Page 711 - Business Finance
Religare Enterprises shares surge 10%
Shares of Religare Enterprises Friday zoomed 10 per cent a day after Sebi ordered Religare Finvest and the company to recall loans worth over Rs 2,300 crore that were diverted to promoters Shivinder Mohan Singh, Malvinder Mohan Singh and 21 other entities after finding preliminary evidence of fund diversions. The stock jumped 9.98 per cent to close at Rs 31.40 -- its upper circuit limit of Rs 31.40 -- on the BSE. On the NSE, shares zoomed 9.96 per cent to close at Rs 31.45. On the traded volume front, 2.63 lakh shares were traded on the BSE and over 11 lakh units on the NSE during the day. Religare Finvest Ltd (RFL) is a subsidiary of Religare Enterprises Ltd (REL). At the end of December 2018, the Singh brothers were among the promoters of REL. "It was observed that funds amounting to Rs 2,315.09 crore had been diverted from the books of RFL for the utilisation of promoters and promoter group entities of REL," the regulator said in an order on Thursday. The regulator has directed the
MSTC IPO fully subscribed
Receives bids for 1.97 crore shares
Allahabad Bank to raise Rs 500-600 cr next fiscal
State-run Allahabad Bank is looking to raise around Rs 500-600 crore capital in the next fiscal through dilution in stake of its joint venture insurance company and also by selling non-core assets, an official said on Friday.
Hong Kong Market rises 0.56%
Investors chased for value buying as Premier Li Keqiang pledged not to let economic growth fall below a reasonable range. China will not let economic growth slip out of a reasonable range amid downward pressure on its economy, Li said on Friday at a press conference marking the end of the annual meeting of the National People's Congress. The Chinese premier pledged strong measures to support growth, saying that the government could use tools such as reserve requirements and interest rates. Li added that China would cut value-added tax (VAT) for manufacturing and other sectors on April 1 and social security fees from May 1. Li's comments at the close of the annual parliament meeting came a day after China lowered its growth target to 6 to 6.5 percent for 2019, down from around 6.5 percent last year.
After Retail Success of Japanese Chains, Hamee Looking to Replicate E-commerce Growth in India
/ -- India, being the second most populous country in the world, has been an attraction for a large group of investors from around the globe to expand to new business opportunities and to capitalize on the growth. Having the youngest population percentage in the world, the country has a dominance over the market trends as the market seems to move largely by the millennial groups. On this note, the Japanese investors at large, have been attracted to the market lately and have been investing in both medium to larger size organizations seeing the huge potential being offered. Many brands have been expanding to retail chain stores in India while targeting groups that look into affordable products with a quality value to it. Another Japanese chain 'Hamee' has entered India, which targets the same market via online channels and provides affordable products while targeting the millennials and understanding the user behaviour in this market. Hamee established its subsidiary in India in 2015,
Quick Wrap: Nifty PSE Index records a surge of 2.26%
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China Market gains 1.04%
Investors chased for value buying as Premier Li Keqiang pledged not to let economic growth fall below a reasonable range. China will not let economic growth slip out of a reasonable range amid downward pressure on its economy, Li said on Friday at a press conference marking the end of the annual meeting of the National People's Congress. The Chinese premier pledged strong measures to support growth, saying that the government could use tools such as reserve requirements and interest rates. Li added that China would cut value-added tax (VAT) for manufacturing and other sectors on April 1 and social security fees from May 1. Li's comments at the close of the annual parliament meeting came a day after China lowered its growth target to 6 to 6.5 percent for 2019, down from around 6.5 percent last year.
Board of RDB Realty & Infrastructure appoints director
On 15 March 2019
Share-based incentive plans key part of organisation's reward strategy: Report
Share-based incentive plans are an integral part of an organisation's reward strategy as they show immediate desired results such as retention, enhanced performance of employees, an EY report said. According to EY India's latest Share Based Incentive Plan Report, 94 per cent of the organisations surveyed have a share-based incentive plan in place. Traditional employee stock option plan (ESOP) remains the most preferred share-based employee incentive plan and about 71 per cent of the respondent organisations have implemented ESOP. Apart from ESOP, other variants of share-based incentive plans such as stock appreciation rights plan (SAR) are preferred by 13 per cent of respondent companies and is often rolled out by cash-rich companies where dilution of equity may be a concern, the report said. "Almost 50 per cent of the organisations feel that share-based incentive plans have shown immediate desired results such as retention and enhanced performance of employees," said Sonu Iyer, Tax ..
Board of Tide Water Oil Company India recommends second interim dividend
Of Rs 85 per share
Australia Market ends tad down
Mining stocks were lower, after copper prices dropped overnight as industrial output in top metals consumer China fell to a 17-year low. BHP was down 1.8%, Fortescue Metals down 1.2% and Rio Tinto down 0.13%.
FM Logistic to invest USD 150 million in India for warehouses
France-based FM Logistic Friday said it plans to invest USD 150 million (a little over Rs 1,000 crore) over the next five years to set up new warehouses in India. This amount will be used to focus on multi-client warehouses, the company said. CEO Jean-Christophe Machet said: "I am impressed by the dynamics of India, and planning to make strategic investments here to support long-term growth. "We are confident about our growth and development so we decided at the board level to invest this significant amount of USD 150 million for next five years to develop our own facilities." The company plans to expand to five cities including four metropolitan cities, he added. When asked how will the funds be arranged, he said the company is in the process of negotiating with local and international finance partners for funding and will also use its own equity. In 2016, the company entered India through the acquisition of Pune-based Spear Logistics. "We see a huge untapped potential in ...
Japan Nikkei surges 0.77%
Shares of companies with large exposure to China soared on Beijing's commitment to boosting economic growth. Fanuc Corp rose 1.4%, while Komatsu Ltd gained 1.8% and Yaskawa Electric Corp jumped 4.2%. Descente soared 2.7% after reports that trading house Itochu Corp had raised its stake in the sportswear maker to 40% from about 30%.
NCR and MMR Lead Affordable Housing in the Last 5 Years - CII-ANAROCK Report
/ -- NCR and MMR account for 55% share of total 6 lakh affordable units launched across the top 7 cities; NCR saw maximum supply Of the total 3.98 lakh units sold in sub INR 40 lakh category, NCR & MMR hold 57% share Pune comes next with 1.13 lakh units launched and approx. 75K units sold in the affordable segment Bengaluru, Chennai & Hyderabad saw the least activity in the affordable segment It is the biggest shift that the Indian real estate market has seen so far. The previously 'unaffordable' real estate markets of NCR and MMR have led the thrust of affordable housing - in both new supply and housing sales - over the last five years. ANAROCK Property Consultants' latest report 'Affordable Housing: The Blue-Eyed Boy of Indian Real Estate' confirms that these two regions contributed a whopping 55% share of the overall new budget housing supply between 2014 and 2018. (Logo: https://mma.prnewswire.com/media/830831/ANAROCK_Logo.jpg) (Photo: ...
K Purushothaman takes charge as CEO of K7 Computing
IT security solutions provider, K7 Computing has appointed K Purushothaman as its Chief Executive Officer with immediate effect, the company said. Prior to taking up the new role, he was serving National Association of Software and Service Companies (NASSCOM) as its Regional Director. He had also worked with Aircel Ltd and auto-major Hyundai Motor India Ltd. "I am confident that with his experience, Purushothaman will also induce marketing and sales focused work culture; which is equally important for the overall brand reputation and growth of an organisation," company founder and CTO, J Kesavardhanan said in a statement. On taking up the new role, Purushothaman said, "K7 Computing has a robust product line and superior support services for consumer segment. Building on this success, I aim to establish K7 Computing as the most preferred brand for enterprise segment". "With the recent repositioning and expansion into the enterprise segment with new offerings; K7 Computing
Indian Edtech company aiming to venture into USD 200 bn global market through SE Asia
An Indian education technology (Edtech) company is aiming to venture into the USD 200 billion global market through South East Asia, where the educational institutions are modernising their teaching systems with the cutting edge technologies, the company officials said here on Friday. The Bangalore-headquartered Mindlogicx is using its Singapore regional office to venture into the fast-expanding South East Asian education software markets as a stepping stone. The urgency in modernising teaching systems at the international education institutions is driving the demand for advanced technology systems in the USD 200 billion Edtech industry globally, they said. "The Edtech industry, with an estimated compound annual growth rate (CAGR) of 17 per cent seen in the last two years, is seeking new innovative products," said Suresh Elangovan, CEO of Mindlogicx, which invented fraud-free examinations and assessments platform IntelliExams. Citing the huge opportunities, the company has launched ...
Market logs modest gains after choppy trade
Local stocks ended with modest gains after volatile session of trade. The barometer index, the S&P BSE Sensex, gained 269.43 points or 0.71% at 38,024.32, as per the provisional closing data. The Nifty 50 index rose 83.60 points or 0.74% at 11,426.85, as per the provisional closing data. Positive global stocks boosted sentiment.
Gold falters on weak demand from jewellers
Sluggish demand from local jewellers pulled down gold prices by Rs 260 to Rs 33,110 per 10 gram in the national capital on Friday, All India Sarafa Association said. Silver too dropped Rs 130 to Rs 39,170 per kg on low offtake by industrial units and coin makers. Traders said gold faltered as buying by local jewellers saw a dip, though a positive trend overseas capped the fall. Globally, gold was trading higher at USD 1,303.18 per ounce while silver held steady at USD 15.35 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 260 to Rs 33,110 and Rs 32,940 per 10 gram, respectively. Sovereign gold, however, remained flat at Rs 26,400 per eight gram. Silver ready saw a fall of Rs 130 to Rs 39,170 per kg and weekly-based delivery shed Rs 319 to Rs 38,342 per kg. Price for a lot of 100 silver coins remained unchanged at Rs 80,000 for purchase and Rs 81,000 for sale.
NCL Industries Ltd inaugurates door manufacturing plant in
NCL Industries Ltd has started the commercial production of its latest range of premium doors under the brand name of 'Duradoor,' in its new plant in Malkapur near here, a company official said Friday. Spread across two lakh sq ft., the plant was built in technical collaboration with AGT, Turkey, with an installed capacity of 1000 doors in a single shift, with an investment of cost of Rs 50 crore, he said in a press conference. "Duradoor from NCL Industries, in collaboration with AGT of Turkey, is coming to the market with a strategy to meet the rising consumer demand for world-class, robust door solutions in the housing and commercial buildings materials market. We want to lead the market for serving top of the line products like Duradoor in India. Our aim is to be the market leader and touch double-digit growth in this segment in the next few years," Ravi said . Duradoor will be available in the market in a couple of days with a lifetime warranty, a unique feature that ..
China announces plans to stabilise growth amid trade war with US
China is facing "downward pressures", Premier Li Keqiang admitted Friday as he announced plans to boost market vitality with a new foreign investment law backed by tax cuts to stabilise growth in the world's second largest economy amid a bruising trade war with the US. China is targeting a GDP growth range of 6 to 6.5 per cent this year, down from 6.6 per cent in 2018 - the slowest pace in 28 years. "The Chinese economy is indeed encountering new downward pressure but we will not allow our economic growth slide below the reasonable range", Li told journalists at his annual press conference held at the end of the nearly fortnight long meeting of China's Parliament, the National People's Congress (NPC). To meet the 6 to 6.5 per cent target, China will not resort to a "liquidity deluge" method of quantitative easing to stimulate the economy because it will bring serious side-effects, he said. Li said China will further cut taxes and fees, simplify administrative regulatory procedures, ...