Page 538 - Business Finance
Saudi Aramco in talks with Reliance for stake in petchem, refinery project
Saudi Aramco, the world's largest oil exporter, is in talks to buy stake in Reliance Industries' oil refineries and petrochemical complex, sources privy to the development said. Aramco opened talks with Reliance as USD 44-billion mega refinery-cum-petrochemical complex, where it was taking a 50 per cent stake along with UAE's ADNOC, got delayed after ruling BJP-government scrapped plans to acquiring land for the project in coastal Maharashtra. The sources said talks have been going on for few months now but there is nothing concrete that has materialised just as yet. Reports suggested Aramco may take 25 per cent stake for USD 10-15 billion but sources discounted such a valuation saying market capitalisation of Reliance at Tuesday's closing price on BSE was over Rs 8.5 lakh crore, at least half of which or Rs 4.25 lakh crore (about USD 60 billion) would be coming from refinery and petrochemical business. A 25 per cent stake would translate into USD 15 billion without even considering ..
Govt targets IRCTC, IRFC IPOs by Sept, to raise about Rs 1,500 cr
The government is targeting to raise about Rs 1,500 crore from initial public offerings (IPOs) of two railway companies -- IRCTC and IRFC -- by September, an official said. The finance ministry earlier this year initiated the process of launching an IPO of Indian Railway Finance Corporation (IRFC) but the company has told the railway ministry that their borrowing cost will go up if it gets listed, the official said. A final call on this would be taken by the Union Cabinet. "We are working to bring IPO of Indian Railway Catering and Tourism Corporation (IRCTC) and IRFC by September. IRFC may have to go to Cabinet again after elections," an official said. IRFC raises funds from capital markets and through borrowing for funding expansion plans of the Indian Railways. IRCTC handles the catering and tourism activity of the railways. While IRCTC IPO could fetch about Rs 500 crore, public offering of IRFC could garner close to Rs 1,000 crore to the government. "The draft red herring ...
Yuho Mobiles plans to set up manufacturing unit in India
: Chinese smartphone maker Yuho Mobiles will be soon setting up a mobile handset manufacturing facility in India with an investment of over Rs 100 crore, a senior company official said Wednesday. The device maker already has Semi Knocked Down unit in Gurugram where it has manpower of over 500. "We are looking forward to expand manufacturing and assembling unit in India. We have shortlisted two places-- Gurugram and Tirupati to set up a new mobile manufacturing unit," Yuho Mobiles Director-Sales Keshav Arora told reporters here. "We are looking at support from (state) governments and we are in discussions (with them). It (place of the new unit) is still not finalised," he added. He said plans for the new facility would be finalised in the next two to three months. "We are planning to make Rs 100 crore plus investment in the new unit. It will be finalised in the next two to three months. We want to start production from the new manufacturing facility by December 2019," ...
Co-living, Student Housing, and Coworking Segments Continue to Witness Growing Interest From Investors: Colliers International India
/ -- The Indian real estate market witnessed a rather slow start to Q1 2019, with the announcement of general elections, although the union budget provided some relaxation on taxable income and income from capital gains to entice housing demand from end-users.Alternate asset classes such as co-living, student housing and coworking segments witnessed growing interest from global institutional investors and domestic players. The launch of India's first REIT - an initial public offering (IPO) from Embassy-Blackstone, widely considered as marking the announcement of India's real estate sector on the global platform - was also witnessed in Q1. "2019 will be another tough year for the Indian real estate sector given the liquidity crisis, high cost of capital and below par sales. However, the uptick in demand and supply in the affordable housing segment may provide the necessary push to the residential segment. While residential sales are muted, the industrial and office market continue to .
Titan 4th fastest growing global luxury firm: Report
Watches and jewellery maker Titan Company is the fourth fastest growing luxury company in the world with a compound annual growth rate (CAGR) of 19.7 per cent during the financial years 2015-2017, a Deloitte report said on Wednesday.
Global IT spending to grow 1.1% in 2019: Gartner
Currency headwinds fueled by the strengthening US$ drives downward revision in 2019 IT spending forecast
ICICI Bank launches insta car, two-wheeler loans
Private sector lender ICICI Bank Wednesday announced the launch of insta car and two-wheeler loans that will provide existing customers final sanction letters instantly. The first service, called 'Insta Auto Loan', enables over two million pre-approved customers to avail the final sanction letter of a car loan instantly and digitally up to Rs 20 lakh for a tenure of up to seven years, ICICI Bank said in a statement. The second initiative, named 'Insta Two-Wheeler Loan', offers over 12 million pre-approved customers the facility to get instant sanction of loan up to Rs 2 lakh for a tenure of up to three years, it said. Both the plans will offer 100 per cent of the on-road price of vehicle, it added. "Armed with the sanction letter, which is valid for 15 days, the customer can simply visit his/her preferred vehicle dealer across the country, select the vehicle, submit final documents and get the loan disbursed in a few working hours. This is a marked improvement over the current average
Botswana unveils country's largest blue diamond find
A big blue diamond weighing more than 20 carats has been unveiled in Botswana, where the gem was discovered. The government-owned Okavango Diamond Company on Wednesday called it the largest blue diamond ever discovered in the southern African nation. A company statement says it is "in the very top bracket of all-time historical blue diamond finds." The bright blue colour is attributed to the mineral boron, which was present in the rocks of oceans when the diamond was formed some 1 to 3 billion years ago. Company managing director Marcus ter Haar says just a few such blue stones have come to market in the last decade. The company says the diamond is expected to be sold near the end of the year.
Chinese ambassador calls on Pak Finance Minister to discuss bilateral cooperation, CPEC
Chinese ambassador Yao Jing on Tuesday called on Finance Minister Asad Umar to discuss bilateral cooperation along with the ongoing projects under the China-Pakistan Economic Corridor (CPEC).During the meeting, Asad briefed the Chinese envoy on the measures taken by the Pakistan government for creating a conducive environment for foreign investments, The Express Tribune reported.Asad stressed that China is a reliable friend and its support is essential for the socio-economic development of Pakistan.Chinese businessmen and investors would also benefit from the current environment by investing in various sectors of Pakistan, particularly agriculture, housing, health, education and energy, the Foreign Minister added.The meeting comes amid reports that the International Monetary Fund (IMF) has delayed a multi-billion bailout package to Pakistan arguing that the debt-ridden country could probably use the aid to repay its Chinese debt.Government officials on Monday told The Dawn that the ...
Crisil net profit falls 6.8 pc to Rs 76.6 crore in Jan-Mar quarter
Crisil has reported a fall of 6.8 per cent in its consolidated net profit to Rs 76.6 crore in its first quarter ended March. The company follows January-December fiscal year. Its consolidated net profit was Rs 82.2 crore in the January-March quarter of 2018. "Consolidated profit for the quarter was impacted due to foreign exchange loss of Rs 7.8 crore, compared with Rs 2.3 crore of foreign exchange gain in the corresponding quarter of 2018," the company said in a regulatory filing. The consolidated total income in the first quarter was nearly flat at Rs 422.9 crore, compared with Rs 427.6 crore in the corresponding quarter of 2018. The board of directors has declared an interim dividend of Rs 6 per share (of Re 1 face value) for the financial year ending December 31, 2019, it said. "Crisil ratings business saw strong growth supported by a surge in corporate bond issuances and securitisation transactions, as also by our differentiated positioning. The strong track record of the ratings
BoM partners with M1Xchange for MSME bill discounting
State-owned Bank of Maharashtra (BoM) Wednesday said it has partnered with M1Xchange TReDS platform for MSME bill discounting. Trade Receivables Discounting System (TReDS) is a digital platform to support micro, small and medium enterprises (MSMEs) to get their bills financed at a competitive rate through an auction where multiple registered financiers can participate. In addition to TReDS platform of Receivables Exchange of India Ltd (RXIL) & Invoicemart (A.TREDS Ltd), the bank has now on-boarded as financier on the TReDS platform of M1Xchange of Mynd Solutions, BoM said in a statement on Wednesday. Mynd Solutions is a technology management firm which runs the TReDS platform of M1Xchange. The main purpose of TReDS platform is to facilitate smooth flow of liquidity in the system and make finance available at a competitive rate, it said. As soon as the bills are raised by MSMEs and approved by large corporates on TReDS platform, banks or financiers can bid for them based on the ...
Etihad Airways-IBS Software sign contract to improve
In a landmark development, Etihad Airways, the national airline of the UAE, and IBS Software (IBS) have signed a contract to enhance the airline's operations. IBS, a leading provider of new generation IT travel solutions, was selected to replace the airline's existing network control system and develop a hub management system, allowing the airline's employees to move away from manual processes to highly intuitive technology. This is expected to help Etihad increase its on-time performance, improve operational efficiency, maintain network integrity and to enhance hub connectivity, a press release said. Under the contract, Etihad Airways would use IBS solutions to automate the monitoring and management of guests and baggage journeys, especially when the journey involves a connection through the airline's Abu Dhabi Hub. At a global level, the technology would allow for more efficient aircraft assignment and flight tracking, throughout the airline's network. The new systems
Tirupur knitwear exports set to register 8.3 per cent growth
With the country's readymade garment exports achieving a positive growth of 4.7 per cent, knitwear exports from nearby Tirupur is estimated to record 8.3 per cent growth in 2018-19. The country's readymade garment exports recorded Rs 1,12,715 crore in 2018-19 as against Rs 1,07,679 crore achieved in 2017-18, a growth of 4.7 per cent, Tirupur Exporters' Association president Raja M Shangumugham said in a release Wednesday. Knitwear exports from Tirupur are estimated to be Rs 26,000 crore in 2018-19 against Rs 24,000 crore in 2017-18, growing by 8.3 oer cent, he said. Expressing happiness that after two years of struggle, Tirupur exports has returned to the growth trajectory, he appreciated the exporters perseverance. He was confident that with the continuance of positive growth trend coupled with the recent increase in Rebate on State and Centre Taxes and Levies (RoSCTL) rate and formation of a stable government, the exports is poised to surpass Rs 30,000 crore in the ...
Reliance to sell stakes in 6 firms operating ethane ships to Mitsui
Reliance Industries will sell stakes in firms that own its fleet of very large ethane carrying ships to Japan's Mitsui OSK Lines (MOL) for an undisclosed sum of money. In a statement, RIL said its Singapore-incorporated subsidiary Reliance Ethane Holding Pte Ltd (REHPL) has signed "binding definitive agreements for a strategic investment by MOL" and an unnamed strategic minority investor in six limited liability companies. REHPL owns these six limited liability companies which are special purpose vehicles that own the Very Large Ethane Carriers (VLECs). It did not give financial details of the deal. "Transaction closing is subject to regulatory approvals. Post-closing, SPVs shall be jointly controlled by REHPL and MOL," the statement said. Reliance imports some 1.6 million tonne of ethane from the US to replace natural gas and naphtha as feedstock at its petrochemical plants in western India. Use of ethane, a natural gas component that is produced in large volumes in North America ...
Office space leasing flat at nearly 13 mn sq ft in Jan-Mar; Hyderabad overtakes Bengaluru: CBRE
Office space leasing rose marginally during January-March 2019 to 12.8 million sq ft in nine major cities of the country, mainly driven by Hyderabad, which beat Bengaluru for the first time in office space absorption, according to property consultant CBRE. Gross leasing of office space by corporates stood at 12.6 million sq ft in January-March 2018 in the nine cities -- NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad and Kochi. Tech corporates accounted for 33 per cent of the total office space leased in these cities, while co-working operators accounted for 16 per cent, CBRE's India Office MarketView Q1 2019 report said. "Tech corporates continued to drive office space take up in the country, with their share in total leasing rising from 22 per cent in Q1 2018 to 33 per cent in Q1 2019. Meanwhile, the share of key flexible space operators rose from 5 per cent to 16 per cent during the same time period," it said. Office space leasing in Hyderabad rose to 3.5 ...
Netflix gained 9.6 mn customers in first quarter
Streaming giant Netflix gained 9.6 million streaming customers in the first quarter of 2019. But a price hike in the US and other countries is slowing its momentum going into the second quarter.
Millennials make India an attractive market: Adobe
Tech-savvy millennials in India are the next growth engine for the digital economy and keeping them in mind, software giant Adobe is aggressively developing cross-Cloud solutions to help brands create efficient customer experiences.
Mitsui OSK Lines to acquire stake in six group companies of Reliance
Japanese shipping major Mitsui OSK Lines (MOL) will acquire strategic stake in six group companies of Mukesh Ambani-led Reliance Industries Ltd (RIL), it was announced on Wednesday.Reliance Ethane Holding Pte Ltd (REHPL), a wholly-owned subsidiary of RIL, has 100 per cent holding in six limited liability companies which own very large ethane carriers.MOL of Japan and a strategic minority investor have signed binding definitive agreements for an investment in the six special purpose limited liability companies each owning a very large ethane carrier."The investment by MOL will deepen our relationship and ensure continued, safe and efficient operations of the very large ethane carriers," said RIL's Executive Director P M S Prasad."We welcome MOL as a strategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs," he said in a statement without giving value of the deal.MOL Executive Vice President Takeshi Hashimoto said the ...
Manage your expenses with flexi personal loan from Bajaj Finserv
Banks and NBFCs across India are witnessing a surge in personal loans. A recent report published by Economic Times indicates that personal loans have touched the mark of Rs 3.5 lakh crore during 2018-19.It is widely known that personal loan is a useful tool to meet your financial obligations- managing a medical emergency to consolidating multiple debts and paying for a wedding, there are many instances when a personal loan can come in handy.With a positive outlook of personal loans in India, lenders are coming up with new offerings, giving a new definition to personal lending. Term loans have made way for new-age financial instruments aimed at making your life simpler.Take the flexi personal loan for instance. Unlike a conventional term loan, a flexi personal loan comprises a loan limit assigned to you based on your eligibility and credit score. You have the flexibility to withdraw as many times as you need and as much of this loan as you need - you will be charged interest only on ...
Hong Kong Stocks end mixed
China reported better-than-expected economic growth data, fuelling hopes of a recovery in its economy amid concerns of a global growth slowdown. China gross domestic product expanded a seasonally adjusted 1.4% on quarter in the first quarter of 2019, the National Bureau of Statistics said on Wednesday, down from 1.5% in the three months prior. On a yearly basis, GDP expanded 6.4% - unchanged from Q4. The bureau also said the retail sales climbed 8.7% on year in March, up from 8.2% in February and China fixed asset investment grows by 6.3%.