Page 44 - Business Finance
Market may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 16 points at the opening bell.
HDFC AMC in spotlight after providing liquidity for certain FMP schemes
HDFC Asset Management Company (HDFC AMC) said it has decided to provide a liquidity arrangement to certain fixed maturity plan (FMP) schemes of HDFC Mutual Fund, to deal with the illiquidity faced by such FMP schemes due to their exposure to the non-convertible debentures (NCDs) issued by the Essel Group companies. The liquidity arrangement may involve an aggregate outlay not exceeding Rs 500 crore and will be put in place shortly. The arrangement is in the long term interest of the company and is being undertaken purely as a measure to provide liquidity to the relevant unit holders. The announcement was made after market hours yesterday, 17 June 2019.
HPCL launches two new fuel additives
Hindustan Petroleum Corporation Limited (HPCL) launched two new fuel additives-- Vinner Petrol Plus and Vinner Diesel Plus.Executive Director-Retail of HPCL GSV Prasad on Monday launched the products which will also be available in small convenient pouches to make available the advantage of branded fuels to esteemed customers across the country.Fuel additives are compounds that are formulated to enhance the quality and efficiency of fuels used in motor vehicles"We are happy to announce that today we have launched the fuel additives 'Vinner Petrol Plus and Vinner Diesel Plus' in the Hyderabad market," GSV Prasad told ANI."in order to make available the advantage of branded fuels to esteemed customers across the country, HPCL has worked out the alternative by introducing aftermarket fuel performance enhancing additives in small convenient pouches. Vinner Petrol Plus and Vinner Diesel Plus will be available in the market in pouches in different sizes," he added.
UK shares list in China, a first for foreign firms
Britain and China began selling shares in each others' companies on Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post Brexit. The launch of the London-Shanghai Stock Connect marks "the first time that any foreign company will be able to list in mainland China", a statement said, as the UK seeks to extend close trading ties with the Asian powerhouse, despite strains caused by the fallout between Chinese telecoms giant Huawei and the US. The announcement Monday was the "centrepiece" of the UK-China Economic and Financial Dialogue, the Treasury said. Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added. Hammond said in the statement: "London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK ...
TCS partners with SAP to help medical device manufacturers streamline surgical kit handling
TCS' iFIM Solution, powered by SAP Leonardo, uses lnternet of Things (loT)to build traceability of inventory and blockchain to enable greater visibility of that inventory to all stakeholders in the ecosystem - manufacturers, distributors/representatives and hospitals. This will significantly streamline and simplify surgical kit handling, improve patient outcomes, optimize field inventory and ease regulatory compliance. Additionally, quicker turnaround of returned kits boosts revenue recognition for the manufacturers. SAP Leonardo IoT business and technical services enables iFIM to integrate with core systems and to effectively scale to meet the dynamic business requirements of the life sciences supply chain.
Board of Fairdeal Filaments allots 67.24 lakh shares under scheme of merger
At meeting held on 17 June 2019
Board of Rajnish Wellness approves change in directorate
At meeting held on 17 June 2019
Housing & Urban Development Corporation announces cessation of directors
With effect from 17 June 2019
Congress questions authenticity of Maha agri growth figures
Former Maharashtra chief minister Prithviraj Chavan has questioned the authenticity of figures quoted in the state Economic Survey, tabled in the monsoon session of the state legislature which got underway Monday. The senior Congress leader said there has been a "drastic revision" of the agricultural growth rate in the survey. "As per the Economic Survey of 2017-18, the estimated agriculture growth rate was minus 8.3 per cent. But in the Economic Survey report of 2018-19, this figure was revised to 3.4 per cent. It is impossible to have such a big change of almost 12 per cent. The government should show proof of such drastic changes," Chavan said. "In 2017-18, kharif crop production had gone down 12 per cent, while rabi production reduced by 63 per cent. Then how come the agriculture growth rate rose to 3.4 per cent for 2017-18 as stated in the 2018-19 survey," he said. Maharashtra finance minister Sudhir Mungantiwar, who tabled the survey, also claimed increase in ...
MP govt to raise Rs 20,000 crore revenue without new tax
The Madhya Pradesh government is hopeful to raise around Rs 20,000 crore in revenue without imposing any new tax on public in the next budget, Finance Minister Tarun Bhanot said here Monday. He said the government has taken certain decisions to raise the revenue without imposing any new tax. The Budget session of the state Assembly would begin from July 8. Addressing reporters, Bhanot said the balance sheet of the state is in cash surplus. The state government might seek a loan upto Rs 35,000 crore for financial year 2019-2020, he said, adding that the erstwhile BJP government had taken loans to the tune of Rs 1,60,000 crore during its 15-year tenure. He also said the government would make the financial data on expenditure available online for public view. Bhanot informed the government had approved the second phase of farm loan waiver scheme - Jai Kisan Rin Mafi Yojana- to extend benefit to the farmers who were left out in the first phase. "Initially when the loan waiver
Axis Bank sets ROE target of 18% on sustainable basis
Private sector lender Axis Bank has set a target of achieving 18 per cent Return on Equity (ROE) on sustainable basis as cost of funds is on decline. The ROE of the bank stood at 8.09 per cent at the end of March 2019. "Our aspiration is to deliver around 18 per cent Return On Equity (ROE) on a sustainable basis. The reduction in credit cost to below our long-term averages, portfolio choices driven by a risk-adjusted returns framework and improvement in operational efficiency would be the key drivers for RoE improvement over the next three years," Axis Bank CEO Amitabh Chaudhry said in the annual report. Though it seems a tall order, the lender has delivered ROEs in excess of 18 per cent few years back and hence the bank aspire to do it again - on a sustainable and consistent basis. "In recent years, driven in part by some unexpected negative surprises at the Bank, we have dented the trust of investors. We need to win it back. The only way to win it back is to have a business model, .
'India's outbound capital in commercial realty rises 92%'
In a sign of increasing attraction of the global market in comparison to India, outflow of capital from the country into commercial real estate market globally has surged significantly in the past one year, according to a recent report.
IndiGo places USD 20-bn order for LEAP 1-A engines with US-based CFM International
Budget carrier IndiGo Monday announced that it has placed a 20-billion order for LEAP-1A engines with US-based CFM International to power its future fleet of 280 narrow body aircraft. The decision to go with CFM engines for its future fleet has come as IndiGo has been facing problems for the last three years in its current A320neo aircraft fleet, which are powered by Pratt & Whitney engines. CFM International and Pratt & Whitney, both headquartered in the US, are competitors in the aircraft engine market. Calling it the "largest ever single engine order in history", IndiGo said Monday that "delivery of the first LEAP-1A-powered A320neo is scheduled in 2020." The LEAP engine, which has logged nearly five million engine flight hours in less than three years of commercial service, has continued to build on the legacy of the CFM56 product, IndiGo said. IndiGo has been a CFM customer since 2016 and currently operates a fleet of 17 "A320ceo" aircraft powered by CFM56-5B ...
Your next Domino's Pizza might arrive in a self-driving car
Domino's Pizza is reportedly working on deploying mini delivery vans to bring your favourite pizza at your doorstep at the end of the year.As Fast Company reports, the pizza chain will be running a small trial in Houston, later this year, using the fully autonomous R1 mini delivery van which is built by Nuro.R1 is a compact vehicle with no space for a human operator, which basically means, if it heads towards a wrong address, there is no human intervention.However, it can drive up to 25 miles per hour and will deliver pizza only when you enter an OTP to open the pizza compartment.
Reliance Infra shares tumble 5 pc on bourses after red flags by auditors
After red flags raised by auditors of Reliance Infrastructure over financial results as well as "significant doubt" over the group's ability, the company's shares tumbled about 5 per cent Monday to close at Rs 56.50 apiece. The Anil Ambani-led group reported a net loss of Rs 3,301 crore for the quarter ended March 31 on Friday on a consolidated basis. The company had recorded a profit of Rs 133.66 crore in the corresponding quarter of the previous financial year, according to a BSE filing. On an annual basis, it had incurred a loss of Rs 2,426.82 crore for 2018-19. It had reported a profit of Rs 1,255.50 crore in 2017-18. The company's auditors BSR & Co LLP and Pathak HD & Associates remarked in their note: "The Group and its associates and joint venture incurred a net loss (after impairment of assets) of Rs 2,426.82 crore during the year ended 31 March 2019" and pointed out anomalies saying that "the consequential impact of these events or conditions, along with other ...
Karnataka govt to announce new IT policy soon
: With focus on tier-2 cities, the Karnataka government would soon announce a new information technology policy to drive investment and employment opportunities in the state, a senior government official said Monday. "We are in the process of formulating a revised IT policy for the state. Our aim is to strengthen the states leadership position in the IT/ITeS industry through increased thrust on emerging technologies and R&D," Gaurav Gupta, principal secretary to the department of information technology and biotechnology. "Our focus would be to enhance necessary support through key incentives and facilitation through institutional mechanism," said Gupta at the 15th Vision Group meeting. The objective behind the new IT policy is to push Karnataka as the global 'first choice' for innovation and technology, the officer said. He added that there would be inclusive digital growth by adopting strategies that would promote emerging technologies such as AI, machine learning,
Claims against RCom swell to Rs 57,382 cr; Rel ADAG cos among claimants
Claims against Reliance Communications (RCom) have risen to Rs 57,382.5 crore with new entities, including some Reliance Anil Dhirubhai Ambani Group companies, joining the creditors' list, according to a regulatory filing. Interim Resolution Professional (IRP) Pardeep Kumar Sethi, however, admitted dues of Rs 30 crore out of fresh claims of Rs 8,189 crore, taking admitted claims so far to Rs 49,223.88 crore, RCom said in the filing. Reliance ADA Group firms account for Rs 7,000.63 crore of fresh claims against the group firm RCom. The filing said the fresh claims except for admitted dues have been put for verification. Reliance ADAG firm Reliance HR Services Private Limited has submitted claim of Rs 3,368.95 crore, Reliance Capital 1,291.71 crore and Reliance Communications Enterprise Private Limited of Rs 2,336.22 crore and Bermuda-based Reliance Globalcom has made claim of Rs 3.75 crore. The IRP admitted none of the claims and marked the entire amount for verification. Shubh ...
Biocon board approves sale of branded formulations business to subsidiary
Pharma firm Biocon Monday said it will sell Branded Formulations India (BFI) business on a 'going concern' basis to its subsidiary Biocon Biologics India Ltd for Rs 45 crore. The Board of Directors in its meeting approved the sale of Branded Formulations India (BFI) business to Biocon Biologics India (BBIL), the pharma company said in a BSE filing. "The transfer of BFI business on slump sale basis will lead to consolidation of marketing and manufacturing activities relating to BFI business under a single entity with common leadership and achieve synergies/value accretion for the group," Biocon said. The company has fixed July 1, 2019, as the expected date of completion of the sale and the consideration to be received is Rs 45 crore.
Indiabulls Housing Finance appoints Naveen Uppal as Chief Risk Officer
Indiabulls Housing Finance Ltd Monday said it has appointed Naveen Uppal as Chief Risk Officer in compliance with regulator National Housing Bank's direction. His appointment is for a period of three years with effect from June 17, 2019, Indiabulls Housing Finance said in a regulatory filing. He will be directly reporting to the managing director and CEO of the company.