Page 648 - Business Finance
US funds pull out of Chinese companies over Uighur detention in Xinjiang
As the US administration ups its scrutiny regarding the use of its capital market to fund the mass detention of Uighurs in China's Xinjiang, large US investment funds have sold their equity stakes in Chinese surveillance company Hikvision.The Chinese company, along with Dahua, has allegedly won contracts to the tune of USD 1.2 billion in surveillance project contracts in Xinjiang since 2016, according to the Financial Times.Quoting Copley Fund Research, Financial Times reports that Fidelity Emerging Markets Fund, Goldman Sachs EM Equity Fund, Fullerton Global Emerging Markets Equities Fund, RWC Global Emerging Equity Fund and three other US funds have all closed their positions in recent months.However, despite the US government's heightened scrutiny, two public pension funds for teachers - the California State Teachers' Retirement System (Calstrs) and the New York State Teachers' Retirement System (NYSTRS) - still have shares in Hikvision.Meanwhile, senior Republican Marco Rubio is ..
Five PSU lenders get capital infusion of Rs 21,428 cr from govt
Five state-owned banks, including PNB, Bank of Baroda and Union Bank, Thursday received shareholders' approval for capital infusion to the tune of Rs 21,428 crore in lieu of preferential allotment of shares to the government. This capital infusion is for the current fiscal ending March 31, 2019. Punjab National Bank (PNB) in a regulatory filing said that an extraordinary general meeting of shareholders was held on March 28 for obtaining shareholders' approval to issue and allot 80,20,63,535 equity shares at a premium of Rs 71.66 per share amounting up to Rs 5,908 crore on preferential basis to the government. Bank of Baroda said the finance ministry informed about its decision to infuse capital of Rs 5,042 crore in the bank. "The capital infusion will be by way of preferential allotment of equity shares (special securities/bonds) of the bank during 2018-19, as government's investment," Bank of Baroda said. Union Bank said: "The Committee of Directors for Raising of Capital Funds ...
DLF's over Rs 3,000 cr QIP closed; issue price fixed at Rs 183.4 a share
Realty major DLF Thursday fixed an issue price of Rs 183.4 per share under its QIP programme that closed Thursday. On Monday, DLF, the country's largest real estate firm in market value, had launched its qualified institutional placement (QIP) offering up to 17.3 crore shares to investors. In a regulatory filing, DLF said the Securities Issuance Committee has declared the closure of the QIP on Thursday. The panel also approved the issue price of Rs 183.40 per equity share, which is at a discount of 4.98 per cent (i.e. Rs 9.61 per share) to the floor price of Rs 193.01 per share. At Rs 183.4 per share, the company would raise Rs 3,172 crore. According to sources, DLF's QIP issue was oversubscribed by two times, enabling the company to raise around Rs 3,200 crore. Major institutional investors who participated in QIP offer include Oppenheimer, UBS, HSBC, Marshall & Wace, Myriad, Key Square, Goldman Sachs, Indus, Eastbridge, Tata Mutual Fund and HDFC Mutual Fund, sources had ...
IOB receives shareholders nod for Rs 3,806 Cr capital infusion
Public sector Indian Overseas Bank Thursday said its shareholders have approved the special resolution to issue equity shares towards capital infusion of Rs 3,806 crore from the Government of India. According to the bank's Managing Director and CEO, R Subramaniakumar the capital infusion would help the bank shore up its capital adequacy requirements and enable the bank build a robust loan book. "The shareholders of Indian Overseas Bank at the Extra Ordinary General Meeting held on March 28, have approved the special resolution to issue 269,54,67,422 equity shares at issue price of Rs 14.12 per equity share (including premium of Rs 4.12 per equity share) on preferential basis to Government of India for the capital infusion of Rs 3,806 crore received from the Government in February 2019," a bank statement said. Following the approval, the bank has issued and allotted the shares to the government, it said. Subramaniakumar said following the initiatives taken by the Bank for
Sanjiv Bajaj elected CII Western Region chairman
Bajaj Finserv MD and CEO Sanjiv Bajaj has been elected as the chairman of the Confederation of Indian Industry (CII) Western Region for the financial year 2019-20 beginning April, the industry chamber said Thursday. Siemens Ltd MD and CEO Sunil Mathur has been elected as the deputy chairman of the western region for the same year. The names were announced at the first meeting of the reconstituted Western Regional Council. "Building on the priorities of the earlier themes, CII Western Region in 2019-20 will work on the theme of Competitiveness of India Inc/India@75: Forging Ahead. As part of this, the major focus areas would be skilling and employment, rural-urban connect, energy security, environmental sustainability and governance," the release said. * * * * * * Danone India appoints Himanshu Bakshi as managing director Dairy and nutrition major Danone India Thursday said it has elevated Himanshu Bakshi to the post of managing director effective from April 1. In his new role, Bakshi .
Trump presses OPEC to boost output to cool oil prices
US President Donald Trump on Thursday called on OPEC to boost oil output following a fairly steady rise in crude prices in 2019. "Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!" Trump said on Twitter at around 1230 GMT. Oil prices took a brief, sharp turn downward after the statement before recovering somewhat. Near 1300 GMT, US oil benchmark West Texas Intermediate for May delivery was down 88 cents at $58.53 a barrel on the New York Mercantile Exchange. Since becoming president, Trump has periodically put pressure the Organization of the Petroleum Exporting Countries to open the taps to add more supply to the market and lower prices. OPEC in December reached a deal to with Russia and some other producers to limit output to shore up prices. Since January, US oil futures have risen 28.6 per cent while oil futures in London have gained 23.9 per cent.
Titan's m-cap tops Rs 1 lakh cr mark
Titan Company's market valuation crossed Rs 1 lakh crore mark Thursday, helped by a surge in the stock price which touched an all-time high level during the day. The stock gained 1.85 per cent to Rs 1,135 -- its all-time high -- during the day on the BSE. It later closed at Rs 1,129.75, up 1.39 per cent. At the NSE, shares rose 1.58 per cent to close at Rs 1,134.25. Led by the rise in share price, the company's market valuation moved up by Rs 1,371.64 crore to Rs 1,00,297.64 crore on the BSE at close of trade. Titan is ranked 30th in the list of top companies based on their market valuation on the BSE. Reliance Industries Ltd is the country's most valued firm with a market capitalisation of Rs 8,62,410.99 crore, followed by TCS with a valuation of Rs 7,50,645.80 crore. The market capitalisation of companies change daily with the stock price movement.
Sri Lanka launches first ever electric 'tuk tuk'
Sri Lanka has launched the first ever electric three-wheeler, a popular mode of public transport, keeping in line with the government's vision of creating a greener, healthier environment, media reports said here Thursday.
SC rejects plea to stay merger of three PSU banks
The Supreme Court on Thursday dismissed petitions seeking stay on the merger of three public sector banks -- Dena Bank, Vijaya Bank and Bank of Baroda. The merger is set to take effect on April 1.
DHFL shares zoom 9.5% amid stake sale reports
Shares of Dewan Housing Finance Corporation Ltd (DHFL) zoomed 9.5 per cent Thursday amid reports that Piramal Group and Baring Private Equity (PE) are in talks to acquire a majority stake in the company. The stock jumped 9.53 per cent to close at Rs 149.40 on the BSE. Intra-day, it sharply rose 13.63 per cent to Rs 155. On the NSE, shares advanced 9.48 per cent to close at Rs 149.50. In terms of volume, 52.64 lakh shares were traded on the BSE, while over six crore shares were traded on the NSE during the day. Meanwhile, the BSE had sought clarification from DHFL, earlier in the day, with reference to reports that Piramal, Baring PE are in talks to acquire majority stake in the company. "In this connection, please note that during the investors' call held on February 4, 2019, the chairman and managing director of the company had mentioned that there is an intent to bring in strategic investor(s) in the company," DHFL said in a clarification to the BSE. The board of directors had ...
Teranet sets up centre for software development in Kerala
: Teranet Inc, a leading IT solutions provider for the Canadian financial services and real estate markets, has set up its first centre for software development at the Technopark here. Teranet Inc. is a 100 per cent subsidiary owned by OMERS Infrastructure, one of Canada's largest defined benefit pension plans, with $97 billion in net assets. The 10,000-square-foot new office at Technopark was inaugurated by Consul General of Canada Nicole Girard Thursday in the presence of Teranet president & CEO Elgin Farewell and CIO Fariba Rawhani, among others. In January, the Teranet/OMERS management met with Chief Minister Pinarayi Vijayan and Finance Minister Thomas Isaac and expressed willingness to set shop in Technopark. The MoU was signed between Teranet and Technopark on January 22, and the space were allocated soon after. Under the MoU, Teranet completed the fitouts in an expedited manner and ready-to-begin operations with a workforce of 45 and plans to expand it to 150
Eurozone 'not resilient enough' to weather another economic crisis: IMF chief
The eurozone is in better financial shape than a decade ago, but not solid enough to withstand another economic crisis, the head of the International Monetary Fund said on Thursday. IMF Managing Director Christine Lagarde told a Paris conference that the currency union "is not resilient enough" to emerge unscathed from "unexpected economic storms". Lagarde acknowledged that the currency union was now "more resilient than a decade ago when the global financial crisis struck. "But it is not resilient enough," she said. "Its banking system is safer, but not safe enough. Its economic well-being is greater overall, but the benefits of growth are not shared enough," Lagarde told the gathering, which was organised by the French central bank. The warning comes as signs are multiplying of slower economic growth, especially in powerhouse Germany and the bloc's second-biggest economy, France. On Friday, indications of a weak first quarter for the eurozone mounted as a closely-watched survey ...
Set up a fulfillment centre in Jaipur for timely delivery: Amazon official
Online retailer Amazon is investing in technology, logistics and infrastructure to provide better services to its customers, and has also set up a fulfillment centre in Jaipur for timely delivery, a company official said here Thursday. Over 20,000 sellers from Rajasthan are selling their products globally through the company, Amazon India Director Operation Karuna Pande told reporters at a press conference. The compnay has set up a 1.30 lakh cubic feet fulfillment centre in Jaipur to ensure timely delivery and drive customer value, Pande said. She said the company has more than 50 fulfillment centres across 13 states with a storage capacity of 20 million cubic feet. The storage capacity has increased by about 1.5 times in the last one year, she said.
Board of Ballarpur Industries approves hive off Kamalapuram unit into separate entity
At meeting held on 28 March 2019
ICICI Bank launches digital home loan products up to Rs 1 cr for instant disbursal
Private sector ICICI Bank Thursday said it has launched two instant home loan products for up to Rs 1 crore. The instantaneous home loan facilitiy enables customers to get final sanction letter for new home loans as well as for a top up loan in a fully-digital way, the bank said in a release. 'Instant Home Loan' enables pre-approved salaried customers of the bank to avail loans up to Rs 1 crore for a tenure of up to 30 years (based on the age of the customer) using internet banking facility, ICICI Bank said. 'Insta Top Up Loan' helps existing home loan customers of the bank to avail the facility of topping up loan instantaneously upto Rs 20 lakh for a tenure of up to 10 years in a paperless manner. The facility helps the customers get the top up amount disbursed immediately in their account as compared to the industry practice of approving and disbursing a top up home loan in a few working days, the bank said. "As a result of our continued endeavour, we have the largest mortgage ...
Ladakh delegation meets J-K governor, demands industry status to tourism sector
A delegation led by the Chief Executive Councillor of the Ladakh Autonomous Hill Development Council (LAHDC), Jamyang Tsering Namgyal, Thursday called upon Jammu and Kashmir Governor Satya Pal Malik here and demanded industry status to the tourism sector in the region, officials said. The delegation, comprising members of the All Ladakh Hotel and Guest House Association and the All Ladakh Tour Operators Association met Malik at the Raj Bhavan and apprised him about the impact of the Goods and Services Tax (GST) on the tourism and hospitality sector in Ladakh, an official spokesperson said. He said the delegation requested the governor to amend the "original SRO 63" (government order) to give the status of industry to the tourism sector so that it could avail the benefit of reimbursement of the state component of GST and to forward the case of the sector to the Centre for exemption or reimbursement of the central component of GST and to refund all uncollected GST, interests and ...
SC refuses to stay merger of Vijaya, Dena banks with BOB
Clearing decks for the scheduled merger of three public sector lenders -- Vijaya Bank, Dena Bank and Bank of Baroda -- the Supreme Court on Thursday refused to stay the amalgamation. The top court dismissed the applications filed by several bank officers' associations for staying the merger, effective April 1. The proposed amalgamation will make Bank of Baroda, which will merge the other two lenders with itself, the second largest public sector bank after State Bank of India in place of Punjab National Bank. A bench of Justices R F Nariman and Vineet Sharan said, "All interlocutory applications seeking stay are dismissed". At the outset, senior advocate Shyam Divan, appearing for bank officers associations, said that there were several flaws in the decision taken for merger of three banks as there was no effective consultation or concurrence with the Reserve Bank of India on the issue. He said that even the board of directors of the banks were not adequately constituted to take a ...
PFC completes REC acquisition, hopeful of merger in 2019-20
State-owned Power Finance Corporation (PFC) on Thursday completed acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government and is hopeful of merger of the two firms in 2019-20. The transaction assumed significance because it helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year. "We are hopeful about merger of the two firms (PFC and REC) during 2019-20. We have to get direction from the government in this regard and then we would appoint consultant for the purpose," PFC Chairman and Managing Director Rajeev Sharma told reporters in a press conference on the deal. This stake acquisition was in pursuance to the in-principle approval from the Cabinet Committee on Economic Affairs for strategic sale of 52.63 per cent of paid-up equity shareholding of REC held by the government to PFC, along with the transfer of management control. Sharma further said, "In line with the agreement, REC acquisition transaction .
Need to reinvent Niti Aayog, says former RBI Guv Y V Reddy
The Niti Aayog suffers from a "wide mandate" and "diffused focus" and there is a need to reinvent the organisation in the context of fiscal federalism, former RBI Governor Y V Reddy said. There is a need to upgrade the Niti Aayog and empower it to perform functions of Centre and state coordination, he said. "Now, there is an institutional vacuum in regard to non-finance commission transfers in terms of expenditure... Each ministry has its own centrally sponsored schemes. So, there are no coordinated discussions between the Centre and the state on the developmental thrust," Y V Reddy told PTI in an interview. In a book titled 'Indian Fiscal Federalism' authored by the former governor and co-authored by G R Reddy, the authors noted that the Niti Aayog should ideally be the focal point for all transfers from the Centre and states outside the recommendations of the Finance Commission. "As a continuing body, it could also ensure implementation of the Finance Commission's recommendations. ..
Banks report better non-performing loan ratio: Fitch
The Indian banking sector's non-performing loan (NPL) ratio for the nine months to December 2018 fell to 10.8 per cent from 11.5 per cent at fiscal year end 2018, according to Fitch Ratings' estimate.