Page 707 - Business Finance
HDFC Bank allots 13.85 lakh equity shares under ESOS
The paid up share capital of the Bank will accordingly increase from Rs. 5443895544 equity shares of Rs 2/- each to Rs. 5446613220 equity shares.of Rs 2/- each.
Shares may rise on positive global cues
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 31.50 points at the opening bell.
Jet Airways grounds its operations in Abu Dhabi Airport
Jet Airways has grounded its operations at Abu Dhabi Airport from Monday for an indefinite period, citing operational reasons. Abu Dhabi is one of the two international hubs of Jet Airways. Dutch capital Amsterdam is the European gateway for the airline for its operations to Europe and beyond. "Jet Airways has cancelled all their flights from Abu Dhabi with immediate effect from March 18 due to operational reasons," Etihad Airport services said in a notification to its passengers Sunday. Etihad Airport Services is the ground handling arm of Jet Airways investment partner Etihad Airways. Abu Dhabi airport also serves as the main hub of the UAEs national carrier. "Further to the short notice of flight cancellation, (Abu Dhabi) hub may face minor disruption)," the company said in the statement. Responding to PTI queries on the cancellation of its operations from Abu Dhabi, the airline in a statement said, " Jet Airways has pro actively taken certain adjustments to its
Four held for Rs 17 lakh robbery at Gurugram firm
Gurugram Police have arrested four members of a gang for the Rs 17 lakh robbery on March 13, the police said here on Sunday.
Ajinomoto focusing on food business in Cambodia
Cambodia is one of the fast-growing countries. The varieties of foods in this country enrich many restaurants and family scene. However, in recent years, dealing with unsafe food is becoming one of the real challenges for Cambodia.Ajinomoto Cambodia is a company which has been contributing to making more various cuisines and safe food through 'umami' seasonings in Cambodia. It owns a factory in Phnom Penh where it produces pure quality umami seasonings. The factory is not only focusing on producing quality products but also creating an environment which takes special care of its products such as protecting them from contamination and ensuring high inspection by both employees and machines in order to deliver safe and trusted products to customers.All of their products are produced and organized in quality by Cambodians to deliver safe everyday meals.Soun Kean, Production Manager of Ajinomoto, Cambodia said, "My job is to guarantee the good quality product with Japanese technology, and
Aeon developing retail business in Indonesia
Indonesia is developing at a fast pace where the motorbike is the major means of transportation for people. Currently, motorbike taxi dispatching service via a Smartphone application and cashless service is getting popular.Aeon mall Jakarta Garden City is a huge shopping centre which has playground equipment facility, different kinds of restaurants and daily grocery stores. During the weekend, a lot of people spend time here as a recreation place by incorporating the style of Japanese hospitality to entertain the customer first.Aeon Mall, a Japanese company that develops and operates huge shopping malls in Asian countries, is paying attention to cashless service and motorbike taxi. The firm also held a joint press conference to announce a partnership with 'Go Jek', a company that develops applications for consumers.Aeon's president director, Daisuke Isobe said, "Today, Aeon Mall declared that it has started the collaboration with Go Jek, which operates the largest consumer ...
NCR, MMR regions lead affordable housing segment
The National Capital Region (NCR) and the Mumbai Metropolitan Regions (MMR) lead the affordable housing segment in terms of launches and sales across seven cities in the country, a CII-Anarock report said on Sunday.
Iran's president inaugurates new gas projects
Iran's President Hassan Rouhani has inaugurated a new phase in the development of a massive natural gas field. State TV on Sunday quoted the CEO of the South Pars gas field company, Mohammad Meshkinfam, as saying the development will allow Iran to overtake Qatar in the production of natural gas. The two countries are among the biggest gas producers in the world, and share the South Pars gas field, which is beneath the Persian Gulf. Rouhani presided over the inauguration of four projects with a total annual investment of USD 5 billion. Each will produce an additional 56 million cubic meters of natural gas and 75,000 barrels of condensate per day. Iran currently produces more than 600 million cubic meters of gas and 200,000 barrels of condensate per day.
Germany's two top banks launch merger talks to create national 'champion'
Germany's two biggest lenders, the ailing Deutsche Bank and Commerzbank, said Sunday they would launch formal talks toward a possible merger that could create a "national champion" in financial services. Chancellor Angel Merkel's government has been urging the two Frankfurt firms to explore a cross-town tie-up to avoid either one being swallowed up by a foreign competitor and to create a muscular player that can finance Germany's export-driven companies. The lenders, both grappling with painful restructurings after years of falling profits, have long been the subject of merger rumours. Deutsche Bank said Sunday it was "reviewing strategic options and confirms discussions with Commerzbank", adding that "there is no certainty that any transaction will occur". Commerzbank said both banks had "agreed today to start discussions with an open outcome on a potential merger". If they did tie the knot, they would create a European banking behemoth with some 1.8 trillion euros (USD 2 trillion) ..
Transasia Bio-Medicals mulls IPO in 2-3 years
In-vitro Diagnostic company Transasia Bio-Medicals Ltd is mulling an initial public offering (IPO) in the next 2-3 years to enter the USD 70 billion global diagnostic medical equipment market, a company official said. "We would need funds for aggressive global expansion. We are planning an IPO in India in the next 2-3 years. By then, we hope to roll out the full range of products in the diagnostic space including those that are in development or trial stage now," Transasia Bio-Medicals Managing Director Suresh Vazirani told PTI. The company, in the last decade, has pumped in Rs 1,000 crore for acquiring 18 companies in over a dozen countries like the US, Russia and European countries including UK, France, Germany, Czech Republic and Italy. Vazirani said the company is a clear leader in the diagnostic equipment market in India which is valued at USD 1 billion. "The global market size is USD 70 billion. Our growth potential is also now poised more in the international ...
FIIs bullish, buzz points to stability ahead (Market Watch)
Markets were on a roll in the last week and gained on all five days even though Thursday's gains could be termed as flat. BSE SENSEX gained 1,352.89 points or 3.69% to close at 38,024.32 points. NIFTY gained 391.45 points or 3.55% to close at 11,426.85 points. BSE MIDCAP was up 2.48% while BSESMALLCAP was up 2.12%. These two that led the rally three weeks ago have slowed down, but have certainly not lost the momentum. There have been changes in the groups and under the 'ASM advanced surveillance mechanism, margins on big gainers has increased manifold reducing the activity in those counters.
SEBI mulls reducing rights issue listing time
After reducing time to list shares on the stock exchanges post-closure of initial public offerings (IPOs), markets regulator SEBI is aiming to cut down the time for listing of rights issue shares, an official said. In September last year, the Securities and Exchange Board of India (SEBI) decided on reducing the time to list shares on the bourses after IPO to 3 days from the present 6. The SEBI directive is likely to come into effect from July this year. SEBI had cited mitigating external risks such as market volatility and uncertainty of financial markets as the reason behind the move. "SEBI aims to reduce the listing of IPO shares to 3 days from 6 days now. It is supposed to be introduced for IPOs from July 2019 onwards. Now, the regulator is working on simplifying the rights issue process," Central Depository Services (India) Ltd (CDSL) VP (operations) Nitin Ambure told PTI. "I hope the number of days for listing the rights issue shares may come down to 8-10 days from .
'Morocco can be India's gateway to Europe, W. Africa'
Morocco could serve as a gateway for India's exports to Europe, West Africa and the US due to a plethora of trade treaties with several countries and entities, a high-ranking official of the North African nation's industry chamber has said.
How Motorola lost its grip in India
Lenovo-owned handset major Motorola may have become popular in the global smartphone market in recent years but it has failed to cement its position in India, which is the second largest smartphone market in the world.
DLF to invest Rs 750 cr for new commercial project in Gurugram
Realty major DLF will invest around Rs 750 crore for construction of a new commercial project in Gurugram as it seeks to encash rising demand of office and retail space from end users as well as institutional investors, according to sources. The company has decided to build a new commercial project with 2.5 million sq ft area in Gurugram. It will sell office and retail space in this commercial project, and not adopt lease model, sources said. DLF has completed and sold a 2.5 million sq ft commercial project 'DLF Corporate Greens' located at Southern Peripheral Road in Sector 74A, Gurugram. Adjacent to the Corporate Greens project, the company has more land parcels where it will build the new commercial property. The construction work would start in few months with an estimated cost of around Rs 750 crore, sources said. The company spokesperson declined to comment on the matter. DLF, the country's largest realty firm in terms of market capitalisation, mostly develops commercial project
Assocham releases charter of demands for political parties; pitches for 8-8.5 pc growth rate
Industry body Assocham Sunday released a charter of demands to make India a USD 5 trillion economy by 2025 and called on political parties to incorporate the same in their Lok Sabha poll manifestos. Listing out the charter, Assocham in a statement said it wants political parties to pledge, among other steps, to enable growth rate of 8-8.5 per cent per annum. Some of demands that Assocham wants political parties to incorporate in their 2019 election manifestoes include simplification of GST structure, time bound dilution of government stake in Public Sector Undertaking (PSUs), providing tax rebate of 1 per cent to companies that offer over 20 per cent jobs for women and cut in corporate income tax for MSME sector. It further suggested expeditious roll-out of Ayushman Bharat and reducing education cost by minimising GST on outsourced education services from 18 per cent to 5 per cent. To boost economic growth and investment, the industry body has suggested creation of development finance
Haier India aims to be a billion dollar company by 2020
Chinese consumer electronics major Haier Group is looking at India as one of the most "strategic market" globally, and expects the local unit to become a billion dollar company by 2020 and be among top three players in home appliance segment in next two years, largely driven by higher sales, said a top company official. Haier India, expects to continue its high growth momentum from all verticals and is also extending its product portfolio by expanding into segments such as smart homes solutions and smart laundry business. Besides, the Qingdao headquartered company, which owns six other global brands besides Haier, is also mulling to introduce some of them in India after 2020, to tap the growing opportunities premium segment. "Our target is to be one billion dollar company by 2020," Haier India President Eric Briganza told PTI. Haier India, which follows January-December fiscal calendar, had posted a net revenue of around Rs 3,500 crore in 2018, by registering a growth of around 50 per
Bharti AXA Life's premium grows 28% in Apr-Dec
Private sector Bharti AXA Life Insurance registered a 28 per cent growth in its total premium to Rs 1,359 crore during the nine months to December of the current fiscal, and will focus on tier 2 and 3 cities next year to expand business, a top official said. The company's total premium stood at Rs 1,064 crore in the corresponding period of 2017-18. The new business premium surged by 40 per cent to Rs 617 crore during April-December period of 2018-19, while renewal premium grew by 19 per cent to Rs 742 crore. "We have outgrown the life insurance industry in the first nine months of this fiscal. We are confident of achieving a robust growth by the end of the current financial year," Bharti AXA Life Insurance MD and CEO Vikas Seth said. The company expects to achieve a strong double-digit growth by this fiscal end. The annualised new business premium grew 48 per cent to Rs 422 crore in the first nine months of 2018-19 as against Rs 286 crore in the same period last fiscal. Bharti AXA ...
Delhi Metro to conduct customer satisfaction survey from Mar 18 to Apr 14
Starting Monday, commuters of the Delhi Metro can participate in an online survey conducted by a global transport body across various parameters, including availability, accessibility and security, officials said Sunday. The Railway and Transport Strategy Centre (RTSC) in London, which manages CoMET (Community of Metros) and Nova benchmarking groups, will be conducting the 'Sixth Online Customer Satisfaction Survey' from March 18 to April 14. "The main objective of the survey is to know what the commuters think about various aspects of metro operations, and can give feedback or suggestions on improving the quality of service," the Delhi Metro Rail Corporation (DMRC) said in a statement. Commuters who wish to participate in the survey can visit DMRC's official website and submit it online by clicking on the relevant links. The survey form will be available in both English and Hindi, it said. The commuters will be able to give their feedback on all the important aspects of metro ...
J&K Bank to sell stake in PNB Metlife for Rs 185 cr
Jammu and Kashmir Bank Sunday said it proposes to sell its stake in PNB Metlife India to private equity player Oman India Joint Investment Fund II for Rs 185 crore. The bank has executed share purchase agreement with Oman India Joint Investment Fund II for sale of 4.1 crore shares of PNB MetLife India Insurance Company Ltd, Jammu and Kashmir Bank said in a regulatory filing. This would be subject to fulfilment of certain conditions precedent, which include requisite prior approval from the Insurance Regulatory and Development Authority of India, it said. Jammu and Kashmir Bank holds 5 per cent stake in the insurance venture. PNB MetLife India Insurance is a joint venture between MetLife International Holdings Inc, Punjab National Bank, Jammu and Kashmir Bank, M Pallonji and Company Pvt Ltd and other private investors. The state-run Punjab National Bank holds 26 per cent stake in the venture, while the US-based MetLife has a 26 per cent stake.