Page 638 - Business Finance
75 firms have debt of Rs 2.24 lakh crore: Petitioners (NCLT Part IV-- Power Cos Woes)
As many as 34 power companies have accumulated Rs 1.4 lakh crore of NPA for Indian banks while 41 corporates across sectors, including those from infrastructure, textile, telecom, sugar, steel, energy, power and fertilisers have Rs 84,000 crore piled up NPAs which have taken the bad loan total to astronomical Rs 2.24 lakh crore, petitioners opposing RBI's February 12 circular on resolutions of debts have submitted to the Supreme Court.
As stocks surge, what's next after new peaks? (Market Watch)
Markets continued to gain amid very strong momentum and buying interest from FPIs. BSE SENSEX gained 508.30 points or 1.33% to close at 38,672.91 points. NIFTY was up 167 points or 1.46% to close at 11,623.90 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.53%, 1.645 and 1.68% respectively. BSE MIDCAP was up 2.67% and BSE SMALLCAP gained 1.82%.
BoB is now third largest lender as Dena, Vijaya merger take
State-run Bank of Baroda is catapulting itself for a larger play in the system with the merger of Dena Bank and Vijaya Bank with itself from Monday. The government-forced merger, announced last in September, creates the third largest bank in the country after State Bank of India and HDFC Bank. This is second merger of state-run banks in the recent years in the banking sector after State Bank had merged five of its associate banks- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila effective April 2017. "We are extremely pleased that Bank of Baroda, Vijaya Bank and Dena Bank are coming together creating the second largestbankin terms ofnetwork and customer base. We would work for the success of the amalgamation by effective execution of all the activities to build a stronger organisationand collectively deliver more to the stake holders than that of sum of individual
SpiceJet launches 28 new flights
SpiceJet Sunday announced that it has launched 14 new flights under the government's UDAN scheme, connecting the "un-served" market of Jharsuguda and the "underserved" markets of Kishangarh and Lakhimpur to key metros and cities across the country. In addition, the airline stated that it has launched 14 other direct flights connecting metros and non-metros on domestic routes. "Reaffirming the airline's conviction on the Regional Connectivity Scheme, SpiceJet has started operating on the new UDAN routes of Kishangarh-Ahmedabad-Kishangarh, Lakhimpur-Guwahati-Lakhimpur, Jaipur-Amritsar-Jaipur, Delhi-Jharsuguda-Delhi, Hyderabad-Jharsuguda-Hyderabad, Kolkata-Jharsuguda-Kolkata and Bhopal-Udaipur-Bhopal from March 31," the airline said in its statement. UDAN was launched by the central government in 2016 to provide regional air connectivity to unserved and underserved airports across the country at affordable fare. SpiceJet said it is further enhancing its domestic footprint with direct ...
Jet pilots defer mass leave decision to April 15
The pilots' union of Jet Airways on Sunday postponed, till April 15, their decision to go on mass leave to protest non-payment of salaries.
Shapoorji Pallonji Infra completes sale of solar power assets to Actis
Shapoorji Pallonji Infrastructure Capital Sunday said it has completed sale of 194 MW of operating solar portfolio to Sprng Energy, renewable energy arm of investment firm Actis. The transaction closed last week with all customary approvals in place, the company said in a statement. "A year ago, we decided to divest a part of our operating portfolio in order to redeploy capital for the development of new solar projects. We continue to see large opportunities for the growth of the renewable sector in our country, and the sale to a discerning infrastructure investor highlights our commitment towards development and operation of high-quality renewable energy projects in India," Shapoorji Pallonji Infrastructure MD and CEO Mukundan Srinivasan said. The acquisition of this portfolio is in line with Actis' commitment of building over 2 GW of renewable power projects in India.
Vijaya-Dena-BoB merger to be effective from Monday
The amalgamation of Vijaya Bank and Dena Bank into the Bank of Baroda (BoB) will come into effect April 1 and all branches of the former two will function as branches of BoB.
A K Purwar likely to chair Jet Airways' interim management committee
The consortium of lenders to Jet Airways is considering roping in former SBI chief A K Purwar as chairman of the interim management committee as the cash-strapped airline looks for a new investor, a senior official said. The official of the State Bank of India (SBI) also said the lenders are in the process of appointing SBI Capital as advisor in efforts for finding a the new investor. As the full service carrier struggling to stay afloat, its board on March 25 approved a debt resolution plan that would see immediate fund infusion of Rs 1,500 crore and lenders taking control of the airline. According to the official, Purwar is expected to be soon appointed as chairman of the interim management committee. Purwar was the chairman of the State Bank of India between 2002 and 2006. The bank is also the lead lender to Jet Airways. Apart from monitoring the daily operations and cash flow of the company, the committee would also oversee the process for roping in a new investor, the official ...
Zivame raises Rs 60 cr in funding led by Zodius, others
Online lingerie retailer Zivame Sunday said it has raised Rs 60 crore in funding as part of a bridge round, led by Zodius Technology Fund and a group of high net worth individuals. The latest fund infusion, which is part of the company's Series C funding, will be followed by a larger round later in 2019. Zivame, however, did not disclose details of the larger round that is being planned. "The funding will enable us to further enhance our footprint and leadership in existing and newer markets as we continue to build on our mission to be the destination for women for all her intimate needs. We continue to build the category as the Indian lingerie market is largely unorganised and under-served," Zivame Chief Executive Officer Amisha Jain said. She added that the funds would be used for ongoing retail expansion, augmentation of technology, product development and strengthening Zivame's omnichannel strategy. Currently, Zivame has over 30 retail stores and aims to expand to more than 60 in .
Airlines responsible for their financial performance; govt can't interfere in day-to-day ops: Prabhu
Efficient operations and financial performance are individual responsibilities of carriers, and the government cannot interfere in their day-to-day operations, Civil Aviation Minister Suresh Prabhu said amid Jet Airways crisis and turbulent times of the domestic airlines industry. In view of intense competition, rising costs, shortage of pilots and grounding of planes hurting many domestic carriers, the minister also said the government has been constantly responding to industry conditions and cited measures taken, including reduction in central excise duty on jet fuel to 11 per cent from 14 per cent. Cash-strapped Jet Airways has been forced to ground planes, cancel flights and delay payments, including salaries to pilots, while Air India continues to grapple with financial woes. On March 25, the board of ailing Jet Airways cleared a debt resolution plan whereby lenders would take control of the carrier. Against this backdrop, Prabhu said that each airline prepares its own business ..
Jet Airways pilots defer to April 15 its decision not to fly
A major crisis at the struggling carrier Jet Airways was averted Sunday after its pilots body National Aviator's Guild (NAG) deferred to April 15 its call of halting operations. The decision was taken at an open house meeting of NAG members that took place both in Mumbai and Delhi Sunday afternoon, a guild source said. The NAG, which claims representation of around 1,100 pilots of the total 1,600 with the full service carrier, last month announced that its members will not fly from April 1 unless their pending salary dues were cleared and a clarity on future payments was provided by March 31. Jet Airways has been defaulting on salary payments to pilots, engineers and senior management since August last year. The loss-making airline, which is now under the ownership of SBI-led consortium of lenders following a debt-recast plan, Saturday said it could remit only the remaining amount of December salary to pilots and others. Jet Airways engineers have also reportedly threatened to stop ...
RNAM partners with Google; Rel MF customers can now carry out voice-based transactions
Customers of Reliance Mutual Fund can now carry out voice-based financial transactions, with Reliance Nippon Life Asset Management (RNAM) partnering with internet major Google. For the first time in India, Reliance Mutual Fund for its customers is introducing a conversational interface that would help customers shop with the fund "just by listening and speaking to your smartphone or digital device through a series of voice commands," RNAM said in a release. In the first phase, the functionality would be launched in Reliance Simply Save app for the customers and then subsequently in Google Assistant platform for access by all existing and potential investor, it added. According to the company, out of all new customers for the fund in a month, "digital contributes to 50-55 per cent of the new customers". RNAM CEO Sundeep Sikka said the company has enabled voice-led financial transactions, adding that "we are of a firm belief that going ahead, voice is going to be the primary medium for .
Titan increases stake in CaratLane with Rs 99.99 cr investment
Tata group firm Titan has increased stake in its jewellery subsidiary CaratLane to 69.47 per cent with an investment of Rs 99.99 crore. "In response to offer of shares made by Carat Lane Trading Private Limited, a subsidiary of the company, the company has subscribed to 30,48,780 additional equity shares of CaratLane thereby increasing its stake in CaratLane on March 30, 2019," Titan said in regulatory filing on Sunday. CaratLane is in the business of manufacturing and sale of precious and semi-precious jewellery through its e-commerce business and also through retail showrooms. "...the shareholding of the company in CaratLane has increased from 66.39 per cent to 69.47 per cent," the company said. CaratLane registered a revenue of Rs 292.5 crore for the year ended March 2018. The value of additional equity shares offered by CaratLane was Rs 99,99,99,840, it added.
HDFC Bank to add 100 branches in Northeast
HDFC Bank Sunday said that it will open 100 more branches in the northeast region in next three years. The bank will open 100 more branches in the Northeast, taking its branch network close to 230 in the next three years and as a part of the expansion plan. It would also double the number of its branches in Sikkim to 18, HDFC Bank Managing Director Aditya Puri said. HDFC Bank started operations in the Northeast in 2004. As of December 31, 2018 the bank network in the region comprised 126 branches and 203 ATMs. The bank network will also work with the 650 Common Service Centres (CSCs) to be set up in the region by the government for financial services in rural area. "We believe in making an impact to lakhs of people here not just by offering our full-suite of products and services, but also by creating a positive change in the communities in which we operate," Puri said. He said that company's corporate social responsibility has impacted the lives of close to 10 lakh of people in the ..
OYO starts apartment rental service in Japan
Indian hospitality firm OYO has started 'OYO LIFE' services in Tokyo with more than 1,000 residential units, under which it will offer fully-furnished apartments to rental home seekers in Japan. SoftBank-backed OYO had, in February this year, formed a joint venture (JV) with Yahoo Japan Corporation to foray into the housing rental market in Japan and tap into the young population. It is the only market where OYO started with the housing rental business through a JV and is yet to start its hotel operations. "OYO LIFE is geared to provide a hassle-free, tech-driven, upgraded living experience at an affordable price in Japan. The service has gone live with over 1,000 keys across Tokyo. We have already received over 11,000 pre-registrations and there is strong interest coming from students and young professionals," OYO Hotels and Homes founder and Group CEO Ritesh Agarwal told PTI. OYO is already the most preferred brand in the budget to mid-segment hospitality space in many markets like .
Diesel prices down 8-9 paise, petrol unchanged
Diesel prices across the four metro cities declined for the fourth straight day, with prices falling by 8 to 9 paise on Sunday, data on the Indian Oil Corp's website showed.
NPA recovery target in jeopardy on Essar Steel
The delay in actual realisation from the resolution of the big-ticket cases like Essar Steel has put the non-performing assets (NPAs), or bad loans, recovery target by banks of Rs 1.8 lakh crore in jeopardy.
Nepal seeks Indian investment in hydro power, roads & highways
Nepal has invited Indian investments in hydro power, roads and highways and the hotel industry to give a boost to economic ties between the two countries. Huge business opportunities exist in sectors such as roads and highway, hydro power, etc, Maha Prasad Adhikari, chief executive officer (CEO) of the Investment Board Nepal (IBN), a body under the Government of Nepal, told reporters here on the sidelines of the Nepal Investment Summit 2019. The IBN, Chaired by Prime Minister Khadga Prasad Oli, is a high-level fast track agency with the objective of facilitating the economic development of Nepal by creating an investment-friendly environment by mobilising and managing domestic as well as foreign investment, Adhikari said. "Nepal is a developing country. In Nepal, there is immense potential in sectors such as hydro power, roads and highway, hotel industry and investors must take advantage of this situation. We invite foreign investors including our neighbour India to invest in such ...
Nysaa Retail looks to raise USD 50 mn to fund expansion
Carpediem Advisors-backed Nysaa Retail, which operates 1-India Family Mart retail chain, is looking at raising USD 50 million (approx Rs 347 crore) to fund its expansion plans, and has roped in Avener Capital for the same. The company said its plans to raise funds in an equity round to fuel its organic and inorganic growth. "With the new round of funding through our association with Avener Capital, we intend to add 100 new stores by financial year 2020-21 with a focus on the north-east market, as well as fuel our organic and inorganic expansion," 1-India Family Mart COO and Co-Founder Ravinder Singh told PTI. "We are also looking at clocking a turnover of Rs 1,100 crore in the next two years and will adopt omni-channel retail distribution," Singh added. He said the company is expected to clock the turnover of over Rs 400 crore in the financial year 2018-19. The company, led by J P Shukla and Ravinder Singh, began operations in 2013, raised Rs 42.5 crore from private equity firm ...
DGH seeks data on ONGC's top 47 fields after rejection of bid to privatise fields
After a plan to privatise ONGC's biggest oil and gas fields was nipped in the bud, upstream regulator DGH has asked the state-owned firm to submit detailed data on its top 47 fields to monitor production and projects to raise output, an official order said. A high-level committee headed by NITI Aayog Vice Chairman Rajiv Kumar had in late 2018 considered "transferring" giants such as Mumbai High, Vasai East and seven other fields of ONGC to private/foreign companies but had to shelve the plan in face of strong opposition from both within the government and the company. The final report that the committee submitted on January 29 had watered down the proposal by recommending freedom to national oil companies (NOCs) to choose field-specific implementation model including farm out, joint venture or technical service model for raising output from 59 fields -- 47 of ONGC and 12 of Oil India Ltd (OIL) that contribute 95 per cent of the country's current output. The report, which suggested ...