Page 407 - Business Finance
Flow Of Trade Credit Influenced By Both Demand And Supply Side Factors
The Reserve Bank of India yesterday placed on its website a Working Paper titled "Cross-border Trade Credit: A Post-Crisis Empirical Analysis for India" under the Reserve Bank of India Working Paper Series. The Paper is authored by Rajeev Jain, Dhirendra Gajbhiye and Soumasree Tewari. The paper profiles trade credit extended by domestic and foreign banks to Indian importers by focusing on its size, composition and cost pattern. Using a panel data of 55 banks for 2007-08:Q1 to 2016-17:Q4, the paper finds that both demand and supply-side factors influence the flow of trade credit. The paper suggests that higher imports - whether due to high prices or volumes - lead to an increase in trade credit. From the supply-side perspective, financial health of banks, cost of trade credit and size of their overseas network seem to influence their trade credit operations. The empirical findings of the paper suggest that the banks need to expand their global banking relationship and shift towards the
Vodafone Group pledges its stake in Vodafone Idea
Vodafone Group Plc has pledged its entire 44.39 per cent stake in Vodafone Idea worth over Rs 18,000 crore with seven foreign banks.
Orbit Exports buybacks equity shares
Of Face Value of Rs 10/- each
Dilip Buildcon rises after subsidiary achieves financial closure for project
Dilip Buildcon rose 0.89% to Rs 460.80 at 14:17 IST on BSE after the company said that its subsidiary has received the financial closure for hybrid annuity model project in Maharashtra.
Dating queries outpace matrimony search in India: Google
Dating-related searches are growing much faster than matrimony queries in India and non-metro cities have outpaced metros in online search across categories, search engine giant Google said on Thursday.
360 Realtors acquires US-based property broker Risa Realty, targets Rs 750 cr sales in FY20
Real estate brokerage firm 360 Realtors Thursday said it has acquired a US-based company Risa Realty to sell Indian properties in the American market and is targeting a total sales booking of Rs 750 crore this fiscal. After this acquisition, Gurugram-based 360 Realtors will enter the US property market and set up new offices in major NRI-centric markets, including New York, Chicago, Los Angeles, San Francisco, Boston and Washington. "The founders of Risa Realty have been active in the US market for more than a decade and command a dominant position in servicing the NRI market with their India Real Estate needs," 360 Realtors MD and CEO Ankit Kansal told PTI. The acquisition will help 360 Realtors understand the US market better, devise an effective market penetration strategy and enter new uncharted territories, he added. "Likewise, by aligning with 360 Realtors, Risa Realty can get access to the state-of-art technology, tie-ups with leading Indian developers, extensive manpower and ..
DDA Housing Scheme 2019 application deadline extended till Jun 10
The Delhi Development Authority's new online scheme, which was launched in March, has been extended by a month till June 10, officials said. The DDA Housing Scheme 2019 launched on March 25, offers nearly 18,000 flats across four categories. The scheme was to earlier close by May 10. "As many as 17,922 flats are on offer on four categories -- HIG, MIG, LIG and EWS. The scheme closes on May 10," a senior DDA official had earlier said. The flats available in four categories are -- 488 (HIG), 1,555 (MIG), 8,383 (LIG) and 7,496 (EWS), he said. For the economic weaker section (EWS) category, application fee is Rs 25,000 and Rs 1 lakh for the LIG category and Rs 2 lakh for MIG and HIG flats. The scheme is for sale of nearly 18,000 newly built flats in Delhi's Vasant Kunj and Narela residential areas. From application to verification and other formalities, all processes would be conducted online, the officials said. Application forms can be accessed online on websites of 13 empanelled banks,
Castor seed prices up by Rs 72 on firm bets
Castor seed prices rose by Rs 72 to Rs 5,824 per quintal in futures trade Thursday after investors widened their bets amid firm spot cues. Marketmen said, apart from rising demand from consuming industries, short position of stocks in the spot market led to the rise in castor seed futures. On the National Commodity and Derivatives Exchange, castor seed for most-active June contracts was trading higher by Rs 72, or 1.5 per cent, to Rs 5,824 per quintal, clocking an open interest of 239,960 lots. Castor seed for July contracts, too, rose by Rs 76, or 1.3 per cent, to Rs 5,914 per quintal with an open interest of 17,510 lots.
Online auto spare parts marketplace boodmo.com raises Rs 8 cr
Gurugram-based auto spare parts online marketplace boodmo.com Thursday said it has raised Rs 8 crore in fresh capital. The company did not disclose the identity of the investor but said the freshly infused funds take its total funding to Rs 35 crore. boodmo.com Managing Director & Co-Founder Oleksandr Danylenko said with the Indian auto components industry poised to become the third largest in the world by 2025, the company is looking to strengthen its position in the Indian online auto spare parts market. The company plans launching new sorting hubs, boosting technology infrastructure and hire appropriate skilled manpower, he added. "This new funding will help us expand our presence in the country and smoothen our operations, which would in turn help us make swift product delivery to the customers," Danylenko said. Already, the company has sorting hubs in Delhi and Jaipur and the additional funding will help streamline operations for its new hub that will be opened in Bengaluru ..
India's domestic air traffic growth shrinks to 3.1 pc in March: IATA
India's domestic air passenger traffic rose just 3.1 per cent in March, down from February's growth of 8.3 per cent and well-off the torrid five-year average growth pace of close to 20 per cent per month, according to the International Air Transport Association (IATA)."The slowdown largely reflects the reduction in flight operations of Jet Airways -- which stopped flying in April -- as well as disruptions at Mumbai airport owing to construction," said the aviation body representing 290 airlines which comprise 82 per cent of global air traffic.Rising airfares in recent months are also likely to have weighed upon passenger demand, IATA said in a statement.Global passenger traffic results for March 2019 also show that demand (measured in revenue passenger kilometres or RPKs) rose 3.1 per cent compared to the same month a year ago, which was the slowest pace for any month in nine years.This largely was owing to the timing of the Easter holiday which fell nearly a month later than in ...
Silver futures up Rs 92 as speculators create position
Silver prices rose by Rs 92 to Rs 37,494 per kg in futures trade Thursday after speculators built up fresh positions amid firm trend overseas. On the Multi Commodity Exchange, silver for July contracts was trading up by Rs 92, or 0.25 per cent, to Rs 37,494 per kg with a business turnover of 22,666 lots. The metal for delivery in far-month September contracts was also trading higher by Rs 93, or 0.25 per cent, to Rs 38,001 per kg in 553 lots. Analysts said, the rise in silver prices at futures trade was due to building up of positions by participants tracking a firm trend in overseas market. Globally, silver was edged up by 0.05 per cent at USD 14.86 an ounce in New York.
Indian Angel Network, IAN Fund exit TagBox with 3X return as TVS Motor rides in
Indian Angel Network (IAN) and IAN Fund Thursday said they have exited TagBox - which has received investment of USD 3.85 million from TVS Motor Company- with three times return on their investment. "IAN and IAN Fund together, received an exceptional 3X return within 18 months of investment in Bengaluru-based TagBox that is an industrial Internet of Things-focused enterprise. IAN and the IAN Fund had invested Rs 3.5 crore," IAN said in a statement. In a regulatory filing late Wednesday night, TVS Motor Company said it has invested USD 3.85 million (about Rs 26.69 crore) in TagBox as part of the latter's series A funding round. This round was entirely led by TVS Motor Company and its Singapore based subsidiary TVS Motor (Singapore) Pte Limited, it added. The filing noted that TVS Motor Company is making an investment of about Rs 11.2 crore in Tagbox Solutions India, while TVS Motor Company's wholly-owned subsidiary in Singapore is making an investment of USD 2.25 million in Tagbox Pte .
India Ratings downgrades Yes Bank with negative outlook
Days after Icra downgraded Yes Bank, India Ratings has also lowered the lender's long-term ratings on concerns of some of its loan exposure turning into bad loans. India Ratings has downgraded the bank's long-term rating to 'IND AA-' with negative outlook, while reaffirming short-term rating, Yes Bank said in a late-evening filing on Wednesday. Last week, Icra downgraded the long-term ratings of the lender. Accordingly, six instruments with a total borrowing of over Rs 33,000 crore were also downgraded. The bank had also reported its maiden loss of over Rs 1,506 crore in the March 2019 quarter, driven by a near 10-fold spike in provisions. According to India Ratings, the downgrade reflects the quick credit migration (to sub-investment grade) in the bank's certain group exposures. "Some of these assets to slip into the non-performing category; the need to provide beyond Rs 2,100 crore of contingent provisions in FY19 and credit cost guidance of 1.25 per cent for FY20 in the event of ...
Stocks extend intraday losses
Key benchmarks extended losses and hit fresh intraday low in afternoon trade. At 13:24 IST, the barometer index, the S&P BSE Sensex, was down 281.04 points or 0.74% at 37,508.09. The Nifty 50 index was down 76.70 points or 0.68% at 11,282.75.
Allahabad Bank slips for fifth straight session
Allahabad Bank is quoting at Rs 44.4, down 0.11% on the day as on 13:24 IST on the NSE. The stock tumbled 3.48% in last one year as compared to a 5.27% rally in NIFTY and a 4.27% spurt in the Nifty PSU Bank index.
Bajaj Holdings & Investment Ltd eases for fifth straight session
Bajaj Holdings & Investment Ltd is quoting at Rs 3064.95, down 1.2% on the day as on 13:24 IST on the NSE. The stock tumbled 27.51% in last one year as compared to a 5.27% rally in NIFTY and a 12.05% fall in the Nifty Financial Services index.
Mahindra & Mahindra Ltd slips for fifth straight session
Mahindra & Mahindra Ltd is quoting at Rs 620.9, down 0.12% on the day as on 13:24 IST on the NSE. The stock tumbled 27.51% in last one year as compared to a 5.27% rally in NIFTY and a 28.71% fall in the Nifty Auto index.
Vodafone pledges entire stake in VodaIdea with foreign banks
Vodafone Plc has pledged its entire stake in Vodafone Idea with seven foreign banks shortly after the country's largest telecom operator issued new shares to promoters to raise funds to pare debt. Vodafone holds 44.39 per cent stake in Vodafone Idea which at Thursday's trading price is worth over Rs 18,000 crore. In a regulatory filing to stock exchanges, the company said Vodafone Group companies have pledged their 44.39 per cent stake in Vodafone Idea. The pledge was created "in relation to financing arrangements for Vodafone Group companies" in favour of HSBC Corporate Trustee Company (UK) Ltd, which is acting as a trustee for BNP Paribas, HSBC Bank Plc, ING Bank NV Singapore branch, StanChart Bank, Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc, the filing said. "Each of the entities named above has been incorporated outside India," it said. Vodafone Group holds a stake in Vodafone Idea through 12 entities based out of India and Mauritius. The Mauritius-based ..
India wants to ensure Africa becomes most developed part of world: Prabhu
India wants to ensure that Africa progresses and becomes the most developed part of the world, Commerce and Aviation Minister Suresh Prabhu has said, promising to assist in resolving challenges faced by the Indian diaspora businessmen in the continent. The minister's statement came while addressing business leaders from South Africa, Mozambique, Botswana, Madagascar, Ghana and Nigeria through a video conference on Monday. "We have very old, intensive, comprehensive relationships with our friends in Africa. These are very important relationships which we want to develop for mutual benefit. "We want to ensure that Africa progresses and becomes the most developed part of the world because Africa has everything that should really put it on the top of the map in terms of development," Prabhu said. He earlier addressed East African nations as part of his plan to identify and attempt to resolve challenges that Indian businesses on the continent were facing. Major issues that emerged from the