Page 712 - Business Finance
Hemant Bhargava ceases to be Non Executive Chairman of IDBI Bank
IDBI Bank Friday said Hemant Bhargava has ceased to be its Non Executive Chairman as he no longer heads the parent company LIC. "This is to inform that Hemant Bhargava has ceased to be Non Executive Chairman of IDBI Bank consequent to his ceasing to be Chairman-in-charge of LIC with effect from March 14, 2019," IDBI Bank said in a regulatory filing. The Ministry of Personnel on March 13 appointed M R Kumar as the Chairman of the Life Insurance Corporation (LIC) for a period of five years. Kumar took charge Thursday. IDBI Bank is now a private sector lender following acquisition of majority stake by LIC. Stock of IDBI Bank was trading 0.81 per cent down at Rs 42.75 on BSE.
Trump pick only contender for World Bank President
US Treasury official David Malpass, who is President Donald Trump's pick to become the World Bank's new President, is the only contender in the race as a nomination deadline ended with no other challengers.
Qualcomm to pay Apple $1bn in rebate: US court
A US court has ruled that Qualcomm owes Apple close to $1 billion in rebate payments.
US regulators sue VW over emissions scandal
US stock regulators have sued Volkswagen over the emissions cheating scandal, alleging the German automaker committed fraud by raising billions in corporate bonds while lying to investors about the environmental impact of its cars. In a filing Thursday night in California, the Securities and Exchange Commission said that from April 2014 to May 2015, Volkswagen issued more than USD 13 billion in bonds and asset-backed securities in US markets while senior executives knew that more than 500,000 vehicles in the US grossly exceeded legal vehicle emissions limits. By hiding the emissions scheme, Volkswagen reaped hundreds of millions of dollars in benefit by issuing securities at more attractive rates, the SEC complaint alleges. "Issuers availing themselves of American capital markets must provide investors with accurate and complete information," said Stephanie Avakian, co-director of the SEC enforcement division. "As we allege, Volkswagen hid its decade-long emissions scheme while it was
Allahabad Bank looking at raising capital next fiscal
City-based Allahabad Bank, which had recently come out from the prompt and corrective action (PCA) after RBI removed it from the weak bank watch list in February, is looking ways to raise capital in the next financial year, an official said. The bank would be weighing the options of dilution of stake in the general insurance joint venture Universal Sompo and sell off non-core assets like properties in places like Mumbai, MD and CEO of Allahabad Bank S S Mallikarjuna Rao told reporters here on Friday. "Allahabad Bank has come out of the PCA. It is only the starting point", Rao said, adding that this had happened due to infusion of capital by the government as some conditions relating to net NPA and CRAR were breached", he said. Rao said that net NPA of the bank had fallen below six per cent, adding that recovery would be the mainstay for further lowering of NPA. "Expecting that the bank would book profits in 2019, the capital infusion by the government was for meeting ...
Genus Prime Infra update on rights issue
The Rights Issue to be offered at a price of Rs. 3 only per Rights Equity Share (including a premium of Rs.1 only per Rights Equity Share) and the full amount to be paid on application.
Sterlite Technologies Ltd leads losers in 'A' group
Reliance Communications Ltd, Prism Johnson Ltd, Bombay Dyeing & Manufacturing Company Ltd and Infibeam Avenues Ltd are among the other losers in the BSE's 'A' group today, 15 March 2019.
Growatt Recognized as Best Selling String Inverter of the Year
/ -- On March 7, Growatt was awarded "Best Selling String Inverter of the Year" in New Delhi, India. The award recognizes Growatt's development progress in the Indian rooftop sector. As the Global TOP 10 Solar Inverter, according to IHS Markit, and the No.1 Chinese Residential Solar Inverter Brand, Growatt has consolidated its technology, product and service advantages to favor its business expansion in India. "India is the second largest solar market after China in the Asia-Pacific region. It's one of our top overseas markets and we are working very hard there, providing reliable inverter solutions and professional customer services," said Rucas Wang, Growatt APAC Director. Rucas has 10+ years of sales experience in India and understands the local market in depth. "Though the rooftop sector now takes up a small portion of the Indian solar market, its share will increase in the long run. With our huge advantages in rooftop, we are in a very good condition to keep strong growth ...
FSDC Sub-Committee Reviews Major Developments That Impinge On Financial Stability Of country
A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held in Mumbai yesterday. Shaktikanta Das, Governor, Reserve Bank of India, chaired the meeting. The meeting was attended by the members of the Sub-Committee - Subhash Chandra Garg, Finance Secretary, Ministry of Finance; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Dr. Krishnamurthy Subramanian, Chief Economic Advisor, Ministry of Finance; S. C. Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Hemant G Contractor, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); Deputy Governors of the Reserve Bank - N. S. Vishwanathan, Viral V. Acharya, B.P. Kanungo and Mahesh Kumar Jain; Shashank Saksena, Secretary, Financial Stability and Development Council; and Deepak Mohanty, Executive Director of the Reserve Bank. Securities and Exchange Board of India (SEBI) was represented by G. Mahalingam, Whole Time Member, while Insolvency and ...
Vegetable Oil Imports Rise 7.4% In February 2019
As per a latest release by Solvent Extractors' Association of India (SEA OF India), the import data of Vegetable Oils (edible & non-edible) for the month of February 2019 is reported at 1,242,533 tons compared to 1,157,044 tons in February 2018, consisting 1,182,062 tons of edible oils and 60,471 tons of non-edible oils i.e. up by 7.4%. The overall import of vegetable oils during November 2018 to February 2019 is reported at 4,862,849 tons compared to 4,785,778 tons i.e. up by 1.61%, thanks to higher import duty.
14th CII-EXIM Bank Conclave on India-Africa Project Partnerships to begin on Mar 17
More than 31 ministers from 21 African countries and business delegates from 37 countries will participate in the three-day 14th CII-EXIM Bank Conclave on India-Africa Project Partnerships beginning here on March 17.The event being organised by Ministry of Commerce and Industry in association with Confederation of Indian Industry (CII) and EXIM Bank of India will mark deepening of India-Africa economic and business ties. It will pave the way for a whole range of cross-border project partnerships, said an official statement issued by the government on Friday.Echoing key areas identified for conclave, the discussion will revolve around two key themes: digital infrastructure and digital skills.Ghana's Vice President Mahamudu Bawumia, Guinea's Prime Minister Ibrahima Kassory Fofana and Lesotho's Deputy Prime Minister Monyane Moleleki will be present at the conclave along with Union Minister of Commerce and Industry Suresh Prabhu, Minister of State for Commerce and Industry C R Chaudhary ..
Silver futures up by Rs 318/kg on firm global cues
Silver prices rose by Rs 318 at Rs 38,245 per kg in futures trade Friday as speculators created fresh positions amid firm trend overseas. At the Multi Commodity Exchange, silver for delivery in May traded higher by Rs 318, or 0.84 per cent, at Rs 38,245 per kg in a business turnover of 20,247 lots. Likewise, the white metal for delivery in July was trading higher by Rs 317, or 0.82 per cent, at Rs 38,792 per kg in 455 lots. Analysts said building up of positions by speculators in line with a firm trend in global markets for precious metals mainly influenced silver prices here. Meanwhile, silver was up 1.78 per cent at USD 15.37 an ounce in Singapore.
Transwarranty Finance Ltd leads losers in 'B' group
Bhagyanagar Properties Ltd, Times Guaranty Ltd, Karma Energy Ltd and Country Condos Ltd are among the other losers in the BSE's 'B' group today, 15 March 2019.
Volumes spurt at CARE Ratings Ltd counter
CARE Ratings Ltd notched up volume of 5.42 lakh shares by 14:14 IST on NSE, a 18.4 fold spurt over two-week average daily volume of 29449 shares
Aluminium futures slip 0.14 pc on weak spot cues
Aluminium prices were trading down 0.14 per cent at Rs 146.25 per kg in futures trade Friday as speculators cut down their positions, taking negative cues from the spot market. At the Multi Commodity Exchange, aluminium for delivery in March declined by 20 paise, or 0.14 per cent, at Rs 146.25 per kg in a business turnover of 1,678 lots. The metal for delivery in April edged up by 10 paise, or 0.07 per cent, at Rs 146.40 per kg in 488 lots. Analysts said cutting down of positions by traders owing to slackened demand from consuming industries in the physical market weighed on aluminium prices here.
Banks need to raise own capital till June: Sources
Public Sector Banks (PSBs) may raise capital themselves to meet regulatory and growth capital needs because there is unlikely to be any fresh bank recapitalisation till the next government takes over in June, official sources said on Friday.
Baba Arts update on buyback of shares
Further to above, the Post Buyback paid-up share capital of the Company, is Rs.5,25,00,000 consisting of 5,25,00,000 Equity Shares of face value of Re.1/-each.
RIL inches up as Brookfield to acquire East-West Pipeline
Reliance Industries rose 0.39% to Rs 1346.45 at 13:39 IST on BSE after the company said Brookfield-sponsored India Infrastructure Trust will acquire East-West Pipeline for Rs 13,000 crore.
Crude oil futures up 0.3% on global cues
Crude oil prices rose 0.3 per cent to Rs 4,073 per barrel Friday as speculators created fresh positions amid positive cues from global markets. Traders said oil prices were supported by OPEC-led supply cut till June this year and the US sanctions against Venezuela and Iran. At the Multi Commodity Exchange, crude oil for delivery in March was trading higher by Rs 12, or 0.3 per cent, to Rs 4,073 per barrel in a business turnover of 15,509 lots. Meanwhile, West Texas Intermediate gained 0.39 per cent to USD 58.79, while Brent crude, the international benchmark was at 0.30 per cent to USD 67.43 per barrel.
Brookfield-led InVIT to buy RIL's East-West gas pipeline for Rs 13,000 cr
Canadian investor Brookfield-led India Infrastructure Trust (InVIT) has agreed to buy billionaire Mukesh Ambani's loss-making East-West gas pipeline for Rs 13,000 crore. The InVIT will acquire 100 per cent equity interest in Pipeline Infrastructure Pvt Ltd, owner and operators of the pipeline that transports Reliance Industries Ltd's eastern offshore KG-D6 gas to customers, according to a statement issued by Ambani's flagship company. After this, the existing pipeline usage agreement has been reworked to reduce capacity reserved for RIL gas to 33 million standard cubic meters per day from 56 mmscmd currently. RIL will have to transport at least 22 mmscmd of gas through the pipeline at the revised tariff, failing which it will be liable to pay the differential amount to Pipeline Infrastructure, the statement said. The East West pipeline originates at Kakinada in Andhra Pradesh and travels 1,460-kilometers up to Bharuch in Gujarat. It commenced operations in 2009 with an original design