Page 3560 - Business Finance
FinMin nod must for organising seminars if expenditure exceeds Rs 40 lakh
Government departments and autonomous bodies will have to seek approval of the finance ministry for organising seminars, conferences and workshops if the expenditure exceeds Rs 40 lakh. According to an office memorandum of the Department of Expenditure, all proposals involving expenses of less than Rs 40 lakh will have to be approved by financial advisor of the concerned ministry. "It has been decided that henceforth only proposals involving expenditure above Rs 40 lakh for international as well as domestic seminars/conferences/workshops etc. will need to be referred to the Department of Expenditure," the memorandum said. It also said that the departments should exercise utmost economy and austerity with regard to travel and accommodation cost should be kept at the barest minimum. Further, it added that holding of exhibition, fairs, seminars, conferences and workshops abroad should be discouraged except for the promotion of trade and business and for project of 'Brand India'.
Sluggish sales in Kashmir markets ahead of Eid
The markets in Srinagar and elsewhere in Kashmir have put on their best look to woo customers but the sales have remained sluggish as Muslims in the valley start preparations for Eid-ul-Fitr which will be celebrated this weekend to mark the end of holy fasting month of Ramzan. The markets have been specially decorated and the shops have lined up their merchandise in the hope of doing some brisk business ahead of the Eid, which will either fall on Friday or Saturday depending on the sighting of the crescent. However, the general business sentiment in and around the Lal Chowk business hub is sluggish. "The only shops which are making some worthwhile sales are bakeries and confectioneries. Rest of the shops in Lal Chowk, Residency Road and adjoining areas have not seen much activity with just two days to go for Eid," Iftikhar Ahmad, a financial consultant, said. Parvaiz Ahmad, a ready made garments dealer, said the sales have been down since demonetisation exercise carried out in 2016 ...
Idea Cellular Ltd leads losers in 'A' group
MMTC Ltd, Alembic Pharmaceuticals Ltd, Shipping Corporation of India Ltd and Central Bank of India are among the other losers in the BSE's 'A' group today, 13 June 2018.
Ind-Swift Labs raises Rs 424.5 cr via NCDs
Drug firm Ind-Swift Laboratories today said it has raised Rs 424.5 crore through allotment of redeemable non-convertible debentures to two investors. The company has allotted 4,245 debentures to ECAP Equities Ltd and ECL Finance Ltd, Ind-swift Laboratories said in a BSE filing. "...the Board of Directors in their meeting held today approved inter-alia among other items, the allotment of 4,245 10% secured rated listed redeemable non-convertible debentures of face value of Rs 10,00,000- each to the investors whose bids are accepted through EBP mechanism...," it added. The tenure of allotment is 6 years, Ind-Swift Laboratories said. The company, however, did not mention what it proposed to do with the amount being raised. Shares of Ind-Swift Laboratories were today trading at Rs 82.80 per scrip in the afternoon trade on BSE, up 4.94 per cent from its previous close.
Hong Kong's CKI launches $9.8 billion bid for Australia's top gas transporter
MELBOURNE (Reuters) - Hong Kong's CK Infrastructure Holdings has made a A$12.98 billion ($9.8 billion) takeover offer for Australia's biggest gas pipeline company, APA Group, offering a hefty 33 percent premium to tap into a tight gas market.
Fabindia MD pumps Rs. 3Cr into Wow! Momo
Fabindia Managing Director William Bissell announced an investment of Rs. 3 crores as a minority stake into home-grown Quick Service Restaurant (QSR) chain, Wow! Momo.With the current investment, Wow! Momo is now valued at approximately Rs. 300 crores.Furthermore, William will join the QSR chain's advisory board to spur the retail momo chain along with their mentors Sanjeev Bhikchandani, founder of Naukri.com, Ashvin Chadha, co-founder of Anicut Capital and Padma Shri winner Saurabh Srivastava who is also the founder of The Indian Angel Network (IAN) and NASSCOM.After empowering rural artisans by bringing their products into the mainstream market through Fabindia, William has also turned into an angel and strategic investor over the years and has made several investments in his personal capacity, with Wow! Momo being his latest."Sagar and his colleagues at Wow Momo have in a very short time created an exciting, well priced, profitable new concept in fast food. Their entrepreneurship, .
Punjab National Bank update on Hong Kong Branch
HKMA enhances supervisory arrangements on Hong Kong Branch
Kavveri Telecom Products Ltd leads losers in 'B' group
S E Power Ltd, Usha Martin Ltd, Landmark Property Development Company Ltd and Sanghvi Forging & Engineering Ltd are among the other losers in the BSE's 'B' group today, 13 June 2018.
Conduent names Lokesh Prasad as Asia Pacific CEO
US-based business process services company Conduent Inc on Wednesday named Lokesh Prasad as the company's CEO for the Asia Pacific (APAC) region.
GlobalLogic appoints Nitesh Banga as Chief Operating Officer
Digital product engineering services company GlobalLogic today said it has appointed former Infosys executive Nitesh Banga as its chief operating officer. Effective immediately, Banga will assume responsibility for all delivery, operations, talent recruitment and management, and information technology, GlobalLogic said in a statement. He will be responsible for the alignment and prioritisation of GlobalLogic's investments - enabling growth, consistency, efficiency and ensuring worldwide operational excellence across the company, it added. This newly-created position is intended to provide greater depth and breadth within the leadership management to support the company's long-term growth and operational excellence objectives, GlobalLogic said. Banga joins GlobalLogic from Infosys, where he held various positions around the globe. Most recently, he served as the Senior Vice President and Global Head of the manufacturing business at Infosys, as well as member of the board of their ...
Volumes soar at Dish TV India Ltd counter
Dish TV India Ltd recorded volume of 640.11 lakh shares by 14:24 IST on NSE, a 17.5 times surge over two-week average daily volume of 36.59 lakh shares
Market holds firm
Firmness prevailed on the bourses in mid-afternoon trade on steady buying demand in index pivotals. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 161.28 points or 0.45% at 35,853.80. The Nifty 50 index was up 46.15 points or 0.43% at 10,889. Realty stocks saw mixed trend. Encouraging industrial production data for April boosted market sentiment.
Toyota pumps $1 bln in Grab in auto industry's biggest ride-hailing bet
SINGAPORE (Reuters) - Toyota Motor Corp has agreed to buy a $1 billion stake in Southeast Asia's Grab in the biggest investment by a carmaker into a ride-hailing firm, at a time when traditional automakers are racing to team up with disruptive tech companies.
Sugar weakens on reduced offtake, ample stocks
Sugar prices drifted lower by Rs 20 per quintal at the wholesale sugar market in the national capital today due to reduced offtake against sufficient stocks position. Marketmen said sufficient stocks position against reduced offtake by bulk consumers such as ice-cream and cold drink makers mainly attributed to the slide in sugar prices. Sugar ready M-30 and S-30 traded lower by Rs 20 each to Rs 3,530-3,670 and Rs 3,520-3,670 per quintal, respectively. Mill delivery-M-30 and S-30 followed suit and fell by a similar margin to Rs 3,240-3,410 and Rs 3,230-3,400 per quintal, respectively. Following are today's quotations (in Rs per quintal) Sugar retail markets: Rs 35-40 per kg. Sugar ready: M-30 Rs 3,530-3,670, S-30 Rs 3,520-3,670. Mill delivery: M-30 Rs 3,240-3,410, S-30 Rs 3,230-3,400. Sugar millgate (including duty): Mawana Rs 3,290, Kinnoni Rs 3,430, Asmoli Rs 3,360, Dorala Rs 3,350, Budhana Rs 3,360, Thanabhavan Rs 3,370, Dhanora Rs 3,390, Simbholi Rs 3,420, Khatuli Rs 3,460, ...
MMTC corrects on profit booking
MMTC fell 4.18% to Rs 36.70 at 14:15 IST on BSE on profit booking after a recent rally.
Divide between rural, urban consumers artificial: Anand Mahindra
Products from the Mahindra group are now designed to cater to the whole 'universe of customers', breaking down the 'artificial divide' of urban and rural buyers, M&M Chairman Anand Mahindra said. Aspirations of the people residing in rural areas are identical to those in urban centres, spurred by the rapid increase in technology and communications, Mahindra told PTI. "For a long time we have been saying that there is a divide between rural and urban India. We for some time in the Mahindra group have been seeing that as an artificial divide," Mahindra said. The diversified group, with presence in multiple sectors, now designs its products keeping in mind varied nature of customers, he said. "In our businesses we design our products now for universe of customers. We believe that rural people should not be looked down, they have the same purchasing power and their aspirations are the same," he added. Mahindra further said: "We do not see any divide anymore. We think whatever we ...
Fashion Capsule by Mallika Jain is back with its spring summer collection on 10th July at Hyatt Regency
Fashion Capsule by Mallika Jain, a New Delhi-based fashion and lifestyle shopping exhibition, is back with its Spring Summer Collection on 10th July at Hyatt Regency, New Delhi from 11am - 8pm. The Exhibition held every two to three months brings together dozens of boutique fashion brands and leading designers under one roof in each of its editions for elite women shoppers. The event promises to bring a plethora of Urban & Indian Designers who are up to bring the best of Creativity forward on a fashion forefront.A Connoisseur of all fine things, Mallika Jain is arguably Delhi's most successful Women Entrepreneur who has carved her own niche and has contributed in Developing Delhi as a Fashion Capital of India.With an Exhibition, that Offers the best of Established and emerging Fashion & Lifestyle brands all under one roof to City's Fashionistas, Mallika Jain organises theme-based exhibitions each season with extensive advertising and marketing thereby leaving people Spoilt for
Palmolein oil softens on sluggish demand, global cues
Palmolein oil prices declined by Rs 50 per quintal in an otherwise steady wholesale oils and oilseeds market today owing to muted demand and weak trend overseas. Castor oil in the non-edible section, eased on reduced offtake by consuming industries. Traders said, subdued demand from Vanaspati millers and a weak trend overseas mainly led to decline in palmolein oil prices. Globally, the benchmark palm oil contract for August delivery fell 0.42 per cent to 2,350 ringgit (USD 589.42) per tonne on the Bursa Malaysia Derivatives Exchange. In the national capital, palmolein (RBD) and palmolein (Kandla) oils shed Rs 50 each to Rs 7,100 and Rs 7,150 per quintal, respectively. Among non-edible oils, castor oil also traded lower by Rs 100 to Rs 6,900-7,000 per quintal. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900. Vanaspati Ghee (15-litre tin) Rs 800-1,000. Edible oils: Groundnut Mill Delivery (Gujarat) Rs 8,250, ..
TN Govt announces sops for MSME sector
Tamil Nadu government today announced a slew of sops for various sectors including the Micro Small and Medium Enterprises (MSME) including setting up an agency to attract foreign investment and cooperation in state MSMEs. Chief Minister K Palaniswami said the proposed MSME agency will work towards attracting investment, besides getting foreign cooperation for such units. "It will function as a coordinating agency for providing single window clearance for MSMEs in Tamil Nadu, to enter into agreements with trade and industry bodies and those proposing investment policies," he said in a suo motu statement. Further, an Innovation Policy will also be rolled out which will enable the government promote innovative ideas and create entrepreneurs, he said, adding this will be formulated in line with the state government's Vision 2023 document which envisages a 11 per cent GSDP by that year. Palaniswami also announced a subsidy scheme for research and development in the MSME ...
KEC International gains after brokerage initiates coverage
KEC International rose 2.08% to Rs 378 at 13:42 IST on BSE after a foreign brokerage reportedly initiated coverage on the stock with an outperform rating.