Page 526 - Business Finance
Maha BJP says all components of property tax to be waived
After the Congress accused the saffron alliance of misleading Mumbaikars on property tax waiver, the BJP has clarified that all components of the levy would be waived in future bills. The process to change rules to facilitate the waiver is on, Mumbai BJP chief Ashish Shelar said Thursday. The Shiv Sena-ruledBrihanmumbai Municipal Corporation (BMC)has announced that the property tax for houses up to 500 sq ft will be waived. However, Mumbai Congress chief Milind Deora has criticised the move, claiming it is a "complete farce". "In case of the Brihanmumbai Municipal Corporation, civic rules have been changed to waive general component of property tax for houses up to 500 sq ft. "However, to waive othercomponents of property tax, you need to change the state rules. The process of issuing an ordinance in this regard is on," said Shelar, speaking to reporters here.
Malaysia revives massive China-backed project
Malaysia will revive a $34 billion Chinese-backed transport and property development that was abandoned in 2017, the prime minister said Friday, adding the project would contribute to Beijing's global infrastructure drive. The announcement came after the countries agreed this month to resume work on a previously suspended railway project in Malaysia, and is the latest sign of improving ties after a rocky period. The 140-billion ringgit (USD 34 billion) Bandar Malaysia development in Kuala Lumpur is expected to attract financial institutions and companies, and will be an interchange for a number of rail lines, said a statement from Prime Minister Mahathir Mohamad's office. There were some changes to the original plan, including 10,000 units of affordable housing, and a "People's Park", it said. The project was originally launched in 2011 under the government of ex-leader Najib Razak, but was abandoned in 2017 during his administration due to a dispute about payments. Najib lost power ..
Govt looking at REITS model to monetise land assets of CPSEs, enemy property
The finance ministry is looking at innovative Real Estate Investment Trusts (REITs) model for sale of land assets of CPSEs and also those which are classified as 'enemy property' by the government. REITs, which are regulated by Sebi, are instruments for investments in real estate. Under this REITs model of securitisation, the land assets will be transferred to a trust providing investment opportunity for institutional investors. The finance ministry is looking at the REITs model along with other modes like leasing or outright sale of land assets for monetising non-core assets of Central Public Sector Enterprises (CPSEs) which have been identified for strategic disinvestment, an official said. The ministry is also considering REITs model for monetisation of immovable enemy property. Although market regulator Sebi had notified REITs guidelines in 2014, the market for this instrument for investment in real estate is yet to pick up. With regard to sale of immovable enemy properties, the ..
Alicon Castalloy standalone net profit rises 47.03% in the March 2019 quarter
Sales rise 3.61% to Rs 278.23 crore
Asian Granito India plans foray into sanitaryware space
Tiles maker Asian Granito India Ltd (AGIL) Friday said it plans to enter the sanitaryware market and eyes up to Rs 100 crore turnover from the new business in 4-5 years. "The company is entering the sanitaryware segment with 160 stock keeping units (SKUs) in products, including wash basins, water closets and urinals. Commercial launch of 'AGL Sanitaryware' is expected by June 2019 across India," the company said in a statement. The company is investing around Rs 8 crore for the expansion in the sanitaryware business and expect the segment to contribute around Rs 80-100 crore in the next 4-5 years, Asian Granito India added. Asian Granito India Chairman and Managing Director Kamlesh Patel said expansion in the sanitaryware is in line with the company's growth strategy to focus on asset light and capital light business model, becoming a strong retail brand in the domestic as well as exports market and achieve a leadership position in key business segments. Patel said the company will ...
Jet staff forced to sell sports bike, take train
Grounded Jet Airways employees' hardships and financial woes are growing by the day. If it is any measure of worsening finances of the staffers, a highly paid pilot is ready to sell off his expensive racing bike to meet the obligations.
Jaypee flat possession delay: Buyers demand suspension of EMIs
Called for a meeting by crisis-hit Jaypee Group, a section of homebuyers Friday boycotted the meet and protested here against huge delay in possession of their apartments. However, over one thousand other homebuyers attended the meeting called by Jaypee group to address the homebuyers' concern and discuss its proposal to resolve this crisis. The meeting was held at an auditorium in the Jaypee Institute of Information Technology, Sector 62, here. Terming the meeting called by Jaypee group top official Manoj Gaur as an "eyewash", a section of buyers did not attend the meet and sat on protest at the venue while blaming the developer Jaypee group as well as the central and state governments for their plight. They demanded that banks should be asked to suspend monthly equated-monthly instalment (EMI) for the time being to provide some relief. Around 22,000 homebuyers are stuck because of significant delay in delivery of flats by Jaypee group's debt-ridden firm Jaypee Infratech, which is ..
China Market rises to a near 13-month high
Shares in the other Asian markets traded mixed Friday, 19 April 2019, with indices of Japan and Korea, and fluctuated in China, with trading volumes lighter than usual. Several Asia Pacific markets, including Australia, Hong Kong, Singapore and Indonesia, were closed due to a Good Friday holiday.
New management committed to ensure good governance, says Religare Enterprises
Religare Enterprises Friday said the new management team is committed to ensure that good governance and accountability are the hallmarks of the group as it dubbed allegations made by its former chief Sunil Godhwani as an attempt to divert attention from fraudulent transactions. Godhwani has alleged conspiracy of the company's current management and erstwhile promoters Malvinder Singh and Shivinder Singh against him. In a submission to the corporate affairs ministry, he had also said that an investigation should be started into the management change that happened in February 2018. Against this backdrop, the company said allegations are being made by Godhwani to divert attention from the fraudulent transactions carried out in a listed company and the perpetrators need to brought to book. "The company has the full support of its shareholders to bring to justice the erstwhile promoters and management and recover all the monies siphoned away by them," it added. It also said that the new ..
Japan Nikkei rises 0.5% on Wall Street gains, yen depreciation
The Tokyo market opened sharply higher in the wake of a sound Wall Street rally Thursday on stronger-than-expected retail sales in the United States in March and brisk earnings reports by U.S. companies. But after the initial buy orders were executed, the market gradually paired gains amid the dearth of powerful buying incentives. But the market's upside was limited as foreign players began taking Easter holidays and domestic investors refrained from active trading ahead of the weekend
'Air India takeover of Jet will ensure lucrative routes'
Government-owned Air India can take over Jet Airways and get back the lucrative international/domestic routes if there are no white knight for the private airline, said a top All India Bank Employees' Association (AIBEA) leader.
Moderate 62,91% voting in Maharashtra in phase 2
A moderate 62.91 per cent voter turnout was recorded in the second phase of elections for 10 Lok Sabha constituencies in Maharashtra on Thursday, officials said here on Friday.
Ghosn to be indicted on fresh charge: Media
Tokyo prosecutors will indict former Nissan chief Carlos Ghosn on a new charge on Monday when his detention period over suspected financial misconduct expires, local media reported Friday. The 65-year-old is being questioned in a Tokyo detention centre over allegations he siphoned off millions of dollars from his former company Nissan to a dealership in the Middle East for his own ends. Ghosn strenuously denies the allegations and insists they have been cooked up in a "plot" by Nissan executives wary of plans to bring the Japanese car giant closer to its French partner Renault. On Friday, public broadcaster NHK cited unnamed sources as saying that Tokyo prosecutors will indict the former auto tycoon as early as Monday on suspicion that he had used the money from Nissan for his personal investments into 30 companies. Kyodo News said the prosecutors decided to indict Ghosn on April 22. NHK reported that about 3 billion yen (USD 26.8 million) transferred to an American firm named Shogun .
Jet Airways crisis: Lenders explore ways to utilise 15 Jet planes, protect valuable assets
Lenders are exploring ways to utilise about 15 planes owned by Jet Airways and also discussing with authorities on protecting the valuable assets, including airport slots, of the now-shuttered airline, banking sources said. As they wait for completion of the bidding process for stake sale, the domestic lenders, led by SBI, are looking at options to raise funds from available assets of the carrier, which has served the Indian skies for nearly 26 years. Left with no cash to continue flying, the once-mighty Jet Airways on Wednesday suspended operations temporarily -- a decision that has also left more than 20,000 employees as well as various other stakeholders in the lurch. The sources said the lenders are actively considering proposals, including from Air India, for utilising the planes owned by Jet Airways. The use of these idle planes would ensure that they remain in good condition as well as earn revenues, they added. Jet Airways owns 16 aircraft, including 10 wide-body Boeing ...
Hong Kong Market shuts for the Good Friday holiday
Stocks in Asia traded mixed Friday, 19 April 2019, with shares edged higher in Japan and Korea, and fluctuated in China, with trading volumes lighter than usual. Several Asia Pacific markets, including Australia, Hong Kong, Singapore and Indonesia, were closed due to a public holiday.
Australia Market shuts for the Good Friday holiday
Stocks in Asia traded mixed Friday, 19 April 2019, with shares edged higher in Japan and Korea, and fluctuated in China, with trading volumes lighter than usual. Several Asia Pacific markets, including Australia, Hong Kong, Singapore and Indonesia, were closed due to a public holiday.
Housing sales up 5% during Jan-Mar in 9 major cities: PropEquity
Housing sales saw a 5 per cent rise at 56,146 units during January-March 2019 over the year-ago quarter in the nine major cities, driven by improved demand for finished projects, according to data analytics firm PropEquity. New launches, however, declined 7 per cent to 42,504 units in the first quarter of 2019 as against the year-ago period in these nine cities -- Gurugram, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai. "Indian real Estate market is currently an end-user driven market as ready-to-move-in or nearing completion properties are being preferred as they have minimum or no risk attached to them," PropEquity said in its report. Unsold inventories dipped to 5.91 lakh units from 6.16 lakh units at the end of December 2018 on higher sales and drop in new supply. "...with beneficial announcements for the real estate in the budget, we can witness further push to housing demand, especially in the affordable and mid-income segment. Branded and large ...
Trading in red chili, mangoes, herbs to hit after cross LoC trade shut
Trading of 21 items like red chili, mangoes, herbs and dry fruits will be hit following the indefinite suspension of cross LoC trade in Jammu and Kashmir, officials said Friday. Around 280 traders, who were directly involved in the trading will also be affected after the suspension of the business, which has touched Rs 6,900 crore since its inception in 2008. The 21 items listed for the cross LoC trade include bananas, embroidery items, tamarind, red chili and cumin for exports while imports mainly were almonds, dry dates, dry fruits, herbs, mangoes and pistachio. Hardening its stand against Pakistan, India Thursday indefinitely suspended cross-LoC trade at two points along the Line of Control 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. The Home Ministry said orders have been issued for halting the trade at Salamabad of Baramulla in Kashmir region, and ...
Gold gains Rs 305 on jewellers' buying
Gold prices on Friday surged by Rs 305 to Rs 32,690 per 10 gram in the national capital on account of increased buying by local jewellers, according to the All India Sarafa Association. Silver also rose by Rs 204 to Rs 38,450 per kg on more offtake by industrial units and coin makers. Traders said sentiment turned upbeat on the back of a pick-up in buying from local jewellers and retailers, thereby leading to a rise in gold prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purities gained by Rs 305 each to Rs 32,690 and Rs 32,530 per 10 gram, respectively. The international bullion market was closed on account of 'Good Friday'. Similarly, sovereign gold advanced by Rs 100 to Rs 26,400 per eight gram. Silver ready surged by Rs 204 to Rs 38,450 per kg, while weekly-based delivery rose Rs 95 to Rs 37,230 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Airtel Payments Bank partners with Bharti AXA General Insurance for two-wheeler insurance
Airtel Payments Bank Friday announced it has teamed up with Bharti AXA General Insurance for a two-wheeler insurance product offering. In a statement, Airtel Payments Bank said the product is available on MyAirtel App and at over 40,000 Airtel Payments Bank points across India during the first phase of launch. "Airtel Payments Bank today (Friday) announced the launch of an attractive two-wheeler insurance product in association with Bharti AXA General Insurance," the statement said. The offering entails personal accident cover, protection against third-party liabilities and inspection-free renewal through a fast, paperless process. "Customers can also avail towing services at no extra cost on claim intimation, in the event the insured vehicle breaks down," the statement added. Customers without an Airtel Payments Bank account can also avail this policy, it said adding that renewal of two-wheeler insurance can be done at Airtel Payments Bank banking point. Sanjeev Srinivasan, managing .