Page 3725 - Business Finance
GDP numbers indicate turnaround, no change in FY19 forecast: Government
Maintaining the growth forecast for the financial year 2018-19 at 7.5 per cent, the government on Friday said the GDP figures for the fourth quarter of the previous fiscal were in line with expectations and indicated a turnaround in India's growth story.
Cytecare raises $31 mn from Goldman Sachs, HNIs
Bengaluru-based cancer care provider Cytecare Hospital today said it has raised USD 31 million, including USD 5 million from Wall Street bank Goldman Sachs' private equity arm, by selling an undisclosed stake. The money will be primarily used for expanding into four or five Indian cities. The company opened its first hospital, a 150-bed facility in Bengaluru in November 2016. "We have raised USD 31 million, including USD 5 million from Goldman Sachs. At the time of starting the hospital, we had almost half of it and the other half including the money from Goldman Sachs came later," its co-founder and chairman Ferzaan Engineer told PTI. He said the company has a preference for strategic investors over financial ones and chose Goldman Sachs for the depth of know-how and connections that comes because of its other investments across the world in similar companies. Goldman Sachs has an intent of investing more, which will be based on financial milestones achieved in the ...
Tata Power partners with Tata Motors to make Maharashtra EV ready
Tata Power today said it has partnered with Tata Motors to make Maharashtra EV ready and to establish electric vehicle charging stations in the state for public use. Tata Motors has signed a memorandum of understanding (MoU) with the state to support the Maharashtra Electric Vehicle Policy (2018) in accelerating the adoption of electric vehicles (EV), Tata Power said in a statement. Maharashtra Chief Minister Devendra Fadnavis inaugurated the new EV charging stations (Tata Power) to mark the week-long World Environment Day celebration, the statement said. The nine new locations where the EV charging stations have come up include Matunga, BKC, Bhandup (near LBS Marg), Chembur, Malad (near Link Road) and Carnac Bundar (near Fort & Freeway). "We are committed to making Maharashtra EV ready and Government's vision of providing green technology solutions. We are happy to partner with Tata Motors to deliver on the Government and Group's vision of improving India's carbon footprint and ..
As Trump talks of trade losses, China is a win for U.S. East Coast ports
CHARLESTON, S.C. (Reuters) - For America's fastest growing East Coast ports, trade with China equals billions of dollars of investment and thousands of well-paid jobs in the heart of Trump country and not, as the president portrays it, the death knell for America's middle class.
Global Markets: Stocks, euro, Italian bonds make second day of gains
LONDON (Reuters) - World stocks, the euro and Italian bonds all made a second day of gains on Thursday, after renewed efforts from politicians in Rome to form a government and data from China had pointed to its giant economy performing well.
Shah lauds govt for rise in GDP growth
BJP president Amit Shah today lauded the Modi government as India's GDP growth in the January-March quarter rose to 7.7 per cent. "I congratulate PM Narendra Modi & his cabinet for keeping India on high growth trajectory. GDP growth rate of 7.7%, a sharp increase over 7% in previous quarter, led by all round growth in key sectors such as Agri, Manufacturing & Construction is very encouraging," he said in a tweet. Robust performance by manufacturing, construction and service sectors and good farm output pushed India's January-March 2018 GDP growth to a seven-quarter high of 7.7 per cent, helping it retain the fastest growing major economy tag, government data showed today. India's economic expansion at 7.7 per cent was significantly higher than China's 6.8 per cent in the January-March period.
India Inc cheers Q4 GDP numbers, expects trend to improve further
The economy seems to be coming back on track with an impressive 7.7 per cent growth in the March quarter, experts said today, expecting the trend to improve further in the current fiscal. Robust performance by manufacturing, construction and service sectors and good farm output pushed the India's January-March 2018 GDP growth to a seven-quarter high of 7.7 per cent, helping it retain the fastest growing major economy tag. The rebound in growth reinforces that the economy is back on track and is set for a strong recovery after the period of disruptions sparked by demonetisation and GST implementation, industry body CII said in a statement. The significant expansion in GDP print has sprung a positive surprise by notching up an impressive growth of 7.7 per cent in the fourth quarter of 2017-18 and "marginally overshoots the advance estimates of GDP released earlier this year", said CII Director General Chandrajit Banerjee. The gross domestic product (GDP) in the March quarter remained ...
HFCs' AUM rises 24% in FY18; delinquencies increase: Report
Housing finance companies' (HFCs) assets under management (AUM) grew faster than expected at 24 per cent in the last financial year, but there was an uptick in asset delinquency, a report said today. The faster growth, coupled with difficulties faced by commercial banks, ensured that the share of the HFCs in the overall home loan market grew by one percentage point to 43 per cent, domestic ratings agency Crisil said. "There are two reasons for the fast growth first is the ability of HFCs to tap the massive opportunity in affordable housing, and second is the slower credit growth at banks providing HFCs the room to ramp up faster and gain market share," Crisil senior director Krishnan Sitaraman said. The non-housing segment, which includes loan against property, developer funding and corporate loans, remains the fastest-growing segment for HFCs, raking up 30 per cent growth last fiscal, it said. Housing shortage in the affordable segment, regulatory facilitation, entry ..
Azure Power ties up for USD 135 MN financing for its solar rooftop projects
Azure Power said today that it has tied up USD 135 million (about Rs 910 crore) in debt financing, the largest solar power funding in the country, with a consortium of Development Finance Institutions. The proceeds will be used to finance 200 MW of solar rooftop projects across India, Azure said in a statement. The line of credit was led by International Finance Corporation, a member of the World Bank Group and attracted the participation of leading institutions, including FMO-the Dutch development bank, Socit de Promotion et de Participation pour la Coopration Economique (Proparco) the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) the development bank of Austria. Azure Power signed the agreement with FMO in the presence of the Prime Minister of the Netherlands, Mark Rutte, Ambassador of the Netherlands to India, Alphonsus Stoelinga and Chief Risk & Finance Officer, FMO, Fatou Bouar. Linda Broekhuizen, Chief Investment Officer FMO said: ..
Indian economic growth hits highest rate in almost two years
NEW DELHI (Reuters) - The Indian economy grew 7.7 percent year-on-year in January-March, its quickest pace in nearly two years driven by higher growth in manufacturing, the farm sector and construction.
SoftBank invests $2.25 billion in GM's self-driving cars; shares soar
(Reuters) - Japan's SoftBank Group Corp will invest $2.25 billion in General Motors Co's autonomous vehicle unit, Cruise, the companies said on Thursday, announcing a deal that validates the venerable Detroit automaker's leadership in self-driving cars and sent GM shares up 10 percent.
Dilip Buildcon wins Rs 1,750-cr highway proj in Maharashtra
Dilip Buildcon (DBL) today said it has won a Rs 1,750-crore highway project in Maharashtra for construction of access-controlled Nagpur-Mumbai Super Communication Expressway. "DBL has been declared L-1 bidder for a new EPC (engineering, procurement and construction) project valued at Rs 1,750 crore by the Maharashtra State Road Development Corporation Ltd," the company said in BSE filing. The project is for construction of access-controlled Nagpur-Mumbai Super Communication 454.65 km Expressway on EPC mode, it said. The company said the cost of the project is Rs 1,750.05 crore and the construction period is 30 months.
Azure Power raises $135 mn through debt financing
Solar rooftop firm Azure Power today said it has raised USD 135 million though debt financing from a consortium of development finance institutions. The company plans to use the funds to finance around 200 MW of its solar rooftop projects across India, the company said in a statement. The funding which was led by the International Finance Corporation, included other investors like Dutch development bank FMO, Societe de Promotion et de Participation pour la Cooperation Economique (Proparco) the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) the development bank of Austria. "This financing will enable us to rapidly expand our Azure rooftop power platform in India," company's founder, chairman and chief executive officer Inderpreet Wadhwa said. The firm offers rooftop solar power solutions for commercial, industrial, government, and institutional customers in cities across India. "Earlier, we had invested around USD 30 million in ..
Orient Cement calls off Rs 2,000 cr deal to acquire 2 units from Jaypee
In a setback to crisis-hit Jaypee group, the CK Birla Group firm Orient Cement has terminated its Rs 1,946-crore deal to acquire Jaiprakash Associates Ltd's (JAL) two firms -- Bhilai Jaypee Cement and Nigrie Cement Grinding Unit. The deal has been terminated as both parties failed to complete the transactions within the stipulated 12 months time, according to regulatory filings. Jaypee Group has been selling cement plants and other assets to reduce its debt from the peak level of around Rs 75,000 crore. JAL, the flagship company of Jaypee Group, had last year concluded Rs 16,189 crore sale of its six integrated cement plants and five grinding units, having a capacity of 21.2 million tonnes to Aditya Birla group firm UltraTech. On May 31 last year, Orient Cement had signed a share purchase agreement with Jaiprakash Associates Ltd (JAL), to acquire 74 per cent stake in Bhilai Jaypee Cement Ltd. A business transfer agreement was also signed between Orient Cement, Jaiprakash Power ...
Nifty recovers 122 pts, ends above 10,700
NSE benchmark Nifty staged a smart recovery today by climbing 121.80 points today on sustained buying in shares of banks, financial and energy sectors tracking firm global cues. Hectic short-covering bets in view of derivative expiry day for May series along with optimism ahead of key GDP data scheduled to be released late in the day bolstered the trading sentiment. Overseas, most European stocks were trading higher, but trading in May was set to wrap up with auto makers under pressure as the European Union braces for US-imposed tariffs on steel and aluminum. Asian stocks ended higher as elevated concerns over Italy's deepening political crisis showed signs of abating. The 50-issue NSE Nifty ended above the psychological 10,700-level at 10,736.15, showing a gain of 121.80 points, or 1.15 per cent, it shuttled between 10,763.80 and 10,620.40. Sector-wise, Nifty Bank rose by 2.39 per cent, followed by private banks 2.18 per cent, finance services 2.13 per cent, energy 0.91 per cent, IT .
Orient Cement shares jump nearly 7 pc on deal call-off
Shares of Orient Cement surged nearly 7 per cent after the company announced the termination of the agreement to acquire two entities from Jaypee group firms. The stock surged 6.57 per cent to end at Rs 129 on BSE. Intra-day, it jumped 15.24 per cent to Rs 139.50. On NSE, shares of the company advanced 5.37 per cent to close at Rs 129.50. CK Birla Group firm Orient Cement has terminated the agreement to acquire two entities, Bhilai Jaypee Cement and Nigrie Cement Grinding Unit, from Jaypee group firms for a total consideration of Rs 1,946 crore. On May 31 last year, Orient Cement had signed a share purchase agreement (SPA) with Jaiprakash Associates Ltd (JAL), for acquisition of 74 per cent equity shares of Bhilai Jaypee Cement Ltd from JAL. A business transfer agreement (BTA) was also signed between Orient Cement, Jaiprakash Power Ventures Ltd (JPVL) and JAL, for acquisition of Nigrie Cement Grinding Unit, as going concern from JPVL. "Under provisions of the SPA and the BTA, either ..
Wall Street dips as trade war concerns take centre stage
(Reuters) - U.S. stocks fell on Thursday after the United States decided to impose metal import tariffs on Canada, Mexico and the European Union, sparking fresh concerns of a trade war with its top allies.
Flipkart Internet trims losses at Rs 1,638.6 cr in FY17
E-commerce major Flipkart Internet has seen its losses narrow to Rs 1,638.6 crore in 2016-17, as per a regulatory documents. It had a net loss of Rs 2,306.5 crore in the previous financial year, 2015-16. The company attributed the narrowing of the net loss to lower logistics, storage services and collection charges as well as decline in other expenses, as per documents filed with the Corporate Affairs Ministry. The documents, sourced through market intelligence firm Tofler, showed that the total income of Flipkart Internet had increased by 15.46 per cent to Rs 2,253.5 crore in the year ended March 2017 from Rs 1,951.7 crore in the previous financial year. Flipkart did not respond to an emailed query. It runs its e-commerce business through Flipkart Internet, while the holding company is registered in Singapore. The company has been in the limelight for inking a blockbuster deal with Walmart under which the American retailer will pick up about 77 per cent stake for about USD 16 ...
India's GDP grows 7.7 pc in Q4, retains fastest growing economy tag
Robust performance by manufacturing, construction and service sectors and good farm output pushed the India's January-March 2018 GDP growth to a seven-quarter high of 7.7 per cent, helping it retain the fastest growing major economy tag, government data showed today. India's economic expansion at 7.7 per cent was significantly higher than China's 6.8 per cent in the January-March period. However on yearly basis, the Indian economy grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal. The previous low was recorded in 2013-14 at 6.4 per cent. "GDP at 2011-12 prices in the fourth quarter of 2017-18 registered growth rate of 7.7 per cent as against 5.6 per cent, 6.3 per cent and 7 per cent, respectively, in the first three quarters of 2017-18. Rapid growth in agriculture (4.5 per cent), manufacturing (9.1 per cent) and construction (11.5 per cent) contributed to the overall growth," the Central Statistics Office (CSO) said in its national ...
Cytecare raises $30 mn from Goldman Sachs, others
Cancer care provider Cytecare Hospital has raised USD 31 million in series A funding round led by Wall Street investment bank Goldman Sachs, by selling an undisclosed stake. Other domestic and international investors also participated in the funding round. The funds will be used by the hospital, which has a flagship 15-bed facility Bengaluru, to establish an oncology franchise across four to five cities throughout India, an official statement said. Ankur Sahu, the co-head of private equity investing in Asia for Goldman Sachs, said the country accounts for a fifth of the cancer deaths globally. "Cytecare, with its experienced leadership and multi-disciplinary team of clinicians, is positioned to build a nation-wide cancer care network," he added. The high street bank has deployed over USD 3.4 billion in the country since 2006 in private equity investments. Cytecare co-founder and chairman Ferzaan Engineer said the investment will fuel the next stage of expansion and also .