Page 630 - Business Finance
"Vijaya Bank,Dena Bank merger with BoB will benefit customers
As the three nationalised banks, Bank of Baroda, Dena Bank and Vijaya Bank merged to form the second largest public sector bank in the country, the unified management Monday said it would benefit customers, as well as employees in a big way. Vijaya Bank was founded in Karnataka's Dakshina Kannada district in 1931 by A B Shetty. Dena Bank, named after its founder Devkaran Nanjee, came into being in 1938 in Mumbai. The consolidated bank, which went into effect from Monday, will be the second largest public sector bank in the country having wider geographical reach with 9,500 plus branches, the bank officials said. It would have more than 13,400 Automated Teller Machines and above 85,000 employees to serve over 120 million customers, said the officials at a press conference here to share details about the merger. "The 120+ million customers will experience superior banking services and benefit from wider product range including cash management solution, supply chain ...
RIL touches record high; m-cap inches close to Rs 9 lakh cr
Shares of Reliance Industries jumped over 3 per cent to a record high of Rs 1,406.50 during the day, with its market valuation inching close to Rs 9 lakh crore mark. The stock jumped 3.18 per cent to Rs 1,406.50 -- its record high -- during the day on the BSE. Later, it closed at Rs 1,391.55, up 2.09 per cent. On the NSE, shares went up by 2 per cent to close at Rs 1,391.85. The market valuation of the company rose sharply by Rs 18,083.94 crore to Rs 8,82,060.94 crore on the BSE. With this, the company's m-cap is just short of Rs 17,939.06 crore to cross the Rs 9 lakh crore market valuation mark. RIL is currently the most valued Indian firm followed by TCS (Rs 7,62,221.91 crore), HDFC Bank (Rs 6,29,097.44 crore), HUL (Rs 3,65,835.04 crore) and ITC (Rs 3,64,449.12 crore) in the top five list. Reliance Industries (RIL) had last year became the first Indian company to cross Rs 8 lakh crore market capitalisation.
Mahindra & Mahindra intimates of incorporation of Mahindra Armored Vehicles Jordan
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Container Corporation of India announces cessation of directors
On 31 March 2019
RBI reshuffles lead bank responsibilities post banks merger
The Reserve Bank has reshuffled lead bank responsibilities in some districts of Chhattisgarh, Gujarat, Karnataka and Union Territory Dadra & Nagar Haveli following the merger of Dena Bank and Vijaya Bank with Bank of Baroda. Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda has been notified on January 2, 2019. The notification has come into force on April 1, 2019, the RBI said in a notification. Following the merger, the RBI has decided to assign the lead bank responsibility of districts hitherto held by Vijaya Bank and Dena Bank, the central bank said. The lead bank responsibility in seven districts in Chhattisgarh has been assigned to Bank of Baroda from Dena Bank. In Gujarat, Ahmedabad and Gandhinagar will get SBI as the lead banker from Dena Bank earlier. While eight other districts in the state will be deputed to Bank of Baroda from Dena Bank. Three districts in Karnataka goes to Bank of Baroda from Vijaya Bank. "There is no change in the lead bank ...
New Dena-Vijaya-BoB entity eyes 15% return in 5 yrs
The first tripartite amalgamation in the Indian banking sector involving Dena Bank, Vijaya Bank and Bank of Baroda (BoB) became effective from April 1. The merged entity will target to achieve over 15 per cent return on equity (RoE) in next five years and double the market cap of the combined entity, sources said.
Growth of core industries slows to 2.1 pc in Feb 2019 from 5.4 pc last year
The growth of eight core industries contracted to 2.1 per cent in February from a year earlier due to a falling output of crude oil and refinery products, data released by the government showed on Monday.Eight sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity -- had expanded by 5.4 per cent in February 2018.The production of crude oil fell by 6.1 per cent in February 2019 while refinery products declined by 0.8 per cent.The eight infrastructure sectors recorded a flat growth rate of 4.3 per cent during April to February 2018-19 over the same period previous fiscal year, according to an official statement by the Ministry of Commerce and Industry.However, the indices of coal, natural gas, fertilisers, steel, cement, and electricity showed increases.
India's YoY core industrial output rate eases to 2.1% in Feb
The output of eight major industries slowed down in February to 2.1 per cent year-on-year, official data showed on Monday.
Amul clocks 13 pc rise in turnover at Rs 33,150 cr in FY'19
GCMMF, which markets dairy products under Amul brand, Monday reported 13 per cent increase in turnover at Rs 33,150 crore during the just ended financial year driven by strong growth in volume. Gujarat Co-operative Milk Marketing Federation (GCMMF) had posted a turnover of Rs 29,225 crore in 2017-18. GCMMF has registered a provisional turnover of Rs 33,150 crore for 2018-19. The sales turnover achieved by Amul Federation is 13 per cent higher than the previous financial year, the company said in a statement. Amul Federation has been achieving a compound annual growth rate (CAGR) of more than 17.5 per cent for the last nine years because of higher milk procurement, continuous expansion in terms of adding new markets, launching of new products and adding new milk processing capacities across the country. The provisional unduplicated group turnover of Amul Federation and its 18 member unions has crossed Rs 45,000 crore which is also 13 per cent higher than last year. The 18 member unions
Citibank settles case with Sebi, pays Rs 4.5 crore
Citibank N.A. has settled a case with markets regulator Sebi regarding the bank's alleged failure to adequately supervise an employee who carried out an unregistered portfolio investment scheme. The case has been settled after payment of Rs 4.5 crore towards settlement charges, according to a Sebi order. In April 2015, the regulator issued a show cause notice to the bank for alleged violation of portfolio managers norms with respect to one relationship manager. "... one Shivraj Puri, a relationship manager of the applicant (Citibank N.A.), had carried out a fraudulent scheme wherein he had offered certain customers of the applicant investment schemes guaranteeing high returns," the regulator said quoting the notice. As per the notice, he had received signatures on blank fund transfer forms, which were used for transferring funds from the accounts of such customers' to the linked accounts of Shivraj family. Further, it was alleged that through such unregistered portfolio management ..
Godrej Properties registers record residential sales in Q4
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DGCA approves Jet Airways' summer schedule only till April 25
Indian aviation watchdog DGCA has approved the summer schedule of flights of Jet Airways from March 31 to April 25 only, according to an official document. The summer schedule of flights of all other domestic airlines such as Vistara, IndiGo, Air India and GoAir have been approved till October 26, according to the document. The summer schedule begins on March 31, 2019 for all the airlines. As per the international practice, DGCA approves two flight schedules in a year, namely, 'summer schedule' effective from Sunday of the last week of March and 'winter schedule' effective from Sunday of the last week of October. A major crisis at the struggling Jet Airways was averted Sunday after its pilots' body, National Aviator's Guild (NAG), deferred till April 15 its call for halting operations. The NAG, which claims to represent around 1,100 of the 1,600 Jet Airways pilots, had announced earlier that its members will not fly from April 1, unless their salary dues were cleared and clarity was ..
Suzuki Motorcycle sales up 28 pc in March
Suzuki Motorcycle India (SMIPL) Monday reported 28 per cent increase in sales at 67,025 units in March. The company had sold 52,167 units in the corresponding month last year, SMIPL said in a statement. In the domestic market, the company posted 25 per cent jump in sales with 58,701 units as compared to 46,848 units in March last year. For the financial year ended March 31, the company said it sold 7,47,506 units, its highest ever sales in India, posting a growth of more than 30 per cent over 5,74,711 units in the previous fiscal. Commenting on the sales performance, SMIPL Vice President Devashish Handa said,"Suzuki's well-balanced product portfolio in both motorcycle and scooter segment has helped in achieving our fiscal sales target." The company's scooter Access 125 continued to be the highest grossing product for Suzuki in the country, he added. On the outlook, Handa said,"we look forward to achieving 10 lakh unit sales target for financial year 2019-2020." SMIPL has a sales ...
ELGI showcases oil free series of compressors at Hannover fair
City-based Elgi Equipments, a leading air-compressor manufacturer, on Monday showcased its Oil Free Series of compressors at the five-day expo at ComVac, Hannover Messe. The AB 'Always Better' air compressor series, a breakthrough in oil free compressed air technology, caught the eyes of the visitors and there was outstanding response, ELGI Managing Director Jairam Varadharaj said. Talking to reporters through video-conference from the venue, he said along with the Central launch, ELGI also showcased Air-Alert, an IoT based machine monitoring platform and ELGis core products such as the EN and EG Series - energy efficient and highly reliable lubricated screw air compressors besides heat recovery systems. Europe being an important market, ELGI is eyeing the food processing, pharmaceuticals, textile and automotive sectors for the new series, he said. He said oil free compressors contributed 20 to 25 per cent, worth three billion dollars of total compressor market. The ...
Technical outage causing flight delays for airlines
Major US airlines are experiencing some delays Monday following a technical glitch at a third-part vendor. The issue has been resolved, but may cause some a disruption in travel plans. There are delays early Monday at airports in Chicago, New York, Boston, Atlanta, Miami and Detroit. The Federal Aviation Administration said the technical issue hit a number of airlines and advised travelers to contact airlines directly for flight information and updates. Airlines say travelers should check their websites for the latest updates on flights. Dan Landson of Southwest Airlines said there was an outage with a vendor that services multiple carriers with data used in flight planning. Southwest said it lifted an internal ground stop at 7:05 Eastern that had been implemented for about 40 minutes. The airline anticipates scattered delays. Kate Modolo of Delta said that the outage prevented some of its Delta Connection flights from leaving on time. The airline doesn't anticipate flight ...
Himachal Futuristic Communications settles GDR manipulation probe with Sebi, pays Rs 1.14 cr
Himachal Futuristic Communications has settled a probe with Sebi in a matter related to alleged manipulation in issuance of global depository receipts (GDR) after paying Rs 1.14 crore as settlement charge. The regulator had initiated adjudication proceeding against the firm in June 2018. The firm had issued GDRs of around USD 50 million in September 2002. Out of this, GDRs worth USD 46.5 million were subscribed by only one entity, Roker Securities Inc., upon securing a loan from Lisbon-based bank Banco Efisa. It is alleged the firm had pledged GDR proceeds to the bank against the loan given to Roker for subscription to GDR issue and later GDR proceeds were repatriated to the firm's Indian bank account on repayment of loan by Roker. It is also alleged that the applicant signed an account charge agreement with Banco and did not inform stock exchanges about the fraudulent agreement. Moreover, allegedly the corporate announcements made by the firm to NSE contained misleading information ..
India's external debt eases to US$ 521.2 billion end December 2018
Short-term debt on a residual maturity basis constituted 43.5% of total external debt end December 2018
Cong questions assets info in Shah's poll affidavit, demands action against him
The Congress on Monday accused BJP President Amit Shah of providing "false information" related to his property in the affidavit filed by him for Gandhinagar Lok Sabha seat and demanded that the Election Commission direct the Returning Officer to initiate action against him. Congress spokesperson Manish Tewari alleged that Shah in his affidavit has "undervalued" his assets which is "very serious" as it is against the provisions of the Representation of the People Act. Referring to a plot in Gandhinagar, the Congress leader claimed that as per the government guidelines the market value of the plot comes to Rs 66.5 lakh, but Shah had declared its value at Rs 25 lakh. There was no immediate reaction available from the BJP or Shah's office on the charges. "We would like the Election Commission to take cognizance of this matter and direct the Returning Officer of Gandhinagar to take appropriate action under the law. "Because this is no ordinary candidate, this is the president of the BJP ..
RBI to inject Rupee liquidity through long term US$/INR Buy/Sell Swap auction
RBI to conduct a US$/INR Buy/Sell swap auction of US$ 5 billion for tenor of 3 years on 23 April 2019