Page 76 - Business Finance
DHFL clears Rs 961 crore interest on NCDs
Dewan Housing Finance Ltd (DHFL) on Tuesday paid its interest dues worth Rs 961 crore on non-convertible debentures (NCDs), exactly a week after it delayed its interest payment.
Steel Ministry for certain changes in anti-dumping norms for sector
The Steel Ministry has suggested its commerce counterpart to bring certain changes in norms used for imposing anti-dumping duties with a view to making them more effective for protecting domestic players from cheap imports, sources said. The government has imposed anti-dumping duty on several steel products from countries including China to guard domestic manufacturers from cheap imports. However, in certain cases, the imposition of duties was not able to contain dumping of products and the government had to initiate anti-circumvention investigations. The ministry has also flagged issues related to impact of free trade agreements being signed by India with its trading partners, including Japan and South Korea, sources said. Steel industry wants the Commerce Ministry to exclude steel from the purview of the proposed mega free trade pact - RCEP. China is a part of this agreement and the industry is of the view that cut in customs duties on steel would lead to flooding of products into ..
ITC exploring managed hotels in adjacent coutries
ITC Ltd on Tuesday said the diversified conglomerate is looking at managed hotel properties outside the country, as part of its asset-right strategy for this vertical. The company is eyeing such properties in adjacent markets like Bangladesh, Chairman and Managing Director Sanjiv Puri said. "We are focusing on the asset-right strategy for the hotels business. This is managing properties of others under the WelcomHotel brand," he told reporters after the inauguration of luxury hotel ITC Royal Bengal here. "We are setting up our own property at Colombo in Sri Lanka. Our subsidiary in Nepal is exploring options for setting up a hotel in that country," he said. Talking about West Bengal, he said the new hotel -- the company's second such property adjacent to ITC Sonar -- displays its commitment towards the state. Puri said ITC Royal Bengal, built at a cost of Rs 1,400 crore, will be connected with ITC Sonar, totaling a combined 700 rooms. "We have announced an investment of .
All steps to be taken to make steel sector competitive: Goyal
Commerce Minister Piyush Goyal on Tuesday said the government will take all necessary steps to make India's steel manufacturing sector competitive, an official statement said.
GST Council to meet on June 20 amid hopes of rate cuts
Ahead of the Union Budget, the all-powerful GST Council will meet on June 20 and discuss the proposal to fix Rs 50 crore as the turnover threshold for entities to generate e-invoices on a centralised portal for business-to-business (B2B) sales.
Jet's scrip crash over 10% on fears of takeover failure
Jet Airways scrip plunged on Tuesday following reports of breakdown in talks between the Hinduja Group and Etihad for a stake sale of the now grounded airline.
Mercedes elevates Santosh Iyer as head of sales and marketing
Luxury automaker Mercedes-Benz India Tuesday said it has elevated Santosh Iyer as head of sales and marketing with effect from July 1, 2019. Iyer, who is currently Vice President of Customer Service and Corporate Affairs succeeds Michael Jopp who assumes the new responsibility of head of sales and marketing at Mercedes-Benz, Malaysia. Iyer has two decades of diverse experience in the Indian automobile domain spreading across sales, marketing, retail, customer service and corporate affairs. He has been associated with Mercedes-Benz India since 2009.
No hike in electricity tariff in Odisha
In a major relief to power consumers, the Odisha Electricity Regulatory Commission (OERC) on Tuesday announced that there would be no power tariff hike during the 2019-20 financial year.
TGBL wants to gain scale, be consumer products firm
Tata Global Beverages Ltd (TGBL), which is looking to gain scale by adding more products to its portfolio, is aspiring to be a consumer products company, an official said on Tuesday.
India's GDP growth overestimated by 2.5 pc, says former CEA; Govt rubbishes claim
Former chief economic adviser Arvind Subramanian has deduced in a new research paper that India may not have been the world's fastest growing economy between 2011-12 and 2016-17 as its GDP growth rate was overestimated, a claim the government quickly rubbished saying its estimates were based on accepted procedures and methodologies. India's gross domestic product (GDP) growth rate between this period should be about 4.5 per cent instead of the official estimate of close to 7 per cent, Narendra Modi government's former CEA said in the research paper, published by the Center for International Development at Harvard University. "India changed its data sources and methodology for estimating real GDP for the period since 2011-12. This paper shows that this change has led to a significant overestimation of growth," he said. "A variety of evidence suggests that the methodology changes introduced for the post-2011 GDP estimates led to an over-estimation of GDP growth." Manufacturing is one ...
I-T officials raid 8 premises in Srinagar related to a business group
The Income Tax Department on Tuesday conducted search and seizure operations on a business group based in Srinagar, covering eight premises in Srinagar and one each at Bangalore and Delhi.The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts Crafts etc, according to a statement put out by the Central Board of Direct Taxes (CBDT).During the searches, the I-T officials found incriminating evidence relating to sale of undisclosed property amounting to Rs 22 crore; agreement to sell transport business for Rs 9.10 crore; undisclosed profit of Rs 15-20 crore on account of sale of Cold Storage plant at Lassipora.The cost of this project was found to have been inflated to Rs 47 crore instead of the actual cost of Rs 17 crore, for claiming more subsidy from the government by raising inflated and bogus bills. The loan for this project was taken from Jammu and Kashmir Bank.The officials also found evidence ...
DLF Camellias tops super luxury segment in India: report
DLF Camellias, a realty project in Gurugram, ranked first among super luxury projects in the country in terms of price appreciation and absorption of inventory, a recent report has said.
Budget may halve oil cess to boost production: Sources
The oil sector can hope to get some relief from Budget 2019-20 with the government considering a proposal to halve the cess on domestic crude oil to encourage exploration activity and allow explorers to step up investment in search for new hydrocarbon reserves, official sources said on Tuesday.
Milind Patel resigns as group CEO at Religare Enterprises
Religare Enterprises Tuesday said Milind Narendra Patel has resigned as the group chief executive officer. "We would like to inform you that Milind Narendra Patel has stepped down as Group CEO of the company on June 10, 2019," Religare Enterprises said in a regulatory filing. He will be serving the notice period as per the company polices, it said. Patel was appointed as the group CEO of the company in August 2018, post stepping down of Ashok Mehta as the interim CEO. The embattled financial conglomerate has been trying to tide over the issues surfaced during the time of erstwhile promoter brothers -- Malvinder Singh and Shivinder Singh -- in the company with a new management team on board now. In May, the company said the new management will ensure good governance and accountability and termed the allegations made by its former chief Sunil Godhwani as an attempt to divert attention from fraudulent transactions. Godhwani has alleged conspiracy of the company's current management and ..
J&K Bank fallout: I-T raids business group in Kashmir; recovers tax evasion documents
The Income Tax Department Tuesday conducted searches at 10 premises in Kashmir Valley and others on a business group promoted by a senior Srinagar municipal corporation functionary, days after the state anti-corruption bureau acted against J&K Bank on charges of alleged irregularities. Tax sleuths raided eight premises in Srinagar and one each in Delhi and Bengaluru of the Kehwah group, promoted by deputy mayor of the corporation Sheikh Imran. While the CBDT did not name the group in a statement issued late evening in Delhi, it said that the department had "struck again in the J&K region". It said that the group searched by it is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir arts and crafts. The Central Board of Direct Taxes (CBDT) is the administrative authority for the I-T Department. The action is linked to the recently-unearthed alleged irregularities in J&K Bank's affairs and the raids conducted by the ...
Hong Kong Stocks build on gains
The market mood was brightened on tracking positive close of US market overnight after President Donald Trump suspended plans to impose tariffs on Mexican goods after the countries struck a deal on immigration. The Dow Jones Industrial Average rose 78.74 points, or 0.3%, higher at 26,062.68. The S&P 500 gained 0.5% at 2,886.73. The Nasdaq Composite rose 1.1% to 7,823.17.
Odisha prepares a new Agriculture Policy
Odisha government has decided to roll out a new state Agriculture Policy 2019, official sources said on Tuesday. "The state government has initiated steps to bring out an updated and dynamic agricultural policy keeping in tune with the changing conditions of agriculture and agricultural market," Chief Secretary A P Padhi said after chairing a high level meeting for the purpose. Padhi Tuesday asked the Agriculture and Farmer Empowerment department to focus on enhancing farmers' income through appropriate production and marketing strategies. He said the new policy should help create ecosystem for flourishing of farmer producer groups and mobilizing private investment in the sector. "The departments were asked to give their inputs for further development of the draft policy within two weeks," Padhi said while Development Commissioner A K Tripathy opined that the policy should be oriented towards crop diversification, value addition and market linkages. Agriculture ...
RBI sets up panel to review ATM charges
The Reserve Bank has constituted a high-level committee under IBA Chief Executive V G Kannan to examine ATM charges and fees by banks amid demands for reviewing the levies. The use of automated teller machines (ATMs) has been growing significantly and there have been persistent demands to change ATM charges and fees. The six-member panel will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions, the RBI said Tuesday. The committee will also review the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees. Besides, it will assess the entire gamut of costs in respect of the ATM ecosystem and make recommendations on the optimal charge/interchange fee structure and pattern. Dilip Asbe (CEO, NPCI), Giri Kumar Nair (CGM, SBI), S Sampath Kumar (Group Head, Liability Products, HDFC Bank), K Srinivas (Director, Confederation of ATM Industry) and Sanjeev Patel (CEO, Tata Communications ..
China Stocks cheer risk-on after fiscal stimulus to shore up growth
The market mood was brightened after decision by Chinese authorities to back special-purpose bond issuances by local governments. The finance ministry said on late Monday that special bonds sold by local governments will be allowed to bankroll construction of key projects and financial institutions will be encourage to provide additional funding. The move is an effort to accelerate financing of major projects through the bond issuances, which are used largely for infrastructure investment, including highways, gas and power supply and railways, which would help prop up a slowing economy.
Voltas CFO Abhijit Gajendragadkar resigns
Cooling products maker Voltas Ltd Tuesday said its CFO Abhijit Gajendragadkar has resigned from the company. The board of the Tata Group firm Tuesday also approved the proposal for Deputy Managing Director Anil George taking over the charge of CFO in place of Gajendragadkar, Voltas said in a regulatory filing. "Abhijit Gajendragadkar, Chief Financial Officer (CFO) and KMP of the company has decided to pursue interests outside Voltas and would be relieved from his duties on 30th June, 2019," it said. George will be re-designated as 'Deputy Managing Director and CFO' with effect from July 1, 2019, it said. George, a chartered accountant, joined Voltas in July 2010 as Executive Vice President, Corporate Affairs and CFO (designate). He was appointed as the CFO of the company in May 2011 and promoted as President (Corporate Affairs) and CFO in August 2013. Thereafter, he was appointed as Executive Director with effect from September 1, 2017 and as Deputy Managing Director with effect from .