Page 689 - Business Finance
NCLAT directs Essar Steel to call CoC meeting to reconsider distribution of funds
The NCLAT Wednesday asked the resolution professional of Essar Steel to call a fresh meeting of CoC to discuss distribution of Rs 42,000 crore coming from ArcelorMittal's resolution plan. A two-member bench headed by Justice S J Mukhopadhaya has asked to reconsider distribution of the funds between financial and operational creditors of Essar Steel in the meeting. Meanwhile, the appellate tribunal also said that the March 8 order of the National company Law Tribunal (NCLT) Ahmedabad-bench approving ArcelorMittal plan in 'letter and spirit'. "The resolution professional (RP) may call for the meeting of the Committee of Creditors for reconsideration of distribution of funds," the bench said. The NCLAT was hearing an urgent application moved by Standard Charted bank, an operational creditor of the company. The appellate tribunal has directed to list the matter on March 27 for next hearing. Standard Chartered moved the National company Law Appellate Tribunal (NCLAT) against the plan as ...
South Indian Bank to raise up to Rs 250 cr via Basel III compliant bonds
South Indian Bank Wednesday said it will raise up to Rs 250 crore by issuing Basel III compliant bonds. The Capital Planning and Infusion Committee of the bank's board has approved a proposal in this regard. "The Committee...approved the information memorandum for issuance of rated, unsecured, redeemable, non-convertible, Basel III compliant, lower tier 2 bonds up to Rs 150 crore with an option to retain an over-subscription aggregating up to Rs 100 crore, aggregating to total issue size of Rs 250 crore," the bank said in a regulatory filing. The bonds would bear face value of Rs 1 lakh each, it said. The stock of the bank settled at Rs 16, down 0.19 per cent ,on BSE.
Sensex crawls higher in lackluster trade
The Sensex inched higher while the Nifty ended with minor losses after a lackluster trading session. The barometer index, the S&P BSE Sensex, up 23.28 points or 0.06% to 38,386.75, as per the provisional closing data. The Nifty 50 index down 11.35 points or 0.10% to 11,521.05, as per the provisional closing data.
'Limited downside to L&T's valuation in takeover'
A report on Tuesday said it sees limited downside to diversified conglomerate Larsen and Toubro's (L&T) valuation in its hostile bid to take controlling stake in leading IT services firm Mindtree.
India, Peru hold 4th round of FTA talks in Lima
India and Peru have concluded a fourth round of negotiations for a proposed free trade agreement (FTA) in the South American nation last week, the Department of Commerce said. The agreement is aimed at boosting the two-way commerce between the countries. "India and Peru are negotiating a trade agreement covering goods, services and investment. The fourth round of negotiations was held from March 11-15 in Lima, Peru," the department said in a series of tweets. The main chapters of the trade agreement include market access for goods, trade in services, movement of professionals, investments, dispute settlement, technical barriers to trade, trade remedies, rules of origin of goods, customs procedures and trade facilitation. In an FTA, two countries significantly reduce or eliminate duties on most of the goods traded between them besides relaxing norms and rules to promote trade in services and increase bilateral investments. With growing uncertainties in its traditional markets, ...
Tax payers' money to save Jet Airways: Congress
The Congress on Wednesday said the government intended to bring a bailout package for the cash-strapped Jet Airways - partly owned by foreign investors - using Indian tax payers' money.
Muthoot Capital Services gains after fund raising
Muthoot Capital Services rose 1.35% to Rs 892.50 at 14:44 IST on BSE after the company completed a securitization transaction of Rs 236.36 crore on 15 March 2019.
Jubilant Life Sciences Ltd leads losers in 'A' group
Navkar Corporation Ltd, Power Finance Corporation Ltd, Hindustan Petroleum Corporation Ltd and Zee Entertainment Enterprises Ltd are among the other losers in the BSE's 'A' group today, 20 March 2019.
REC board approves plan to raise Rs 90K cr via debt
REC Ltd Wednesday said its board has approved a proposal to raise Rs 90,000 crore under different debt segments for the financial year 2019-20. The board of directors of REC approved...market borrowing programme under different debt segments for the financial year 2019-20, the company said in a regulatory filing. Approval has been accorded to raise Rs 78,000 crore through instruments such as domestic bonds/debentures, external commercial borrowings (ECBs) and capital gains tax exemption bonds, the company added. REC's board also approved raising Rs 12,000 crore through short term loan from banks/FIs/NBFCs and commercial paper. The funds under the market borrowing programme will be raised from time to time during 2019-20, with the approval of competent authority as per powers delegated in this regard, by the board of director. REC's board also approved incorporation of a project specific special purpose vehicle (SPV), as wholly owned subsidiary company of REC Transmission Projects ...
Silver extends gains on increased offtake; gold ends steady
Silver prices went up by Rs 40 to Rs 39,000 per kg in the national capital Wednesday on the back of increased offtake by industrial units and coin makers, according to the All India Sarafa Association. Gold prices, on the other hand, held steady at Rs 32,970 per 10 gram in scattered deals at prevailing levels, even as it weakened overseas. Traders said pick-up in demand from industrial units and coin makers at the local spot market mainly kept silver prices higher. The bullion market will remain closed on Thursday on account of Holi. Globally, gold fell 0.20 per cent to USD 1,304.27 an ounce, and silver by 0.29 per cent to USD 15.40 an ounce in New York. In the national capital, silver ready rose by Rs 40 to Rs 39,000 per kg, while weekly-based delivery jump by Rs 95 to Rs 38,126 per kg. Silver coins, however, continued to be traded at the previous levels of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces. On the other hand, gold of 99.9 per cent and 99.5 per cent ...
DGFT comes up with online facility to obtain import licence for restricted items
The commerce ministry's foreign trade arm DGFT has come up with a new online facility for obtaining import licence for restricted category goods, a move aimed at promoting paperless work and ease of doing business. Currently, importers need to obtain licence for certain goods such as gold dore, some pulses, plastic waste, and bio-fuels. "Online application format for obtaining import licence for restricted items is notified," the Directorate General of Foreign Trade (DGFT) said in a public notice. The development would help in promoting ease of doing business for such imports, an official said. In the online application, importers would have to provide information such as Import-Export Code, total CIF (cost, insurance, and freight) value of consignment and details of imported items. In the latest ease of doing business report of the World Bank, India improved its ranking to 77th rank in 2018 out of 190 nations from 100th earlier. These rankings are based on 10 parameters which include
Disney seals $71 bn deal for 21st Century Fox
After more than a year of working to get the final approval, Disney has officially sealed the deal on its $71 billion acquisition of 21st Century Fox.
Sakuma Exports Ltd leads losers in 'B' group
CIL Nova Petrochemicals Ltd, Banaras Beads Ltd, Almondz Global Securities Ltd and N K Industries Ltd are among the other losers in the BSE's 'B' group today, 20 March 2019.
Volumes spurt at Carborundum Universal Ltd counter
Carborundum Universal Ltd notched up volume of 20.07 lakh shares by 14:14 IST on NSE, a 27.54 fold spurt over two-week average daily volume of 72876 shares
Alpenliebe Makes a Chatpata Splash
/ -- Perfetti Van Melle India has entered the tangy (Chatpata) fruit candy segment with the launch of 'Alpenliebe Chatpata' . The launch of Alpenliebe Chatpata marks yet another innovation by Perfetti Van Melle, the market leader in the Indian confectionary market. Available at Re 1, the new variant has a slurpy chatpata mango shell and liquid filled core leading to a burst of tangy flavour. The new campaign for Alpenliebe Chatpata is being aired across leading TV and digital channels. (Photo: https://mma.prnewswire.com/media/838546/Alpenliebe_Chatpata.jpg) The communication idea for Alpenliebe Chatpata builds on Alpenliebe's strategy of communicating to the entire family, in line with the brand's purpose of bringing hearts closer . Light-hearted banter, wit and a 'chatpata' twist add moments of laughter to the great Indian family's everyday moments. Boman Irani reprises his role as the family patriarch. In this story, he pops an Alpenliebe Chatpata, and then proceeds to nonchalantly
Toyota, Suzuki expand scope of collaboration beyond India to Africa, Europe
Japan's Toyota Motor Corporation and Suzuki Motor Corporation Wednesday announced strengthening of their collaboration, including manufacturing of Suzuki-developed compact SUV Vitara Brezza at Toyota's plant in India from 2022. The two partners have agreed to extend their collaboration to Europe and Africa over and above their partnership in India. As part of "considering a concrete collaboration in new fields", Suzuki will supply Ciaz sedan and Ertiga multi-purpose vehicle to Toyota in India in addition to the already agreed supplies of premium hatchback Baleno and compact SUV Vitara Brezza. Moreover, Suzuki will supply its India-produced vehicles -- Baleno, Vitara Brezza, Ciaz, Ertiga -- to Toyota for the African market as well, the companies said in a joint statement. Toyota on the other hand, will provide Suzuki its hybrid electric vehicle (HEV) technologies in India through local procurement of HEV systems, engines, and batteries, while also supplying THS (Toyota Hybrid System) .
Mixed finish for US stocks
Investors wait for Fed policy update
RBI says no to IDBI Bank name change proposal
The Reserve Bank of India (RBI) has turned down IDBI Bank's proposal to change its name following the transfer of controlling 51 per cent stake to insurance behemoth LIC from the government of India. The board of IDBI Bank had last month sought RBI's approval for change in the name of the lender to either LIC IDBI Bank or LIC Bank following the takeover by Life Insurance Corporation (LIC). "The board of directors has in its meeting held on March 19, 2019, taken note of RBI's communication conveying their inability to accede to bank's request for change of name of IDBI Bank Limited," IDBI Bank said in a regulatory filing. However, the bank did not elaborate on the reasons for denial by the regulator for changing the name. Earlier this month, RBI changed the categorisation of IDBI Bank to a private sector lender from public sector lender following acquisition of majority stake by LIC. Following the stake transfer, the government holding came down to 46.46 per cent from nearly 86 per ...
Samsung plans to expand investment in AI, 5G
Samsung Electronics Co on Wednesday said it will propel technology innovations to tackle the unfavourable business environment and foster new growth drivers such as artificial intelligence (AI) and 5G.
India expresses concern over widening trade deficit with China
India on Wednesday expressed concern over the widening trade deficit with China which has ballooned to over USD 58 billion, with the country's new envoy here saying that addressing the issue would be his top priority. India's Ambassador to China Vikram Misri, who assumed charge on January 8 at a time when the two Asian giants were trying to boost their bilateral ties, told the state-run Global Times that India is working with the Chinese side for ensuring greater market access to the Indian agricultural products. He expressed concern over the growing trade deficit, which has now crossed over USD 58 billion in over USD 80 billion trade. The bilateral trade will cross the USD 100 billion mark this year, he said. "However, this figure includes a deficit of USD 58 billion for India and this deficit has been increasing over the years. Addressing this trade deficit would be one of my priorities because it is not really sustainable in the long term," Misri said. India is working with the ...