Page 686 - Business Finance
Mizoram Assembly passes vote-on-account for first 4 months of
The Mizoram assembly on Wednesday passed a vote-on-account amounting to Rs 3,588.85 crore for the first four months of the fiscal 2019-20. It was presented in the legislature by Chief Minister Zoramthanga on Tuesday. The House also passed the supplementary demand for grants for the current fiscal amounting to Rs 2,926.55 crore, and regularisation of excess expenditure for the years 2012-13 to 2015-16, totaling Rs 813.76 crore. Presenting the vote-on-account, Zoramthanga said, "I am deeply conscious of the inconvenience to present a regular budget, due to the enforcement of model code of conduct for the upcoming general elections." Though the regular budget was not presented by Zoramthanga, who also holds the finance portfolio, the projected gross annual budget of Mizoram for 2019-20 was Rs 10,766.58 crore. He said the state government expected a revenue surplus of Rs 1,434.29 crore in spite of the drastic increase of salaries and pension payments, due to implementation ..
High fares dent February air passenger growth
India's domestic air passenger traffic growth slowed further in February owing to high air fares even as airlines continued to cancel flights due to various reasons.
ThyssenKrupp applies for EU extension on Tata Steel merger talks
German steel giant ThyssenKrupp on Wednesday said that it has applied for an eight-day extension to complete ongoing negotiations with the European Commission over its planned merger with Tata Steel. The Commission had opened an "in-depth" investigation into the proposed merger in October last year and noted its concerns that the deal between the two steel majors may reduce competition in the supply of various high-end steels. "We have agreed to apply for an extension by 8 working days as part of the constructive dialogue with the Commission," a ThyssenKrupp spokesperson told PTI. As part of the transaction announced in June last year, Tata Steel and ThyssenKrupp plan to combine their European carbon steel and electrical steel businesses in a joint venture. The European Commission, the executive arm of the 28-member economic bloc, said its initial market investigation raised several issues, relating in particular to combining both companies' offer of certain specialty flat carbon ...
GMM Pfaudler, Pfaudler Inc settle case with Sebi; pay Rs 7 lakh
GMM Pfaudler and Pfaudler Inc have settled with Sebi a probe for alleged failure to maintain the minimum public shareholding norms by paying over Rs 7 lakh as settlement charges. Due to open offer in 2013, the total promoter shareholding, including Pfaudler Inc's, changed to 76.66 per cent in GMM Pfaudler, which indicated that public holding was not at least 25 per cent as mandated under the minimum public shareholding norms (MPS), the regulator said in an order. To bring down the shareholding to 75 per cent, offer for sale for 1.66 per cent (2,42,472 shares) was made by GMM which was completed in December 2014. It was alleged that GMM Pfaudler failed to maintain the MPS of 25 per cent and there was delay in bringing down the mandated shareholding of non-public to 75 per cent within the stipulated time by Pfaudler Inc. Hence, it was in violation of listing norms and the SAST (Substantial Acquisition of shares and Takeovers) regulations, the regulator said. Following this, the ...
Sebi slaps Rs 5 lakh fine on stock broker for non-settlement of client accounts
Markets regulator Sebi Wednesday imposed a fine of Rs 5 lakh on stock broker Anugrah Stock & Broking Pvt Ltd for failing to settle the accounts of its clients. The regulator had conducted inspection from April 11 to 13, 2017, to verify the compliance of regulatory provisions with respect to quarterly or monthly settlement of funds of its clients and the period covered under inspection was from year 2014-2015 till September 2016. The Securities and Exchange Board of India (Sebi) found that Anugrah failed to settle accounts of its clients and thereby violated the regulator's circular dated December 3, 2009. The non-settlement of funds and securities of inactive clients by the stock broker exposes the system to unauthorised trading. The circular intends to curb such possibilities, Sebi noted. The contraventions in this case would attract monetary penalty, Sebi said and imposed a fine of Rs 5 lakh on the stock broker. In a separate order, the regulator levied a total penalty of Rs 6 ..
Speculations rife over Indian suitor for Jet Air
High-level officials from the government, the public sector banks and the Prime Minister's Office (PMO) met Finance Minister Arun Jaitley here on Wednesday to discuss the future of financially-troubled Jet Airways in the backdrop of speculations that an Indian suitor is being searched to save the beleaguered carrier.
Jio adds most subscribers in January, says TRAI
Reliance Jio led the subscription race in January 2018 with an addition of 93.24 lakh subscribers across the country, the highest among all the telecom service providers.
Vodafone Idea gets SEBI nod for over 75% shareholding
Vodafone Idea promoters have received market regulator SEBI's approval to exceed 75 per cent shareholding post rights issue with the condition that it will have to brought under that level within a year.
Bharti Realty-led consortium to develop commercial project at Delhi airport
Delhi airport operator DIAL Wednesday said it has awarded the rights for a commercial development project to a consortium led by Bharti Realty that will make an annual payment of Rs 363.5 crore towards lease rentals till 2036. Besides, Bharti Realty will make one-time payments of around Rs 1,837 crore, the Delhi International Airport Ltd (DIAL) said in a release. DIAL, majority-owned by GMR group, operates the Indira Gandhi International Airport in the national capital. Bharti Realty has been awarded the "right to design, develop, finance, construct, operate, manage and maintain a commercial development project at Gateway and Downtown Districts of Aerocity," the release said. For the first phase, the Bharti Realty-led consortium would pay to DIAL an "annual lease rent of Rs 363.5 crore per annum till 2036 (to be escalated by 50 per cent for the extended term of 30 years till 2066) and other one-time payments to the tune of (around) Rs 1,837 crore," it noted. DIAL has initiated the ...
Sebi issues consultation paper on differential voting rights
Markets regulator Sebi on Wednesday came out with a consultation paper on differential voting rights. The paper has been issued pursuant to a report submitted by a Sebi-constituted group on Differential Voting Rights (DVR). "For companies with high leverage or asset light models may prefer equity over debt capital. Raising equity on a periodic basis leads to dilution of founder/ promoter stake, which can be effectively addressed through use of DVRs as a mode of capital raising," it said. According to the report, the DVR shares can be issued broadly under two categories -- one that would cover issuance by listed companies and the other by unlisted entities. Generally, DVR shares have rights disproportionate to their economic ownership. In India, DVR shares with inferior voting rights (Fractional Rights) are permitted by the Securities and Exchange Board of India. The report has suggested having DVR shares with Superior Voting Rights (SR) along with FR. For companies whose equities are .
PHDCCI suggests political parties to work on 7 areas to create 100 mn jobs in 5 years
Industry body PHDCCI Wednesday suggested political parties to work on seven areas including smart farming, bolstering industrialisation and revitalising exports growth, to create over 100 million jobs in the next five years. There is a need to focus on a seven-pronged strategy to create "more than 100 million jobs in the next five years", the chamber said. These include "smart farming, bolstering industrialisation with artificial intelligence and industry 4.0, ease of doing business for MSMEs, revitalising exports growth, exploring tourism potential, quality education with skill development and inclusive health for all," the PHD Chamber of Commerce and Industry (PHDCCI) said in a statement. The tourism sector has immense importance not only in earning foreign currency but also in creating millions of employment opportunities for the unskilled, semi-skilled and skilled workforce, it said. "The tourism sector has potential to create more than 40 million new jobs in the next five years,"
PFC to acquire 52.63 pc govt shares in REC for Rs 14,500 cr by March-end
State-owned Power Finance Corporation Wednesday said it will acquire the entire 52.63 per cent shares of the government in REC for Rs 14,500 crore by the month-end, a move that will help the centre to meet its disinvestment target. Earlier in December 2018, the Cabinet Committee on Economic Affairs had given in-principle approval for acquisition of the public-owned REC by PFC. As per the proposal PFC will acquire about 104 crore shares or 52.63 per cent of the government stake in the REC at Rs 139.50 per share, the PFC said in a regulatory filing. It further said the acquisition will be completed by March 31. This means the government will receive the proceeds of the sale within the current fiscal. Post transaction, PFC's shareholding in REC will be 52.63 per cent. The filing further said after the transaction, both the companies will continue to remain government owned companies. "PFC today sealed a deal to acquire 52.63 per cent stake of GoI in REC, as it's bid of Rs 14499.99 crore .
Statutory dues of companies are operational debt: NCLAT
The NCLAT Wednesday held that statutory liability, including income tax and value added tax dues, of debt-ridden companies are 'operational debt', which will now allow the concerned revenue departments to be treated as operational creditors. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya held that Central or State Tax Departments such as - Income Tax Department, Sales Tax Departments and Local Authority, entitled for dues are 'operational creditors' under the Insolvency & Bankruptcy Code. "We hold that all statutory dues including income tax, Value Added Tax etc come within the meaning of Operational Debt. "For the said very reason, we also hold that income tax department of the central government and the sales tax Departments of the state Governments and local authority, which are entitled for dues arising out of the existing law are Operational Creditor' within the meaning of Section 5(20) of the I&B Code'," said the appellate tribunal. The National ...
Why is Modi bailing out Jet Airways, asks Congress
The Congress on Wednesday questioned the Modi government's proposal to bail out Jet Airways which has registered over Rs 7,000 crore losses, and demanded to know if every private firm will be bailed out at the cost of the public exchequer.
260 Jet pilots, grounded planes lessors approach SpiceJet
Financially troubled Jet Airways seems to be headed towards more turbulence as around 260 of its pilots have applied to join SpiceJet, even as investors like public sector banks struggle to stitch a rescue plan for the airline.
D Raju elected Chairman of CII Telangana
: D Raju, CEO and Managing Director for Kirby Building Systems and Structures India Pvt Ltd was Wednesday elected Chairman of CII Telangana for the year 2019-20. Raju has a total experience of 37 years in areas of business leadership, turnaround management, strategic management, key account management, engineering and project management, a release from CII Telangana said. Krishna Bodanapu, Managing Director and CEO, Cyient Ltd was elected Vice-Chairman of CII Telangana for the year 2019-20, it added.
MSTC IPO subscribed 1.46 times on closing day of bidding
State-owned MSTC's initial share sale, which was extended till March 20, has been subscribed 1.46 times on Wednesday, the final day of bidding. According to data on the NSE website available till 1700 hrs on Wednesday, the IPO has received bids for 2,58,29,100 shares against the total issue size of 1,76,70,400 shares. The offer was earlier scheduled to close on Friday. In an update on the NSE on Friday, the book running lead managers (BRLM) to the MSTC issue had told the exchange that the issue closure date has been extended up to March 20. Also, price band was revised from Rs 121-128 to Rs 120-128 per share. Equirus Capital Private Ltd is managing the offer and the MSTC scrip will be listed on the BSE and the National Stock Exchange. MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. There are three main business verticals in the company -- e-commerce, trading and recycling.
Naveen Patnaik has assets over Rs 63.87 crore
Odisha Chief Minister Naveen Patnaik, who is seeking to return to power for the fifth consecutive time, owns assets worth over Rs 63.87 crore but has only Rs 25,000 cash in hand. His car - an Ambassador of 1980 model is valued at around Rs 8905, as per an affidavit submitted by Patnaik along with his nomination for the coming assembly election from Hinjili seat. The chief minister filed his papers at Chhatrapur earlier in the day. The assets worth over Rs 63.87 crore owned by Patnaik include movable properties of Rs 2326554.52 and immovable inherited properties valued at over Rs 636415261, according to the affidavit. The immovable properties include those owned by Patnaik jointly with his brother and sister. Patnaik has shown his total annual income as Rs 21,17,223 in his Income Tax return for 2017-18. In 2016-17 and 2015-16, his annual income stood at Rs 14,84,617 and Rs 12,96,944 respectively. The sources of his income are bank interest and salary, the affidavit ...
Embassy Office Parks' issue subscribed 2.6 times on final day of bidding
The country's first real estate investment trust (REIT), launched by Blackstone and Embassy Group, has been subscribed 2.57 times at the end of the three-day bidding process Wednesday, helping the firm raise Rs 4,750 crore. Embassy Office Park, the joint venture of Blackstone and realty firm Embassy Group, raised Rs 2,619 crore from anchor and strategic investors ahead of its initial issue, which opened on Monday and closed on Wednesday. According to sources, the units offered through REITs will be listed on exchanges in the first week of April. The success of India's first REIT will boost investment in commercial real estate and encourage more property developers to raise funds through this route. This will also enable institutional and retail investors to participate in the growth of commercial real estate in the country. According to the latest exchange data, the issue received bids for 18,34,76,000 units against the total issue size of 7,12,56,400 units. The issue is in the price .
India is key focus area, 3D printers next big thing
India is a very attractive market with high brand recognition for a computer hardware producer like HP, said HP Inc's President for Asia Pacific and Japan, Tian Chong Ng.