Page 735 - Business Finance
ITU to open its first ever innovation centre in India by July
The United Nations' telecom body ITU plans to set-up its first ever innovation centre in India to incorporate technologies from South Asian countries and emerging economies in standards for technologies. The International Telecommunications Union (ITU) Deputy Secretary-General Malcom Johnson Monday met Telecom Secretary Aruna Sundararajan to discuss the roadmap for setting up the innovation centre along with the union's first regional office for South Asia in India. When contacted, Sundararajan said, "the proposal was approved in October. The ITU regional office and innovation centre are likely to start operations in July." The ITU coordinates with countries and companies globally to set-up new technology standards in telecom space. The innovation centre is expected to give opportunity to Indian technology firms to make their case for being part of global standards, which has been largely influenced by companies from developed countries and have huge influence on telecom businesses ...
Versa Drives gets investment from Murata Manufacturing,
: Coimbatore-based electronics design and manufacturing company Versa Drives Pvt Ltd Monday said it has received an undisclosed investment from Japan-headquartered Murata Manufacturing Co. The investment would be utilised to develop a line of innovative motor drives that target the electric appliances and electric vehicle OEMs (original equipment manufacturers) with superior control and efficiency, a company statement said. "Murata with its global presence and leadership in electronic component manufacturing will help Versa Drives' products reach international markets," managing director of Versa Drives Sundar Muruganandhan said in the statement. Versa Drives has been supplying custom-designed motor drives and is a market leader in super-efficient ceiling fans. The company has been registering a growth rate of 30 per cent in the niche field catering to original equipment manufacturers, the statement said. Commenting on making the investment in Versa Drives Pvt Ltd., ...
100 pc placement at IIM-Nagpur; highest package at Rs 20 lakh
The Indian Institute of Management (IIM) Nagpur achieved 100 per cent placement for the third batch of PGP students with the highest domestic annual package at Rs 20 lakh, the business school said Monday. The institute has completed its final placement process for the third batch of students enrolled in its flagship Post Graduate Program in Management (PGP 2017-19) and achieved 100 per cent placement, an IIM-N press release said. The placement season saw participation from sectors like FMCD (fast moving consumer durables), analytics, IT, consulting and logistics, among others, it said. The final placement process witnessed 40-plus recruiters, including many first time participants, visiting the campus, the release said. Prominent recruiters included Deloitte Consulting, ZS Associates, MuSigma, Berger Paints, V-Guard, Schindler, FSS Global, Sutherland Global, GroupM, Decimal Point Analytics, ValueLabs, JK Technosoft and Aspect Ratio Data, it said. This year also witnessed .
Welspun Telangana project's execution risk moderate: Ind-Ra
The execution risk of home textiles major Welspun India's Rs 1,123 crore tile manufacturing project at Telangana would be moderate, India Ratings and Research (Ind-Ra) said Monday. "The execution risk will be moderate as the company has an established track record of executing similar large projects with standard technology," the agency said in a rating note on Monday. "The company is setting up a high-end integrated tile manufacturing facility in Chandanvelly, Telangana, which is scheduled to be completed by 3QFY'20," Welspun officials said. The company will incur capex of Rs 1,123 crore which will be funded by Rs 815 crore of debt guaranteed by WIL, and the remainder from equity of WIL. "As of December 2018, about Rs 370 crore of the capex was executed. The facility would reach optimum utilisation capacity in the next two-to-three years," Ind-Ra said. The company had said facility for flooring solutions is the first of its kind in India and in currently imported from ..
Solar energy developers sentiment low, capacity addition slows down: Report
Inconsistent government actions cast a shadow over solar energy developers' sentiment and slowed down capacity addition momentum, a report by CRISIL Research said Monday. India has set an ambitious target of having 175 GW of renewables including 100 GW of solar energy by 2022. The outlook for solar energy development in the country is constrained as capacity additions get delayed, CRISIL Research said in a statement. CRISIL Research expects solar power capacity additions of 48-50 GW between fiscals 2019 and 2023. However, it said that developer sentiment has been negatively impacted by the lack of clarity on several policy issues and arbitrary bid cancellations, which is contrary to a supportive policy stance from the government. Over fiscals 2017 to 2019, while previously tendered capacities continued to be commissioned apace, certain risks to future project implementation manifested. There were frequent bid cancellations, lack of clarity on GST procedures, and cost pressure from the
Tata Motors bags orders for over 2,500 CVs
Tata Motors Monday said it has bagged orders for over 2,500 commercial passenger transportation vehicles (CVs) from various institutional customers and it is in the process of delivering these units. The company has bagged order for 1,045 buses from Gujarat State Roadways Transport Corporation (GSRTC) and 1,000 Winger ambulances from National Health Mission (NRHM), Uttar Pradesh, Gujarat, Himachal and Haryana. It has also bagged orders for 400 CNG buses from Pune Mahagagar Parivahan Mahamandal Ltd (PMPML). "The demand for public transportation is rapidly increasing in India with the government's thrust towards providing smart, safe and convenient mode of commute to the citizens," Tata Motors President (CVBU) Girish Wagh said in a statement. The company takes great pride in partnering with various state road transport undertakings (STUs) in delivering solutions, and to create and maintain a sustainable mass public transportation system, he added.
TVS Motor board approves second interim dividend of 140%
TVS Motor Company Monday said its board has approved second interim dividend of Rs 1.40 per share (140 per cent) on 47,50,87,114 equity shares of Re 1 each for the financial year ending March 31, 2019. The dividend, which entails an outgo of Rs 79.7 crore, will be paid on or after March 22, 2019 to eligible shareholders, TVS Motor Company said in a regulatory filing. The company's board at its meeting held on October 23, 2018 had declared an interim dividend of Rs 2.10 per share (210 per cent) for 2018-19 entailing an outgo of Rs 120.28 crore, including dividend distribution tax. Shares of TVS Motor Company Monday settled at Rs 506.80 on the BSE, up 3.78 per cent.
Congress to probe post-demonetisation deposits if voted to power
Lambasting Prime Minister Narendra Modi for destroying the economy through demonetisation, the Congress on Monday claimed that if voted to power, it will probe the post-note ban deposits in tax havens and Indian banks, including a Gujarat bank with BJP President Amit Shah as its director which had netted a very high amount of money.
Kirloskar Brothers Ltd turns 100
Kirloskar Brothers Ltd (KBL) has entered the centenary year of its existence, company officials said here on Monday.
CG Power creditors invoke 6.76 cr pledged shares held by promoter Avantha Holdings
CG Power and Industrial Solutions said Monday that creditors have invoked 6.76 crore pledged equity shares, constituting 10.8 per cent of the company's share capital, held by one of its promoters Avantha Holdings. "...Invocation of pledge created on 6,76,96,248 equity shares of the company held by Avantha Holdings Ltd constituting 10.8 per cent equity share capital of the company by Vistra ITCL (India) Ltd, Debenture Trustee of Avantha Holdings Ltd on behalf of Debentureholders namely BOI AXA Credit Risk Fund, KKR India Financial Services Private Limited and KKR India Debt Opportunities Fund II," CG Power and Industrial Solutions said in a BSE filing. Avantha Holdings stated that though the pledge was invoked, however, Avantha Holdings will continue to have the right to require a re-transfer of the shares to itself upon repayment of the debt, according to the statement. The promoter has said that in the case of any sale of the equity shares by Vistra ITCL (India) Ltd, any amounts ...
Japan to fund Sri Lankan light rail system
Japan's overseas development agency said Monday that it has agreed to lend funds for a new USD 1.5-billion light rail system for Sri Lanka's congested capital Colombo. Colombo traffic slows to an average speed of less than seven kilometres (four miles) an hour during peak times, making it one of the slowest in South Asia. The Japan International Cooperation Agency (JICA) said it signed an agreement with Sri Lanka to provide a loan of 30.04 billion yen (USD 270 million). Under the deal, Japanese technology including rolling stock and electromechanical equipment will be utilised in the project, it added. The Light Rail Transit (LRT) system with 16 stations over 15.7 kilometres (9.8 miles) will operate on an elevated track in and around Colombo. "It will fundamentally change the face of public transport in this country, ease traffic congestion and improve the environment of Colombo city," the statement said. The Japanese loan carries an interest rate of 0.1 percent and is repayable over
89% buyers look for good camera while buying smartphone: CMR
Eighty nine per cent buyers consider the camera as the top specification while buying a smartphone, followed by battery life (87 per cent), RAM (79 per cent) and internal memory (72 per cent), a new report by CyberMedia Research (CMR) said on Monday.
Powerica files preliminary papers for initial share sale
Power solutions provider Powerica Ltd has filed preliminary papers for an initial public offer of more than 76 lakh shares. In a Draft Red Herring Prospectus (DRHP) filed with markets regulator Sebi, Powerica said listing of its shares would enhance the company's brand name and provide liquidity to the existing shareholders. The IPO would be for up to 76,18,427 shares, including sale of shares by promoter group entities and two employees. Among others, promoters Naresh Chander Oberoi, Kharatiram Kharak Puri and Bharat Naresh Oberoi would offload up to 58,03,229 shares. The offer also includes a reservation for purchase by eligible employees, as per the DRHP. "Our company expects that the proposed listing will also provide a public market for the equity shares in India... Our company will not receive any proceeds from the offer," it added. The company is an end-to-end power solution provider of diesel generator sets and is an original equipment manufacturer for Cummins India.
US set to become net exporter of oil: IEA
Crude production is set to continue expanding in the United States thanks to shale oil, with the country becoming a net exporter from 2021, a development which should reinforce global energy security, the IEA said Monday. "The second wave of the US shale revolution is coming," Fatih Birol, the executive director of the International Energy Agency, said in a statement. New technology that allows for extracting oil and gas from shale rock formations has led to a boom in oil production in the United States in recent years. With low production costs, that boom is set to continue. The IEA forecasts the United States will account for two-thirds of the increase in global oil production and some three-quarters of the expansion of liquefied natural gas (LNG) over the next five years. This will help the United States surpass Russia and nip at the heels of Saudi Arabia as the world's top exporter. "This will shake up international oil and gas trade flows, with profound implications for the ...
Quick Wrap: Nifty Metal Index gains 2.74%, NIFTY climbs 1.20%
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Last date for filing of 2017-18 Annual Return in GST extended up to 30 June 2019
Taxpayers have to exercise caution while filing this return as facility to revise is not available
MG Motor India to launch electric SUV in select cities
MG Motor India, a wholly-owned arm of China's SAIC Motor Corp, Monday said it plans to launch its upcoming electric SUV in some select cities to begin with, a senior company official said. The company, which plans to launch two models -- Hector SUV and a fully electric SUV -- over the next nine months, announced that its vehicles in the country would have over the air (OTA) technology. "We will be launching the pure electric SUV in the fourth quarter (October-December) this year. It will be launched in some select cities across the country," MG Motor India Chief Commercial Officer Gaurav Gupta told reporters here. He did not share details about the locations but said the vehicle would be able to go over 250 km in a single charge. The company's first model, which has been christened as Hector, is slated for launch during June quarter this year. MG Motor has already initiated trial production of the vehicle at its manufacturing facility at Halol, Gujarat. MG Motor is the only company ...
Financial Analytics Industry in India Grows to $1.2 Billion With Mumbai Being The Hub For Growth & Innovation
/ -- With banks and financial institutions setting up dedicated analytics units and CoEs, Indian financial ecosystem is on a marked growth trajectory, with the size of the financial analytics industry estimated to be $1.2 billion (annual) in revenue, a new study by Analytics India Magazine and Jigsaw Academy indicates. The study conducted over a period of six months found that 7,000 freshers were added to the financial analytics workforce in India in 2018 and the currently, 60,000 analytics practitioners are working in the financial ecosystem. (Logo: https://mma.prnewswire.com/media/690836/Analytics_India_Magazine_Logo.jpg) The report titled, Analytics & Data Science In Indian Financial Sector - A Deep Dive 2019 gives a 360 degree overview of the financial analytics sector in India and gives a clear picture of leading financial companies that are moving up the value chain with a robust analytics practice and have a deep bench of financial analytics talent. Over the last few ...
Jet Airways shares close 2 pc higher
Shares of Jet Airways Monday settled with over 2 per cent gains following reports that the cash-strapped airline has secured a loan worth over Rs 2,000 crore from Punjab National Bank (PNB). On the BSE, the stock rose as much as 4.68 per cent to 254.50 in intra-day trade, but pared some of its gains to close at Rs 248.05, up 2.04 per cent. On the NSE, the scrip hit its intra-day high of Rs 255 before settling at Rs 246.25, up 1.23 per cent, over the previous close. In terms of equity volume, 6.7 lakh shares were traded on the BSE while over 86 lakh scrips changed hands on the NSE. According to a report, the airline has raised loan worth Rs 1,100 crore and a non-fund based credit facility of Rs 950 crore from PNB. It said the loan has been raised through two separate agreements with the state-run bank. Under one agreement, Jet Airways received a credit facility of Rs 1,050 crore, and a non-fund based facility of Rs 700 crore. The other agreement has a credit facility of Rs 1,000 crore .
DRT transfers UBL shares worth over Rs 1,025 cr held by UBHL
Liquor firm United Breweries Ltd (UBL) Monday said the Debt Recovery Tribunal (DRT) in Bengaluru has transferred 2.80 per cent stake worth over Rs 1,025 crore held by Vijay Mallya-linked United Breweries (Holdings) Ltd in the company. "The recovery officer-I, DRT-II, Bengaluru has transferred 74,04,932 equity shares comprising 2.80 per cent of the total issued and paid up equity share capital of the company in its name from the demat account of United Breweries (Holdings) Ltd which is under liquidation," UBL said in a regulatory filing. According to the BSE data for December 2018 quarter, United Breweries (Holdings) Ltd (UBHL) held 2.80 per cent stake in United Breweries Ltd. Based of the weighted average price of United Breweries Ltd stock on March 8, 2019 at Rs 1,389.97 apiece, value of 74,04,932 equity shares of the company is estimated at Rs 1,029.26 crore. The bankers and creditors have been pressing for closure of United Breweries (Holdings) Ltd to clear the debts owed by ...