Page 667 - Business Finance
Oxfordcaps raises USD 8 mn in funding from Times Internet, existing investors
Student housing company Oxfordcaps Tuesday said it has raised USD 8 million (approx Rs 55.10 crore) in funding led by Times Internet with participation from existing investors Kalaari Capital and Silicon Valley-based 500 Startups. "The new capital will be used for fuelling its growth with expansion into 10 plus cities and standardisation of its student housing product with design thinking and technology at the core of the experience," the company said in a statement. The company was co-founded by INSEAD graduate Annu Talreja and IIM-Calcutta alumni Priyanka Gera. Oxfordcaps aims to grow its operations across various education hubs in India, incuding Delhi, Noida, Greater Noida, Dehradun, Indore, Jaipur, Pune, Bengaluru and Ahmedabad.
IDBI Bank Officers' Association to go on hunger strike on Mar 30
IDBI Bank Tuesday said its all-India Officers' Association will observe a one-day nationwide hunger strike on March 30, over various demands. "The Bank is in receipt of notice of one-day nationwide hunger strike on March 30, 2019 from All India IDBI Officers' Association (AIIDBIOA) addressed to MD & CEO, IDBI Bank in support of their various demands," IDBI Bank said in a stock exchange filing. The Officers' Association has been protesting over RBI categorising IDBI Bank as a private sector lender with effect from January 21, 2019, pursuant to LIC acquiring 51 per cent controlling stake in the bank. For December quarter of this fiscal, IDBI Bank reported widening of loss to Rs 4,185.48 crore as bad loans surged. The bank's gross non-performing assets (NPAs) shot up to 29.67 per cent of gross advances as at December 31, 2018, against 24.72 per cent in the year-ago period.
Pennar Industries to Scale up 'Build360' Retail Outlets for Branded Building Products
/ -- Total store count to increase from current 11 to 42 by FY2020 Pennar Industries Limited (PIL), a leading value-added engineering products and solutions company, today announced its plans to scale up number of retail outlets for its branded building products. The retail stores for building products are branded as 'Build 360'. The company opened its first outlet in 2017 in Vijaywada and currently operates 11 stores in southern cities of Vizag, Nellore, Tirupati, Anantapuram, Khammam, Rajahmundry, Hyderabad and Tadepalligudem; besides two stores in Vijayawada. PIL's branded building products initiative has found a good traction in the cities of its presence, and encouraged by the response, the company is planning to gradually ramp up the business by opening more stores. By the end of FY2019, the company will have six more stores, taking the total store count to 17. These stores are in Vanasthalipuram, Kurnool, Kakinada, Guntur, Warangal, Karimnagar. In fiscal 2020, PIL has plans to
JCB to invest Rs 650 cr for a new manufacturing facility in Gujarat
Earthmoving and construction equipment company JCB Tuesday said it will invest Rs 650 crore to set up a new manufacturing facility in Vadodara in Gujarat. The new factory, the company's sixth in the country, would manufacture parts for global production lines in order to cater to increased demand. It is expected to start production next year. The announcement follows the start of the work on a new 50 million pound (around Rs 450 crore) factory to build cabs for JCB machines in Uttoxeter, Staffordshire, UK which will be completed later this year. "With major investment in manufacturing capacity in the UK and India, we are very well placed to grow our business in the future," JCB Chairman Lord Bamford said in a statement. This year the company celebrates 40 years of JCB India and its success over those four decades is due to continual investment, he added. "It's fitting that we mark the 40th anniversary with an investment in a factory which will give us enormous manufacturing capacity,"
HCL Technologies launches ADvantage Experience Platform
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Indian handicrafts displayed at Abu Dhabi fair
Artisans from various Indian states displayed traditional handicrafts at an event here, aimed at expanding their business in the United Arab Emirates.
MOIL begins production at Parsoda manganese mine in Maharashtra
State-run MOIL Tuesday said it has commenced production at its Parsoda manganese mine near Nagpur in Maharashtra. The company was granted the mining lease for Parsoda mine in 2016 for a period of 50 years. "This is to inform that mine development activities and production (float ore) from new manganese ore mine of the company at Parsoda has been started," MOIL said in a BSE filing. However, it did not inform about the date from which the production began at the mine. Earlier, MOIL had said that production at Parsoda mine was expected to begin by the end of March/April 2019. The mine will be operated by opencast mining method, it had said. MOIL, under the Ministry of Steel, operates around 10 mines, including six in Maharashtra and four in Madhya Pradesh. Balaghat mine is its largest, which produces top quality manganese ore. Shares of the company were trading up 1.62 per cent at Rs 156.65 apiece on BSE.
Godrej Consumer Products Ltd drops for fifth straight session
Godrej Consumer Products Ltd is quoting at Rs 686.1, down 0.5% on the day as on 13:24 IST on the NSE. The stock tumbled 4.95% in last one year as compared to a 12.02% rally in NIFTY and a 13.68% spurt in the Nifty FMCG index.
Bosch Ltd slips for fifth straight session
Bosch Ltd is quoting at Rs 18099, down 0.46% on the day as on 13:24 IST on the NSE. The stock jumped 2.32% in last one year as compared to a 12.02% rally in NIFTY and a 23.82% fall in the Nifty Auto index.
Welspun Corp Ltd sees huge spike
Welspun Corp Ltd is quoting at Rs 127.1, up 6.45% on the day as on 12:54 IST on the NSE. The stock is down 6.2% in last one year as compared to a 11.67% slide in NIFTY and a 17.13% slide in the Nifty Metal index.
Uber to buy Mideast rival Careem for $3.1 bn
Global ride-hailing service Uber will acquire its Middle East rival Careem for $3.1 billion, the two companies announced on Tuesday. "Careem and Uber are joining forces. We have reached an agreement in which Uber will acquire Careem for $3.1 billion," a joint statement said. Under the deal, Careem will become a wholly owned subsidiary of Uber but will continue operating independently. Careem will retain its branding, services and separate app. Uber will pay $1.4 billion in cash and the remaining $1.7 billion in convertible notes, the statement said. "Uber will acquire all of Careem'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," the statement said. "This is an important moment for Uber as we continue to expand the strength of our platform around the world," Uber chief executive Dara Khosrowshahi said. Careem chief ...
Shares continue trading higher; breadth positive
The market was trading with small gains in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 71.86 points or 0.19% at 37,880.77. The Nifty 50 index was up 26.35 points or 0.23% at 11,380.60.
Grasim challenges Rs 5,872 crore demand from income tax authorities
Grasim Industries has challenged the Rs 5,872.13 crore demand from Income Tax Department with respect to its merger with two Aditya Birla group firms."The Bombay High Court, while granting time to the department for filing the reply, has granted a stay against the recovery of demand," the company said in regulatory filings to stock exchanges.Grasim contended before the court that order was "wholly unsustainable in law."In September 2017, the National Company Law Tribunal bench at Ahmedabad had approved the merger of Aditya Birla Nuvo with Grasim Industries to be followed by the listing of Aditya Birla Financial Services.On March 14 this year, the company received a communication issued by the Deputy Commissioner of Income Tax, raising a demand of Rs 5,872.13 crore on account of dividend distribution tax (including interest).The department held that as the demerger of the demerged undertaking is not in compliance with Section 2(19 AA) of the Act, the value of shares allotted by Aditya .
Samsung expects weak Q1 earnings over chip prices
Samsung Electronics Co said on Tuesday that it is expecting weaker-than-predicted business results for the first quarter due to a sharp decline in memory chip and panel prices.
NTPC Ltd gains for third straight session
NTPC Ltd is quoting at Rs 137.95, up 1.92% on the day as on 12:54 IST on the NSE. The stock is down 3.22% in last one year as compared to a 11.67% jump in NIFTY and a 22.56% jump in the Nifty Energy index.
India, China, US see 70% rise in energy demand: IEA
China, the US and India together accounted for nearly 70 per cent of the rise in energy demand, even as such demand worldwide grew by 2.3 per cent last year, at its fastest pace this decade, the International Energy Agency (IEA) said on Tuesday.
WayCool Foods acquires 'significant' stake in ready-to-cook brand Freshey's
Chennai-based food supply chain firm WayCool Foods & Products Tuesday said it has acquired a 'significant' equity stake in Benani Foods Pvt Ltd which sells ready-to-cook products under Freshey's brand. "The company has acquired stake of angel investors including that of TVS Electronics. TVS Electronics had invested in Freshey's at an early stage and has built a strong product development and operational capabilities since inception," WayCool said in a statement. The company, however, did not disclose the quantum of the equity stake acquired by it and the deal value. Benani Foods manufactures and markets ready-to-cook products including idli and dosa batter, paneer, idiyappam and papad. The company retails its products under the brand Freshey's and caters to 1,250 retail outlets and around 50 enterprise clients. "Freshey's will continue to operate under the same brand name after the acquisition. WayCool's strong and robust supply chain mechanism and distribution network will enable
'Khayal Rakhenge, Khush Rakhenge'- How Deepika and Ranveer's First Ever Endorsement is a Genius Idea That's Breaking the Internet
/ -- India's leading consumer durables brand, Lloyd, has signed Bollywood's biggest power couple and youth icons Deepika Padukone and Ranveer Singh as its brand ambassadors. This is the first time that India's most loved couple will share screen space for an ad and incidentally, this is also the first brand that they are jointly endorsing post their marriage. This is the biggest coup achieved in the ad world in the recent past and leading Entertainment marketing agency, Go Fish Entertainment, has managed this feat with elan. (Photo: https://mma.prnewswire.com/media/840443/Brand_Ambassadors_for_Lloyd.jpg) Lloyd has been at the forefront of the consumer durables industry over the years with products that are relevant to the evolving lifestyle needs of the Indian consumer and are backed by innovative technologies that are tailor made for them. Lloyd understands the need of today's young and discerning consumers and its products are synonymous with powerful performance and impeccable ...
Market hovers in positive zone
Key indices hovered with small gains in early afternoon trade. At 12:17 IST, the barometer index, the S&P BSE Sensex, was up 29.37 points or 0.08% at 37,838.28. The Nifty 50 index was up 9.80 points or 0.09% at 11,364.05. IT stocks saw mixed trend.
Landmark Property Development Company Ltd leads gainers in 'B' group
Transwarranty Finance Ltd, Zenith Exports Ltd, Suryalakshmi Cotton Mills Ltd and Khaitan (India) Ltd are among the other gainers in the BSE's 'B' group today, 26 March 2019.