Page 769 - Business Finance
Govt appoints REC CMD P V Ramesh as DG of National Archives of India
Ahead of REC's takeover by Power Finance Corporation (PFC), the government has appointed the former's top executive P V Ramesh as the director-general of the National Archives of India. Besides, there are talks that PFC Chairman and Managing Director Rajeev Sharma could be given additional charge to head REC. According to the Appointment Committee of the Cabinet (ACC) order on March 3, Ramesh has been appointed as the director-general of the National Archives of India under the Ministry of Culture. A source said, "There are talks that PFC CMD Rajeev Sharma would be given additional charge of the REC CMD eventually." In December 2018, the Cabinet Committee on Economic Affairs had approved the sale of the government's 52.63 per cent stake in REC to PFC. The government is expected to garner around Rs 15,000 crore from this merger. The government held 57.99 per cent stake in REC, and 65.64 per cent in PFC at the end of September. However, the government holding in REC came down to 52.63 ..
Mahindra Group firm Pininfarina unveils electric super car Battista
Luxury electric vehicles brand Automobili Pininfarina, a part of the Mahindra Group, Tuesday unveiled its luxury electric vehicle Battista here which is touted to be faster than a current Formula 1 race car in its 0-100 km/h sub-two second sprint. When it arrives in 2020, the Battista will be the most powerful car ever designed and built in Italy. It has the potential to accelerate to 62 mph in less than two seconds, faster than a Formula 1 car, and break the 250 mph top speed barrier all with a potential zero emissions range of over 300 miles, the company said. It will deliver a level of performance that is "unachievable today in any road-legal sports car featuring internal combustion engine technology", it claimed. "This is the most authentic and exciting automotive story imaginable. The Battista is the hypercar of the future, inspired by a legendary past," Automobili Pininfarina CEO Michael Perschke told reporters here. Electrification unlocks the door to a new level of performance
China hikes defence budget by 7.5 pc to $177.6 billion
China's defence budget for 2019 has been pegged at 1.19 trillion yuan (about 177.61 billion US dollars), marking an increase of 7.5 per cent over the last year's figure, despite lower economic growth rate ranging between 6 and 6.5 per cent.Describing China's defence budget increase as reasonable and appropriate, Zhang Yesui, spokesperson for the annual session of the 13th National People's Congress (NPC), said the raise aims to "meet the country's demand in safeguarding national security and military reforms with Chinese characteristics."However, according to a draft budget report to be submitted to the annual session of NPC opening on Tuesday, China will lower its defence budget growth rate to 7.5 per cent from last year's 8.1 per cent.The rate marks a fourth straight year for the budgeted growth rate to dip into the single digit since 2016, following five consecutive years of double-digit increases, official news agency Xinhua reported.China's budgeted defence spending growth rate ..
Nifty ends above 10,900 mark amid broader rally
The market surged on broad based buying support. The barometer index, the S&P BSE Sensex, rose 378.73 points or 1.05% to 36,442.54, as per the provisional closing data. The Nifty 50 index rose 123.95 points or 1.14% to 10,987.45, as per the provisional closing data.
RBI fines Allahabad Bank, ICICI Bank, Yes Bank for non-compliance of various norms
The Reserve Bank has imposed a fine of Rs 2 crore on Allahabad Bank for non-compliance of directions with regard to Nostro accounts, the state-owned lender said Tuesday. A Nostro account is an account that a bank holds in a foreign currency in another bank. Private sector lender ICICI Bank too has been slapped with a fine of Rs 1 crore for delay in compliance with directions related to global messaging software Swift. Allahabad Bank was fined for non-compliance of RBI directions dated February 20, 2018 pertaining to reconciliation of Nostro on real time basis with immediate effect, as per a BSE filing. According to RBI directions, banks have to interpret real time as T+1 for Nostro debits and T+5 for Nostro credits. 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 added. In a separate filing to exchanges, ICICI Bank said: "The Banking Regulation Act, 1949, levied ..
Huawei opens Brussels security lab in bid to reassure EU
Chinese tech company Huawei on Tuesday opened a cybersecurity lab in Brussels, the heart of the European Union, as it tries to win over government leaders and fight back US allegations that its equipment poses a national security risk. Company executives inaugurated the Huawei European Cybersecurity Center, which will allow the wireless companies that are its customers to review the source code running its network gear. The launch comes amid a standoff between the U.S. and China over Huawei Technologies, the world's biggest maker of telecom infrastructure for new high-speed 5G networks. The US has been lobbying allies to shun Huawei because of fears its equipment could facilitate digital espionage by China's communist leaders. The new lab in the Belgian capital gives Huawei a venue to reassure the EU's policymakers about its cybersecurity credentials. It opened a similar center in Bonn, Germany, in November and funds a government-run British testing site, the Huawei Cyber Security ...
Tata Motors unveils 4 products at Geneva Motor show, hatchback Altroz, SUV H2X main attractions
Tata Motors Tuesday unveiled four products, including premium hatchback Altroz and a concept version of small SUV H2X, at the Geneva Motor show here. The company took curtains off an electric version of Altroz hatchback as well, which it plans to launch next year. The company also showcased a second SUV from its OMEGA platform called the Buzzard Geneva edition, a seven-seater SUV. The name of the vehicle is yet to be finalised for the Indian market. It also revealed Buzzard Sport (known as Harrier in India) during the unveiling here, which was attended by Tata Group Chairman Emeritus Ratan Tata and Group Chairman N Chandrasekaran. All the products are based on the company's optimal modular efficient global advanced (OMEGA) and agile light advanced architecture (ALFA), which are expected to hit road over the next two years. "All these global products are based on the two new architecture strategy. We are confident that they will be game changers in their own spheres and will ...
Tata Motors to rev up safety aspect for its passenger vehicles
Tata Motors plans to amplify focus on safety aspect in its passenger vehicles going ahead by conforming to the highest level of global standards, a top company official said. The company, whose compact SUV Nexon already conforms to 5-star safety rating by Global NCAP that is much stricter than the existing government regulations in India, also wants to replicate the enhanced safety aspect across its electric vehicles going ahead. "5-Star Global NCAP needs to be the norm for Tata Motors. If there is a star, we would like to have five of them," Tata Motors MD & CEO Guenter Butschek said here in an interaction. With upgradation in safety features and making models conform to better emission norms, vehicle prices may, however, go up, he pointed out. "Customers need to be educated on importance of safety ...it is not going to come free...the consumer who goes with a mindset of discounts will have to shell out more due to changing regulatory requirements," Butschek said. He, however, ...
India Inc's avg salary hike to be 9.7 pc this year: Aon report
Employees in India are expected to get an average salary hike of 9.7 per cent this year, a marginal increase from last year, while top performers will get 15.6 per cent hike as companies are focusing on performance and productivity. HR consultancy firm Aon's annual salary increase survey predicts an average salary hike of 9.7 per cent across industries as companies expect a positive economic outlook backed by high economic growth expectation, high domestic demand and low inflation. Last year, the survey had projected an average salary increase of 9.5 per cent. Continuing the trend, India continues to lead the Asia-Pacific region. Russia is expected to dole out a salary raise of 7.2 per cent, South Africa 6.7 per cent, Brazil 5.8 per cent, the US 3.1 per cent, Australia 3 per cent and UK 2.9 per cent. The top five industries giving double digit increase are consumer internet companies, professional services, life sciences, consumer products, automotive/vehicle manufacturing, the report
Yes Bank fined for non-compliance in Swift operations
The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Yes Bank for non-compliance of directions on Swift messaging software."The RBI has levied an aggregate penalty of Rs 10 million on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls," Yes Bank informed stock exchanges in regulatory filings on Tuesday.On Monday, the banking regulator had imposed a total fine of Rs 8 crore on three banks -- Karnataka Bank Ltd, United Bank of India and Karur Vysya Bank Ltd -- for non-compliance of directions on Swift messaging software.Last week too, four banks -- State Bank of India, Union Bank of India, Dena Bank and IDBI Bank Ltd -- had informed exchanges about penalties imposed on them for non-compliance with various directions.
Damodar Industries commences production at newly set up unit in Amravati, Maharashtra
The unit has been set up to manufacture and supply dyed fancy yarns, melange yarns and cotton yarns.
SSWL shines after new order win
Steel Strips Wheels rose 4.68% to Rs 910 at 14:45 IST on BSE after the company bagged order of alloy wheel from India OEM valued at Rs 480 crore.
ICRA Ltd leads losers in 'A' group
Mphasis Ltd, Tech Mahindra Ltd, Wipro Ltd and Mahanagar Gas Ltd are among the other losers in the BSE's 'A' group today, 05 March 2019.
No significant impact on exports from end of GSP benefit by US: Govt
GSP concessions extended by the US amounted to duty reduction of only US$ 190 million per annum
Vedanta appoints Ajay Kapur as CEO of aluminium, power business
Mining giant Vedanta Tuesday said it has appointed Ajay Kapur as the chief executive officer of its aluminium and power business. Kapur joins Vedanta from Ambuja Cements, where he was the managing director and CEO for its India business. "Ajay will provide leadership for unlocking the full potential of our aluminium and power business which is a USD 10 billion asset with a revenue of USD 6 billion. "His enormous experience in the infrastructure sector will definitely work towards driving growth of India's largest aluminium capacity," Vedanta Resources Executive Chairman Anil Agarwal was quoted as saying in a statement. Kapur brings with him an experience of 31 years across business verticals. He will drive key priorities for the aluminium business which include strong focus on volume and cost and improving efficiencies, among others. Vedanta produces 2.3 million tonne of aluminium per annum, generates eight GW of power and operates two million tonne per annum alumina ...
HP Inc to build 3D printing centre in Andhra Pradesh
HP Inc India on Tuesday signed a Memorandum of Understanding (MoU) with the Andhra Pradesh government to build a Centre of Excellence (CoE) for 3D printing in the state.
China slashes GDP target to 6-6.5 pc amid slowdown, trade war
China will face a "graver and more complicated" environment to development, Premier Li Keqiang warned Tuesday as the world's second largest economy slashed its GDP target to 6 to 6.5 per cent this year, amid an ongoing trade war with the US and continued economic slowdown. The lowered growth rate from the 2018 target of 6.5 per cent was proposed by Premier Li in his work report for this year at the annual session of the rubber-stamp Parliament, the National People's Congress (NPC). Nearly 3,000 delegates from across China gathered in Beijing on Tuesday for the start of the annual session of the NPC. Besides the trade war with the US, China is also haunted by the spectre of a continued economic slowdown. Last year, the economy, which is largely dependent on exports, slowed down to 6.6 per cent, the lowest in about three decades. "A full analysis of developments in and outside China shows that in pursuing development this year, we will face a graver and more complicated environment as ..
Mohit Industries Ltd leads losers in 'B' group
Karma Energy Ltd, Prajay Engineers Syndicate Ltd, TCI Developers Ltd and AMD Industries Ltd are among the other losers in the BSE's 'B' group today, 05 March 2019.
Volumes spurt at Star Cement Ltd counter
Star Cement Ltd notched up volume of 9.15 lakh shares by 14:14 IST on NSE, a 34.94 fold spurt over two-week average daily volume of 26181 shares
VisionNxt initiative to help handloom sector make products as per mkt requirement: Tex Min
Textiles Minister Smriti Zubin Irani Tuesday launched three projects of National Institute of Fashion Technology (NIFT) including VisionNXT, a trend forecasting initiative. The VisionNxt initiative will create an indigenous fashion forecasting service which endeavours to design seasonal directions for the country, the minister said here. The proposed service is based on the premise that fashion is a dynamic industry which depends on seasonal trends and forecast for future course of action. "It will help handloom sector in production of handloom products as per the market requirement in terms of trends, design and colour forecast," she added. The other two projects are -- Indian textiles and craft repository and Design Innovation and Incubation (DII). The repository will develop a virtual museum of textiles, and textile crafts, a designer archive, indigenous case studies, and also act as an aggregator of online information on related research. Virtual museum will have digitised ...