Page 744 - Business Finance
Adhesive industry pegged to reach Rs 25,000 cr biz in 2-3 yrs
: The domestic adhesive industry was growing at seven per cent Year-on-Year and was poised to reach Rs 25,000 crore over the next two-three years, a top industry official said here Friday. Henkel Adhesives Technologies India, Business Director-South Asia, S Sunil Kumar said the industry was recording good growth in India following the increase in applications in wide range of areas. The global size of adhesive industry was pegged at USD 36 billion, of which the Asia pacific region accounted for 46-48 per cent, he said. In India, the adhesive industry was growing at Rs 18,000 to Rs 20,000 crore per annum and was poised to reach Rs 25,000 crore in the next two to three years, he said. Kumar was delivering the T S Narayanaswami Memorial Lecture, instituted in memory of the India Cements founder. Addressing the chemical engineering students, he said there was good scope for pursuing a career in the adhesive industry in view of its widening applications and increase in thrust
Tyre maker BKT working on Rs 2,000-cr expansion plan in India
Off-highway tyre manufacturer Balkrishna Industries Limited (BKT) Friday said it is working on a Rs 2,000 crore expansion plan in India to meet the increasing demand of its products globally. The company is planning to set up a modern carbon black manufacturing facility at its plant in Bhuj, Gujarat. "The company is working on a Rs 2,000 crore expansion plan," BKT's Chairman and Managing Director Arvind Poddar said. Poddar was speaking to Indian journalist here at the international agri machinery exhibition SIMA. Expecting healthy demand, he said farmers in India want good machines and the government too was focusing on the agriculture sector. Currently, the company's share in the off-road tyre market in India is 7-8 per cent and it is "looking at increasing the share to 15 per cent in the next three to four years", he said. Poddar also said the company will shift its Aurangabad plant to a new location. The project will be completed in 18 months at a cost of Rs 450 crore. The company .
Sale of passenger vehicles down 1.11% in February
Sales of passenger vehicles declined in February as high interest cost and financing constraints dented demand.
Varun Beverages opens Rs 550 cr plant in Punjab for PepsiCo products
PepsiCo India partner Varun Beverages Ltd (VBL) on Friday announced the start of trial production at its facility here for the bottling of PepsiCo products.
India's forex reserves up $2.56 bn to over $401 bn
India's foreign exchange (forex) reserves increased by $2.56 billion during the week ended March 1, official data showed on Friday.
Board of MPS announces change in compliance officer
On 08 March 2019
Board of Nakoda Group of Industries approves change in directorate
At meeting held on 08 March 2019
Govt appoints five SPs in CBI
The government on Friday appointed five superintendents of police in the Central Bureau of Investigation (CBI), according to a Personnel Ministry order. Of these five officers, three -- Sudha Singh, Thomson Jose and Jayadevan A -- are from the Indian Police Service (IPS), it said. The two other officers belong to the Indian Revenue Service. While Singh is a 2006-batch Odisha-cadre officer, Jose is a 2009-batch IPS officer of Kerala cadre. Jayadevan is from 2008 batch, Madhya Pradesh cadre. Ashok Kumar, a 2006-batch officer of Indian Revenue Service (Customs and Central Excise) has also been appointed as SP in the central probe agency. Lalit Mohan Jindal, a 2008-batch officer of Indian Revenue Service (Income Tax), has also been appointed in the CBI, the order said. All these officers have been appointed as SP for four years, it said. The appointments of IRS officers assume significance as the CBI is probing various high profile financial fraud cases including the over Rs 13,000-crore .
ADB to provide USD 26 mn to improve Dibrugarh's drainage
The Asian Development Bank (ADB) will provide a USD 26-million loan as additional financing for improving drainage infrastructure in Dibrugarh town of Assam under the ongoing Assam Urban Infrastructure Investment Program. An agreement in this regard was signed between the ADB and the government, said an official release Friday. The ongoing loan of USD 51 million under the programme is helping to improve water supply infrastructure in Guwahati, and solid waste management and drainage infrastructure in Guwahati and Dibrugarh cities of Assam. "The additional financing will further support in improving drainage system in Dibrugarh,and also support project management activities," the release said. The programme was approved in 2011 to improve urban infrastructure in the two key Assam cities. Meanwhile, visiting ADB Vice-President Shixin Chen has reiterated the multilateral lender's commitment to further strengthen and expand its partnership with India. Chen was on a four-day visit to India
Haryana govt to remit stamp duty on loan agreements
The Haryana government Friday decided to remit stamp duty of Rs 2,000 on different types of loan agreements chargeable under the Indian Stamp Act, 1899 to provide relief to small and marginal farmers and weaker sections of the society. A decision in this regard was taken by the council of ministers, led by Chief Minister Manohar Lal Khattar here, an official release said. The stamp duty will be remitted for small and marginal farmers for taking loan of up to Rs 1.60 lakh, the release said. The stamp duty will also be remitted for women beneficiaries of Haryana Women Development Corporation's schemes, beneficiaries from economically weaker section under the Pradhan Mantra Awas Yojana-Urban and National Urban Livelihood Mission andbelow poverty line families sponsored by the Haryana Scheduled Castes Finance and Development Corporation for loans to the banks, it said. The Cabinet also approved the proposal for regularisation of illegal conversions from residential to commercial use in ...
Norway sovereign wealth fund, world's biggest, to dump oil and gas
Norway's sovereign wealth fund, the world's biggest and which is fuelled by petrodollars, will dump stakes in oil and gas exploration and production companies to reduce its exposure to black gold, the government said Friday. While the decision was based solely on financial considerations and not on the environment or climate change, a divestment by an investor worth more than USD 1 trillion was seen as a major blow to polluting fossil fuels. The government of Norway, the biggest oil and gas producer in western Europe, said it was specifically targetting exploration and production companies, "rather than selling a broadly diversified energy sector." "The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline," Finance Minister Siv Jensen said in a statement, stressing the move should not be intrepreted as a lack of confidence in the future of the oil sector. A government proposal is expected to sail through parliament. Sovereign funds are ...
Outcome of board meeting of Competent Automobiles
Held on 08 March 2019
Government releases India Cooling Action Plan
Union Environment Minister Harsh Vardhan on Friday released the India Cooling Action Plan (ICAP) that seeks to provide an integrated approach towards cooling and related areas including reduction in the cooling demand, in order to reduce emissions.
Evaluating opportunities for acquisition, says Roca India
: Manufacturer of bathroom products Roca is in the process of exploring opportunities to acquire Indian companies, a top official of the firm said Friday. Roca India, a subsidiary of Spain-headquartered firm, has eight factories (four sanitaryware, one faucet, three plastic) located in Madhya Pradesh, Tamil Nadu, Rajasthan, and Uttarakhand. "We are keen to acquire some factories to make faucets and plastics.. Right now, we're evaluating a few opportunities," Roca India managing director K E Ranganathan said. The company was eyeing acquisitions in faucet and plastic manufacturing facilities, preferably located in North India, he told reporters here. Ranganathan said the company was also expanding its capacity at its plant in Bhiwadi, Rajasthan. Besides, Roca would introduce Roca brand tiles serving the premium market. "It will be a very niche segment. We will be importing them from Spain", he said. The top management of Roca was here for unveiling of the Display Studio ...
India may overtake China in De Beers's Forevermark diamond biz
India may overtake China in the branded diamond business of De Beers--Forevermark in volume terms by end of 2019, the company said Friday. "If Forevermark in India grows by 50 per cent in 2019 (calendar year) then we may overtake China to become number two after the USA in volume terms. We had been growing at this pace since the last 3 years in India," Forevermark Diamonds president Sachin Jain said. "We are 100 per cent sure to achieve 50 per cent growth in 2019 over 2018," De Beers Group executive VP Stephen Lussier said. Choosing to remain cautiously optimistic, he said that demonetisation, Goods and Services Tax and rupee depreciation had impacted the gems and jewellery sector in the past but now things have stabilised and getting brighter since October 2018. Though the diamond sector faced hiccups, Forevermark's growth remained robust in India as it sold around 1 lakh pieces diamond in 2018, against 1.2 lakh in China. USA is the world's biggest market followed by ...
Car-sharing partnership with Revv: Hyundai Motor India to launch subscription model in 6 cities
Hyundai Motor India Friday said it would launch subscription model initially in six cities across the country as part of its partnership with self-drive car-sharing firm Revv. Hyundai Subscription aims to provide an opportunity to the customers to experience Hyundai product portfolio, with hassle-free ownership, flexibility and limited commitment through subscription-based ownership model. The pilot project of the initiative covering six cities -- Delhi-NCR, Mumbai, Kolkata, Pune, Bengaluru and Hyderabad -- will commence from this month itself. "This strategic alliance will provide a unique opportunity for today's millennial customers to experience Hyundai's diverse product offerings that blend with their personality," Hyundai Motor India Senior Director (Sales & Marketing) S J Ha said in a statement. With the company's deep understanding of Indian consumers and progressive tech-driven mobility solutions, Hyundai aims to forge a new market for the new-age Indians, he ...
S&P revises outlook on Vedanta Resources to negative from positive
S&P Global Ratings Friday revised the outlook on Vedanta Resources Ltd to negative from positive on weaker operating performance. "The outlook revision reflects our view that Vedanta Resources' financial ratios will likely stay weaker than levels commensurate with the current rating," it said in a statement. "The company's operating performance and cash flows lag our estimates, and its debt related to privatisation and growth investments should keep leverage higher than our expectation for the rating," the statement said. The negative outlook reflects the likelihood of a lower rating on Vedanta Resources over the next nine months, it said. "This is because, in the absence of a better operating performance than we expect and an unlikely reduction of elevated debt (related to privatisation, steel business acquisition etc.), the company's cash flow leverage will be higher than the level commensurate with a 'B+' rating," it said. S&P Global Ratings further said its annual gross ...
Govt will meet fiscal deficit target of 3.4 per cent in FY'19: Garg
Economic Affairs Secretary Subhash Chandra Garg Friday exuded confidence that fiscal deficit target of 3.4 per cent for 2018-19 would be met as shortfall in indirect tax collection would be compensated by lower expenditure. "I am very confident (of meeting fiscal deficit target of 3.4 per cent for 2018-19)," Garg said on the sidelines of IVCA conference here. As per the interim Budget 2019-20, the government has pegged fiscal deficit target of 3.4 per cent for the current fiscal year ending March 31. "Our assessment at this stage is, in direct taxes, we will probably do as per the revised estimate, in indirect taxes, there might be some shortfall, and on the expenditure side there might be some savings. "On the whole, we should be where we are," he said. Garg also said India cannot grow at 7-8 per cent without the growth of private equity (PE) and venture capital (VC) industry. He noted that the Employees' Provident Fund Organisation (EPFO) is still reluctant to have larger exposure ..
Total government liabilities rise to Rs 83.40 lakh crore in Q3: FinMin report
Total liabilities of the government increased to Rs 83.40 lakh crore at the end of the December 2018 quarter from Rs 82.03 lakh crore in the previous quarter of the current fiscal, latest data on public debt showed Friday. Public debt accounted for 89.5 per cent of total outstanding liabilities at the end of December 2018 with internal debt accounting for 83.3 per cent share. Nearly 29.27 per cent of the outstanding dated securities had a residual maturity of less than five years. The holding pattern indicates a share of 40.5 per cent for commercial banks and 24.6 per cent for insurance companies by end-December 2018. G-Sec yields have shown a softening trend in third quarter of the fiscal with the decrease in weighted average yield of primary issuances to 7.82 per cent from 8.01 per cent in the last quarter, reflecting several developments such as strengthening in the value of the rupee against the dollar and the RBI injecting durable liquidity in the system through OMO (purchase), ..
Auto Industry Cumulative Sales Growth During Apr-Feb 19 Shows Declining Trend Across the Segments
The industry produced a total 28,735,269 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle in April-February 2019 as against 26,421,110 in April-February 2018, registering a growth of 8.76 percent over the same period last year.