Page 688 - Business Finance

Lenders trying 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 appraise the government, which is an important stakeholder, about the happenings. He, however, emphatically stated that it was in the interest of the lenders to keep Jet Airways, which was once India's second-biggest airline, flying and dragging the debt-ridden firm under bankruptcy proceedings is the last option. In case the airline collapses, 23,000 jobs would be at stake. Though Kumar refused to share details .

'Himalayan Creamery ties up with dairy tech startup Mr Milkman

Few other organisations like Milk Mantra, Whyte Farms, Amlaan A2 Milk, Go4Life and Milk Valley Farms have also partnered with Mr Milkman for hassle-free operations and smooth delivery

High-level US-China trade talks to resume: Officials

Negotiators for the US and China have scheduled a new round of high-level trade talks in Beijing and Washington, aiming to close a deal by late April to end the year-long dispute between the worlds two largest economies.

Jayaswal Neco Industries update on debt assignment to ARC

With this Debt assignment (together with earlier six Debt assignments already intimated to the Stock Exchanges),Assets Care & Reconstruction Enterprise has acquired around 91.65% of the Principal Outstanding debt as on date of the Company.

Funskool new unit with Rs 25 cr outlay in Tamil Nadu

Targeting 50 per cent of its turnover from overseas, plastic moulded toys major Funskool (India) Ltd on Wednesday commissioned its new unit at Ranipet, said a top company official.

Jet Airways shares tumble nearly 5% as crisis deepens

Shares of crisis-hit Jet Airways plunged nearly 5 per cent Wednesday after the company grounded six more planes due to non-payment of lease rentals. The stock tumbled 4.82 per cent to close at Rs 218 on the BSE. During the day, it plunged 6.59 per cent to Rs 213.95. On the NSE, shares cracked 4.89 per cent to close at Rs 218.05. In terms of volume, 11.73 lakh shares were traded on the BSE and over 1.33 crore on the NSE. The shares of Jet Airways had declined by nearly 4 per cent on Tuesday also. As many as 47 aircraft of the full service carrier are on the ground now as the company failed to pay rentals to lessors. ".... an additional six aircraft (include one aircraft of Jet Lite (India) Ltd) have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges Tuesday. Jet Airways has been grappling with acute financial woes and has been looking at ways to raise fresh funds. Meanwhile, in

Nifty snaps seven-day gains

A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled with small gains while the Nifty 50 index registered small losses. The Sensex extended gains for eight straight trading session. The Nifty snapped seven-day rising trend.

Quick Wrap: Nifty Media Index registers a drop of 3.38%

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Toyota and Maruti Suzuki announce new areas of collaboration

Toyota and Suzuki have been considering the concrete details of such collaboration since having concluded a memorandum of understanding toward business partnership on 06 February 2017.

Asian Oilfield Services receives Rs 210 cr contract for Charaideo field in Assam

Oilmax Energy is the holding company and promoter of the Company. The Company has taken approval of the shareholders for the proposed related party transaction at its Annual General Meeting held on 18 September, 2018. The transaction is on arms' length basis.

Turnover in F&O segment jumps

Nifty March futures at premium

CBI arrests senior Airports Authority of India officer while taking bribe

The CBI has arrested an executive director in the Airports Authority of India for allegedly demanding a bribe from the owner of an airports ground handling company, officials said Wednesday. Ravichandran, Executive Director (Finance), had allegedly demanded a bribe of Rs 4 lakh for each allotted tenders to the company for 'D' category airports, they said. The company owner did not want to pay the bribe. He approached the CBI with a complaint against the officer, they said. Based on his inputs, the CBI laid a trap on Wednesday morning when the alleged bribe was to be paid to Ravichandran. The CBI nabbed the officer receiving Rs two lakh as bribe, they said. Searches were carried out and incriminating documents were recovered from him, they said.

Board of Anka India allots 4 lakh equity shares on conversion of warrants

At meeting held on 20 March 2019

Exim Bank to give $800 mn credit to Maldives for developmental projects

The Export-Import Bank of India (Exim Bank) Wednesday said it will provide USD 800 million (about Rs 5,500 crore) credit to Maldives to finance developmental projects. Exim Bank has extended a Line of Credit (LOC) of USD 800 million to Maldives for financing developmental projects, Exim Bank said in a release. An agreement for the LOC was signed between Maldives Finance Minister Ibrahim Ameer and Exim Bank Chief General Manager Sudatta Mandal. The LOC agreement was exchanged during the visit of External Affairs Minister Sushma Swaraj to Maldives, Exim Bank said. "With the signing of the above LOC agreement for USD 800 million, Exim Bank, till date, has extended three LOCs to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs extended to USD 880 million (about Rs 6,000 crore)," it said. The projects covered under the LOCs extended to Maldives include various infrastructure development projects. Exim Bank has in place 245 ...

11 pc salary hike offerred in PGD in biz analytics

The final placements for the Postgraduate Diploma in Business Analytics Programme (PGDBA) - collaborated by the ISI, the IIM Calcutta and IIT Kharagpur - for the 2017-2019 batch concluded with a record increase of 11 per cent in domestic offers from top corporate houses. The batch of 52 students received a total of 66 offers made by 35 firms, an IIT KGP statement said Wednesday. The programme witnessed a record increase of 11 per cent in domestic offers alone with the mean salary going up to Rs 24.40 lakh per annum, the statement said. The PGDBA programme aims at helping shape the emerging profession of business analytics by delivering inter disciplinary educational experience to graduate applicants. The highest domestic offer made was Rs 35 lakh per annum while the overall average CTC has risen to Rs 25.05 lakh per annum from Rs 22.89 lakh per annum last year, it said. The major recruiters from the final placements include JP Morgan Chase, Adani Group, Viacom18, Flipkart,

Board of Parichay Investments approves change in directorate

At meeting held on 20 March 2019

Board of Saianand Commercial approves change in directorate

At meeting held on 19 March 2019

Tyche Industries to convene board meeting

On 25 March 2019

Sensex rises for 8th session, ends marginally higher

Continuing its upward journey for the eighth consecutive session, market benchmark BSE Sensex ended marginally higher Wednesday, following gains in Infosys, HDFC twins and L&T amid uninterrupted capital inflows by foreign funds. However, gains were capped tracking weakness in Asian shares that slipped from six-month highs after a lackluster session as investors took profits ahead of a policy decision by the US Federal Reserve amid a report of US concerns that China is pushing back against American demands in trade talks. The 30-share index began the session on a firm note at 38,433.86 and rallied to hit the session's high of 38,489.81 on steady inflow of buying by foreign funds as well as retail investors. However, emergence of profit-booking and losses in select heavy weight stocks on expiry of March series derivative contracts, the index turned negative and hit a low of 38,316.21 before returning in positive terrain to close the day higher by 23.28 points, or 0.06 per cent, to ..

Bayer shares plunge on new US cancer ruling

Shares in German chemicals and pharmaceuticals giant Bayer plunged as markets opened Wednesday, after a second US jury ruled that blockbuster pesticide Roundup -- made by recently-acquired Monsanto -- causes cancer. The Leverkusen-based group's stock toppled 11.6 percent to 61.60 euros ($69.88) at around 09:40 am in Frankfurt (0840 GMT), making it the worst performer on the DAX index of blue-chip German shares. On Tuesday a California jury found that Monsanto's Roundup -- a herbicide built on active ingredient glyphosate -- caused cancer in a man who sprayed it on his garden over decades. It was the second such ruling within a year against Monsanto, with a first coming in August last year soon after Bayer sealed its $63-billion takeover of the firm. Since the merger was completed, Bayer's stock has shed almost 40 percent of its value. The California court has yet to decide whether Monsanto is liable for amateur gardener Edwin Hardeman's non-Hodgkins lymphoma, after its Tuesday finding