Page 766 - Business Finance
Multi-dimensional interventions required to boost SMEs sector: Govt
The government said Tuesday that multi-dimensional interventions are required to boost the domestic small and medium enterprises (SMEs) sector. "We are aware of the problems faced by the SMEs and these cannot be addressed by any single ministry. The intensive drive undertaken by the government recognises the need for multi-dimensional interventions required for the SMEs," Union Minister for Steel Chaudhary Birender Singh said addressing an event here. The event was attended by over 100 members of the SMEs sector. The Ministry of Finance and the Ministry of Micro, Small and Medium Enterprises, along with several other ministries, are taking steps to enable growth of various industries, clusters of SMEs including textile, chemical and fertilisers, health, pharmaceutical and food processing industries, Singh said. He also said there are immense business opportunities for small-scale businesses in the country and the government realises the importance of the SMEs sector and is committed ..
DND toll row: SC notice to firm on plea of Noida authority against arbitral proceedings
The Supreme Court Tuesday issued a notice to private firm Noida Toll Bridge Company Ltd (NTBCL) on a plea filed by Noida authority challenging the ongoing arbitral proceedings between them on collection of toll on the DND flyway connecting Delhi and Noida. The Noida authority has filed an interim application in a pending appeal filed by NTBCL, which was running the DND flyway, in the apex court against the Allahabad High Court's order. The high court had asked NTBCL to stop collecting toll from commuters plying on the DND flyway. The Noida authority has said the apex court was seized of the NTBCL appeal and in the meanwhile, simultaneous arbitration proceedings were being conducted which should be stayed. The apex court is hearing the appeal of NTBCL and the arbitration is also going on, senior advocate Ranjit Kumar, appearing for Noida authority, said, adding that there cannot be simultaneous proceedings and moreover, "nothing is due on the Noida authority". "Issue notice. Reply to ..
Rs 14,467 cr jewellery park to come up in Navi Mumbai
An ultra-modern and high-tech gems and jewellery park will be developed at a cost of Rs 14,467 crore on a 21-acre complex in Navi Mumbai, officials said here on Tuesday. It is likely to be ready by 2022.
Aircraft spares production hub to come up in Konkan: Prabhu
Civil Aviation Minister Suresh Prabhu on Tuesday announced that an aircraft components manufacturing hub would be set up in Maharashtra's coastal Konkan region and would boost employment opportunities for the local youth.
Exports of certain leather items to get impacted due to GSP benefit withdrawal by US: CLE
Exports of certain leather goods, including handbags and accessories, to the US would get impacted due to the duty benefit withdrawal by America under its GSP programme, CLE said Tuesday. Council for Leather Exports (CLE) Chairman P R Aqeel Ahmed said import duty in the range of 6 to 9 per cent would be invoked on these leather goods. "This is an unfortunate event. Withdrawal of duty benefits under the Generalized System of Preferences (GSP) programme of the US will impact our exports to the US," Aqeel said. He said Indian leather products would not be able to compete with items from Indonesia, Myanmar and Cambodia. GSP, the largest and oldest US trade preference programme, is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.
Cognizant acquires fintech software firm Meritsoft
IT major Cognizant Tuesday said it has acquired Meritsoft, a privately-held financial software company based in Dublin, Ireland. Meritsoft, which offers solutions for post-trade processing, counts five of the world's eight leading investment banks among its clients, Cognizant said in a statement. Financial details of the transaction were not disclosed. Sean Middleton, president at Cognizant Accelerator said banking and financial services is one of the largest industries that Cognizant serves. "Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their businesses for the digital era," he added. By becoming part of Cognizant, Meritsoft will have access to Cognizant's knowledge, resources and scale to accelerate growth as it continues to innovate on its FINBOS platform for post-trade solutions, Meritsoft co-founder and CEO Kerril Burke said.
Govt brings transport scheme to boost agri exports; to reimburse freight cost through DBT
The government Tuesday introduced a scheme for providing financial assistance for transport and marketing of agriculture products with a view to boosting export of farm commodities to certain countries in Europe and North America. Under the Transport and Marketing Assistance (TMA) scheme, the government would reimburse a certain portion of freight charges and provide assistance for marketing of agricultural produce. The scheme covers freight and marketing assistance for export by air as well as by sea (both normal and refrigerated cargo). "Assistance under TMA would be provided in cash through direct bank transfer as part reimbursement of freight paid. FOB (freight on board) supplies where no freight is paid by Indian exporters are not covered under this scheme," the commerce ministry said in a statement. The scheme would be applicable for a period as specified from time to time. Presently, it would be available for exports effected from March 1 this year to March 2020. The level of ..
Gold slumps Rs 320 on muted demand, weak trend overseas
Continuing its downward trend, gold prices Tuesday slumped Rs 320 to Rs 33,450 per 10 grams at the bullion market here on account of tepid demand from local jewellers and weak global market. Following gold, silver declined Rs 450 to Rs 39,500 per kg due to reduced offtake by industrial units and coin makers. Traders attributed the fall in the gold prices to subdued demand from local jewellers due to ending of wedding season and weak trend overseas. Besides, shifting of funds to the equity market put pressure on yellow metal, they added. Globally, spot gold traded lower at USD 1,285.20 an ounce and, similarly, silver was down at USD 15.14 an ounce in New York. On Monday, the Delhi bullion market remained closed on the account of Mahashivratri. In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped Rs 320 to Rs 33,450 and Rs 300 to Rs 33,300 per 10 grams, respectively. Gold prices had fallen by Rs 880 in the previous three days. Sovereign gold, too, witnessed .
Indian-origin chicken king' set to shut UK restaurants
The restaurant group owned by Britain's Indian-origin "chicken king", Ranjit Singh Boparan, is set to shut down 27 of its outlets as part of a deal to save the wider brands due to over-supply of restaurants in the sector and a softening of consumer demand. The Boparan Restaurant Group (BRG) unveiled plans this week to close around a third of the branches of Giraffe and Ed's Easy Diner restaurant chains this week, affecting an estimated 300 workers. "We have been examining options for the two brands for some time and the CVA [Company Voluntary Arrangement] is the only option to protect the company, said BRG chief executive Tom Crowley. "The combination of increasing costs and over-supply of restaurants in the sector and a softening of consumer demand have all contributed to the challenges both these brands face," he said. The CVA process involves support from landlords and other creditors as part of arrangements to save the wider business. Boparan is referred to as chicken king as the .
Auto inventory build-up to make discounts larger: Experts
Build-up of automobile inventory due to a slowdown in off-take might nudge companies into offering bigger discounts.
Over 200 poor people get flats in Dehradun
For Phool Chand, a gardener, it was a dream come true when he got an allotment letter for a one-room flat from Uttarakhand Chief Minister Trivendra Singh Rawat at a function here on Tuesday.
CREDAI seeks TN govt's intervention on rise in cement prices
: Realtors' body Confederation of Real Estate Developers' Associations of India has sought the Tamil Nadu government's intervention on the 36 per cent hike in price of a cement bag. The increase has affected especially the low and middle-income housing projects, president of CREDAI- Chennai W S Habib said. The price of cement bag in Tamil Nadu has increased 36-44 per cent recently, he said. "The housing and real estate sector is the biggest demand driver of cement, accounting for 65 per cent of the total consumption. The other major consumers of cement include public infrastructure at 20 per cent, industrial development at 15 per cent," he said in a statement. Noting that 30,000 construction projects comprising residential and commercial were underway in the state, he sought the intervention of government to take steps to curb the cement price.
Canadian fund manager CDPQ to infuse Rs 1,800 cr in NBFC arm of Edelweiss Group
Canada's institutional fund manager CDPQ will invest Rs 1,800 crore in a non-banking financial company of Edelweiss group. CDPQ Private Equity Asia Pte, a wholly owned subsidiary of CDPQ, and Edelweisss Group signed an agreement for the investment of Rs 1,800 crore (USD 250 million) in ECL Finance Ltd (ECL Finance), Edelweiss said in statement Tuesday. CDPQ will partner in the long-term strategy to build a strong credit portfolio, with an increasing focus on the retail segment, it said. "The planned investment by CDPQ would contribute towards establishing a large and diversified credit platform in India. This proposed investment will close after customary regulatory approvals," said the statement. The agreement with CDPQ will enable ECL Finance to capitalise on opportunities in the credit market and confirm the capability of the group to capture opportunities in the NBFC space. This investment also ensures that ECL Finance has the requisite resources to maintain strong organic growth,
4 more banks face RBI fine for non-compliance with Swift directions
Five banks, including ICICI, Yes Bank and Canara Bank, on Tuesday faced a total penalty of Rs 10 crore from the Reserve Bank for non-compliance with various directions. Bank of Baroda, ICICI Bank, Yes Bank and Canara Bank have been penalised by the central bank for not complying with directions on global transaction messaging software Swift, according to regulatory filings by the lenders. Allahabad Bank was fined for non-compliance of directions with regard to Nostro accounts. A Nostro account is an account that a bank holds in a foreign currency in another bank. According to the regulatory filings, state-owned lender Bank of Baroda was fined Rs 4 crore, while Canara Bank and Allahabad Bank faced a fine of Rs 2 crore each. The amount of penalty is not material considering the size of the bank, and necessary measures for compliance with the said RBI directions have been taken, Allahabad Bank said in its regulatory filing. ICICI Bank was slapped with a fine of Rs 1 crore for delay in ...
Sri Lanka raises sin taxes ahead of elections
Sri Lanka Tuesday sharply raised taxes on alcohol, tobacco and gambling to pay for public sector salary increases and subsidised loans for small businesses in an election year. Finance Minister Mangala Samaraweera introduced a $50 entry tax on a handful of casinos while doubling taxes from the gaming industry. Hefty increases were slapped on cigarettes and alcohol. Taxes on popular small Japanese cars were increased by a minimum of 20 per cent, while Samaraweera also introduced a new carbon tax on all categories of vehicles except electric cars. However, the minister announced a minimum 2,500 rupee ($15) monthly salary increase for the 1.5 million public sector employees, as well as raising pensions. He also announced a raft of special subsidised loans to start small businesses and cheap housing loans for newlywed couples. The populist moves come ahead of presidential elections due later this year. A power struggle between President Maithripala Sirisena and his estranged Prime ...
Blue Star appoints Shailesh Haribhakti as chairman
Air conditioning and commercial refrigeration maker Blue Star Tuesday announced appointment of Shailesh Haribhakti as its chairman. The board of the company in a meeting held on Tuesday has approved the appointment of Haribhakti as chairman of Blue Star with effect from April 1, it said. He will succeed Suneel M Advani, who will be retiring from the board on March 31, 2019. Meanwhile, the board has also appointed Advani as chairman emeritus of the company with effect from April 1, 2019. Advani is with Blue Star from last 50 years, including 36 years on the board of directors. Besides, Vir S Advani has been elevated as vice chairman, and re-designated as vice chairman and managing director, while B Thiagarajan has been elevated to the position of managing director. Haribhakti, a chartered accountant, had joined the board of Blue Star in 2005 as an independent director, and will be the first professional and independent chairman of the company, it added.
Average spot power price dips 4 pc to Rs 3.08/unit in Feb
Average spot power price slipped 4 per cent to Rs 3.08 per unit in February at Indian Energy Exchange (IEX), compared to Rs 3.23 a year ago, mainly on subdued demand following extended winters. "The average Market Clearing Price (MCP) at Rs 3.08 per unit registered 4 per cent decline over Rs 3.23 per unit in same month last year," an IEX statement said. Lower DAM (day ahead market) volume of 2,794 MU (million units) in February was primarily due to extended winters and thus subdued demand for power from northern and western states, as per the statement. In 2018-19 (April-Feb19), the IEX has traded 46,707 MU over 40,887 traded in the same period last year, registering an increase of 14 per cent. On a daily average basis in February 2019, about 100 MU were traded. The day-ahead market experienced transmission congestion with volume loss of 62 MU, representing 2 per cent of the total traded volume. The congestion was mainly due to shutdown of Talcher Kolar Pole line leading to ...
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CDPQ to invest over Rs 1800 crore in Edelweiss NBFC
Edelweiss Group has built a significant competitive position across businesses including the Credit segment. With a credit book of around Rs 30,000 crore (approximately US$4.2 billion) (Q3FY19) that is spread across wholesale and retail finance segments, the business has both robust size and scalability. The agreement with CDPQ will enable ECL Finance to capitalize on opportunities in the credit market and confirm the capability of the Group to capture opportunities in the NBFC space. It provides thrust to the business for technology and digital investments. This investment also ensures that ECL Finance has the requisite resources to maintain strong organic growth, as well as take advantage of any market consolidation opportunities.