Page 529 - Business Finance
62.3% polling in 8 UP Lok Sabha seats
Eight Lok Sabha constituencies that went to polls in the second phase of polling on Thursday in Uttar Pradesh recorded an average voter turnout of 62.30 per cent till 6. p.m., according to the Chief Electoral Officer (CEO).
Honda Accord recalls 3,669 units for falty airbags
Honda Cars India (HCIL) has voluntarily recalled 3,669 units of its premium brand Honda Accord to replace faulty driver side front airbag inflators.
SBI plans to raise USD 2.5 billion from bonds
State Bank of India Thursday said it plans to raise USD 2.5 billion (about Rs 17,000 crore) through bonds to fund expansion of overseas business. The executive committee of the central board will take decision in this regard on April 24, SBI said in a regulatory filing. The committee will decide on long-term fund raising in single/multiple tranches up to USD 2.5 billion through a public offer or private placement of senior unsecured notes in US Dollar or any other convertible currency during 2019-20, it said.
Japanese Terra Drone inks pact with IIT Hyd to set up CoE for
Terra Drone Corporation, a Tokyo-based industrial drone solutions provider along with its subsidiary Terra Drone India has signed a tripartite MoU with IIT-Hyderabad to co-establish a first-of-its-kind Centre of Excellence for Unmanned Aerial Solutions (drones) here. According to a press release by Terra Drone, under the MoU, the Japanese company and its indian subsidiary would offer a complete sales-service-support module for the drone ecosystem in India and is actively working to implement unmanned traffic management (UTM) for drones for various government departments. Director of IIT Hyderabad, UB Desai said, "We are creating a unique educational ecosystem that combines interactive learning with cutting-edge research, strong industry collaboration, and entrepreneurship. This pact with Terra Drone Corporation and Terra Drone India is a step in that direction." "We are especially excited about developing drone-based solutions for domains like 5G communication, ...
Mastercard targets 10 mn merchants in India by 2020
Global payments major Mastercard on Thursday said it is committed to empowering 10 million merchants across India with digital payments acceptance capabilities by 2020.
Pak's Finance Minister Asad Umar quits after PM Khan shifts him to energy ministry
Pakistan's Finance Minister Asad Umar abruptly quit the Cabinet Thursday in the middle of the negotiations to secure a crucial multi-billion dollar IMF bailout package for the cash-strapped country, amid mounting criticism over the handling of the economic crisis. Umar, who recently returned from a trip to the US in which the details of Pakistan's next International Monetary Fund (IMF) bailout were finalised, said he was asked to take the energy portfolio following a reshuffle in the Cabinet. "As part of a cabinet reshuffle, prime minister desired that I take the energy minister portfolio instead of finance," said Umar, one of the close aides of the prime minister. "However, I have obtained his consent to not take any cabinet position." Later, addressing a press conference here, Umar said that it was time to make some "difficult decisions" to stabilise the economy and that he hopes his replacement would be supported in their efforts. Asked whether there had been a conspiracy in the ...
15%increase in passenger traffic from Vizag airport in 2018-19
: Visakhapatnam airport registered a 15 per cent increase in passenger traffic in 2018-19 with about 28.53 lakh people travelling from there,the Andhra Pradesh Air Travellers Association said here Thursday. The Association in a statement said about 28.53 lakh passengers traveled from the Airport during the period compared to 24.81 lakh in the 2017-18 fiscal. However the association expressed concern over high air fares. It said there was a 21 per cent increase in aircraft movement in 2018-19 with about 24,237 registered from the airport, compared to 20,021 in the corresponding year in fiscal 2017-18. Currently 60 flight movements per day are being operated from the airport in spite of the withdrawal of Jet Airways and shortage of aircraft due to various reasons. Domestic cargo handled in the airport saw a 24 per cent growth in FY 2018-19, the association said. Around 6,013 tons of cargo was handled for FY 2018-19 against 4,845 tons in the corresponding period of ...
ICICI Lombard General Insurance Q4 profit up 7.5 pc at Rs 228 cr
ICICI Lombard General Insurance Thursday reported 7.5 per cent increase in profit at Rs 228 crore for the fourth quarter of 2018-19 financial year. The company's net profit in the year-ago period stood at Rs 212 crore. Total income increased to Rs 2,519.72 crore as against Rs 2,066.64 crore in the last quarter of the previous fiscal. The insurer's board has recommended a final dividend of Rs 3.50 per equity share of face value of Rs 10 each, the company said in a statement. "Solvency ratio was 2.24x at March 31, 2019 as against 2.12x at December 31, 2018 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.05x at March 31, 2018," it said.
Moderate to heavy polling in Karnataka till 5 p.m. (Third Lead)
Moderate to heavy polling ranging from 45.34 per cent to 72.97 per cent was witnessed in the 14 Lok Sabha seats in Karnataka till 5 p.m. on Thursday, an official said.
Dadra & Nagar Haveli's record below par on most issues
Performance of the Dadra & Nagar Haveli Administration has been below average on most of voter concerns, like employment, roads and healthcare, according to the Association for Democratic Reforms (ADR) report.
Reliance Industries Q4 net jumps 9.8 pc to record Rs 10,362 cr
Reliance Industries Thursday reported a record net profit of Rs 10,362 crore in the March quarter as robust revenue from retail and telecom businesses offset weakness in core oil refining and petrochemical segment. Net profit in January-March at Rs 10,362 crore, or Rs 17.5 a share, was 9.8 per cent higher than Rs 9,438 crore, or 15.9 per share, in the same quarter last year, the company said in a statement. Revenue rose 19.4 per cent to Rs 154,110 crore. Profit from its retail business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by 78.3 per cent to Rs 2,665 crore.
Panasonic boosts Smart Factory business in India (2nd Lead)
Targeting Rs 1,000 crore in revenue in India from its Smart Factory solutions in the next three years, Japanese electronics major Panasonic has announced it has integrated its welding business and SMT (Surface Mount Technology) equipment business into one Smart Manufacturing Solutions company.
Panasonic aims Rs 1,000 cr revenue from smart solutions factory business in 3 years
Japanese consumer electronics major Panasonic, which Thursday announced its plans to ramp up smart factory solutions business in India, is targeting a revenue of around Rs 1,000 crore from the segment in three years. Panasonic expects its solutions and digital manufacturing to contribute around 15 per cent to the total revenue from the smart factory business, the company said in a statement. It has integrated its welding and surface-mount technology (SMT) equipment businesses to consolidate its software and hardware capabilities and to become an end-to-end integrated smart manufacturing solutions company, it added. "The company targets to achieve Rs 1,000 crore in revenue from its smart factory business in the next three years, with solutions and digital manufacturing expected to contribute 15 per cent to the total smart factory business revenue," said Panasonic. The smart factory solutions proposition will enable Panasonic to deliver high value-added and smart solutions and services .
We can lease out 5 Jet Airways planes:AI chairman to SBI chief
National carrier Air India is looking at leasing five of the grounded carrier Jet Airways Boeing 777s and operate them to London, Dubai and Singapore. Jet Airways, grounded since last night, owns 10 wide- body Boeing 777-300 ER planes, along with a few Airbus A330s, which it used to operate on medium and long-haul international destinations such as London, Amsterdam and Paris connecting New Delhi and Mumbai. "We are exploring the possibility of operating five of the grounded B777s on the established routes, hitherto operated by Jet Airways," Air India chairman and managing director Ashwani Lohani wrote to SBI chairman Rajnish Kumar on April 17-the day the private carrier went belly up. PTI has seen a copy of the letter. The carrier is now under the management control of the SBI-led consortium of lenders, which has offered to offload between 32.1 and 75 percent stake to any eligible investors and has so received four interested parties-Etihad Airways, the sovereign ...
Competition Comm gives nod to Schneider-L&T deal
The Competition Commission Thursday said it has given approval to Schneider's acquisition of Larsen & Toubro's electrical and automation business in a Rs 14,000-crore deal. However, the deal is subject to compliance of certain modifications, the Competition Commission of India (CCI) said. The green signal comes after the regulator had sought comments from the public in November last year on the proposed acquisition by Schneider after finding that it could have an adverse impact on competition. In a tweet, the CCI said it "approves acquisition of electrical and automation business of L&T by Schneider and MacRitchie, subject to compliance of certain modifications". In May 2018, Larsen & Toubro had inked a definitive pact with Schneider Electric to sell its electrical and automation business for an all-cash consideration of Rs 14,000 crore, as part of its long-term strategy to exit non-core activities. According to notice submitted to the CCI, the proposed deal involves ...
Weakening domestic growth impulses prompted RBI Guv to go for rate cut: Minutes of MPC meet
Weakening of domestic growth impulses and global slowdown prompted RBI Governor Shaktikanta Das to vote for a 25 basis points cut in interest rate announced earlier this month, minutes of the Monetary Policy Committee (MPC) meeting showed Thursday. However, his deputy Viral Acharya had favoured status quo in the key lending rate (repo), arguing that the Reserve Bank should wait for "some more time" for additional data before taking call on reduction in rate. Another external expert on the six-member MPC Chetan Ghate too had voted against reduction in the repo rate. Four of the six MPC members had voted in favour of a 25 basis points reduction in the policy rate. On April 4, the RBI had reduced the repo rate, or the rate at which it lend to banks, by 25 basis points to 6 per cent -- the lowest level in one year -- on softening inflation. It was the second rate cut in a row. The central bank, however, kept monetary policy stance 'neutral' over uncertainty over monsoon. As per the ...
Honda recalls 3,669 units of Accord to fix faulty airbags
Japanese auto major Honda Thursday said it is recalling 3,669 units of its Accord sedan in India as part of a global exercise to rectify faulty airbags. The company, which is present in India through a wholly-owned arm Honda Cars India Ltd (HCIL), is voluntarily recalling the units manufactured between 2003-2006 to fix faulty front airbag inflators supplied by Takata Corp. The replacement will be carried out free of cost at Honda dealerships across India from Thursday, HCIL said in a statement. As part of the Takata airbag inflator recalls which have impacted several car makers globally, the company said it continues to urge owners of vehicles affected by the recall to get their vehicles repaired at authorised dealers as soon as possible. "HCIL reiterates the importance of replacing the affected Takata front airbag inflators urgently as they may deploy with excessive internal pressure when activated," it said The airbag inflator casing might rupture which may result in injury or ...
Sensex ends 135 points lower, Jet ends 32% lower
Sensex and Nifty ended lower on Thursday after advancing for four consecutive sessions as investors took to profit booking. Investors also treaded with caution ahead of Q4 results from index heavyweight Reliance Industries.
Rupee logs 1st gain in four days, recovers 25 paise against dollar
The Indian rupee Friday staged a strong comeback by regaining 25 paise to 69.35 against the US dollar after three sessions of losses amid sustained foreign fund inflows. On a weekly basis, the domestic currency saw a 18 paise decline. At the Interbank Foreign Exchange (forex) market, the domestic unit opened at 69.48. The local unit moved in a range of 69.61 to 69.33 before finally ending at 69.35, a rise of 25 paise over its previous close. The rupee had lost 18 paise to close at 69.60 to the US dollar on Tuesday. Currency market was shut on Wednesday on account of "Mahavir Jayanti". The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.30 per cent to 97.29. Brent crude futures, the global oil benchmark, was trading higher by 0.36 per cent at USD 71.88 per barrel. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,038.46 crore on Thursday, as per provisional data. Equity benchmark Sensex ...
HC refuses to intervene in Jet Airways crisis
The Bombay High Court Thursday refused to intervene in the Jet Airways crisis, saying it cannot direct the government and the Reserve Bank of India to rescue a "sick company". A bench of Chief Justice Pradeep Nandrajog and Justice N M Jamdar dismissed a writ petition seeking the government and the central bank be asked to direct the consortium of banks help the cash-starved airline, which was grounded from Wednesday indefinitely. Jet Airways' last flight landed at the city airport past midnight from Amritsar and became the seventh carrier to shutter operations in the past five years. The over 25-year-old airline had sought a Rs 400-crore emergency fund from its lenders to whom it already owes over Rs 8,500 crore, but was refused as the airline was not ready to offer more collaterals. The writ petition, filed by advocate Mathew Nedumpara, sought among other things a direction to the government and the RBI to ensure that the airline resumes operations till a potential investor ..