Page 422 - Business Finance
Introducing BLVD Club, South India's first luxury private club
Come Belong! The discerning and the well-heeled in Bengaluru now have a space that defines their lifestyle, aspirations and success, with the right air of privacy and confidentiality.BLVD Club, South India's first luxury private club located inside the sprawling Embassy Boulevard campus, combines exclusivity and sophisticated luxury that indeed belongs to the chosen few.As South India's first luxury private, members only club, BLVD Club is all about creating the ideal setting for an indulgent lifestyle for its members, who constitute a remarkable mix of distinguished and eminent individuals. The inspirational city of Bengaluru is home to top execs and expats from all over the world contributing in growing the IT and services industry of the economy. With subtlety and elegance in strong focus, the club offers 100,000 sq ft of state-of-the-art sports, recreational, business and dining facilities, along with the unobtrusive yet welcoming and attentive signature BLVD Club service, to ...
Hong Kong may set up office in India
Hong Kong was contemplating to open a country representative office in India to boost bilateral ties, an official said Tuesday. "Hong Kong does not have any direct government office in India. There is a plan to open one in Mumbai which could be similar to a consulate," Invest Hong Kong director general Stephen Phillips said on the sidelines of an interactive session with The Bengal Chamber. He, however, did not divulge anything about a timeline for the proposal. At present only, an investment promotion office "Invest Hong Kong (InvestHK)" is operational in Mumbai, one of the 30 such offices located globally, he said. Hong Kong is now governed by China under the principle of "one country, two systems", where the city would enjoy "a high degree of autonomy, except in foreign and defence affairs." A double taxation avoidance agreement between India and Hong Kong has come into effect recently which would stimulate more the two-way flow of investments and trade. "It will ...
Vakrangee announces alliance with Dish TV India
On 07 May 2019
US wants India to eliminate trade barriers; expects new govt to address issues
The US wants India to eliminate trade barriers for American firms and remove data localisation restrictions, while expecting that the new government here will address these issues, said visiting US Commerce Secretary Wilbur Ross Tuesday. "Our goal is to eliminate barriers to the US companies operating here including data localisation restrictions that actually weaken data security and increase the cost of doing business," he said here. Ross was speaking at the Trade Winds Forum and Trade Mission. He is leading a delegation of over 100 American businesses in India. "We applaud India's commitment to addressing some of these barriers once the government is reformed probably in the month of June," he said in his speech. Ross also alleged that India imposes very high import duties on goods like automobiles, motorcycles, agri-products and alcoholic beverages. "As President Trump has said, trade relationships should be based, and must be based, on fairness and reciprocity. But, currently, US
Adani Group commits Rs 25 crore to Odisha cyclone, ICICI Rs 10 cr
Adani Group has committed Rs 25 crore to the Odisha Chief Minister's Relief Fund to support the people affected by the recent devastating cyclone 'Fani'. ICICI Bank contributed Rs 10 crore towards the same cause and will waive late payment charges on loan repayment by cyclone effected. "Demonstrating its philosophy to work with people and partners for upliftment of communities, Adani Group will extend full support to the government's rehabilitation efforts towards the affected areas of Odisha," the company said in a statement. Karan Adani, chief executive officer of Adani Ports & Special Economic Zone, said, "Going forward, we also plan to provide key resources for the massive rehabilitation work underway. We want to reassure the people of Odisha that the Adani Group will work shoulder to shoulder to rebuild this beautiful state." Separately, ICICI Bank said it has contributed Rs 10 crore to aid the state government and the local authorities in their efforts to provide relief and .
Jaypee Infra insolvency: NBCC offers Rs 20 cr to operational creditors
Seeking multiple concessions for acquiring bankrupt realty firm Jaypee Infratech, state-owned NBCC has offered to pay Rs 20 crore against over Rs 9,712-crore dues of operational creditors, including the income tax department and Yamuna Expressway development authority YEIDA. A Committee of Creditors (CoC) is scheduled to meet on May 9 to discuss the revised offer of NBCC Ltd after creditors, including bankers and home buyers, rejected the offer of Mumbai-based Suraksha Realty. NBCC's revised bid was not considered for voting by the lenders panel, citing lack of approvals from the government departments. Meanwhile, Adani group has shown interest in making bid for Jaypee Infratech, while Jaypee group too has submitted bid for regaining control of its realty firm. According to the revised offer submitted by NBCC, which was submitted to Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain, the public sector unit has proposed that the total operational debt aggregating to Rs .
Goyal hopes for Jet's revival in letter to employees
Jet Airways' ex-Chairman Naresh Goyal has penned another emotional letter to employees, reigniting hopes of reviving the now defunct airline.
Mahindra Logistics change in directorate
W.e.f. 07 May 2019
Vedanta net profit falls 34 pc to Rs 2,615 cr in March quarter
Metals and mining giant Vedanta Ltd Tuesday reported a 33.8 per cent decline in consolidated net profit to Rs 2,615 crore for the March 2018 quarter, on the back of lower income. It had posted a consolidated net profit of Rs 3,956 crore in the corresponding quarter of FY'18, the company said in a filing to the BSE. The net profit is "after taxes, non-controlling interests and share in profit of jointly-controlled entities and associates but before exceptional items." The company's consolidated income declined by 12 per cent to Rs 25,096 crore in the quarter, over Rs 28,547 crore in the year-ago period. "The figures of the last quarter are the balancing figures between audited figures for the full financial year and unaudited year-to-date figures up to the third quarter of the respective financial year," the company said. The company's consolidated total expenses declined to Rs 20,992 crore, from Rs 22,824 crore a year ago. Vedanta Ltd Chairman Navin Agarwal said, "FY2019 was a year of
Essar Steel shareholder seeks ArcelorMittal's disqualification over ties with loan defaulting firms
A majority shareholder of Essar Steel Tuesday moved NCLAT seeking rejection of ArcelorMittal's Rs 42,000 crore bid to acquire the bankrupt steelmaker, alleging that its promoter Lakshmi Mittal hid his association with loan defaulting firms run by his brothers. Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code (IBC) which bars promoters of defaulting companies from bidding for stressed assets. The National Company Law Appellate Tribunal (NCLAT) agreed to hear the plea by Essar Steel Asia Holdings Ltd (ESAHL) and asked ArcelorMittal to respond to the plea. It fixed May 13 as the next date of hearing. Essar Steel Asia Holdings Ltd (ESAHL) holds 72 per cent shares of Essar Steel. The plea comes weeks after an insolvency court cleared ArcelorMittal's bid for Essar Steel, which was auctioned by lenders to recover unpaid loans. It alleged that Mittal was a promoter of GPI Textiles Ltd, Balasore Alloys Ltd
Indian Statistical Institute, UTS form research JV on artificial intelligence
The Indian Statistical Institute (ISI) and the University of Technology Sydney's (UTS') Faculty of Engineering and IT have extended research cooperation by establishing a new joint research cluster (JRC). "The cluster's focus areas will include artificial intelligence (AI), character and video recognition, document analysis and biometrics," a statement said Tuesday. UTS already conducts extensive research in these areas in Centre for Artificial Intelligence and School of Software. ISI has built strong expertise via research undertaken in Computer Vision and Pattern Recognition Unit. * * * * magicpin strengthens leadership team * Offline retail discovery platform magicpin has strengthened leadership team with the appointment of six executive across roles including finance and business operations. The company has appointed Nitin Gupta as head (Finance) and Rajeshwar Wadhera as VP (Merchant Growth), a statement said. It has also roped in Ankit Mittal and Hitanshu Gandhi as vice ...
TCI Industries allots Non Convertible Red. Pref Shares
Of FV of Rs 100/ each
US firm Apolis to set up Global Delivery Centre at Technopark
A leading US-based ERP and Ecommerce company Apolis is setting up its Global Delivery Centre at Technopark here. The firm has taken up 6000 square feet space at Technopark for the GDC and a lease agreement was signed between Apolis president Ranjith Varma and CEO Technopark, Hrishikesh Nair, in the presence of Sivaprasad Pillai, Vice-President India Operations & Offshore Delivery, Apolis, a release here said. With the addition of the facility here, Apolis is all set to double its current global workforce of 500 by 2020. In India, the company had set up operations in 2003 in Gurgaon and Delhi and later expanded to Hyderabad and Chennai. The company, co-founded by US entrepreneurs Amar Shokeen and Rita Shokeen in 1996, specialises in ERP services around Oracle and SAP suite of products for marquee clients in automotive, manufacturing, distribution and logistics and retail & CPG domains. Headquartered at El Segundo, California, the company has a global presence in .
Mahindra Logistics Q4 PAT rises 15 pc to Rs 24 cr
Mahindra Logistics Tuesday posted 14.5 per cent rise in consolidated profit after tax at Rs 23.91 crore for the quarter ended March 31, 2019. The company had posted a profit after tax (PAT) of Rs 20.88 crore in the year-ago period, Mahindra Logistics said in a BSE filing. Total income during the quarter increased to Rs 1,016.59 crore from Rs 893.49 crore in the year-ago period. "Mahindra Logistics added over Rs 400 crore to its topline and Rs 21 crore to its bottom line. We have achieved margin expansion because of efficiencies driven across segments," CEO Pirojshaw Sarkari said. Mahindra Logistics is an integrated third-party logistics service provider, specialising in supply chain management and people transport solutions.
DCB Bank expects to double balance sheet in next 4 yrs
Banking on high growth in small-ticket loans, retail and agriculture portfolios, private lender DCB Bank expects to double the size of its balance sheet in the next three-four years, a top official of the bank said. "Our branch expansion has been completed, they have started to give us results. We are focussed on SME, agri, retail, commercial vehicles and small-ticket loans. While our loan growth is 16 per cent, our growth on loans in these segments, excluding corporate, is 21 per cent, DCB Bank Managing Director &CEO Murali M Natrajan told PTI in an interview. "We want to double our balance sheet in three to four years. If we grow small & medium enterprises (SME), retail, agri, small ticket loans at 20 odd per cent per year, we should be doubling our balance sheet," Natrajan said. Its balance sheet as on March 31, 2019, stood at Rs 35,791.83 crore, up by 18.4 per cent from Rs 30,222.09 crore in the fiscal ended March 2018. The balance sheet of a bank includes deposits, ...
NBCC's Jaypee dreams may soon become reality
With the NBCC placing a bid of higher value than the liquidiation amount for Jaypee Infratech (JIL) and the National Company Law Tribunal (NCLT) directing the CoC to consider the bid, the state-run construction major has reasons to be hopeful about the buyout.
Mining major Vedanta's Q4 profit drops to Rs 2,615 crore
Mining major Vedanta on Tuesday reported a substantial drop in profit at Rs 2,615 crore during January to March period of 2018-19 against Rs 4,802 crore in the year-ago period.The revenue also dropped to Rs 23,092 crore from Rs 27,311 crore year-on-year, largely due to lower commodity prices, rupee appreciation and lower volume at the aluminum and zinc India business that was partially offset by higher sales volume at ESL, Zinc International, and Iron Ore Karnataka.The profit for FY 19 ending March 31 was down to Rs 7,065 crore from Rs 10,342 crore in the same period. The revenue totalled Rs 90,901 crore as compared to Rs 90,954 in 2018-19, the company said in a statement."FY 2019 was a year of production ramp-up alongside robust financials and delivering repeated and industry leading returns to our shareholders," said Chairman Navin Agarwal."Acquisition of ESL and its successful turnaround as well as the commencement of the long-awaited Gamsberg project, both represent significant ...
Indices log 5th straight loss as earnings, trade war concerns linger
Benchmark indices Sensex and Nifty fell for the fifth session in a row on Tuesday, marking their longest losing streak in nearly three months, as US-China trade tiff and lukewarm corporate earnings stoked fears of uncertainty in markets. Both equity gauges traded higher for better part of the session, only to give up gains towards the fag-end of trade, with the BSE Sensex closing 324 points lower and the NSE Nifty diving over 100 points. Among other factors, depreciating rupee and weak global sentiment dampened the mood on domestic bourses. The Sensex was mainly dragged by Tata Motors, ICICI Bank, Bharti Airtel and Reliance Industries -- shedding as much as 4.60 per cent. The quarterly results of ICICI Bank and Bharti Airtel failed to attract investors and both the companies saw constant sell-offs during the session. On the other hand, HUL, L&T, PowerGrid, Infosys, ONGC and Bajaj Auto ended higher. Indian bourses after starting the session on a high came under heavy selling ...
Rupee slips to 69.43 against US dollar
The rupee Tuesday slipped further by 3 paise to close at 69.43 against the US currency due to fag-end dollar demand from banks and importers amid sustained foreign fund outflows. Losses in the domestic equity market and a strengthening dollar against major currencies overseas amid trade worries also weighed on the local unit, forex traders said. Investor sentiment took a beating after IMF chief Christine Lagarde said US-China trade tensions were a 'threat' to the world economy. Crude oil prices also dropped further on growth concerns. Brent crude futures declined 1.19 per cent to trade at USD 70.39 per barrel. The rupee opened flat at 69.40 and later rose to the day's high of 69.29 at the interbank forex market. However, it failed to maintain gains and touched intra-day low of 69.46 against the US dollar. It finally settled at 69.43, down 3 paise from the previous close. The rupee had settled 18 paise lower at 69.40 against the US dollar Monday. "Rupee is consolidating in narrow ...