Page 35 - Business Finance
RBI penalises HDFC Bank for violating KYC norms
The Reserve Bank of India (RBI) has imposed a fine of Rs one crore on private sector lender HDFC Bank for violation norms relating to know-your-customer (KYC), anti-money laundering and reporting of frauds."This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," said the central bank in a statement."Examination in this regard revealed violations of RBI directions on KYC/AML norms and on reporting of frauds based on which a notice was issued to the bank advising it to show cause as to why monetary penalty should not be imposed for non-compliance with the aforesaid directions."The RBI added that it had received a reference from Customs authorities for submission of forged bill of entries by certain importers to the bank for remittance of foreign currency.The RBI said it considered the lender's reply and oral submissions made during the personal hearing ..
Jet Airways shares dwindle further; tank over 29 pc
Shares of Jet Airways further plummeted over 29 per cent Wednesday after the consortium of bankers took the grounded airline to the National Company Law Tribunal. The scrip continued to face heavy selling pressure and tanked 28.18 per cent to an all-time low of Rs 29.05 on the BSE. At the NSE, shares of the company plunged 29.38 per cent to an all-time low of Rs 28.60. This the 13th consecutive trading day fall for Jet Airways, which has tumbled nearly 81 per cent during this period. The consortium of 26 bankers led by State Bank Tuesday took the grounded Jet Airways to the National Company Law Tribunal to recover their dues of over Rs 8,500 crore. The tribunal will hear the matter Wednesday. Jet Airways, started over 25 years ago, stopped flying on April 17, after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes. The scrip has also been on a back foot following announcement that stock exchanges will impose restrictions on trading in Jet ...
Ind-Ra cuts long-term issuer rating on Jain Irrigation
India Ratings and Research (Ind-Ra) has downgraded Jain Irrigation Systems Limited's (JISL) long-term issuer rating to 'IND BBB' from 'IND A-' while placing it on rating watch negative.The downgrade reflects deterioration in the company's liquidity profile on account of a delay in the realisation of its receivables from micro-irrigation systems segment. "The rating watch negative reflects the risk of delay in JISL's deleveraging plans or a further increase in its working capital requirement, resulting in further worsening of its liquidity position," said Ind-Ra in a statement.JISL's management intended to reduce Rs 350 crore to Rs 400 crore of debt on the realisation of receivables in the fourth quarter of 2018-19. As a result, the company's working capital debt increased to Rs 1,920 crore. Ind-Ra said the adverse movements in working capital also caused JISL's cash flow from operations to turn negative to Rs 350 crore in FY19 from positive Rs 850 crore in FY18.The company has Rs 390 .
Japan Nikkei spurts on upbeat offshore lead
The US share market climbed on Tuesday after U.S. President Donald Trump said in a tweet he had a very good telephone conversation with Chinese President Xi Jinping, with a meeting between the two set to happen next week. The Dow Jones Industrial Average soared 353.01 points to 26,465.54 and the S&P 500 advanced 1% to 2,917.75. The Nasdaq Composite rose 1.4% to 7,953.88.
Granules India Ltd leads gainers in 'A' group
Blue Star Ltd, Tata Steel Ltd, Avanti Feeds Ltd and Symphony Ltd are among the other gainers in the BSE's 'A' group today, 19 June 2019.
Can Fin Homes jumps as Canara Bank revives plan to sell stake
Can Fin Homes rose 3.60% to Rs 356.60 at 10:56 IST on the BSE after the board of Canara Bank permitted stake sale in Can Fin Homes.
Federal Bank to raise up to Rs 500 cr through Basel III-compliant bonds
Private sector lender Federal Bank Wednesday announced plans to raise up to Rs 500 crore by issuing Basel III-compliant bonds on private placement basis. "The board of the bank has approved the issuance of 1,000 unsecured, listed, redeemable Basel III compliant tier II bonds having a face value of Rs 10 lakh each, with an option to retain oversubscription up to Rs 400 crore aggregating to Rs 500 crore (debentures), on a private placement basis," Federal Bank said in a BSE filing. Shares of Federal Bank were trading 0.05 per cent lower at Rs 104.85 apiece on BSE.
Strong gains at Wall Street
Indices boosted by U.S.-China trade optimism
Circular Economy likely to generate 1.4 crore jobs in 5-7 years - Amitabh Kant
Mr Amitabh Kant, CEO, NITI Aayog said that Circular Economy has the potential to generate 1.4 crore jobs in next 5-7 years and create lakhs of new entrepreneurs. Speaking at the '3rd Edition of Circular Economy Symposium 2019' organised by FICCI, Mr Kant said that sustainable development and resource circularity is the need of the hour to implement Circular Economy.
Punjab National Bank slips after rating downgrade
Punjab National Bank was down 0.46% to Rs 74.95 at 10:59 IST on the BSE after India Ratings downgraded Basel III Compliant Tier I Bonds ratings of the bank to IND A/Negative from IND A+/Negative.
Volumes spurt at Gulf Oil Lubricants India Ltd counter
Gulf Oil Lubricants India Ltd notched up volume of 3.95 lakh shares by 10:49 IST on BSE, a 367.81 fold spurt over two-week average daily volume of 1075 shares
Square Yards to license tech solution to real estate developers for sales, marketing
Property brokerage firm Square Yards, backed by Anil Ambani led Reliance group, Wednesday said the company will license its tech solution to real estate developers for managing their sales and marketing activities. The move will help Square Yards earn an additional revenue apart from its brokerage income from sale of properties and facilitating home loans. The enterprise technology solution 'Edge', enabled with artificial intelligence, will empower the sales and distribution functions of real estate developers and large property brokers in India and selected international markets, the Gurgaon-based firm said. "Licensing our battlefield tested tech to enterprises provides us with an opportunity to gain a strong foothold within our principals' ecosystem. The goal is to equip them with best in class technology, help improve their sales velocity and make them more productive and efficient," Square Yards founder and CEO Tanuj Shori said. He said the company's technology is already being ...
NMDC shines on good production and sales data
NMDC gained 3.14% to Rs 108.50 at 09:28 IST on BSE after the company reported rise in total production and sales of iron ore in May 2019 over May 2018.
Sensex, Nifty trade near day's high
Key benchmark indices were trading near day's high in morning trade, supported by positive Asian shares. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 317.52 points or 0.81% at 39,363.86. The Nifty 50 index was up 92.10 points or 0.79% at 11,783.50.
Market spurts on upbeat Asian stocks
Domestic stocks saw a gap-opening on firm Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 333.18 points or 0.85% at 39,379.52. The Nifty 50 index was up 96.10 points or 0.82% at 11,787.60.
Jain Irrigation Systems slumps after rating downgrade
Jain Irrigation Systems was down 9.67% to Rs 24.75 at 9:19 IST on the BSE after one of the rating agencies downgraded its long-term debt rating.
Data Analytics Outsourcing Market in India is Worth $27 Billion: Study by AIM & Praxis Business School
/ -- The annual Analytics & Data Science Industry In India: Study 2019 by Analytics India Magazine and Praxis Business School, now in its fifth year, identifies the key trends and revenue drivers for the analytics industry. They took stock of the burgeoning analytics industry in India - domestic and outsourcing, the leading revenue generators, the geographies served and where the analytics market is heading. (Logo: https://mma.prnewswire.com/media/690836/Analytics_India_Magazine_Logo.jpg ) In fact, analytics outsourcing takes a lead, indicated by more than $27 billion in revenue. The study finds the biggest winners in the analytics outsourcing market are Indian IT bellwethers TCS,Wipro, Genpact, Tech Mahindra among others that form almost 35% of analytics outsourcing market. Here are the key highlights The cumulative analytics market in India stands at $30 billion Outsourcing is the main driver of revenue for Indian vendors accounting for $27 billion in revenue The domestic ...
Rupee rises 21 paise to 69.49 against USD in early trade
The rupee appreciated by 21 paise to 69.49 against the US dollar in opening trade Wednesday ahead of the US central bank's meeting. The rupee opened strong at 69.57 at the interbank forex market then gained further ground to touch 69.49 per dollar, displaying gains of 21 paise against the greenback. Forex dealers said market participants are waiting for the monetary policy of Federal Open Market Committee (FOMC), Bank of England and Bank of Japan, scheduled this week. Besides, positive opening in domestic equities, foreign fund inflows and selling of the American currency by exporters supported the rupee. On Tuesday, the rupee had settled at 69.70 against the US dollar. Foreign funds infused Rs 31.73 crore in the capital markets on a net basis Tuesday, provisional data showed. The benchmark BSE Sensex was trading with gains of 251.93 points, or 0.65 per cent to quote at 39,298.27 while the NSE Nifty was trading at 11,782.70, up 91.20 points, or 0.78 per cent. Meanwhile, brent crude, ..
'India to generate over 2 million outbound tourists annually by 2020'
India is estimated to generate over 2 million outbound luxury and MICE tourists annually by 2020, reinforcing the country's influence as a key source market for MICE and luxury travel, according to a new report by the organisers. According to figures published ahead of the 7th Annual MICE (meetings, incentives, conferences and exhibitions) India and Luxury Travel Congress (MILT), the tourism market is expected to reach USD 9 billion by 2025. The MILT Congress will be held from July 17-18 in Delhi and from July 23-24 in Mumbai. India's outbound MICE tourism market is expected to reach US$ 9 Billion by 2025, and in 2020 India is expected to generate more than 2 Million outbound MICE tourists, according to the organisers of the MICE India and Luxury Travel Congress. Emphasizing on the growth trends of the MICE industry, Stephanie Tanpure, VP Sales, Sands Resorts Macao said, "We are projecting a very buoyant 2019 as far as meetings and events. I think the Global meeting and events ...
Board of Inspirisys Solutions allots 56.25 lakh equity shares to Promoter Company, CAC Holdings Corporation
Consequently, the issued, subscribed and paid-up equity share capital of the Company stands increased to Rs. 39,61,68,730 (divided into 3,96,16,873 equity shares of face value Rs.10 each) from Rs. 33,99, 18,730 (divided into 3,39,91,873 equity shares of face value Rs.10 each). Equity shares allotted on the preferential allotment basis shall rank pari passu with the existing equity shares of the Company in all respects.