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Page 3867 - Business Finance

Fortis investors oust fourth director

(Reuters) - Investors in India's Fortis Healthcare Ltd voted out a fourth director from the hospital operator's board, it said on Wednesday, expressing displeasure over the company's handling of offers of investment.

Updated On : 23 May 2018 | 2:30 PM IST

Fortis shareholders vote out Brian Tempest from Board

Fortis Healthcare today said its shareholders have voted in favour of removal of Brian Tempest from the Board of Directors in the company's extraordinary general meeting (EGM) held yesterday. Tempest is among the four directors of cash-strapped healthcare chain whose removals were sought by two institutional investors. Three directors - Harpal Singh, Sabina Vaisoha and Tejinder Singh Shergill- had already resigned before the EGM. The development has cast a shadow over the ongoing attempt to sell Fortis as these four directors were among the five who had voted in favour of Munjals-Burmans' Rs 1,800 crore bid for the healthcare firm. The board of Fortis on May 10 in a 5-3 decision opted to go with the offer from Munjals-Burmans combine. In a regulatory filing, Fortis said the resolution for removal of Tempest as director of the company was passed with requisite majority with 87.91 per cent votes in favour. Tempest has been a long time associate of the erstwhile promoters of Fortis ...

Updated On : 23 May 2018 | 2:30 PM IST

Govt should review taxes on petrol, diesel: HPCL chairman

There is a need to review taxation on petrol and diesel to provide relief to consumers after rates touched an all-time high, HPCL Chairman and Managing Director Mukesh Kumar Surana said today. One trigger after another has led to the 10th consecutive day of increase in retail selling price of petrol and diesel, but there is no case for going back on benchmarking domestic rates against international prices, he said. Surana said he was not aware of any meeting called by Oil Minister Dharmendra Pradhan or anyone else in the government to discuss the rising prices. More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs. Petrol costs Rs 76.17 per litre in Delhi while diesel sells for Rs 68.34. In the last nine days, petrol price has risen by Rs 2.54 a litre and diesel by Rs 2.41. "We should find methods to handle (such) situation from time to time," he told reporters here. Oil ...

Updated On : 23 May 2018 | 2:25 PM IST

Malaysian PM cuts Cabinet salary

Malaysian Prime Minister Mahathir Mohamad on Wednesday announced a 10 per cent pay cut for ministers in his Cabinet in a bid to control spending as the new government deals with high-level debt exceeding more than $251.5 billion.

Updated On : 23 May 2018 | 2:15 PM IST

PE investments in retail real estate touch Rs 5,500 cr since 2015: JLL

Private equity investments in retail real estate segment have touched around Rs 5,500 crore since 2015 on increased interest for superior quality shopping malls, according to property consultant JLL India. Increased investments would boost supply of retail space and it is estimated that about 90 shopping malls would come into the market by 2022 at major cities, it added. "The Indian retail sector has attracted a cumulative of Rs 5,500 crore between 2015 and Q1 2018. Close to Rs 1,000 crore has been invested in the sector in Q1 2018 making it one of the best quarters for the sector in recent times," JLL said in the report Indian Retail: Stepping up the Game. Private equity investments in retail properties stood at Rs 800 crore in 2015, Rs 3,000 crore in 2016 and Rs 700 crore last calendar year, the report said. In 2018 so far, JLL reported two major deals in this segment -- Phoenix, CPPIB bought L&T land for Rs 650 crore in Bangalore, while Blackstone bought 85 per cent stake in .

Updated On : 23 May 2018 | 2:15 PM IST

SAM advises Monsanto on securing CCI approval Bayer AG

Shardul Amarchand Mangaldas & Co. (SAM & Co.) advised Monsanto Company on securing Competition Commission of India (CCI) approval for the USD 63 billion global acquisition of Monsanto by Bayer AG. The agreement relating to the transaction was entered into on 14 September, 2016. Post the due approvals, Monsanto shall become a subsidiary of Bayer.The Competition Law Practice of Shardul Amarchand Mangaldas advised on the matter. The Competition Law team provided strategic advice to Monsanto and assisted Bayer in filing the Form II notification (long form notification) with the CCI, responding to information requests.Given the importance of the agricultural sector in India and the CCI's focus on the same, the Firm assisted Monsanto in addressing concerns of the CCI through multiple discussions, and in offering modification to the transaction by way of divestitures and behavioural remedies required by the CCI.The Competition Law practice team was led by Mr. Naval Chopra, Partner; ..

Updated On : 23 May 2018 | 2:15 PM IST

Euro zone economy slowdown sharper than expected in May - PMI

Euro zone economic growth slowed much more sharply than expected this month, a business survey showed, which along with weaker inflation suggests a stiffer policy challenge for the European Central Bank ahead.

Updated On : 23 May 2018 | 2:10 PM IST

NMDC, NLC to ink MoU with Aussie firm ECT for R&D project

: NMDC and NLC India Limited may sign an MoU with Australia-based Environmental Clean Technologies Limited for setting up an R&D facility involving an investment of AUD 35 million (USD 26.29 million) in Tamil Nadu, on May 30 in Canberra. According to a regulatory filing by the Aussie company, the R&D facility will focus on development of innovative technologies in iron and steel making and a Special Purpose Vehicle (SPV) will be created upon completion of the R&D phase of the project if the results are encouraging for setting up a steel manufacturing unit. ECT will have 49 per cent, NLC (formerly Neyveli Lignite Corporation) 25.5 per cent and NMDC 25.5 per cent in the proposed SPV, a senior official of NMDC had earlier told PTI. "The company (ECT) announced last Thursday (May 17) that the signing ceremony for its Indian project was scheduled for for Thursday (May 24) in Canberra. The date has subsequently been rescheduled for Wednesday (May 30)," ECT said ..

Updated On : 23 May 2018 | 2:10 PM IST

MRPL, HPCL merger in FY'19 : Surana

HPCL is keen to takeover Mangalore Refinery and Petrochemicals Ltd (MRPL) before the end of 2018-19 financial year as there are a lot of synergies arising from the merger, Chairman and Managing Director Mukesh Kumar Surana said today. Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, earlier this year completed the acquisition of HPCL for Rs 36,915 crore. After this takeover, ONGC has two oil refining subsidiaries - Hindustan Petroleum Corp Ltd (HPCL) and MRPL. A move is afoot to bring the two refining units under one umbrella. Surana said standalone refineries, like MRPL with no marketing infrastructure, do not make big business sense. For one, HPCL sells more petroleum product than it produces and bringing MRPL's 15 million tonne per annum (MTPA) refinery under the fold would help bridge the shortfall. It currently buys the shortfall in the product from other refineries, including MRPL. "Having MRPL as part of HPCL will bring efficiencies," he said. "In ...

Updated On : 23 May 2018 | 2:00 PM IST

Disappointed in UTI MF shareholders for not cutting down stakes: T Rowe Price

T Rowe Price, the largest stakeholder in UTI Mutual Fund, has said it is disappointed in the Indian shareholders for not taking steps to bring down their stakes to 10 per cent in order to comply with Sebi's directive. The US-based investment firm also said that the board was not working towards leadership continuity at UTI. T Rowe Price, which has been pitching hard for the initial share-sale of UTI Asset Management Company (AMC), said that the company's strong governance and management will also put it in a strong position to move ahead with the planned IPO. "We are disappointed that the board is not taking action to ensure continuity of leadership at UTI and that the Indian shareholders are not taking steps to comply with Sebi's 10 per cent rule," T Rowe Price spokesperson said in an email response to PTI. "Having strong governance and management in place, it is essential to protect the interests of UTI AMC and its stakeholders, including the millions of fund unit-holders. It will ..

Updated On : 23 May 2018 | 2:00 PM IST

Will pursue new types of financial listings: NYSE's first woman prez

Stacey Cunningham, who is set to become the first woman president of the New York Stock Exchange has said that she would pursue new types of financial listings and work to reverse the decline of international public offerings. Cunningham, 43, who began her career as a summer intern at the NYSE over two decades ago will assume charge as the 67th president of the exchange on Friday. Cunningham will be succeeding Thomas Farley, who has served in that role since 2014, the exchange's parent Intercontinental Exchange Inc, announced. Calling her appointment "a full circle story for me," Cunningham told CNBC that she would pursue new types of financial listings and work to reverse the decline of international public offerings. "We absolutely want to see companies continue to access the public markets," she said. She called the exchange "home" and said she loves being a part of it, she acknowledged that very few women work in finance and technology. "It's a male-dominated environment," she ...

Updated On : 23 May 2018 | 1:55 PM IST

Motherson Sumi Q4 profit up 7.32% to Rs 757.50 cr

Auto components major Motherson Sumi Systems Ltd (MSSL) today reported 7.32 per cent increase in consolidated net profit to Rs 757.50 crore for the fourth quarter ended March 31 of the 2017-18 fiscal. The company had posted net profit of Rs 705.86 crore in the January-March quarter on 2016-17, MSSL said in a BSE filing. It total revenue from operations during the quarter under review stood at Rs 15,407.83 crore. It was at Rs 11,473.05 crore in the year-ago period. The two figures are not comparable as revenue from operations is reported net of all taxes, including GST after its implementation from July 1, 2017. For the entire 2017-18, MSSL said its consolidated net profit was at Rs 2,259.93 as against Rs 2,172.38 crore in the previous fiscal, up 4 per cent. Total revenue from operations for the year stood at Rs 56,521.30 crore. It was at Rs 43,157.03 crore in 2016-17. The board of directors at its meeting held today have recommended a dividend of Rs 2.25 per equity share of face value

Updated On : 23 May 2018 | 1:50 PM IST

Oil & gas stocks decline

Key benchmark indices gyrated in a small range with negative bias in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 21.37 points or 0.06% at 34,629.87. The Nifty 50 index was down 20.80 points or 0.2% at 10,515.90. Oil & gas stocks declined. Telecom stocks saw mixed trend. Global stocks fell as investors continued to assess potential trade tensions, the possible cancellation of a June summit with North Korea and a fall in commodity prices.

Updated On : 23 May 2018 | 1:50 PM IST

Hindustan Copper, CMDC form JV for mining ops in Chhattisgarh

State-run Hindustan Copper (HCL) has entered a joint venture with Chhattisgarh Mineral Development Corporation (CMDC) for exploration and mining of copper and associated minerals in Chhattisgarh. Chhattisgarh Copper has become a subsidiary of Hindustan Copper and the shareholding pattern between HCL and CMDC is in the ratio of 74 per cent and 26 per cent, Hindustan Copper said in a regulatory filing. "Chhattisgarh Copper has been incorporated as joint venture company between Hindustan Copper and Chhattisgarh Mineral Development Corporation (CMDC) for exploration, mining and beneficiation of copper and its associated minerals in Chhattisgarh," the company said. It further said that the number of directors nominated by Hindustan Copper and CMDC is in the ratio of 3:2. With this, Hindustan Copper said it has extended footprint of its operation in the country's sixth state and operations in Chhattisgarh will commence soon. HCL's mines and plants are spread across five operating units, one

Updated On : 23 May 2018 | 1:40 PM IST

Union Bank of India is up for a third straight session

The stock is quoting at Rs 90.3, up 2.15% on the day as on 12:59 IST on the NSE. Union Bank of India is down 43.91% in last one year as compared to a 12.3% gain in NIFTY and a 15.33% gain in the Nifty PSU Bank index.