Page 777 - Business Finance
Focusing deposits, SBM plans major branch expansion
State Bank of Mauritius is targeting to grow its deposit base in the country now, and will grow its branch network by four-times to 16 in two years, top officials have said. The bank, which had earlier revealed a desire to grow its Indian lending book to Rs 5,000 crore, will not offer aggressive interest rates as it goes about growing the deposit franchise, managing director and chief executive Sidharth Rath told PTI. He said the bank has four branches at present, which will be doubled to eight by the end of FY20 and to 16 by the end of FY21. Details on where the branches will be or hiring were not shared. When asked if it will offer higher interest rates on savings deposits, he said the rates will be competitive but the bank does not want to get into any trap, indicating that it will not be at an elevated level. It can be noted that DBS, one of the other major foreign lenders to have received the license to operate as a wholly-owned subsidiary, has been focusing on ...
Tale of interlocking shareholding and camaraderie (Defence Network-II)
When Alpha Design Technologies Pvt Ltd and Adani Defence and Aerospace Ltd joined hands for a Navy chopper upgrade project, it was a strategic partnership.
Essar Oil & Gas gets environment clearance to begin shale gas exploration
Essar Oil & Gas Exploration and Production (EOGEPL) has received environment clearance for exploring shale gas reserves in its Raniganj block in West Bengal, an official said. This follows the government's decision to allow operators freedom to explore both conventional oil and natural gas as well as non-conventional sources like coal-bed methane (CBM) and shale reserves within a exploration acreage. Previously, companies could explore only oil and natural gas or CBM depending on their licence for the block. The official said the expert appraisal committee (EAC) in January 29 meeting allowed Essar to drill 20 wells to explore shale gas in its Raniganj CBM block. It has been awarded an exploration lease for shale gas, CBM and hydrocarbons in the Raniganj block. EOGPL has got approval to drill 20 shale wells at a cost of Rs 10 crore. To start with, it will drill five wells in the block to test the shale potential. When contacted, company Managing Director and CEO Vilas Tawde said: ..
Eureka Forbes aims non-metros, semi-rural markets to drive water purifier sales
Shapoorji Pallonji Group firm Eureka Forbes, a leader in electric water purification segment, is looking to further consolidate its position on account of focus on non-metro and semi-rural markets, a top company official has said. The company sees non-metro and semi-rural markets as a major growth driver going ahead. While in metros, it expects a rise in the demand for premium range of water dispensing products. "We would like to consolidate our position in the segment and grow the market," Eureka Forbes Chief Transformation Officer Shashank Sinha told PTI. Sinha claimed Eureka Forbes held nearly 60 per cent share of the entire electric water purifier market that is pegged at around Rs 4,500 crore. "We are closer to 60 per cent market share in the electric water purification market," he said, adding that the market penetration of water purifier is less in the country and would expand in coming years as the awareness about benefits of pure drinking water is increasing. The domestic ...
TCIL to raise Rs 1,500 cr from IPO, spend Rs 600 cr on expansion
State-owned Telecommunications Consultants India Ltd (TCIL) expects to raise roughly Rs 1,500 crore from its planned IPO and wants to retain part of the proceeds -- about Rs 600 crore -- for expansion and working capital needs, according to a company source. The proposed IPO is likely to hit the market sometime in the middle of this year. TCIL is among the six Central Public Sector Enterprises that the government proposes to list on stock exchange through public issue. TCIL had evinced interest in a 'piggyback transaction' of about 10 per cent, a proposal that Digital Communications Commission - the highest the decision-making body of Telecom Ministry - had recently approved. The government plans to sell up to 15 per cent stake in the IPO to mop up about Rs 900 crore. Separately, TCIL wants to issue fresh shares to the tune of 10 per cent, which could fetch the company up to Rs 600 crore. The source privy to the corporation's IPO plans said. TCIL is keen to raise up to Rs 600 crore ...
PSBloansin59minutes.com becomes largest fintech lending platform; sanctions Rs 35K cr
Web portal PSBloansin59minutes.com launched by Prime Minister Narendra Modi three months ago has emerged as the country's largest online lending platform, with loan sanctions exceeding over Rs 35,000 crore. The portal was launched in November to provide credit of up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes or less than an hour in a bid to make banking transparent and hassle free. The platform, designed under guidance of Financial Services Secretary Rajiv Kumar, has reduced the turnaround time from 20-25 days to 59 minutes. Upon approval, the loan is disbursed in 7-8 working days. The secretary said the automated loan processing system has not only brought in ease but is also helping in fostering transparency. It has put an end to the discretion at bankers' end as in-principle approval of loans does not require human intervention, Kumar said. "Due to linking of data points, no one can game the system now. There is no scope for information ...
Market to break present range; as Nifty in 'Tri-Star' formation (IANS Special)
Indo-Pak tensions, along with build-up of anxiety over the general elections and clamour around global growth concerns has culminated into a 'Tri-Star' formation on monthly technical charts which is expected to push the Indian equity markets out of the present trade range.
Pepperfry to invest about $12 mn on expansion, bolstering supply chain
Furniture and home products marketplace Pepperfry expects to pump in about USD 12 million (over Rs 85 crore) this year as it sets up over 100 offline stores and strengthens its supply chain operations to reach more customers. The company aims to touch a GMV (gross merchandise value) of USD 1 billion by March 2021 as it scales up its operations across metros and tier I and II cities. "The omni-channel strategy has worked well for us. Our studios (offline stores) drive tons of engagement and also see 1.8X repeats. Most studios break even within 4-7 months," Pepperfry COO and founder Ashish Shah told PTI. He added that currently, the company has 42 such studios with 12 under franchisees and the remaining 30 are owned and operated by the company. Pepperfry, which has 10,000 sellers on its platform, has more than 4.5 million registered users. The marketplace claimed it gets over seven million monthly visits, and the average ticket size (for furniture) is about Rs 17,000-20,000. Through its
SpiceJet plans aggressive international, regional expansion
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fly out of the low fare and high fuel price operating environment.
California Burrito to open 15 restaurants across India by 2019-end
Mexican fast-casual restaurant chain California Burrito has plans to open 15 restaurants across India by the end of 2019 as part of its expansion plans in the country, a top company official said. The company currently has 31 restaurants across Bengaluru and Delhi/ NCR. "We plan to add 15 restaurants in Delhi/NCR and Bengaluru by the end of the year as part of our expansion plans across India," California Burrito Co-founder and Director Dharam Khalsa told PTI. The company also has central kitchen in Bengaluru and plans to open one in Gurgugram, he added. On being asked about how the company plans to fund the expansion, Khalsa said: "It will be through internal accruals, money left from our earlier funding round from SNAM Group of companies, and we are also taking some debt for this." Stating that the future for food service sector in India will be huge, former Jubilant FoodWorks CEO Ajay Kaul, who is an strategic advisor to California Burrito, said: "As we rise in our economic ...
FPI net inflows in stocks hit 15-mth high of Rs 17,220 crore in February
Foreign investors poured in close to Rs 17,220 crore on a net basis into Indian equities in February this year, the highest since November 2017, amid clarity on government spending plans and positive sentiments. Foreign portfolio investors had pumped in a net amount of around Rs 19,728 crore into Indian stocks in November 2017. As per the latest data from the depositories, foreign investors pumped in Rs 1,17,899.79 crore into equities and pulled out Rs 1,00,680.17 crore in February, a net investment of Rs 11,183 crore into the stock market. In the previous month (January 2019), however, foreign portfolio investment (FPI) outflows from equities stood at Rs 5,263.85 crore. Foreign investors have turned into net buyers in February mainly on account of clarity on government spending post budget and value buying in several pockets, according to Vidya Bala, Head - Mutual Funds Research at FundsIndia, said. She further said that inflows into the equity market can be attributed to positive ...
FAME II to help accelerate EV launches: Mahindra
Mahindra and Mahindra (M&M) plans to accelerate launch of electric vehicles (EVs) in the wake of government clearing a Rs 10,000-crore programme under the FAME-II scheme, a top company official said. The company, which currently sells e2oPlus and eVerito EVs in the passenger vehicle segment, has set up an electric technology manufacturing hub in Bengaluru with an investment of Rs 100 crore. M&M is also expanding its Chakan (Pune) plant at an investment of Rs 450 crore to enhance its EV portfolio. "With the announcement of FAME II, we would now accelerate that investment and try and launch our products as quickly as we can," M&M Managing Director Pawan Goenka told PTI. M&M has earmarked a total outlay of Rs 900 crore for EV vertical. Apart from Rs 450 crore investment in Chakan, the company is also putting in another Rs 350 crore for a new R&D centre in Bengaluru. "We have started establishing a plant in Chakan in Pune, and we will just accelerate that investment ...
GoAir launches flight services connecting Kannur to Abu Dhabi
Abu Dhabi Airports has welcomed GoAir's launch of four new flights between Kannur International Airport (CNN) and Abu Dhabi International Airport (AUH), connecting the two cities with flights operating every Monday, Tuesday, Thursday and Saturday, a statement released here said. GoAir's inaugural flight from Kannur to Abu Dhabi was received with much fanfare on Saturday, as the Indian subcontinent remains one of the most popular destinations for travellers departing from Abu Dhabi. In addition, Kannur itself is a popular leisure and business destination within the state of Kerala. Bryan Thompson, CEO, Abu Dhabi Airports, said: "India is a key travel market for Abu Dhabi International Airport and we are always eager to strengthen our connectivity to the Indian subcontinent, enhancing further our services extended to our dear customers." Maarten De Groof, Chief Commercial Officer of Abu Dhabi Airports, said: "As one of our most promising new partners, we are pleased to welcome GoAir's ..
Naveen seeks PM's intervention seeking single railway zone in Odisha
Chief Minister Naveen Patnaik on Saturday sought Prime Minister Narendra Modi's intervention and sought two new railway divisions at Rourkela and Jajpur districts to unify the the railways under one administrative zone in Odisha. Patnaik said he had come to know from media reports that Railway Minister Piyush Goyal has announced setting up of a new zone, South Coast Railway (SCoR),which will be formed by carving out part of the East Coast Railway's (ECoR's) Waltair division. The Biju Janata Dal (BJD) chief said it had come as a "rude shock" to the people of the state. "Till such (formation of new divisions) time, I would request in the interest of the people of Odisha, not to operationalise the declared South Coast Railway zone at Visakhapatnam which has been done without consultation with Odisha," Patnaik said in a letter to Modi. Patnaik wrote the letter hours after the ruling BJD members staged a demonstration before the headquarters of the ECoR here. At present, about 70 per cent .
ED questions Kochhars, Dhoot
The Enforcement Directorate (ED) here on Saturday questioned former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot in connection with an ongoing probe into the alleged irregularities and corrupt practices in sanctioning a Rs 1,875 crore loan by the bank to Videocon Group.
Liquor quota raised; police to check smuggling in Punjab
The Punjab government Saturday decided to raise quota for liquor by up to 10 per cent and set up an additional battalion of police to check rampant smuggling of alcohol from neighbouring states. However, liquor prices are unlikely to go up in the state. In the new the excise policy for 2019-20, which was approved by the Punjab cabinet here on Saturday, the state is eyeing to collect Rs 6,201 crore during next fiscal as against anticipated mobilisation of Rs 5,462 crore for the 2018-19, officials said here. The government has also decided to impose 13 per cent VAT and 10 per cent surcharge on sale of liquor in bars in the state, which will generate revenue of Rs 20 crore, official further said. Bottling fee of Rs one per bulk litre will be levied on all the liquor bottles to raise about Rs 30 crore, which will be spent on alcohol de-addiction in the state. Under the new excise policy, the five-star and other higher category hotels have been given permission to run liquor bars round the
Punjab govt approves debt relief plan for farm labourers
The Punjab cabinet Saturday gave in-principle approval to debt waiver plan for farm labourers and landless farming members, a move which will provide loan relief to 2.85 lakh people comprising 70 per cent Dalits. The decision, ahead of the Lok Sabha polls, was taken by the council of ministers led by the Chief Minister Amarinder Singh here. The scheme will benefit the farm labourers and landless farmers of Primary Cooperative Agriculture Service Societies (PACS) to the tune of Rs 520.55 crore, as per official release. The waiver includes principal amount of Rs 388.55 crore, Rs 78 crore as interest till March 31, 2017, besides Rs 54 crore on account of interest with effect from April 1, 2017 to March 31, 2019 as outstanding on March 31, 2019. In the state budget last month, the finance minister Manpreet Singh Badal had made an announcement for waiving loans of landless farm labourers, while earmarking Rs 3,000 crore of allocation for the farm debt waiver scheme. The state government ...
Naveen seeks reorganisation of railways in Odisha
Odisha Chief Minister Naveen Patnaik on Saturday urged Prime Minister Narendra Modi for reorganisation of railways in Odisha after the Centre created a separate zone for Andhra Pradesh.
RBI slaps fine on four banks
The Reserve Bank has imposed a monetary penalty of Rs 3 crore on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI and the SBI for non-compliance with various directions, regulatory filings said Saturday. Union Bank said that the apex bank has imposed a penalty of Rs 30 million (Rs 3 crore) on it for delay in adherence to its directives on 'Time bound implementation and strengthening of SWIFT related controls' contained in the RBI circular of February 20, 2018. In a filing to the BSE, Dena Bank said the Reserve Bank has imposed a penalty of Rs 20 million on it for non-compliance with the directions issued on February 20, 2018. In an another filing, IDBI Bank said the Reserve Bank of India (RBI) has imposed a monetary penalty of 10 million on the Bank for contravention of its regulatory directions on time-bound implementation and strengthening of SWIFT related operational controls. "The Bank has put in place necessary corrective actions to strengthen its internal control
RIL inks pacts to acquire Grab, C-Square Info Solutions
RIL-arm Reliance Industrial Investments has entered into agreements to acquire logistics services platform Grab and software firm C-Square Info Solutions. Reliance Industries, in a regulatory filing, said its wholly owned subsidiary Reliance Industrial Investments and Holdings has entered into an agreement for acquisition of equity shares of Grab A Grub Services Private Limited ('Grab') 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 said. Logistics services platform Grab was incorporated on 29 October, 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, catering to both B2B and B2C segments," RIL said, ...