Page 536 - Business Finance
High growth achieved by India not possible without job creation: Kant
Niti Aayog CEO Amitabh Kant Wednesday said India has been growing at more than 7 per cent rate and this could not have been achieved without adequate job creation. Speaking on the sidelines of a PHD Chambers of Commerce event, Kant said that when non-NDA ruled states like Karnataka and West Bengal are claiming that jobs are being created, then it was not possible that at all India level, employment is not being generated. "How is it possible that we are having 7.5 per cent growth and jobs are not being created? It is not possible. "... If West Bengal and Karnataka are saying that jobs have been created in their respective states, then how it is possible that at the national level there is no employment generation," he pointed out. Recently, Finance Minister Arun Jaitley had also stoutly defended the growth data saying an economy cannot be growing at 7-8 per cent without creating jobs. He had also stated that no major social agitation indicates it hasn't been jobless growth. Kant's ...
Hyundai unveils compact SUV Venue; launch next month
Hyundai Motor India Wednesday unveiled its new compact SUV, Venue, which it plans to launch in India next month. The company unveiled the new model here alongside the global preview of the vehicle at the New York International Auto show. The carmaker will launch the SUV in India on May 21. The compact SUV, which will compete with the likes of Maruti Vitara Brezza, Tata Motors Nexon and Mahindra XUV300, comes with three engine options. The model comes with 1 litre turbo and1.2 litre petrol powertrains besides 1.4 litre diesel engine and sits below the Creta in terms of price and positioning. "Hyundai Motor India is committed to leading the Indian auto industry by introducing world class product," Hyundai Motor India Ltd (HMIL) MD & CEO S S Kim told reporters here. Being India's first connected SUV not only makes Venue a new benchmark in the segment but also demonstrates company's unwavering emphasis on offering the quality and feature list products to the customers, he ...
Rakesh Suryakant Shah resigns as Adani Enterprises CFO
Adani Enterprises said Wednesday Rakesh Suryakant Shah has resigned as the company's chief financial officer (CFO). "Rakesh Suryakant Shah has tendered his resignation as chief financial officer (CFO) with effect from April 16, 2019," Adani Enterprises Ltd said in a BSE filing. However, the company did not provide any further detail. Flagship entity of the Adani Group, Adani Enterprises, is a diversified conglomerate with business interests across integrated coal management and mining, solar cells and module manufacturing, agri-storage infrastructure and food products.
Jet fails to get funds, to suspend operations temporarily (2nd Lead)
Jet Airways announced that it has temporarily suspended all flight operations from Wednesday night as the airline failed to secure an interim funding of Rs 400 crore for maintaining even bare minimum operations.
Reliance Retail in talks to acquire Hamleys
In what could prove to be major global takeover, RIL-owned Reliance Retail is in talks to acquire the iconic 259-year-old toy brand Hamleys.
Ravinder Kumar Passi appointed chairman of EPCH
Ravinder Kumar Passi has been elevated to the post of chairman of the Export Promotion Council for Handicrafts (EPCH), the body said on Wednesday. Passi, who was previously the vice chairman of EPCH, has taken charge as the chairman from his predecessor O P Prahladka. Passi has been associated with EPCH since its inception and had earlier served as its chairman during 2001 and 2002. Handicraft exports rose 15.46 per cent to Rs 26,590.25 crore during 2018-19 (provisional) from Rs 23,029.36 crore in 2017-18.
Pak PM Imran Khan to visit China on April 25
Pakistan Prime Minister Imran Khan will embark on a four-day visit to China on April 25 to attend the second 'Belt and Road Forum' in Beijing.Khan will visit the country on the invitation of his Chinese counterpart Xi Jimping, reported Radio Pakistan. He will deliver a keynote speech in the opening ceremony of the 'Belt and Road Forum' on April 26.The forum provides a platform to the countries participating in Belt and Road Initiative (BRI) for exchanging views and experiences on regional connectivity, policy synergy, socio-economic development and trade and commerce.This year, the forum will be attended by 40 heads of state or government and representatives from more than 100 countries, international organisations, and the corporate sector.The BRI is a development strategy adopted by the Chinese government involving infrastructure development and investments in countries in Europe, Asia, and Africa.During the visit, Khan is also slated to hold meetings with Xi Jimping and Premier Li .
Jet Airways cancels all flight operations; last flight to operate today
Jet Airways on Wednesday cancelled all flights, including its international flights temporarily after failing to secure emergency funds from its lenders, according to a statement by the airlines.The embattled airline said it took this decision after State Bank of India (SBI) on behalf of a consortium of Indian lenders informed on Tuesday night, that they were unable to consider its request for critical interim funding."Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today," Jet said in a statement.The airline said it will inform passengers about the cancelled flights via text or mail and will also make other arrangements for them.It also expressed the hope that the airline would resume function once again in ..
Hiroshi Ii takes charge as JTEKT India Chairman
Auto components maker JTEKT India Wednesday said Hiroshi Ii has taken charge as the chairman of the company with effect from April 15, 2019. Ii will also serve as chairman for all JTEKT India region companies in the country, the company said in a statement. Prior to joining JTEKT India, he was serving as President at JTEKT Europe SAS, it added. JTEKT India is a part of JTEKT Corporation Japan. Hiroshi Ii takes over from Hidekazu Omura who was in India for five years and has returned to Japan for a new assignment within JTEKT Corporation, the statement said. "India is a key focus for JTEKT Corporation and I am determined to help reinforce the commitment. Since the acquisition in 2017, we have been strengthening our operations and will continue to build for domestic and overseas customers," Hiroshi Ii said. The Indian market for automobiles holds a large potential and the company is placed at the right place and it is time to address the needs of the growing market, he added. JTEKT ...
Mallya fails to convince UK court to dismiss Indian banks' attempt to recover dues
Vijay Mallya on Wednesday failed to convince a UK High Court to dismiss an order related to money in one of his London bank accounts, dealing a blow to the embattled liquor tycoon's efforts to prevent a consortium of Indian banks getting access to nearly 260,000 pounds. In one of the many legal cases being faced by the 63-year-old liquor tycoon in the UK, Master David Cook ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the ICICI UK bank account "should remain in force" but that the application to make it final should be adjourned until after the hearing of Mallya's pending bankruptcy petition. The funds in the account will meanwhile remain frozen as part of the worldwide freezing order in favour of the Indian banks last year. Mallya's lawyers had argued for the dismissal of the interim order on a number of grounds, including a claim that it was a "deliberate ploy" to prevent Mallya "reasonable" living expenses. "I reject the proposition ...
EU threatens tariffs on $20 billion US products
The European Union on Wednesday released a list of US products worth $20 billion to be targeted as countermeasures due to a long-running dispute over aircraft subsidies.
Deora says property tax waiver in Mumbai is "farce"
Mumbai Congress chief Milind Deora said Wednesday the city's residents should not pay property tax for the assessment year 2017-18, because the Maharashtra government's waiver of the tax was a joke. The Shiv Sena and BJP, who control the Mumbai civic body, have fooled the people, said Deora, the Congress candidate from Mumbai South Lok Sabha seat. The Maharashtra ordinance number 11 of 2019 is a "farce" as it waives only 0.110 per cent of the property tax, therefore all Mumbai residents who live in houses not bigger than 500 sq ft "should NOT pay their property tax for the year 2017-18", Deora tweeted. Addressing a press conference earlier, Deora attacked the Sena-BJP combine on the issue, and made the same appeal to Mumbai residents. "The Sena-BJP alliance has fooled the people of Mumbai and failed to fulfil its promise. The financial position of the BMC (Brihanmumbai Municipal Corporation) is robust and it can easily afford to waive property tax for owners of ...
Experts differ on Jet slots' re-allocation impact on stake sale
Aviation experts are divided on whether the government's move to allot the now-grounded Jet Airways' slots to rival domestic carriers would impact buyer sentiment.
'No joy of flying', as Jet Airways grounds operations
Teetering for over four months due to cash-drought, Jet Airways, flying for over 25 years, Wednesday said its last flight will takeoff later this night, after its lenders refused to offer a Rs 400-crore lifeline. "With immediate effect, we are compelled to cancel all our international and domestic flights. The last flight will operate today," Jet Airways informed the exchanges. The airline said the decision follows the lenders refusing to offer a lifeline. "Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going... and has decided to go ahead with temporary suspension of operations," the airline said. Accordingly, the last flight will leave the Amritsar airport at 2230 hrs for New Delhi as per its flight schedule. After a board meeting Tuesday, the management had authorised chief executive Vinay Dube to make one last appeal to the lenders for an ...
Cairn Oil & Gas appoints Ajay Dixit its new CEO
Cairn Oil & Gas, a vertical of Vedanta Ltd, has appointed Ajay Dixit as its new Chief Executive Officer (CEO), said the company on Wenesday.
Container Corporation expects Rs 7,000 Cr turnover for FY 19
: Container Corporation of India Limited (Concor) expects to garner Rs 7,000 crore revenues for the fiscal 2018-19, and become a "Billion Dollar" company, a top official of the PSU said here Wednesday. The financial results for the fourth quarter of FY19 are yet to be announced by the company. The company reported Rs 6,167 crore revenues during 2017-18 financial year. Concor Chairman and Managing Director V Kalyana Rama said he hopes to achieve 10 to 12 per cent growth in terms of volume during the current fiscal. It handled over 46.25 million tonnes last year with over seven per cent growth over previous year. "I will not be able to give the exact financial figures now because our board meeting for considering financials will be held on April 30. With this performance, I am sure that we will be crossing a turnover of Rs 7,000 crore. And as it is we will be a Billion Dollar company," Rama said at a press conference. The company has registered 8.5 per cent growth in ...
Sebi bars Siyaram Development and Construction, 8 directors from securities markets
Markets regulator Sebi has barred Bengaluru-based Siyaram Development and Construction Ltd and its eight directors for at least four years from the securities market for illegally raising funds. Besides, the regulator directed the entities to refund the money collected by it along with 15 per cent interest. Based on a complaint by an investor regarding non-payment of maturity amount of his investment, Sebi conducted a probe to ascertain whether the firm had made any public issue without complying with the relevant provisions of Sebi and Companies Acts. During the probe, the regulator found that the firm had allotted secured redeemable debentures (SRDs) between financial years 2010-11 and 2012-13 and raised at least Rs 4.22 crore from more than 49 allottees. The number of allottees and the amount of money raised during the said period could be more, Sebi said. Moreover, the firm created a charge for an amount of Rs 70 crore and appointed Kalpana Guha as its debenture trustee. As the ...
Jet fails on interim funding; ops to be suspended
Jet Airways will temporarily suspend all flights operations from tonight after it failed to secure interim funding of Rs 400 crore for maintaining even bare minimum operations, sources said on Wednesday.
Steel demand in India expected to grow above 7 pc in 2019, 2020: World Steel Association
Steel demand in India is expected to grow above 7 per cent in the current as well as next year, according to the World Steel Association. The global steel body in its report, titled 'Short Range Outlook April 2019', said it forecasts that global steel demand may reach 1,735 million tonne (MT) in 2019, a rise of 1.3 per cent over 2018. In 2020, the demand is projected to grow 1 per cent to 1,752 MT, it said. "In developed economies, steel demand grew by 1.8 per cent in 2018 following a resilient 3.1 per cent growth in 2017. We expect demand to further decelerate to 0.3 per cent in 2019 and 0.7 per cent in 2020, reflecting a deteriorating trade environment," the body said. Steel demand in emerging economies, excluding China, is expected to grow 2.9 per cent and 4.6 per cent in 2019 and 2020, respectively, it said. For India, it said, "The wide range of continuing infrastructure projects is likely to support growth in steel demand above 7 per cent in both 2019 and 2020." In developing ...
Govt invites initial bids for strategic sale of IMPCL
The government has invited initial bids for selling its entire stake in Indian Medicines Pharmaceutical Corporation Ltd (IMPCL). IMPCL is engaged in manufacture and supply of 'ayurvedic' and 'unani' medicines and is under the Ministry of AYUSH. The government holds 98.11 per cent stake in IMPCL and the rest 1.89 per cent is held by Uttarakhand government PSU Kumaon Mandal Vikas Nigam Ltd. The government has come out with a "global invitation" for Expression of Interest for the proposed strategic disinvestment of its entire stake in IMPCL. Interested bidders with minimum net worth of Rs 70 crore as on March 31, 2018, can put in their bids by May 18. If the strategic sale of IMPCL goes through, the proceeds would add to the disinvestment kitty of the government in the current fiscal. The government has budgeted to raise Rs 90,000 crore through CPSE stake sale in current fiscal, up from Rs 84,972 crore last fiscal. Of this, the government had raised Rs 15,914 crore through strategic ...