Page 3726 - Business Finance
Bank strike a success, IBA to be blamed: Unions (Roundup)
Banking operations across India were crippled for the second successive day owing to the strike by over 10 lakh bank employees demanding an early wage settlement, said the unions.
Govt retains FY'19 GDP growth estimate at 7.5% on mfg turnaround
The government today kept its economic growth forecast for current fiscal unchanged at 7.5 per cent buoyed by turnaround in manufacturing and pick up in investment. Data released by the CSO showed that gross domestic product (GDP) growth in the January-March quarter of 2017-18 was at a 7-quarter high of 7.7 per cent, helping India retain the tag of world's fastest growing major economy. However on the yearly basis, the Indian economy grew at 4-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. Finance Minister Piyush Goyal said the 7.7 per cent GDP growth in the fourth quarter of 2017-18 showed that the economy was on right track for higher growth in the future. The growth surpassed China's 6.8 per cent expansion in the January-March period. "GDP growth has been increasing continuously every quarter with growth of 7.7% in Q4 of 2017-18. Shows that the economy is on the right track & set for
PM Modi highlights financial inclusion schemes in India
While taking cognizance of the rapidly-changing situation in India, Prime Minister Narendra Modi said that "a New India is taking shape" and also highlighted the financial inclusion schemes in India.Addressing the event at Marina Bay convention center, he drew attention towards the sector-specific modernisation and productivity being introduced in the country.Further while hailing the upcoming startup sector in the country, Prime Minister Modi said, " Indian startup is flourishing and is now the third largest in the world."He added that there has been a sharp rise in the Foreign Direct Investment (FDI) in three years with a special emphasis on the micro, small, and medium sector enterprise.Prime Minister Modi then called ruling Bhartiya Janata Party's Micro Units Development and Refinance Agency (MUDRA) scheme as his favorite which focuses on financial inclusion."128 million loans worth more than 90 billion US dollars have been extended, 74percent have gone to women, yes 74percent", ..
Air India fails to attract bids during auctioning: Ministry of Civil Aviation
The Ministry of Civil Aviation on Thursday said that Air India has failed to attract any bids during the process of auctioning.The Ministry in a tweet confirmed the news stating, "As informed by the Transaction Adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India. Further course of action will be decided appropriately".The bidders were required to submit their expression of interest (EoI) by 5:00 pm earlier today.The Centre on May 30 had not received any bid for its stake in state-run carrier Air India, aviation secretary R.N. Chaubey said."No bids have been received so far for Air India. We will not extend deadline for Expression of Interest (EOI) submission," Chaubey said.The deadline for receiving bids has already been extended once from May 14 to May 31.The government was planning to divest a 76 percent stake in the loss-making state-owned carrier, which has reportedly been laden with debts running into ...
Tata Motors backs development of e-mobility in Maharashtra
As part of World Environment Day celebrations, Tata Motors on Thursday signed a Memorandum of Understanding (MoU) with the state government of Maharashtra for the deployment of 1000 Electric Vehicles (EVs) across its range of passenger and commercial vehicles in the state.Partnering with Tata Power Ltd, Tata Motors will facilitate the establishment of EV charging stations in the state.The MoU aims to boost the Maharashtra Electric Vehicle Policy 2018 in accelerating the adoption of EVs in Maharashtra.Guenter Butschek, CEO and MD, Tata Motors signed the MoU in the presence of Chief Minister of Maharashtra, Devendra Fadnavis. Additionally, the Chief Minister also flagged off 5 Tigor EVs at the Gateway of India, Mumbai, which were provided by Tata Motors to EESL as part of its tender."With our ready portfolio of EV offerings across our passenger and commercial vehicles, we are geared up to meet future requirements beyond the current tender commitments. As part of our tender with EESL, we
GDP numbers in line with expectations: DEA Secy
Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said the Gross Domestic Product (GDP) figures released earlier in the day are in line with expectations.Addressing a press conference here, Garg noted that the Finance Ministry would retain its growth forecast before FY 19."Gross Capital formation growth is about 10 percent, manufacturing and construction sectors have done very well. This indicates a turnaround in the economy. We will not be changing our prediction before FY 19" he said.With regards to the recent fuel price hike, Garg said the situation is moving towards stabilisation, with crude oil prices gradually dropping."Crude oil prices are something which cannot be ascertained. However, we have seen prices stabilising in the last few days. We expect the situation to return to normal soon," he said.As per data released by the Central Statistics Office (CSO) earlier in the day, GDP growth in the fourth quarter of FY 2017-18 was 7.7 percent, as against 5.6 ...
Parijat Industries conferred with Greentech Environment Award 2018
Parijat Industries (India) Pvt Ltd, an Indian agrochemical company, was conferred with the Greentech Environment award (Gold trophy) from Greentech Foundation for maintaining healthy and safe environmental standards.Parijat Industries has received this recognition for the second consecutive year for its implementation of effective environmental practices at its manufacturing plant.The award was presented by Topon Kr. Gogoi, Minister of Power, (Independent Charges) Government of Assam, at a function, organised in Guwahati."As an ethical organisation, we take pride and ownership in deploying sustainable business practices and every employee is encouraged to develop a sense of responsibility in the area of good environmental practices. The award is a recognition of our robust commitment and effort in building a safe, responsible and environmentally responsible organisation. This award encourages us and brings us closer to achieve our endeavour of working towards becoming India's leading .
U.S. consumer spending accelerates; weekly jobless claims fall
WASHINGTON (Reuters) - U.S. consumer spending increased more than expected in April, a further sign that economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily.
Cochin Shipyard to build three marine ambulances for Ker govt
Kerala government today signed an agreement with Cochin Shipyard Limited (CSL) for construction of three marine ambulance boats for Fisheries department, which would be helpful in saving lives during disasters like Ockhi. The marine ambulances will be used for the rescue and instant treatment of fishermen in distress. These vessels will have an approximate length of 22.5 metres, beam size of about 5.99 metres and will have a maximum speed of 14 knots, a CSL release said here. The vessel will be fuel-efficient with most modern design, designed by CSL in-house design department, it said. "Designing of these boats had posed challenges to the yard, as these are extremely weight sensitive vessels. The boat will be built as per IRS standard," the release said. The vessel will be able to complement two patients and will have a total crew capacity of seven, including paramedical staff. The vessel will also have various paramedical facilities like examination and nursing room, ...
Non-food credit growth up to 10.7% for April: RBI
The Reserve Bank today said non-food credit growth accelerated to 10.7 per cent for April as against 4.5 per cent in the year-ago period, led by retail and the services sector. The non-food credit grew 10.7 per cent to Rs 76,130 billion as on April 27, the central bank said. The gross bank credit, including the food credit, was up 10.4 per cent during the same period, as against 3.8 per cent in the year-ago period. The data includes performance of 41 scheduled commercial banks, accounting for about 90 per cent of the total non-food credit deployed, it said. Loans to both the medium and large corporates were better than the year-ago period, but the sluggishness was visible with growth of only 1 per cent and 3.6 per cent, respectively. Credit to major sub-sectors such as textiles, engineering, food processing, construction and rubber and plastic accelerated, while infrastructure, basic metal and metal products, chemicals and chemical products, gems and jewellery and ...
RInfra to raise Rs 385 cr via NCDs
Reliance Infrastructure today said it will raise up to Rs 385 crore via issuance of non-convertible debentures (NCDs). "We wish to inform that the committee of directors at its meeting held today...has approved the issuance of secured rated listed redeemable non convertible, privately placed debentures aggregating up to Rs 385 crore," Reliance Infrastructure said in a BSE filing. Reliance Infrastructure Ltd (RInfra) is an infrastructure firm developing projects through various special purpose vehicles in several sectors such as power, roads and metro rail in the infrastructure space and the defence sector. RInfra is also a leading utility company having presence across the value chain of power businesses i.e. generation, transmission and distribution.
Toyota domestic sales surge 20 pc to 13,113 units in May
Toyota Kirloskar Motor (TKM) today reported a 20 per cent increase in domestic sales at 13,113 units in May. The company had sold 10,914 units in the same month last year in the domestic market, TKM said in a statement. It exported 827 units of the Etios series this month, compared with 1,425 units in the same period a year ago, a decline of 42 per cent. "Along with the segment leading products Fortuner and Innova Crysta, Yaris has been a significant contributor to the overall positive sales growth as compared to the same period last year," TKM Deputy Managing Director N Raja said in a statement. The company's latest offering mid-sized sedan Yaris has received overwhelming response from customers nationwide which gives company the confidence that customers have well accepted the value propositions of the product, he added. "In line with our customer first approach, we had started our production last month itself to be able to match our supply to the customer demand and reduce the ...
Air India sale draws a blank in blow to Modi's divestment target
NEW DELHI (Reuters) - India's high-profile offer to sell a stake in Air India failed to attract a single bidder by the Thursday deadline, dealing a blow to Prime Minister Narendra Modi's target for offloading stakes in government-held firms.
Sebi fines DLF Rs 10 lakh for wrong disclosure on fund utilisation
The Securities and Exchange Board of India (Sebi) on Thursday imposed a penalty of Rs 10 lakh on real estate major DLF for filing wrong disclosures at stock exchanges regarding utilisation of funds.
Banking services hit for 2nd day; operations likely to be normal tomorrow
Banking services were disrupted for the second day today with over 10 lakh bank employees abstaining from work to protest a "meagre" 2 per cent salary hike proposed by the Indian Banks Association (IBA), a body representing management. Apart from disruption in operations related to deposits, FD renewals, government treasury and money market operations, there were reports of ATMs running dry in parts of the country. Banking operations are likely to become normal from tomorrow after the 2-day strike which was called by the unions. The United Forum of Banking Unions (UFBU), which had called the strike, claimed that nearly 80 lakh cheques in various public sector banks, old generation private sector banks, foreign and regional rural banks remain uncleared. UFBU, an umbrella organisation of 9 bank staff unions, also claimed that the strike was a "total success" as the employees "enthusiastically participated in the strike in all banks and in all branches". According to reports from various
Cyrus Mistry hits out at Tatas for 'shameful' CBI case against AirAsia executives
Ousted Tata Sons chairman Cyrus P Mistry today hit out at "shameful" case of top executives of AirAsia being booked for allegedly paying bribes to influence policy, saying there was a decline in governance standards at the group's airline venture. Mistry slammed AirAsia director R Venkataraman, who has along with chief executive Tony Fernandes been named by the CBI in the FIR, for using his name to cloak his alleged misadventures, and said individuals with "questionable motives" are bringing disrepute to the Tata brand. Yesterday, Venkataraman had alluded to his name figuring in the FIR due to "baseless allegations made by Cyrus P Mistry and the Shapoor Pallonji Group against Tata Trusts Trustees (me included) and Tata Sons in his 'revenge' legal actions". Mistry, who was ousted as Tata Sons chairman in end-2016, denied Venkataraman's allegations as "malicious and defamatory". "The Board of Tata Sons and the Tata Trustees need to concern themselves over the decline in governance ...
SoftBank invests USD 2.25 bn in GM's self-driving venture
Japanese telecom giant SoftBank will invest USD 2.25 billion in General Motors' autonomous car programme in exchange for a stake in the venture, GM announced today. The infusion of cash is a vote of confidence in the big US automaker, which is competing with other carmakers and technology companies to introduce autonomous cars globally. The investment from the SoftBank Vision Fund in the GM Cruise Holdings will be executed in two stages, with the first USD 900 million coming after the transaction is finalised and another USD 1.35 billion once GM vehicles are ready for commercialisation. GM has said it plans to commercialise its Cruise programme in 2019 through ridesharing. The announcement sparked a rally in GM shares, which jumped 11.5 per cent to USD 42.16 in pre-market trading. "Our Cruise and GM teams together have made tremendous progress over the last two years," said GM chief executive Mary Barra. "Teaming up with SoftBank adds an additional strong partner as we pursue our ...
Idea completes sale of 9,900 mobile towers to ATC for Rs 4,000 crore
Telecom operator Idea Cellular today said it has completed the sale of approximately 9,900 mobile towers to American Tower Corporation's Indian arm for Rs 4,000 crore. "...completion of sale of its (Idea) pan-India standalone tower business, by way of divesting its entire stake in ICISL, 100 per cent subsidiary of Idea, to ATC Telecom Infrastructure Private Limited. The transaction has been closed with an enterprise value of Rs 40 billion for approximately 9,900 standalone towers," Idea said in a statement. ATC has already completed acquisition of Vodafone India's mobile tower for Rs 3,850 crore, which added nearly 10,200 to its portfolio. "We are pleased to acquire this portfolio, which will complement our existing footprint and help us serve our tenants in India as they expand their 4G networks in the coming years," Amit Sharma, American Tower's EVP and President, Asia said. After closure of the deal, ATC pips BSNL to become second largest mobile tower company in the country. It now
India's Q4 GDP grows at 7.7%, touches 6.7% for entire 2017-18 (Roundup)
Showing signs of fully coming out of the shadows of demonetisation and Goods and Services Tax (GST), India's GDP for the fourth quarter of 2017-18 grew at 7.7 per cent, while for the full financial year 2017-18 it touched 6.7 per cent, official data showed here on Thursday.
Maersk Line to levy $60 surcharge on rising fuel costs
Maersk Line, which ferries the largest proportion of the country's container traffic, today said it will be levying a surcharge of around USD 60 per standard 20-foot container to cover for rising fuel costs. "We have introduced an emergency fuel surcharge. For any shipping line, fuel is one of the key components of variable costs. We have seen an increase in bunker price of around 20 per cent since the beginning of the year," the company's managing director for India, Sri Lanka and Bangaldesh, Steve Felder, told PTI today. He said the surcharge varies as per geographic corridors in which it operates, but put the figure at an average of USD 60 per standard 20-foot container (TEU). The levy sets in from tomorrow for all the customers, except the ones in the US, where it would be from July 1, he said. Felder said the company's current contracts with customers allow for such emergency surcharges and added that the trade also understands the difficulties faced by the ...