Page 3873 - Business Finance
Paytm unveils initiative to educate women on financial services
Paytm Payments Bank today announced a programme Paytm AshaKiran aimed at educating rural women about financial services. "With this program, Paytm Payments Bank aims to educate these women about the financial services and create new employment opportunities across smaller towns and cities in India's formal banking systems," a statement by the bank said. In the first phase, the bank has partnered with the United Nations Development Program (UNDP) under its Disha project which is supported by IKEA Foundation and women-related organisations like SHEROES "to mobilize self-help groups and organize workshops". These workshops will be held in smaller cities and towns across Maharashtra, Karnataka, Haryana, Andhra Pradesh and Uttar Pradesh. "It aims to offer skill development opportunities to rural women by training and certifying them to act as banking correspondents. These women can then act as a catalyst in the nationwide rollout of Paytm's bank offerings. The bank will continue partnering
Elliott poised to take Thyssenkrupp stake: source
FRANKFURT/DUESSELDORF/LONDON (Reuters) - Activist investor Elliott, which is currently stepping up its campaigns in Europe, is close to taking a stake in Thyssenkrupp, a source familiar with the matter said, increasing pressure on management to restructure the group.
Sebi imposes Rs 10 lakh penalty on K A Gunderia & Co
Markets regulator Sebi today imposed a penalty of Rs 10 lakh on K A Gunderia & Co for non-settlement of funds and securities of clients. The regulator had conducted an inspection of the books of accounts and other records of K A Gunderia & Co -- a Sebi registered stock broker -- to examine its compliance with various regulatory norms. The inspection team of the Securities and Exchange Board of India (Sebi) had analysed a sample of 43 active clients out of total 422 of the stock broker who were maintaining running accounts with it. Under Sebi norms, it is mandatory for all the member brokers to settle the running accounts of the clients on a monthly or quarterly basis. From the sample, it was alleged that on nine instances funds were not settled and the amounts held in each of such clients' accounts during the quarter ended June, September and December 2015, March 2016 and June 2016 were more than Rs 10,000. In its order, Sebi said there is an observation that securities of ...
Reddy's Laboratories net down by 3 per cent
Dr Reddy's Laboratories Limited today said its consolidated net profit for the quarter ended March 31, 2018 was down by three per cent to Rs 302 crore against Rs 312.5 crore in the same quarter in FY 17, primarily due to price erosion in USA and seasonal issues in the Russian market. Saumen Chakraborty, president, CFO and global head of HR of Dr Reddys, said revenue during the quarter was down by one per cent to Rs 3,535 crore. It was Rs 3,554 crore in Q4 of FY17. "The drop in net profit is on account of USA and Russia. There was price erosion due to competition in USA and in Russia, there has been a seasonal impact," he told reporters. Revenue from generic sales from USA and emerging markets, including Russia, was down by six per cent and 9 per cent to Rs 1,449 crore and Rs 550 crore respectively during Q4, Chakraborty said. G V Prasad, CEO and co-chairman of Dr Reddys, said there have been headwinds in USA that have impacted the net profit. "The only way out is to ...
ONGC begins drilling gas from on land block at Nagayalanka
ONGC today formally began drilling gas from its on land block at Nagayalanka in Krishna district of Andhra Pradesh. Chairman and Managing director of Oil and Natural Gas Corporation Shashi Shankar, who launched the operation at a function, said the Nagayalanka region has oil and gas reserves of 450 million barrels and 15 mmscmd (million metric standard cubic metre per day) respectively. Of this, only 40 million barrels and 45,000 mmscmd were permitted to be tapped, he added. The gas would be transported to S Yanam in East Godavari district and sold to Mega Engineering, RAK Ceramics and Sentini Sanitaryware, he said. Three wells would be drilled at a cost of Rs 420 crore by March 2019, he added. The Nagayalanka field has been awarded under the new exploration licensing policy-2005 to ONGC-Cairn Energy India Ltd. In the exploration stage, Cairn operated the block and dug three wells. But two of them went dry and only one yielded gas and oil. Over the years, no activity ...
Dalmia Bharat not to revise bid for Binani Cement
The Dalmia Bharat Group-backed consortium has decided not to revise its bid to match that of UltraTech for acquiring the stressed assets of Binani Cement. The deadline for the consortium offered by the resolution professional ends on May 23. However, Dalmia Bharat said it will continue its legal battle in the National Company Law Appellate Tribunal and in the Supreme Court. "We will not revise the bid as it will defeat the purpose for which we were fighting...," a Dalmia Bharat official told PTI. The NCLAT today declined to order a status quo on the bids to maximise the offer for debt-ridden Binani Cement by the two resolution applicants, UltraTech Cement and the Dalmia Bharat Group. The appellate tribunal said the final outcome of the bids to maximise the value would be subject to the outcome of the Dalmiya's petition filed before it. The NCLT has already asked bankers to look into the revised bid of the Aditya Birla Group's cement firm, including the operational ...
Disappointed by UTI MF shareholders for not taking steps to cut down stakes: T Rowe Price
US-based investment firm T Rowe Price, largest stakeholder in UTI Mutual Fund, today said it is disappointed from the Indian shareholders for not taking steps to bring down their stakes to 10 per cent in order to comply with Sebi's directive. It also said that the board was not working towards leadership continuity at UTI. T Rowe Price, which has been pitching hard for the initial public offering of UTI Asset Management Company (AMC), holds 26 per cent stake in the fund house. "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. "Having strong governance and management in place, it is essential to protecting the interests of UTI AMC and its stakeholders, including the millions of Fund unit-holders. It will also put the company in the best position to move forward with the planned IPO," he ...
US wants to jointly build India's indigenous defence eco-system: Envoy
Stating that defence-related sales from the US to India have increased from zero to $15 billion in the last 10 years, US Consul General in Kolkata Craig L. Hall on Tuesday said the US looks forward to jointly develop India's defence infrastructure to further strengthen the ties between the two nations.
Foreign tourist arrivals register over 4 pc growth in April 2018
Over seven lakh foreign tourists arrived in India in April 2018, registering a growth of 4.4 per cent over last year, the Tourism Ministry said today. The ministry compiles monthly Foreign Tourist Arrivals (FTAs) and FTAs on e- Tourist Visa on the basis of information received from Bureau of Immigration (BOI). "FTAs in April 2018 were 7,49,477 as compared to 7,17,899 in April 2017, registering a growth of 4.4 per cent," a statement released by the ministry said. FTAs during January-April 2018 were 38,76,021 as compared to 34,98,969 in the same period last year, registering a growth of 10.8 per cent. The percentage share of FTAs during April 2018 among the top 15 source countries was highest from Bangladesh (24.32 per cent) followed by the USA (11.21 per cent), the UK (9.14 per cent), Sri Lanka (3.48 per cent), Australia (3.33 per cent) and Malaysia (3.06 per cent). The percentage share of FTAs in India during April 2018 among the top 15 ports was highest at Delhi Airport (28.75 per ...
Oil jumps back above $80 a barrel on mounting supply concerns
NEW YORK (Reuters) - Brent crude oil jumped 1.5 percent to above $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.
Petrol, diesel should be brought under GST: Cong
The Congress today attacked the Modi government over rising petrol and diesel prices, and demanded they be brought under the ambit of the Goods and Services Tax (GST). The Congress also demanded reduction in excise duties on petroleum products imposed by the Centre and the VAT by various state governments. Congress leader Pawan Khera claimed that there has been an increase of 211.7 per cent in the excise duty on petrol since May 2014, when "Raja Narendra Modi" took over as prime minister. The increase in excise duty on diesel is 443.6 per cent since May 2014 till today, is "mindboggling and unprecedented", he said. "This has happened no where in the world, never in the history of India", Khera said. He said to protest against the NDA government's action of "looting" the common people by raising prices of petrol and diesel, despite a fall in international crude oil prices, the Congress took out rallies across the country today. Protest rallies were held at all state headquarters, Khera
Dr Reddy's net drops by 19% in FY18 Business/Economy/Medicine
Pharma major Dr. Reddy's Laboratories Ltd's net profit during 2017-18 fell by 19 per cent over the previous year, at Rs 981 crore against Rs 1,204 crore during FY17.
DHFL bond issue subscribed for up to Rs 10,000 cr on Day 1
Housing finance company DHFL Ltd garnered subscriptions of over Rs 10,234 crore on Day one of the public issue of the bonds today. The company has a target to raise up to Rs 12,000 crore from this public issue of non-convertible debentures (NCDs) with a base size of Rs 3,000 crore and green-shoe option up to Rs 9,000 crore. "DHFL NCDs attract subscription of over Rs 10,000 crore on Day 1 out of a total of around Rs 12,000 crore - HNIs (high net-worth individuals) and retail account for around Rs 2,800 crore and QIBs (qualified institutional buyers) for over Rs 7,200 crore," sources said. Earlier on Monday, the company said the issue -- which is to close on June 4 -- can be pre-closed if the issue is fully subscribed before that. DHFL will use 75 per cent of the proceeds raised from the issue for sub-lending and business growth while the rest is slated to be used for general corporate purpose. Stock of Dewan Housing Finance Ltd (DHFL) closed 0.93 per cent down at Rs 607.30 on the BSE.
State Bank of India sees rebound after record $1.1 billion fourth-quarter loss
MUMBAI (Reuters) - State Bank of India (SBI) projected a recovery over the next two years after a record 77.18 billion-rupee ($1.13 billion) fourth-quarter net loss following stricter central bank rules around bad loans, sending its shares to a nearly six-week closing high.
Five Indian brands among world's top 100 luxury goods companies: Report
Five Indian brands feature among the 100 largest luxury goods companies in the world, a Deloitte report said on Tuesday.
BP to cut 3 percent of upstream jobs by year-end
(Reuters) - British oil giant BP Plc said it plans to cut 3 percent of jobs in exploration and production, as part of a restructuring of its global upstream business to make the division more efficient and competitive.
BSE to launch 'repo' in corporate debt securities on May 28
Leading stock exchange BSE today said it has received approval from Reserve Bank and Sebi to launch repo (or repurchase) in corporate debt securities, and plans to commence trading and reporting from Monday. In market parlance, corporate bond repo is where a firm or a bank pledges corporate bonds with another company or lender to garner funds. The entity, who makes pledges, agrees to repurchase the bonds at a specified price. The decision has been taken to deepen the corporate bond markets. In a statement, BSE said it "has received approval from the Reserve Bank of India (RBI) and Securities Exchange Board of India (Sebi) to launch repo in corporate debt securities and plans to commence trading and reporting from May 28". The corporate repo debt will be launched in two models -- basket repo with settlement guarantee and special repo without settlement guarantee. Initially, the exchange will allow more than 3,500 corporate bonds and certificate of deposits for repo. BSE is the ...
Transporters demand bringing petro products under GST ambit
Transporter bodies today demanded bringing petroleum products under the ambit of the Goods and Services Tax, amid a continuing rise in fuel prices across the country. In last 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. "As an immediate step, we are urging the government to reduce excise duty to offer some price relief," All India Motor Transport Congress (AIMTC) secretary general Naveen Kumar Gupta told PTI. He said AIMTC is in favour of bringing auto fuels into the GST fold for uniformity in prices across the country, and quarterly revision of fuel prices instead of the existing daily change. AIMTC, the apex body of truckers and transport vehicles of the country, had yesterday called for an indefinite strike from July 20 in the wake of the sharp fuel price rise. A Bengal Truckers body official said it will join the proposed strike. A senior official of ..
Goel visits Laxmi Nagar market; asks EDMC to ensure transparency in anti-encroachment drive
Union minister Vijay Goel today visited the Laxmi Nagar market in east Delhi and met the traders affected by the ongoing anti-encroachment drive. Goel directed the East Delhi Municipal Corporation (EDMC) to ensure transparency in the drive and remove the rubble lying on the roads due to demolition action. He asked the traders to contact him if they are harassed by the officials against the rule, a statement from Goel's office said.
Hyundai Motor India to raise vehicle prices by up to 2% from June
Automobile major Hyundai Motor India (HMIL) on Tuesday said that it will raise vehicle prices by up to 2 per cent from June 2018 due to an increase in input costs.