Page 662 - Business Finance
HC allows Vedanta to take part in NALCO's tender for alumina
The Orissa High Court Tuesday allowed Vedanta Limited to participate in the tender floated by the National Aluminum Company Ltd (NALCO) for the sale of its 30,000 MT metallurgical grade calcined alumina. Allowing Vedanta's prayer for only to take part in the tender, a division bench headed by Chief Justice K S Jhaveri observed that since the petitioner did not press for other prayers in the writ petition, it has not been taken for adjudication. Central public sector enterprise NALCO is a leading producer of low-cost metallurgical grade alumina in the world. The alumina produced is used to meet NALCO's requirements for production of primary aluminium at smelter and the surplus alumina is sold to third parties in the export market. But NALCO had repeatedly disallowed Vedanta to participate in its tender for the sale of alumina on the ground that Vedanta Limited was established under the SEZ (Special Economic Zone) statute and if Vedanta was interested in the tender, it could do so only .
DLF to raise Rs 3,200 crore via QIP; issue subscribed two times
Realty major DLF's QIP issue has been oversubscribed by two times, enabling the company to raise around Rs 3,200 crore. 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. According to market sources, the DLF's QIP offer has been over-subscribed by two times at a price of around Rs 183-184 apiece. Major institutional investors who have participated in QIP offer are Oppenheimer, UBS, HSBC, Marshall & Wace, Myriad, Key Square, Goldman Sachs, Indus, Eastbridge, Tata Mutual Fund and HDFC Mutual Fund, they added. The QIP issue will close on Friday with allotment of shares to institutional investors. With an aim to become a debt-free company, DLF had last year announced plans to issue shares through QIP to raise funds and pre-pay loans. DLF launched its QIP on Monday at a floor price of Rs 193.01 per equity share but said it might offer a discount of up to 5 per ..
Uber acquires rival Careem for USD 3.1 billion to expand in Middle East
Uber has confirmed that it is acquiring its Middle East rival Careem in a deal worth USD 3.1 billion.Careem was founded in 2012 as a ride-hailing service. Over the years, it expanded its services to include food and package delivery, bus services, and credit transfers, TechCrunch reported.Uber said that the deal is expected to close in Q1 2020, subject to applicable regulatory approvals.Uber will acquire all of Careen's mobility, delivery and payments businesses across the greater Middle East region, ranging from Morocco to Pakistan, with major markets including Egypt, Jordan, Pakistan, Saudi Arabia, and the United Arab Emirates.After the acquisition is complete, Careem will become a wholly-owned subsidiary of Uber. It will report to its own board made up of three representatives from Uber and two from Careen.Both the companies will operate their respective regional services and independent brands.
Bank branches dealing with govt business to remain open this Sunday: RBI
The Reserve Bank of India (RBI) Tuesday directed banks to keep open their branches dealing with government business on the last day of the financial year (March 31), which happens to be Sunday. "The Government of India has advised that all Pay and Account Offices will remain open on March 31, 2019 (Sunday) to facilitate government receipt and payment transactions. Accordingly, all Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2019 (Sunday)," RBI said in a circular. In a separate notification, the RBI said the Government of India has desired that all government transactions done by agency banks for financial year 2018-19 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose. "Accordingly, all agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8 pm ..
SC to hear petitions on electoral bonds on April 2
The Delhi High Court on Tuesday said it will hear on April 2 petitions challenging the electoral bond scheme.
80% of Jet fleet may take to skies by April-end
Nearly 80 per cent of Jet Airways' fleet is likely to be back in operation by the end of April, said Civil Aviation Secretary Secretary Pradeep Singh Kharola after the airline management on Tuesday assured the Ministry that it would re-induct 40 flights into its fleet by the end of next month.
Can seize Sterling Biotech's OTS amount, ED to banks
The Enforcement Directorate (ED) on Tuesday warned that it could attach the entire amount of the one-time settlement (OTS) to be paid by the absconding directors of the scam-hit Sterling Biotech Group to the Committee of Banks.
Samsung partners Indus Bazaar to offer apps in Indian languages
Samsung India Tuesday said it has partnered with Indus Bazaar, which will enable it to offer Apps on Galaxy store in 12 Indian languages. "There is a marked increase in the penetration of smartphones and mobile application downloads across Tier 2 and Tier 3 markets. We studied this trend in key markets and partnered with Indus App Bazaar to address the growing demand for vernacular applications," Sanjay Razdan, Senior Director, Services Management, Samsung India said in a statement. The partnership will enable Samsung customers to access their apps on Galaxy Apps Store in 12 Indian languages - Malayalam, Telugu, Tamil, Odia, Assamese, Punjabi, Kannada, Gujarati, Hindi, Urdu, Bengali and Marathi. It is also available in English. "We understand that there is a growing demand among mobile users to communicate in their local language. We also realized that the mandatory sign in on the Apps store is an extra step and have completely removed this requirement for free downloadable apps," the
EC to seek details of Niti Aayog vice-chairman's remarks against Cong over minimum income promise
The Election Commission is learnt to have decided to seek details of remarks made by Niti Aayog vice-chairman Rajiv Kumar in which he had attacked Congress over minimum income guarantee promise. Sources in the poll panel said, since Kumar is part of "bureaucratic executive", such remarks may be violative of the model code. "It is not a case of one politician attacking the other or one party attacking the other," said a functionary. Kumar had accused the Congress of promising the moon to win elections. He had also tweeted, saying "The proposed income guarantee scheme fails the economics test, fiscal discipline test and execution test". In another tweet, Kumar had claimed that, "true to its past record of promising the moon to win elections, Congress President announces a scheme that will bust fiscal discipline, create strong incentives against work and which will never be implemented." Kumar is reported to made similar remarks in an interview also. At a press conference here on Monday,
Demo to lift ban on mining iron ore held in Bengaluru
: Demanding the lifting of ban on iron ore-mining in certain parts of Karnataka, a large number ofminers staged a demonstration here Tuesday. The protesters were from Ballari, Hospet, Chitradurga districts and surrounding areas staged the sit-in demonstration under the banner of Karnataka Gani Avalambithara Vedike. The demonstrators consisted of also workmen, truckers and allied small-scale industries who, the organisers said, were the most affected as the ban has resulted in large- scale job losses and poverty. They demanded that the government intervene to save their livelihood. "Uncertainty looms large over the lakhs of mining dependents due to the discriminatory policies which are prevalent only in Karnataka mining sector and nowhere else," spokesperson of 'Karnataka Gani Avalambithara Vedike' Rajakumara S said while addressing the gathering. He added that their livelihood became highly uncertain due to restrictions on production, e-auction and other activities, ...
Nutanix opens 2nd customer support centre in India
US-headquartered enterprise cloud computing company Nutanix on Tuesday announced opening of a new customer support centre in Pune, the company's second such centre in the country, after Bengaluru.
Lakshmi Mittal helps younger brother Pramod settle STC dues
Steel magnate Lakshmi N Mittal has helped his cash-strapped younger brother Pramod clear dues he owed to State Trading Corporation, helping avoid legal troubles. This is the second instance in as many weeks of wealthy siblings bailing out their brothers from a crisis. Last week, richest Indian Mukesh Ambani helped younger brother Anil avoid a jail term by paying of dues he owed to Swedish telecom equipment supplier Ericsson. Pramod Kumar Mittal, 57, owner of Global Steel Holdings, thanked his elder brother's generosity in helping him clear a significant portion of Rs 2,210 crore dues. "I am very grateful to my brother Lakshmi Mittal for helping settle the liabilities to State Trading Corporation of India. This generosity ensured compliance with the order from the Supreme Court," he told PTI. Mittal brothers had split the business in 1994 with elder brother going on to head the world's largest steel manufacturing company ArcelorMittal. Pramod Mittal's firms Global Steel Holdings Ltd ...
Allahabad Bank to raise Rs 4,000 cr equity capital via various modes
State-owned Allahabad Bank Tuesday said it would raise up to Rs 4,000 crore equity capital by various means including public issue. The decision was taken at the bank's board meeting held Tuesday. "The board of directors of the bank in its meeting held on date, inter alia, approved for raising equity capital of the bank by an amount aggregating up to Rs 4,000 crore including premium by way of issue, offer and allotment of new equity shares of the bank either by way of public issue, rights issue, qualified institutions placements (QIPs) or in combination thereof in one or more tranches," Allahabad Bank said in a regulatory filing. Shares of Allahabad Bank closed 2.66 per cent down at Rs 51.20 on the BSE.
FinMin awaits EC nod to announce H1 borrowing plans
The Finance Ministry is yet to receive the Election Commission's approval for announcing the 2019-20 first half (H1) borrowing plans.
Under Armour opens first store in India, to open 9 more over 12 months
US-based sportswear brand Under Armour, which Tuesday opened its first store in India, has plans to open 10 stores in the country in the next 12 months, said a top company official. The company, which specialises in performance athletic apparel, footwear and accessories and are worn by some of the world's best athletes, has placed India in an important place in its long-term international growth strategy. "Under Armour has launched its first store in the country in New Delhi and will be opening 10 stores in India in the first year," said Under Armour President and Chief Operating Officer Patrik Frisk. The company already has a presence in the Indian market through the online sales channels. "As a nation with a long and rich history in sport and an accelerating focus on health and wellness, we look forward to building a strong foundation for our brand in India," said Under Armour founder and Chief Executive Officer Kevin Plank. Most decorated Olympian and swimmer in world championships
RBI fines PNB for deficiencies in regulatory compliance
The Reserve Bank of India (RBI) has imposed a penalty of Rs 2 crore on public sector Punjab National Bank (PNB) for non-compliance of regulatory directions with regard to SWIFT operations.SWIFT is a global messaging software used for transactions by financial entities. The Rs 14,000-crore fraud by billionaire jeweller Nirav Modi and his uncle Mehul Choksi at PNB was a case of misuse of this messaging software.The penalty has been imposed under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act 1949, taking into account failure of the banks to adhere to directions issued by the RBI.The banking regulator has slapped similar penalties on various entities like State Bank of India, Corporation Bank, Bank of Baroda and Union Bank of India.
BixMove launches affordable home shifting services in India
BixMove, India's most desired and trusted relocation company has been recognized as the best delivery service in the logistics industry. They are highly professional and maintain honesty in service. It has a Pan-India service and very soon launching in foreign countries as well.The company believes in stretching out to the maximum places in order to give a systematic and well-organised service which the customer is expects from a logistics company. They also provide a pre-survey and instant quotation to the customers. The good thing about the company is they maintain transparency, trust and tranquillity as the three key factors they bring in the service. There is no hidden cost but everything is very apparent. This enables the customers to trust them towards their service and also about the company, the company said in a statement.The company is providing the services for residential and corporate relocation, commercial goods, vehicle relocation, goods insurance and many more. They ...
Indian Incense Industry witnesses 8-10 percent growth in FY 2018-19
Incense sticks have been an integral part of Indian lifestyle. Adoption of agarbathis beyond praying rituals has given a boost to the category not only in India but in international markets as well. In the last financial year, agarbathi industry has witnessed a growth of 8-10% in the domestic market with Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, West Bengal and UP driving the maximum consumer demand."Indian incense industry has fared as per our expectations in the last one year. Tax considerations and announcements during the last budget have encouraged many new players to enter into the segment. The manufacturing hub which was initially centred towards key states like Karnataka and Gujarat has now spread across length and breadth of the country," said speaking about the growth, Sarath Babu, President, AIAMA.The growth of the industry in India is driven by evolving consumer demands. Consumers today are more inclined towards fragrances with a fresh appeal like ...
Jet may have 80 pc fleet flying by April-end: Civil Aviation Secretary Kharola
Financially-troubled Jet Airways on Tuesday assured the government that it will not ground any more aircraft and strive to increase the seat-capacity in coming weeks."They (Jet Airways) have assured us that no more jets will be grounded. Today, 35 planes are flying," said Pradeep Singh Kharola, Secretary in the Ministry of Civil Aviation."They will approach the Directorate General of Civil Aviation (DGCA) for the next one month to get the schedule approved for the 35 planes," he told reporters after the meeting with Jet officials, State Bank of India Chairman Rajnish Kumar and DGCA chief B S Bhullar.Kharola said that Jet has given a plan and is hopeful of flying 40 more planes by the end of next month. "If this happens, it comes to about 80 per cent of the capacity.""It is an aggressive target," he said. "We have told them to sit with the lessors, plan the details and convince them to withdraw grounding notices. Once withdrawn, Jet will need to approach the DGCA, which will then ...
RBI buys USD 5 bn through forex swap auction
The Reserve Bank of India (RBI) Tuesday bought USD 5 billion through long-term forex swap auction in a bid to ease liquidity ahead of elections. RBI successfully concluded the forex swap auction, buying the targeted USD 5 billion as part of the long term dollar/rupee swap with a three-year tenor, it said in a statement. In turn, Rs 34,561 crore was infused into the Indian banking system. The RBI said it received USD 16.31 billion in bids for the auction for which the cut-off was set at 776 paise. The central bank accepted USD 5.02 billion of dollars tendered. This formed part of RBI's announcement earlier this month that it would buy dollars from banks for three years and offer them rupees in return. The swap will bulk up India's foreign exchange reserves while injecting liquidity into the financial system to ease a cash crunch typically seen before the beginning of a financial year. It is meant to give RBI greater flexibility in managing banking system cash while helping soak up any .