Page 782 - Business Finance
NAREDCO seeks more liquidity for real estate sector; lower GST on cement
Realtors' body NAREDCO Friday said the real estate sector is in financial stress due to lack of funding from banks and NBFCs and demanded that the government take steps to improve liquidity situation of developers and also restructure their loans. NAREDCO President Niranjan Hiranandani welcomed the GST Council's decision to cut tax rate on sale of under-construction flats, but sought reduction in taxes on key raw material cement that attracts a GST rate of 28 per cent. "Credit flow to the sector has squeezed due to liquidity crisis in NBFCs. We are pleading with the government and RBI that we need additional liquidity flow in real estate business," he told reporters here. "We have also demanded one-time rollout of potential NPAs," he added. The GST Council on Sunday decided to cut GST rate on affordable homes to 1 per cent without input tax credit (ITC) from earlier 8 per cent with ITC. The GST on under-construction flats, which is not under the affordable housing segment, has been ..
Rs 1.2 lakh cr investment committed in city gas rollout
As much as Rs 1.2 lakh crore of investment has been committed by firms like IOC, Adani Gas and Torrent in a massive rollout of CNG stations and cooking gas connections to households over the next 8-10 years, oil regulator PNGRB said Friday. The move is likely to expand coverage of city gas to 70 per cent of the country's population. PNGRB has in last six months awarded licenses for setting up city gas distribution networks in 136 geographical areas or GAs in two bid rounds that will expand the network of CNG stations in the country to 10,000 from current 1,500 and piped natural gas connections to household kitchens to 5 crore from current 5 lakh, PNGRB Chairman D K Sarraf said. While Rs 70,000 crore investment was committed in 86 GAs awarded in the 9th city gas bid round in August last year, another Rs 50,000 crore was committed in the 50 GAs awarded in the 10th round Friday, he said. Oil Minister Dharmendra Pradhan handed over letter of intent to the winners of the 10th round which ..
Suzuki Motorcycle sales up 27 pc in Feb at 65,630 units
Suzuki Motorcycle India Pvt Ltd (SMIPL) Friday reported a 27 per cent jump in total sales in February at 65,630 units. The company had sold 51,831 units in February 2018, SMIPL said in a statement. "Suzuki Motorcycle India has successfully maintained the strong sales momentum in February too, achieving double-digit growth. Our sustained and robust growth in the face of depressed industry sentiment clearly demonstrates the confidence the Indian two-wheeler users have reposed in brand Suzuki," SMIPL Vice President for Sales, Marketing & After-Sales Devashish Handa said.
Sugar stocks jump up to 9.3 pc on Rs 10,540 cr soft loan for industry
Sugar stocks Friday jumped up to 9.3 per cent after the government announced a soft loan of up to Rs 10,540 crore to the sugar industry to help mills clear mounting arrears to cane growers. Dharani Sugars and Chemicals zoomed 9.31 per cent, Sakthi Sugars rose 6.26 per cent, Thiru Arooran Sugars gained 4.97 per cent, Dwarikesh Sugar Industries rose 4.49 per cent on BSE. Besides, Simbhaoli Sugars was up 3.84 per cent, Balrampur Chini Mills gained 2.79 per cent, Bajaj Hindusthan Sugar rose 2.64 per cent and Dalmia Bharat Sugar and Industries gained 2.32 per cent on the bourse. The government Thursday announced a soft loan of up to Rs 10,540 crore to the sugar industry to help mills clear mounting arrears to cane growers, a move that would cost exchequer up to Rs 1,054 crore as interest subsidy. Sugar cane arrears to farmers have crossed Rs 20,000 crore in the current marketing year 2018-19 (October-September). "To help the sugar industry clear its cane dues arrears, the Cabinet Committee
Rupee drops 20 paise to 70.92 vs USD amid weak GDP, rising crude
The rupee weakened by 20 paise to close at 70.92 against the US dollar Friday amid strengthening of the American currency and rising crude oil prices. Forex traders said slower GDP, higher crude oil prices, and faltering trade talks between the US and China weighed on the domestic currency. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.75 and fell further to touch the day's low of 70.99. It finally ended at 70.92 per dollar, down by 20 paise against its previous close. On a weekly basis, the domestic currency registered a gain of 22 paise. The rupee had rebounded by 52 paise to close at 70.72 against the US dollar Thursday as sentiments revived on signs of de-escalation of tensions between India and Pakistan. "India rupee declines on slower growth number, higher crude oil price and faltering trade talks between US and China," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. India's economic growth slipped to a five-quarter low
TVS Motor logs 3% sales growth
Two and three wheeler maker TVS Motor Company on Friday said it logged three per cent sales growth last month.
India's factory output rises to 14-month high in February
Healthy demand conditions accelerated the pace of India's manufacturing sector output in February to a 14-month high, a key economic data showed on Friday.
EU curbs, Sterlite Copper plant shut down hit metal exports: EEPC India
European Union's protectionist policies for import of steel products from India and other markets coupled with shut down of Sterlite Copper's Tuticorin plant are among the major reasons for a sharp drop in exports of ferrous and non-ferrous metals, the EEPC India said Friday. The engineering exporters' body cautioned that the declining trend in outward shipments of the key metals may continue for some time. "Exports of primary steel fell by 10.7 per cent in January 2019 and 14 per cent in the first ten months of the current fiscal. Exports of copper and copper products dropped by 76.6 per cent in January 2019 and 69.6 per cent in first the ten months," EEPC India said in a statement. ''It is clear from these facts that the protectionist policies adopted by EU, the US are also responsible for the decline in exports of steel," the exporters' body said. According to EEPC India, the country's refined copper production fell significantly during the first half of 2018-19 mainly due to the ..
GST revenue collection for February totals Rs 97,247 crore
The gross Goods and Services Tax (GST) revenue collected in February totalled Rs 97,247 crore, the government said on Friday.Of this amount, the Central GST was Rs 17,626 crore, State GST Rs 24,192 crore, Integrated GST Rs 46,953 crore (including Rs 21,384 crore collected on imports) and Cess Rs 8,476 crore (including Rs 910 crore collected on imports).The total number of GST 3B returns filed for January up to February 28 is 73.48 lakh, said a statement issued by the Department of Revenue.The government settled Rs 19,470 crore to CGST and Rs 15,747 crore to SGST from IGST as regular settlement.Total revenue earned by the central government and state governments after regular settlement in February is Rs 37,095 crore for CGST and Rs 39,939 crore for SGST.The revenue in February 2018 was Rs 85,962 crore. Hence the revenue during February 2019 marks a growth of 13.12 per cent in the year-on period.
Almost 300 broker entities may face SEBI's 'not fit-and-proper' scrutiny
Almost all 300 broker entities may face the 'not fit and proper' scrutiny by the Securities and Exchange Board of India (SEBI) for allegedly following illegal practices while doing commodity derivative business.The market regulator is said to have initiated an inquiry against these broker entities, said sources.Four commodity broking entities of leading non-banking financial companies -- India Infoline, Motilal Oswal, Anand Rathi, and Geojit Financial Services -- were put in the 'not fit-and-proper' category between February 22 and 26 by the SEBI for commodities trading in breach of norms.But market experts say many others may fall under this category.A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset like a security, or set of assets like an index. The common underlying instruments include bonds, commodities, currencies, interest rates, market indexes and stocks.Sources familiar with market norms say the SEBI's ...
GST February collection up 13%
The revenue collection under the Goods and Services Tax (GST) rose more than 13 per cent to Rs 97,247 crore in February as against Rs 85,962 crore in the year-ago month, the Finance Ministry said on Friday.
Zomato to open warehouses in 9 more cities this year
Online restaurant guide and food ordering firm Zomato Friday said it will open warehouses in nine more cities across India by the end of this year. Hyperpure warehouses by Zomato supplies restaurants fresh and clean ingredients at competitive prices, the company said in a statement. Commenting on the development, Hyperpure Founder Dhruv Sawhney said: "We will open Hyperpure warehouses in nine more cities across India by the end of this year, and eventually, across our international markets". The company has opened a Hyperpure warehouse in Bengaluru to serve over 2,500 restaurants every day, Zomato said. "Everything we do to bring together restaurants, consumers, food suppliers and logistics partners, working towards ensuring more people have access to fresh and clean food," Zomato CEO and Founder Deepinder Goyal said. The company plans to soon launch a large warehouse in Delhi, Zomato said. Zomato provides information for over 1.4 million restaurants across 24 countries.
SEBI allows MFs, portfolio managers to invest in commodity derivatives
The Securities and Exchange Board of India (SEBI) on Friday allowed mutual funds (MFs) and portfolio managers to invest in commodity derivatives to strengthen the market offerings and attract more players.
Bharti Airtel shares decline over 3 pc
Shares of Bharti Airtel declined over 3 per cent Friday after the company's fund raising plans of up to Rs 32,000 crore failed to cheer investors. The scrip dropped 3.43 per cent to close at Rs 307.05 on BSE. During the day, it plunged 4.82 per cent to Rs 302.60. On NSE, shares fell by 3.15 per cent to close at Rs 308. Bharti Airtel counter was the worst hit among the blue chips on both the indices at close of trade. The telecom operator Thursday said its board has approved fund raising plans of up to Rs 32,000 crore through a mix of rights issue and bond. In a statement, Airtel said its board has "approved the fund raising of up to Rs 32,000 crore through rights issuance of up to Rs 25,000 crore and perpetual bond with equity credit up to Rs 7,000 crore". Perpetual bond of up to USD 1 billion (about Rs 7,000 crore) denominated in foreign currency is "subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting ...
Believe in Indian judicial process, hopeful of a positive outcome in SC: IHH MD&CEO Tan See Leng
IHH and Fortis are not involved in the dispute between Daiichi and the Singh brothers and are hopeful of a positive outcome on the status quo on the open offer in the next hearing in the Supreme Court scheduled on March 14, a top Malaysian firm official said Friday. The Supreme Court had earlier extended status quo order on the open offer of the IHH to acquire 26 per cent stake in Fortis to the next hearing. "We firmly believe in the Indian judicial process and will respect any decision made by the Supreme Court of India. IHH will seek advice from our legal counsel and explore all options available to us," Fortis Non-Executive Director and IHH Healthcare Berhad MD and CEO Tan See Leng told reporters here in a video conference. As the single largest shareholder, IHH remains committed to active participation in Fortis and looks forward to the speedy resolution of this matter, he added. "We hope that India will support foreign investors and that minority shareholders in Fortis will have .
Robi and YABX Collaborate to Facilitate Financing for Smartphones in Bangladesh
/ -- Robi, the leading digital services provider in Bangladesh, and YABX, a fintech company incubated by Comviva, have partnered to facilitate financing for smartphones for Robi's customers in Bangladesh. (Photo: https://mma.prnewswire.com/media/829150/Robi_YABX_Bangladesh.jpg) In this regard, Robi's Managing Director and CEO, Mahtab Uddin Ahmed and YABX's Founder and Chief Executive Officer, Rajat Dayal signed a Memorandum of Understanding (MoU) at the Mobile World Congress 2019, in Barcelona, on behalf of their respective organizations. Within one year of launching 4.5G service, Robi has created the largest 4.5G network in Bangladesh. YABX, on the other hand, provides the technology to underwrite smartphone financing for customers in the emerging markets. In doing so, the company builds customer profiles from tens of thousands of data points, using data from the mobile network. This, in turn, enables the customers to purchase their first smartphone. Therefore, it is believed that ..
GST revenue collection rises 13% to Rs 97247 crore in February 2019
73.48 lakh GSTR 3B Returns filed for the month of January 2019
SBI Life Insurance shares bounce back, gain 5.5% after Carlyle acquires stake
Shares of SBI Life Insurance Friday bounced back from early losses and closed with a gain of 5.5 per cent after the company said global investment firm Carlyle Group has acquired 9 per cent stake in the life insurer from BNP Paribas Cardif. After falling sharply by 12.14 per cent to Rs 510 during the day on the BSE, shares of the company bounced back and later closed at Rs 612.25, a gain of 5.47 per cent. On the NSE, stock rose by 3.69 per cent to close at Rs 599.95 after the initial slump. On the traded volume front, 983.75 lakh shares were traded on the BSE and over one crore units on the NSE during the day. At the current market price, Carlyle would have paid Rs 5,445 crore for the 9 crore shares picked-up from the open market. Following the transaction, Cardif's stake in SBI Life has come down to 12.8 per cent from 22 per cent while Carlyle's holding through CA Emerald Investments is at 9 per cent. SBI remains the majority shareholder with 62.1 per cent stake in the company. SBI ..
Tata Motors domestic sales fall 3 pc to 57,221 units in Feb
Tata Motors Friday reported three per cent decline in domestic sales to 57,221 units in February 2019 as compared with 58,993 units in the same month last year. The company's passenger vehicle sales in the domestic market increased two per cent to 18,110 units last month, compared with 17,771 units in the year-ago period. "Despite the challenging environment last month, we witnessed a growth of two per cent, fuelled by the good performance of our new generation products," Tata Motors President Passenger Vehicles Business Unit Mayank Pareek said in a statement. The company said its commercial vehicle (CV) sales in the domestic market stood at 39,111 units in February, down five per cent from 41,222 units in the same month of 2018. "The market continues to exhibit subdued demand on the back of high interest rates, lagged effect of the implementation of revised axle load norms, slowing economic activity, resulting in decline of five per cent in CV sales volume," Tata Motors President ...
Quick Wrap: Nifty Media Index records a surge of 3.21%
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