Page 3891 - Business Finance
Maximaa Systems forays into Herbal / Ayurvedic Formulations
Launches 'Proyurveda' range of products
Karnataka politics, oil prices depress equity market (Roundup)
The formation of a non-BJP government in Karnataka, along with weakness in global indices and rising crude oil prices, pulled the key Indian equity indices to close in the negative territory for the fifth consecutive session on Monday.
PSU bank stocks in demand; gain up to 5%
Shares of public sector banks surged up to 5.3 per cent today as investors cheered the acquisition of debt-laden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) framework that will reduce bad loans of PSBs. The scrip of Bank of India soared 5.31 per cent, Punjab National Bank 4.62 per cent, Union Bank of India 4.38 per cent, Bank of Maharashtra 3.03 per cent, Syndicate Bank 2.65 per cent, Bank of Baroda 2.49 per cent and SBI 2.47 per cent on BSE. Also, Indian Bank rose by 2.21 per cent, Allahabad Bank 1.99 per cent and Oriental Bank of Commerce 1.59 per cent. The acquisition of debt-laden Bhushan Steel, under the Insolvency and Bankruptcy Code framework, will reduce bad loans of PSBs by Rs 35,000 crore, Financial Services Secretary Rajiv Kumar said today. "IBC transforming credit culture in NewIndia. About Rs 35,000 crore reduction of NPAs of PSBs in Bhushan Steel case. Reduction of NPAs in individual PSBs range from about Rs 500 crore to over Rs 10,000 crore, he ...
Indian textile markets firming up, says SIMA
The Indian Textiles and Clothing (T&C) industry has registered 5.37 per cent export growth in 2017 as against 3.94 per cent globally, despite the challenges of demonetisation and GST on the sector, Southern India Mills Association (SIMA) said here today. "The Indian T&C exports increased from 35.5 billion US Dollars in 2016 to 37.4 billion USD in 2017 and textiles exports (yarns, fabrics and made-ups) were up by 7.82 per cent. Clothing exports (garments) increased by 2.82 per cent in 2017 compared to 2016," SIMA chairman P Nataraj said today. India remained the world's second largest T&C exporter in 2017, accounting for 4.95 per cent global share, while China, the largest exporter, had 34.2 per cent share in 2017,he said. Nataraj said countries like Germany, Vietnam, Spain and India are capturing the export space vacated by China, registering increase in exports in 2017. In 2017,India sustained itself as the largest cotton yarn exporting country with a 25 per .
Oil price hike may force RBI to up rates in August: Analysts
Rise in oil prices may lead to inflationary trends in the country, forcing the Reserve Bank of India (RBI) to hike rates by 0.25 per cent in the August policy review, foreign brokerages said today. The apex bank, however, may opt for a status quo in rates at the forthcoming review in June, they said. "We now expect the RBI to embark on an earlier than expected rate hike cycle and expect the first hike in August of 0.25 per cent versus our earlier expectation of hikes to come in the first quarter of 2019," Australian brokerage Macquarie said. The brokerage attributed the call to a change in "evolving external stability conditions", asserting that the underlying economic fundamentals are not weak. The note, however, did not elaborate on the external conditions. It can be noted that the recent times have been dominated by a surge in oil prices, widening of the current account deficit and a heavy depreciation in the rupee. Quoting its proprietary indices, Japanese brokerage .
Rupee drops by 12 paise to close at new 16-mth low on macro worries
The rupee today lost another 12 paise to close at fresh 16-month low of 68.12 against the US currency on sustained dollar demand from importers and corporates amid weak global cues. Heavy capital outflows and growing uncertainties over an impending rate hike by the US Federal Reserve kept forex sentiment volatile, a currency dealer said. Traders were cautious ahead of the release of minutes tomorrow from the Federal Reserve's last policy meeting. A strong dollar in world markets on dissipating fear of trade war between the US and China also weighed on the rupee sentiment. Washington and Beijing over the weekend agreed to back off from imposing tariffs on each other. The dollar index, which measures the greenback's value against a basket of six major currencies was higher at 93.73. On the energy front, crude traded modestly higher on news that China and the US had put a looming trade war "on hold". The Brent crude futures, an international benchmark, was trading up by 15 cents at ...
CAIT to move CCI on Walmart-Flipkart deal
Traders' body CAIT today said it will move fair trade regulator CCI to file objections on the proposed Walmart-Flipkart deal, claiming that the agreement would lead to an uneven playing field and massive job losses. Global retail giant Walmart had last week approached Competition Commission of India (CCI) for approval of its proposed acquisition in Flipkart, saying the deal doesn't raise any competition concerns. Walmart seeks to acquire 77 per cent stake in the homegrown e-commerce firm with a buyout of USD 16 billion. Opposing the deal, the Confederation of All India Traders (CAIT) today wrote to Commerce Minister Suresh Prabhu and sought to know what steps the government has taken to scrutinise the deal. CAIT Secretary General Praveen Khandelwal said important issues related to FDI policy, cyber security, apprehension of using e-commerce for entering retail trade by circumventing the law etc are involved in the deal and looking at the stiff opposition from trade bodies, online ...
BoB launches MSME factory in Gurgaon to promote funding to small biz
State-owned Bank of Baroda (BoB) today launched its first integrated SME Loan Factory in Gurgaon to cater the needs of MSME segment in the NCR. This integrated SME Loan Factory will function as a One Stop Shop' for MSME customers with competent staff and simplified processes, BoB said in a statement. "It will provide end to end solutions viz. acquisition, processing, documentation, disbursement & relationship management etc," it said. On this occasion, the unit sanctioned 16 loans totalling Rs 189 crore and Rakesh Kumar Bhatia, General Manager Delhi zone distributed the sanction letters to the borrowers. To further boost MSME sector, BoB has also decided to centralize Government Sponsored Schemes loan processing at district level. Under the process, all the loans pertaining to PMMY (Pradhan Mantri Mudra Yojana), Stand-up India, PMEGP (Pradhan Mantri Employment Generation Programme), NULM (National Urban Livelihood Mission) and all other Government Schemes would be processed at a ..
CBI files charge sheet in Rotomac case
The Central Bureau of Investigation (CBI) on Monday filed a charge sheet against Rotomac Global Pvt Ltd and its Chairman cum Managing Director, Vikram Kothari in the bank fraud case involving the company.In its charge sheet, the CBI also named the Director of the company, Rahul Kothari, and former bank officials.Both Vikram and his son Rahul were earlier sent to judicial custody in connection with the bank fraud amounting to Rs 456.63 Crore.The father-son duo was arrested on February 22 by the CBI after the Income Tax (IT) Department filed 12 prosecution cases against the company under various sections of the IT Act, 1961.Earlier, the CBI registered an FIR against the Kotharis, who allegedly owe Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of ...
Maharashtra to house India's largest Metro rail network
In order to avoid traffic congestion, Maharashtra Chief Minister Devendra Fadnavis on Monday said with the help of the Mumbai Metropolitan Regional Development Authority (MMRDA), the state government is building India's largest Metro rail network in Mumbai."With the help of the MMRDA, we are building India's largest Metro rail network in Mumbai. With all these initiatives, people will get huge relief from traffic congestion," he said while addressing a gathering.Earlier, the Chief Minister laid the foundation stone and performed 'Bhoomipujan' (groundbreaking ceremony) of the widening work being undertaken of the rail overbridge at Kopri in Thane.The work is expected to be completed in the next 36 months against a cost of Rs. 258.76 crore.The overbridge at Kopri connects Thane to Mumbai via the Eastern Express Highway. The two-lane bridge will be widened to a six-lane one by building two new lanes on each side.After performing the rituals at the Kopri site, Fadnavis inaugurated the ...
GE merges transportation unit with Wabtec in $11.1 billion deal
(Reuters) - General Electric Co confirmed on Monday it was unloading the bulk of its transportation business which makes train engines to Wabtec Corp, a U.S. manufacturer of equipment for the rail industry, in a deal valued at about $11.1 billion.
Finmin not seeking relaxation of RBI's PCA framework, PSBs told to focus on core biz
The finance ministry is not seeking any relaxation from RBI in its prompt corrective action (PCA) framework and has instead asked banks to adopt differentiated business strategy, exit non-core businesses and focus on core competencies, an official said today. Finance Minister Piyush Goyal last week met heads of 11 public sector banks (PSBs) which have been identified under the PCA to check their deteriorating financial health and promised all possible help to strengthen them. Banks facing PCA are reeling under mounting non-performing assets (NPAs) or bad loans. As of December end Indian banks had NPAs of more than Rs 8 lakh crore of which the major chunk was from PSBs. Besides, some lenders have been hit by frauds. PNB, for instance, has reported fraud of USD 2 billion or over Rs 13,400 crore carried out allegedly by diamond jeweller Nirav Modi and his associate Mehul Choksi. Under the PCA, banks face restrictions on distributing dividends and remitting profits, while the owner may be
Prabhat Dairy Q4 net at Rs 175.9cr; forays into dairy beverage
Prabhat Dairy today reported a profit of Rs 175.9 crore during the March quarter, while also announcing its foray into the dairy beverage segment. The company had posted a loss of Rs 1.78 crore in the same quarter last year. The total income of the company grew by 7.54 per cent at Rs 406.17 crore, compared with Rs 377.68 crore, largely driven by increased sale of pouch milk, cheese and curd, Prabhat Dairy joint managing director and chief executive officer Vivek Nirmal told reporters here. The company, which introduced beverages such as milkshakes, lassi and chaas in Tetra Pak, is planning to expand its beverage market through a franchise based chain of retail outlets named Prabhat Goodness Zone, he said. This would be a counter sale and local distribution point for the company's milk and milk based products. In the first phase, the firm will cover Maharashtra, followed by pan-India expansion in the second phase. "We are planning to open 500 stores in the state ...
Vodafone rolls out VoLTE in Kolkata, to launch pan-India soon
Vodafone India today launched its Voice over LTE (VoLTE)-based services in the Kolkata circle, and said the telecom major would extend it across the country in a phased manner over the next few months. The company has already launched VoLTE services in 12 circles -- Delhi-NCR, Mumbai, Gujarat, Maharashtra & Goa, Haryana, Keralal, Chennai, UP-East, UP-West, Karnataka and Punjab, it said in a release. Vodafone India invested Rs 919 crore in the circle in the fiscal year ended March, the release said, but did not elaborate as to how much of it was spent on VoLTE services in the city. "Vodafone VoLTE is a big step towards enhancing 4G customer experience in Kolkata... As a leading telecom services provider in Kolkata, we have been making significant investments to expand, upgrade our network and to deploy new technologies," Vodafone Head (Kolkata and ROB), Arvinder Singh Sachdev, was quoted as saying in the release.
Kingfisher Airlines among 18 firms to be delisted from NSE
Defunct Kingfisher Airlines (KFA) along with 17 other firms will be delisted from the National Stock Exchange of India (NSE) from May 30.
Bhushan Steel shares hit upper circuit; up 5%
Shares of Bhushan Steel today rose nearly 5 per cent after the National Company Law Appellate Tribunal (NCLAT) declined to stay Tata Steel's acquisition of the debt-laden firm under the corporate insolvency resolution process. The stock rose 4.88 per cent to end at Rs 29 -- its upper circuit limit -- on BSE. At NSE, shares of the company moved up by 4.88 per cent to close at Rs 29 - its upper circuit limit. An NCLAT bench headed by Chairman Justice S J Mukhopadhaya today also issued notices to Tata Steel, the resolution professional and Committee of Creditors (CoC) of Bhushan Steel on a petition filed by its promotor Neeraj Singal, challenging the sale. Last week, Tata Steel, through its subsidiary, completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel for around Rs 36,400 crore after emerging as the winning bidder in an insolvency auction.
Trump says China to buy more U.S. farm products, offers no details
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday said China had pledged to buy "massive amounts" of American agricultural products but gave no other details about planned commitments from Beijing following U.S.-China trade talks last week.
Rail Vikas Nigam gets Sebi's go-ahead to launch IPO
State-run Rail Vikas Nigam Ltd (RVNL) has received capital markets regulator Sebi's go-ahead to float an initial public offering. RVNL had filed its draft red herring prospectus (DRHP) with Sebi on March 28 and obtained its "observations" on May 17, as per the latest update with the markets watchdog. Sebi's observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue. Going by the draft papers, the IPO of RVNL, which builds infrastructure for high speed rail, will see sale of 2.08 crore equity shares or 10 per cent stake by the government. The public issue is being managed by Yes Securities, Elara Capital (India) and IDBI Capital Markets & Securities. The equity shares of the company are proposed to be listed on BSE and NSE. So far this year, state-run companies like Mishra Dhatu Nigam, Bharat Dynamics and Hindustan Aeronautics have already got listed on stock exchanges.
Samsung India eyes 5% rise in smartphone market share this yr
South Korean technology major Samsung today said it is eyeing a 5 per cent rise in overall market share in smartphones in the Indian market this year on the back of new launches. "Last year we saw a 42 per cent market share by value and 37 per cent by volume in overall smartphones (as per market research firm GfK). With new launches, we are sure that at an overall level, we would be able to gain around 5 per cent share in 2018," Samsung India senior vice-president Mohandeep Singh told PTI here. The domestic smartphone industry was pegged at Rs 80,000 crore in 2017, as per GfK. The company today launched new phones in its Galaxy range, J6, J8, A6 and A6+, priced between Rs 13,990 and Rs 25,990. Galaxy J6, A6 and A6+ will be available from tomorrow, while J8 will be available from June 20 onwards. The price segment of Rs 10,000 to Rs 20,000 is the largest in the country in terms of value and volume for smartphones and is also the fastest growing category. This segment grew
Samsung posts Rs 34,300cr revenue from mobile sales for fiscal
Samsung posted a revenue of Rs 34,300 crore from sales of mobile phones in India for the fiscal ending 2017 and is growing even faster now, a company official said here today. "It's (Rs 34,300 crore) the mobile revenue for us, in India, for the fiscal year ending 2017... last year, we grew at 27 per cent. We are actually growing faster than that. We expect to exceed this number (Rs 34,300 crore revenue)," Sumit Walia, Director, Samsung India, told reporters, speaking at the launch of four new smartphone models. The company has a 40 per cent market share now, he said. "We are at 40 per cent market share... We are leading the smartphone industry in India and we have a 40 per cent value market share ending quarter one. Even volume-wise, we are having a 37 per cent market share," he said. With the launch of new models, the company is expecting a gain of close to five per cent market share, he said. Asked about the company's manufacturing, he said: "All our products that are ..