Page 751 - Business Finance
Power Minister rules out mega consolidation of power sector PSUs
Power Minister R K Singh Thursday ruled out consolidating all state-owned power sector firms like NTPC, NHPC, SJVNL and PFC into a single entity, saying it would be the biggest company of the world but will not be manageable. However, the minister said discussions are on regarding merger of some companies under the Power Ministry. The issue of consolidation in the power sector gained prominence after the government recently approved REC's takeover by the Power Finance Corporation (PFC). "If it (consolidation of all power sector PSUs) does happen, (then) it will be the biggest company of the world. "But we have to think about whether it will manageable in the sense that you need managerial focus also and if it become too big and too diverse, it is matter of management control," Singh said at a press conference. He was replying to a question on whether such a consolidation can happen in the power sector to improve efficiency. When asked about mergers of some power sector PSUs, he said, .
L&T Finance raises Rs 2228cr in public issue of bonds
L&T Finance said Thursday it has raised Rs 2,228 crore through a public issue of bonds. The company announced early closure of the public issue following oversubscription of the tranche I issue. "The company raised a total of Rs 2,228.06 crore worth of subscriptions which is 4.45 times of the base issue size (Rs 500 crore). HNIs and retail investors participation in the tranche 1 issue led to an oversubscription of 6.64 times and 6.68 times in respective categories as on the early closure date of March 7, 2019," the company said. This non-convertible debentures issue is a step in the company's overall strategic intent of building a retail liability franchise, and will further add to the diversity of the borrowing mix in the already diversified liability profile, it said.
Singtel injects $525 million in Airtel as competition hots up
As competition mounts, Singapore Telecommunications Ltd (Singtel) will buy roughly $525 million worth Bharti Airtel stock as part of its Indian telecom partner's plan to raise $4.6 billion through shares and bonds.
Cabinet approves procedure, mechanism for CPSEs' strategic disinvestment
To accelerate strategic disinvestment in central public sector enterprises (CPSEs), the Cabinet Committee on Economic Affairs (CCEA) on Thursday allowed a panel headed by Finance Minister Arun Jaitley to decide both the pricing and mode of sale of government equity in these entities.
Mahindra Lifespace Developers launches residential project 'Centralis' in Pune
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Increase in number of billionaires, high net worth individuals in Bengaluru
As India's tech hub, Bengaluru has more billionaires and ultra-high net worth individuals (UHNWIs) than 5 years ago, said global property consultancy Knight Frank in its Wealth Report 2019 on Thursday.
Jaguar Land Rover retail sales down 4% in Feb 2019
Retail sales were up significantly in North America (25.4%), UK (11 .3%) and modestly higher in Europe (1.1 %) but weaker market conditions continued to weigh on sales in China (down 47.6%).
Zensar Technologies selected as IT transformation partner by Vyaire Medical
Zensar will provide for the transformation initiatives includes Digital Workplace Services; Digital Operation Services with end to end Data Center Services, Network Services and Public Cloud Support; and Transformation, maintenance and support of applications. Zensar's experienced team will bring best practices and an outcome-based model to focus on Vyaire's strategic business objectives enabling future success with optimal business value.
BLS International Services to accept visa application for travel to Vietnam
The Company will accept visa applications for travel to Vietnam at 15 centres including Mumbai, Hyderabad, Guwahati, Kolkata, Chennai, Ahmedabad, Bhopal, Goa, Kochi, Lucknow, Raipur, Delhi, Bangaluru, Chandigarh and Trivandrum.
Sebi exempts family trust linked to Suprajit Engineering from making open offer
Markets regulator Sebi Thursday exempted a private family trust related to the promoter group of Suprajit Engineering from the obligation of making an open offer following its proposed acquisition of 38 per cent stake in the firm. Supriyajith Family Trust had sought exemption from the obligation of making open offer post acquisition of over 5.31 crore shares in Suprajit Engineering, a leading automotive supplier. Under the proposed acquisition, the trust would be acquiring 38 per cent shares of the firm from its promoters Ajith Kumar Rai and Supriya Ajith Rai, who are also trustees of the Supriyajith Family Trust. The proposal has been made following a private family arrangement to provide for family succession and to ensure seamless transition in the future. In an order, Sebi granted exemption to the Trust from making the open offer, saying the proposed acquisition would take place pursuant to a private family arrangement intended for succession of family trust. Besides, the proposed
Cabinet approves procedure and mechanism for Strategic Disinvestment of the CPSEs
Facilitate quick decision-making and obviate the need for multiple instances of approval by CCEA for the same CPSE
Cabinet approves additional Rs 2790 crore financial assistance to sugar mills
Aims at enhancement and augmentation of ethanol production capacity
DGCA monitoring Jet Airways' safety standards: Prabhu
Civil Aviation Minister Suresh Prabhu on Thursday said that the aviation regulator is monitoring and ensuring that safety standards are maintained in flights of Jet Airways.
1 in every 3 women receives inappropriate calls, SMS: Survey
One in every three women receives sexual and inappropriate calls or SMS, and Delhi reported the highest number of such harassment cases in a week, according to a survey by Truecaller. The survey, conducted in February this year in collaboration with Ipsos Research, found that 52 per cent of women who had received harassment calls were sent inappropriate and sexual content at least once a week, while 47 per cent received unsolicited videos and pictures with inappropriate and sexual content. Comparatively, in last year's edition of the survey, 78 per cent women (who received harassment calls) had received calls with inappropriate and sexual content at least once a week, and 82 per cent had been sent unsolicited videos and pictures with inappropriate and sexual content. According to the current survey, 28 per cent respondents from Delhi reported receiving harassment calls and SMS every week, making it the highest in India. Jaipur had topped last year's edition with 90 per cent ...
Regional air connectivity infrastructure gets a boost
Government to put in Rs 4500 crore
All trains coming to Delhi to be on electric traction from December 2019: Piyush Goyal
All trains coming to Delhi will be on electric traction from December 2019, Railway Minister Piyush Goyal said Thursday The move is expected to lower fuel bills, improve safety and increase speed of the trains, officials said. The cabinet in September 2018 had approved a proposal for the complete electrification of the Indian Railways in the next four years, reducing dependance on imported fossil fuel and saving revenue for the national carrier. The move will cost the government Rs 12,134 crore. "By December 2019, all trains coming to Delhi will be on electrical traction," Goyal told reporters. Around 650 trains start, end, or pass through Delhi daily, which handles around 12 lakh passengers everyday. Sources indicated that a proposal to electrify the heritage Kalka-Shimla route was also under consideration, but as it is a UNESCO site approval from the UN agency is required before a go-ahead can be given. The minister is likely to write to UNESCO soon, sources indicated.
Cabinet approves support scheme for textile sector
Enables Government to take various measures for making exports of apparel and made-ups zero rated
NGT slaps Rs 500 cr fine on Volkswagen; company to challenge order
The National Green Tribunal (NGT) on Thursday imposed a Rs 500 crore penalty on German automaker Volkswagen for using a "cheat device" in its diesel cars to deceive emission tests.
Success of TOT model critical for funding Bharatmala programme, says ICRA
The success of the toll-operate-transfer (TOT) model will be very significant for funding the government's ambitious highway development programme Bharatmala, rating agency ICRA said Thursday. "The timely monetisation of mature road assets will be a critical determining factor in plugging the shortfall in budgetary allocations and fetch requisite funding to support ambitious execution targets set for the Bharatmala programme, failing which the shortfall will have to be met through additional borrowings, thereby further increasing the debt with the NHAI," ICRA said. "In this context, success of the toll-operate-transfer (TOT) will be very significant," it added. TOT is a model for monetising operational national highway projects where investors make a lump sum payment in return for long-term toll collection rights backed by a sound tolling system. The overall funding requirement for the new highway development programme is estimated at Rs 6.92 lakh crore, which is proposed to be funded
Infosys to deliver digital services to Rolls-Royce
UK-based automobile and aerospace major Rolls-Royce has selected Infosys as a strategic long-term partner to deliver engineering and digital services, said the global software services major on Thursday.