Page 516 - Business Finance
NSE to bar 34 stocks from participating in F&O segment
The National Stock Exchange of India (NSE) on Monday said that it will exclude 34 stocks from the Futures and Options (F&O) segment for not meeting the enhanced eligibility criteria.
BEML and Syndicate Bank sign MoU
Syndicate Bank and BEML Limited, a 'Miniratna' Public Sector Undertaking, have signed an MOU for financing Earth Moving and Construction Equipment manufactured by BEML. Under the MOU, BEML will nominate Syndicate Bank as a preferred financer for financing its customers, BEML said. The customers under the tie-up arrangement will be provided loans in the range of Rs 20 Lakh to Rs 300 Lakh and preferential pricing by Syndicate Bank, it said in a release. Syndicate Bank and BEML expect to book business worth Rs.100 crore by March 2020 under this window, it said. The MOU was signed in the presence of Ajay Vipin Nanavati, Chairman, Syndicate Bank and Deepak Kumar Hota, CMD, BEML Limited and Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank, it said. "The signing of the MOU with Syndicate Bank will facilitate the availability of loans and address the growing demand for higher capacity equipment in the Mining Industry. This will also give a fillip to the mining &construction
SpiceJet to deploy sub-leased aircraft from Jet lessors
Airline major SpiceJet will induct around 22 aircraft from the grounded fleet of Jet Airways on a sub-lease basis and deploy the first such plane on the domestic sector within the next few days, informed sources said on Monday.
Tax evasion of over Rs 1,350 cr detected in raids against co owned by Kamal Nath's nephew
The Income Tax department has detected tax evasion of more than Rs 1,350 crore during search and seizure operations conducted against Hindustan Powerprojects, a company owned by the nephew of Madhya Pradesh chief minister Kamal Nath, sources said. The Central Board of Direct Taxes (CBDT) Monday said raids were conducted earlier this month at offices of the solar power group at several locations in NCR, Bhopal, Indore and Goa by the Delhi unit of the Directorate General of Income-tax(Investigation) based on "credible information" of large scale collection, possession and movement of unaccounted assets. However, the CBDT statement did not name the group. "The search action was undertaken on the basis of credible information and has led to detection of large scale tax evasion of more than Rs 1,350 crore," the CBDT said. According to sources, the raids were conducted at Nath's nephew Ratul Puri's company, Hindustan Powerprojects Pvt Ltd on April 7. Puri was also grilled by the Enforcement
Industry delegation calls on RBI Guv, discusses steps for MSMEs, NBFCs
A delegation led by PHD Chamber President Rajeev Talwar met RBI Governor Shaktikanta Das here on Monday and discussed concerns related to the growth of MSMEs, NBFCs, affordable housing and the real estate sector. The chamber in its submission has also sought further cut in the repo rate in the coming quarters. "PHD Chamber in its submission has urged RBI to increase the limit for classifying over dues of MSMEs to 180 days from the current level of 90 days as working capital cycle of MSMEs keeps prolonging due to delays in realisation of their bills/receivables," said Talwar. It has also requested that at least one year period should be considered for eligibility of MSMEs' stressed and NPA accounts under the restructuring scheme. All such Accounts which turned into defaulters or became NPAs after January 1, 2018 should be covered under the policy of RBI for being eligible for restructuring, said Sanjay Agarwal, Vice President, PHD Chamber. It was also recommended that the loans given ..
India VIX jumps to 3-year high on election concern, high crude
The India Volatility Index shot up to a three-year high of 24.05 on Monday, amid rising uncertainty over the new government formation and soaring crude oil prices. The India VIX, the fear gauge for domestic equities, rose 5.76 per cent to settle at 24.05, after an intra-day high of 24.56. "Crude and election uncertainties is pushing the India VIX up," IIFL co-promoter and MD R Venkataraman told PTI. Besides the ongoing Lok Sabha elections, market sentiment was hit as macroeconomic worries resurfaced, following reports that the US will end sanctions waiver on Iranian oil imports, analysts said. Global benchmark Brent crude climbed to a multi-month high of USD 73.81 per barrel, a 2.56 per cent rise. "The Nifty and Bank Nifty index has witnessed profit booking in the last couple of sessions, and a rise in the volatility index could lead to some roller coaster activity in the short term," said Ruchit Jain, an analyst with Angel Broking. On April 22, 2016, the volatility ...
Manoj Tiwari owns Rs 24-crore assets: Poll affidavit
BJP leader Manoj Tiwari owns assets worth over Rs 24 crore including five cars -- Audi Q7, Mercedes Benz, Toyota Fortuner, Toyota Innova and Honda City -- with total market value of over Rs 54 lakh, according to an affidavit submitted on Monday with his nomination papers for the Lok Sabha elections.
Finmin asks all departments to conduct review of govt guarantee; submit details by Apr 30
The Finance Ministry has asked all departments to undertake a review of government guarantees given by respective ministries to their CPSEs or entities. The review should undertake aspects like the discharge of repayment obligations or interest obligations as per terms of the loan agreement and covenants and conditions met, the Finance Ministry said in an office memorandum. Besides, the details of CPSEs or entities due guarantee fee paid on time to the government should also be submitted. The Finance Ministry has extended date for submission of these details to April 30 from April 10. Guarantees are contingent liabilities have the potential to impact the financial performance of the government. In another circular, the ministry said FRBM Rules stipulates that government cannot guarantee more than 0.5 per cent of the GDP of the respective financial year to CPSE/entities. All ministries and departments are requested that prioritised guarantee requirement for 2019-20 may be worked out to
Kanan Dave joins celebrity marketing agency Entropy
Kanan Dave has joined Entropy, a Reliance Entertainment co-owned digital marketing agency, as the Senior Vice President, Operations.
SECI postpones manufacturing-linked solar bid for 3 GW till May 14
State-run Solar Energy Corporation of India Monday extended bids submission deadline for the third time for manufacturing-linked 3GW solar power tender till May 14. "The RfS (request for selection) Selection of Solar Power Developers for Setting up of 3GW ISTS (inter state transmission system) Connected Solar PV Power Plant linked with setting up of 1.5GW (Per Annum) Solar Manufacturing Plant under Global Competitive Bidding (Phase-II)," a SECI notice on its web portal stated. According to the notice, the last date of bid submission is extended till May 14, 2019 (till 1600 hours). The techno-commercial bid opening shall be carried out from 1700 hours on same day. SECI had floated the fresh tender for the 3GW manufacturing linked solar power tender in January this year. Initially the bidders were to submit their bids by March 18, 2019. Earlier this month, the deadline for bid submission under this tender was extended from April 4 to April 22. SECI had also extended deadline for bid ...
CLP, Akshay Patra to build mid-day meal kitchen
CLP India, one of the largest foreign investors in the power sector, on Monday signed a MoU with The Akshay Patra Foundation (TAPF) to set up a centralised Kitchen in Telangana to provide mid-day meals to 20,000 children daily.
Oil marketing companies' shares plunge up to 6.1% on soaring crude oil prices
Shares of oil marketing companies -- Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL) and Indian Oil Corporation Ltd (IOC) -- tumbled up to 6.1 per cent Monday amid soaring crude oil prices. The scrip of HPCL plunged 6.11 per cent to close at Rs 250.30, while BPCL dropped 5.99 per cent to close at Rs 340.45 on the BSE. Shares of IOC fell 4.13 per cent to Rs 149.70 on the BSE. Global benchmark Brent crude Monday climbed to a multi-month high of USD 73.81 per barrel, up 2.56 per cent. "Indian markets had a rough day on the back of sharp rise in crude oil price above USD 74 per barrel (intra-day). As a significant importer of crude oil, the high oil price is not good for Indian macros," said Jagannadham Thunuguntla, senior VP and Head of Research (Wealth), Centrum Broking. Weakness was also seen in shares of airline, with SpiceJet, Jet Airways (India) and InterGlobe Aviation tumbling 8.15 per cent, 5.67 per cent and 4.22 per cent, respectively, on the ..
Shiv Sena-affiliated BKS seeks salaries for Jet staff
The Bharatiya Kamgar Sena (BKS), the trade union wing of Shiv Sena, met Jet CEO Vinay Dube on Monday and urged the airline to find ways to pay the salaries due to its employees.
India's forex reserves moves up by US$ 1.11 billion in the week ended 12 April
Forex reserves rises to US$ 414.9 billion as on 12 April 2019
IndiaMart expects 29 pc CAGR revenue growth in next 2 yrs
The B2B company, which is in the process of getting listed, posted revenue of Rs 429 crore in 2018-19 and operating profit of Rs 46 crore
LVB to raise Rs 188.16 via preferential shares sale to Indiabulls Housing Finance
Lakshmi Vilas Bank (LVB) Monday said it proposes to raise Rs 188.16 crore by allotting 4.99 per cent of its shares at Rs 112 apiece on a preferential basis to Indiabulls Housing Finance Ltd. Earlier this month, the private sector lender had announced its merger with Indiabulls Housing Finance Ltd (IBHL) in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach. The board of LVB has approved the merger with IBHL in which shareholders of the bank will get 14 shares of IBHL for every 100 shares they hold. The bank proposes to issue 1.68 crore shares on a preferential basis to IBHL. "...the board at its meeting held on April 22, 2019, has, subject to the approval of the shareholders of the bank, approved Rs 112 per equity share as the actual price at which the equity shares will be issued and allotted to the proposed allottee on a preferential basis," the bank said in a filing to stock exchanges. The Reserve Bank (RBI) is yet to .
Iran sanctions: India lines up alternate sources, supplies not to be impacted
India, the second biggest buyer of Iranian oil, has lined up alternate sources to make up for the likely shortfall in supplies after the US decided not to give waiver from its sanctions for buying oil from the Persian Gulf nation. The Trump administration Monday decided not to renew waiver that let countries like India buy Iranian oil without facing US sanctions. "Our crude sources are wide. We have alternate sources lined up to make up for any shortfall," a top source said. US President Donald Trump last year withdrew from the 2015 nuclear deal between Iran and world powers and revived a range of sanctions against the Persian Gulf nation. It, however, granted a six-month waiver from sanctions to eight countries - China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece, but with a condition that they would reduce their purchases of Iranian oil. India, which is the second biggest purchaser of Iranian oil after China, had agreed to restrict its monthly purchase to 1.25 ...
Hind Copper board to consider fund raising via QIP
State-owned Hindustan Copper Monday said its board on April 25 will consider a proposal to raise funds through an issue of equity shares to qualified institutional investors. "In the ensuing board meeting of Hindustan Copper Ltd scheduled on April 25, 2019 a proposal to consider and recommend seeking members approval for raising funds through issue of equity shares through Qualified Institutional Placement (QIP) method in supersession of earlier resolution, will be taken up for consideration of the board," the company said in a filing to BSE. The Cabinet last year had approved a fresh equity issue of 15 per cent by Hindustan Copper to help it raise over Rs 900 crore. Hindustan Copper had earlier said that it would spend Rs 5,500 crore over six years to expand its production capacity by six times to up to 20 million tonnes per annum (MTPA). Shares of the company closed lower by 1.43 per cent at Rs 48.15 on BSE Monday.
India's air passenger traffic growth rate decelerates in March
High air fares and capacity constraint decelerated India's domestic air passenger traffic growth in March, official data showed on Monday.
Oil prices gain as US ends waivers for Iranian crude
Oil prices gained Monday as the Trump administration ended waivers for countries that had been importing Iranian crude in spite of US sanctions. Near 1250 GMT, US benchmark West Texas Intermediate for May delivery was at USD 65.39 a barrel, up 2.2 per cent in electronic trading before the market officially opened. Brent crude oil in London for June delivery advanced 2.5 per cent to USD73.78 a barrel. Oil prices held their gains after surging to their highest point since late 2018 overnight on reports of the US policy shift, which was made official by the White House early Monday. The White House said Saudi Arabia and the United Arab Emirates -- close US allies that back President Donald Trump's hawkish stance against regional rival Iran -- would work to make up the difference in oil to ensure that global markets are not rocked. "This decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," the White House said in a statement.