Page 3567 - Business Finance
India to witness strong growth despite global challenges: CII President
Industry body CII on Tuesday predicted country's economic growth rate to range from 7.3 to 7.7 per cent for 2018-19 and then strengthen further in the next few years.
SEBI committee to look at allowing Indian cos to directly list abroad
The Securities and Exchange Board of India (Sebi) on Tuesday constituted an expert committee "to consider facilitating companies incorporated in India to directly list their equity share capital abroad and vice versa".
U.S. State Dept OKs possible helicopter support sale to India: Pentagon
WASHINGTON (Reuters) - The U.S. State Department has approved a possible $930 million sale to India of items in support of a proposed direct commercial sale of six AH-64E Apache helicopters, a Pentagon agency said on Tuesday.
Rahul Gandhi interacts with Cong corporators in Mumbai
Congress President Rahul Gandhi today asked his party corporators in Mumbai to work unitedly to strengthen its presence in the metropolis ahead of the crucial 2019 Lok Sabha polls, party sources said. Interacting with Congress corporators in Brihanmumbai Municipal Corporation (BMC), Gandhi also asked them to toil for "at least doubling" the party's presence in the cash-rich civic body. The sources said that during the hour-long interaction held at the Mumbai Cricket Association Bandra-Kurla Complex here, the Congress chief told the corporators that they were "special" to him given the circumstances in which they emerged victorious in the 2017 municipal polls. The Congress, which has 31 members in the 227-member BMC, has been out of power in the civic body for nearly two decades now. "The meeting was a good chance for the corporators, who work at the grass roots to interact with Rahulji, who gave each of them a patient hearing," a senior party leader told PTI. "He asked .
Urjit Patel grilled by Parliamentary panel, seeks more powers for RBI
RBI Governor Urjit Patel, who was on Tuesday grilled by parliamentarians over challenges being faced by the banking sector including the huge number and size of bad loans and frauds like the one in Punjab National Bank, sought more powers for the central bank to oversee Public Sector Banks (PSBs).
Yes Bank gets shareholders' nod to raise USD 1 billion via QIP
Yes Bank today got shareholders' nod for raising USD 1 billion (about Rs 6,700 crore) from various instruments, including Qualified Institutional Placements (QIPs). Besides, the shareholders also approved the re-appointment of Rana Kapoor as MD & CEO of the bank for a further period of 3 years, effective September 1, 2018, Yes Bank said in a statement after the annual general meeting held earlier today. The re-appointment is subject to final approval by the Reserve Bank of India (RBI), the company said. "The shareholders have approved through special resolution to raise capital aggregating up to USD 1 billion by way of issue of shares (QIP/ADR/GDR/FCCB)," it said. The shareholders also approved through special resolution the proposal to borrow/raise funds in Indian/foreign currency by issue of debt securities, including but not limited to Non-Convertible Debentures, Medium Term Notes and Bonds up to a total amount of Rs 30,000 crore, it said. The shareholders approved through ...
Yes Bank gets shareholders' nod to raise $1 bn
Yes Bank's shareholders today approved raising up to USD 1 billion in core capital through multiple routes. They also approved the re-appointment of Rana Kapoor as the chief executive and managing director for three years, subject to final approval from the Reserve Bank of India, a late evening statement from the private sector lender said. "The shareholders have approved through special resolution to raise capital aggregating up to USD 1 billion by way of issue of shares (QIP/ADR/GDR/FCCB)," it said. All the 13 resolutions put up at the meeting, for which the media was not allowed, were approved by the shareholders, the bank statement said. Other resolutions include appointment of Subhash Chander Kalia as non-executive non-independent director, and R Chandrashekhar and Pratima Sheorey as independent directors for five years each, it said. The resolution for re-appointment of Ajai Kumar as the non-executive, non-independent director was also approved. In a special ...
RITES to offer 12% equity through IPO
State-owned transport engineering consultancy firm RITES on Tuesday said that its initial public offering (IPO) for 12 per cent of its share capital in a price band of Rs 180 to Rs 185 per scrip will open on Wednesday, June 20.
Global Markets: Stocks, dollar steady after U.S.-North Korea summit
NEW YORK (Reuters) - World stock markets were little changed on Tuesday while the U.S. dollar fell slightly against an index of major currencies, as investors brushed aside a long-awaited U.S.-North Korea summit aimed at denuclearizing the Korean peninsula.
Wall Street edges higher as focus shifts to Fed
(Reuters) - U.S. stocks posted small gains on Tuesday as investors focused on the Federal Reserve's policy meeting, while looking past President Donald Trump's historic summit with North Korean leader Kim Jong Un.
Moody upgrades Counterparty Risk rating of PNB
Punjab National Bank (PNB) today said Moody's Investors Service has upgraded Counterparty Risk Rating (CRR) to Baa3 from Ba1 following the bank's strong recovery and the government's continued support. PNB has managed to surpass the total amount recovered in the last financial year in the first two months of this fiscal, PNB said in a statement. By the time this quarter (April-June) ends, PNB expects to complete recovery of Rs 8,000 crore, it said. The rating is an opinion about the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflects the expected financial losses in the event such liabilities are not honoured.
PNB, SBI, 13 others get Moody's counterparty risk ratings
Global ratings agency Moody's Investors Service today gave counterparty risk ratings (CRR) to 15 lenders in the country, including fraud-hit Punjab National Bank and country's largest lender SBI. Others who got the ratings include ICICI Bank, Axis Bank, Bank of Baroda and HDFC Bank, among others. It said the CRR are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event that such liabilities are not honoured. The agency also upgraded the counterparty risk assessments of four banks, including PNB, ICICI Bank, Bank of Baroda and Axis Bank. "The counterparty risk (CR) assessment of Punjab National Bank was upgraded to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr)," a statement from the agency said. Axis Bank, Bank of Baroda and ICICI Bank had their CR assessments upgraded to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr). PNB in a statement today ..
Alcon eyes mkt leadership in daily disposable contact lenses
Eyecare products manufacturer Alcon Laboratories, a division of Novartis, today said it aims to be the market leader in the daily disposable contact lens market in the next couple of years with the launch of its premium offering Dailies Total 1. The water gradient contact lenses are priced at Rs 2,499 for a 30-lens pack and the company is targeting the top 12 cities in the country initially. "We have become market leaders in all the markets we have launched Dailies Total 1 in. We hope to get leadership position in India as well," Alcon India country business unit head vision care Panchali Upadhaya said here. She added that the multi-focal lenses would be launched soon. ***************** Thomas Cook adds dirham in its multi-currency prepaid card * Integrated travel and travel-related financial services company Thomas Cook (India) today said it has introduced the UAE dirham (AED) as a key currency to its multi-currency 'borderless prepaid card'. Based on strong demand and
US regulator clears Sun Pharma's Gujarat plant
The United States Food and Drug Administration (USFDA) cleared Sun Pharma Industries Ltd of the issues it raised in December 2015 after inspecting its Halol facility in Gujarat, said the Indian drug maker on Tuesday.
Cabinet may consider proposal for construction of hotel at Pragati Maidan by pvt firm
The Union Cabinet is likely to consider a proposal moved by the commerce ministry for leasing out 3.7 acres of land at Pragati Maidan to a private player for construction of a hotel, government sources said. The funds raised by the process would be utilised by the India Trade Promotion Organisation (ITPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan. The land would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party, they said. In January last year, the government approved the proposal of ITPO under the Department of Commerce, for redevelopment of Pragati Maidan by setting up of a world class IECC at Pragati Maidan here at the national capital. The total cost of the project is Rs 2,254 crore. The growing Meetings, Incentives, Conferences and Exhibitions (MICE) sector needs this kind of investments in the country. The redevelopment of Pragati Maidan is envisaged in two phases. ...
BMW says May sales of BMW, Mini vehicles dip due to China tariffs
FRANKFURT (Reuters) - BMW said vehicle sales fell 2.1 percent in May, weighed down by China tariffs, the launch of a new model, and a 13.6 percent drop in German deliveries as cities like Hamburg started banning older diesel vehicles from key streets.
RBI cautions job seekers against fake communication sources
The Reserve Bank today cautioned job aspirants on recruitment related communication received from sources other than the RBI website, saying certain unscrupulous persons posing as central bank officials are sending electronic communication through fake email addresses. "RBI clarifies that all recruitment related information, viz., advertisement, procedure for submitting application, schedule of examination, list of examination centers, admit card, result, etc. is disseminated only through the RBI website https://www.rbi.org.in," the central bank said in a statement. The members of public are, therefore, cautioned against entertaining and falling prey to such communication received from other sources, on matters related to recruitment in the RBI, it added.
Three flights delayed
A Spicejet flight from Kochi, scheduled to arrive here at around 11.35 AM today, was delayed by over eight hours. The delay was because of operational reasons in Kochi, airline sources said. Meanwhile, a Kolkota bound Air-India flight, scheduled to depart from here at 2.35 PM, was delayed by nearly two-and-a-half hours. An Indigo Airlines flight bound for Chennai from Rajamundry was delayed by one-and-a-half hours. Delay in arrival of connecting flights of these two airlines was the reason, airport sources said.
Govt approves 33-pc increase in carpet area of houses under PMAY-U
The government has approved a 33-per cent increase in carpet area of houses eligible for interest subsidy under its affordable housing scheme Pradhan Mantri Awas Yojana-Urban (PMAY-U) to attract more beneficiaries, the Housing and Urban Affairs (HUA) Ministry said. The carpet area of a house has been enhanced to 160 sq m from 120 sq m for Middle Income Group-I (MIG-I), while it has been increased to 200 sq m from 150 sq m in case of MIG II. The new rules will be effective from January 1, 2017, the date on which the scheme became operational, the ministry said in a release. Under the Credit Linked Subsidy Scheme (CLSS), each beneficiary can avail subsidy up to Rs 2.35 lakh on purchase of a house under the scheme. Under MIG-I, 4 per cent interest subsidy is available on loan up to Rs 9 lakh for people with an annual income between Rs 6-12 lakh, while 3 per cent interest subsidy is given on loan up to Rs 12 lakh to people with income between Rs 12-18 lakh per annum. The enhancements will
RBI Governor seeks more powers to effectively regulate PSBs
RBI Governor Urjit Patel today made a strong case for more powers to effectively regulate public sector banks (PSBs) as lawmakers asked him tough questions over increasing bad loans and frauds. As per sources, Patel also informed the Standing Committee on Finance that RBI is in communication with the government for discontinuing the practice of appointing RBI nominees on boards of PSBs to avoid to any conflict of interest between the regulator and regulated entities. Patel was asked about bad loans, bank frauds, cash crunch and other issues, said sources. They also said he assured the panel members that steps were being taken to strengthen the system. Regarding PSBs, Patel told the panel that RBI has "inadequate" control over them and asked for more powers to regulate them. RBI has cited at least 10 areas where it has no control over PSBs. These include, power to remove chairman, director or CEO of a state-owned banks and impose restriction on common directors on PSB boards. There are