Page 743 - Business Finance
Cobrapost hits back at audit report clearing DHFL
Terming the independent audit report, which earlier this week gave a boost to the share price of Dewan Housing Finance Corporation (DHFL), as "a classical case of window shopping", Cobrapost on Friday said that the report submitted to the SEBI failed to answer all the questions it had raised.
6,441 stations to get free WiFi by Ganesh Chaturthi: Goyal
Railway Minister Piyush Goyal has said that free WiFi facility with high-speed Internet will be available at 6,441 stations across the country by Ganesh Chaturthi this year.
Dredging Corp stake sale: Centre executes share purchase pact with four ports
The government Friday announced that it has executed share purchase pact with four ports with regard to the strategic sale of its stake in Dredging Corporation of India (DCI). The development follows the Union Cabinet in November approving the strategic sale of government stake in DCI to a consortium of four ports. "The share purchase agreement was executed between GoI (Government of India) and the four ports on March 8, 2019," the shipping ministry said in a statement. The government, it said, has mobilised a total amount of Rs 1,049 crore by this strategic sale. With this, the 73.47 per cent holding of the government in DCI has been transferred to the four ports -- Vishakhapatnam Port Trust (19.47 per cent), Paradeep Port Trust (18 per cent), Jawaharlal Nehru Port Trust (18 per cent) and Deendayal Trust (18 per cent). "With...transfer of shares, the management and control of the company has also been transferred to the four Ports," it said. According to the share purchase agreement,
IOL Chemicals to invest Rs 347 cr in Punjab
Pharma major IOL Chemicals and Pharmaceuticals Limited (IOLCP) Friday said it will expand its existing unit at Barnala and also set up an ancillary facility at Raikot in Punjab with a cumulative investment of Rs 347 crore. The company's Managing Director Varinder Gupta met Chief Minister Amarinder Singh here to brief him on the projects, an official release said. The company, which is the world's largest manufacturer of Ibuprofen as well as the second largest manufacturer of Iso-Butyl Benzene (IBB), is investing Rs 300 crore in a phased manner at its Barnala site. This will generate additional direct employment for 800 people and indirect employment for 1,000, Gupta informed the chief minister. IOLCP, through its ancillary unit, is investing another Rs 47 crore for establishing a new manufacturing facility at Industrial Focal Point, Raikot. This will generate direct employment opportunity for 150 people and indirect employment for 300, said Gupta. IOLCP is one of leading players in ...
RBI slaps penalties on 36 major banks for non-compliance in SWIFT operations
The Reserve Bank on Friday said it has imposed penalties worth Rs 71 crore on 36 public, private and foreign banks for non-compliance with various directions on time-bound implementation and strengthening of SWIFT operations. SWIFT is a global messaging software used for transactions by financial entities. The massive Rs 14,000-crore fraud at the PNB was a case of misuse of this messsaging software. The banks include, Bank of Baroda, City Union Bank, HSBC, ICICI Bank, SBI and YES Bank. The penalties, ranging from Rs 1 crore to Rs 4 crore, were imposed by orders dated January 31, 2019, and February 25, 2019, the RBI said in a statement. It, however, added that penalties are based on deficiencies in regulatory compliance and "is not intended" to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers. The RBI had carried out an assessment of compliance with its directions on implementation and strengthening of SWIFT-related operational .
Varun Beverages opens Rs 800 cr facility in Punjab for PepsiCo products
PepsiCo India's bottling partner Varun Beverages has set up a Rs 800 crore facility in Pathankot that is expected to generate 5,000 direct and indirect jobs. The facility, spread over 41 acres allotted by the Punjab Small Industries and Export Corporation, was inaugurated on Friday by Chief Minister Amarinder Singh, according to a release by the state government. The fully backward integrated facility, in which VBL has invested Rs 550 crore, would manufacture the complete range of Tropicana juices, dairy based-products, carbonated beverages and Aquafina water, according to a company filing to the BSE. Trial production at the unit, which will be the first fully backward integrated facility to produce PepsiCo's beverage portfolio items, in the Growth Industrial Centre, Pangoli, has already begun trial production of the products. The chief minister said the PepsiCo project would catalyse industrial growth in the state, according to the government release. Member Parliament Sunil Jakhar ..
Corporate capex to remain subdued in FY20: Report
Corporate capital expenditure in the country is likely to remain subdued in the upcoming financial year (FY20), a report by the credit rating agency India Ratings and Research said.
Spanish sanitaryware major Roca looking to buy faucet unit
Spanish sanitaryware major Roca is on the lookout for a suitable faucet and plastic product manufacturing unit in north India and it will retail imported bathroom tiles in India, said a top official of its Indian subsidiary here on Friday.
Syndicate Bank cuts MCLR by 0.10 pc
State-owned Syndicate Bank Friday said it has reduced its marginal cost of funds based lending rate (MCLR) by 0.10 per cent for various tenors. "...the bank has reviewed marginal cost of fund based lending rate (MCLR) and reduced by 10 bps," the bank said in a BSE filing. Interest rate for one-month and three-month tenors has been reduced to 8.30 per cent and 8.45 per cent, respectively. The six-month tenor will bear an interest rate of 8.60 per cent from the current rate of 8.70 per cent. The new rates will be effective from March 10.
Railways stations to get 5,000 stainless steel benches, toilets as part of CSR initiative
General Insurance Corporation has committed to provide funds for 5,000 stainless steel benches at railway stations as part of three projects supported through Rail Sahyog, Railway Minister Piyush Goyal said Friday. Rail Sahyog is a platform for corporates and PSUs to contribute to creation of amenities at or near railway stations through CSR funds. These benches will be provided at 250 stations of Central and Western Railway. "Over 2,400 toilets will be constructed in circulating area of stations with separate units for men, women and Divyangjan with low-cost sanitary pads dispenser, incinerator and condom vending machines, through CSR support from corporates like Coal India Ltd. and its subsidiaries," Goyal said. Railways will also roll out its WiFi-initiative across the country. Out of 8,738 stations, 6,441 have been planned to be given Wi-Fi facility, excluding 2,297 halt stations. So far, 832 stations have been equipped with Wi-Fi facility. As many as 775 more stations will be ...
Rlys names OSD for new zone in Andhra Pradesh
In the first appointment for the newly- announced railway zone in Andhra Pradesh, the railway ministry Friday named S S Srinivas as officer on special duty (OSD) of South Coast Railway. Prior to this assignment, Srinivas, an Indian Railways Personnel Service (IRPS) officer, was working as Chief Personnel Officer (Administration), South Central Railway. The officer on special duty of South Coast Railway will undertake planning and preparatory work for formation of the new zone at Visakhapatnam, such as survey of existing infrastructural facilities, requirement of land acquisition, preparation of DPR for additional requirements and the blue print for smooth transition of staff into the new zone, a statement from railways said.
DHFL hired independent auditors to get clean chit in 'financial scam', Cobrapost alleges
The audit report submitted by the DHFL group to markets regulator Sebi leaves more questions than answers about the alleged Rs 31,000-crore scam, investigative news portal Cobrapost claimed on Friday. It further said that the whole exercise was an act of "self-exoneration". Earlier in January, the portal had alleged that housing finance company DHFL sanctioned and disbursed huge sums of money in loans without filing any charge documents with the Ministry of Corporate Affairs (MCA) in most of the cases. A closer look at the report, which was submitted to Sebi by DHFL Chairman and Managing Director Kapil Wadhawan on March 5, 2019, makes it clear that the audit carried out by T P Ostwal & Associates has left more questions than answered, Cobrapost said in a release. The portal claimed that the purpose of the audit is to find faults with what Cobrapost exposed and not produce a document which could answer all the questions the expose had raised. "In an apparent bid to wriggle out of ..
NCLT clears ArcelorMittal's Rs 42,000-crore bid for Essar Steel
The city bench of National Company Law Tribunal (NCLT) on Friday cleared ArcelorMittal's Rs 42,000 crore resolution plan for insolvent Essar Steel, which is likely to put an end to the long-drawn battle for the steel asset.
NCLT clears ArcelorMittal's Rs 42,000 crore bid for Essar Steel
The city bench of the National Company Law Tribunal (NCLT) on Friday cleared ArcelorMittal's Rs 42,000 crore resolution plan for insolvent Essar Steel, probably putting an end to the long-drawn battle for the steel asset.
MFs see over Rs 20,000 cr outflows in February
Mutual funds witnessed an outflow of Rs 20,083 crore in February against an inflow of Rs 65,439 crore in January, according to a data from the Association of Mutual Funds in India (AMFI).
MSDC to provide skill development in maritime logistics, placement to over 1,050 students per year
Union minister Nitin Gadkari on Friday inaugurated a Multi Skill Development Centre (MSDC) for maritime logistics at JNPT which will provide placement to over 1,050 students every year in the port and shipping sector. "This is a step towards achieving 100 per cent skilled manpower at all major ports and will ensure that local people are able to truly reap the benefit of development in their areas," the road transport and shipping minister said in a statement. The key training areas at the centre are warehouse management, consignment and tracking, inventory management, EXIM trade documentation and other related courses in the maritime logistics domain. The physical infrastructure has been provided by Jawaharlal Nehru Port Trust (JNPT) and CIDCO and the centre will be managed and operated by logistics company AllCargo Logistics Ltd. The MSDC at JNPT will meet the upcoming skill manpower need in the surrounding areas. Three major projects -- namely, the SEZ which is supposed to be ...
Azim Premji Trust sells over 2.66 crore Wipro shares on BSE
IT major Wipro Limited said on Friday that its promoter Azim Premji Trust has sold 2.66 crore equity shares in a block deal on the Bombay Stock Exchange (BSE).However, it did not mention further details of the transaction. Reports had earlier suggested that Azim Premji Trust, the philanthropic arm of Wipro, was looking at selling up to Rs 700 crore.On Thursday, Azim Premji Trust sought pre-clearance for selling equity shares of the company. It was granted permission the same day, Wipro said in a regulatory filing."On March 8, 2019, the company has been informed that Azim Premji Trust has sold 2,66,66,667 equity shares of the company on BSE," the filing added.The company said it will make necessary disclosures to stock exchanges as required under the Securities and Exchange Board of India (SEBI) Insider Trading Regulations within the prescribed timelines."The sale is an independent transaction undertaken by Azim Premji Trust and the company is not a party to any negotiations regarding .
Acko conferred with Golden Peacock award for innovative product
ACKO General Insurance a new-age digital insurance company, was awarded the coveted Golden Peacock Innovative Product Award - 2019, for their contextual microinsurance product -"Ola Ride Insurance". The award was presented to Biresh Giri, Appointed Actuary & CRO, Acko in the presence of global business leaders at the recently held event in Dubai.Established by the Institute of Directors, India in 1991. The Golden Peacock Awards for Corporate Leadership and Excellence are now regarded as a benchmark of business excellence, both locally and globally. The Golden Peacock Innovative Product/Service Award is designed to encourage systemic innovation in an organization to develop products and services that are aligned with the current market demands.Acko introduced the revolutionary Ola Ride Insurance - a first of its kind in the Indian market - in March 2018. Acko partnered with the leading ride-sharing company, Ola to launch a comprehensive in-trip insurance program for the Ola users.
Net inflows into equity MFs dive 68% to Rs 5,122 cr in Feb; 4th straight month of decline
Net inflows into equity mutual funds slumped 68 per cent to Rs 5,122 crore in February this year as against Rs 16,268 crore in the same month a year ago amid market volatility. This also marked the fourth consecutive month of decline in net investment into equity mutual funds, according to data by Association of Mutual Funds in India (Amfi). Net inflows have been declining since October 2018, when investment stood at Rs 12,622 crore. November saw Rs 8,414 crore net investment, December Rs 6,606 crore and January Rs 6,158 crore. With this, asset base of equity mutual funds (MFs) came down to Rs 7.73 lakh crore at the end of February this year, as against Rs 7.76 lakh crore in the same month a year earlier. Analysts attributed the tepid trend in equity mutual fund inflows to market volatility. They said SIPs (systematic investment plans) continue to be strong but lump sum flows have been tepid. Amfi CEO N S Venkatesh said, "Once political uncertainty and liquidity tightness recedes over
Mutual funds can now submit advertisements electronically to Sebi
Mutual fund houses can now submit their advertisements electronically to markets regulator Sebi. Under Sebi regulations, mutual funds have to submit advertisements issued by them to the watchdog within 7 days of their issuance. In a circular Friday, Sebi said mutual funds are now advised to submit links to access the advertisements to be filed under the regulations by sending them through e-mail. The move is in "continuation to the various Go Green initiatives in mutual funds," it said. Advertisement materials like pamphlets can be submitted as attachment along with e-mail. According to the circular, compliance officer of respective mutual fund needs to confirm that the advertisement complies with the the advertisement code mentioned in mutual fund regulations. For future reference, mutual funds would be required to maintain the copy of advertisements, it added.