Page 775 - Business Finance
HOEC adds another block to its northeast portfolio
Hindustan Oil Exploration Corporation (HOEC) said on Monday that it has been awarded the contract of exploring Umatara field in Assam in consortium with Indian Oil Corporation Limited (IOC).A formal revenue sharing contract is likely to be signed with the government later this month. The participating interest of HOEC will be 10 per cent while IOC will hold 90 per cent.Umatara is located within an aerial distance of 50 km from Dirok field operated by HOEC and forms part of upper Assam shelf petroleum system. The contract area extends to 52 sq km and lies southwest of giant Naharkatiya oil field. The nearest oil handling facility is at Sapkaint within 14 km.Umatara becomes the fifth block in ever-growing HOEC's portfolio of northeast blocks, joining Dirok, Kherem, Kharsang and Greater Dirok."We have been successful in strengthening our presence in the northeast through every bid round conducted since 2016," said HOEC's Managing Director P. Elango. "The company will continue to ...
India Design Week to launch its first edition of Spring Summer
India Design Week is coming up with its first edition of Spring Summer season in April 2019. The design week aims at giving the platform to artisans of art and craft, handloom sector which is on the verge of extinction and also to promote young talent in the field of Textile, Knitwear and Lifestyle along with fashion which is again an untouched segment of the fashion industry."With India Design Week we strive to focus on Positive Fashion, creating a platform designed to celebrate diversity, sustainability, craftsmanship and new talent where the young designers, artisans can connect to direct buyers and get appreciated for their art and efforts," said Deepshikha Chaudhary, Founder of India Design Week."Creating a platform to save dying crafts and boost young talents of other sectors like Knitwear, textile and lifestyle of India are our originality. India has a vast range of rich crafts and tradition, and Fashion and textile is an essential dose of any person's lifestyle and if we ...
TVS Motor wins international sustainability award
TVS Motor Company said on Monday to have recently bagged the 'Green Era Award for Sustainability' at Lisbon in Portugal.The two-wheeler and three-wheeler manufacturer also won the 'Quality and Business Excellence Award' for its endeavour to create new benchmarks in product quality.The awards are based on the conclusion of the research team of Otherways Management and Consulting in France.The companies chosen were ranked against criteria such as investment attraction, high technologies, quality and staff for professional and modern management methods."Over the years, we have focused on incorporating sustainable practices in the design and manufacturing process," said TVS Motor's Director and Chief Executive Officer K N Radhakrishnan."This recognition on a global platform fuels our effort towards greener manufacturing practices," he said.The event held at Lisbon was attended by 34 companies across 25 countries. TVS Motor is the flagship company of 8.5 billion dollar TVS Group.
'Persistent' hackers retargeting firms in Asia-Pacific: FireEye
As organisations get better at detecting data breaches, hackers have become increasingly persistent, retargeting the firms they earlier broke into, US-based cyber security firm FireEye said on Monday.
Ted Baker boss resigns over 'forced hugging' claims by staff
British luxury clothing retail brand Ted Baker's founder and CEO Ray Kelvin has resigned amidst an investigation into allegations that he behaved inappropriately towards staff.
Economy key to ease Indo-Pak ties: South Asian journalists
As tensions escalated between India and Pakistan last week, a motley group of South Asian journalists here brainstormed for ideas to broker peace between the two nations and concluded that deeper economic dependence holds the key.
RBI levies Rs 4-crore fine on Karnataka Bank
The Reserve Bank of India (RBI) has levied a penalty of Rs 4 crore on Karnataka Bank for delayed implementation of four "Swift" related operational controls, the lender said on Monday.
GMM Pfaudler to be the Next Occupant at Lodha's New Cuffe Parade
/ -- The new deal signifies the growing popularity of New Cuffe Parade as the next business district in Mumbai Presence of robust infrastructure, easy connectivity and proximity to Mumbai Airport, BKC increase the location's prominence in comparison to other areas Lodha Group has announced its deal with GMM Pfaudler, a market leader in Glass lined equipment, who will occupy world-class office space at the recently completed building Lodha Excelus at New Cuffe Parade in Wadala. The deal takes place in less than a month's time after the group announced Trent as the first and anchor client at the newly constructed office building. GMM Pfaudler is publicly listed (on BSE and NSE) and is a JV between GMM (India) and US-based Pfaudler. The company is currently based in Lower Parel and will shift its base to New Cuffe Parade in April. Lodha Excelus at New Cuffe Parade is one of the few new office buildings completed in the island city in the last few years. While the first office building
RBI slaps Rs 4 cr fine on Karnataka Bank
Private sector Karnataka Bank Monday said the RBI has slapped a fine of Rs 4 crore on the bank for violating regulatory norms. The Reserve Bank of India has levied an aggregate penalty of Rs 40 million on the bank for delayed implementation of four of the Swift related operational controls. Swift is the global messaging software used for transactions by the financial entities. Notably, the massive Rs 14,000 crore fraud at the PNB was a case of misuse of this messsaging software. Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kind of their transactions. Earlier on Saturday, four banks -- SBI, Union Bank of India, Dena Bank and IDBI -- had informed exchanges about monetary penalty slapped on them by the regulator for non-compliance with various directions. Fine of Rs 3 crore was imposed on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI and the SBI.
Visa, PayMate tie up for operations in Europe, Middle East, Africa
Global payments major Visa and Indian business-to-business (B2B) payments facilitator PayMate on Monday said they have partnered for corporate payment operations in Central and Eastern Europe, Middle East and Africa (CEMEA).
ED questions Chanda Kochhar for fourth straight day
The Enforcement Directorate (ED) on Monday questioned former ICICI Bank CEO Chanda Kochhar for the fourth consecutive day in the ongoing probe into the alleged irregularities and corrupt practices in sanctioning a Rs 1,875-crore loan by the bank to the Videocon Group.
India Inc foreign borrowing down 45% at $2.42 bn in Jan
India Inc's external commercial borrowings (ECBs) fell by 45 per cent to USD 2.42 billion in January 2019 as compared to the year-ago period, data from RBI has showed. Domestic firms had raised USD 5.40 billion from overseas sources during January 2018. Of the total borrowings during the month, USD 2.27 billion was raised through the automatic route of the ECBs. The remaining USD 150 million was taken through the approval route, as per the Reserve Bank data on ECB for January 2019. No money was raised through rupee denominated bonds (RDBs) during the month, both in 2019 and 2018. Major borrowers, which tapped resources overseas via automatic route, included Indian Oil Corporation Limited (USD 900 million), Bharat Petroleum Corp (USD 500 million) and Hindustan Petroleum Corp (USD 200 million). All three oil marketing firms raised the money for their working capital requirement. Power Grid Corporation raised USD 228.55 million for power project and Reliance Home Finance raised USD 35.50
TRAI asks DTH firm Independent TV to justify tariff plans against new framework
Broadcast regulator TRAI has written to DTH operator Independent TV (formerly Big TV) asking it to justify its current tariff plans in the backdrop of the sector's new regulatory framework. In a letter to Independent TV, the Telecom Regulatory Authority of India (TRAI) has also called a meeting with the senior official of the DTH company on the said matter, Tuesday. The regulator flagged the issue after it received several consumer complaints over lack of clarity on tariff plans and their break-up details for monthly charges, a TRAI source said. "...You are hereby directed to provide all the information in the prescribed format as sought by TRAI.... Further you are also required to provide detailed justification that the present tariff plans, being offered by Independent TV are in line with the new regulatory framework clearly indicating the bifurcation of the Network Capacity Fee and other charges," TRAI said in its letter dated February 27. TRAI has also asked Independent TV to ...
CBI books Hyderabad-based firm for cheating SBI
The CBI has booked promoters of a Hyderabad-based construction and leasing company for alleged criminal conspiracy and cheating in availing loans which turned into NPA causing a loss of Rs 8.20 crore to the State Bank of India, officials said Monday. They said the agency has filed an FIR against the company, BNR Infra and Leasing Limited, its promoters B Narasimha Redyy, S Bindusagar Reddy, advocates Nellutla Jagan, V Narasinga Rao and D Prabhakara Reddy and valuer N Datatreyudu and L Kishore Chand. They have been booked under IPC sections related to criminal conspiracy, cheating, forgery among others. The FIR which has been registered on the basis of a complaint from the State Bank of India in which it alleged that the company was given a cash credit facility of Rs 2 crore and bank guarantee limit of Rs 1 crore in 2011 on the basis of collateral security of land measuring 16,940 sq yards in the name of B Narasimha Reddy who was the proprietor. The credit facilities were increased ...
Uttarakhand to set up centre of excellence for Himalayan fibre
The Uttarakhand government has decided to set up a centre of excellence for Himalayan fibre in Almora district of Kumaon.
GMR offloads equity stake in APFTAL
GMR Hyderabad International Airport Limited (GHIAL) said on Monday that it has offloaded all its stake in Asia Pacific Flight Training Academy Limited (APFTAL)."Consequent to the above divestment, APFTAL has ceased to be a subsidiary of GHIAL and thereby also of GMR Infrastructure Limited (GIL)," the company informed stock exchanges in regulatory filings.It did not mention to whom and at what price the divested stake was offloaded.APFTAL is engaged in the business of providing flight training. In the 9 months ended December 31, 2018, the academy had a turnover of Rs 4.72 crore and loss of Rs 1.47 crore. Its accumulated losses total Rs 11.37 crore..
Larsen & Toubro lnfotech completes acquisition of Germany's Nielsen+Partner
IT firm Larsen & Toubro lnfotech Monday said it has completed acquisition of Germany's Nielsen+Partner (N+P) along with identified subsidiaries. Last month Larsen & Toubro lnfotech had announced the acquisition of Germany's Nielsen+Partner for EUR 28 million (approx Rs 224.15 crore). "The company has completed acquisition of 100 per cent shareholding of N+P along with its identified subsidiaries, comprising of NIELSEN+PARTNER Untemehmensberater AG, Switzerland, NIELSEN+PARTNER Pte. Ltd, Singapore, NIELSEN+PARTNER S.A., Luxembourg, NIELSEN&PARTNER Pty Ltd, Australia and NIELSEN&PARTNER Co., Ltd, Thailand and Branch office in Belgium," it said in a BSE filing. With this acquisition, N+P and its identified subsidiaries are now wholly owned step-down subsidiaries of the company, the company added.
Reliance to acquire Grab A Grub, C-Square to expand e-commerce, logistics services
Reliance Industries has entered into agreements to acquire logistics services platform Grab A Grub in a bid to augment the group's digital commerce initiatives and strengthen its logistics services.The Mukesh Ambani-owned group said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd (RIIHL) has entered into an agreement for the acquisition of equity shares of Grab A Grub Services Private Ltd for a cash consideration not exceeding Rs 106 crore."RIIHL will further invest an amount of up to Rs 40 crore and is likely to be completed by March 2021. The total investment will translate into 83 per cent of equity capital in Grab on a fully diluted basis," RIL informed stock exchanges.Logistics services platform Grab was incorporated on October 24, 2014. It provides technology- enabled asset-light logistics services for various verticals."The aforesaid investment will further augment the group's digital commerce initiatives and strengthen its logistics services, ...
China defends heavy defence spending, hints at further rise
China, the world's second largest military spender after the US, defended its massive allocation on security on Monday and hinted at raising it further this year, saying the country did not pose any "threat" to others. China last year increased its defence budget by 8.1 per cent, taking its declared defence spending to a whopping USD 175 billion which was over three times that of India's. The details of the exact amount were expected to be announced by Chinese Premier Li Keqiang on Tuesday in his work report to the annual session of the National People's Congress (NPC). However, NPC spokesman Zhang Yesui in his preparatory media conference on Monday put up a staunch defence to China's continued heavy spending on defence, saying it is still less compared to other "major developing countries" military expenditure. "Whether a country is a military threat to others or not is not determined by its increase in defence expenditure, but by the foreign and national defence policies it adopts,"
Zee Media Network gets new Editor-in-Chief
Essel Group, parent company of Zee Media network, has appointed Jawahar Goel as the Editor in Chief of Zee Media Network who has been "entrusted with the overall responsibility of editorial affairs of the network" according to an official email sent from Essel Group Chairman Subhash Goel's office to top executives of the conglomerate.Jawahar Goel, younger brother of Essel Group Chairman Subhash Chandra Goel, is also Managing Director of DTH (Dish to Home) satellite services and was instrumental in aiding Subhash Chandra in the setting up and evolution of Essel Group of companies, which involves holdings as diverse as amusement parks to news media to the education sector.This is Jawahar Goel's second stint at editorial operations at Zee Media group. Goel played a similar role in the early avatar of Zee TV, one of the earliest news channels in India that started its broadcast in the early 90s.The email notifying Essel Group of editorial changes at Zee Media Network it was also mentions