrated into everyday life without jeopardising our priority, which is safety," he added. RATP is a good partner in such a project because of its knowledge of the associated needs and services," said Faury. Chief executive Catherine Guillouard of RATP, which manages Paris' bus, train, and underground services, said mass transport remained the group's core business, but it also sought "to develop new modes ..
Maruti Suzuki opens 400th Arena showroom
Maruti Suzuki on Wednesday said that it has opened the 400th Arena showroom in less than two years.
Union Bank to raise Rs 6,000 crore this fiscal
Union Bank of India (UBI) Wednesday said it plans to raise up to Rs 6,000 crore this fiscal through securities to meet its capital requirement. The board of the company, in a meeting held on Wednesday, approved raising "total capital fund up to Rs 6,000 crore during FY 2019-20," UBI said in a regulatory filing. Approval of the shareholders for raising the equity capital would be sought at the Annual General Meeting of the company, to be held on June 28, 2019.
Market to get riskier ahead, says report
A new report has suggested wilder fluctuation in the stock market ahead, with the outcome of the general election less than a fortnight away.
India's merchandise exports inches up in April; trade deficit widens
India's merchandise exports inched up 0.64 per cent, on a year-on-year basis in April, to $26.07 billion from $25.91 billion reported for the corresponding month of last year, official data showed on Wednesday.
Stock markets jump on report of delayed US auto tariffs
Stock markets gained ground Wednesday on news that US President Donald Trump planned to delay auto tariffs. Industry sources told AFP Trump was planning to delay imposing tariffs on EU auto imports while the US pursues agreements with key trading partners. European and US markets that had been in negative territory earlier in the day suddenly jumped higher, with German auto manufacturers among those who stood to benefit. "Whether or not the news will be confirmed remains to be seen. Traders are buying European car shares" meanwhile, remarked Fawad Razaqzada at Forex.com. Asian equity markets had already surged higher in the wake of strong gains elsewhere on Tuesday. The dollar was mixed against main rivals, with the euro limiting its loss thanks to data that showed a rebound in first quarter German growth. The pound slipped lower "as Brexit woes for the (UK) prime minster dented the mood in the forex markets," noted Neil Wilson at Markets.com. Although stock markets have been ...
BSE launches mobile app for its mutual fund platform
Leading stock exchange BSE Wednesday said it has launched 'BSE StAR MF' app to enable more participation and help mutual fund distributors process transactions faster. "BSE StAR MF mobile app supports real-time client registration and paperless transactions, creates and uploads mandate for SIPs, generates the basket of multiple orders, tracks and allows the distributor to analyse his business at his fingertips," the exchange said in a release. The app can be downloaded from Google Play Store. Once the app is downloaded, the sign up can be done by providing the member identification number, it added. "The launch of the app would further provide comfort of doing business to our 24,000 members. This app would not only increase their productivity, but would also enable IFAs (Independent Financial Advisors) to take their business anywhere, anytime," BSE Chairman and Managing Director Ashish Chauhan said. The mobile application will also be provided to individual investors shortly, he ...
Tata Chemicals' consumer biz merger with TGBL to create Rs 9k-cr Tata Consumer Products
With an intent to put in place a consolidated platform for its consumer business and become a leader in the FMCG segment, Tata Group Wednesday announced the transfer of the branded food business from Tata Chemicals to Tata Global Beverages in an all shares deal that will create an over Rs 9,000 crore giant. Under the agreement, Tata Global Beverages (TBGL) will buy the business of selling edible salt, spices, and lentils and give shares in return to Tata Chemicals (TCL). TGBL will rename itself as Tata Consumer Products after the deal. "The trigger (for merger) is that Indian market is poised for rapid growth and now we have businesses in both the enterprises (TGBL and TCL) which are of scale and size which makes them to bring together. Also, we didn't want to do this till we establish our clear leadership position in both the companies in key categories," TGBL Managing Director Ajoy Misra told reporters during a conference call after the announcement. "Today, since both the companies
British Airways to fly new A350 plane to India this year
British Airways Wednesday said its new A350 aircraft business class Club Suite would fly to India later this year. "Bangalore will be the first city in India, and just the fourth destination on the airline's worldwide network, to welcome its new A350 aircraft," the airline said in a release. The newly-branded Club Suite offers direct-aisle access, a door for greater privacy and luxurious flat-bed seats. "As well as a new 56-seat Club World cabin, the three-cabin A350 will feature the latest World Traveller Plus (Premium Economy) cabin, with 56 seats... The World Traveller (economy) cabin offers 219 seats," the release said. PTI * * * * * Gulf Oil Q4 net profit jumps 15% to Rs 47.57 crore Hinduja group company Gulf Oil Wednesday reported 15 per cent jump in net profit at Rs 47.57 crore in three months to March over the year-ago period owing to a double digit growth in personal mobility, infrastructure and industrial distributors segments. The company had posted a net profit of Rs 41.36
RBI releases 'Vision 2021' for payment systems for 'cash-lite' society
Aiming at a 'cash-lite' society, the Reserve Bank of India Wednesday released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. The 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional (E)payment Experience', envisages to achieve "a highly digital and cash-lite society" through the goal posts of competition, cost effectiveness, convenience and confidence (4Cs). The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options. "The Reserve Bank of India will implement the approach outlined in this Vision during the period 2019 - 2021," it said. The previous vision document covered the period 2016 to 2018. The ...
Satin Creditcare eyes loan growth of 30-35% in FY20
Microfinance company Satin Creditcare Network (SCNL) is looking at a loan growth of 30-35 per cent and aims to raise Rs 6,200-6,300 crore through banks, NBFCs and bonds in 2019-20. It has set a net profit target of Rs 260 crore for the current financial year. In FY2018-19, its net profit jumped to Rs 201 crore from Rs 75 crore in FY2017-18. On a consolidated basis, the micro lender's loan portfolio increased by 23 per cent to Rs 7,068 crore during the year ended March 31, 2019. The company which is primarily into MFI lending, also offers loans to MSME and affordable housing segments through its subsidiaries. "In the current financial year, we could grow by 30-35 per cent. We have pan India presence reaching across 22 states and the growth would come in from all these areas put together," its Chairman and Managing Director H P Singh said. He said the focus is to have a growth where quality of loan portfolio is stable. The micro lender's 57 per cent borrowing comes from banks, 12 per ...
Centre to sell 15% stake in RITES through OFS in July
The government intends to sell a further 15 per cent stake in its railways undertaking RITES India under the Offer-For-Sale (OFS) route, according to an official announcement on Wednesday,
SAT sets aside Sebi's order against Piramal Ent, others in insider trading control lapses case
The Securities Appellate Tribunal Wednesday set aside the Sebi's order against Piramal Enterprises, chairman Ajay Piramal and others for lapses in insider trading control in connection with the sale of domestic healthcare business to Abbott Laboratories. While setting aside the Sebi order, the tribunal said, "the imposition of penalty is converted into one of warning with a further direction that if any such incident occurs in future, it would be open to Sebi to proceed in accordance with law". In 2016, Sebi had imposed a fine of Rs 6 lakh on Piramal Enterprises and its chairman Ajay Piramal, Swati Piramal, Nandini Piramal and N. Santhanam to be paid "jointly and severally" for insider trading control lapses. While Swati and Nandini were executive directors, Santhanam was compliance officer at the time of violation. The Sebi found that entities failed to handle the 'Unpublished Price Sensitive Information' (UPSI) relating to the sale of domestic healthcare formulation business to ...
British Airways to fly A350 aircraft to India later this year
British Airways Tuesdayannounced that its new A350 aircraft with its new businessclass Club Suite, will fly to India later this year. Bengaluru will be the first city in India and justthe fourth destination on the airline's worldwide network, to welcome its new A350 aircraft, the company said in a release. It said the airline's sophisticated and newly-branded Club Suite offers direct-aisle access, a door for greater privacy and luxurious flat-bed seats in a 1-2-1 configuration. Boasting 40 per cent more storage, including a vanity unit and mirror, WiFi, 18.5-inch inflight entertainment screens, High Definition gate-to-gate programming, and PC/USB power, it said every aspect of British Airways' new cabin has been designed for today's customer. "We are delighted to welcome our new A350 aircraft in Bangalore later this year, featuring our new Club Suite, which is one of the most exciting developments in our current6.5 billion investment programme," British Airways Head ...