Page 3765 - Business Finance
Citigroup won't use high deposit rates to win digital accounts: exec
NEW YORK (Reuters) - Citigroup Inc does not plan to use high deposit rates to attract customers to its new digital bank accounts when it begins marketing this fall, the chief of its global consumer bank said on Tuesday.
Fortis to initiate fresh bidding process
Fortis Healthcare's (FHL) Board has decided to initiate a fresh round of bidding after the consortium of Hero Enterprise Investment Office-Burman Family Office gave its consent to reopen the bidding process.
HCL Infosystems Q4 net loss widens to Rs 241 cr
IT company HCL Infosystems today reported widening of consolidated net loss to Rs 241 crore in the quarter ended March 2018. The company had posted a net loss of Rs 124.11 crore in the same period a year ago. "Gross margin dropped in the fourth quarter of financial year 2018 due to supply mismatch of new products launched and lower demand of new models," HCL Infosystems said in a statement. The total income of HCL Infosystems increased by over 50 per cent to Rs 1,108.9 crore in the last quarter of 2017-18 compared to Rs 738.5 crore it posted in the corresponding quarter of the previous fiscal. For the year ended March 2018, the consolidated net loss of HCL Infosystems more than tripled to Rs 813.76 crore from Rs 247.67 crore it posted at the end of 2016-17. The consolidated total income of the company at the end of 2017-18 was up by 11 per cent to Rs 3,742.03 crore compared to Rs 3,371.19 crore posted a year ago. "The highlight of the year was the robust performance of our ...
Bayer wins U.S. approval for Monsanto deal
FRANKFURT/WASHINGTON (Reuters) - Bayer won U.S. antitrust approval for its planned takeover of Monsanto on condition that it sells about $9 billion in assets, the Justice Department said on Tuesday, clearing a major hurdle for the $62.5 billion deal.
M&M's Q4 standalone net profit up more than 70%
Mahindra and Mahindra on Tuesday reported a rise of more than 70 per cent in its standalone net profit for the fourth quarter of 2017-18.
Singapore Exchange postpones launch of Indian derivatives products
MUMBAI (Reuters) - The Singapore Exchange (SGX) has postponed the launch of a set of India derivatives products after an Indian court on Tuesday referred a dispute around the proposed offerings to an arbitrator.
Bombay HC appoints arbitrator in NSE-SGX dispute
The Bombay High Court today appointed an arbitrator in a dispute between the National Stock Exchange (NSE) and the Singapore Exchange Ltd (SGX) over the latter's decision to launch nifty-based derivatives. A vacation bench of Justice S J Kathawalla appointed Justice S J Vazifdar, retired Chief Justice of Punjab and Haryana High Court, as the arbitrator to hear this case. Justice Kathawalla also asked the arbitrator to try to complete the hearing by June 16. In the order passed privately in chambers, the bench also restrained SGX from launching the new derivatives till the matter is decided by the arbitrator. The NSE had approached the high court through senior lawyer Abhishek Manu Singhvi, seeking an injunction against SGX. Arguing that it had an intellectual property right over the nifty benchmark, NSE sought that the SGX be restrained from going ahead with the launch scheduled for June 4. In February, the three Indian stock exchanges---the Bombay Stock Exchange, the NSE and the ...
Swaraj meets Netherlands Queen, discusses financial inclusion in India
External Affairs Minister Sushma Swaraj today held a meeting with Queen Maxima of the Netherlands during which the two leaders discussed growing financial inclusion in India. Queen Maxima, who is the wife of King Willem-Alexander of the Netherlands, is visiting India in her capacity as the UN Secretary-General's special advocate for inclusive finance for development. Yesterday, Queen Maxima met Prime Minister Narendra Modi and discussed financial inclusion and global development finance. EAM @SushmaSwaraj met with Queen Maxima of the Netherlands who is also a Special Advocate of the UN Secretary General for Inclusive Finance for Development. Leaders talked about growing financial inclusion in India, Ministry of External Affairs spokesperson Raveesh Kumar tweeted.
MMTC posts Q4 net profit at Rs 12.82 cr
State-owned MMTC Limited today reported a standalone net profit of Rs 12.82 crore for the quarter ended March 2018. The company had posted a net loss of Rs 20.82 crore in the same period of the last fiscal, MMTC said in a BSE filing. Total income for January-March 2018 period stood at Rs 3,110.71 crore, higher than the Rs 2,545.37 crore in the corresponding period of the last fiscal, it added. For the full 2017-18 fiscal, MMTC posted a consolidated net profit of Rs 37.52 crore compared to a net loss of Rs 29.76 crore in the previous fiscal. Total income, on consolidated basis, stood at Rs 16,496.67 crore in 2017-18, up from Rs 11,871.83 crore in the previous financial year. The company's board has recommended a dividend of Re 0.30 per share for year ended March 31, 2018 on equity share capital as on March 31, 2018 which works out to Re 0.20 per share post bonus share allotted on May 7, 2018, the filing said.
Indian CFOs see rise in spend on travel, entertainment: Report
A significant number of senior Indian finance executives expect increase in spending on travel and entertainment this year and are likely to invest in improving administrative process efficiencies to help meet their business priorities, a survey said today. According to the Global Business & Spending Outlook Survey -- conducted on 870 participants -- commissioned by American Express, 37 per cent of the CFOs surveyed said they are likely to spend more on travel and entertainment (T&E) in 2018 as compared to last year. Besides, 50 per cent of CFOs surveyed maintained that they are likely to keep the spending same as last year. The survey conducted by Institutional Investor Thought Leadership Studio mapped the CFOs outlook for January-December 2018. Senior financial executives in India also plan to increase their companies' workforce in the year ahead, with 97 per cent of survey respondents anticipating an uptick in their companies' headcount in the coming year. In an effort to ..
Indian banks ask exporters to close Iran deals due to sanctions
NEW DELHI (Reuters) - Two Indian banks have asked exporters to complete their financial transactions with Iran by August in response to the threat of new U.S. sanctions, according to the country's main exporters' organisation and bank letters seen by Reuters.
Over 4,400 structures demolished during anti-encroachment drive: DDA
At least 4,411 structures, both temporary and permanent, were demolished by authorities in various parts of the national capital in the last one month as part an anti-encroachment drive, the DDA said today. The actions were taken based on the recommendations of a Special Task Force (STF), which has DDA vice-chairman, secretary to Lt Governor of Delhi, and commissioners of the three municipal corporations, among others as members. A maximum of 3,354 structures were demolished or removed in east zone, 476 in south zone, 237 in north zone between April 27 and May 29, the DDA said in a statement, adding 344 structures were also demolished in areas falling under the New Delhi Municipal Council. Roads spanning 296 km were also cleared of encroachment during the drive. Land measuring 1,66,889 sqm was also reclaimed during the drive, it said. The North Delhi Municipal Corporation, in a statement, said in the last 30 days, it has cleared 47,961 sqm area of encroachment which were of permanent .
Worsening Italian crisis batters stock markets, euro
NEW YORK (Reuters) - A spiralling Italian political crisis provoked a global stock market selloff on Tuesday, cut the euro cut to an 11-month low and spiked short-term borrowing costs for the government in Rome.
J M Financial Credit Solutions raises Rs 750 cr via NCDs
Non-bank lender J M Financial Credit Solutions today said it has raised Rs 750 crore through an NCD issue, which was oversubscribed by 2.23 times. As against the original target of Rs 750 crore, including the Rs 450 crore greenshoe option, the city-based company got commitments of Rs 1,676 crore, it said in a statement. Retail and high net individuals alone accounted for Rs 1,473 crore of the subscriptions, the company statement said. Company chief executive Shashwat Belapurkar said the fund raising by the wholesale focused NBFC is a testimony to the changes in the real estate landscape and will help deepen the debt markets. In a note yesterday, domestic ratings agency Icra had said that it expects retail bond issuances by NBFCs to go up by four times to Rs 20,000 crore tighter liquidity conditions and rising bond yields. "The oversubscription of over 3.6 times in the Retail Investors category justifies our higher proportion of 30 per cent allocation ratio to Retail ...
Special status to Bihar will act as a catalyst: Nitish Kumar
Bihar Chief Minister Nitish Kumar today asserted that grant of "Special Category" status to the state would "act as a catalyst for private investment" and would boost employment generation. In a two-page note posted on his official twitter handle, Kumar said the demand for special status to Bihar has been repeatedly raised as "it will enhance the availability of resources by lowering the state's contribution in centrally sponsored schemes, improve access to external resources." This will act as a catalyst for private investment based on tax breaks and concessions and act as a spur to employment generation and improve life quality, he said. "Bihar is a land-locked state and categories of land-locked and least developed states are internationally eligible for special and differential treatment. In this context, the 15th Finance Commission must locate the resource gaps and support backward states like Bihar in their efforts to catch up with the developed states", he ...
Vivo strengthens play in India's premium smartphone market
Chinese handset maker Vivo today said it will operate across various price points with focus on mid and premium devices in the hyper-competitive Indian smartphone market. Vivo, which competes with the likes of Samsung, Xiaomi and Oppo in India, today launched its latest flagship device -- Vivo X21 -- featuring in-display fingerprint scanning technology. "India is a strategic market and we have our eyes set here... We want to be present across price points, be it Rs 10,000-20,000 or the premium category (Rs 30,000 and above). We have expanded our presence in retail and strengthened after sales to ensure good customer experience," Vivo India Director (Brand Strategy) Nipun Marya said. He added that the company will not introduce too many devices in the sub-Rs 10,000 category. Marya said features like in-display fingerprint scanning and AI-powered camera will help the company differentiate its products in the premium segment. The premium category is estimated to account for less than 10 .
NSE says SGX barred by court from launching India product
The National Stock Exchange (NSE) today said the Bombay High Court has barred SGX from launching any India derivative contracts and directed settlement of the matter through arbitration to which the Singapore bourse has agreed. The court today heard the matter with regard to a dispute between the NSE and the Singapore Exchange (SGX) over the latter's plan to launch Nifty-based products beginning this June. "The petition was heard by the Bombay High Court on May 29, 2018 when the Bombay High Court reaffirmed the injunction granted on May 21, 2018 and after hearing both parties, ordered that SGX will not launch new derivatives contracts as per its circular dated April 11, 2018," the NSE said in a statement. "The matter has now been referred to arbitration," it said adding that SGX has consented to these directions of the court. According to sources, the NSE feels the proposed products of SGX in substance are identical to the existing SGX Nifty Futures except for the name change. The ...
Job-seekers cautioned of fraudulent ads on AAI
Airports Authority of India today cautioned job-aspirants not to be misled by fraudulent recruitment advertisements given by forging the name or logo of AAI. The Director of Calicut International airport, K Srinivasa Rao, said some persons have been trying to cheat job-seekers by hodling out false promises and asking for personal and financial information and payment to get jobs. Some websites have been claiming that there are vacant posts in the AAI, he said, adding that no websites or agencies have been authorised to advertise for posts. All vacancies and recruitments in AAI are notified only on its official website, Employment News and Rozkar Samachar and in leading newspapers, he said. Rao said AAI was not responsible in any way for any loss and or damage caused by the action of such unscrupulous elements.
China's industrial policies like 'Made in China 2025' plan harm companies in US: WH
China's industrial policies like 'Made in China 2025' plan harm companies in the US and around the world, the White House said today and asserted that US President Donald Trump is confronting the Communist giant's "unfair trade policies". For many years, China has pursued industrial policies and unfair trade practicesincluding dumping, discriminatory non-tariff barriers, forced technology transfer, over capacity, and industrial subsidiesthat champion Chinese firms and make it impossible for many US firms to compete on a level playing field, the White House said. China's industrial policies, such as its 'Made in China 2025' plan, harm companies in the US and around the world, the White House said and alleged that China imposes much higher tariffs on US exports than America imposes on China. Noting that China's average tariff rate is nearly three times higher than the average US rate, the White House said certain products are even more imbalanced, for instance the US charges a 2.5 per ..
BPCL posts Q4 standalone net up 45 pc at Rs 2,673 cr
State-run Bharat Petroleum Corporation Limited (BPCL) today said its standalone net profit increased 45 per cent to Rs 2,673.64 crore for the quarter ended March 2018. This is against a net profit of Rs 1,841.68 crore in the year-ago period, BPCL said in a BSE filing. The company's total income on standalone basis was up 15.3 per cent to Rs 76,899.89 crore for the quarter under review as against Rs 66,685.61 crore in the year-ago period, it added. BPCL said its consolidated net profit has grown by 2.99 per cent to Rs 9,791.91 crore in 2017-18, while total income rose higher by 14.4 per cent to Rs 2,81,095.42 crore as compared to the previous fiscal. The company's board has recommended a final dividend of Rs 7 per equity share for the financial year ended March 31, 2018.