Page 3872 - Business Finance
Gold steadies as dollar rally comes off the boil
NEW YORK/LONDON (Reuters) - Gold steadied just above a 2018 low on Tuesday as the U.S. dollar fell from a five-month high, although risk appetite in the broader financial markets kept the metal's gains in check.
Palm oil has a large share of consumption, mostly imported-Crisil Research
Palm oil is the most consumed edible oil by volume in India, with a share of ~40%, followed distantly by soybean and mustard oils. However, domestic production of palm oil is limited, and over 95% of the requirement is imported, mostly from the world's top two producers - Indonesia and Malaysia. Consequently, palm oil imports constitute over 60% of the edible oil imports basket today.
Government will further strengthen the logistics facility for trade - Binoy Kumar
Mr Das further said that customs clearances consume only 20% of the total dwell time, while the rest is consumed by other players in the trade ecosystem. He also stated that a gap analysis has been undertaken by the government for complying with Category A commitments ratified by India in the Trade Facilitation Agreement. He encouraged the industry members to apply for AEO status and explained the benefits of the same. He further added that the government has made available 6 PGA testing labs at the ports and is planning to extending this facility for up to 33 testing agencies.
ADB, AECID Sign MOU for Further Collaboration, Knowledge Sharing
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Wall Street erases gains on Trump's China trade talk comments
(Reuters) - Wall Street gave up earlier gains and were little changed on Tuesday afternoon after U.S. President Donald Trump said he was not pleased with the recent U.S.-China trade talks and also raised doubts about the upcoming North Korea summit.
Sony in $2.3 billion deal for EMI, becomes world's biggest music publisher
TOKYO (Reuters) - Sony Corp said on Tuesday it would pay about $2.3 billion to gain control of EMI, becoming the world's largest music publisher in an industry that has found new life on the back of streaming services.
Patanjali, Adani Wimar present resolution offers to CoC for Ruchi Soya takeover
Patanjali Ayurveda and Adani group today pitched their respective bids before the lenders of bankruptcy-hit Ruchi Soya to acquire the company. Patanjali group has emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya. A meeting of committee of creditors (CoC) was held today where both Patanjali and Adani group firm Adani Wimar gave their presentations about their resolution offers and strategies to run the debt-ridden company, sources said. The CoC will meet soon to finalise the bids, they added. When contacted, Patanjali spokesperson SK Tijarawala said, "We were called in the meeting. We have made a presentation." Patanjali CEO Acharya Balkrishna gave a presentation before the CoC. Apart from Patanjali and Adani Wilmar, Emami Agrotech and Godrej Agrovet have also put in bids to acquire Ruchi Soya. Baba Ramdev-led Patanjali Ayurveda already has a tie-up with Ruchi Soya for edible oil refining and packaging. Indore-based Ruchi Soya, which is facing ...
NSE issues show-cause notice to UB Holdings, 15 others for shares delisting
Leading stock exchange NSE today issued a show-cause notice to defaulter businessman Vijay Mallya-led UB (Holdings) Ltd for delisting of its shares as trading has been suspended for a long time due to regulatory non-compliance. Similar notice was issued to 15 other companies, including NEPC India, Net 4 India Ltd, Orbit Corp, REI Six Ten Retail Ltd, Shree Ganesh Jewellery House and REI Agro Ltd. Trading has been suspended in shares of some of these companies due to liquidation, while the suspension has been due to non-compliance to listing regulations for others. Upon the proposed compulsory delisting by the NSE, for which the concerned companies can approach the exchange by June 12, these firms would cease to be listed and all their directors, promoters and group companies would be barred from accessing the securities markets for ten years. The onus of giving exit to the public shareholders in these companies would be on the promoters, failing which they would face penal action, the .
JM Financial Credit Solutions to raise Rs 750 cr via NCDs
Non-banking financial company, J M Financial Credit Solutions said it will raise up to Rs 750 crore by issuing bond next week. The non-banking financial services (NBFC) arm of JM Financial group said issue of its non-convertible debentures (NCDs) will open on May 28 with a base issue size of Rs 300 crore with an option to retain oversubscription up to Rs 450 crore aggregating up to Rs 750 crore (tranche I issue) within the shelf limit of Rs 2,000 crore. The issue is scheduled to close on June 20, 2018 with an option of early closure or extension as decided by the Board of Directors of the company or the NCD Public Issue Committee, it said. "Our total revenue increased at a CAGR of 109.9 per cent from fiscal 2015 to fiscal 2018 and our profit after tax increased at a CAGR of 88.8 per cent from fiscal 2015 to fiscal 2018. "Our NCD issue is a significant step to optimise funding costs and maintain a diverse funding portfolio that will enable us to achieve funding stability and liquidity .
Andhra Bank posts Rs 2,636 cr loss for Quarter ending Mar 31
Public sector lender Andhra Bank today said it suffered Rs 2,636 crore loss for the quarter ended March 31 2018 due to higher provisioning for bad loans. The bank made a profit of Rs 35 crore during the same quarter in FY 17, it said in a press release. The total income was down by six per cent to Rs 5,093 crore against Rs 5,425 crore in January-March quarter of FY17. The PSU made Rs 3,902 crore towards Contingencies and Provisions during the quarter under discussion against Rs 1,399 crore in Q4 of Fy17. For the full year of 2017-18 Andhra Bank suffered Rs 3,413 crore loss against Rs 174 crore profit for FY 17, it said. The gross NPAs stood at Rs 28,124.36 crore at the end of FY 18 against Rs 17,669.98 crore at the end of FY17. Total business grew by 9.70 per cent to Rs 3,72,605 crore in the last fiscal. It was Rs 3,37,693 crore in FY 17, Andhra Bank said.
Shell cos matter: Sebi confirms forensic audit of Hit Kit Global
Markets regulator Sebi has confirmed the forensic audit of Hit Kit Global Solutions that it had ordered last year. Through an interim order passed on September 7, 2017, the Securities and Exchange Board of India (Sebi) had ordered a forensic audit of Hit Kit Global Solutions Ltd (HKGSL), which figured among 331 suspected shell companies under the regulatory scanner. In its interim order, Sebi had said that even though there was no prima facie evidence of misrepresentation or misuse of books of accounts or funds by the company, it was imperative that in the interest of investors, the financials of the company be independently audited to establish their genuineness. In a confirmatory order dated May 21, the regulator said HKGSL failed to fully clarify all the details regarding utilisation of the amounts appearing in its financials. "... I find that the facts and circumstances of the case as brought out in the interim order, have not changed adequately, so as to justify the ...
Andhra Bank posts Rs 2,535 cr net loss in Q4
State-owned Andhra Bank today reported a standalone net loss of Rs 2,535.82 crore for the fourth quarter ended March 31, mainly due to higher non-performing assets. The bank had posted net profit of Rs 35.12 crore in the corresponding quarter of 2016-17. In a regulatory filing, Andhra Bank said its total income stood at Rs 5,092.62 crore in the March quarter, compared to Rs 5,424.69 crore in the year-ago period. The bank's gross NPA widened to 17.09 per cent of total assets as compared to 12.25 per cent in the corresponding quarter of the previous fiscal. Similarly, the net NPAs rose to 8.48 per cent from 7.57 per cent in January-March quarter of 2016-17. For the entire 2017-18, the bank posted a net loss of Rs 3,412.53 crore on standalone basis compared to a profit of Rs 174.33 crore in the preceding financial year, the filing said. On consolidated basis, the bank posted a net loss of Rs 3,394.39 crore in 2017-18 compared to a profit of Rs 187.79 crore in the year-ago period, it ...
Will take up inclusion of ATF under GST with finance ministry: Choubey
Amid an increased demand from airlines for inclusion of Aviation Turbine Fuel (ATF) in the GST tax regime, Civil Aviation Secretary R N Choubey today said the matter would be taken up with the Finance Ministry as jet fuel prices have risen 40 per cent since January, 2017. "If ATF is brought under the GST regime, we can get input tax credit," he told reporters here, adding that he would meet Revenue Secretary Hashmukh Adhia in this regard. Choubey also cited the example of bunker oil, which was taken out of the oil basket and brought under the ambit of GST. Airlines could expect an annual relief of up to Rs 5,000 crore by way of input tax credit if the ATF is brought under the Goods and Services Tax. The move could cushion them from the burden of increased jet fuel prices, besides providing relief to customers. During a presentation made by the airlines last week, they are understood to have maintained that the Centre could earn more than what it gets at present from ATF. Talking about
NCLAT orders status quo on Essar Steel insolvency for 2 mths
The National Company Law Appellate Tribunal (NCLAT) today ordered a status quo on insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility. The NCLAT today directed the resolution professional (RP), committee of creditors (CoC) and the NCLT not to pass any order in the ongoing insolvency process of Essar Steel, including liquidation of the debt-ridden firm till its further order. The appellate tribunal admitted the cross petitions filed by two resolution applicants -- Russia's VTB Capital-based NuMetal and ArcelorMittal -- challenging their disqualification for Essar Steel. "Appeals admitted. List for hearing on July 23," said an NCLAT bench headed by Chairman Justice S J Mukhopadhaya. It further said, "Until further order, RP, CoC and adjudicating authority (NCLT) will not pass any order including order of liquidation of corporate debtor." The corporate insolvency resolution process deadline for Essar Steel is May ...
Global M&A hits record $2 trillion in year to date
LONDON (Reuters) - Global mergers and acquisitions have already reached $2 trillion in 2018, a record for the value of deals in the period, Thomson Reuters data showed on Tuesday.
Wall Street edges higher as U.S.-China trade talks progress
(Reuters) - U.S. stocks edged higher on Tuesday, led by financial and energy stocks, as the United States and China made progress on ironing out their trade differences and reach an agreement.
Bosch net down 5.1% in 2017-18
German auto component major Bosch Ltd on Tuesday reported Rs 1,371 crore consolidated net profit for fiscal 2017-18, a 5.1 per cent decline from Rs 1,444 crore in the previous fiscal from continuing operations.
Delhi Cabinet nod to increase bed capacity of under-construction hospital
The Delhi Cabinet today approved to increase the bed capacity of an under-construction hospital in Burari to 768, which would be a modern, green building equipped with the latest facilities. The Cabinet, in its meeting chaired by Chief Minister Arvind Kejriwal, also approved doubling of financial incentives for ASHA workers. "The Cabinet approved the department of health's proposal for the revised estimate of Rs 265.80 cr for increasing the capacity to 768 beds from the earlier proposal of 200 beds at the under-construction new hospital at Burari," according to a statement released by the city government. According to the information provided by the public works department (PWD), 85 per cent of the hospital structure has been completed so far, it said. "The project has been reviewed and it was decided that some structural adjustment is required to accommodate more number of beds in this new hospital, which will provide health care to the residents of Delhi," the statement said. The ..
Expect govt to come out with solution to rising oil prices in 3-4 days: Shah
BJP president Amit Shah today said the government is taking the issue of rising petroleum prices seriously and will soon announce measures to deal with the matter. "The government at the highest level is concerned about it and is taking the matter seriously," he said, adding it will come out with a solution in three-four days. He told a press conference that Petroleum Minister Dharmendra Pradhan is meeting representatives of oil companies and that he is hopeful that a solution will be worked out soon. 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 76.87 per litre in Delhi and diesel costs Rs 68.08 a litre. In the past nine days, petrol price has risen by Rs 2.24 a litre and diesel by Rs 2.15. Rates vary from state to state depending on the incidence of local sales tax or VAT. The prices in Delhi are the cheapest among all metros and most state
SaleBhai files draft prospectus with BSE for IPO
E-commerce firm SaleBhai Internet has filed a draft prospectus (DP) with the BSE's SME platform to launch initial public offer for raising around Rs 24 crore. "For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58 per cent of the company's equity in the market, and will be listed on the Bombay Stock Exchange's (BSE) SME Platform. It is looking to raise Rs 23.73 crores," SaleBhai said in a statement. The Ahmedabad-based startup intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, addition of more authentic sellers as well as product categories, and improve customer experience, the statement said. "SaleBhai had already garnered the interest of 71 high net worth individuals. Most of them were customers who became investors in the company. These existing customers-turned-investors come from various fields such as IT, finance, business etc," SaleBhai said.