Page 3876 - Business Finance
Consider refund of embedded taxes, says apparel export council
The Apparel Export Promotion Council (AEPC) has requested union textiles minister Smriti Irani to consider refunding the embedded tax ranging from 4-5 per cent on the industry, as it would fill the gap between reduced drawback and rebate on state levies. The AEPC also requested the minister to raise the issue of Free Trade Agreement with the commerce ministry for further growth of exports since the competitive countries were enjoying the duty-free status, vice-chairman of the council, A Sakthivel said in a press release. Sakthivel, who met Smriti yesterday at her office in New Delhi, thanked her on behalf of the apparel industry for her support and efforts to revive the industry.
UK economy will bounce back from weak start to 2018: BoE's Carney
LONDON (Reuters) - Bank of England Governor Mark Carney said on Tuesday he expected Britain's economy would bounce back from a weak start to the year when it was hit by heavy snowstorms, keeping the prospect of higher interest rates on the table.
Wall Street set to open higher as U.S.-China trade talks advance
(Reuters) - Stock futures pointed to a higher opening on Tuesday on signs of further progress in trade talks between the United States and China as the world's two largest economies pull back from the brink of a full-blown trade war.
Vineet Sethi appointed CMO, NiYO Solutions
NiYO Solutions Inc., a new-age digital banking solution for the salaried employees, announced the appointment of Vineet Sethi as the company's new Chief Marketing Officer.In this new role, Vineet will be responsible for driving NiYO's marketing efforts and establishing the brand's leadership in the payroll and benefits sector.Vineet began his career as a Sales Manager at ICICI Bank and has spent 12 years at Standard Chartered Bank, handling various roles in sales. He was the Executive Director Head - Employee Banking in his last two years at the bank after which he began his own startup, The Bag Talk- an e-commerce platform for bags.In his role at NiYO, Vineet will develop a roadmap for the company to reach the unorganised workforce, for them to be included in the traditional banking system."It is our great pleasure to welcome Vineet onboard the NiYO team. Vineet has been a great friend and colleague during our time at Standard Chartered. We believe that Vineet's expertise and ...
Former EY executives roped into Mobike Board
Smart bicycle sharing platform Mobike announced the appointment of former Ernst & Young (EY) executives - Vibhor Jain as Chief Executive Officer (CEO) and Sujith Nair as Chief Business Officer (CBO).The two new appointees will play a pivotal role in driving Mobike's entry and expansion in India across more cities in the next 18 months.Vibhor Jain joins Mobike with more than 16 years of experience in business consulting and entrepreneurship. He began his career with global consulting firm Andersen and then joined Ernst & Young. He has led some of the most impactful reform programs working with the Government of India including the Unique ID (Aadhaar) program, National Population Register Program, and Tax reforms.Meanwhile, Sujith Nair brings over 15 years of experience in management consulting and technology sectors. At EY, Sujith successfully led the Smart Mobility practice and has been instrumental in driving growth through business model innovation.On a related note, Mobike .
Titan Company eyeing repeat of 10 per cent growth
Tata group firm Titan Company Ltd aims to repeat its double digit growth in sales of wrist watches and accessories like last year, a top company official said here today. "We are looking at overall (growth) of the company. For watches (and accessories) we expect double digit growth. Last year, we grew by 10 per cent. This year we hope to repeat it," company CEO, Watches and Accessories, S Ravi Kant, told PTI. He said the company had been registering a growth of 3-4 per cent and last year, posted a growth in terms of volumes. Kant was speaking after relaunching Fastrack exclusive store, the largest in India, here. Asked about the factors that led to the growth, the CEO said it was due to various reasons like launch of new products and foray into the smart watch segment. The company would also this year launch two or three versions of Reflex fitness band, 'smart wallets' and 'smart-belts' in line with 'smart watches', he said. The CEO also opened a service centre - Fastrack .
Sagarmala proj faces resource mobilisation challenges: Study
The government's Rs 8 lakh crore shipping and ports initiative, Sagarmala, faces challenges like timely investment mobilisation and budgetary support, according to domestic rating agency Icra. It, however, said from a long-term perspective, the shipping and ports sector should benefit from the ambitious programme aimed at expanding the coastal and inland waterways. "Challenges would remain in terms of mobilisation of the investments in a timely manner, allocation and availability of adequate budgetary support," Icra said in a note on the shipping sector. It added that creating a conducive business environment and tangible incentives for the private players is also a challenge. The Sagarmala programme was launched under the port-led growth model and aims to invest Rs 8 lakh crore to create new mega-ports, modernise existing facilities and also have special economic zones adjoining the ports, to create over 1.5 lakh new jobs. Icra said the domestic shipping companies have
CCI approves USD 66 bn Bayer-Monsanto deal
Fair trade regulator CCI has approved the German giant Bayer's proposed USD 66 billion acquisition of US-based biotech firm Monsanto, subject to certain modifications to the long-pending deal. The approval to the deal, announced in September 2016, assumes significance in the wake of Monsanto facing opposition from various quarters within India over promotion of genetically modified crops, as also over royalty and patent issues. The clearance from the Competition Commission of India (CCI) is one of the several regulatory approvals required by Bayer in various countries to close the deal. Announcing its approval today, the CCI tweeted that it has cleared "acquisition of Monsanto by Bayer AG, subject to compliance of certain modifications". Mergers and acquisitions beyond a certain threshold require approval of the CCI. India is one of the 30 countries whose approval is needed for the merger of worldwide operations of the two companies. The major approvals still required are from the US .
Symphony shares tumble 11.5% after Q4 earnings
Shares of air cooler company Symphony today tumbled 11.5 per cent after it reported a 8.12 per cent decline in standalone net profit for the quarter ended March 31, 2018. The stock tanked 11.23 per cent to end at Rs 1,451.45 on BSE. During the day, it plunged 14.87 per cent to Rs 1,392. On NSE, shares of the company dropped 11.52 per cent to close at Rs 1,460.25. The Ahmedabad-based firm today reported a 8.12 per cent decline in standalone net profit at Rs 41.93 crore for the fourth quarter ended March 31, 2017-18. It had posted a net profit of Rs 45.64 crore in same period a year-ago. Total revenue during the quarter under review was at Rs 164.57 crore. It stood at Rs 194.51 crore in the same quarter of the last fiscal, Symphony said in a BSE filing.
Global Markets: European shares eye four-month high, Italy sell-off relents
LONDON (Reuters) - European shares inched toward four-month highs on Tuesday, as an easing of pressure on Italy's debt markets coincided with China's latest move to open up its giant economy to the rest of the world.
HPCL fourth-quarter profit falls nearly 4 percent
(Reuters) - State-owned refiner Hindustan Petroleum Corp Ltd on Tuesday posted a nearly 4 percent fall in fourth-quarter net profit, hurt by higher expenses.
DLF eyes bookings of Rs 2,500 cr in FY'19; to be debt free by March
India's largest realty firm DLF today said it is targeting to more than double its sales bookings to Rs 2,500 crore during the current fiscal as also becoming debt free by next March. DLF's net sales bookings stood at only Rs 1,000 crore last fiscal as it had suspended sales during May-October 2017 to comply with the new real estate law RERA. In an analyst call, DLF's group CFO Saurabh Chawla gave a sales bookings guidance of Rs 2,000-2,500 crore for 2018-19. The figure may be revised upwards if housing demand improves. The value of unsold inventories has declined to about Rs 14,000 crore from Rs 15,000 crore. Chawla said DLF had a net debt of Rs 6,265 crore at the end of 2017-18. DLF would be debt free by March next year helped by capital infusion of Rs 2,250 crore from promoters and proposed sale of over 17 crore shares to institutional investors through QIP. Sources had earlier said that DLF plans to launch QIP (Qualified Institutional Placement) in June to raise Rs 4,000-4,500 ...
APSEZ incorporates wholly-owned arm Adani Bhavanapadu Port
Adani Ports and Special Economic Zone (APSEZ) today said it has incorporated a wholly-owned subsidiary - Adani Bhavanapadu Port Private Limited Ltd (ABPPL). The newly formed entity which would operate in the port sector is yet to commence operations, APSEZ said in a BSE filing. "APSEZ has incorporated wholly-owned subsidiary company 'Adani Bhavanapadu Port Private Ltd' on May 21, 2018," it said. Elaborating on the details, APSEZ said it has acquired 50,000 equity shares of Rs 10 each in ABPPL, for Rs 5 lakh. APSEZ has 10 strategically located ports and terminals on both western and eastern coastline of India, representing 24 per cent of India's total port capacity. Shares of the company today closed 0.90 per cent down at Rs 380.35 apiece on BSE.
Kundan Gold Refinery launches new brand campaign
Kundan Gold Refinery, one of the largest private gold refinery in India, has launched a new brand campaign with the tagline "Bharosa Hai toh Hum Hai".The campaign aims to highlight brand's commitment and priority towards quality and customer satisfaction, and is launched to strengthen customer' trust and make Kundan an ultimate choice for customers.Gold has deep routed significance in the Indian culture, its traditions and is an integral part of religious connotations. It holds an auspicious status in Indian marriages and considered to bring blessings of Goddess Lakshmi for the bride and Groom. Therefore, people are more conscious and look for trust worthy source while purchasing a precious metal as a blessing for the new member of the family.The campaign beautifully brings out the message of trust and purity in the new ad.Speaking on the new campaign, Vidit Garg, Director, Kundan Group said, "Since the inception of Kundan Gold refinery, we have been committed to provide best-in class
Petroleum products should come under GST: IOCL Chairman
Indian Oil Corporation Limited (IOCL) Chairman, Sanjiv Singh on Tuesday stressed on bringing petroleum products under the Goods and Services Tax (GST) in order to provide relief to common people from the ongoing spurt in fuel prices across the nation."There is no directive from the government as far as the retail price is concerned. The retail prices are driven by the last 15 days based on the global prices of the products. The government should bring all the petroleum products under GST - we will continue to stress upon it," ANI quoting IOCL Chairman said here.Currently, crude oil, petrol, diesel, jet fuel or aviation turbine fuel (ATF) are not included in GST, which kicked off on July 1 last year."Whatever we anticipated, they international market has not been behaving that way. Looking at the current situation it's quite difficult to predict the future prices. Unfortunately, if these prices will hike with the same speed, then this will have an impact on the Indian market too," ...
Fuel price-hike: TDP worker sets two-wheeler on fire in protest
In order to protest against the hike in the prices of petrol and diesel, a Telugu Desam Party worker set his own two-wheeler on fire in Andhra Pradesh's Krishna district area.The incident took place in Nandigama village in Krishna district on Monday.The local TDP leaders and cadre were protesting against petrol price rise when one of them decided to set his own two-wheeler on fire.The petrol and diesel prices have been increased by 17 paise a litre and 21 paise per litre respectively in Delhi. The national petroleum companies have hiked the prices for the seventh day in a row.With this, petrol prices hit a 56-month high of Rs 76.24 per litre, while diesel prices touched a record high of Rs 67.57 in the national capital.In Madhya Pradesh's Bhopal city, the petrol price touched Rs 82.47 per litre while diesel reached at Rs 71.66 per litre.Mumbai too is facing the brunt of fuel price hike as petrol touched Rs 84.70 per litre, while diesel hiked a record high of Rs 71.66 per litre in the .
Microland extends partnership with Ealing Council
Microland, a digital accelerator, announced that Ealing Council has chosen to extend and expand its partnership with the former to accelerate its digital transformation journey.This partnership signifies an expansion in Microland's scope of services being offered to the Council, reinforcing its credentials in the UK public sector. The scope of the contract includes some of IT services, data centre migration to Hybrid cloud and support to various digital transformation programs."As part of our Future Ealing Transformation Programme, the Council is committed to looking for new and innovative solutions that place our residents at the core of everything we do, while ensuring robust, sustainable and viable council actions. We have ambitious plans for the Council's digital future and our relationship with Microland in the past year ensures they not only understand our intricate IT ecosystem, but also have proven capabilities to deliver agile and responsive environments," said Ian O'Donnell,
HMD Global gets $100 mn funding, to scale up operations
In a bid to scale up its business operations, Finnish company HMD Global -- which sells the iconic Nokia brand of phones -- has announced that it has raised an additional $100 million from investors.
Paper demand to grow at 6.7% to 20 mn tonnes in FY20: Study
Buoyed by a strong economic growth and a robust demand for paper, domestic rating agency Care Ratings today said it expects the overall paper demand to grow at a compounded annual growth rate (CAGR) of 6.7 per cent to touch 20.7 million tonnes in FY20. It noted that the domestic demand in the country grew from 9.3 million tonnes in FY08 to 17 million tonnes in FY17 at a CAGR of 6.9 per cent. "The demand drivers and growth triggers have come from a combination of factors such as rising income levels, growing per capita expenditure, rapid urbanisation and a larger proportion of earning population which is expected to lead consumption and there is enormous potential for the paper industry in the country," it said. Demand for packaging paper and board segment that caters to industries like FMCG, food and beverage, pharmaceutical, and textiles among others, is expected to grow at a CAGR of 8.9 per cent and reach 11.4 million tonnes in FY20 due to increased urbanisation, ...
Oil rises towards $80 as supply concerns mount
LONDON (Reuters) - Oil rose towards $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.