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Board of Texmaco Rail & Engineering approves acquisition of a steel casting foundry
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40% growth in 'cyber insurance' in India during 2018, 350 policies sold so far: DSCI report
'Cyber insurance' category has seen a 40 per cent year-on-year growth in 2018 in India as increasing cyber security threats and challenges are prompting organisations to opt for such solutions to offset financial liabilities in case of a breach, the Data Security Council of India (DSCI) said in a report. Cyber insurance market globally is expected to grow at a CAGR of 27 per cent from USD 4.2 billion (about Rs 29,400 crore) in 2017 to USD 22.8 billion (about 1.59 lakh crore) in 2024, the report said. India, which is still in its nascent stage of adoption, saw a 40 per cent year-on-year growth from 2017 to 2018, with about 350 cyber insurance policies being sold so far, it added. Cyber insurance is designed to cover the fees, expenses and legal costs associated with cyber breaches that occur after an organisation has been hacked or from theft or loss of client/employee information. The report titled 'Cyber Insurance in India- Mitigating Risks amid Changing Regulations and ...
RBI likely to withdraw non-disclosure policy under RTI
After being rapped by the Supreme Court, the Reserve Bank of India (RBI) is likely to withdraw its 2016 policy of non-disclosure of information on big loan defaulters under the Right to Information (RTI) Act.
Droom strengthens international business with foray into Thailand
Online automobile marketplace Droom Friday said it is making a foray into Thailand to strengthen its international business. The company had expanded into Malaysia and Singapore last year. "Droom has now made its ingenious services available across four countries and envisions to further extend its offerings in other nations, as part of its international expansion spree," Droom said in a statement. Droom, which has raised about USD 125 million in funding till date, counts names like Toyota Tsusho Corporation (a Toyota Group firm) and Japan-based Digital Garage among its investors. The company said Thailand is the second-largest automobile market in Southeast Asia and is among the top-15 automobile markets across the globe. "With its rapidly evolving lifestyle, a major share of working middle class, changing consumer needs and aspirations, competitiveness and online and mobile adoption, Thailand proves to be an the ideal market for the segment of used vehicles to thrive in," it ...
Yes Bank books loss of Rs 1,506 cr in Q4
Private sector lender Yes Bank Friday reported a loss of Rs 1,506.64 crore for the fourth quarter ended March 2019 owing to rise in provisioning for bad loans. The bank had recorded a net profit of Rs 1,179.44 crore on standalone basis during January-March period of 2017-18 However, total income rose to Rs 8,388.38 crore as against Rs 7,163.95 crore in the same quarter of the previous fiscal, the bank said in a regulatory filing. Interest income increased to Rs 7,856.54 crore as compared to Rs 5,742.98 crore earlier. On the asset quality front, gross non-performing assets (NPAs) of the bank doubled to 3.22 per cent of the gross advances as on March 31, 2019 from 1.28 per cent at the end of 2017-18.
DuPont Sustainable Solutions aims to double India headcount in 2 yrs
DuPont Sustainable Solutions, a business unit of DowDuPont Specialty Products division, plans to double its headcount in India in the next two years, a company official said. The company, which is into management consulting services, is expecting to increase its turnover by 40 per cent during 2019. "India is one of the largest geographies for DuPont. We have about 150 people in India. In next 18-24 months, we plan to double our manpower in India," DuPont Sustainable Solutions global managing director Davide Vassallo said. He said one of the key focus areas is data analytics. "Our data scientists are here to create highly qualified jobs to serve the international operations of our business. Here we have a place where we develop technology and software for safety of our clients in Chennai," he said. With a global turnover of USD 200 million, the company provides management consultancy to various manufacturing sectors including mining and metal, oil and gas.
Lucknow based Punjab Jewellers and Sons announce restructuring plans
The brand with a 100-year legacy has announced plans to revamp their business structure to expand their legacy across new horizons. Based on their plans, they will be identifying new practices to tap the potential of the jewellery market more effectively.The announcement comes after a detailed research conducted by 3EA, a globally acclaimed management group revealed major potential touch-points for the brand to tap. PJS has been catering to generations of families & amp; are now looking to put a plan in action to jazz up the market with theme based collections and innovations in entering new markets effectively.For many years North India has been an important market for the brand. The new restructuring plan is being implemented to position the jewellery house as one of the prominent names in the segment amongst the customers in North India and across the country in the coming months.The restructuring plan features attractive expansion opportunities. Being a brand with complete ...
GIA, IGU commit to creating new frontiers for golf
The first day of the 8th edition of the India Golf & Turf Expo (IGTE) -- South Asias largest golf industry trade show, saw the Indian Golf Union (IGU) and the Golf Industry Association committing to explore new horizons for golf in India.
Sebi reduces minimum net worth requirements for clearing corp in IFSC
Clearing corporations operating in international financial services centre should have at least Rs 100 crore net worth from three years of commencing operations, Sebi said Friday as it reduced the minimum requirement level. This net worth requirement in the form of liquid assets has been brought down from the earlier Rs 300 crore. However, the minimum net worth required to be held in liquid assets for clearing corporations on the commencement of operations remains the same as Rs 50 crore or the capital determined as per the Sebi norms. "Every recognised clearing corporation shall enhance, over a period of three years from commencement of operations, its net worth, to be maintained in the form of liquid assets, to a minimum equivalent of one hundred crore rupees or capital as determined in accordance with ... Sebi circular dated April 10, 2019," Sebi said. In this regard, the regulator has amended the Sebi (IFSC) Guidelines, 2015. Sebi in its circular on April 10 provided the ...
Daimler says it has no idea how Kim Jong Un got his limos
German automaker Daimler, which makes armored limousines used by North Korean leader Kim Jong Un, says it has no idea where he got them and has no business dealings with the North. Kim has raised eyebrows by using Daimler-branded stretch limousines at several very high-profile summits, including his meeting this week with Russian President Vladimir Putin and both of his earlier summits with President Donald Trump. The sale of luxury goods, including limousines, is banned under UN sanctions intended to put pressure on North Korea to abandon its nuclear weapons. Kim nevertheless had two limos waiting for him at Vladivostok station a Mercedes Maybach S600 Pullman Guard and a Mercedes Maybach S62. He is believed to have also used the S600 Pullman Guard for his summits with Trump in Singapore in June last year and in Hanoi in February. "We have absolutely no idea how those vehicles were delivered to North Korea," Daimler spokeswoman Silke Mockert said in a written response to an ...
HDFC Bank and Max Bupa launch AnyTimeHealth machines to distribute health insurance products
Max Bupa, one of India's leading standalone health insurance players, and HDFC Bank, one of India's leading private sector banks, today announced the launch of 'digital first' propositions for the bank's 40+ million customers, spread across its 5,000+ branches.Max Bupa is committed to provide the best bespoke and comprehensive health insurance solutions and services to HDFC Bank's customers through a slew of digital touch points like AnyTimeHealth (ATH) machines, deep integration with HDFC Bank Net banking and digital seller apps like InstaInsure.As part of the corporate agency arrangement with HDFC Bank, Max Bupa provides comprehensive and customisable product variants to the bank's customers, through multiple digital touch points. The product offerings include Max Bupa's complete range of indemnity plans including heartbeat, health companion, Goactive and health recharge.Max Bupa, in collaboration with HDFC Bank, has designed an end-to-end 'digital journey' for all the bank's ...
Corteva Agriscience launches new seed brand 'Brevant' for corn farmers in India
Corteva Agriscience, the agriculture division of US-based chemical firm DowDuPont, Friday introduced a new seed brand 'Brevant' for corn farmers in the country. Farmers of Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Telangana are now able to access Brevant corn seeds through select business partners in each state, it said in a statement. The company plans to further expand distribution to more corn-growing states across India to provide farmers more choice and more access to its seed products, it said. Corteva Agriscience Managing Director (South Asia) K V Subbarao said the introduction of this new brand addresses their different growing needs and buying preferences. The commercial and technical teams will work closely with select business partners to offer the best technology and services to farmers in Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, and Telangana, he said. Subbarao further said, "Over 90 years, Corteva Agriscience heritage companies ...
EIU set to lower India's growth outlook for 2019-20
Indian economy will grow below its potential in 2019-20, said a report from the Hong Kong-based The Economist Intelligence Unit (EIU) while warning it is set to lower its own current estimate of 7.2 per cent for the country's GDP growth rate in its next forecast round.
No clarity from banks on paying salary dues: Jet CEO
Hinting that Jet Airways employees are unlikely to receive their salary dues till the stake sale process is completed, Vinay Dube, the CEO of crisis-struck Jet Airways, on Friday told airline employees that the lenders have so far provided no clarity on releasing emergency funds required to meet salary dues.
IL&FS unit to sell stake in China asset to repay debts
ITNL International Pte Ltd, the international subsidiary of IL&FS Transport Networks, has invited Expression of Interests (EoI) for acquisition of its 49 per cent stake in China's Chongqing Yuhe Expressway Company Ltd.
Hero MotoCorp Q4 net dips over 24% to Rs 730 cr
The country's largest two-wheeler maker Hero MotoCorp Friday reported 24.5 per cent decline in its standalone net profit at Rs 730.32 crore for the fourth quarter ended March 31, 2019. The company had posted a net profit of Rs 967.40 crore during the same period last year, Hero MotoCorp said in a regulatory filing. Total income from operations declined to Rs 8,049.18 crore during the March quarter as compared with Rs 8,730.54 crore during the same period in previous fiscal, it added. The company sold 17,81,160 units during the fourth quarter, down 11.1 per cent from 20,01,595 units sold in the same period of 2017-18. For the fiscal 2018-19, Hero MotoCorp posted a net profit of Rs 3,384.87 crore, down 8.45 per cent from Rs 3,697.36 crore in the 2017-18 financial year. The company sold 78,20,745 units in 2018-19 as compared with 75,87,154 units in 2017-18. The company's board recommended a final dividend of Rs 32 per equity share of Rs 2 each (1,600 per cent) for 2018-19. Shares of Hero
India may extend deadline for imposing retaliatory tariff on 29 US items by 14 days
India is likely to extend the deadline for imposing retaliatory customs duties on 29 US products, including almond, walnut and pulses, by another 14 days, a source said. The commerce ministry is expected to recommend to the revenue department, under the finance ministry, to extend the deadline for imposing higher tariffs. The current deadline will end on May 2. "The ministry will recommend extension of the deadline on retaliatory tariffs on imports from the US by another 14 days," the source said. If accepted by the finance ministry, the revenue department would issue a notification to that effect. The government has already extended this deadline over half a dozen times since June 2018, when it decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium products. The issue assumes significance with the US deciding to withdraw export incentives being provided by them to Indian exporters for certain goods under the ...
Sensex closes 336 points up as Brent retreats
The Sensex advanced 336 points on Friday as the Brent crude -- the global oil benchmark -- retreated to $72 a barrel. The Brent had crossed the $75-mark on Thursday for the first time since the US decided to end sanctions waivers that allowed India to continue buying Iranian crude.
Hotel Leelaventure gets shareholders' nod to sell hotels; to abide by Sebi directive
Hotel Leelaventure Friday said its shareholders have approved the resolutions to sell its four hotels, hotel operations, and its shares in the company's arm Leela Palaces and Resorts Ltd by postal ballot. The company, however, said it will abide by the directions of Sebi that none of the transactions proposed in the its postal ballot notice will be acted upon till further directions from the markets regulator. The hotels the sale of which shareholders have approved are in Delhi, Bengaluru, Chennai and Udaipur, Hotel Leelaventure said in a filing to the BSE. The shareholders also gave their nod to the sale of the company's hotel operations undertaking and to the sale of the company's shareholding in Leela Palaces and Resorts Ltd, its wholly-owned subsidiary, it added. All the special resolutions were approved by 86.60 per cent of the votes that were polled, while 13.39 per cent opposed the resolutions, it added. "As directed by Sebi vide its letter dated April 23, 2019, read with its ..
Acquist Group - a forerunner across the realty sector
Acquist Marketing and Information Solutions, a leading marketing consultancy and real estate offering, announced on April 20, 2019, that it has further strengthened its stance across international markets via the launch of London Realty Connect.The Company has been operational for over five years now, observing over 35 per cent YoY growth, right from the first year. In fact, the Acquist Group is entirely self-funded and has maintained positive growth irrespective of market turmoils and lack of external support.The Growth JourneyAccording to Sanjay Guha, Founder and CEO, Acquist Marketing, the company had a humble beginning. Guha invested around Rs 45 lakhs of his earnings to lay foundations for the Acquist Group.Acquist Marketing started out as a privately-held marketing consulting company, operating across direct marketing, digital marketing, and research and publishing spaces. Soon after, Acquist landed multiple clients across real estate, IT, BFSI, energy, etc., managing their ...