Page 77 - Business Finance
Reliance, BP to develop deepest gas find in KG-D6 by 2022
Reliance Industries and its partner BP Plc of UK Tuesday announced investment sanction for development of their deepest natural gas discovery in the flagging KG-D6 block by 2022. Reliance-BP will develop the MJ, or D-55, gas find in sync with the previously approved projects to the develop two sets of discoveries in the block that will together add 30-35 million standard cubic metres per day of natural gas production in phases. MJ gas find, located about 2,000 metres directly below the currently producing Dhirubhai-1 and 3 (D1 and D3) fields in the KG-D6 block, is estimated to hold a minimum of 0.988 Trillion cubic feet (Tcf) of contingent resource. "MJ is the third of three new projects in the Block KG-D6 integrated development plan and its approval follows sanctions for the development of 'R-Series' deep-water gas field in June 2017 and for the Satellites Cluster in April 2018," the company said in a press statement. Reliance-BP did not give the individual cost of the three projects
Fund transfers via RTGS, NEFT to cost less from July 1
The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1 and asked banks to pass on the benefits to customers from the same day. The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers of up to Rs 2 lakh. Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route. Following up on the announcement made on June 6 after the bi-monthly monetary policy review, the RBI said it has reviewed the various charges levied by it on the member banks for transactions processed in the RTGS and NEFT systems. In order to provide an impetus to digital funds movement, the central bank further said it has been decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by RBI for outward ...
Agriculture high in government's priorities: Sitharaman
Finance Minister Nirmala Sitharaman on Tuesday said the concerns of the agriculture sector are high among the priorities of the present government as she focused at a pre-budget meeting here on measures to boost rural economic and social infrastructure and ways to eradicate unemployment and poverty, an official said.
IT services growth to remain at 6-8 pc in USD terms in FY'20: ICRA
The Indian IT services sector is expected to register a growth of 6-8 per cent in US dollar terms during 2019-20, according to ratings agency ICRA. Indian IT firms could also see higher wage bills and lower margins on account of increased onsite hiring as they tackle tighter visa scrutiny and reduction in H1-B visa approvals. "As per available trends, ICRA sample set (13 companies) grew by 16.8 per cent in INR terms, while in US dollar terms, it grew by 7.5 per cent during FY2019... The Indian IT services sector is expected to register growth of 6-8 per cent in US dollar during FY2020," ICRA said in a statement. It added that despite currency benefits as well as use of operating levers, the profitability has remained flattish in 2018-19 at 22.5 per cent. This, ICRA said, was on account of higher onsite hiring and sub-contracting cost necessitated by visa curbs, pricing pressure, increased regulatory costs and wage inflation. ICRA said increasing compliance and evidence requirements ...
Chhattisgarh govt stops mining-related works in Bailadila hill
The Chhattisgarh government Tuesday ordered a halt to all works related to proposed iron ore mining at Deposit-13 in Bailadila hill range in Danewada district amid protest by tribals against excavation. The tribals in the area have launched an indefinite protest against iron ore excavation in Bailadila, where one of the hills is revered as a deity by local adivasis. Currently, only tree cutting work is underway to build an approach road to the mining site on the hill. "Chief Minister Bhupesh Baghel has directed immediate stoppage of cutting of trees in the iron ore Deposit no. 13 in Bailadila hill range in Kirandul area of Dantewada and other works related to this project for now," a Public Relations Officer in the state government said here. Thousands of tribals, under the banner of the Sanyukt Panchayat Samiti, have resorted to protest against iron ore mining on hills in the Deposit no. 13 since June 7. The hill revered by the tribals is situated in the Bailadila Iron ..
No change in Pakistan's defence budget amid govt's austerity drive
Pakistan on Tuesday announced that its defence budget for the next fiscal year (2019-20) will remain the the same as the last year's Rs 1,150 billion amid an austerity drive by the government to solve the cash-strapped nation's financial woes. Pakistan's military, in a rare move, early this month decided to voluntarily cut the defence budget for the next fiscal year and assured the nation that there would be no impact to its "response potential" due to the voluntary cut in the budget. Minster of state for revenue Hammad Azhar on Tuesday presented in Parliament the austerity driven budget for fiscal year 2019-20, which starts from July 1. The government unveiled Rs 7,022 billion for the year 2019-20, setting growth target of 4 percent. Defence budget will remain unchanged at Rs 1,150 billion to the level of last year, he said. The minister, however, added that it will in no way impact the defence capability of the country because defence of the country is sacred for the ...
Yes Bank, ZipCash face RBI fine for violating PPI norms
The Reserve Bank of India said Tuesday that it has imposed a penalty on two prepaid payment instrument (PPI) issuers Yes Bank and ZipCash Card Services for non-compliance with regulatory norms. A penalty of Rs 11.25 lakh each has been imposed on the two PPI issuers, according to an RBI release. The penalty was imposed on the two entities through speaking orders dated April 22, 2019, according to the release. The penalty was imposed for non-compliance of regulatory guidelines, the release mentioned.
Sebi slaps Rs 25 lakh fine on Shree Siddhivinayak Realtors for manipulative trades
Markets regulator Sebi Tuesday slapped a fine of Rs 25 lakh on Shree Siddhivinayak Realtors and Securities for indulging in manipulative trades in illiquid stock options segment on the BSE. "...trades of Noticee (Shree Siddhivinayak) were non genuine and have created false or misleading appearance of trading in terms of artificial volume in stock options and therefore manipulative, deceptive in nature," Sebi said while imposing fine on the firm. After observing large scale reversal of trades in BSE's stock options segment, the regulator conducted an investigation into the trading activity in illiquid stock options on the exchange from April 2014 to September 2015. The investigation revealed that the company was among the various entities that executed non-genuine trades in the stock options segment by reversing trades with same entities on the same day with wide variations in price. By engaging in such trades, the firm violated PFUTP (Prohibition of Fraudulent and Unfair Trade ...
NATHEALTH signs pact with Well Tech to support health start-ups in India
Apex healthcare industry body NATHEALTH Tuesday said it has signed a pact with innovation platform Well Technologies to support healthcare start-ups in India. The joint initiative will support healthcare start-ups with access to capital and market, industry partnership, mentorship and technology development assistance, NATHEALTH said in a statement. Support includes seed investment up to USD 1.5 million (about Rs 10.5 crore) and partnerships with leading industry players for market access, it added. "NATHEALTH and Well Tech have agreed to form a partnership to create the future of Indian healthcare through an accelerator program that supports start-ups to grow and collaborate better with government and industry," NATHEALTH President Sudarshan Ballal said. Under the agreement, the selected start-ups will be offered funding opportunities ranging from USD 0.5 million-1.5 million in a year, the statement said. "Together with NATHEALTH and our other partners, we will be selecting the best .
CBI files fresh FIRs against fugitive diamantaire Jatin Mehta, nine premises searched
The Central Bureau of Investigation (CBI) on Tuesday registered three fresh FIRs against absconding diamantaire Jatin Mehta and others, including a foreign national, in connection with an alleged loan fraud of over Rs 700 crore in two public sector banks.The FIR was registered on the basis of complaints made by Union Bank of India and Bank of Maharashtra. Nine premises were searched by the investigating agency today.The premises of Mehta in Mumbai, whole-time directors Ramesh Parikh and Ravichandran Ramaswami of Forever Precious Jewellery and Diamonds Ltd in Mumbai, Ahmedabad and Coimbatore and Director of Bombay Diamonds Company in Thane were searched following the complaints made by the two banks.In total, CBI has registered nine FIRs against Mehta and others pertaining to a bank fraud of Rs 2,100 crore.In May 2016, the Enforcement Directorate had attached Mehta's properties and registered six FIRs against the merchant and Winsome Group in relation with bank loan default.The ...
Govt to make efforts to push engineering exports to $200 bn by 2030
The Commerce and Steel Ministries Tuesday assured engineering exporters of making all the efforts to ensure the sector's outbound shipments reach USD 200 billion by 2030. The issues being faced by engineering sector were discussed in detail during a meeting which was attended by Steel Minister Dharmendra Pradhan, Commerce and Industry Minister Piyush Goyal, senior officials of both the ministries, top steel makers and representatives of engineering export sector. "...Ministries of Commerce and Industry and Steel will make all efforts to ensure that engineering goods exports double in the next five years and reach USD 200 billion by 2030," the Commerce Ministry said in a statement. The challenges being faced by the steel sector and import-export trends were also discussed in the meeting. The protectionist measures being imposed by other countries and the under-utilised capacity in steel manufacturing in India were also discussed in the meeting. Both the ministers discussed at length ...
IL&FS probe: Ex-CEO of subsidiary helped rating agency official buy villa at discount
Investigation into the high-profile IL&FS fraud has showed that the then CEO of the group's financial services arm IFIN helped a senior director of a leading rating agency buy a duplex villa worth crores at a discount when an important circuitous transaction with a defaulter borrower was underway in 2012-13. The probe by the government's white-collar crime probe agency SFIO has already unearthed connivance of auditors and independent directors with the then top management of IFIN (IL&FS Financial Services Ltd) in defrauding the company. IFIN and several other group companies have been found to have indulged in multiple circuitous transactions involving several illegalities including fast disbursals to some borrowers despite their bad track record in servicing existing loans and also delayed recoveries. As per the investigation report, which is part of the first chargesheet filed by the Serious Fraud Investigation Office (SFIO), IFIN and other entities from the IL&FS ...
Global cues push equities higher; banking stocks gain (Roundup)
Global cues on the back of an ease in trade protectionist measures along with hopes of healthy inflation and industry production data pushed the Indian equity market higher on Tuesday.
Tainted mine owners be debarred from bidding in mines auction:
Former Union Minister Srikant Jena Tuesday demanded that tainted mine owners be debarred from bidding for mines auction in Odisha and steps taken to protect the interest of the state and its people. "Necessary steps must be taken to ensure that all the tainted mine owners who were involved in illegal mining and penalised are debarred from taking part in bidding process," Jena told reporters here. The senior leader's remark comes four days after the state government announced that it has readied 36 mines for auction soon with some companies fearing iron ore shortage following lapse of mining lease. The former minister said it will be proper if the state owns all the mines instead of putting them to auction which would enable the government to earn ten times higher revenue. Emphasising that the interest of the state and its people must be protected, Jena said only Odia industrialists should be given control over the lease process, mining operations and transportation and .
Yes Bank board member Mukesh Sabharwal resigns
A day after resignation of non-executive director Ajai Kumar, Yes Bank Tuesday said non-executive independent director Mukesh Sabharwal has stepped down from the bank's board. "We would like to inform that Lt. Gen Mukesh Sabharwal (Retd), non-executive independent director of the bank has tendered his resignation on June 10, 2019," Yes Bank said in a regulatory filing. Sabharwal has mentioned that he wants to devote quality time on his academic pursuits and hence has tendered his resignation. He has confirmed that there is no other material reason other than those provided, the bank further said. Sabharwal was appointed as the board member of the bank on April 25, 2012 and has spent over 7 years with the Yes Bank. The private sector lender had proposed his re-appointment as an independent director until April 24, 2020. "Since, e-voting has already started, the bank is not in a position to withdraw the resolution proposed in AGM notice for his re-appointment...Hence, irrespective of ...
Simplex Infrastructures gets revision in credit ratings from CARE
Long term bank facilities (Rs 2624 crore) - CARE A-; Negative (Revised from CARE A-; Stable)
Trigyn Technologies' arm wins Enterprise Support Services Contract for City of Baltimore
This award facilitates the continued expansion of Trigyn's Public Sector business.
CBI files two fresh FIRs against absconding diamantaire Jatin Mehta
The CBI has booked absconding diamantaire Jatin Mehta in two fresh cases pertaining to an alleged loan fraud of over Rs 587.55 crore on complaints from the Bank of Maharashtra and the Union Bank of India, and carried out searches in these cases, officials said. According to the complaints from the two state-run banks, Mehta allegedly cheated the Bank of Maharashtra to the tune of Rs 323.40 crore, while the Union Bank of India suffered a loss of Rs 264.15 crore, they said. On the basis of complaints from both the banks, the CBI has registered two separate FIRs against Mehta and his company, Winsome Diamonds and Jewellery. The agency has booked the company, its original promoter Mehta, whole-time directors Ramesh I Parikh and Ravichandran Ramasamy, independent director Harish Ratilal Mehta and Jordanian national Hathyam Salman Ali Abu Obeidah on the basis of the complaint from the Bank of Maharashtra. In the FIR filed on the basis of the complaint from the Union Bank of India, the CBI ..
Nippon Paint India and HMSI come together for aftermarket paint services
Nippon Paint, Asia's No 1 paint brand in terms of revenues, has inked a partnership with the world's largest 2 wheeler manufacturer's Indian subsidiary Honda Motorcycle and Scooter India Pvt Ltd (HMSI) to be their authorized after-market paints and ancillary products supplier in India.Under the pact, Nippon Paint India has launched a new range of colours for Honda's aftermarket services. The Co-branded product called 'Atom' for recommended shades along with a full range of Nippon Paint branded ancillary products ranging from clear coats to primers to waxes will be available across Honda's strong authorized service outlets Pan-India, covering every part of the country."We are delighted to partner with world's largest two wheeler maker for a first-of-its-kind alliance in this space. This is a pioneering effort to deliver best in class after-market services to Honda customers. Along with the recommended range of colours, Nippon Paint will also supply best in quality ancillary products ...
Moody's puts Yes Bank ratings under review for downgrade
US credit rating agency Moody's on Tuesday placed Yes Bank's ratings under review for downgrade on the back of ongoing liquidity pressures which are expected to negatively impact the lender's credit profile.