Page 678 - Business Finance
Magnet Networks bullish on smart housing projects in India
Irish telecom solutions provider Magnet Networks is bullish on the growth of smart buildings and housing projects in India and plans to expand its team to meet increasing demand. Smart buildings have multiple sensors installed to manage power, water, security and other requirements efficiently. Magnet Networks is engaged in designing and laying out the network inside such buildings and projects. "We are working on 44 smart buildings and housing projects. Of these, we are working in detail on 5 projects. These projects are north of USD 200-250 million. If we are successful across some of the projects, at the end of 2 or 3 years we will have north of 100 staff," Magnet Networks Group Chief Executive Officer Mark Kellett told PTI. He said smart buildings will require telecom networks that can meet the various requirements for the next 15-20 years at least. "Smart technology will be required to manage air quality, water pressure, measure footfalls and all of these require solid IT ...
Olx India to focus on biz expansion for now; monetisation after clocking 10-fold growth
Online pre-owned good seller Olx, which is backed by over USD 20-billion Naspers group, will start focussing on monetising its India business after clocking a 10-fold growth, a top company official has said. Also, the online classifieds platform aims to double its monthly active users to 10 crore from the current 5 crore. Olx India country head Sushil Kumar said, "The focus from investor and our board is of growing India business by at least 10 times and then think about monetisation. If we can deliver value to our investor then money will come as a byproduct. Putting cap on monetisation will limit our long-term ambition." The company reached break-even in the financial year 2018 with profit after tax of around Rs 15 crore. Olx is still in the investment mode and not focussing on profits, Kumar told PTI. "At Olx, our focus is not obtaining positive cash flow or profits because that limits our ambition to grow. That has been philosophy at Olx that look at opportunity and accordingly do
REITs bring hopes to cash-strapped Indian real estate
The launch of India's first Real Estate Investment Trust (REIT) and its initial public offering last week has come as a positive move for the cash-starved Indian real estate sector.
Working class employees left in the lurch at IL&FS resolution (IANS EXCLUSIVE)
The NCLAT has received intervening petitions from nearly 100 creditors, seeking redress in the proposed IL&FS Resolution Plan that was submitted by the government. The petitions are from both secured and unsecured creditors, including a wide array of corporates and their PF Funds, employee funds, MNCs, postal funds, banks, PSUs and some power companies.
Distribution, product innovation key drivers for growth: Thomas Cook India
Travel services firm Thomas Cook India is betting big on enhanced distribution with special focus on tier-II and III cities and product innovation to drive growth, a top company official said. The company currently offers services like foreign exchange, corporate travel, leisure travel, insurance, visa and passport services and e-business. The firm's strategy includes a two-pronged initiative of enhanced distribution for increased penetration into viable source markets coupled with product innovation to target high potential emerging segments like regional tours, ladies first, theme park holidays and millennials, Thomas Cook India Chairman and MD Madhavan Menon told PTI. The enhanced distribution is with special focus on tier-II and tier-III cities, he said. "Technology will continue to drive our initiatives and empower our customers both external and internal...," Menon added. Highlighting the importance of small towns and cities, he said: "Regional India's tier-II and III cities and
Looking to create affordable innovation for groundwater market in India: Grundfos
Asserting that India offers a huge opportunity, Denmark-based pump manufacturer Grundfos on Sunday said it is making efforts to come up with an affordable innovation for the groundwater market in the country. It also said products like solar-powered pumps and water treatment solutions have big potential in India. "India is a country hopefully on a rise in terms of prosperity and also in industrialisation... We are actually trying right now to create an innovation which is more affordable for Indian groundwater market," the company's CEO and Group President Mads Nipper told reporters here. The company, which is also into water technology, has many groundwater solutions but for many states in India its products are not affordable when compared to other locally available alternatives, he said. "But our solution just happens to be more sustainable. So why not we have an innovation? How if it could be true localisation? Make some of our more efficient solutions more affordable to spread ...
HyperX India eyes 2-fold rise in sales volume this year
IT accessories firm HyperX is expecting to increase its sales volume in India by two times on account of thriving gaming industry in the country, a top company official has said. "This year we expect to grow our sales, if not 100 per cent, at least closer to that in terms of volume," HyperX India director for marketing Vishal Parekh told PTI. The gaming ecosystem in India is now maturing with the number of tournaments increasing and gaming cafes coming up, he added. "First phase of investment was awareness. We gave experience of products. Now we are talking about business. These things have happened in other parts of the world and now it is happening in India," Parekh noted. India's digital gaming industry ecosystem is expected to touch around USD 1 billion, of which e-sports, serious full-time gaming ecosystem will be to the tune of around USD 700 million, according to Parekh. "Now there are venture capitalists investing in teams. They are buying high-end accessories. They go into ...
Derivative expiry, macro-data to drive equity indices (Market Outlook)
Derivative expiry coupled with key macro-economic data points and direction of foreign fund flow will affect the Indian equity market's trajectory during the upcoming week.
Board of NTPC allots 164.90 crore bonus equity shares
At meeting held on 23 March 2019
Karnataka Bank reports fraud to RBI
Powered by Capital Market - Live News
Newly launched Domino's Pizza in Bangladesh breaks global record in first week
Domino's Pizza has entered Bangladesh through a joint venture between the master franchisee Jubilant FoodWorks (JFL), one of India's largest food service company, and the local operator Golden Harvest QSR Limited, a part of Golden Harvest Group. The brand is operating under the JV named Jubilant Golden Harvest.
International Paper APPM intimates of outage at its Rajahmundry facility
From 25 March to 30 March 2019
Paytm founder misses studying at Harvard
Vijay Shekhar Sharma who created India's largest digital payment service Paytm has a little grudge that he never had a chance to study at Harvard University.
Rs 800 cr foreign assets detected; prosecution started in 3
The Karnataka-Goa Income Tax region has detected and unearthed about Rs 800 crore worth foreign assets and started prosecution in three cases, a top department official said here Saturday. "Till date the directorate has detected and unearthed foreign assets worth close to approximately Rs 800 crore. Prosecution has been launched in three cases under the Black Money Act. Prosecution notices have already been issued in 10 other cases," principal chief Income Tax Commissioner (Karnataka-Goa), B R Balakrishnan told a news conference here. He said the searches exposed a complex web of overseas entities floated by the assessees for laundering money abroad and investments made in foreign assets, having ramifications under the Black Money Act. While probing many assessees in the mining business, evidence of laundering the money abroad to clear undisclosed overseas assets were found, he said. "A few assessees have surrendered their Indian citizenships and obtained citizenship of .
T R Baalu declares assets worth Rs 20.87 crore
Senior DMK leader and party principal secretary T R Baalu, contesting from Sriperumbudur Lok Sabha constituency in the April 18 elections, has declared total assets worth Rs 20.87 crore, marginally higher than he had five years ago. The assets included shares, gold ornaments, residential and commercial properties owned by him and his two wives, according to the affidavit filed along with his nomination. 77-year old Baalu, who was the Shipping and Road Transport and Highways Minister in the UPA-I regime, owns assets worth Rs 11.87 crore and his wives together Rs nine crore, it said. He is seeking a second term from Sriperumbudur constituency, which he had won in 2009. He was defeated in the 2014 elections from the seat. Total value of shares held by him in various companies was Rs 96.64 lakh. Baalu owns 7,91,800 shares in Kings India Chemicals Corporation with current market value of Rs 15.83 lakh, 29,444 number of shares in Meenam Fisheries Ltd with current market value
Tata Motors to hike car prices by up to Rs 25,000
Automobile major Tata Motors will increase prices of its passenger vehicles range by up to Rs 25,000 starting April 2019.
Higher taxes for foreign investors from April 1
Changes in the SEBI listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1.
Edelweiss AMC on the look out for acquisitions
Edelweiss Asset Management Ltd is open to acquire good retail assets and would certainly look at IDBI Mutual Fund if it comes up for sale, said a top official.
Karnataka Bank reports Rs 13 cr fraud to RBI
Karnataka Bank Saturday said it has reported to regulator RBI about a fraud amounting to Rs 13.26 crore in the fund-based working capital facility extended to SRS Finance Ltd. The fraud was on account of "diversion of funds", the lender said in a BSE filing. The bank extended the working capital facility under multiple banking arrangement and necessary accounting treatment has already been given as per the extant RBI guidelines, it added.
Jet Airways suspends 13 more international flights, remains confident of turnaround
Cash-strapped Jet Airways on Saturday suspended services on 13 more international routes till April end after grounding seven more planes due to non-payment of outstanding dues to lessors.However, the airline remained confident of successfully resolving the current situation in coming days.The routes where services have been temporarily withdrawn include Bengaluru-Singapore, Delhi-Abu Dhabi, Delhi-Dammam, Delhi-Dhaka, Delhi-Hong, Kong, Delhi-Riyadh, Kolkata-Dhaka, Mumbai-Abu Dhabi, Mumbai-Bahrain, Mumbai-Dammam, Mumbai-Hong Kong, Pune-Abu Dhabi and Pune-Singapore.Jet has also reduced services on Delhi-Bangkok route from three to one daily, Delhi-Kathmandu (four to two daily), Delhi-Singapore (three to one daily), Mumbai-Bangkok (three to one daily), Mumbai-Doha (two to one daily), Mumbai-Kuwait City (two to one daily) and Mumbai-Singapore (three to one daily)."The airline and its key stakeholders are working towards the finalisation and subsequent implementation of the bank-led ...