Page 78 - Business Finance
Payswiff ties up with Mastercard for tier-III, III cities
Payment solution provider Payswiff Tuesday said it has signed a strategic alliance with Mastercard to promote low-cost payments acceptance solutions to tier-II and III cities in the country. Mastercard will work with Payswiff on an Omnichannel distribution strategy to provide the app -Payswiff SET, services and support in regional languages, especially in areas where Point-of-Sale (PoS) machines are not easily accessible, a release from the company said. Both the parties will also focus on innovation and addition of new functionalities such as same-day and instant merchant settlements. This will benefit the micro merchants in small cities as they will be able to unlock additional revenue streams using embedded features in the app such as mobile recharges, utility bill payments,and bus ticketing among others, the release said. Over 40 percent of Payswiffs business comes from tier 2, 3 and 4 towns and cities and the company plans to expand its services to over 3,000 ...
OYO's Loyalty program reaches 1.5 million subscribers; drives 25 percent of bookings
OYO hotels & homes, South Asia's largest, China's 2nd largest, and the world's 6th largest and fastest-growing chain of leased and franchised hotels, homes & living spaces, today announced that OYO Wizard, India's largest hospitality paid loyalty program, has reached 1.5 million subscribers, contributing to approximately 25 per cent of OYO bookings.OYO Wizard is designed to recognise and reward frequent customers and comes with unique benefits, including guaranteed discounts, cash back, discount coupons and upgrades.The repeat rate among OYO Wizard members is twice, compared to regular users. For Wizard hotels in particular, 70 per cent transactions by Wizard members are made on Wizard hotels, resulting in higher income as compared to non-Wizard ones. Thus, making the paid program extremely beneficial to both guests and hotels. Interestingly, in terms of lifetime spend on OYO platform Wizard users are spending approximately 80 per cent more compared to non-Wizard ...
BSES launches EV charging station in Delhi, plan for 150 more
Delhi electricity distribution company BSES on Tuesday unveiled its first public electric vehicle (EV) charging station as part of its plan to set up over 150 EV charging stations across its licensed area in the capital.
Sitharaman holds pre-Budget consultation with industry, trade representatives
Union Finance Minister Nirmala Sitharaman on Tuesday started her pre-Budget consultations here with different stakeholder groups in connection with the forthcoming General Budget 2019-20.After her first meeting with the stakeholder groups from agriculture and rural development sectors, Sitharaman met with representatives from industry, trade and services sectors in the second meeting.In her opening remarks, Sitharaman said that the central government has taken several industry specific initiatives since 2014 that had significantly improved the overall business environment, read a statement from the ministry.She said that the emphasis was given to simplification and rationalisation of the existing rules and introduction of Information Technology to make governance more efficient and effective. As a result, the Finance Minister said that India has considerably improved its ranking to 77th position among 190 countries and has kept 23 ranks over its rank of 100 in the Doing Business ...
Yes Bank reduces stake in Fortis Healthcare by 2 pc
Yes Bank has reduced its stake in Fortis Healthcare by around 2 per cent by selling over 1.51 crore shares of the company in various tranches, according to a regulatory filing by the healthcare firm. The private sector lender had 8.76 per cent stake in Fortis Healthcare before these transactions. According to the filing to the BSE, Yes Bank sold 1,51,06,283 equity shares of the company, constituting 2.0010 per cent of the paid-up share capital of Fortis Healthcare Ltd as on March 31, 2019, in various tranches, last being on June 7, 2019. The shares were sold in open market between December 20, 2018 to June 7, 2019. After the sale, the bank now has 6.76 per cent stake in the healthcare chain. Currently, Northern TK Venture Pte Ltd as promoter of Fortis Healthcare holds 31.17 per cent stake in the company. Shares of Fortis Healthcare Tuesday closed at Rs 132.55 per scrip on the BSE, up 4.29 per cent from its previous close.
TGBL to focus more on domestic, select overseas markets
Tata Global Beverages Ltd (TGBL) Tuesday said it will focus more on the domestic market and select overseas ones, as the company begins consolidating into a diversified consumer products major. "We need to focus in India and select overseas markets. We are looking at each part of the country more carefully and a lot of work has happened in this regard," TGBL Chairman N Chandrasekaran said at the AGM. Chandrasekaran said he expects the completion of the proposed transfer of Tata Chemical's consumer business to TGBL to take place in the next 12-18 months. "I would be happy if it happens in the next 12 months," he said. Following the transfer, TGBL will have branded edible salt, pulses and spices in its product portfolio. TGBL is likely to be renamed as Tata Consumer Products after the restructuring, which will see its turnover "rise 25 per cent". "In the FMCG segment, we need a large portfolio. We cannot just be a single tea player and depend on it to attain scale. The ...
Rupee recovers 21 paise against US dollar
The Indian rupee Tuesday recuperated by 21 paise to 69.44 to the US dollar in line with strong Asian currencies and rally in domestic equities. The Indian unit opened strong at 69.49 and rose to the day's high of 69.34 at the interbank forex market. During the day, the local unit touched an intra-day low of 69.65 against the US dollar. The domestic currency finally settled at 69.44, higher by 21 paise from the previous close. The rupee Monday had settled at 69.65 to the US dollar. Forex dealers said heavy buying in domestic equities propped up the rupee. "India's rupee appreciates most in more than a week as rebound in Asian currencies, higher equity markets and stable oil prices supported sentiments," said V K Sharma, Head-PCG & Capital Market Strategy, HDFC securities. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.02 per cent to 96.78. Brent crude futures, the global oil benchmark, rose 0.06 per cent to USD 62.33 per ...
RBI forms committee to review ATM Interchange Fee Structure
Committee may submit its report within two months from the date of its first meeting
73% homes under pressure as expenses outdo incomes: Report
Around 73 per cent households in the country are facing the heat on the economic front as their expenses have increased at a greater pace than their income in the last 12 months, according to a recent survey by Local Circles.
Auto component industry seeks stable road map for EV transition
The Automotive Component Manufacturers Association of India (ACMA) said Tuesday the government should adopt a pragmatic approach to create a stable and long-term road map for a smooth transition to electric mobility. The industry body's comments come in response to some media reports that the government was considering a proposal to ban sale of internal combustion engine (ICE) three-wheelers by 2023 and less than 150 cc two-wheelers by 2025. "Whilst the auto component industry whole-heartedly supports the government's intent of ushering in e-mobility and has already started to prepare for it, a 100 per cent transition in the next few years would translate into decimating the existing vibrant eco-system of this unique industry," ACMA President Ram Venkataramani said in a statement. Undue haste, without giving adequate consideration for localisation, could lead to rising imports; a phenomenon already, rapidly gaining ground with increasing electronic content in vehicles, he ...
Cong slams govt over 'rising prices'
The Congress on Tuesday slammed the government over the issue of price rise, alleging that the people are in distress but those in power are enjoying themselves. Congress' chief spokesperson Randeep Surjewala said the new government has brought an increase in prices. "Prices of food items have witnessed a jump. The home budget has been disturbed. Spending has gone up and savings have decreased...People are in distress and those in power are enjoying themselves," he tweeted. In another tweet, Surjewala alleged that as auto sales dive, companies cut on manufacturing days in order to sell unsold inventory. "Half million passenger vehicles worth Rs 35,000 crore lying unsold in dealerships. 3 million two-wheelers worth Rs 17,000 crore unsold. Pangs of a plunging economy?" he said, citing a media report.
Bring down corporate tax to 18 pc sans exemptions: CII
Industry body CII has made a case for bringing down the corporate tax rate to 18 per cent along with elimination of all exemptions saying it will not result in any loss to the exchequer. The Modi 1.0 government had proposed to bring down the corporate tax rate from 30 per cent to 25 per cent gradually. The government has already reduced it to 25 per cent for companies having turnover of less than Rs 250 crore. "We are supporting a reduction in taxes along with reduction in exemptions and a very simplified tax code. "Our numbers show that 18 per cent corporate tax along with zero exemptions could be revenue neutral. We would prefer to go in that kind of direction," CII President Vikram Kirloskar told PTI in an interview. Finance Minister Nirmala Sitharaman, who is holding pre-Budget consultations with different stakeholders, including industry, will be presenting the first Budget of Modi 2.0 government on July 5. Kirloskar also suggested that the government should take measures to spur
FM holds pre-budget consultation with representatives of industry, services and trade groups
FM says 24% of the total work force in India is in industrial sector
I-T raids on Srinagar Deputy Mayor's businesses
Close on the heels of raids by the Anti-Corruption Bureau (ACB) at the corporate headquarters of J&K Bank in Srinagar, of the Income Tax (I-T) Department on Tuesday raided 10 business premises of Srinagar Deputy Mayor Sheikh Imran who owes Rs 120 crore to the bank.
JSW Group's paints enter K'taka with 'any colour-one price'
Promising 'any colour-one price'offer, the USD 14-billion JSW Group Tuesday announced thelaunch of its paints business in Karnataka. The launch marks the company's objective to provide comprehensive offering for consumer homes through steel, cement, furniture and now paints. Speaking to reporters here, the joint managing director and chief executive officer of JSW Paints A S Sundaresan said the company's simple, swift and sure way would help consumers make an informed and confident choice. "Any colour-one price assures consumers great value, ushers in price transparency and makes them free to choose colours confidently for their homes," he added. Elaborating further, Sundaresan claimed they were bringing in pricing transparency because they would not chargeextra for adding colourant to the paint as other competitors in the industry do. The company has invested Rs 600 crore in this new venture after a detailed study. It has set up its manufacturing units atWasand in ...
Maratt Group to set up IT park at SmartCity Kochi
Bengaluru-based Maratt Group is getting ready its Rs 112 crore worth building measuring 3.5 lakh sq ft spread over 3.06 acres at the SmartCity Kochi campus, a top company official said on Tuesday.
Delhi power min inaugurates electric vehicle charging station at South Ex market
A smart public electric vehicle charging station, set up by BSES Rajdhani Power Limited (BRPL), was on Tuesday inaugurated at South Extension-II market by Delhi Power Minister Satyendar Jain. The tentative total cost of charging, including the cost of electricity and the overheads (parking charges, recovery of equipment cost ), is expected to be between Rs 160-Rs 200 for a full charge, a BRPL spokesperson said. This translates into a Rs 1.60 to Rs 1.80 per km, which is extremely competitive compared to petrol, diesel and CNG vehicles, he said. In partnerships with several entities, the discom will set up over 150 charging stations across its licensed area, of which about 50 will be set-up in the current year, he said. The station is equipped with an analytic platform to help consumers get a seamless online experience. The consumers can locate the nearest EV charging station, book in advance and also pay online, he said. The EV charging station can charge two electric vehicles ...
Benchmark indices rise for 3rd day; banking, metal stocks lead
Benchmark indices Sensex and Nifty continued their rising streak for a third session in a row on Tuesday, led by gains in banking, metal and energy stocks amid signs of subsiding global trade war concerns. The BSE gauge Sensex rose 165.94 points, or 0.42 per cent, to close at 39,950.46; while the NSE benchmark Nifty gained 42.90 points, or 0.36 per cent, to settle at 11,965.60. Banking stocks rallied on positive sentiments after a report said that the system-wide non-performing assets stock declined to 9.3 per cent in March 2019, much faster than the Reserve Bank's estimate and steeply down from 11.5 per cent the year before. Broader BSE midcap and smallcap indices outperformed benchmark Sensex. Sectorally, metal, oil and gas and banking indices rose as much as 1.33 per cent. Top Sensex gainers were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta -- rising up to 2.71 per cent. Other gainers included HCL Tech, ICICI Bank, Tata Steel, SBI, Hero Motocorp, TCS, Bajaj Finance and ...
Sejal Glass reports standalone net loss of Rs 5.95 crore in the March 2019 quarter
Sales decline 72.26% to Rs 0.91 crore
PVV Infra reports standalone net profit of Rs 1.70 crore in the March 2019 quarter
Sales rise 373.82% to Rs 48.33 crore