Page 687 - Business Finance
Focus on Industry 4.0, emerging markets: HP
HP could be targeting the $12 trillion business in manufacturing as it pushes, fine tunes and works furiously on its 3D printing technology -- what it terms Industry 4.0, said Dion Weisler, President and CEO of HP.
Alok Industries stocks surge for 9th straight day
The share price of Alok Industries continued its rally for the ninth consecutive day on Wednesday on positive investor sentiments after the company's acquisition proposal by Reliance Industries and JM Financial Asset Reconstruction Company was cleared by the NCLT.
Telecom subscriber base crosses 120 cr; Jio, BSNL, Airtel add customers
The country's telecom subscriber base for the third time crossed 120-crore mark with Reliance Jio, BSNL and Airtel adding new customers in January, according to a report released by telecom regulator Trai. "The number of telephone subscribers in India increased from 1,197.87 million at the end of December 2018 to 1,203.77 million at the end of January 2019, thereby showing a monthly growth rate of 0.49 per cent," the Telecom Regulatory Authority of India said in monthly subscriber report for January 2019. Earlier, the subscriber base crossed the 120-crore mark in July 2017 and May 2018. The mobile customer base grew to 118 crore in January from 117 crore in December. The wireline connection in the country slid to 2.17 crore in January from 2.18 crore in December. Reliance Jio dominated growth by adding over 93 lakh new mobile customers. State-run telecom firm BSNL followed Jio by adding 9.82 lakh mobile subscribers. Bharti Airtel returned to growth track, after losing mobile customer .
Jet good aviation property, resolution plan ready to bail it out: SBI
State Bank of India (SBI) Chairman Rajnish Kumar said on Wednesday that all lenders have been working on a resolution plan to bail out the debt-laden Jet Airways and sending it to bankruptcy is the last option.At the same time, talks with Abu Dhabi-based airline Etihad to secure a rescue deal are still on, he said adding there is also a possibility of bringing in another investor."We believe Jet Airways is a good aviation property and it is in every body's interest that it continues to fly," Kumar told reporters after a meeting with Finance Ministry officials.Placing the Naresh Goyal-led airline into bankruptcy will mean grounding the airline, he said."Not all hope is lost. The lenders have been working for the past five months. We will make every effort to keep Jet flying."The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.Kumar, however, said that any decision taken to ...
Yes Bank to hire CAs for checking fraud
Private lender Yes Bank has advertised for employing Chartered Accountants for the position of 'Quality Control Financial Crime' in Kolkata.
Global Steel Holdings settles State Trading Corporation's Rs 2,210-cr claim
UK-based Global Steel Holdings Ltd Tuesday said an amount of Rs 2,210 crore has been paid to State Trading Corporation (STC) of India Limited. Government-owned STC is a premier international trading company engaged primarily in exports, and imports operations. Pursuant to a court order, an amount of Rs 2,210 crore has been paid to STC and no amount is due, Global Steel Holdings Ltd said in a statement issued here. According to the statement, Global Steel Holdings Ltd (GSHL), Global Steel Philippines Inc (GSPI) and the State Trading Corporation of India Limited (STC) had a long-standing and successful business relationship since September 2003. Due to an unprecedented meltdown in the steel industry and depression in the world economy during 2008-2010, GSPI suffered huge losses, and consequently, a substantial amount became due and payable by GSPI to STC, it said. "Pursuant to conciliation proceedings between GSHL, GSPI and STC, a sum of Rs 1,605 crore, inclusive of principal and ...
Mindtree board defers decision on buyback of shares
IT services firm Mindtree's board on Wednesday deferred its decision on the proposed buyback of shares to a later unspecified date.
CSK launches licensed merchandise
IPL defending champion Chennai Super Kings on Wednesday launched licensed merchandise ahead of the 2019 season. CSK head coach Stephen Fleming and middle-order batsman Kedar Jadhav were present at the event here along with the CEO KS Viswanathan. Created in partnership with Baseline Ventures through various licensed firms, the exclusive merchandise will be available for purchase through the CSK website (www.chennaisuperkings.com), stores and websites of licensee firms. Watches and fitness bands have been created by Sonata, apparel by the Souled Store, gifts by Oye Happy and stainless steel bottles by Atlasware, fragrances by Xavier Laurent and accessories by Cover It Up and player figurines by Lilliput. Dunzo has been signed up as licensed delivery partner for quicker delivery. "We are thrilled about the launch of our licensed merchandise and we see the licensing as the next step in the evolution of brand CSK," Viswanathan said. Baseline Ventures co-founder Vipin Nair ...
Rupee recovers 13 paise against dollar
The rupee Wednesday recovered by 13 paise to close at 68.83 against the US dollar amid sustained buying by foreign investors in domestic equity markets and lower crude prices. However, the local currency remained cautious ahead of the US Federal Reserve policy decision Wednesday. Brokers said foreign fund inflows in the debt and equity markets helped the rupee recover. However, the dollar's strength overseas capped the gain, they added. At the Interbank Foreign Exchange (forex), the domestic currency opened lower at 69.11 a dollar and gained to touch the day's high of 68.72. It finally settled at 68.83 per dollar, up 13 paise over its previous close. The rupee on Tuesday had slipped by 43 paise to close at 68.96 against the dollar. On a net basis, Foreign Institutional Investors (FIIs) bought shares worth a net of Rs 1,771.61 crore on Wednesday, while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 1,323.17 crore, provisional data available with BSE ...
Sensex ends flat on high stock-specific volatility
Key equity indices closed on a flat note on Wednesday owing to high stock-specific volatility, after having surged for the last seven consecutive days.
Lenders propose to revive Jet Airways by management change: Source
Lenders, led by the SBI, are trying to revive debt-laden Jet Airways by change in management as they feel collapse of the airline will not be good for consumers and competition, a source said after the SBI chief met Finance Minister Arun Jaitley Wednesday. With Jet flying just about a third of its fleet, defaulting on interest payments and delaying salaries to pilot, State Bank of India Chairman Rajnish Kumar along with Aviation Secretary Pradip Singh Kharola and Principal Secretary to Prime Minister Nripendra Misra met Jaitley Wednesday afternoon. Kumar said the meeting was to apprise the government, which is an important stakeholder, about the happenings in what was once India's second-biggest airline, and not to discuss a bailout package. He, however, emphatically stated that it was in the interest of the lenders and consumers to keep Jet Airways flying, and dragging the debt-ridden firm under bankruptcy proceedings is the last option. Jet Airways has a debt of over Rs 8,200 crore .
Sebi asks exchanges dealing in agri-commodity derivatives to create fund for farmers, FPOs
Sebi Wednesday asked the exchanges dealing with agri-commodity derivatives to create a fund for farmers and FPOs in which the regulatory fee forgone by the regulator would be deposited. Besides, it has issued framework including action plan and guiding principles for the utilisation of fund. In September last year, the regulator had decided to levy a nominal fee of Rs 1 lakh per exchange instead of levying charges based on turnover slab rates and proposed to set up a fund with the fee foregone by it. Sebi Wednesday said, "it has been decided that the stock exchanges dealing with agricultural commodity derivatives shall create a separate fund earmarked for the benefit of farmers/FPOs (farmers producer organisations) in which the regulatory fee forgone by Sebi shall be deposited." For the fund, Sebi said the exchange needs to draw an action plan for full utilisation of foregone fee in any financial year to be utilised during the succeeding financial year. Such action plan shall be drawn
Rupee reverts back
At 68.87/8800 per dollar
Embassy Office Parks REIT IPO subscribed 2.57 times
Receives bids for 18.34 crore units
J&K ropes in Tatas to promote IT-enabled services
The Jammu and Kashmir government on Wednesday decided to rope in the Tatas to promote IT-enabled services in the state.
Cranberry charisma wins hearts at AAHAR 2019
America's US Cranberries, the world's popular super fruit, promoted by the Cranberry Marketing Committee in India, participated in the recently-held AAHAR, the International Food and Hospitality Fair. Over two hundred thousand visitors visited the stall at the fair and pledged their love to cranberries."An enriching experience! AAHAR 2019 brought us closer to the trade community and masses. We received an overwhelming response at the event and have initiated multiple trade partnerships as well," said Michelle Hogan, Executive Director of the Cranberry Marketing Committee.Cranberries are rapidly gaining popularity in India as a super fruit and are increasingly becoming a part of Indian households. Apart from their great taste, Cranberries are one of the top rich sources of a wide range of nutrients for the growing number of Indian consumers looking to consume healthy foods.An outstanding product for well-being, cranberry is one of the few fruits that are ultra-rich in their antioxidant
MSTC IPO subscribed 1.46 times
Receives bids for 2.58 crore shares
BMW plans massive cost cuts to keep profits above water
German high-end carmaker BMW warned Wednesday it expects pre-tax profits "well below" 2018 levels this year as it announced a massive cost-cutting scheme aimed at saving 12 billion euros (USD 13.6 billion) in total by 2022. A spokesman said that "well below" could indicate a tumble of more than 10 per cent. The Munich-based group's 2019 result will be burdened with massive investments needed for the transition to electric cars, exchange rate headwinds and rising raw materials prices, it said in a statement. Meanwhile it must pump more cash into measures to meet strict European carbon dioxide (CO2) emissions limits set to bite from next year. And a one-off windfall in 2018's results will create a negative comparison, even though pre-tax profits already fell 8.1 per cent last year. Bosses expect a "slight increase" in sales of BMW and Mini cars, with a slightly fatter operating margin that will nevertheless fall short of their 8.0-per cent target. "We will continue to implement ...
IT Dept attaches Rs 225 cr worth assets of Mayawati's ex-Secy Netram
The Income Tax Department has attached assets worth Rs 225 crore of retired IAS officer Netram, a former secretary of BSP supremo Mayawati, in connection with a disproportionate assets case.Searches were carried out on March 12 at 11 premises in Delhi, Lucknow, Kolkata and Bareilly of Netram. Income Tax officials seized cash amounting to Rs 2.03 crore and jewellery worth Rs 17.79 lakh. Also, incriminating documents were recovered.As many as 20 immovable properties valued at Rs 225 crore and three luxury cars valued at about Rs 1 crore found at the residence of the IAS officer have been provisionally attached under Section 132 (9B) of the Income Tax Act, the Income Tax Department said.17 lockers restrained during searches are yet to be searched, the department added.Last week, multiple locations connected to Netram were raided by Income Tax officials. "Raids on the locations related to Mayawati's former secretary, Netram, resulted in the disclosure of 30 shell companies, additional ...
Markets remain largely unchanged, SpiceJet gains over 16%
Equity benchmark indices were largely unchanged on Wednesday with lacklustre trading as investors booked profits and looked for further cues.The BSE S & P Sensex closed 23 points higher at 38,387 but the NSE Nifty 50 was down 11 points at 11,521.Shares of SpiceJet gained over 16 per cent on Bombay Stock Exchange and closed at Rs 91.65 each. Scrips of Indigo's parent company InterGlobe Aviation closed 7 per cent up at Rs 1,422.80.But Jet Airways plunged 4.82 per cent to wind up the day at Rs 218. The cash-strapped airline's pilots have threatened to go on strike over unpaid salaries from April 1 with no resolution on its mounting debt in sight.Shares of Punjab National Bank jumped suddenly during the closing hour and closed at Rs 93.55, up 3.4 per cent, after British police said fugitive billionaire jeweller Nirav Modi, the main suspect in a two billion dollar loan fraud at the bank, had been arrested in London.Shares of Infosys closed 2.36 per cent higher on commencement of ...