Page 62 - Business Finance
IndiGo to launch flights on Buddhist circuit from Aug
Budget carrier IndiGo Thursday announced the launch of 12 new direct daily flights on the Buddhist circuit, connecting Kolkata, Gaya and Varanasi, starting August. Effective August 8, IndiGo will commence flight operations on Kolkata - Gaya, Kolkata Patna, Kolkata Varanasi and Gaya - Varanasi routes along with additional frequency on Kolkata - Varanasi route, the airline said in a release. Bookings on these routes are open from Thursday, it added. IndiGo Chief Executive Officer Ronojoy Dutta had during the post-Q4 earnings analysts call said that the airline is building the Buddhist circuit connecting Gaya, Varanasi, and Gorakhpur. "It has never been done before. And we are connecting it to both Kolkata and New Delhi. We expect to really boost tourism into those markets," he had said. The new flights are designed to cater to business travellers as well as leisure travellers who would like to experience Buddhist history and spirituality, the airline said. We are ...
Miniso partners Achhacart to strengthen India biz
Japanese retail brand Miniso Thursday said it has partnered B2B e-commerce platform Achhacart as it looks to further strengthen its presence in the Indian market. Miniso, which launched its operations in India in August 2017, operates more than 100 stores in the country across cities like Delhi-NCR, Mumbai and Bengaluru. "India is one of the most important markets in the world... (we have) more than 100 stores in India and have got very good feedback from the market and the customer. But we also noticed that online presence is also very important," Miniso Life Style General Manager Lin Li said. Stating that online channels provide insights into consumer preferences and requirements at a faster scale, he said the company expects about 10 per cent of its India business to come from the online channel by the end of the year. Li said the company is also looking at extending its presence across other popular consumer e-commerce platforms in the coming months. Siddharth Venkatraman, CEO of .
Indian Law Firm M/S Solicis Lex enhancing its presence worldwide
Mumbai-based Indian law firm M/s Solicis Lex has been expanding its operations rapidly on the global map.It currently has an approximate strength of 150 lawyers across seven cities in India and having associates in eight countries namely USA, Israel, China, UAE, UK, Bahrain, Canada, and New Zealand. It is likely to expand to Australia, Japan and the EU soon.Advocate Priya Turakhia, wife of a Chartered Accountant, Mahendra Turakhia has recently joined as a partner of M/S Solicis Lex. Turakhia, the mother of famous/renowned 'Turakhia Brothers', Serial Entrepreneurs who sold off Media.net, an ad-technology company, founded with personal investments in 2010, to Chinese Investors for a whopping USD 900 million in August 2016. A consortium led by Zhiyong Zhang, Chairman of Beijing Miteno Communication Technology, bought the company.Advocate Ameet Mehta, Founder and Partner of M/s Solicis Lex, is not only a lawyer but also an Engineer and MBA Graduate and a student of Leeds University and ...
Norwegian tanker still afloat after reported attack: owner
Norwegian tanker Front Altair was still afloat after a reported attack in the Gulf of Oman on Thursday, the chief executive of the company that owns the vessel told AFP, denying reports it had sunk. "I can confirm that the vessel has NOT sunk," Frontline chief executive Robert Hvide Macleod wrote in a text message to AFP. The 23 people who were on board were "all safe", he added. The Front Altair and another tanker were reportedly attacked in Thursday's incident, which sent world oil prices soaring. Iran's official news agency IRNA had earlier quoted foreign media reports that one of the two vessels had sunk. The Norwegian Maritime Authority said the 111,000-tonne Front Altair, a Marshall Islands-flagged vessel, was "attacked" and that there were three explosions, but no injuries reported on board, Frontline provided no other details. According to the Norwegian Maritime Authority, the ship's crew had boarded a passing vessel. Norwegian authorities called on its ships in the region to .
Reliance Home Finance, Rel Capital shares continue to drop
Shares of Reliance Home Finance and Reliance Capital continued to fall Thursday, with the former plunging up to 12.3 per cent after PWC resigned as statutory auditor of both companies. Reliance Home shares tumbled 12.32 per cent to close at Rs 14.95 on the BSE. During the day, it dropped 13.78 per cent to hit its 52-week low of Rs 14.70. The scrip of Reliance Capital fell 3.54 per cent to close at Rs 84.40. During the day, it tanked 6.28 per cent to a one- year low of Rs 82. On Wednesday, shares of Reliance Capital and Reliance Home tumbled up to 7 per cent. Anil Ambani-led Reliance Capital Thursday said its erstwhile statutory auditor Price Waterhouse & Co Chartered Accountants' (PWC) observations about its accounts were "completely baseless and unjustified". On Wednesday, both firms said PWC had resigned as auditor citing unsatisfactory response to "certain observations" made by it as a part of the ongoing audit for 2018-19 financial year. The firms on Wednesday said they did ...
ZestMoney offers first-of-its-kind EMI insurance
India's largest and fastest growing consumer lending technology company, ZestMoney, today announced a partnership with Digit Insurance to offer EMI insurance to the company's five million customers.The partnership integrates the digital capability of ZestMoney to provide EMI for everyone and insurance by Digit to relieve its customers of debt in case of unforeseen circumstances.This policy will cover EMI cost in the event of hospitalization, death or permanent disability. The insurance product is specifically designed for ZestMoney's customers which can be availed while applying for a loan on the digital platform."ZestMoney is a customer first company. Our products and features are designed after carefully listening to what customers are asking for. While our EMI makes life affordable, we saw a need to support our customers in case of unforeseen circumstances. We would be partnering with more companies to provide customizes EMI and loan protection plans to our customers", said Lizzie .
Jet stocks plunge 16% as surveillance measures to kick in soon
After hitting an all-time low of Rs 84.80 per share, Jet Airways' scrips closed 16 per cent lower on Thursday, a day after the exchanges decided to shift the security from Rolling Segment to Trade for Trade Segment.
Facebook invests in Bengaluru-based Meesho
Social networking giant Facebook Thursday announced it has picked up minority stake in Meesho, an Indian startup that helps entrepreneurs set up online businesses via social channels. No financial details of the transaction were disclosed. Meesho has previously raised about USD 65 million from a clutch of investors, including DST Partners, RPS Ventures, Shunwei Capital, SAIF Partners, Sequoia India and Y Combinator. "There are three reasons for making this investment. One, we are very excited by the founders and the team. Second is their focus on tier II and III cities, so they sort of addressing the new India that's showing up on the internet beyond the large metros," Facebook India Vice President and Managing Director Ajit Mohan told PTI. Another deciding factor was the base of two million resellers on Meesho's platform, of which about 80 per cent are women entrepreneurs, he added. "...it is fueling female entrepreneurship, and therefore driving the job creation agenda. So for us, ..
Armed forces, postal dept funds among those with exposure to IL&FS
Prominent private and public provident funds like Infosys Ltd PF, Hewlett-Packard Global Ltd PF, The Times of India PF, the Postal Life Insurance Fund, the NPS Trust, and the Army Group Insurance Fund are exposed to non-convertible debentures (NCDs) of IL&FS Financial Services (IFIN), the company at the centre of the IL&FS fiasco.
Oil prices jump nearly 4% over attack on oil tankers
The benchmark Brent Crude on Thursday logged a steep jump of nearly 4 per cent over reports of attack on oil tankers in the Gulf of Oman.
Karnataka orders banks to waive crop loans: Official
Amid conflicting reports banks withdrawing the money deposited earlier in farmers accounts after the recent general elections, the Karnataka government has ordered the waiver of all crop loans farmers borrowed from state-run banks, an official said on Thursday.
Rupee skids 16 paise to 69.50 vs USD as oil prices shoot up
Snapping its two-session gaining streak, the rupee dived 16 paise to close at 69.50 against the US dollar Thursday amid a sharp rise in crude oil prices. Brent crude futures, the global oil benchmark, soared 3.84 per cent to USD 62.27 per barrel after attacks on two oil tankers in the Gulf of Oman triggered fears of supply disruptions. The rupee opened at 69.33 per dollar and fell further to touch a low of 69.56 at the interbank foreign exchange market. The local unit finally settled at 69.50, down by 16 paise over its previous close. The rupee Wednesday closed at 69.34 against the US dollar. Foreign investors purchased shares worth a net Rs 172.35 crore Thursday, provisional exchange data showed. The 10-year government bond yield was at 7.01 per cent on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 96.96. Meanwhile, domestic equity benchmark BSE Sensex ended marginally lower after a see-saw ...
Life insurers' new premium in May jumps 43% to Rs 18,414cr; Apr-May collection rises 41 pc
Life insurers' collective new premium income grew by over 43 per cent to Rs 18,414.02 crore in the second month of the current fiscal, data from Irdai showed. All the 24 life insurance companies had collected new business premium of Rs 12,838.24 crore in May 2018. The country's largest life insurer LIC registered a jump of 46.6 per cent in its first year premium in May 2019 to Rs 13,496.68 crore. The rest of 23 private sector life insurance companies had new premium collection of Rs 4,917.34 crore during the month, up by 35.3 per cent from the year-ago period, as per the Insurance Regulatory and Development Authority of India (Irdai) data. Cumulatively the new premium collected by all the insurers during April-May of 2019-20 rose by 41.2 per cent year-on-year to Rs 28,395.90 crore. LIC registered 38.4 per cent growth in its April-May new premium income at Rs 18,764.63 crore. The rest of private sector players had cumulative first year premium of Rs 9,631.27 crore in April-May this ...
Grant Thornton India, affiliates not to take up non-attest work from listed audit clients
Grant Thornton India and its affiliates will not take up non-attest work such as consulting and transaction advisory services from listed companies that are being audited by them from July 1, a move that comes amid auditors facing heat in high profile corporate scams. Grant Thornton in India carries out audit assignments through its affiliate Walker Chandiok & Co LLP. The latest decision assumes significance against the backdrop of various auditors and auditing firms coming under regulatory scanner for violations in the IL&FS matter. "Our decision to not accept non-attest work from audit clients from July 1, 2019 is in relation only to our statutory audit clients whose securities are listed on any stock exchange in India or abroad," Walker Chandiok & Co LLP Partner David Jones told PTI. Services such as consulting, transaction advisory and valuations are termed as non-attest services. The firm also acknowledged that it expects to forego a lot many opportunities which would
AVA Group eyes Rs 500 crore sales volume from Medimix brand
Diversified conglomerate AVA Group, which retails the Medimix range of products, has set itself a target of achieving Rs 500 crore sales volume this fiscal. The Kerala-based company would also expand its product portfolio by adding hair oils, shampoo and body wash in the next two years, a press release said here. The AVA Group said Wednesday (June 12) marked the 50th anniversary of Medimix, introduced in the market in 1969. AVA Group Managing Director A V Anoop said "we have maintained the legacy and originality of the process passed on by our founder Dr V P Sidhan. In this 50th year, we are happy to honour and support our stakeholders who have been associated with us since the beginning". The company retails glycerins and sandal variants in soap category under the Medimix brand, the release said. "The vision of the company is to achieve Rs 500 crore sales volume by FY2020", the release said. AVA Group currently has six manufacturing plants across Southern region. Each ...
Revenue growth in Q4 FY hits six quarter low led by weak consumer sentiments: ICRA
Financial results released by 642 companies in the corporate sector show revenue growth in fourth quarter (January to March) of 2018-19 hit a six-quarter low at 10 per cent, investment information and credit rating agency ICRA said on Thursday.The key reason for decline in revenue growth was weak consumer sentiments and softening of commodity prices. The revenue growth in consumer-linked sectors in ICRA's sample was only 3.8 per cent in Q4 FY19 year-on-year, down from 27.9 per cent in Q3 FY19.Comparatively, the revenue growth in commodity-linked sectors was at 12.4 per cent in Q4 FY19 year-on-year, down from 51.4 per cent in Q3 FY19."The weakness in the consumer-linked sectors was visible across most consumer-oriented sectors such as passenger vehicles, two-wheelers, consumer durables and FMCG since second half of FY19," said ICRA's Vice President for Corporate Sector Ratings Shamsher Dewan."The decline in consumer sentiments was visible in both urban and rural segments," he said ...
Quick Wrap: Nifty Media Index records a surge of 1.15%
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Uber launches affordable service in Bengaluru, partners Bajaj
Ride hailing major Uber Thursday said it has partnered with Bajaj Auto to launch Bajaj Qute on its new UberXS category to offer affordable commuting option to travellers in Bengaluru. Bajaj Qute is a driver-plus three passenger quadricycle. The four-wheeled motor vehicle is smaller and lighter than a passenger car, and comes with two fuel options- CNG and Petrol. UberXS category in the India South Asia region will initially offer Bajaj Qute (CNG version) exclusively in Bengaluru from Thursday. The company is constantly working towards transforming the mobility landscape of cities with technology at the heart of Uber's solutions, Nandini Maheshwari, head (Business Development) at Uber India and South Asia? said. "This partnership is an extension of ?Uber's commitment towards lowering transportation costs, enhancing asset utilisation and improving rider convenience," she added. The charges of UberXS will be between that of its UberGo and auto offering, depending on demand and other ...
Telecom panel asks Trai to reconsider recommendations on spectrum auction
The apex decision making body at the Telecom Department Thursday decided to refer to TRAI for reconsideration the recommendations on spectrum auction amid industry's concerns on pricing. The Digital Communications Commission (DCC), which met here Thursday, also approved the terms and conditions for 5G trials in the country, sources said. The official privy to the development said that the DCC members felt that TRAI should revisit its recommendations keeping in mind government's overall objective of Digital India and Broadband for All. They also noted that given the intense consolidation in the sector, TRAI should also aim to ensure adequate competition. The Commission comprises senior officials from NITI Aayog, Department for Promotion of Industry and Internal Trade, Department of Economic Affairs, Ministry of Electronics and IT, besides Department of Telecom.
India ad spend likely to be Rs 697 billion in 2019: Report
Advertising spend in India is likely to rise by 11.4 per cent to Rs 697 billion in 2019, driven by key events such as the ongoing cricket world cup and the recent general elections, according to a report by the Dentsu Aegis Network (DAN). The 2019 estimate is up from January's projection of 10.6 per cent growth in ad spend, and 10.8 per cent in 2018, the report said. The agency said digital media spend is projected to grow by 32.7 per cent to Rs 144.1 billion in 2019, accounting for 21 per cent share of the total advertising expenditure. Television, however, continues to be the dominant force in India, with an estimated contribution of 39 per cent to the total ad spend in 2019, it said. The medium is forecast to expand in 2019 by 9.5 per cent to touch Rs 271.4 billion. "India is at the cusp of a major change... With the expansion on online video via mobile devices, the role of TV is changing and entertainment at one's own pace is becoming the norm," said Kartik Iyer, ...