Page 655 - Business Finance
Mehul Choksi says not related to firm involved in PNB fraud, claims innocence
Mehul Choksi, one of the two businessmen allegedly involved in perpetrating India's biggest ever banking fraud, Wednesday said he was not a partner in any of the firms under scrutiny for the scam, claiming he had quit them in 2000. In a statement issued by his lawyers, the raids against him were on the basis of "an old and dated 'Know Your Customer' (KYC) document" submitted by him to the Punjab National Bank in 1995. "Mr Choksi had sought to correct the details of this KYC on several occasions. He was not a partner in any of the firms under scrutiny for the purported scam being investigated at that time. In fact, Mr Choksi had quit all these firms way back in 2000," it said. He said he was presently not able to repay loans because of the asset freeze orders. "In such a scenario, Mr Choksi cannot be expected to service any outstanding loans. Mr. Choksi has banked with the PNB for over 25 years, and not once in the said period has he defaulted on a single loan. He doesn't intend to do .
NCL meets 100 MT of coal production target for FY19
Coal India subsidiary Northern Coalfields Ltd (NCL) on Wednesday said it has achieved the assigned target of 100 million tonnes (MT) of coal production for the current fiscal and is about to meet its annual dispatch target.
Toyota to make Brezza for Maruti Suzuki
India's largest car maker Maruti Suzuki has decided to source its mini SUV Brezza from Toyota as part of its 2017 MoU which has been expanded to include joint production, sources said.
RBI allows non-residents to participate in rupee interest rate derivatives market
The Reserve Bank Wednesday allowed non-residents to participate in the rupee interest rate derivatives segment with a view to deepen the rupee interest rate swap (IRS) market. The non-residents can undertake rupee interest rate derivative transactions on recognised stock exchanges, electronic trading platforms and over the counter markets (OTCs). "These directions shall come into force with immediate effect," RBI said in a notification. A non-resident will be allowed to undertake transactions in the rupee interest rate derivatives markets to hedge an exposure to rupee interest rate risk and other specified purposes, the central bank said. It further said foreign portfolio investors (FPIs), collectively, can transact in interest rate futures (IRF) up to a limit of net long position of Rs 5,000 crore. RBI in its first bi-monthly policy for 2018-19 in April had announced to provide access to non-residents into the IRS with a view to increase participation in the domestic market. There is
Reliance Jio's subscriber base touches 1.16 crore in Punjab
Reliance Jio Wednesday said its subscriber base has touched 1.16 crore in Punjab within two-and-a-half years of commencement of its operations. The company said it has become the market leader in Punjab with a subscriber base of 1.16 crore as of January 31, 2019. "Jio added 3.25 lakh customers in January and attained the highest customer market share (CMS) in Punjab, as perthelatest telecom subscription data released by the Telecom Regulatory Authority of India (TRAI) for January 2019," acompany statement said here. The key factor contributing to Jio's rapid growth in Punjab is its robust and largest 4G network, it said. "Jio's 4G network connects all 22 districts of Punjab, covering 91 tehsils, 81 sub tehsils and more than 12,500 villages, including Chandigarh (UT) and Panchkula," it said. "Today, almost all leading institutes, colleges, universities, hotels, hospitals, malls and other commercial establishments have chosen Jio as their preferred digital partner. Jio has not only ...
Stressed assets: RBI defends its circular in SC (Part-I)
Reserve Bank of India has submitted to the Supreme Court that its circular of last February removes the old norms for resolutions of stressed assets while allowing flexibility to lenders to choose their loan recovery plan individually or jointly.
Sawasdee Group acquires Moser Baer's land in Noida
The Sawasdee Group has acquired Moser Baer India's 60,000 sq metre land through an online auction for Rs 72 crore, the Noida-based real estate group said Wednesday. The group, formally known as the Galaxy Group, has been developing residential and commercial projects in Greater Noida (West) and has now acquired this land parcel in Noida's Sector 80, the group said in a statement. "The deal is part of the e-auction, where Moser Baer India Ltd's liquidation was ordered by the National Compnay Law Tribunal (NCLT). We have purchased these assets for a value of Rs 72 crore with other expenses," Sawasdee Group Chairman Pradeep Kumar Agrawalla said. The Sawasdee Group was declared the successful bidder on Tuesday, and 25 per cent of the total amount was paid within 24 hours, as per the terms of the auction. The rest of the amount will be paid within 15 days, the group said in a statement. "The total size of the land is approx 60,000 sq metre and is an industrial plot. Due to the financial ...
Southwest cuts sales outlook as 737 MAX grounding hits US carriers
Southwest Airlines trimmed its revenue estimate Wednesday, citing flight cancellations due to the Boeing 737 MAX grounding among key factors dragging on earnings. Southwest, which focuses primarily on travel within the United States, cancelled 9,400 flights in the first quarter, with the Boeing grounding accounting for about a third of that number, the company said in a securities filing. The disclosure highlighted the hit from the Boeing debacle to US airlines following a Federal Aviation Administration order on March 13 after two deadly crashes involving the aircraft. Larger carriers American Airlines and United Continental have also signalled a likely hit to first-quarter earnings resulting from cancelled 737 MAX flights. About 40 per cent of Southwest's flights were cancelled due to weather, with the remaining 30 per cent resulting from maintenance disruptions connected to talks with a mechanics union. In total, these cancellations will result in USD 150 million in lost revenues ..
Sebi imposes Rs 32.5 lakh fine on four entities for fraudulent trade
Regulator Sebi slapped a total fine of Rs 32.5 lakh on four entities for fraudulent and manipulative trading in illiquid stock options segment on the BSE. Probing the period from April 2014 to September 2015, Sebi found that 81.38 per cent of the trades executed in the bourse's stock options segment were non-genuine and led to the creation of artificial volume. The investigation revealed that the four entities were among those that executed reversal of trades by reversing their buy or sell positions in a contract with the same counter party during the same day. The entities placed buy and sell orders in a synchronised manner and reversed the trades within a short time with wide variation in prices of the trades. The non-genuine and deceptive trades are covered under the definition of "fraud", Sebi said. By indulging in such trades, the entities have violated provisions of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) norms, Sebi noted in similarly worded separate ...
Canada trade deficit narrows as dependence on US wanes
Canada's trade deficit narrowed to 4.2 billion Canadian dollars (USD 3.1 billion) in January as commerce with countries other than the United States ramped up, the government statistical agency said Wednesday. The figure, following a record trade deficit of 4.8 billion Canadian dollars (revised upward) in the previous month, was higher than economists had expected. "Overall, the data out today continue to provide a mixed picture of the Canadian economy," said CIBC Capital Markets analyst Royce Mendes. According to Statistics Canada, exports rose 2.9 per cent to 47.6 billion Canadian dollars in January. Higher exports of refined gold to Britain and gold transfers to Hong Kong within the banking sector, as well as increased transportation equipment sales to Saudi Arabia, were partially offset by lower exports of soybeans to China, it said. After five consecutive monthly decreases, energy exports rose in January to 7.1 billion Canadian dollars. That was driven by a 36.5 per cent increase
Ford to shut three factories, stop making passenger cars in Russia
US carmaker Ford will close three of the four factories of its Russian joint venture after deciding to stop making passenger cars in a country where car sales have slumped in recent years, the company said Wednesday. Ford said in a statement that it has signed a preliminary agreement with its local partner Sollers on "a significant restructuring of its... joint venture in Russia, focusing exclusively on growing its commercial vehicle business moving forward." The joint venture "will discontinue its passenger vehicle portfolio in Russia to help deliver a more competitive and sustainably profitable business going forward," Ford said. Ford, based in the US state of Michigan, said that by the end of June this year it will close its vehicle assembly plants in the northwestern city of Saint Petersburg and the city of Naberezhnye Chelny in Tatarstan, central Russia. It will also close an engine plant in Yelabuga in Tatarstan that opened in 2015. Sollers will have a 51 per cent stake in the ..
PFC board fixes overall borrowing limit of Rs 81k cr for FY20
State-run Power Finance Corporation's board Wednesday decided to set the company's overall borrowing limit at Rs 81,000 crore for 2019-20. At its meeting Wednesday, the board of directors approved the market borrowing program of Rs 81,000 crore under different debt segments in one or more tranches / series for the next fiscal, the Power Finance Corporation (PFC) said in a statement. The board decided to raise Rs 45,000 crore through long term borrowings like term loans and public or private placement of long term taxable/tax free bonds. The company plans to raise Rs 11,000 crore through long term foreign currency borrowings, Rs 7,000 crore through short term borrowings and Rs 18,000 crore through commercial paper during 2019-20. Short term funds raised and repaid during the year will be excluded from the borrowing limit of Rs 81,000 crore. Funds raised and repaid through commercial papers will also be excluded from this limit, it added.
Ex-SBI chief Purwar front-runner to head Jet interim board
Former State Bank of India (SBI) Chairman Arun Kumar Purwar tops the list of probables to head the interim board of Jet Airways, among others, sources told IANS.
Benami property worth Rs 208 cr of former Chief Engineer of UPSIDC in Lutyens' Delhi attached
Authorities have attached a benami property worth Rs 208 crore belonging to a senior official of Uttar Pradesh State Industrial Development Corporation (UPSIDC), government sources said on Wednesday.The Delhi Benami Prohibition Unit made provisional attachment of the property at Prithviraj Road in central Delhi belonging to Arun Kumar Mishra, a former Chief Engineer of public sector undertaking UPSIDC.Sources said the property was purchased in 2007 by Kolkata-based Ajanta Merchants for Rs 21.5 crore. The money trail showed that funds for purchasing it were gathered by 36 shell entities.Cash deposits were made in various proprietory concerns, which ultimately reached Ajanta Merchants in the form of share capital and premium. The company was neither doing any significant business nor reporting a decent income justifying a premium on its shares.Mishra later got control of Ajanta by appointing his brother and close associates as directors. One of them accepted in a sworn statement that he
Bajaj Finserv prescribes top 3 financial tips to doctors
Doctors' job is to ensure that their patients are in the pink of health. But it is equally important that they focus on their practice of being 100 per cent financially healthy. To ensure this, it is an imperative they focus on their fiscal health consistently and competently.In this way, they can ensure that they make the most of their working years and have a successful practice, as well as a rewarding personal life and retirement. To this effect, take a look at three important pointers that you should pay heed to.Understand the importance of savings and investmentsSaving is a vital part of leveraging your finances. So put a set sum aside each month. In fact, build different caches that will help you finance varied situations with ease such as financing your child's education, buying a home, taking an international trip, expanding your clinic, getting your house renovation done, and buying a new car.Once you list your goals and desires, saving becomes easier and more focused. ...
President Kovind invites Croatian businesses to invest in India
President Ram Nath Kovind on Wednesday invited Croatian businesses to invest in India and take advantage of the huge opportunities offered by the country that is witnessing fast paced changes. Addressing the Croatian-Indian Economic Forum here, Kovind said though India is known as the land of culture and spiritualism in the European nation, Croatian people "need to experience the economic energy, dynamism and vigour of the new India in the making". "India is changing and changing fast...As Governments, we can be the facilitators for business but business communities are the true spearheads of greater economic engagement," he said, inviting Indian and Croatian businesses to partner with each other for trade, technology and investment collaboration. The President said the India-Croatia Business Council can assist in identifying new areas of cooperation. According to the Indian Embassy in Zagreb, during the period between January 2018 to August 2018, total bilateral trade between the two
Sandhar Amkin eyes 5% market share in helmet segment by FY'20
Auto component maker Sandhar Amkin Industries is targeting 5 per cent market share in the organised helmet market by the end of the next fiscal (2019-20), a top company official said Wednesday. The company, which unveiled three mid-range helmets under Mavox brand on Wednesday, also aims to introduce entry level models by the end of 2019 to attain its sales target. "We are looking at 5 per cent market share of the organised market in the next fiscal. With new products in 2020-21, we expect the market share to grow to 10-15 per cent," Sandhar Amkin Industries Managing Director Ayyushman Mehta told reporters here. The organised helmet market in India is estimated to be around Rs 1,200 crore per annum. Mehta said the company is also in talks with various two wheeler original equipment manufacturers (OEMs) for supply of helmets. The company, which is a joint venture between Sandhar Technologies and Amkin Group, has set up a plant in Manesar with a manufacturing capacity of over two million
NCL achieves 100MT coal production, meets aim for FY19
Coal India Ltd subsidiary Northern Coalfields Ltd (NCL) has achieved the 100-million-tonne production milestone, which also happens to be the target for the current fiscal 2018-19, a company official said on Wednesday. NCL is also expected to meet its dispatch targets for the fiscal. "Northern Coalfields achieved its assigned target of 100 million tonne of production on Tuesday, five days ahead of fiscal completion," a company spokesperson said. Most of its coal projects have either met annual targets or produced more coal than the projection, officials said. Coal India Chairman A K Jha is presently on a two-day visit to NCL.
Naresh Goyal could still aspire to bid for Jet
The erstwhile promoter of Jet Airways Naresh Goyal may still have the option to return to the airline he founded 26 years back since the lead banker of the lenders' consortium SBI has left the door open for any investor, including Goyal.
Bangladesh import orders plunge 22% to $35 billion
Bangladesh's overall imports plunged over 22 per cent to $35.44 billion in the seven months (July-January) of the this fiscal, said an official on Wednesday.