Page 694 - Business Finance
Will not fly if no clarity on Jet's future: Pilots
Jet Airways pilots' union on Tuesday decided to refrain from operating flights if they are not given complete clarity on the company's resolution plan and future by March 31.
SBI inks pact with Bank of China for business opportunities
The country's largest lender SBI Tuesday said it has signed a pact with the Bank of China to boost business opportunities. SBI has signed a memorandum of understanding (MoU) with Bank of China (BoC), third-largest bank in the world by capital size and one of the major players in the Chinese banking sector, to enhance business synergies between both the banks, State Bank of India (SBI) said in a release. Through this pact, both SBI and BoC will gain direct access to their respective markets of operation, it said. Both banks' clients will be able to use the vast combined network to expand their businesses abroad. SBI said it has a branch in Shanghai and BOC is opening its branch in Mumbai. "MoU between the two major banks of the two largest and fastest-growing economies of the world is a welcome step. This MoU will facilitate the clients of both the banks to access banking products and services of each other, which will lead to a mutually beneficial relationship," said Rajnish Kumar, ...
Xiaomi enters digital payment space, expands handset manufacturing
Chinese smart device maker Xiaomi Tuesday announced its foray into the digital payment segment with launch of MiPay app and expansion of its mobile manufacturing. "We have introduced our innovative MiPay service for our consumers in India. MiPay serves as the ultimate solution to a variety of consumer payment needs, hence empowering millions of Xiaomi users with access to digital payments. Thus, acting as an equaliser providing a seamless experience across all smartphones," Xiaomi India Chief Operating Officer Muralikrishnan B said here. He said there are security concerns around data of individuals, hence, the company stores all MiPay data in India. The company has received approval from the National Payments Corporation of India (NPCI) and has partnered ICICI bank for the service. Xiaomi announced partnership with electronics manufacturing services firm Flex to expand its mobile production in the country. "We are proud to announce that we'll be officially unveiling a new ...
Will expand offline presence in India: Xiaomi
Chinese handset maker Xiaomi, which is the biggest smartphone seller in India, aims to continue expanding in offline channels as it competes against the likes of Samsung in the country, Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India, said here on Tuesday.
PG Diploma holders in BAP get highest domestic placement offer of Rs 35 lakh
The final placements for the Postgraduate Diploma in Business Analytics Programme of IIM Calcutta, ISI and IIT Kharagpur for the 2017-2019 batch saw the 52 students receiving altogether 66 offers from 35 firms, with the average salary going up to Rs 24.40 lakh per annum, a press release issued by IIT Kharagpur said on Tuesday.
Hyundai, Kia invest around Rs 2,000 crore in Ola
In their single biggest investment ever, Hyundai Motor Co and its affiliate Kia Motors Corp on Tuesday announced an investment of Rs 2,068 crore ($300 million) in India's leading ride-hailing cab aggregator Ola.
IOC pays 2nd interim dividend; ONGC to consider on Mar 23
State-owned Indian Oil Corp (IOC) Tuesday declared a second interim dividend of Rs 1,412 crore for the current financial year and ONGC agreed to do so next week to help the government meet its tax revenue target. In a stock exchange filing, IOC, the nation's biggest oil firm, said its board at a meeting on Tuesday approved payment of Rs 1.50 per share of 15 per cent in second interim dividend for 2018-19 to shareholders. "The dividend will be credited to the account of the shareholders or the dividend warrant in respect thereof will be dispatched on or before April 10, 2019," it said. The government owns 53.88 per cent stake in IOC and stands to get about Rs 761 crore, excluding dividend distribution tax. Separately, Oil and Natural Gas Corp (ONGC), which had initially resisted a government demand seeking a second interim dividend, said a board meeting has been convened on March 23 to consider and declare an interim dividend. Grappling with a possible Rs 80,000 crore shortfall in ...
Chinese investor weighs sale of Toulouse airport stake
A Chinese firm that holds the largest stake in southern France's Toulouse airport is considering selling out and has already received interest from potential investors, its chief said. "Maybe a new shareholder or a new operator can bring better value to the airport," Mike Poon told AFP in an interview on Monday, adding the company was "studying opportunities". Poon heads Casil Europe, the holding company created by China's state-owned Shandong Hi-Speed Group and the Hong Kong-based Friedmann Pacific Asset Management, which bought 49.99 percent of the airport for 300 million euros ($340 million) in 2015. Last year the French government opted against selling Casil an additional 10 percent, which would have given it a controlling stake in the fast-growing regional hub. It was a victory for local governments and the Toulouse Chamber of Commerce, which own a combined 40 percent stake and who had accused Casil of under-investing in order to extract as much profits as possible. But Poon ...
Relief to under-construction residential project: GST Council allows options to choose tax rates
The all-powerful GST Council Tuesday allowed builders an option to choose between old tax rates and the new ones for under-construction residential projects to help resolve input tax credit issues. The council, headed by Union Finance Minister Arun Jaitley and including representatives of all states, at its 34th meeting here laid out transition rules for the implementation of new tax rates for the real estate sector. Builders will get a one-time option to continue paying tax at the old rates (effective rate of 8 per cent or 12 per cent with Input Tax Credit or ITC) on ongoing projects (buildings where construction and actual booking have both started before April 1, 2019, but which will not be completed by March 31, 2019), Revenue Secretary A B Pandey told reporters here. The new tax rate of 1 per cent for affordable houses and 5 per cent for others, without ITC, will apply on new projects. The move will help address apprehensions as well as potential disputes on various computational
Realtors hail option to charge old GST rates from buyers on ongoing projects
Real estate industry Tuesday hailed the GST Council's decision to allow realty firms charge old GST rates from buyers in those projects where construction started before April 1, 2019, saying this will give relief to builders - who were worried about loss of input tax credit in the new tax regime. Last month, the council had decided to cut GST rate on affordable homes to 1 per cent without input tax credit (ITC) from earlier 8 per cent with ITC. The GST on under-construction flats, which are not under the affordable housing segment, was reduced to 5 per cent without ITC from 12 per cent earlier with ITC. These rates will be effective from April 1. While approving a transition plan for the implementation of new tax structure from next fiscal, the GST Council decided that the developers of residential projects, which are incomplete as on March 31, will have option either to choose the old structure with ITC or to shift to new 5 per cent and 1 per cent rates without ITC. "The Real estate
CR nets Rs 159 cr from ticketless travellers in 10 months
The Central Railway (CR) has collected fine of Rs 158.93 crore between April 2018 and February this year from passengers caught travelling without tickets and violating rules, an increase of nearly 11 per cent compared to the same period in the year before. The average collection stood at Rs 14.44 crore per month, as per a statement issued by the CR. The CR said the cases of ticketless/irregular travel and un-booked luggage has risen by 9.89 per cent at 32 lakh between April 2018 and February 2019, as against 29.12 lakh cases in the corresponding period last year, it said. "Earnings realised from such ticketless or irregular travel registered Rs 158.93 crore in the period April 2018 to February 2019, as compared to earnings of Rs 143.21 crore registered during the corresponding period last year, showing an increase of 10.98 per cent," a statement issued by CR said. It said the CR has regularly conducted intensive campaign against ticketless and irregular travel. "Senior ..
'Why could L&T not build indepedent tech business on its own?'
A day after L&T mounted an unprecedented hostile takeover bid on the IT firm, Mindtree promoters posed five questions to the infrastructure giant, asking why it could not build an independent tech business on its own and what would it do if employees chose to leave. "You are a company with turnover of Rs 120,000 crore, you are 18 times the size of Mindtree. Why can't you build a great technology business with your resources and capability without disseminating another organisation?" Mindtree co-founder Krishnakumar Natarajan asked. Mindtree promoters have staunchly opposed L&T's bid to acquire the company, describing it a grave threat and value destructive to shareholders. "This is a people business. 'Mindtree Minds' have signed up for a mission not just a salary.Take their mission away and they will go...what will you be left with," Natarajan said. In the country's first hostile takeover bid in the IT sector, infrastructure giant Larsen & Toubro Monday made ..
GST Council finalizes transition plan of new tax structure for real estate sector
New GST rate of 1% without input tax credit (ITC) on construction of affordable houses
Sebi, IBBI ink pact for effective implementation of securities law, IBC
Markets regulator Sebi Tuesday said it has inked pact with Insolvency and Bankruptcy Board of India to effectively implement securities laws, and Insolvency and Bankruptcy Code (IBC). The pact provides for sharing of information with each other, subject to the limitations imposed by the applicable laws. Moreover, the pact involves appointment of panel of insolvency professionals (IPs) as administrators under relevant regulations, the release said. "Sebi and IBBI being interested in the effective implementation of securities laws and IBC... have agreed under the MoU (Memorandum of Understanding) to co-operate with each other," the release said. Under the MoU, the regulator and IBBI will have periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact their responsibilities, research and data analysis. Besides, cross-training of staff, capacity building of insolvency professionals and financial creditors, among others will be provided under the
Sebi slaps Rs 43.5-lakh fine on 5 entities for non-genuine trades in BSE stock options
Markets regulator Sebi Tuesday imposed a total fine of Rs 43.5 lakh on five entities involved in reversal of trades in the illiquid stock options segment on the BSE. Sebi conducted an investigation between April 2014 and September 2015 and found that 81.38 per cent of all the trades executed in stock options of the exchange were non-genuine and led to the creation of artificial volume. The five entities are among those that executed reversal of trades by reversing their buy or sell positions in a contract with the same counter party during the same day, Sebi noted. "The trading behaviour of the noticee confirms that such trades were not normal and wide variation in prices of the trades in the same contract in a short time without any basis for such wide variation, all indicate that the trades executed by the noticee were not genuine trades," Sebi said in similarly worded separate orders. The trades being non-genuine, created an appearance of artificial trading volumes in respective ...
Kaveri Seed Company commences corn cob drying unit at Telangana
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Kolkata realty prices down 4pc in Jul-Dec: Knight Frank India
Sluggish sales pulled down average prices of residential properties in Kolkata by 4 per cent on-year during July-December 2018, realty consultant Knight Frank India said on Tuesday. "In Rajarhat and the eastern micro-markets (of Kolkata), residential sales have dwindled massively by 50 per cent and 38 per cent Y-o-Y, respectively, in the same period," Knight Frank India AVP Divya Grovers said. However, due to early development of affordable housing projects in northern and southern peripherals in the past few years, and good response from end-users, the southern micro-markets reversed the sales downtrend to post a 13 per cent on-year upswing in residential sales in H2 2018, it said. In the past one year, many real estate developers launched housing projects ranging from Rs 18 lakh to Rs 50 lakh ticket size categories across configurations, Knight Frank India said. The cut in GST on affordable housing will also have a positive impact on demand, it said. In a big relief to
'Mukesh bailing out Anil may be watershed moment in their relationship'
Richest Indian Mukesh Ambani saving younger brother Anil from jail by helping his struggling telecom firm repay Swedish supplier Ericsson may be a watershed moment in the relationship between the two brothers, who have in the past publicly bickered and fought court cases against each other. Industry watchers said the last-minute bailout may mark the beginning of a more harmonious relationship between the two brothers after more than a decade of strained ties. Anil, who along with his wife and children was photographed enjoying the recent weddings of Mukesh's children, thanked his elder brother and sister-in-law for "standing (by him) during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support." "I and my family are grateful we have moved beyond the past, and are deeply grateful and touched with this gesture," he said on Monday after getting Rs 458 crore from Mukesh that he used to repay dues towards ...
Sensex, Nifty advance for the 7th straight day
The key indices continued their positive momentum, logging a seventh straight session of gains, riding specific large caps and upbeat sentiments over sustained foreign fund inflow.