Page 780 - Business Finance
SpiceJet to operate 8 new flights to Gwalior
Budget carrier SpiceJet will launch eight new daily direct flights to Gwalior under the UDAN regional connectivity scheme.
Weak consumer sentiment, tight liquidity subdue February auto sales (Roundup)
Weak consumer sentiment due to high interest cost and liquidity constraints continued to subdue sales of some Indian automobile companies in February.
Dharmendra Pradhan rolls out slew of projects in Assam
Union minister Dharmendra Pradhan Friday rolled out a slew of projects worth over Rs 1,500 crore across Assam and said the Centre plans to make the state a hub of oil trade in Southeast Asia. Pradhan also slammed the erstwhile Congress government, both at Centre and state, for "not doing" anything for developing the North East despite Assam electing the UPA Prime Minister Manmohan Singh for two terms. "All petroleum products from the North East to Bangladesh, Bhutan and other Southeast Asian countries will go via Assam. We will make Assam a centre of world oil trading in this region," the Union Petroleum minister said. Pradhan dedicated a number of completed projects, worth Rs 1,524 crore, to the nation. Pradhan also announced the commencement of work of the KD Malaviya National Oil Museum at Guwahati, to be set up at an investment of Rs 104 crore over the next five-and-a-half years. The museum will showcase the rich history and heritage of the petroleum industry in ...
Bangalore, Hyderabad among top 20 global cities attracting FDI in ICT sectors
Bangalore and Hyderabad have secured their place among the top 20 global cities successfully attracting foreign direct investment (FDI) into the information and communications technology (ICT) and electronics sectors, according to a latest analysis released in London on Friday. London & Partners (L&P), the Mayor of London's promotional agency, found in its evaluation of provisional 'fDi Markets' data for 2018 that the British capital attracted more FDI projects than any other global city last year. For the ICT and Electronics sector in particular, Bangalore ranked sixth with 37 companies compared to London's 80. Bangalore also held on to the sixth position in an overall analysis for the 10-year period of 2008-2018 for the top destinations for ICT and Electronics sectors, with a total of 410 projects compared to top-ranked London's 911 projects. Hyderabad ranked 14th in terms of attracting FDI in the ICT and Electronics sector, with 20 companies investing over the course of ...
Hasmukh Adhia appointed Non-Executive Chairman of Bank of Baroda
The Centre on Friday appointed former Finance Secretary Hasmukh Adhia as the Non-Executive Chairman of Bank of Baroda for a period of three years.
Jet Airways grounds two more aircraft, likely to impact 75 flights
Jet Airways on Friday said that two more aircraft have been grounded, taking the total to 21, over its non-repayment of dues to lessors.
Jet stocks rise on reports of Goyal quitting, but airline won't confirm
Jet Airways scrip closed over 5 per cent higher on Friday following reports that company's Chairman Naresh Goyal has agreed to step down from his post, though the company is yet yet to confirm.
Toyota India sales, exports flat in February
Toyota Kirloskar Motor Company (TKMC) on Friday reported flat sales and export of its cars in February on annual basis due to slowdown and tight liquidity condition.
SBI reports frauds of Rs 7,951 cr in 9 months of FY'19
State Bank of India (SBI) on Friday said frauds amounting to Rs 7,951.29 crore were reported during the first nine months of 2018-19. All these accounts became NPAs much earlier and most of the portfolio is already provided for with 100 per cent provision, SBI said in a regulatory filing. "Moreover, we provide additional provision on new frauds in each quarter to cover the gap, if any," it said. ln this connection, while all fraud related laid down guidelines are being followed, resolution process for recovery through Debt Recovery Tribunal and other mechanism is also under way, it added. The nation's largest lender said the first quarter reported 669 cases of fraudulent activities amounting to Rs 723.06 crore, the second quarter saw 660 cases involving an Rs 4,832.42 crore and the third quarter reported 556 cases amounting to Rs 2,395.81 crore.
Deterrence key for encouraging pro-market behaviour: CEA
Deterrence is crucial for encouraging pro-market behaviour, while effective competition is important for fostering innovation, Chief Economic Adviser (CEA) K.V. Subramanian on Friday.
ONGC wins five fields, OIL 2
State-owned Oil and Natural Gas Corp (ONGC) Friday won five oilfields in the second discovered small field (DSF) auction round. Oil India Ltd (OIL) and Vedanta Ltd walked away with two fields each while lesser known Ganges Geo Resources Pvt Ltd won five fields, an official statement said here. Indian Oil Corp and its partner HOEC won one field. "The Empowered Committee of Secretaries (ECS) and Group of Ministers on March 1 2019 has approved the award of 23 contract areas to highest ranked bidders as part of the Discovered Small Field (DSF) Bid Round II," it said. The remaining fields went to little known firms like Arch Softwares Pvt Ltd, Shanti GD Ispat Power Pvt Ltd, Arsh Corporate Services Pvt Ltd, Invenire ENergy Pvt Ltd, Keerthi Industries and Gem Petro E&P Pvt Ltd. As many as 39 firms, including six foreign players, had put in 145 bids for 24 out of the 25 oil and gas fields on offer in DSF-II at the close of bidding on January 30. Mining giant Vedanta put in the maximum ...
Ravneet Gill takes charge as Yes Bank MD-CEO
Ravneet Gill joined Yes Bank on Friday as its Managing Director (MD) and Chief Executive Officer (CEO)."His tenure as approved by the Reserve Bank of India is of three years from the date of his joining, that is March 1, 2019, to February 28, 2022," the lender informed the stock exchanges in regulatory filings.The appointment of Gill will be subject to the approval of shareholders at the ensuing annual general meeting to be held in June 2019.Gill affirmed that he is not debarred from holding the office of director by virtue of any order of Securities and Exchange Board of India or any other such authority.Yes Bank further said that Ajai Kumar has ceased to be an Interim MD and CEO. However, he continues as a non-executive non-independent director on the board.With this, the bank's new composition of the board of directors has 10 members..
TikTok locks out chunk of users, suggests absurd way to get in
If you suddenly got locked out of TikTok on February 27, then you are not alone. A number of users were locked out following TikTok's effort at temporarily suspending accounts belonging to under-13 users.The initial suggestion TikTok gave its users to restore their accounts was to correct their birthday entry in the app and confirm they are 13 years or older by submitting a copy of the government ID.When users pointed to the absurdity of the updating process when they are not even able to access the app in the first place, TikTok suggested users to email their concerns to the support team.Intrigued by the viral nature, some now-exiled users entered fake birthdays when creating their accounts. There is a likelihood of some of those accounts belonging to actual adults and not under-13 kids, Mashable reported.The chaos ensued just a day after the FTC slapped TikTok with a fine of USD 5.7 million for illegally collecting data on children under the age of 13. The latest incident where the .
SEBI hikes leverage limits for InVits to 70%
In a bid to attract more investors to investment trusts, market regulator SEBI on Friday approved amendments to real estate investment trust (REIT) and infrastructure investment trust (InvIT) rules, giving them more flexibility to raise funds.
DPIIT proposes to simplify filing procedure for industrial entrepreneurs
The Commerce and Industry Ministry has proposed to simplify filing procedure for industrial entrepreneur memorandums (IEMs) with a view to promote ease of doing business. The Department of Industrial for Promotion of Industry and Internal Trade (DPIIT) under the ministry said in a draft note that "as a measure to improve ease of doing business, the extant requirement of filing IEMs at two stages stands dispensed with for all business not requiring an industrial license". The two stages of IEMs are intent and implementation. The memorandum will have to be filed within 120 days of commencement of commercial production, it said. The department will expeditiously acknowledge the receipt of the memorandum. "No acknowledgement shall be refused for the reason that the memorandum is filed after 120 days," it added. Besides, in respect of new projects for manufacturing of articles not covered by the compulsory licensing of their substantial expansion, the only requirement will be to file a ...
Steel Strips Wheels announces sales figures for Feb 2019
SSWL has achieved gross turnover of Rs 177.94 crore in February 2019 Vs 193.69 crore in February 2018, there by recording a de-growth of 8.13% and achieved Net turnover of Rs.144.38 crore in February 2019 Vs Rs.150.03 crore in February 2018, recording a de-growth of 4%.
Hero MotoCorp sales down 1.96 pc in February
Two-wheeler market leader Hero MotoCorp Friday reported 1.96 per cent decline in total sales at 6,17,215 units in February. The company had sold 6,29,597 units in the same month last year, Hero MotoCorp said in a statement. In the first two months of the current quarter, there has been a sequential pick-up in the demand, although still lower than expected, the company said. "In order to provide impetus to the market, Hero MotoCorp is set to launch a slew of new products including scooters and premium motorcycles - in the coming months," it added. The company further said it expects demand scenario to improve also on account of increased liquidity in the market through government schemes of direct benefit to farmers and various measures taken by manufacturers to boost retail sales. "The demand growth can further be stimulated if the GST rate on two-wheelers is reduced to 18 per cent from the present 28 per cent," it said.
Maruti, Honda Cars, Mahindra report sales growth in February
Car makers Maruti Suzuki India, Honda Cars, Mahindra & Mahindra and Tata Motors reported growth in sales last month on account of improvement in consumer sentiment as compared to January. While car maker leader Maruti Suzuki India (MSI) saw marginal growth in February sales, Honda cars and Mahindra witnessed robust double digit growth in domestic sales during the month. Tata Motors reported 2 per cent increase in passenger vehicle sales, while Toyota Kirloskar Motor saw sales dip marginally last month. MSI reported sales of 1,39,100 units last month in the domestic market, a marginal growth from 1,37,900 units in February 2018. Mini segment cars, which includes models like Alto, witnessed sales of 24,751 units as compared to 33,789 units in February last year, down 26.7 per cent. However, sales of compact segment, including models such as Wagon R, Swift, Celerio, Ignis, Baleno and Dzire, were up 11.4 per cent at 72,678 units as against 65,213 units in February last year, the ...
Despite funds, IDCs could not be set up for want of BGB nod:
Two Land Custom Stations (LCS) could not be upgraded to Integrated Development Complexes (IDC) in Tripura despite availability of funds, as the Bangladesh Border Guards (BGB) did not grant permission for it, the state Assembly was informed Friday. The IDCs were supposed to be set up at the Land Custom Stations (LCS) in Manughat and Muhurighat in Unakoti and South Tripura districts respectively. The central government sanctioned Rs 3.3 crore on May 31, 2016, for an IDC in Manughat, and Rs 16.80 on December 19, 2017, for another one at Muhurighat, the chief minister said. Deb, who also holds the industries and commerce portfolio, was replying to a notice by CPI(M) MLA Moboshar Ali on the upgradation of the two LCSs into IDCs. Works could not be started in both the places as permission from the BGB was yet to come, he said adding that the Border Security Force (BSF) was asked to take up the matter with the BGB, its Bangladesh counterpart. There are eight LCSs in the state ...
Ola raises Rs 400 cr for electric mobility business
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early investors, including Tiger Global and Matrix India, to fund its electric mobility business.