Page 703 - Business Finance
EFIs can trade in commodity derivatives on IFSC exchanges
Eligible Foreign Investors (EFIs) can participate in commodity derivatives trading on stock exchanges located at the International Financial Services Centre (IFSC), Sebi said on Monday. However, the participation is subject to certain conditions laid down by the regulator, like it would be limited to the derivatives contracts in non-agricultural commodities only, Sebi said in a circular. The Securities and Exchange Board of India (Sebi) said the contracts would be cash-settled on the settlement price determined on overseas exchanges. Besides, the transactions shall be denominated in foreign currency only, the circular added. FPIs (Foreign Portfolio Investors) were allowed to trade in commodity derivatives on IFSC in 2017 with subject to similar conditions. In March 2016, the watchdog permitted trading in commodity derivatives at stock exchanges operating at the IFSC. Gujarat International Finance Tec-City (GIFT City) is the first IFSC in the country.
Hotel Leela Venture to sell hotels, property to Brookfield for Rs 3,950 cr
Hotel Leela Venture Ltd Monday announced sale of its four hotels, including one in the national capital, and a property to Canadian investment fund Brookfield for Rs 3,950 crore. It will sell hotels located in Bangalore, Chennai, Delhi and Udaipur as well as 100 per cent sharing holder of the company in Leela Palace and Resorts Ltd, which owns property and holds licenses for the development of a hotel in Agra, Hotel Leela Venture said in a regulatory filing. Proceeds of the sale "will be paid to the lenders of the company towards repayment of dues," it said. "After completion of the aforesaid transaction, all borrowings of the company from all the banks and financial institutions would stand repaid." Post sale, the company will continue to operate the hotel in Mumbai and own certain land in Hyderabad and the joint development project of residential apartments with Prestige Developers in Bangalore. "Brookfield will have a right of first refusal over the company's hotel in Mumbai, as a .
Majesco acquires insurance software business in India
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Hyundai Motor India organizes mega 'Experience Hyundai Camp'
Hyundai Motor India Ltd, the country's second largest car manufacturer and largest exporter, organized the mega 'Experience Hyundai Camp' to provide Hyundai experience to customers for various service-related needs, new product purchase, and evaluation of the existing car.The mega 'Experience Hyundai Camp' was organized at 574 locations in 343 cities to provide personalized assistance to customers."Being a modern premium brand, our aim is to establish Hyundai as the brand of choice for our customers by offering higher value beyond customer expectations to make their life - a happy life. Hyundai's impeccable service standards have set a benchmark in the industry and helped Hyundai Motor India to retain J D Power CSI No. 1 rank for two consecutive years, 2017 and 2018, amongst mass-market brands. The mega 'Experience Hyundai Camp' intends to further strengthen trust among consumers for Brand Hyundai," said S S Kim, MD & CEO, Hyundai Motor India Ltd at the inauguration of the ...
RBI panel on MSME seeks public views on various aspects
An RBI-appointed panel Monday sought suggestions from the public on long-term solutions for economic and financial sustainability of MSME sector, including ways to improve credit rating mechanism to help them raise funds at competitive rates. The panel is undertaking a comprehensive review of the sector to identify causes and propose long-term solutions for its development, the central bank said in a statement. The committee was set up in January under former Sebi chairman U K Sinha. MSMEs contribute about 45 per cent of the manufacturing output, over 40 per cent of total exports of the country, and around 8 per cent of the country's GDP. The committee has sought suggestions till March 28 on "definition of MSME for classification / identification of MSME in the context of present system of investment / turnover based criteria". The panel also wants suggestions for improving the credit rating mechanism for MSMEs, besides infrastructure gaps and problems affecting the development and ..
Taxmen seek public help to prevent malpractices during polls
The income tax department Monday appealed the people to come forward with information to curb abuse of the electoral process through cash and other inducements during the forthcoming general elections that begin on April 10 and end on May 19. "We are looking for credible information and intelligence and appeal the people," KK Vyavhare, director general of income tax (investigation), told reporters here. The department can take various actions, including seizure where unaccounted cash of over Rs 10 crore is found, he said, adding one quick response team has been formed for every constituency. Over 200 officials, including 50 officers, have already been deployed, he said, adding the number will only go up after March 31, when a large amount of staff will be relieved after fiscal-ending work. The department has created a helpline number- 1800221510-- for the public to come forward and share information and assured full secrecy to callers. At the last general election, a ...
Government of India Announces Sale Of Four Dated Securities For Rs 18000 Crore
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Jet Airways grounds 4 more planes for non-payment of lease rentals
Cash-strapped Jet Airways Monday said it has grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41. Grappling with financial woes, the carrier has been looking at ways to raise fresh funds. "... an additional four aircraft 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. As mentioned earlier, the company is actively engaged with all its aircraft lessors and regularly providing them with updates on the efforts taken to improve the liquidity, it said. "Aircraft lessors have been supportive of the company's efforts in this regard," it said, adding that all efforts are being made to minimise disruption to its network. Meanwhile, the shares of the company closed at Rs 237, up 0.87 per cent on the BSE. During the day, it touched a high of Rs 238 and a low of Rs 233.40. At the NSE, the shares closed 0.68 ...
Blue Star plans to start Andhra plant construction by 2021
Blue Star Ltd plans to start construction of the Sri City plant in Andhra Pradesh by 2021, a company official said on Monday. The air-conditioning major had purchased 23 acres of land from a private developer at a cost of Rs 85 lakh per acre for the facility. "We will start the Sri City plant by the middle of 2021... Construction work would be in two phases," CP Mukundan Menon, President (Sales and Marketing), told PTI. Menon said the installed capacity of the Andhra plant would be five lakh units per annum, taking the overall production volume to 10.5 lakh units, including its two facilities in Himachal Pradesh. The total capital expenditure for the new unit would be Rs 180 crore in phase one and Rs 30 crore in the second phase. The company had earlier shelved the proposed Jammu plant owing to GST complications, he said. Blue Star has a market share of 12.8 per cent in the air-conditioning segment and aims to take it to 13.5 per cent in the next fiscal, Menon said. He ..
Rupee spurts 57 paise to scale new 7-mth peak on strong fund flows
The Indian rupee Monday surged by 57 paise 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. Besides, weakness in the greenback against major global currencies and a heavy buying in domestic equities aided the forex market sentiment domestically. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.20 per cent to 96.40. At the Interbank Foreign Exchange, the rupee opened at 68.92 and advanced to a high of 68.45 during the day. It finally settled at 68.53, a rise of 57 paise against the dollar over its previous close. This was the highest closing level for the rupee since August 1, 2018 -- when it ended at 68.43. On Friday, the domestic currency had closed at 69.10 against the US dollar. In the last six trading sessions, the rupee has appreciated by 161 paise. "Indian rupee continues advancing for the ...
NCLAT nod to Arcelor buying Essar Steel
The National Company Law Appellate Tribunal Monday gave a conditional go-ahead to a Rs 42,000 crore offer by world's largest steelmaker ArcelorMittal to buy Essar Steel, taking the billionaire Lakshmi Mittal closer to his dream of opening a shop in his home country. A two-member bench headed by Justice S J Mukhopadhaya said the acceptance of the resolution plan submitted by ArcelorMittal and partner Nippon Steel & Sumitomo Metal Corp will be subject to its final order in the appeal filed by the promoters of debt-laden Essar Steel against the move. It also said there is no stay on disbursal of the funds among financial and operational creditors of Essar Steel, which was auctioned to recover unpaid bank loans. This came almost 20 months after the insolvency petition against Essar Steel was admitted by the Ahmedabad-bench of NCLT on August 2, 2017, and the entire process has been tied up in legal wrangles as the promoters used every legal forum available to challenge the process. It .
Realme phones to be available in 600 retail stores in UP
Smartphone brand Realme will now be available in top 600 retail-stores in Uttar Pradesh as part of its regional sales strategy, the company said in a release. Realme has already sold 1 lakh smartphones in Uttar Pradesh through offline stores, said Realme India CEO Madhav Sheth. "In Uttar Pradesh we have 39 service centres to ensure customer satisfaction," he said, adding that the brand will now be available in top 600 retail-stores in UP as part of our regional #realmeforeveryUPite sales strategy. Sheth claimed that the brand has been performing successfully on e-commerce platforms since May 2018.
Jet grounds four more aircraft, cancels Abu Dhabi flights
Beleaguered carrier Jet Airways on Monday said it has grounded four more aircraft and cancelled all flights to Etihad's hub in Abu Dhabi.Etihad owns 24 per cent of Jet and is contemplating to hike its stake in a bid to bail out the troubled airline.Meanwhile, UAE Ambassador to India Ahmed Al Banna said in New Delhi that it is for Jet and Etihad to break the impasse in talks."They may be facing some difficulties but it is up to them to decide what they want to do," he said.Facing the worst financial crisis of its 25-year existence, the airline has grounded about half its fleet, cancelled flights, delayed salaries and defaulted on the loan and other payments."Further to our letter on March 13, we now write to inform you that an additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," Kuldeep Sharma, Jet's Vice President for Global Compliance and Company Secretary, informed stock exchanges in regulatory ...
Market breadth turns negative
The market further pared gains in mid-morning trade. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 95.46 points or 0.25% at 38,119.78. The Nifty 50 index was up 29.90 points or 0.26% at 11,456.75. Auto shares declined.
Benchmarks pare gains; breadth positive
Key equity indices pared gains in morning trade as profit selling emerged at higher levels. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 221.35 points or 0.58% at 38,245.67. The Nifty 50 index was up 62.85 points or 0.55% at 11,489.70.
Market trades higher on positive global cues
Key benchmark indices were trading higher in early trade on positive Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 274.87 points or 0.72% at 38,299.19. The Nifty 50 index was up 71.75 points or 0.63% at 11,498.60.
MSTC IPO subscribed 1.17 times
Receives bids for 2.07 crore shares
Sensex advances for 6th straight session)
Despite witnessing volatility throughout the session, key equity indices advanced for the sixth straight day on Monday over sustained inflow of foreign funds and firm global markets.
Celebrate Luxury With BLVD Club - Bangalore's First Uber Luxe Private Club
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