Page 55 - Business Finance
Hexaware acquires US-based Mobiquity for $182 mn
IT services company Hexaware Technologies on Friday announced the acquisition of US-based digital services company Mobiquity for $182 million.
Finance Minister Nirmala Sitharaman holds pre-Budget meeting
The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman held a pre-budget consultation meeting with the leading economists ahead of the forthcoming general Budget 2019-20, here on Friday. This is her sixth pre-Budget consultation meeting with officials and representatives of the social sector group.The main areas of discussion included boosting economic growth, job oriented growth, increased macro-economic stability, fiscal management including the ideal size of public sector borrowing requirements and increase in investments among others.The meeting was attended by Vice-chairman, NITI Aayog Rajiv Kumar, Finance Secretary Subhash C. Garg, Revenue Secretary Ajay Bhushan Pandey and other officials of the Ministry of Finance.The economists put forward their view that this Budget should set the tone for the next five years and is a unique opportunity to promote manufacturing through Make in India.Various other suggestions received from economists related to tariff reforms,
Centre committed to make Odisha a global hub for steel ancillary industry: Pradhan
The Centre is committed to develop Odisha as an international hub for steel sector's ancillary industries, Union Minister for Steel Dharmendra Pradhan said Friday. The minister's remark came after his meeting with Odisha Chief Minister Naveen Patnaik. "Met Hon. Chief Minister Odisha, Shri @Naveen_Odisha and discussed ways to work together to usher in economic & industrial development and generate employment opportunities to bring all round prosperity for the people of Odisha," he said in a tweet. In a separate tweet, he said during the meeting he also discussed with the CM ways to enhancing Odisha's footprints further in the steel sector. "Steel will have a large influence in rejuvenating the economy in Odisha. The centre is committed to develop Odisha as a global hub of ancillary industry in the steel sector. Shri @Naveen_Odisha has assured all co-operation in this regard. I am sure the state government will support Prime Minister Narendra Modi's initiatives and work in ...
Exports up 3.93 pc in May; trade deficit at 6-month high
India's exports grew by 3.93 per cent in May to USD 30 billion on the back of healthy growth in electronics and chemicals shipments, even as the trade deficit widened to a six-month high, official data showed Friday. Imports increased by 4.31 per cent to USD 45.35 as crude oil and gold shipments shot up in the month. The trade deficit, difference between imports and exports, aggregated at USD 15.36 billion, the widest since November 2018, when it stood at USD 16.67 billion. Sectors which recorded healthy export growth included electronics (51 per cent), engineering (4.4 per cent), chemicals (20.64 per cent), pharma (11 per cent) and tea (24.3 per cent). However, certain key sectors including petroleum products, man-made yarn/fabrics, gems and jewellery, marine products, coffee and rice recorded negative growth in May, according to commerce ministry data. Oil imports grew by 8.23 per cent to USD 12.44 billion and non-oil imports expanded by 2.9 per cent. Gold imports jumped by 37.43 ..
India, Kyrgyzstan have prepared 5-yr roadmap to boost bilateral trade: Modi
Prime Minister Narendra Modi on Friday said India and Kyrgyzstan have prepared a five-year road map to increase the bilateral trade and urged the business communities from both countries to explore the untapped potential in various fields. Addressing the India-Kyrgyz Business Forum, he said that India and Kyrgyztan have given the final shape to the Double Taxation Avoidance Agreement (DTAA) and the bilateral investment treaty, which would help in creating a conducive atmosphere for the bilateral trade. Modi and Kyrgyz President Sooronbay Jeenbekov jointly inaugurated the India-Kyrgyz Business Forum. Ahead of the Modi's visit to Kyrgyzstan, the Union Cabinet had approved the signing and ratification of bilateral investment treaty between India and Kyrgyzstan. The bilateral treaty is likely to increase flow of investment between India and Kyrgyzstan and provide protection to investors from the two nations making investments in both the countries. Stressing that the world's economy was ..
Puri hopeful of Indian aviation sector beating current turbulence
Almost two months after the temporary shutdown of the beleaguered Jet Airways, Civil Aviation Minister Hardeep Singh Puri Friday said more planes are flying today than at that point of time and expressed confidence that the Indian aviation sector would be able to beat the turbulence it is facing. Breaking a growth streak of over 55 months, domestic air passenger traffic fell by around 4.5 per cent to 10.99 million passengers in April, according to data released by Indian aviation regulator DGCA on May 22. Suspension of operations by Jet Airways on April 17 due to lack of funds is seen as one of the primary reasons why domestic air traffic saw this fall. "In the domestic sector, a particular carrier ceased full operations. Now we have more planes flying than we had at that point of time. We had 540 planes that time and by the end of this month we'll have 580 planes," Puri said at an event here. "The carrier also had wide-bodied aircraft which were operating on the long haul routes. We .
India's May merchandise exports up 4%, imports rise 4.31%
India's merchandise exports rose 3.93 per cent on a year-on-year basis in May to $29.99 billion from $28.86 billion reported for the corresponding month of last year, official data showed on Friday.
Karna govt announces waiver of NPA loans of about 1 L farmers
The Karnataka government Friday decided to waive Non Performing Asset loans of about one lakh farmers, who owe about Rs 965 crore to commercial banks. The decision comes two days after the government ordered release of money toward farm loan waiver in commercial banks in one-go as against four instalments announced in the budget last year. The money will be deposited in the accounts of eligible farmers in one instalment, the government had said in its June 11 order. "Today the finance department passed an order on NPA loans of about one lakh accounts of farmers, worth Rs 965 crore. We expect that by June end we will transfer the amount to the loan accounts of farmers," chief secretary T M Vijay Bhaskar told reporters here. On June 12, the government had ordered clearance of loans under regular, overdue and restructured, which farmers had taken from commercial banks, but not under NPA. The loan waiver had comprised restructured loans of Rs 2,812 crore, overdue loans of Rs
NDTV case: Sebi bars Roys from securities market, top positions
Regulator Sebi on Friday barred NDTV Ltd's three key promoters -- Prannoy Roy, Radhika Roy and their holding firm -- from the capital markets for two years and also restrained the two individuals from holding any board or top management role at the company in this period. The Roy couple has also been been barred from holding a board or key managerial position at any other listed company for one year, Sebi said while coming down heavily on them and RRPR Holdings Pvt Ltd for what it termed as violation of various regulations by keeping minority shareholders in the dark about three loan agreements. One such loan agreement was with ICICI Bank while two loans were from a little-known entity Vishvapradhan Commercial Private Ltd (VCPL). The ownership of Delhi-based 'wholesale trading' firm VCPL, incorporated in 2008, is said to have later changed hands from RIL to the Nahata group, from which the Mukesh Ambani-led firm had bought Infotel Broadband in 2010 to re-enter the telecom ...
Major Brands to invest Rs 260 cr in network expansion
Major Brands (India), the Indian franchisee for several international lifestyle products, will be investing around Rs 260 crore over the next four years in expanding its retail network and setting up a warehouse in South India, a top company official said on Friday.
UK regulator bans harmful gender stereotypes in ads
Britain's Committee of Advertising Practice (CAP), which is in charge of writing advertising codes across Britain, announced on Friday that its new rule banning harmful gender stereotypes in advertisements has come into force.
Bharat Financial Inclusion completes direct assignment transaction for Rs 1545.93 cr
With this transaction, the Company has completed Direct Assignment transactions worth Rs. 2,653.33 crore in FY20.
Tensions in Persian Gulf, rise in oil prices dent equities (Roundup)
Rising geo-political tensions in the Persian Gulf region along with concerns over a slowdown in global economic growth subdued Indian equity markets on Friday.
TechM board proposes appointment of Shikha Sharma, Haigreve Khaitan as independent directors
IT firm Tech Mahindra Friday said its board has proposed appointment of former Axis Bank CEO Shikha Sharma and Khaitan & Co Partner Haigreve Khaitan as independent directors. "The Board of Directors has, based on the recommendation of the Nomination and Remuneration Committee, proposed to the members of the company the appointment of Mr Haigreve Khaitan and Ms Shikha Sharma as Independent Directors on the Board of Directors of the company to hold office for a term of five consecutive years each commencing from August 1, 2019," the company said in a BSE filing. The company would seek approval on the appointments at the ensuing 32nd Annual General Meeting of the company on July 31, 2019, it added. Tech Mahindra also said that R Ravi Kulkarni and Anupam Puri, who are currently independent directors on the board, have opted not to be re-appointed following completion of their five-year term on July 31.
Fuel, manufactured items ease India's May WPI to 2.45% (Roundup)
Lower prices of manufactured items and key transportation fuels eased India's annual rate of inflation based on wholesale prices to 2.45 per cent in May from 3.07 per cent in April, official data showed on Friday.
Infosys to announce Q1 results on July 12
India's second largest software services firm Infosys will announce its financial results for April-June quarter on July 12, according to a BSE filing. "...a meeting of the Board of Directors of the company will be held...on Thursday and Friday, July 11 and 12, 2019 to consider the audited consolidated financial results of the company and its subsidiaries as per Indian Accounting Standards (INDAS) for the quarter ending June 30, 2019...," Infosys said in the filing Friday. It added that the financial results will be presented to the board of directors on July 12 for their approval. According to investor calendar available on the company's website, India's largest IT company Tata Consultancy Services (TCS) is slated to announce its June quarter numbers on July 9. Wipro is expected to announce its results for the first quarter on July 17, as per information available on its website.
Nasscom seeks new tax-friendly SEZ policy beyond 2020
IT body Nasscom has urged the government to continue the tax incentives to units in special economic zones beyond March 2020, saying that such a move will provide industry with certainty and enable them to invest in long-term strategy. Nasscom, in its pre-Budget recommendations submitted earlier this week, said IT-BPM industry contributes 6.6 per cent to the country's GDP, directly employs over 4.1 million skilled workforce and annually earns over USD 130 billion in foreign exchange. "It would be useful to build on this strength by laying out a Special Economic Zones (SEZ) policy keeping the next 20 years in perspective. This would provide industry with certainty and enable them to invest in a long-term strategy," Nasscom Senior Director and Public Policy Head Ashish Aggarwal told PTI. He said Nasscom has suggested that the new tax-friendly SEZ policy should retain existing tax benefits and provide concessional rate of 9 per cent Minimum Alternative Tax (MAT). Also, there should be ...
Graphite India seeks shareholders' nod to raise Rs 5000 cr
Graphite India Ltd has sought the shareholders' nod to raise upto Rs 5,000 crore to meet the company's resource requirements including capex and acquisitions. The fund will be raised in one or multiple tranches in the Indian or overseas markets, said a company resolution which was sent to the shareholders. Graphite India did not elaborate on any specific capex plan. The company was planning to scale the capacity of its Durgapur unit in West Bengal after the closure of the Bangalore plant following green tribunal orders. The Bangalore plant had an output of 13,000 tonnes and contributed 17.05 per cent to the turnover of the company Ltd in 2017-18. The company had said it would debottleneck its Durgapur unit, along with the Nasik facility to cover the gap caused by the closure of the Bangalore plant. Durgapur is the largest producer of the electrode for the company, accounting for around 59 per cent of its capacity of 98,000 tonnes. The company made a profit after tax of ..
Exports up 3.93% in May; trade deficit widens to $15.36 bn
India's exports grew by 3.93 per cent to USD 30 billion in May on account of healthy growth in sectors such as chemicals, pharmaceuticals and engineering, according to a commerce ministry data released Friday. Imports too rose by 4.31 per cent to USD 45.35 billion, widening the trade deficit to USD 15.36 billion in May. The deficit, the difference between exports and imports, was USD 14.62 billion in May 2018. Oil imports rose by 8.23 per cent to USD 12.44 billion and non-oil imports expanded by 2.9 per cent to USD 32.91 billion during the month under review. Gold imports rose by 37.43 per cent to USD 4.78 billion. Cumulatively, exports in April-May 2019-20 was up by 2.37 per cent to USD 56 billion. Imports rose by 4.39 per cent to USD 86.75 billion, registering a trade deficit of USD 30.69 billion.
GOQii resolves 'deep discounts' issue with Flipkart; to start selling bands on e-com platform
Walmart-owned Flipkart and GOQii Friday said they have amicably resolved their legal dispute where the health-tech startup had alleged that its products were being sold on the e-commerce platform at deep discounts. Last month, GOQii had taken the legal recourse against the e-commerce platform over the deep discount issue. A Mumbai court had, as an interim measure, ordered sales of GOQii devices to be halted on Flipkart. Following the resolution now, GOQii fitness bands will return on Flipkart platform "in the next few days", GOQii founder and CEO Vishal Gondal told PTI. In a joint statement issued on Friday, the companies said: "We are pleased that GOQii products will be back on the Flipkart platform. Flipkart and GOQii have been in constant communication and have resolved the issue." The two sides remained tight-lipped about the terms of the settlement. "Flipkart engaged with us in a transparent way and their team worked on a resolution benefitting the brand and the customers. We ...