Page 761 - Business Finance
DBS India to hire 600-800 persons in 18 months as it goes into expansion mode
DBS India will hire about 600-800 persons in the next one and a half years as part of its expansion plans, as the Singaporean lender now has acquired a domestic subsidiary licence in India, a senior official of the bank said Wednesday. As part of its branch expansion to nine new locations during this month, three branches kick-started Wednesday in Gurugram, Noida and Coimbatore. "We are looking anywhere between 600-800 people for our branch expansion over the next 12-18 months, including people at our technology development centre in Hyderabad," Shantanu Sengupta, head (consumer banking group), DBS Bank India, said at the inauguration of the Gurugram branch. The DBS group has close to 1,200 persons at its Hyderabad technology centre which was started from scratch about two and a half years ago, he said. DBS India said the expansion drive, which includes establishing over 100 customer touch points, a combination of branches and kiosks across 25 cities in the next 12-18 months, entails .
Ex-Nissan chief Ghosn released on bail
Former Nissan Motor chairman Carlos Ghosn was released from a Tokyo detention facility on Wednesday after more than 100 days of incarceration in a case of financial misconduct.
RSP registers "best-ever" production for Apr-Feb
The Rourkela Steel Plant (RSP) on Wednesday said it has set production records in hot metal, crude steel and saleable steel during April-February. The plant produced 349,2158 tonne of hot metal, 333,4044 tonne of crude steel and 303,1678 tonne of saleable steel during the first 11 months of the current fiscal, it said in a statement. The figures translate to a production increase of 15.8 per cent, 14.1 per cent and 13.7 per cent, respectively, over the corresponding period a year ago, the statement said. The total saleable steel dispatch also touched the "best-ever" figure of 299,9398 tonne - an increase of 8.9 per cent over the corresponding period last year.
OECD lowers global growth forecast over trade tensions
Global trade tensions and political uncertainty are weighing on the world's economy, the OECD warned Wednesday, cutting its global growth forecast for this year to 3.3 per cent, down from the 3.5 per cent it predicted in November. "High policy uncertainty, ongoing trade tensions, and a further erosion of business and consumer confidence are all contributing to the slowdown," the Organisation for Economic Co-operation and Development said in an interim version of its Economic Outlook.
OECD Sees Indian Economy Growing At 7.2% In 2019, Highlights Easing Financial Conditions
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DHFL scrip price surge over 20% after audit report on Cobrapost charges
The Dewan Housing Finance Corp Ltd (DHFL) stock price surged over 20 per cent on Wednesday after the company said in a regulatory filing that an independent Chartered Accountant's firm found no evidence showing that DHFL created shell companies to divert funds.
Stocks rise for 3rd straight session
Key equity indices rose for third consecutive session as geopolitical tensions between India and Pakistan appeared to be easing. The barometer index, the S&P BSE Sensex, rose 193.56 points or 0.53% to 36,636.10, as per the provisional closing data. The Nifty 50 index rose 65.55 points or 0.60% to 11,053, as per the provisional closing data.
ACT Fibernet announces strategic partnership with Netflix
Internet service provider Atria Convergence Technologies (ACT) Fibernet on Wednesday announced a strategic partnership with online content streaming platform Netflix to expand payment and cashback offers for users across Delhi, Chennai, Bengaluru and Hyderabad.
Gold, silver prices rule flat
Gold prices were ruling almost flat at Rs 33,430 per 10 gram and, tracking the yellow metal, silver also remained steady at Rs 39,500 per kg at the bullion market in the national capital on Wednesday, according to the All India Sarafa Association. Traders said gold prices fell slightly by Rs 20 on weak demand from local jewellers. Globally, spot gold traded higher at USD 1,290.45 an ounce, while silver stood steady at USD 15.14 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped by Rs 20 to Rs 33,430 and Rs 40 to Rs 33,260 per 10 gram, respectively. However, sovereign gold held steady at Rs 26,400 per piece of eight gram. Silver ready held steady at Rs 39,500 per kg, while weekly-based delivery gained Rs 594 to Rs 38,709 per kg. Silver coins also held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Grasim rises after acquisition of Soktas India
Grasim Industries rose 1.43% to Rs 819.90 at 14:58 IST on BSE after the company signed a definitive agreement, to acquire 100% stake in Soktas India for an enterprise value of Rs 165 crore.
USD 50 mn-AET Fund to invest in startups in India, US
Akatsuki Entertainment Technology Fund (AET Fund) Wednesday said it will invest in startups in the US and India that are engaged in areas like content, media and entertainment. With more than 10 deals in the pipeline, AET Fund is looking at investing in another five to six startups before the end of the year, a statement said. "The fund will support and nurture heart driven business ideas at the cusp of entertainment and technology. With an initial corpus of USD 50 million aimed at investing in India and the US, the fund aims to create distinctive values in content, media and entertainment space," it added. The corpus will be used for seed to series A funding in the selected startups. In the US, AET's investment portfolio includes entities like professional esports team - Faze Clan, in-game video chat - Bunch, and live streaming entertainment - Ripkord. "The fund aspires to leverage its global experience and expertise on its India journey, and scale up as it gains local insights. "To .
Endurance Technologies Ltd leads losers in 'A' group
Reliance Communications Ltd, GE T&D India Ltd, Max India Ltd and Indraprastha Gas Ltd are among the other losers in the BSE's 'A' group today, 06 March 2019.
India to have 627 mn Internet users in 2019: Report
Backed by increased Internet penetration in rural India, the number of Internet users in the country will reach 627 million by the end of this year, registering an 11 per cent growth over 566 million users in 2018, according to a new report on Wednesday.
Viability, implementation risks constrain outlook for wind sector:Crisil
The country's wind energy sector is likely to see a slow growth with regard to capacity addition over the next five years, Crisil Research said Wednesday. The shift to a competitive bidding mechanism has slowed industry growth due to a significant fall in tariffs, triggering a decline in both bid response and profitability for original equipment manufacturers (OEMs), CRISIL Research said in a statement. It said capacity addition is expected to rise by 14 to 16 GW over fiscal 2019 to 2023, entailing investments of Rs 1,100 billion (Rs 1,10,000 crore). Capacity additions will primarily be driven by central government allocations with relatively stronger counterparties like Solar Energy Corporation of India (SECI) and PTC, reducing risk as compared to direct exposure to state discoms, the statement said. State auctioning, on the other hand, has slowed as several states have signed power supply agreements (PSAs) with PTC and SECI to procure wind power under the schemes auctioned by them, .
Karma Energy Ltd leads losers in 'B' group
XPRO India Ltd, Motor & General Finance Ltd, Times Guaranty Ltd and Almondz Global Securities Ltd are among the other losers in the BSE's 'B' group today, 06 March 2019.
DigitalOcean introduces 'Marketplace' platform
US-based Cloud infrastructure provider DigitalOcean on Wednesday launched Marketplace -- a new platform that connects developers with partner-built solutions to enable easier app development and deployment.
Volumes spurt at Eveready Industries India Ltd counter
Eveready Industries India Ltd notched up volume of 57.9 lakh shares by 14:14 IST on NSE, a 33.42 fold spurt over two-week average daily volume of 1.73 lakh shares
China Market rises to nine-month high
China will cut nearly 2 trillion yuan ($298.31 billion) in taxes and fees for companies, Chinese Premier Li Keqiang said at the National People's Congress on Tuesday. The special bond issuance quota for local governments, a key source for infrastructure investment, has been set at 2.15 trillion yuan, according to the finance ministry. Last year's quota was set at 1.35 trillion yuan. Beijing will also step up targeted cuts in the reserve requirement ratio for smaller and medium-sized banks with an aim to boost lending to small companies by large banks by more than 30 percent, said Li.
Under Armour launches India ops through subsidiary; appoints MD
US-headquartered sportswear brand Under Armour Wednesday announced launch of operations in India through its wholly owned subsidiary in the country. The business, which will be operated through a fully owned subsidiary, will be run by Under Armour India Managing Director Tushar Goculdas, the company said in a statement. "We look forward to introducing athletes in India to Under Armour's performance athletic apparel, footwear and accessories an incredibly important market as we continue to grow our brand around the world," Under Armour's Asia-Pacific region Managing Director Jason Archer said. Under Armour said its athletic performance products will soon be available through franchised partner retail locations and e-commerce platforms and it also plans to launch its first store here in the coming weeks. Prior to joining Under Armour, Goculdas worked with companies including adidas, Boston Consulting Group, Colgate-Palmolive and Whirlpool.
Global Cloud Xchange reports strong quarterly results
Global Cloud Xchange (GCX), a subsidiary of Reliance Communications, has said its financial performance is on track as per the guidance for the financial year 2018-19.During a call this week with bond investors, the company reported strong cash flow in Q3 FY19 at an increase of 55 per cent over the same quarter a year ago.In addition, GCX's IFRS EBITDA less indefeasible right of use (IRU) revenue from deferred and one-off, has increased by 17 per cent in the quarter as compared to Q3 FY18.IFRS EBITDA means earnings before interest, tax, depreciation, and amortisation under International Financial Reporting Standards."Our GCX business continues to operate at industry benchmarked levels for growth and profitability, despite the overhang of our parent company Reliance Communications' restructuring," said Bill Barney, Chairman and CEO of GCX."Our strong cash flow in FY19 reduces GCX's refinancing risks as our $350M 7.00 per cent senior secured notes come to maturity in July 2019."As the ..