Page 3743 - Business Finance
Globally 70 pc staff work at least 1 day/week away from office: Study
As much as 70 per cent of employees across the world work at least one day in a week away from office, signalling a major shift in workspace landscape globally, according to IWG survey. According to a report by International Workplace Group (IWG) released today, "More than two-thirds of global employees work remotely every week, and over 50 per cent do so for at least half of the week, heralding a major reassessment of corporate real estate". The emergence of this mobile workforce has been driven by technological change, globalisation and changes in employee expectations, said IWG, which is the parent group of leading workspace companies including Regus and Spaces. Over 18,000 professionals from a range of different industries in 96 countries were surveyed in the IWG Flexible Working Survey.. The study found that every week 70 per cent of employees are working at least one day a week somewhere other than the office. More than half (53 per cent) work remotely for half of the week or ...
Suzlon Energy posts consolidated net loss at Rs 469 cr in Mar quarter
Suzlon Energy today reported a consolidated net loss of Rs 469.85 crore in the quarter ended March 2018 mainly due to lower income. The company posted Rs 588.75 crore consolidated net profit in the quarter ended March 2017, a Suzlon Energy statement said. According to the statement, the company's total income from operations was Rs 2,259.71 crore in March quarter down from Rs 5,023.84 crore year ago. The company's consolidated net loss in 2017-18 stood at Rs 384.01 crore while it had earned a profit of Rs 851.64 crore in the previous financial year. Besides, the board in its meeting also approved the proposal for issuance of redeemable non-convertible debentures/non-equity linked instruments in one or more tranches to an extent of Rs 900 crore on private placement basis for replacement of existing debt. The board also approved the proposal for issuance of equity shares/equity linked instruments to an extent of Rs 2,000 crore, subject to the approval of the shareholders at the ensuing .
CIS: Sebi bars G-Life India Developers from raising funds
Acting against illegal investment schemes, Sebi today barred GLife India Developers and Colonizers and its directors from raising funds from the public with immediate effect. The move comes after the regulator took suo moto notice of a newspaper article, wherein it was reported that fund mobilising activity was carried out by GLife India Developers under the garb of real estate business. The Securities and Exchange Board of India (Sebi) found that the company was raising money from investors through collective investment scheme (CIS) without obtaining requisite registration from the market regulator. As on March 2015, GLife India, prima facie, mobilised an amount of Rs 23.5 crore through schemes involving plots of land offered by it, the regulator said in an order. Sebi Whole Time Member G Mahalingam said the company failed to submit complete details sought by it. "I find no other alternative but to take recourse through an interim order against GLife India and its directors for ...
Sanction of IGST refund claims to help clear Rs 2,500-cr dues: Irani
Union Minister Smriti Irani today said sanctioning of pending IGST refunds will help clear dues worth Rs 2,500 crore to textiles and apparel exporters. "As vast majority of apparel units fall under MSME sector, sanction of pending IGST refund claims will invigorate the industry & give a much needed boost to exports," Irani said in a tweet. She said the sanction of pending IGST refund claims will help to clear outstanding IGST amount of approximately Rs 2,500 crore against textiles and apparel exports as enunciated by export promotion councils. "Interim solution is a big relief for exporters. Decision taken subsequent to our meeting with Export Promotion Councils on Sunday is testimony to the speed of governance & Government of India's commitment towards exponential growth of textiles sector," the Textiles Minister said. Representatives from Apparel Export Promotion Council had on Sunday raised issues related to blockage of GST refunds and delay in disbursal of Rebate on State .
Moody's upgrades Tata Steel UK Holdings' rating to B2 with stable outlook
Moody's Investors Service today said it has upgraded Tata Steel UK Holdings Ltd's corporate family rating from B3 to B2 with stable outlook. Meanwhile, Moody's affirmed Tata Steel Ltd's Ba3 corporate family rating and changed the rating outlook to positive from stable, the global rating agency said in a statement. "Today's rating actions reflect our expectation that the credit profiles of Tata Steel and TSUKH (Tata Steel UK Holdings Ltd) will continue to improve, with their respective strengthening credit metrics tracking our upgrade triggers," Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer said in a statement. The upgrade in TSUKH's corporate family rating to B2 reflects Moody's expectation that the steady improvement in the company's operating performance with EBITDA/tonne remaining positive for eight consecutive quarters since June 2016, will be sustained over the next 12 months. The positive outlook on Tata Steel's corporate family rating reflects the ...
Manpasand setting up Rs 150-cr manufacturing plant in Odisha
The beleaguered Manpasand Beverages is setting up a fruit juice manufacturing facility at Chhatabar Industrial Area, Khurdha in Odisha, at an investment of Rs 150 crore, a top executive said today. Odisha chief minister Naveen Patnaik performed ground breaking ceremony for the plant yesterday. "The new plants is a part of company's expansion plans which are on at full swing. This would be our ninth facility in the country, and will have a capacity of 50,000 cases per day," company's chairman and managing director Dhirendra Singh said, adding this plant will be the company's first facility in the eastern region. Of the four new plants being set up at an investment of Rs 600 crore, the first at Vadodara has already been commissioned, while the second one at Varanasi is expected to be functional soon, he said, adding, the construction work at the third plant is on at Sri City in Andhra Pradesh. He said the company has built a robust network of dealers and is well equipped ..
RCom plans $2.68 billion asset sale to Jio, Brookfield in next few weeks
NEW DELHI (Reuters) - India's Reliance Communications (RCom) said on Wednesday it expects to complete its asset sale to Reliance Jio Infocomm and Canada's Brookfield in coming weeks, after the bankruptcy appeals court halted insolvency proceedings against the debt-laden company.
Pradhan hails Kerala's decision to cut fuel price
Petroleum and Natural Gas Minister Dharmendra Pradhan on Wednesday welcomed Kerala government's decision of reducing the prices of petrol and diesel by Rs.1 in the state.Earlier today, Kerala Chief Minister Pinarayi Vijayan announced to reduce the prices of petrol and diesel by Rs.1 in the state.Speaking to ANI, Pradhan said, "Kerala did good by reducing the price. I welcome it. One must also note that Kerala is one of the highest tax-collecting states and when we appealed (for fuel price cut), their Finance Minister gave a negative statement, but now they took responsibility, I thank them for it."He further urged all states, whether governed by Bharatiya Janata Party (BJP) or opposition, to reduce fuel prices.Pradhan, however, noted that each state has different priorities and responsibilities.The petroleum minister also apologized for the Indian Oil Corporation (IOCL) faux pass and said, "It's a mistake by our official and we admit it but the issue has been blown out of ...
Monnet Ispat Q4 net loss widens to Rs 751 cr
Monnet Ispat and Energy Ltd today reported a loss of Rs 751 crore on standalone basis during the quarter ended March 2018. Its net loss stood at Rs 449.52 crore during January-March 2017, the company said in a BSE filing. The company's total income, however, increased to Rs 440.97 crore in the reported quarter compared to Rs 389 crore in the year-ago period. Shares of the company closed at Rs 17.08 on the BSE, down 4.95 per cent from their previous close.
Wall Street climbs as worries over Italy's politics ease
(Reuters) - U.S. stocks advanced on Wednesday, with gains in energy and banking shares aiding the recovery from a steep selloff in the previous session due to concerns over Italy's political crisis.
NXP Semiconductors inks pact with TCS
NXP Semiconductors today said it has signed an agreement with India's largest software services firm Tata Consultancy Services (TCS) to work on co-creating solutions for automotive, security and IoT industries. "NXP has partnered with TCS and has signed an MoU ...The MoU will see both NXP and TCS to identify and create unique solutions that will be co-created for the automotive, security and Internet of Things (IoT) industry," NXP said in a statement. A series of joint workshop at TCS innovation labs in India (Pune, Bangalore, Delhi) or in NXP Labs, involving the right SMEs and business leaders will be executed, it added. This pact is a great opportunity for two giants, NXP Semiconductors and TCS to collaborate and solve complex problems in high-technology areas, NXP India Country Manager Sanjay Gupta said. "It would also enable us to synergise our technical prowess and venture into several new and disruptive business domains that will support our customers more meaningfully," he ...
CG Power posts Q4 consolidated net loss at Rs 581 cr
CG Power and Industrial Solutions said its consolidated net loss increased by 31 per cent to Rs 581.82 crore in the quarter ended on March 2018 due to provision of exception items of Rs 414.84 crore. The exceptional items for the quarter and year include litigation claims, a set of write offs in relation to inventories and other receivables, the company statement said adding that in all such instances, the management believes that recoveries are uncertain. The company's consolidated net loss was Rs 444 crore in the quarter ended on March 31, 2017. Total consolidated income of the company stood at Rs 1,792.56 crore in the March quarter up from Rs 1,650.88 crore a year ago. The consolidated net loss in 2017-18 is Rs 1,165.90 crore compared to Rs 490.63 crore in the previous financial year. Total income in the fiscal increased to Rs 6,327.07 crore from Rs 5,991.16 crore in 2016-17.
Use of behavioural insights may help educate investors: Report
Financial regulators, public authorities and other organisations are increasingly using behavioural insights to educate investors to make more informed financial decisions, according to a joint report by IOSCO and OECD. The accelerated growth of new and innovative technologies, an excessive amount of available financial information, and increasingly sophisticated financial products make it difficult for retail investors to navigate today's complex financial markets. Many organisations offer education and financial literacy programmes, but investors often fail to make rational financial choices because of their own cognitive, social and psychological biases -- all of which can act as barriers to sound financial decision making. These findings were made by International Organisation of Securities Commissions (IOSCO) and Organisation for Economic Co-operation and Development (OECD) report. The report examined how findings from behavioural sciences can be used to develop investor ...
Allergan plans sales of women's health, infectious disease units
NEW YORK (Reuters) - Drugmaker Allergan Plc plans to sell off its women's health and infectious disease businesses as Chief Executive Brent Saunders works to end the steep slide in its share price over the last year.
OPEC, non-OPEC sticking to oil pact but may raise output if needed: Gulf source
DUBAI (Reuters) - Saudi Arabia, other OPEC states and non-OPEC allies aim to stick to a global pact on cutting oil supplies until the end of 2018 but are ready to make gradual adjustments to offset any supply shortage, a Gulf source familiar with Saudi thinking said.
NCLAT allows RCOM to sell assets to Jio, Brookfield
The National Company Law Appellate Tribunal on Wednesday allowed Reliance Communications (RCOM) to proceed with asset sales to Reliance Jio and Brookfield, for an aggregate value of Rs 18,100 crore.
Ruchi Soya lenders' meet postponed
Lenders' meet to discuss bids submitted by Patanjali Ayurveda and Adani group to acquire bankruptcy-hit Ruchi Soya was postponed today in view of PSU banks' strike. A Committee of Creditors (CoC) was called today to discuss the bids of these two companies. Haridwar-based Patanjali has revised its bids upwards to about Rs 4,300 crore, which is around 30 per cent higher than the Adani's offer. Patanjali has also assured the lenders that it would invest extra capital required to revive the company. Sources said that the CoC meet was postponed and lenders will meet soon to discuss the resolution plan of Ruchi Soya. Apart from Patanjali and Adani, the other companies which have shown interest in acquiring Ruchi Soya are Wilmar, Emami Agrotech and Godrej Agrovet. Patanjali Ayurveda already has a tie-up with the Indore-based Ruchi Soya for edible oil refining and packaging. Ruchi Soya, facing the insolvency proceedings, has a total debt of about Rs 12,000 crore. The company has many ...
Need to harness technology to make payments system 100 pc accurate: RBI Dy Guv
RBI Deputy Governor B P Kanungo has made a strong case for harnessing technology to make payments system 100 per cent accurate and ensure customers are not put off due to transaction failures. Speaking at NPCI National Payments Excellence Awards function here yesterday, the Deputy Governor, however said that India's payment systems are among the best in the world. Observing that the RBI gets many complaints related to failure of transactions, Kanungo said that in India, when new users are being initiated into digital financial transactions, if their early experience is less than wholesome, "they are put off, and fall back on non-digital means". So, it is imperative that the technology is harnessed to prevent failures. "Payment systems must ensure 100 per cent accuracy," he said. He further said that while an elaborate machinery is in place for redressing banking-related customer complaints, the same cannot be said about redressal of complaints in the digital space and needs to be put .
REC looks to up renewable energy exposure to 4-5% by 2022
State-run Rural Electrification Corporation (REC) is targeting to increase the exposure to the renewable energy segment in its total loan book to 4-5 per cent by 2022, a top company official said. As of March 31, 2018, its total outstanding loan book stood at Rs 2.39 lakh crore, out of which only one per cent, or Rs 3,418 crore, was towards renewable energy. "Since FY15, the share of renewable energy in the total loan book has been one per cent. However, considering the amount of works undertaken in the renewable energy segment, we believe the contribution towards this sector will increase to nearly 4-5 per cent of our total loan book by 2022," company's chairman and managing director PV Ramesh told reporters here today. While nearly 45 per cent of the firm's loan book is for generation, 33 per cent is for distribution, 19 per cent for transmission and two per cent towards short-term loans. The government has already set a target to produce 175 GW of power from renewable
ESSL puts bidding for 10k e-ears on hold; waiting for new norms
State-owned Energy Efficiency Services (EESL) has put on hold its second round of bidding for procuring another 10,000 electric car for which it had floated tender in March this year. "We have put on hold the tender for another 10,000 electric cars for which bids were invited in March this year because Heavy Industries Ministry is in the process of firming up specification for charging infrastructure," EESL Managing Director Saurabh Kumar told PTI. He further said as soon as the ministry comes out with the new specification, we would go for the bidding to procure another 10,000 e-cars. Denying certain media reports that the auction is pushed forward by almost a year till March 2019, he said that the successful bidders will start delivery of cars within six weeks after the auction is concluded and thus the procurement of another 10000 e-cars would not be delayed by a year. He further told that the process to procure 10,000 electric cars under first tender is going on, under which ...