Page 523 - Business Finance
Garmin bullish on Indian luxury wearable market
Bullish on the Indian luxury smart watches market, US-based wearable major Garmin is set to introduce its super premium 'MARQ' line-up of smartwatches in the third quarter of 2019.
'DRT on cards if Jet's stake sale process fails'
Even as Jet Airway's lenders are confident of selling their stake in the temporarily grounded airline, they have prepared a contingency plan which includes taking the company to Debt Recovery Tribunal (DRT), sources said.
Equity indices to gain as healthy Q4 results buoy sentiments: Experts (Market Outlook)
The Indian equity market is expected to maintain its northward trajectory in the week ahead as healthy fourth quarter (Q4) earning numbers and anticipation of a stable Central government buoy investors' sentiments, analysts said.
Stressed power resolution comes to a standstill
The resolution of 40,000 MW of stressed power projects has come to a standstill with lenders turning reluctant to engage with investors in the absence of fresh directions from the Reserve Bank of India and regulatory overreach that has made lowering of tariff mandatory from projects being sold at lower valuations.
Quarterly earnings to steer markets this week: Analysts
Stock market sentiment this week would be largely guided by the ongoing fourth quarter results season, with a host of front-line companies slated to come out with their financial report cards, say analysts. Besides, global crude oil movement, rupee and investment trend by overseas investors would keep influencing trading, they added. "In the near-term investors' focus will be on Q4 earnings and elections. For the week ahead, results from key index heavy weights including large corporate banks will set the tone for earnings season. "Continuity in FIIs flows and corporate earnings coming in-line with expectation will keep market afloat," said Vinod Nair, Head of Research, Geojit Financial Services. Bourses may also witness bouts of volatility till clarity emerges on the political front post elections, experts added. "Markets are expected to remain subdued and under pressure at least till the election season is over. However, volatility will continue to remain on the higher side as ...
CPSEs under strategic sale asked to immediately prepare list of non-core assets
The Finance Ministry has asked CPSEs identified for strategic sale to immediately prepare a list of assets and initiate dialogue with potential investors and bidders so that their non-core assets can be monetised quickly. Such CPSEs will have an option to either hive-off non-core assets to a Special Purpose Vehicle (SPV) or transfer sale proceeds of non-core assets to an escrow account to ring-fence the realised amount from the rest of the business, an official said. The government has already identified about 35 CPSEs for strategic sale. These include Air India, Pawan Hans, BEML, Scooters India, Bharat Pumps Compressors, and Bhadrawati, Salem and Durgapur units of steel major SAIL. The other CPSEs for which approvals are in place for outright sale include Hindustan Fluorocarbon, Hindustan Newsprint, HLL Life Care, Central Electronics, Bridge & Roof India, Nagarnar Steel plant of NMDC and units of Cement Corporation of India and ITDC. The central public sector enterprises (CPSEs) .
Over 300 global fashion brands to open stores in India by 2020: McKinsey
India is increasingly becoming a focal point for fashionistas with more than 300 international brands expected to open stores in the next two years, according to McKinsey Fashionscope.A rapidly growing middle-class, increasingly powerful manufacturing sector and strong economic fundamentals make the country too important for international brands to ignore."Economic expansion is happening across Asia, but we expect that 2019 will be the year in which India will take centre stage," said McKinsey's report titled 'The State of Fashion 2019.'The country is being propelled by strong macroeconomic tailwinds and is predicted to grow at 8 per cent a year between 2018 and 2022. The Indian middle class is forecast to expand at 19.4 per cent a year, outpacing China, Mexico and Brazil."As a result, India is set to move from being an increasingly important sourcing hub to being one of the most attractive consumer markets outside the Western world."India's apparel market will be worth 59.3 billion ..
Infinix Mobile expects up to 60% growth in smartphone sales
Mobile device maker Infinix expects around 50-60 per cent growth in its smartphone sales this year with its focus on customers in the economy segment, a top official of the company said. "This year we will focus more on smartphones in the range of Rs 5,000-10,000. Overall we expect sales volume growth to be about 50-60 per cent this year," Infinix Mobile CEO Anish Kapur told PTI. According to Counterpoint Research, Infinix was among the top three fastest-growing smartphone brands in the country in the last quarter of 2018. The sales volume of Infinix grew by 146 per cent in the October-December 2018 period. Kapur said that the company will target people in socio-economic class B and Cby introducing some features that are available in phones priced in the range of Rs 15,000-20,000. When asked about the company's plan for 5G, Kapur said that adoption of 5G technology in India will take time and the usage will be limited. "We will try to reach out to more and more people in tier-2 and -3
Jyotiraditya Scindia owns palace, other properties
Congress' Guna candidate Jyotiraditya Scindia, who belongs to the erstwhile Gwalior princely dynasty, owns properties worth over Rs 2 billion, including a palace that he got as part of his inheritance.
HDFC Bank's Q4 net profit up 22.6% to Rs 5,885 cr
Lending major HDFC Bank on Saturday reported a 22.6 per cent increase in its net profit for the January-March quarter on a year-on-year basis.
'Nyay' scheme will help restart 'economic engine': Manmohan Singh
Former prime minister Manmohan Singh Saturday claimed the Congress' 'Nyay' minimum income guarantee scheme will not result in any new taxes and help restart the "economic engine" which has come to a "stop". The senior Congress leader's remark comes as the BJP has claimed that the scheme will "ruin" fiscal discipline and the Congress will impose new taxes on middle class to finance it. The Congress has promised to give an annual income support of Rs 72,000 to poor families under the scheme, if voted to power. The former prime minister, also a noted economist, said his party is committed to fiscal discipline. "Nyay scheme will cost between 1.2-1.5 per cent of GDP at its peak. Our nearly USD3 trillion economy has the fiscal capacity to absorb this expenditure. There will be no need for any new taxes on the middle class to finance Nyay. The economic stimulus it will provide will further help in fiscal discipline," he said. The scheme has been conceptualised after much thought and ...
Jammu industry for inclusion of local products in revised norms for Cross LoC trade
Local industry here Saturday called for the inclusion of locally-made industrial items while framing the revised Standard Operating Procedure (SOP) for restarting the cross LoC trade which was suspended by the Centre on Thursday. In a related development, the Jammu Chamber of Commerce and Industry (JCCI) requested for the resumption of the cross-LoC trade at the earliest and fixing of responsibility for "administrative lapses resulting in the breach of security and suspension of the trade". Hardening its stand against Pakistan, India Thursday indefinitely suspended cross-LoC trade at two points along the Line of Control (LoC) in Jammu and Kashmir effective Friday, following reports that it was being "misused" by elements from across the border to smuggle weapons, narcotics and fake currency. "There is an ample scope for the trading of Industrial goods being manufactured by the micro, small and medium enterprises (MSME) sector through Cross-LoC trade... the MSME sector of our state is .
RBI denies commercial banks will remain closed on every Saturday
The Reserve Bank of India (RBI) has clarified that it has not given any instructions regarding five-day week in commercial banks.Yogesh Dayal, Chief General Manager, Reserve Bank of India, said on Saturday that all such reports are "not factually correct.""It has been reported in certain sections of media that commercial banks would have a five-day week on the RBI instructions. This information is not factually correct. RBI has not issued any such direction," Dayal said.Earlier rumours were reportedly spread over social media that all commercial banks will remain closed on every Saturday from June 1.
I-T Dept seizes around Rs 4 crore unaccounted cash in Karnataka, Goa
The Income Tax (I-T) Department on Saturday seized unaccounted cash over Rs 4 crore during various searches carried across the state and in Goa as well."On the receipt of a credible input about the cash being transported from Bangalore to Shimoga and Bhadravati, a cash handler was intercepted. Upon searching, Rs 2.3 crore cash was recovered from the spare tyre of his vehicle in the denomination of Rs 2,000 notes," I-T officials said.I-T sleuths also seized Rs 1 crore from a bank employee after a raid was conducted on his house in Bagalkot."On the basis of local intelligence, the house of a bank employee in Bagalkot was searched and Rs 1 crore has been recovered so far. Inputs suggest that the person was accumulating cash for distribution during the election," they said.In Goa, searches are underway at the premises of two brothers who run a jewelry business in the state. "Two residential premises are being searched, while two business premises are under survey," the officials ...
Jet executives meet Jaitley, urge salary payment
Senior executives of grounded Jet Airways met the Union finance minister Arun Jaitley on Friday and requested him to direct the banks to release at least one month's salary.
TATA Group team meets JK Governor
A team of TATA group, which is here to study possible opportunities for investment, Saturday met Jammu and Kashmir Governor Satya Pal Malik, an official spokesman said. The team comprising vice-president and head-strategic initiatives chairman's Office,TATA Group, Girish Krishnamurthy and principal, TATA strategic management group, Shankar Ranganathan, had a meeting with Malik at Raj Bhavan this evening, the spokesman said. He said Advisor to Governor,K Skandan, Principal Secretary Industries and Commerce, Navin Kumar Choudhary and MD J&K IT Infrastructure Company and MD SIDCO were also present in the meeting. The team apprised the Governor about the various parts of the state visited by them and especially stressed upon the available potential in sectors of IT, Infrastructure, Handloom and Handicrafts, Agriculture and Horticulture, Tourism, Health Care, Airlines and Skill Development, the spokesman said without giving any further details.
Digvijaya doesn't own a vehicle, says poll affidavit
Congress leader Digvijaya Singh, who was the Chief Minister of Madhya Pradesh for 10 years, does not own any vehicle, according to an affidavit submitted on Saturday with his nomination papers for the Lok Sabha elections.
Tata team meets J&K Governor to explore investment avenues
A team of Tata group called on Jammu and Kashmir Governor Satya Pal Malik on Saturday to explore investment avenues in the state.
BJP tears into Rahul Gandhi over discrepancies in poll affidavit
The BJP on Saturday asked Congress president Rahul Gandhi to clarify on his citizenship and the information stated in his election affidavit after an Independent candidate from Amethi Lok Sabha constituency filed a complaint alleging discrepancies."Rahul Gandhi's name has been shown to be listed as a British citizen in documents related to a company in the UK. Was Rahul Gandhi a British citizen? In his election affidavit of 2004, he said that he had invested in a company," BJP spokesperson GVL Narasimha Rao told reporters here in a press conference."It is a company registered in the UK. It is a company you (Rahul) served as a director and official document submitted by the company to the British authorities in the form of a memorandum of association and annual returns in 2005. The document submitted clearly shows that you were a citizen of United Kingdom," Rao said adding, "In this company's memorandum of association, Rahul Gandhi's nationality was said as a British citizen. The ...
HDFC Bank reports 23 pc growth in Q4 profit due to strong loan growth
Private sector lender HDFC Bank on Saturday reported 22.6 per cent jump in net profit to Rs 5,885 crore during January to March 2019 from Rs 3,069 crore in the year-on period.The net interest income, difference between interest earned and interest expended, increased 22.8 per cent to Rs 13,089 crore from Rs 10,658 crore. It was largely driven by average asset growth of 19.8 per cent and a core net interest margin of 4.4 per cent.For the entire fiscal 2018-19, the net profit increased to Rs 21,078, up 20.5 per cent over the year ended March 2018.The total loan book grew by 24.5 per cent year-on-year to stand at Rs 8.19 lakh crore on March 31, 2019 with domestic advances marking an increase of 24.6 per cent.Domestic retail loans grew by 19 per cent and wholesale loans by 31.9 per cent. The bank registered 17 per cent growth in deposits at Rs 9.23 lakh crore.Gross non-performing assets as a percentage of gross advances declined at 1.36 per cent in Q4 against 1.38 per cent in Q3.Net NPA ..