Page 693 - Business Finance
Fortis Healthcare appoints Ashutosh Raghuvanshi as MD and CEO
Raghuvanshi will be responsible for the day-to-day management decisions of the company and for implementing its long- and short-term plans
 "Fortis Healthcare appoints Ashutosh Raghuvanshi as MD and CEO")
US to begin accepting H-1B petitions for next fiscal year from April 1
The US will start accepting applications for H-1B visas for the next fiscal year from April 1, the federal immigration agency said on Tuesday and announced the launch of a new data hub to increase the transparency of the work visa programme popular among Indian IT companies and professionals. The H1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. The US Citizenship and Immigration Services (USCIS) announced the new H-1B Employer Data Hub. It will be available on uscis.gov on April 1. The data hub is part of the USCIS' continued effort to increase the transparency of the H-1B programme by allowing the public to search for H-1B petitioners by fiscal year, NAICS (the North American Industry Classification System) industry code, company name, city, state, or ...
DGCA discuss ways to resolve Jet crisis (Roundup)
The Directorate General of Civil Aviation (DGCA) on Tuesday held an emergency meeting with Jet Airways to discuss ways to resolve its debt crisis, which has caused financial stress to its employees as well as problems like fleet depletion and flight cancellations.
L&T, Mindtree come in open to counter each other over hostile deal
Infrastructure major Larsen and Toubro Tuesday moved in to allay concerns over its Rs 10,800-crore bid to take over IT services firm MindTree, whose management strongly objected to the proposal calling it "value destructive" and "grave threat" to the company's future. L&T, which has its own IT business, said it was not making any hostile takeover bid and that the deal was essentially triggered by the Mindtree's largest shareholder -- V G Siddhartha -- offering to sell his shares. This is seen as the first hostile takeover bid in the Indian IT industry. Addressing a press conference in Mumbai, L&T Managing Director and CEO S N Subrahmanyan said Siddhartha would have anyways sold the stake and instead of it going to private equity players he wanted a corporate house to step in. "The senior management at Mindtree are good friends with us and are people of repute and we see a lot of positivity in going ahead with the deal. Mindtree will be run as an independent company, L&T ...
Airtel transfers another 16.76 pc stake in Infratel to Nettle Infra
Telecom operator Bharti Airtel has transferred additional 16.76 per cent stake, worth Rs 10,000 crore, it holds in telecom tower arm Bharti Infratel to Nettle Infrastructure Investments Ltd in two tranches, according to a regulatory filing. The Sunil Bharti Mittal-led telecom services firm had earlier said it is parking its stake in Nettle Infrastructure, a wholly owned subsidiary of the company, as it plans to monetise stake in Bharti Infratel. Airtel holds 53.51 per cent stake in Bharti Infratel. Bharti Airtel transferred 8.65 per cent stake in Bharti Infratel on Monday and another 8.11 per cent on Tuesday to Nettle Infrastructure. The value of these shares at the BSE closing rate of Rs 326.9 apiece amounts to over Rs 10,133 crore. With the fresh transaction, Bharti Airtel's stake parked with Nettle Infrastructure has now increased to 19.94 per cent from 3.18 per cent earlier.
Government may turn to PSU banks to rescue Jet
The government is likely to turn to public sector banks to rescue Jet Airways in an apparent bid to avert thousands of job losses weeks before the general election.
DLF enters into JV with Hines for commercial project in Gurugram, sells 33 pc stake for Rs 650 cr
Realty major DLF Tuesday announced sale of 33 per cent stake in its upcoming commercial project in Gurugram to US-based Hines, in a deal size estimated at around Rs 650 crore. In October last year, DLF had signed a term sheet with Hines to develop a prime commercial project on 11.76 acre land parcel in Gurugram that it bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February 2018. The realty major's subsidiary DLF Home Developers Ltd (DHDL) and Hines group firm Green Horizon Trustee have entered into a joint venture (JV) to develop a high-end commercial project in Gurugram, the company said in a statement. "DHDL will hold 67 per cent stake in the joint venture, while 33 per cent will be held by Hines. Hines has invested about Rs 500 crore in the first tranche," it added. According to sources, DLF has struck this deal at a premium of about 25 per cent from the Rs 1,500 crore land value that it paid to the Haryana government. Sriram Khattar, ...
Tata Steel BSL clears issuance of 11 pc shares to Tata Steel
Tata Steel BSL Tuesday said its committee of directors has given approval for issuance of 11.09 per cent shares to Tata Steel on a private placement basis. "We wish to inform you that the committee of directors today approved allotment of 6,50,00,00,000 - 11.09 per cent non-convertible redeemable preference shares having face value of Rs 10 each for cash aggregating to Rs 6,500 crore to Tata Steel Ltd on private placement basis, on terms and conditions as approved by board/committee of the board," the company said in a BSE filing. On March 11, Tata Steel BSL's board had approved issuance of 11.09 per cent shares to Tata Steel on a private placement basis. Tata Steel last year acquired Tata Steel BSL, formerly known as Bhushan Steel, through its wholly-owned subsidiary Bamnipal Steel.
FIIs pumps in over Rs 23,000 cr in March, rupee gains 2%
Foreign Institutional Investors (FIIs) have pumped in Rs 23,000 crore this month so far, aiding the rupee to gain over 2 per cent against the US dollar over upbeat investor sentiments.
CPSE ETF anchor subscription oversubscribed
The fifth tranche of CPSE ETF managed by the Reliance Mutual Fund anchor book was oversubscribed by 5.78 times against anchor base issue size of 1,050 crore.
IL&FS case: Reserve Bank moves NCLAT seeking modification in order related to NPAs
The Reserve Bank on Tuesday moved the NCLAT seeking modification of its order that restrained banks from declaring accounts of IL&FS and its group companies as NPAs even as the tribunal asked the banking regulator not to make it a "prestige issue". Admitting the apex bank's plea, which contends that there is an overlap of power, the tribunal also wanted it to clarify whether its NPA (Non-Performing Assets) norms and powers come in the way of successful resolution of IL&FS. The NCLAT said the RBI can not restrict it from prohibiting banks from 'asset classfication' and observed that any change in this order would upset the entire resolution process of the IL&FS and 300 group companies, which are sitting on the huge debt amounting to over Rs 90,000 crore. The Reserve Bank of India has moved the tribunal requesting it to modify its order restraining banks from classifying IL&FS and its group companies as NPAs, contending that there was an overlap of power. The central ...
CPSE ETF receives bids worth Rs 6,072 cr from anchor investors
CPSE Exchange Traded Fund Tuesday received bids worth Rs 6,072 crore from as many as 16 anchor investors, with the portion getting subscribed nearly 6 times, sources said. The fifth tranche of the CPSE ETF opened for subscription Tuesday, wherein the government seeks to raise at least Rs 3,500 crore. CPSE ETF anchor book has been subscribed 5.78 times against the anchor base issue size of Rs 1,050 crore, sources said. The ETF has received applications worth Rs 6,072 crore, they added. The portion not exceeding 30 per cent of the maximum amount to be raised shall be available for allocation to anchor investors. The list of anchor investors include BNP Paribas Arbitrage, Citi Group Global Markets Mauritius Pvt Ltd, Credit Suisse Singapore Ltd, Edelweiss Alpha Fund, ICICI Prudential Balanced Advantage Fund, Merrill Lynch Markets Singapore Pte Ltd, and Morgan Stanley (France) S.A., among others. The fourth Further Fund Offer (FFO) will close on March 22, helping the government mop up ...
Mizoram CM presents Rs 3,588 crore vote on account
Mizoram Chief Minister Zoramthanga tabled the Rs 3,588.85 crore vote on account for the first four months of 2019-20 in the Assembly, here on Tuesday.
Jet Airways grounds six more aircraft after failing to pay lease rentals
Crisis-hit Jet Airways Tuesday said it has grounded six more planes due to non-payment of lease rentals. As many as 47 aircraft of the full service carrier are on the ground now as it 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. Jet Airways has been grappling with acute financial woes and has been looking at ways to raise fresh funds. The latest disclosure comes a day after the carrier informed the exchanges that four more planes have been grounded. The company said that as mentioned earlier, it is actively engaged with all its aircraft lessors and is regularly providing them with updates on the efforts taken to improve the liquidity. "Aircraft lessors have been supportive of the company's efforts in this regard," it said, adding that all efforts are ...
BCCI issued notice in tax evasion case by revenue
The Department of Revenue has issued a notice for tax evasion to the Board of Control for Cricket in India (BCCI).
Mindtree takeover not hostile, but an act of love: L&T
Refusing to accept Larsen & Toubro Ltd's takeover of IT services firm Mindtree as hostile, L&T Managing Director and Chief Executive Officer S.N. Subrahmanyan on Tuesday said it was an "act of love and with all the heart".
ED attaches Rs 2.76-cr assets in Rajasthan crude oil theft case
The ED Tuesday said it has attached assets worth Rs 2.76 crore in connection with a money laundering case related to alleged theft of crude oil from tanker trucks of Cairn India Limited in the Rajasthan's Barmer district. The central probe agency issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach agricultural land and residential premises in Barmer and Jodhpur of a man identified as Bhoor Singh and others. The Enforcement Directorate (ED) said it filed a criminal case of money laundering after taking cognisance of four FIRs and charge sheets filed by the Rajasthan Police against Singh and his associates in an alleged case of stealing large quantities of crude oil of Cairn India Ltd which was transported in tanker trucks. The company is into oil and gas exploration. Singh and another person Gautam Rajpurohit, in connivance with tanker truck owners, drivers and helpers stole crude oil, the ED said. "The crude oil was further being sold to different .
US sanctions Venezuela state gold mining company: Treasury
The United States slapped sanctions Tuesday on a Venezuelan state mining company, charging that its illicit gold operations were being used to prop up President Nicolas Maduro and his inner circle. "Treasury is targeting gold processor Minerven and its president for propping up the inner circle of the corrupt Maduro regime," Treasury Secretary Steven Mnuchin said in a statement announcing the action.
IDBI Bank to borrow up to Rs 4,000 cr via bonds next fiscal year
Private sector IDBI Bank Tuesday said the bank would borrow up to Rs 4,000 crore in one or more tranches by issuing bonds in the next financial year. "The board of directors, at its meeting held on Tuesday, (March 19, 2019), has approved rupee bond borrowing limit of Rs 4,000 crore to be borrowed in one or more tranches," the bank said in a regulatory filing. The borrowing would be comprised of Basel III-compliant tier-II bonds and senior bonds (not more than Rs 1,000 crore) by way of private placement during 2019-20, the bank said. Shares of the bank closed 0.12 per cent down at Rs 43.35 apiece on the BSE.
Pine Labs to acquire Qwikcilver for Rs 750 crore
Payment and gift card technology firm Pine Labs Tuesday said it has signed an agreement to acquire its peer firm Qwikcilver for USD 110 million or about Rs 750 crore. The transaction has been funded from the company's cash reserves and additional funding from existing investors, it added. "According to market estimates, gift, as a category, is growing at a high double-digit rate annually. Qwikcilver's technology and market expertise will help us scale up this business and we are delighted to welcome it into Pine Labs," said Vicky Bindra, chief executive officer, Pine Labs, said in a statement. Qwikcilver, which was founded in 2006, offers nine out of every 10 gift cards in the country and manages an annualised gross transaction value of USD 1.5 billion across India, Middle East and South East Asia. Pine Labs started its own gift solutions business - Pine Perks - four years ago which is used by 600 organisations across banking, insurance, manufacturing, pharmaceutical, FMCG and telecom