Page 643 - Business Finance
Trai begins consultation to review terms, conditions for OSP registration
Telecom regulator Trai Friday began a industry-wide discussion to review terms and conditions for registration of other service providers (OSPs), offering services such as tele-banking, tele-medicine, tele-education, ecommerce, call centre, and other IT enabled services. In its latest consultation paper -- that was initiated following a specific reference from the telecom department -- Trai raises nearly three dozen questions to examine the existing procedure of OSP registration. Trai has sought stakeholders' view on multiple aspects ranging from validity of registration to registration charges, and from connectivity and interconnectivity aspects, to security conditions. "Trai has today issued paper on 'review of terms and conditions for registration of other service providers' for the consultation of stakeholders," the regulator said in a statement. An OSP, it explained, is a company providing application services such as tele-banking, tele-medicine, tele-education, tele-trading, ...
Natural gas prices to rise by 10 pc
Natural gas prices will rise by 10 per cent to their highest level in three years from April 1, a move that will result in rise in CNG and piped cooking gas rates as well as cost of urea production. The price of domestically produced natural gas will rise to USD 3.69 million British thermal unit (mmBtu) for the April-September period as opposed to USD 3.36 in the previous six months, sources said. The price of gas produced from difficult fields will rise to USD 9.32 per mmBtu for six months beginning April 1 from current USD 7.67. A formal notification is likely to be issued shortly. An industry source said since general elections have been announced, the government is weighing if an approval of the Election Commission is needed even though the price revision is a six monthly event and would have gone ahead irrespective of polls or no polls. This will be the fourth straight increase in gas prices. Prices will be at their highest level since the October 2015-March 2016 period when the .
Jubilant Life Sciences settles IFC loan with USD 135 mn payout
Drug firm Jubilant Life Sciences Friday said its subsidiary has redeemed the outstanding loan of Washington-based International Finance Corporation (IFC) with a one-time settlement of USD 135 million (over Rs 900 crore). Jubilant Pharma Limited (JPL), a wholly-owned subsidiary of the company, has redeemed zero coupon convertible loan with IFC based on mutual agreement, Jubilant Life Sciences said in a regulatory filing. "Accordingly, the obligation to provide an exit to IFC by equity conversion of the convertible loan has been cancelled," it added. With the above payment of the convertible loan, all loans outstanding to IFC have been fully paid, the company said. The payment has been made from the recent rated unsecured bonds of USD 200 million raised by JPL, it added. Jubilant Life Sciences shares Friday ended 1.47 per cent up at Rs 664.20 on the BSE.
Nifty April futures at premium
Turnover in F&O segment drops
Nepal's PM calls for foreign investment; seeks major economy boost in next 5 years
Nepal's Prime Minister K P Oli on Friday urged foreign investors, including from India and China, to invest in the Himalayan nation, saying it required around USD 88 billion business in the next five years to graduate from the category of Least Developed Countries to the Lower Middle Income country. Inaugurating the two-day Nepal Investment Summit, 2019 here, Oli said that Nepal was committed to improve investment climate through enactment of new investment laws and pursuing a consistent foreign investment policies. "Nepal aims to graduate from the Least Developed Countries' list in the short term and this requires around 88 billion US dollar investments in the next five years period," Oli said during the inauguration ceremony. Terming Nepal a "virgin land" for investment, Oli said that his country already has a duty free arrangements with India for most of its products while China has granted a significant number of Nepal's tariff lines duty free access to its market. The summit is ..
Sensex, Nifty settle with modest gains
Domestic stocks ended with modest gains on steady buying demand in index pivotals. Local stocks edged higher in early trade. Stocks trimmed gains in morning trade after an initial upmove. Key indices hovered in positive zone in mid-morning trade. Key indices hovered in positive zone in afternoon trade. Stocks extended gains in mid-afternoon trade as European stocks rose in early trade. Indices hovered with modest gains in late trade.
Quick Wrap: Nifty Metal Index rises 2.37%
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MSTC shares fall over 5 pc in debut trade
Shares of state-owned MSTC Ltd made a weak market debut Friday and closed over 5 per cent lower as against the issue price of Rs 120 per share. The stock opened the day at Rs 111, a 7.5 per cent fall from the issue price on the BSE. Intra-day, it touched a high of Rs 116.55 and a low of Rs 110.05. It finally closed at Rs 114.20, 4.83 per cent lower. On the National Stock Exchange (NSE), shares closed with a 5.16 per cent fall at Rs 113.80. The company's market valuation stood at Rs 803.97 crore on the BSE. MSTC's Rs 226-crore initial share sale, which was extended, was subscribed 1.46 times. In an update on the NSE, the book running lead managers (BRLM) to the MSTC issue had told the exchange that the issue closure date had been extended up to March 20. Also, price band was revised from Rs 121-128 to Rs 120-128 per share. The offer was earlier scheduled to close on March 15. Equirus Capital Private Ltd managed the offer. MSTC, a Kolkata-based firm, was incorporated in 1964 as a ...
MSTC ends with 4.83% discount
At Rs 114.20 on BSE
Need to tap trade potential with Europe, Oceania countries: ComMin
The commerce ministry Friday underlined the need for realising huge untapped trade potential with European and Oceania countries that have emerged as the major sources of investment. India has made efforts in the recent past to take economic ties to the next level and there is a need to take these efforts to a logical conclusion, it said in a statement. Quoting Commerce Secretary Anup Wadhawan, it said that like most trade negotiations between developing and developed countries, trade talks with the European Union and Oceania have been protracted. "India is a developing country and EU and Oceania countries are predominantly developed and because of this, our ambitions, aspirations and sensitivities are at divergence in some specific areas," he said. India and the EU are negotiating a comprehensive free-trade agreement but no major movement as happened since May 2013. He also emphasised on the need to appreciate each other's constraints and try to find a way forward which is doable for
Reliance Jio buying Haptik for Rs 200 cr: Report
Reliance Jio is reportedly acquiring Mumbai-based Haptik -- one of the world's largest conversational Artificial Intelligence (AI) platforms -- for over Rs 200 crore, the media reported.
Easy financing for your bleisure travel by Bajaj Finserv
The concept of bleisure (business + leisure) trips started floating around a few years back when the lines of work and personal life balance gradually started blurring. It is one of the trends initiated by the millennial age group that became famous as they started gaining more responsibilities and decision-making authorities on their professional front.Also, once started as a concept, which received mixed reactions, today bleisure trips are looked upon as making most of a given situation. The corporate dynamics are also slowly changing allowing a certain amount of flexibility to their human resources. With the increased working hours and work stress scenarios, bleisure trips are looked upon as an outlet that eases stress, imparts flexibility and indirectly motivates professionals, as they are allowed to maintain their work-life balance by mixing business and leisure in their travel.Extending a business trip by two more days or coinciding it with a weekend is a known bleisure trend. ..
Kalpataru bags orders worth Rs 588 cr in international markets
Kalpataru Power Transmission Ltd (KPTL) Friday said it has secured new orders worth Rs 588 crore in international markets. The transmission and distribution business has secured projects of Rs 588 crore in international markets, KPTL said in a statement. "Our total order inflows for 2018-19 is approximately Rs 8,500 crore and we are favourably placed/L1 in orders of Rs 1,800 crore. Given the order book and visibility, we are confident to deliver healthy growth in revenue and profitability for 2019-20," KPTL MD and CEO Manish Mohnot said in the statement. KPTL is a specialised engineering procurement and construction company engaged in power transmission and distribution, oil and gas pipeline, railways, infrastructure development, civil contracting and warehousing and logistics business with a strong international presence in power transmission and distribution. The company is currently executing several contracts in India, Africa, Middle East, CIS, SAARC and Far East.
Market logs modest gains
Domestic stocks settled with modest gains on steady buying demand in index pivotals. The barometer index, the S&P BSE Sensex, rose 127.19 points or 0.33% at 38,672.91. The Nifty 50 index rose 53.90 points or 0.47% at 11,623.90.
PNB divests partial stake in PNB Housing Finance for Rs 1,851 crore
Government-owned Punjab National Bank (PNB) said on Friday it is offloading some of its stake in its subsidiary PNB Housing Finance to General Atlantic Group and Varde Partners for Rs 1,851.6 crore.Both Varde Partners and General Atlantic Group will buy over one crore shares each at Rs 850 per share in PNB Housing Finance."Post these transactions, PNB will continue to hold strategic stake of 19.78 per cent of the paid up capital of PNB Housing Finance and will continue as its promoter and strategic shareholder," it said in a statement.With over three decades of experience, PNB Housing Finance provides loans to individuals and corporate bodies for purchase, construction, repair and upgradation of houses.It also provides loans for commercial space, loan against property and loan for purchase of residential plots..
India, US renew triangular development cooperation in Asia and Africa
India and the US Friday renewed a pact that provides a framework for promoting bilateral cooperation to meet the developmental aspirations of partner countries, particularly in Asia and Africa. The First Amendment to the Statement of Guiding Principles (SGP) on Triangular Cooperation for Global Development was signed by Devyani Khobragade, Joint Secretary, Ministry of External Affairs of India, and Mark Anthony White, Mission Director for the United States Agency for International Development (USAID) in India. The SGP agreement, signed in November 2014, underscores the contribution of the India-US partnership to global stability and prosperity. It provides a framework for promoting cooperation between the two countries to meet the developmental aspirations of partner countries, particularly in Asia and Africa. The first amendment to the SGP agreement extends the validity of the SGP agreement up to 2021, a Ministry of External Affairs (MEA) statement said. It expands the scope of ...
Veritas Finance raises Rs 80 crore through listed NCDs
: Non-banking finance company Veritas Finance Friday said it has completed the private placement of Rs 80 crore through issue of listed NCDs. The funds were raised through Non-Convertible Debentures to Microfinance Initiative for Asia Debt Fund and BlueOrchard Microfinance Fund, managed by BlueOrchard Finance. The city-based company, in a statement, here said it raised equity funding of Rs 200 crore in October 2018 from marquee investors with Norwest Venture Partners leading the investment along with United Kingdom's Development Finance Institution CDC Group Plc and anchor investor P Surendra Pai. Commenting on the issue of listed NCDs, Veritas Finance, MD and CEO, D Arulmany said, "we are pleased to partner with reputed institutions and leaders in the impact investment space like Blue Orchard along with existing and new lenders who continue their support to further our financial inclusion initiatives..." Veritas Finance Pvt Ltd is focused on lending to micro, small, ...
Suzlon Energy Ltd leads losers in 'A' group
SBI Life Insurance Company Ltd, Reliance Communications Ltd, Godrej Properties Ltd and Bajaj Holdings & Investment Ltd are among the other losers in the BSE's 'A' group today, 29 March 2019.
Gold, silver prices drop on low demand
Gold prices tumbled by Rs 395 to Rs 32,700 per 10 grams at the bullion market Friday following slackened domestic demand, according to the All India Sarafa Association. Silver too declined by Rs 590 to Rs 38,260 per kg amid decrease in demand from coin makers and industrial units. Drop in gold prices was mainly due to low domestic demand amid subdued global trends, bullion traders said. In the international market, gold was trading at USD 1,287.70 an ounce and silver at USD 15.01 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 395 each to Rs 32,700 and Rs 32,530 per 10 grams, respectively. Gold prices had gained Rs 35 to Rs 33,095 Thursday. Sovereign gold, however, remained unchanged at Rs 26,400 per piece of eight grams Friday. Silver ready fell by Rs 590 to Rs 38,260 per kg and weekly-based delivery declined Rs 713 to Rs 37,289 per kg. Silver coins, however, were unchanged at Rs 80,000 for buying and Rs 81,000 for selling of ..