Page 56 - Business Finance
Ascendas India Trust to acquire IT-SEZ in Pune
Ascendas India Trust Friday said it will acquire an upcoming IT-SEZ project in Pune, taking its total portfolio to 22 million sq ft. Ascendas Property Fund Trustee Pte Ltd, the trustee-manager of Ascendas India Trust (a-iTrust), in a statement said it has entered into a master agreement with Nalanda Shelter Pvt Ltd (NSPL) and Brickmix Developers Pvt Ltd (BDPL) to acquire BlueRidge 3, an IT/ITES special economic zone development with a total net leasable area up to 1.8 million sq ft. "The project will be developed in two phases. a-iTrust will also provide project funding as part of the agreement," it added. Initially and during the construction period, a-iTrust's investment will be through debt to be used towards repayment of certain existing liabilities and construction. The forward purchase acquisition will be after completion of the project and is subject to receipt of occupancy certificate and other key conditions. Ascendas Property Fund Chief Executive Officer Sanjeev Dasgupta ...
Forex reserves nearing lifetime high; up USD 1.7 bn to USD 423.5 bn
Inching closer to its historic peak, India's forex kitty increased by USD 1.686 billion to USD 423.554 billion for the week to June 7, RBI data showed Friday. The foreign exchange reserves had increased by USD 1.875 billion to USD 421.867 billion in the previous reporting week. The reserves had touched a lifetime high of USD 426.028 billion in April 2018. In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 1.666 billion to USD 395.801 billion, the apex bank said. Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves. Gold reserves were unchanged at USD 22.958 billion, according to the RBI data. The special drawing rights with the International Monetary Fund rose USD 6.1 million to USD 1.449 billion. The country's reserve position with the fund also rose USD 14 million to USD 3.3345 billion.
Prices of petrol, diesel to go up in Goa from midnight
Petrol and diesel prices will increase in Goa from midnight as the state government has hiked value-added tax (VAT) on them. In a notification issued Friday by under-secretary (finance) Sushma Karat, the state government announced VAT on petrol is now 20 per cent instead of 15 per cent, while that on diesel has been hiked from 15 per cent to 18 per cent. Price of petrol and diesel will increase by Rs 2.70 and Rs 1.43 per litre respectively from Saturday, said Paresh Joshi, president of All Goa Petrol Dealers Association. "As on Friday, cost of petrol in Goa was Rs 63.74 per litre while that of diesel was Rs 63.04," he informed.
More than 250 Indian and International Fintech Firms participate in 3rd edition of Digital Lending Association of India Conclave 2019
The 3rd edition of the Digital Lenders' Association of India (DLAI)'s annual conclave held today at Taj Mahal Palace, Mumbai saw participation by over 250 of the leading Indian and International Fintech firms.The theme of this year's conclave was 'Impact of digital lending on financial inclusion and industry growth through collaboration' keeping in line with the growth that the Fintech industry has witnessed in the last five years."In the last 5 years, there has been an unprecedented amount of growth in infrastructure elements for digital lending in India. Since 2014 which was pre-Jio, Pre-demonetisation, we have seen a huge amount of development in the data side whether it was alternate data, alternate data players or identity- GST, Aadhar, Digilocker, Payments and Repayments, UPI linked accounts, connectivity amongst others. And the fact is that barring a few disruptions around KYC, delays around open data, India has been probably recognized globally as having one of the most ...
Modi invites Kyrgyz businesses to invest in India
Prime Minister Narendra Modi on Friday invited Kyrgyz businesses to invest in India, saying the country has a huge market and is determined to become a five trillion dollar economy in the next five years."The country offers a skilled workforce, ease of doing business and double taxation avoidance besides excellent connectivity for trade and investment to prosper. I welcome Kyrgyzstan businesses to invest with our Indian businesses and you are always welcome to India," he said after jointly inaugurating the India-Kyrgyzstan Business Forum with Kyrgyz President Sooronbay Jeenbekov.Modi said that while the two countries share close cultural and economic ties, it is more important to boost relations in the key areas including trade and investment."It is clear that currently our trade and economic cooperation is lower than the possibilities. Therefore, the need for a business forum has come at the right time," the Prime Minister said."Growth in economic status and advancement in technology
Apple CEO visits White House, meets Trump: Report
Apple CEO Tim Cook reportedly visited the White House and met US President Donald Trump and his eldest daughter Ivanka Trump as part of his work with the White House workforce advisory board.
India's services exports up 2.8 pc to USD 18 bn in April
India's service sector exports rose by 2.8 per cent to USD 18.06 billion in the first month of the current fiscal, RBI data showed Friday. The services receipt or exports during April 2018 stood at USD 17.56 billion. Services payments or imports in April 2019 were at USD 11.4 billion, up by 4.6 per cent from USD 10.92 billion in the same month of 2018-19, according to the RBI data on India's international trade in services for April 2019. The Reserve Bank releases monthly data on India's international trade in services with a lag of around 45 days. The monthly data on services are provisional and undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.
Ind-Ra assigns Global Coal and Mining 'IND A' rating with stable outlook
India Ratings and Research (Ind-Ra) Friday said it has assigned Global Coal and Mining Pvt Ltd (GCMPL) a long-term issuer rating of 'IND A and said that the outlook was stable. Instruments with the rating 'IND A' are considered to have an adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk. GCMPL's coal beneficiation volumes improved to 5.2 million tonnes per annum (MTPA) in FY 2018-19, owing to an increase in capacity utilisation of its two washeries Talcher and IB Valley to 52 per cent and 51 per cent, respectively, the rating agency said in a statement. The improvement in capacity utilisation of the Talcher washery was due to the renewal of its contract with its key customer Andhra Pradesh Power Development Co Ltd (APPDCL). The company had failed to renew its contract with APPDCL in July 2017 owing to the lack of clarity on the rates of taxes for discharge of tax liability post the implementation of the Goods and ...
India's crude steel output grows 5 pc to 9.235 MT in May
India's crude steel output grew 5.2 per cent to 9.235 million tonnes (MT) during May 2019, according to official data. The country had produced 8.779 MT crude steel during same month in 2018, a steel ministry report said. During April-May 2019-20, the production stood at 18.020 MT, up 3.4 per cent from 17.432 MT in the corresponding period of the previous fiscal. Production of finished steel in May rose 1.6 per cent to 10.848 MT from 10.674 MT in the year ago month. During April-May, the output of finished steel at 21.371 MT was 1 per cent higher than 21.156 MT in same period last year. The consumption of finished steel in May rose by 6.6 per cent to 8.780 MT from 8.240 MT in May 2018. The consumption in the first two months of the ongoing fiscal was at 16.286 MT, 6.5 per cent higher as compared to 15.286 MT in the same period of the preceding fiscal. During May, both exports and imports of finished steel recorded a fall. Exports in May 2019 declined by 28.5 per cent to 0.318 MT from .
More worry for China as industrial growth disappoints
China's economy showed further signs of weakness last month, with industrial output posting its slowest growth in 17 years, placing further pressure on the government as it tries to steady the ship while battling a trade war with the US. Authorities have for years been attempting to transition the world's number two economy from a reliance on state investment and exports to a more stable model driven by consumption, with the tariffs stand-off complicating that mission of late. Retail sales actually beat expectations, rising 8.6 per cent year-on-year in May, the National Bureau of Statistics (NBS) said on Friday. That compares to an 8.1 per cent increase forecast in a Bloomberg poll of analysts. But the NBS also said industrial output rose just 5.0 per cent, the slowest increase since 2002, and missing a 5.4 percent analyst forecast. Fixed-asset investment growth also underwhelmed with 5.6 per cent growth. The readings are likely to fan speculation that authorities may launch another
Laurus Labs gets 2 observations from USFDA for Unit 1 & 3 at Visakhapatnam
Drug firm Laurus Labs Friday said the US health regulator has made two observations after the inspection of its Visakhapatnam facility in Andhra Pradesh. The company has completed the United States Food and Drug Administration (USFDA) inspection of its active pharmaceutical ingredient (API) facilities in Units 1 and 3 at Parawada, Visakhapatnam, Andhra Pradesh, with two observations, Laurus Labs said in a filing to the BSE. The observations are procedural in nature, it added. "This is a regular surveillance audit by USFDA, and no data integrity issues were observed in the inspection," Laurus Labs said. The company, however, did not share any details about the observations made by the regulator. Shares of Laurus Labs Friday closed at Rs 338.70 per scrip on the BSE, up 0.82 per cent from its previous close.
Rupee loss widens by 30 paise to 69.80 against US dollar
The Indian rupee Friday fell by another 30 paise to close at 69.80 against the US currency as strengthening greenback and rising crude oil prices kept investors cautious. Besides, weak Asian currencies and an intense sell-off in domestic equities also put pressure on the domestic currency. On weekly basis, the rupee saw a fall of 34 paise. At the interbank foreign exchange (forex) market, the domestic currency opened higher at 69.55 per dollar, but lost ground during the day and fell to 69.85. The rupee finally settled at 69.80, down 30 paise over its previous close. The rupee had settled at 69.50 against the US dollar Thursday. "The rupee weakened for a second day against US dollar, taking cues from the other Asian currencies," said V K Sharma, Head-PCG & Capital Market Strategy, HDFC Securities. Brent crude futures, the global oil benchmark, climbed 0.11 per cent to USD 61.38 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, .
India, Kyrgyzstan have prepared 5-yr roadmap to increase 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 proper atmosphere for the bilateral trade. Modi and Kyrgyz President Sooronbay Jeenbekov jointly inaugurated the India-Kyrgyz Business Forum. Modi said that "at a time when the world economy is rapidly changing, we need to look at the opportunities of the economic partnership between the two countries". "There are three catalysts for the growth of the bilateral trade and investment opportunities. They are proper atmosphere, connectivity and business-to-business exchanges," he said. Ahead of the Modi's visit to Kyrgyzstan, the Union
PM likely to meet FinMin officials on June 20, to discuss road map for boosting growth
Ahead of the Budget, Prime Minister Narendra Modi is likely to meet all five departments of the finance ministry on June 20 to discuss road map for boosting country's growth and generating jobs. According to sources, the GST Council's meeting scheduled for June 20 has been deferred by a day in view of the premier's meeting. Modi is likely to discuss the road map for every department and the agenda for increasing revenue mop-up and taking reform steps to push GDP growth which has slipped to 5-year low of 6.8 per cent in 2018-19. The meeting comes at a time when the finance ministry is in the process of finalising the 2019-20 Budget, which will be unveiled by Finance Minister Nirmala Sitharaman on July 5. Among other issues, the 100-day agenda for the Modi 2.0 government would come up for discussion. In April, the Prime Minister's Office had asked all ministries to prepare agenda for the new government. The five departments under the ministry are Economic Affairs, Revenue, Expenditure,
Smartphone growth in emerging markets to continue in 2019
The smartphone market, which is still reeling under the first ever annual decline in 2018, is poised to grow in the emerging markets, a new report by Counterpoint Research said on Friday.
Fraudulent trade: Sebi slaps Rs 45 lakh fine on five entities
Markets regulator Sebi Friday slapped a total fine of over Rs 45 lakh on five entities for carrying out fraudulent trades in the illiquid stock options segment on the BSE. A One Steel And Alloys Pvt Ltd, Raju Mukund Vanarase, Satya Narain Tulsian, Royal Fincomm Pvt Ltd and A One Steels India Pvt Ltd are the five entities facing action, as per Sebi's separate orders. Sebi had conducted an investigation into the trading activities of several entities which were suspected to be entering into non-genuine trades in illiquid stock options from April 2014 to September 2015. The regulator found that the five firms were among the several entities that executed non-genuine trades by reversing trades with same entities on the same day with wide variations in price without any basis for such wide variation. "Noticee (five entities) had indulged in reversal of trades with its counterparties in the stock options segment of BSE by executing synchronised trades and therefore, such trades were ...
Hyderabad Jewellery, Pearl and Gem Fair Showcases Splendid Collection in its 12th Edition
/ -- Over 450 brands offer their exclusive range of Jewellery at the three-day B2B Fair Hyderabad Jewellery, Pearl and Gem Fair (HJF 2019), India's premium B2B jewellery trade show, commenced its 12th edition today at the Hyderabad International Convention Centre (HICC), Novotel, Hyderabad. Chief Guest - Shri. T. Padma Rao Goud, Deputy Speaker, Telangana; Mr. Mahendra Tayal, President, Hitech City Jewellers Manufacturers Association; Mr. Mukesh Agarwal, Convener, Hitech City Jewellers Manufacturers Association; Mr.Yogesh Mudras, Managing Director, UBM India and Mr. Abhijit Mukherjee, Group Director, UBM India inaugurated the fair in the presence of other dignitaries from the jewellery trade. (Logo: http://mma.prnewswire.com/media/471349/UBM_Logo.jpg ) (Logo: https://mma.prnewswire.com/media/898194/HJF_2019_Logo.jpg ) (Logo: https://mma.prnewswire.com/media/902938/Inauguration_12th_edition_HJF.jpg ) Organised by UBM India, over the years the Hyderabad Jewellery, Pearl and Gem Fair .
'Greaves to make presence felt in electric vehicles segment'
With an intention to increase itsfootprints in the electric vehicles sector, Greaves Cotton LimitedFriday said it would extensively work on charging supportmechanism at its 5,000 outlets across the country. "We have 5,000 outlets where we intend to start setting up the charging stations, starting with first 100 outlets in the near future immediately and then going out to the rest," president of the company K Vijaya Kumar told reporters. The company has launched a series of electric vehicles under the brand Ampere by Greaves, starting from bicycle to avariety of scooters, Trisul vehicles for spinning millworkers, auto-trolleys and golf carts. It recently launchedits high-speed scooter Zeal. Kumar said the company intends to set up charging infrastructure for its customers at petrol pumps and malls as well. Greaves' retail outlets would also supply genuine spare-parts, he added. The first 200 would come up in the main cities and where the consumers are present, Kumar ...
ITC earns Rs 4,673 crore in foreign exchange in 2018-19
Diversified group ITC's forex earning in 2018-19 increased by 11.55 per cent to Rs 4,673 crore, mainly on account of exports of agri-commodities. In the last ten years, the Kolkata-headquartered firm has earned "nearly USD 7.2 billion, of which agri-exports constituted 56 per cent", ITC said in its Annual Report for 2018-19. "During the financial year 2018-19, your company and its subsidiaries earned Rs 4,673 crore in foreign exchange. "The direct foreign exchange earned by your Company amounted to Rs 3,828 crores, mainly on account of exports of agri-commodities," ITC Chairman & MD Sanjiv Puri said in Report & Accounts 2019. ITC also spent foreign exchange worth Rs 2,373 crore in the last fiscal. This was mainly on account of purchase of raw materials, spares and other expenses of Rs 1,947 crore and import of capital goods at Rs 426 crore, the company said. ITC "continues to view foreign exchange earnings as a priority. All Businesses in the ITC portfolio are mandated to ...
REC eyes over 10% growth in revenue at Rs 28,000 cr this fiscal
State-run REC is expecting an over 10 per cent growth in its revenue at Rs 28,000 crore in the ongoing fiscal on account of "excellent" performance. REC, a public infrastructure finance company in India's power sector, had a turnover of Rs 25,310 crore in the 2018-19 fiscal. The company's main source of revenue is interest income from advances or loans. In a Memorandum of Understanding (MoU) inked on Friday with its holding firm Power Finance Corporation (PFC), REC has targeted to achieve Rs 28,000 crore revenue from operations this fiscal in view of "excellent" performance scenario. According to the MoU, the company's performance would be considered "very good" if it achieves Rs 27,000 crore net revenue from operations and "good" at Rs 25,000 crore turnover this fiscal. REC Ltd, formerly Rural Electrification Corporation Ltd, has signed a performance-based MoU which has detailed contours of various targets to be achieved in 2019-20. The MoU has been signed by PFC chairman and MD ...