Page 702 - Business Finance
Anil Ambani thanks Mukesh, Nita for timely support in clearing RCom dues
Billionaire Anil Ambani Monday thanked his brother Mukesh and his wife Nita for extending "timely support" after his debt-laden firm Reliance Communication cleared payments due to a service provider just a day before expiry of deadline set by the Supreme Court. "My sincere and heartfelt thanks to my respected elder brother, Mukesh and Nita, for standing by me 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 touched with this gesture," he said in a brief statement issued through the company spokesperson. The statement said RCom has made requisite payment of Rs 550 crore and interest thereon to Ericsson.
L&T may soon finalise hostile bid for Mindtree
Diversified conglomerate Larsen & Toubro (L&T) may checkmate Mindtree founders by proceeding ahead with its hostile bid to acquire the mid-tier IT Services company as early as Monday evening or early next day.
Indian Army accepts AGIF exposure to toxic IL&FS bonds (IANS EXCLUSIVE)
The Indian Army which was in denial over ex-servicemen or welfare fund having any exposure to the toxic IL&FS bonds, as reiterated by IANS, has finally accepted that India's only independent news wire was right in its analysis.
Grundfos plans to spend Rs 125 cr in next 3 yrs
Grundfos Pumps India Monday said it is planning to spend Rs 125 crore over three years to develop new sustainability focused products and services. The company, which is into pump solutions and water technology, is a wholly-owned subsidiary of Denmark-based Grundfos. Company's Managing Director Ranganath N K said: "We have got the in-principal approval to invest Rs 125 crore by 2021-22 depending on the outcome of our efforts in 2019-2020". "We are looking...if we could embed sustainability into our business...We are still discussing. India and Africa are the areas we would like to experiment with because we feel that impact would be the highest. "What we know is, if instead of having a PBT (Profit Before Tax) target of 10 per cent we have PBT target of one fourth...What if we do that and use the money in the business to create products which impacts the sections of society that are affected negatively with respect to SDG 6 (Sustainable Development Goal) and SDG 13," he said ...
Net direct tax collection crosses Rs 10 lakh cr mark
The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on March 16, helped by the fourth and final installment of tax payment, sources said. The entire advance tax data from across the country has not come yet, the sources said. However, the preliminary assessment indicates that the net direct tax collection has crossed Rs 10 lakh crore, they said. The net direct tax collection during April-January of this fiscal stood at Rs 7.89 lakh crore as against Rs 12 lakh crore targeted for the entire fiscal of 2018-19. The government had earlier estimated the mop up from direct tax collection at Rs 11.5 lakh crore, which was revised upwards by Rs 50,000 crore in the interim Budget for 2019-20. The government has been putting on a brave face on meeting the direct tax collection target. "On direct taxes, we are reasonably confident of (meeting the target). But on the indirect tax front, there may be some shortfall," Economic Affairs Secretary Subhash Chandra Garg said last
High-end fashion trumps jewellery spending in 2018
Affluent Indians' spending on high-end fashion and electronics has grown, and even surpassed jewellery spends, finds a report.
Concerns over data credibility baseless: CAs
Chartered accountants (CAs) across the country on Monday termed the concerns of economists and statisticians over India's data integrity and transparency baseless and debunked the allegation that the government was fudging official data.
Two MindTree co-founders voice concerns over L&T's takeover plans
With Larsen & Toubro planning to launch a hostile bid, two co-founders of MindTree have flagged concerns about corporate governance issues at the diversified group saying any such deal would destroy value for the shareholders of the IT firm, according to sources. L&T is eyeing 51 per cent shareholding in MindTree and plans to buy 20.4 per cent stake from Cafe Coffee Day promoter V G Siddhartha in the IT company. Besides, the group plans to snap up around 30 per cent stake through open offer route. MindTree co-founders and board members -- Krishnakumar Natarajan and CEO Rostow Ravanan, -- have written a letter to L&T board last week, the sources said. The co-founders in the letter said that many institutional investors, clients and employees of MindTree have expressed their reservations to be part of an L&T-controlled organisation due to cultural difference between the two companies, according to the sources. Referring to earlier e-mail exchanges between the two firms' .
Pakistan bourses yet to recoup from Pulwama tension
In the past two months, while the benchmark Indian indices have gained over 1,500 points and are inching close to fresh highs, Pakistan's Karachi stock exchange, smaller in size, has shed over 1,000 points.
Facebook says service hindered by lack of local news
Facebook's effort to establish a service that provides its users with local news and information is being hindered by the lack of outlets where the company's technicians can find original reporting. The service, launched last year, is currently available in some 400 cities in the United States. But the social media giant said it has found that 40 percent of Americans live in places where there weren't enough local news stories to support it. Facebook announced Monday it would share its research with academics at Duke, Harvard, Minnesota and North Carolina who are studying the extent of news deserts created by newspaper closures and staff downsizing . Some 1,800 newspapers have closed in the United States over the last 15 years, according to the University of North Carolina. Newsroom employment has declined by 45 percent as the industry struggles with a broken business model partly caused by the success of companies on the Internet, including Facebook. The Facebook service, called ...
Fisker relaunches Tesla rivalry with USD 40k electric car
Fisker, the electric car brand which was an early rival to Tesla, announced Monday it would produce a new sport utility vehicle priced below USD 40,000 that will be available next year. The move could relaunch the brand which attracted celebrity buyers before a 2013 bankruptcy. The brand led by former BMW designer Henrik Fisker underwent a lengthy restructuring and its latest move suggest it is out to revive its challenge to Tesla in the market for mass-market electric vehicles. Fisker, which made its announcement in a press release with images of the new vehicle, said a drivable prototype would be available later this year. Like Tesla, Fisker will sell directly to consumers without dealers. The company said it is "currently finalizing the selection of a facility, located in the United States, to produce the all-electric SUV." The relaunch comes after a high-profile bankruptcy by Fisker Automotive, which received USD 192 million in US government loans and left USD 139 million of that .
Adani Port to buy back NCDs worth Rs 1,400 crore
Adani Ports and Special Economic Zone (APSEZ) Monday said its board has given nod for buyback of non-convertible debentures (NCDs) worth Rs 1,400 crore. The logistic arm of the Adani Group - APSEZ is one of the largest port developers in the country. "The Board of Directors at its meeting held on 18th March, 2019...has approved the Buy-Back of 14,000 Non-Convertible Debentures (NCDs) aggregating to Rs 1,400 crores from the existing Debenture Holders," the company said in a regulatory filing. The buyback will be done in one or more tranche through negotiated deals as may be agreed, it said. The shares of the company closed at Rs 369.20 apiece on the BSE, up 0.85 per cent from the previous close.
Exporters' body expresses concern over rupee surge
The Federation of Indian Export Organisations (FIEO) Monday said the sharp appreciation in the rupee is a cause of concern and called for intervention to manage extreme volatility in the domestic currency. The Indian rupee surged by 57 paise on Monday to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. "Such sharp appreciation is causing concern both amongst the exporters as well as importers, as uncertainty in the exchange rate is driving volatility," FIEO President Ganesh Gupta said. "Exporters who have contracted at Rs 74 to a dollar but could not hedge it due to non-availability of limit by banks, tend to incur huge losses," he said. He suggested that extreme volatility should be managed through intervention so that the exchange rate continues to provide requisite competitiveness to Indian exports. The rupee is set to appreciate further, giving a ..
Telecom Secy meets TRAI Chairman over industry issues
Telecom Secretary Aruna Sundararajan on Monday met TRAI Chairman R.S. Sharma and is believed to have discussed the industry's health issues which have caused concern among operators as the government gears up for the spectrum auction.
Mumbai Metro launches 2-in-1 travel smart card
The Reliance Infrastructure Ltd.'s Mumbai Metro One on Monday launched a 2-in-1 travel card in collaboration with TMW Fintech Pvt. Ltd. and the Federal Bank, an official said here.
SAIL comes out with smart bins for garbage collection
State-owned SAIL Monday said it has come out with smart steel garbage bins that can emit signals to the collection vehicles about the fill-up position. "The smart garbage bins made up of stainless steel can not only collect unbridled garbage but also send signals to the collection vehicles about the fill-up position," Steel Authority of India Ltd (SAIL) said in a statement. There will be separate bins for recyclable wastes and non-recyclable wastes, it said. A bin will be installed at a smart garbage station being developed by South Delhi Municipal Corporation (SDMC) at BhikajiCama Place in the national capital, it added. SAIL further said that the bins will also be supplied to another garbage stations being developed in North Delhi by North Delhi Municipal Corporation (NDMC) at Kamala Nagar. To take this initiative further, the PSU is looking out for other municipalities as well as metro cities, the company said.
Canara Bank plans to raise USD 500 mn under MTN programme
The Bank, acting through its London branch, has scheduled a series of fixed-income investor meetings (Road shows/Investor Meet) in Singapore, Hong Kong and London on 19 March 2019 & 20 March 2019, for the aforesaid MTN programme.
Tata Communications wins 2019 Global Product Line Strategy Leadership Award for Global Hybrid Cloud Services
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New MNP price regime in April: Trai chairman
The Telecom Regulatory Authority of India (TRAI) will come out with a new price regime for mobile number portability (MNP) in April, TRAI Chairman R.S. Sharma said on Monday.
NCLAT blow to Ruias, Essar Steel to go to ArcelorMittal
In a big blow to the promoters of debt-ridden Essar Steel, the National Company Law Appellate Tribunal (NCLAT) on Monday approved a Rs 42,000 crore takeover bid for the insolvent firm by the world's largest steel maker ArcelorMittal.