Page 3745 - Business Finance
Tesla hints at 'challenging regulations' for not being able to enter India
US-based electric car major Tesla today alluded to a challenging environment for not being able to enter India, a market which it would love to be in, according to company's Chief Executive Elon Musk. "Would love to be in India. Some challenging government regulations, unfortunately. Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should," Musk tweeted in a reply to a query about the automaker's absence from the Indian market. The Indian government had last year said it plans to have 100 per cent electric vehicles in public transport and 40 per cent in personal mobility by 2030. However, earlier this year it changed its stance and decided against formulating an electric vehicle (EV) policy saying technology should not be trapped by rules and regulations. Various automakers have sought clarity in policy for electric vehicles in India to formulate their plans in the segment. Musk in a tweet last year had also hinted that Tesla may have to put its ...
Moody's cuts India's projected growth rate for 2018
Moody's Investors Service, a credit rating firm on Wednesday estimated a 7.3 per cent growth in Indian Gross Domestic Product (GDP) for the year 2018, thereby cutting it down from a previously projected 7.5 per cent.In its May update of the Global Macro Outlook: 2018-19, Moody's cited higher oil prices and tighter financial conditions as the primary barrier to the growth rate."The Indian economy is in cyclical recovery led by both investment and consumption. However, higher oil prices and tighter financial conditions will weigh on the pace of acceleration. We expect GDP growth of about 7.3% in 2018, down from our previous forecast of 7.5%. Our growth expectation for 2019 remains unchanged at 7.5%," the research claimed.It also highlighted an acceleration in rural consumption, higher minimum support prices and a normal monsoon to stabilize growth on the domestic front."The private investment cycle will continue to make a gradual recovery, as twin balance-sheet issues - impaired assets .
Delhi to have its own start-up policy
The Delhi government is taking steps to draft a start-up policy to encourage and foster the growth of entrepreneurship in the national capital, an official said on Wednesday.
Power Grid to offer up to 20% of tower assets to telecom firms
With an aim to leverage its tower infrastructure, state-run Power Grid Corporation of India (PGCIL) is planning to offer at least 10-20 per cent of its 1.5 lakh tower assets to telecom operators. The company has already approached the Central Electricity Regulatory Commission (CERC) for approval on the same, PGCIL chairman and managing director IS Jha told reporters here today. "We have 1.5 lakh towers across the country. We wanted to use them for the telecom business where we can give it to telecom operators. It will be a good source of income for us," he said. Jha further said since the government has emphasised on reducing consumption of diesel to reduce pollution, the telecom operators will have a good option in our towers. Telecom regulator Trai has recommended 40 per cent reduction in carbon emission in the telecom network by 2022-23, with base year being 2011-12. The regulator has also suggested that the government should pass all the benefits granted under ...
Railway's conducts workshop to find ways to increase speed of trains
The Railways today conducted a one-day workshop 'Mission Raftaar' in which officials discussed ways to increase the average speed of freight and passenger trains, a statement from the ministry said. Minister of State for Railways Rajen Gohain and Railway Board chairman Ashwani Lohani inaugurated the workshop. "This workshop is an exercise with the top management of the railways to brainstorm about increase in speed of freight and passenger trains," Railway and Coal Minister Piyush Goyal said. Issues such as "punctuality, rolling stock, removing bottlenecks in terms of traffic, elimination of unmanned level crossings were discussed" at the workshop, he said. It was attended by members of the board, zonal railway general managers and senior officers. Goyal also stated that coal loading was the highest at 555 million tonnes in 2017-18. In last three months there has been increase of 18.7 per cent in coal loading, he said. "The ministries of railways and coal are coordinating well... To .
IL&FS Engineering Q4 net profit slumps to Rs 3.51 cr
IL&FS Engineering & Construction Company today said its standalone net profit declined to Rs 3.51 crore in the fourth quarter ended March 31, 2018. The company had clocked a net profit of Rs 155.88 crore in the year-ago quarter, it said in a BSE filing. During the January-March quarter, IL&FS Engineering & Construction's income from operations also fell to Rs 622.51 crore from Rs 659.27 crore in the same period previous fiscal. Its total expenses stood at Rs 685.15 crore, higher from Rs 617.92 crore in March quarter of the preceding fiscal. Shares of the company ended 1.11 per cent down at Rs 31.15 apiece on BSE.
Rajesh Exports Q4 net profit up 11 pc at Rs 369 cr
Rajesh Exports, the world's largest gold refiner, today posted a 11.17 per cent jump in its consolidated net profit at Rs 369.2 crore during the fourth quarter of 2017-18 fiscal. Its net profit stood at Rs 332.1 crore in the same quarter of the previous fiscal, the company said in a regulatory filing. Net sales declined to Rs 43,841.8 crore during January-March quarter of the 2017-18 fiscal from Rs 54,270 crore in the year-ago period. Its order book position as on March 31, 2018 stood at Rs 64,561.4 crore. The company said it is in the final stages of setting up a world class gold refinery at its Bengaluru manufacturing facility. The company's refining capacity has increased to 2,400 tonnes of precious metals per annum after the acquisition of Valcambi, the world's largest gold refinery at Switzerland. Shares of the company fell by 1.72 per cent to settle at Rs 615.95 apiece on the BSE today.
Coca-Cola Co's Africa distributor to invest $100 million in Kenya over next five years
NAIROBI (Reuters) - Coca-Cola Beverages Africa (CCBA), the continent's largest soft drinks bottler, said on Wednesday it would invest $100 million in Kenya over the next five years to improve infrastructure and launch new products.
Oil rises to $76 as tight current supply in focus
LONDON (Reuters) - Oil climbed to $76 a barrel on Wednesday, supported by tight supplies despite expectations OPEC and its allies will pump more in the second half of 2018 and helped by forecasts U.S. inventories fell.
Madhya Pradesh sees 22% rise in flyers to 33 lakh in FY18
Madhya Pradesh has witnessed a 22 per cent increase in the number of flyers to 32.96 lakh during the last financial year. The five airports in the state - Indore, Bhopal, Jabalpur, Khajuraho and Gwalior - have flown 32.96 lakh passengers in FY18, against 27.05 lakh in FY17, a latest Airports Authority of India (AAI) data showed. However, none of these airports have international flight operations. "The number of people taking flights has been increasing steadily in Madhya Pradesh. However, the airlines are still gauzing the situation to start international flights from the state," Travel Agents Association of India's Madhya Pradesh-Chhattisgarh unit secretary Hemendra Singh Jadaun told PTI today. He suggested the flights to Singapore and Dubai can be started from Indore, adding, "Both the cities have special importance on the global tourism map. There are direct flights to many countries from these cities. The airlines will also get benefit of this crucial global ...
Torrent Pharma Q4 net up 11 pc at Rs 228 cr
Torrent Pharmaceuticals today posted 11 per cent increase in consolidated net profit at Rs 228 crore for the fourth quarter ended March 2018, driven by robust sales in domestic market. The company had reported a net profit of Rs 206 crore during the same period last year. Revenues for the fourth quarter rose to Rs 1,722 crore, as compared with Rs 1,434 crore in the January March period of 2016-17, Torrent Pharmaceuticals said in a regulatory filing. For the year ended March 31, 2018, the company posted a net profit of Rs 678 crore, down 27 per cent from Rs 934 crore in 2016-17. Revenues during the year, however, rose by 2 per cent to Rs 6,002 crore, compared with Rs 5,857 crore in 2016-17. During the year ended March 31, 2018, the company said its revenues in the domestic market grew by 19 per cent to Rs 2,351 crore, as against Rs 1,976 crore in 2016-17. In the US market, the company said its revenues declined to 1,100 crore in 2017-18 as compared with Rs 1,346 crore in 2016-17. The ..
NCLAT adjourns hearing on NuMetal, ArcelorMittal pleas till July 2
The National Company Law Appellate Tribunal (NCLAT) today adjourned till July 2 the hearing over the appeals filed by Essar Steel resolution applicants NuMetal and Arcelor Mittal. A two-member bench headed by Chairman Justice S J Mukhopadhaya today started the hearing. However, the matter remained part-heard due to paucity of time. The appellate tribunal has directed to list the matter on July 2 for the next hearing as it is closing for a month for summer vacation. The matter was listed today for early hearing after the lenders of debt-ridden Essar Steel has petitioned requesting an early hearing on account of loss of money because of delays. Earlier, it was scheduled for hearing on July 23. On May 22, the NCLAT had ordered status quo on insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility. State Bank of India (SBI) filed the petition in NCLAT on behalf of the committee of creditors (CoC) of Essar Steel seeking the
Have got LoI from Binani lenders to acquire it, says UltraTech
The lenders of Binani Cement have issued letter of intent to UltraTech after approving its bid to acquire the company under the bankruptcy code, Aditya Birla group firm said today. The Committee of Creditors (CoC) of Binani Cement on May 28 approved the resolution Plan submitted by UltraTech Cement, it said in a regulatory filing. The company said that the CoC "has today issued a letter of intent to the Company for acquisition of Binani Cement". According to sources, the CoC of Binani Cement had voted in favour of UltraTech Cement's Rs 7,960-crore offer. The race to acquire Binani was bitterly contested between two resolution applicants - UltraTech and Dalmia Bharat group. The CoC had earlier approved the bid of Dalmia Bharat Group. However, the Kolkata Bench of the National Company Law Tribunal had turned it down asking to consider UltraTech offer, which was higher. According to UltraTech, the "acquisition provides the company access to large reserves of high quality limestone." It ..
McGraw-Hill picks up Crisil shares worth Rs 117 cr
McGraw-Hill Asian Holdings today picked up 6.32 lakh shares of rating agency Crisil Ltd for an estimated Rs 117 crore through an open market transaction. According to bulk deal data available with the National Stock Exchange (NSE), McGraw-Hill Asian Holdings (Singapore) Pte Ltd purchased 6,32,670 shares, representing 0.88 per cent stake of the rating agency. The scrips were bought at Rs 1849.66 apiece, valuing the transaction at Rs 117.02 crore, the data showed. Meanwhile, Sundaram Mutual Fund offloaded 5,12,914 shares of the rating agency for Rs 95 crore. Crisil, Sebi-registered credit rating agency, is majority owned by S&P Global Inc. Shares of Crisil surged by 12.76 per cent to close at Rs 1,899.80 on the NSE.
ONGC fourth-quarter profit up 36 percent, misses estimates
(Reuters) - India's top explorer Oil and Natural Gas Corp posted a 36 percent rise in fourth-quarter profit on Wednesday, but missed analysts' expectations.
AirAsia India Director denies wrongdoing
AirAsia India Director R. Venkataramanan, who has been accused among other things of violating FDI norms in giving effective management to a foreign entity through FIPB clearance in 2013, has denied the charges.
McLeod Russel plans share buyback, to hive-off some tea
Bulk tea major McLeod Russel (India) Ltd today decided to hive off some of its tea estates and decided to buyback shares at a price not exceeding Rs 210 per share upto an aggregate outgo of Rs 100 crore. The company in the regulatory filing said that indicative maximum number of shares that would be bought back is 47,61,904 shares or 4.35 per cent of the equity shares of the company. Further details of the buy back will be announced soon, the company said. The company claimed that there was need to rationalise its own tea production as it is disproportionate compared to the share of leaves bought from small gardens and production by step-down overseas subsidiaries. The company produces 67 million kgs of tea. The company said it has set up a committee to identify certain tea estates that would be hived off. The sale proceeds would be used for repay its debt. According to reports, at least five tea estates would be sold and dialouge was already on. McLeod Russel today ...
Railways plan to increase speed of rail travel
Railway Minister Piyush Goyal on Wednesday said that the Indian Railways are working on a mission to add electrification to increase the speed of rail travel and reduce the impact on the environment."We are making rapid strides in our efforts to double and expand capacity on busy rail routes and working on a mission mode to add electrification both to increase the speed of rail travel and reduce the impact on the environment," Goyal said while addressing a press conference in Delhi.Further speaking on the holistic plan, Goyal stated that the Indian Railways is working to improve the efficiency both for passengers and financial operators."We have had a very engaging set of discussion during the day where several subjects have been taken up like to improve punctuality of trains and safety issues. We are working on a holistic plan to unlock the true potential of Railways and improve the efficiency both for passengers and financial operators," the Railway Minister added.
NCLAT allows Vedanta to make upfront payment of Rs 5,320 cr for Electrosteel
The National Company Law Appellate Tribunal (NCLAT) today allowed Vedanta Ltd to make an upfront payment of Rs 5,320 crore to lenders for acquiring Electrosteel Steels. A two-member bench also said this payment would be subject to the outcome of the petition filed by Renaissance Steel challenging Vedanta's bid. "During the pendency, the parties may act as far the approved resolution plan and the resolution applicant may deposit the upfront amount to Committee of Creditors subject to the order of the appeal," said the NCLAT bench headed by Chairman Justice S J Mukhopadhaya. The bench also clarified that if Renaissance Steel wins the case, then the Committee of Creditors (CoC) will have to return the money to Vedanta. The appellate tribunal also reserved its order over Renaissance Steel's petition. In a regulatory filing, Vedanta Ltd said NCLAT "has allowed Vedanta Limited to acquire Electrosteel Steels Limited (ESL) by depositing the upfront payment to the Committee of Creditors". On ..
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