Page 474 - Business Finance
Boeing gathering to take shareholder temperature amid 737 MAX crisis
Boeing management faces a potential rebuke by shareholders on Monday when investors gather at an annual meeting six weeks after a top-selling plane was grounded globally following two deadly crashes. Proposals that Boeing opposes would direct the company to make its chairman an independent director and to disclose its lobbying activities and trade association memberships. Majority votes against the company would be the most visible sign of displeasure among shareholders at Boeing and Chief Executive Dennis Muilenburg, who opened the gathering at the in Chicago with a moment of silence. "We at Boeing are sorry for the loss of lives in these tragedies," Muilenburg said early in the gathering when a moment of silence was held. The annual gathering for investors -- often a speedy affair at Boeing and other highly profitable companies -- has the potential this year to be a much more contentious affair. The 737 MAX has been grounded since mid-March following Ethiopian Airlines and Lion Air .
Jet staff confident of securing Rs 3,000 cr fund, seek SBI nod to bid
Sensing the options to revive the grounded Jet Airways are fast running out, a group of airline employees has written to SBI seeking permission to allow a consortium of employees and external investors to bid for the management control of the company.
IDBI Bank seeks NCLT nod to extend Jaypee resolution deadline
IDBI Bank, the prime lender of Jaypee Infratech (JIL), has approached the Delhi bench of National Company Law Tribunal (NCLT) seeking extension of the 270-day deadline for the resolution of the company, sources said.
India, Pakistan hike defence spending in 2018: SIPRI report
India increased its defence spending by 3.1 per cent to USD 66.5 billion in 2018 while Pakistan hiked it by a hefty 11 per cent to touch USD 11.4 billion, according to a new report on global military expenditure released on Monday by a leading Swedish think tank. The total world military expenditure rose to USD 1,822 billion in 2018, representing an increase of 2.6 per cent from 2017, The Stockholm International Peace Research Institute (SIPRI) said in its annual report. The five biggest spenders in 2018 were the United States, China, Saudi Arabia, India and France, which together accounted for 60 per cent of global military spending, it said. Military spending by the US increased for the first time since 2010, while spending by China grew for the 24th consecutive year. In South Asia, the SIPRI said India increased its military spending by 3.1 per cent to USD 66.5 billion in 2018. Military expenditure by Pakistan grew by 11 per cent (the same level of growth as in 2017), to reach USD .
Zomato's Hyperpure eyes 22 warehouses in India
Food ordering app Zomato on Monday announced the launch of a warehouse in the Capital for its business-to-business food ingredients supply arm Hyperpure, marking the opening of the second warehouse for the company after Bengaluru.
InCred raises Rs 600 cr to boost lending
Non-banking financial company InCred Monday said it has raised Rs 600 crore from a clutch of investors led by Dutch development finance institution FMO. The series A funding round raised Rs 600 crore for InCred and witnessed the participation of US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar, and Alpha Capital, the company said in a release. The latest funding round will increase the total equity capital of the company to over 1,000 crores, InCred said. "The NBFC plans to use this capital to boost its balance sheet lending, as well as in making further investments in technology initiatives to drive analytics and risk management capabilities," it said. The company said it already has a strong business footprint across more than 20 cities in India and envisages deeper penetration in these markets, while also expanding to a number of tier 3 cities. "Urban migration, increasing disposable incomes, and digitisation has brought India close to the tipping ...
HLL, US firm in pact for VA brand of female condoms
HLL Lifecare Ltd (HLL), a central government enterprise, has entered into manufacturing and global marketing partnership with IXu LLC of the US for the VA "Worn-of-Women" brand line of female condoms, a HLL official told IANS.
Orient Cement Q4 net up over 4-folds to Rs 61.98 cr
CK Birla Group firm Orient Cement Monday reported over four-fold jump in its net profit to Rs 61.98 crore for the fourth quarter ended March 2019. It had reported a net profit of Rs 12.82 crore for the January-March quarter a year ago, Orient Cement said in a BSE filing. Orient Cement's total income rose 21.14 per cent to Rs 754.89 crore during the quarter under review as against Rs 623.13 crore in the corresponding quarter last year. The company's total expenses were at Rs 661.11 crore. Meanwhile, in a separate filing, the company informed the BSE that its board has recommended a final dividend of Rs 0.75 per equity share of Re 1 each for financial year 2018-19. Shares of Orient Cement Monday settled at Rs 101.50 on the BSE, up 3.10 per cent from the previous close.
Lalaji 24x7 announces massive launch for Delhi-NCR
In an attempt to grow a larger market, cater to a bigger audience by enabling easy access to daily needs and grocery items pan India, Delhi based hyper local grocery delivery start-up Lalaji 24x7 has announced good news to its consumers on venturing in all Delhi NCR regions.A bootstrap start-up, Lalaji 24x7 aims at bringing the world of technology and world-class groceries together for major cities in India by 2020.An inception by industry experts, Sunil Lakra and Piyush Goyal, Lalaji 24x7 has been conceptualized with a lot of thought behind it. Unlike any other hyper local grocery delivery start-up, the research, experience from working within the industry and first-hand knowledge set them apart.With a passionate team set to give the best products with endless offers and providing the finest packaging, fast delivery, free shipments, and full customer support, the concept drives much popularity that its current competitors.The platform has a user-centric UI, which appeal to the ...
US-China trade talks nearing decisive moment: official
Trade talks between the world's dominant economies are in the decisive phase that will determine whether a final agreement is possible, US Treasury Secretary Steven Mnuchin said Monday of negotiations with China. Mnuchin and US Trade Representative Robert Lighthizer travel to Beijing this week for another round of talks with Chinese negotiators starting Tuesday, and they will meet next week in Washington to try to finalize a deal that President Donald Trump has demanded to repair what he calls and unfair and unbalanced relationship. "I think there's a strong desire from both sides to see if we can wrap this up or move on," Mnuchin said in an interview on Fox Business Network. "We hope within the next two rounds -- in China and in DC -- to be at the point where we can either recommend to the president we have a deal or make a recommendation that we don't." Trump imposed steep punitive tariffs on more than $250 billion in imports from China, and Beijing has retaliated with duties on ...
Bank of Maharashtra's Q4 net profit at Rs 72 cr
State-run lender Bank of Maharashtra on Monday reported a standalone net profit of Rs 72.38 crore during the quarter ended March 31 on a year-on-year basis.
Telangana IT/ITES exports grow 17% at Rs 1.09 lakh Cr in FY19
Telangana registered about 17 per cent growth in IT and IT Enabled Services (ITES) exports to over Rs 1.09 lakh crore in the last fiscal. In 2017-18, IT/ITES exports stood at Rs 93,442 crore and added over 68,000 IT professionals in the state. In 2018-19, the figure touched Rs 1,09,219 crore,an official release said. "The then IT Minister K T Rama Rao had set an ambitious target before the department that we have to double our IT exports in the next five years. I am delighted that we have been able to make that challenge a reality," Telangana Principal Secretary IT and Industries Jayesh Ranjan told PTI. One appreciable part of our growth story is that the existing companies are expanding heavily. This is a strong endorsement of the value proposition they get in Hyderabad and Telangana," he added. "Delighted with 2018-19 Hyderabad IT sector performance; IT exports have grown by a whopping 17% to Rs 1,09,219 crore and employment has grown by 14.2% to reach 5,43,033," former
Invoicemart eyes 3-fold growth to Rs 9Kcr in FY20
Invoicemart, an electronic platform that allows auctioning of trade receivables, was bullish for a three-fold growth in value of trade receivables deals to Rs 8000-9000 crore in the current fiscal, a top company official said. Promoted by A TREDS Ltd, a 67:33 joint venture between Axis Bank and mjunction Services Ltd, Invoicemart is one of the three Trade Receivable Discounting System (TReDS) platform that are in operation since 2017. "We have garnered 40 per cent of the estimated market of Rs 700 crore per month of total trade receivable financing taking place now and growing exponentially," Invoicemart MD & CEO Kalyan Basu told PTI. "On a cumulative basis, we have already executed bills factoring on our platform totalling close to Rs 3000 crore. From this, we are aiming at growing to Rs 8000-9000 crore by end of FY20," he said. Receivables Exchange of India (RXIL) and M1Xchnage are its two peers with similar TReDS platform. TReDS is an RBI approved system for ...
18 joint secretaries appointed in central govt departments
As part of a senior-level bureaucratic reshuffle effected on Monday, 18 joint secretaries have been appointed in various central government departments, according to an official order. Abhishek Singh, a 1995 batch IAS officer of Nagaland cadre, has been appointed as secretary, agricultural scientists recruitment board (ASRB) under the Department of Agricultural Research & Education. Navneet Gupta and Dipti Mohil Chawla have been appointed as joint secretaries of Department of Telecommunications and Department of Defence, respectively, the order issued by the Personnel Ministry said. Nita Kejriwal and J P Agrawal, both the officers of Central Secretariat Service (CSS), have been named joint secretaries of Rural Development and Official Language Departments, respectively. Siddhartha Singh Longjam will be joint secretary, Department of Sports, Sunil Kumar will be joint secretary, Ministry of Petroleum & Natural Gas and Meera Ranjan Tsering will be joint secretary, Ministry of ...
Trent Q4 profit up 37 pc to Rs 16 cr
Tata group retail firm Trent Ltd Monday reported an increase of 36.79 per cent in standalone net profit at Rs 15.95 crore for the fourth quarter ended March 31, 2019. The company posted a profit of Rs 11.66 crore in the January-March quarter a year ago, Trent said in a BSE filing. Total income during the quarter under review was up 25.64 per cent to Rs 677.49 crore as against Rs 539.22 crore in the year-ago period. "Led by the own branded offer, Westside has continued to perform well and has seen the opening of 27 new stores, the maximum compared to any previous year," Trent Chairman Noel N Tata said. Total expenses during the quarter were at Rs 658.71 crore as against Rs 522.40 crore in March quarter 2017-18. For the entire 2018-19 financial year, Trent's profit stood at Rs 127.49 crore as against Rs 116.72 crore in the previous year. Total income in the last fiscal stood at Rs 2,567.98 crore as compared to Rs 2,108.84 crore in 2017-18. Trent's board has recommended a dividend of Rs .
'Allways' makes traveller's journey seamless and hassle-free: Bhavya Kukreja
Travelling with elderly people or kids along with heavy luggage can be difficult sometimes. Ever wondered who can come to the rescue in a situation? No need to wonder anymore if you are flying through IGI airport since Plaza Premium Group provides personalized services to the travellers and ensures a smooth and hassle-free experience for them.Bhavya Kukreja, GM Marketing, Plaza Premium Group, India the world's largest independent airport lounge network shares the various services offered by Allways - their meet and greet service at the IGI airport."Allways, the meet and greet service by Plaza Premium Group is committed to make traveller's journey seamless and hassle-free. It connects all the services at the airport to assist arriving, in transit and departing travellers. It also offers an array of services which includes porter assistance, baggage handling, buggy service and provides lounge stays with guidance to immigration as well", said Kukreja.Meet and Greet serviceHe shares that .
'Blank canvas' behind diverse Indian textiles on view
The starting point of most Indian textile crafts is white fabric that has inspired textile curator Sayali Goyal to create an art installation 'Safed'. On view here, it features 30 fabrics from across India, which are white in essence but are a blank canvas for the country's diverse textiles.
Kerala expects Rs 3,596 cr World Bank loan for rebuilding
Chief Minister Pinarayi Vijayan, after a high level meeting here on Monday to discuss the 'rebuild Kerala' initiative in aftermath of the worst-ever floods that hit the state last year, indicated that the World Bank will provide a Rs 3,596 crore loan for rebuilding activities covering various sectors.
India's military spending up by 3.1% and Pakistan's 11% in '18: SIPRI report
World's military expenditure increased by 2.6 per cent, reaching $1822 billion in 2018 with India along with United States, China, Saudi Arabia and France contributing 60 per cent of the amount, according to a latest report from the Stockholm International Peace Research Institute (SIPRI).
New UK-India tech hub in London to nurture tech start-ups
A new UK-India tech hub was inaugurated in London on Monday to promote cross-border technology transfer in early stage businesses between the two countries. The hub, described as a first-of-its-kind collaboration between a venture capital (VC) fund and a business district, has been set up by UK-based VC fund Pontaq at the new Royal Albert Dock business district in East London. It aims at promoting bilateral investments in the field of financial technology (fintech), artificial intelligence (AI), blockchain and smart cities. "Brexit or no Brexit, Indian tech companies will always choose the UK as one of the locations of choice," said Dr Mohan Kaul, chairman of Pontaq. "Both India and the UK are among the top five in the world when it comes to tech start-ups and with this new hub, we feel Indian companies can find a lot of traction and space to go global," he said. Pontaq, launched as a VC fund focussed on the India-UK corridor last year, has nine companies as part of its portfolio and .