Page 783 - Business Finance
Abhishek Malhotra resumes founding practice at TMT Law Practice
Abhishek Malhotra, a veteran lawyer in the field of technology, media and telecom is back at TMT Law Practice along with his team after his brief association with Bharucha & Partners.In addition to the continuity of his niche practice areas, he would be keenly focusing on diversifying across other service domains and industry sectors. TMT Law Practice shall operate from its erstwhile New Delhi Office and a new set up Mumbai Office as well.Ahead of its revival, the firm has taken strategic decisions to chart a fresh plan for growth in terms of people and practice areas. It will not only look at acquiring the best talent pool but will also focus on bringing in experts from varied domains to expand the firm's service portfolio. A more diverse dispute resolution offering, including international commercial arbitration and IBC related matters, are some of the new areas where the firm will seek to leverage its core strengths.The firm represents a broad range of clients including ...
SEBI reduces fee for brokers, agri-commodity derivative transactions
In a major relief, the Securities and Exchange Board of India (SEBI) on Friday decided to reduce the fee payable by brokers from Rs 15 to Rs 10 per crore of transactions, marking a 33.33 per cent reduction.For agri-commodity derivative transactions, the fee has been reduced by a whopping 93.33 per cent--from Rs 15 to Re 1 per crore of transactions. The decisions were taken at a board meeting held in the national capital.The regulator also reduced the fees payable by issuers for one refiling of offer documents by 50 per cent in case the refiling is done within one year of validity of observation letter.SEBI also reduced the regulatory fee rate payable by the stock exchanges by 80 per cent from the current Rs 1 crore plus Rs 6 per crore for the turnover in excess of Rs 10 lakh crore without any upper ceiling.The SEBI board also made changes to regulations for Infrastructure Investment Trusts (InViTs) and Real Estate Investment Trusts (REITS). The value of lot size will now be Rs 1 lakh .
Revised GDP estimate of 7 pc due to higher base: DEA Secretary Garg
The Department of Economic Affairs (DEA) said on Friday that the revised gross domestic product (GDP) estimate for 2018-19 to 7 per cent is at a higher base.A day earlier, the Central Statistics Office (CSO) lowered the FY 19 GDP growth in second advance estimate of national income to 7 per cent from 7.2 per cent in the first advance estimate.The de-growth was mainly attributed to a slowdown in agriculture and manufacturing.However, DEA Secretary Subhash Chandra Garg said the second advance estimate factors in a higher base. "The growth needs to be looked at considering the higher base," he said.Garg said the increased contribution from the National Social Security Fund (NSSF) from Rs 75,000 crore to Rs 1.25 lakh crore will help bridge the fiscal deficit. The increase in funds is due to higher inflow of small savings.At the same time, said Garg, the government expects better tax collections by March end to help meet the fiscal deficit target of 3.4 per cent of the GDP for 2018-19.
Benchmark indices edge higher, Nifty closes above 10,850 mark
Equity benchmark indices edged higher on Friday as investors made purchases amid signs of easing tensions between India and Pakistan.Cues from Asian markets added a positive ring to the optimism in bourses.The Bombay Stock Exchange S & P Sensex closed 196 points higher at 36,064 while the National Stock Exchange Nifty 50 closed 71 points up at 10,864.Adani Ports, Indiabulls Housing Finance, Vedanta, Yes Bank, and Hero MotorCorp traded higher during the day.But Bharti Airtel plunged over 4 per cent and closed at Rs 305.05, a day after its board approved a fund-raising plan of up to Rs 32,000 crore through rights issuance and perpetual bond. The other losers were Cipla, Dr Reddy Labs, Wipro, and Bajaj Auto.Though both countries have shot down each other's fighter jets this week, investors hoped the hostilities along Indo-Pak border will subside soon. The armed conflict between neighbouring nations comes ahead of the Indian general elections due in April.Meanwhile, Asian markets ...
Easing Indo-Pak tensions aid Sensex to snap losing streak
Signs of easing Indo-Pak tensions and expectations of a breakthrough in US-China trade talks buoyed the Indian equity market on Friday, snapping a three-day losing streak.
Sebi seeks to make mutual funds' valuation process fairer
In a slew of reform measures, securities market regulator Sebi's board on Friday approved changes in its norms for open offer exemptions for corporates facing debt restructuring as also for debt instrument valuation by mutual funds to make these processes fairer. The Sebi board, at the same time, approved easing of norms for raising of funds through instruments like real estate and infrastructure investment trusts. The regulator will amend its norms for valuation of money market and debt securities by mutual funds to make the process fairer and uniform across the industry to safeguard investors from default like scenarios as witnessed recently in the wake of IL&FS crisis and other defaults. The proposal seeks to make the valuation practices more reflective of the realizable value of money market and debt securities with residual maturity up to 60 days. Accordingly, the residual maturity limit for amortisation based valuation by mutual funds will be reduced from 60 days to 30 ...
ATF price hiked by 8.1 pc, still costs less than petrol, diesel
Jet fuel price was hiked Friday by a steep 8.1 per cent to its costliest level this year as international oil prices rose, state-owned oil firms said. The price of Aviation Turbine Fuel (ATF) was hiked by Rs 4,734.15 per kilolitre, or 8.15 per cent, to Rs 62,795.12 per kl in the national capital, according to price notification issued by state-owned oil firms. This is the first increase in prices in four-months which has pushed rates to their highest level this year. ATF or jet fuel prices are revised on 1st of every month based on the average international rate for benchmark fuel and foreign exchange rate in the preceding month. Prices were unchanged at the last revision on February 1. Prior to that, rates were cut by a record 14.7 per cent (Rs 9,990 per kl) on January 1 and by 10.9 per cent (Rs 8,327.83 per kl) on December 1. The two consecutive price reduction had brought ATF rates to their lowest levels in a year and had provided much-needed relief to cash-strapped airlines. But ..
Honda Cars sales up 16% to 13,527 units in February
Honda Cars India Ltd (HCIL) Friday reported a 16 per cent increase in its domestic sales to 13,527 units in February. The company had sold 11,650 units in the domestic market in February 2018, HCIL said in a statement. The company also exported 20 units last month, it said. "Our on-ground efforts and sustained sales momentum for models, specially the Amaze, City and WR-V has fuelled our growth in February," HCIL Senior VP and Director-Sales and Marketing Rajesh Goel said. The overall market sentiment is not overtly buoyant at this stage, however, the company hopes the market will revive soon, he added.
Honda Cars sales up 16% to 13,527 units in February
Honda Cars India Ltd (HCIL) Friday reported a 16 per cent increase in its domestic sales to 13,527 units in February. The company had sold 11,650 units in the domestic market in February 2018, HCIL said in a statement. The company also exported 20 units last month, it said. "Our on-ground efforts and sustained sales momentum for models, specially the Amaze, City and WR-V has fuelled our growth in February," HCIL Senior VP and Director-Sales and Marketing Rajesh Goel said. The overall market sentiment is not overtly buoyant at this stage, however, the company hopes the market will revive soon, he added.
Feb PMI indicates strong flow of new orders: Garg
Spurt in PMI indicates strong inflow of new orders and strengthening of manufacturing sector growth, Economic Affairs Secretary Subhash Chandra Garg said Friday. The country's manufacturing sector performance further strengthened in February and touched a 14-month high, driven by acceleration in sales, output and employment, a monthly survey showed. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose to 54.3 in February, from 53.9 in January, amid a robust improvement in business conditions. This is the 19th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. "Manufacturing PMI at 54.3 in Feb is 14 month high and indicates strong inflow of new orders. Q4 2018-19 should mark further strengthening of manufacturing GVA and upward movement of GDP growth," Garg said in a tweet. As per official estimate released on Thursday, India's economic growth ...
ABB India Q4 profit up 58 pc at Rs 129 cr
Engineering and power firm ABB India Friday posted 58 per cent jump in net profit at Rs 128.64 crore for the quarter ended December 31, 2018, mainly due to higher revenues. The company's net profit in October-December 2017 stood at Rs 81.63 crore, it said in a BSE filing. The profit in the latest quarter is excluding the power grid business. On December 17, 2018, ABB announced an agreed sale of its Power Grids division. Consequently, the results of the power grids business are presented as discontinued operations. Total income in December quarter rose to Rs 1,982.30 crore from Rs 1,725.48 crore a year ago. The company follows January-December financial year. It has posted Rs 254.19 crore profit for 2018, up from Rs 225.48 crore in 2017. The company's board in a meeting on Friday also recommended a dividend of Rs 4.80 per share on 21,19,08,375 shares of face value of Rs 2 each of the fully paid up capital for 2018. The board has also decided to convene the 69th Annual General Meeting ..
Dipak Chattaraj takes charge as CEO of Rourkela Steel Plant
Dipak Chattaraj on Friday assumed charge as chief executive officer of the Rourkela Steel Plant (RSP). Chattaraj, who started his career at Durgapur Steel Plant, a unit of SAIL, in 1984, was instrumental in executing big projects like the 1-million-ton medium structural mill, bloom-cum-round caster, 300 tpd dolomite plant and utility infrastructure in Durgapur, RSP said in a release. He made significant contribution in the areas of system strengthening, energy audit, land utilisation planning for future projects and project cost estimation, among others, it said. He also served in CET, the engineering consultancy division of SAIL in Ranchi for a short stint before taking over as chief executive officer, International Coal Ventures (P) Ltd in October, 2017. Chattaraj was elevated as executive director in SAIL in November 2018 and continued to be the CEO of ICVL. He was transferred to RSP as OSD on February 4, 2019, the release said.
Skoda aims to double sales network in India, to take up mainstream brand positioning
Czech car maker Skoda Auto aims to double sales network in India to over 100 locations by 2021 with plans to position itself as a mainstream brand and shed the niche tag going ahead, a senior company official Friday said. The company's wholly-owned arm Skoda Auto India, which on Friday entered into a partnership with ORIX Auto Infrastructure for leasing services, currently has presence in 54 locations across India. "We need to get business ready for 2.0 India strategy and for that we are working on four key areas that include reduction in cost of ownership, improvement in service experience, change in perception that Skoda is expensive to own," Skoda Auto India Director - Sales, Service, and Marketing Zac Hollis told PTI. The company is also working on increasing brand awareness as well as expansion of network for new set of products that are expected to start rolling out from 2021 onwards. "We are currently represented in 54 cities in India and we need to go over 100 cities. We need .
TVS Motor February sales up 3 pc at 2,99,353 units
TVS Motor Company Saturday reported 3 per cent increase in total sales to 2,99,353 units in February as against 2,90,673 units in the same month last year. Total two-wheeler sales grew by 2 per cent to 2,85,611 units last month as against 2,80,942 in February 2018, the company said in a statement. Domestic two-wheeler sales were at 2,31,582 units last month as compared to 2,30,353 in February 2018.
GST collection drops to Rs 97,247 cr in Feb
GST collections in February dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month, the Finance Ministry said Friday. The number of sales return or GSTR-3B filed for the month of January up to February 28, 2019 is 73.48 lakh. "The total gross GST revenue collected in February 2019 is Rs 97,247 crore of which Central GST is Rs 17,626 crore, State GST (SGST) is Rs 24,192 crore, Integrated GST (IGST) is Rs 46,953 crore and Cess is Rs 8,476 crore," the ministry said in a statement. Goods and Services Tax (GST) collections in the current fiscal till February totalled Rs 10.70 lakh crore. The government has lowered the GST collection target for current fiscal to Rs 11.47 lakh crore in the Revised Estimates, from Rs 13.71 lakh crore budgeted initially. For the next fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.
'Only banks, FIs exempt from open offer in corporate debt restructuring'
Market Regulator SEBI on Friday came out with rules for providing exemption from open offer requirements for corporate debt restructuring, which will now be restricted to scheduled commercial banks and all-India financial institutions.
Yes Bank shares gain nearly 3% as Ravneet Gill takes charge as MD, CEO
Shares of Yes Bank Friday rose nearly 3 per cent after the company said Ravneet Gill has taken charge as MD and CEO with immediate effect for a tenure of three years. The stock gained 2.68 per cent to close at Rs 237.40 on BSE. During the day, it surged 3 per cent to Rs 238.35. On the NSE, shares went up 2.48 per cent to close at Rs 236.90. On the traded volume front, 35.43 lakh shares were traded on the BSE and over 4 crore units on the NSE. "Ravneet Gill has joined Yes Bank as MD and CEO today. His tenure as approved by RBI is 3 years from the date of his joining, i.e. March 1, 2019 to February 28, 2022," Yes Bank said in a regulatory filing. The appointment of Gill, will be subject to approval of shareholders' at the ensuing annual general meeting of the bank to be held in June, 2019.
Sensex rebounds 196 pts, posts 2nd weekly gains as geopolitical tensions ease
Market benchmark Sensex Friday rose over 196 points to end at 36,064 and also posted its second straight weekly gains amid signs of easing tensions between India and Pakistan. The key BSE index also snapped its three-session losing run after the March derivatives series got off to a strong start coupled with uninterrupted foreign fund inflows. The 30-share Sensex opened positive and rallied to the session's high of 36,140.67 on widespread buying by participants. However, profit-booking in select counters trimmed the gains as the gauge settled 196.37 points, or 0.55 per cent, higher at 36,063.81. It had lost over 346 points in the previous three sessions due to geo-political tensions between India and Pakistan. For the week, the BSE Sensex rose 192.33 points, or 0.57 per cent, while the broader NSE Nifty gained 71.35 points, or 0.69 per cent. This was the second straight weekly gains for the index. The NSE Nifty, after hitting a high of 10,877.90, closed at 10,863.50, up 71 points, or .
India to grow at 7.3% for next 2 years despite global slowdown: Moody's
Even as the global economy will further weaken in 2019 and 2020, India's economy will grow at 7.3 per cent in both the calendar years as it is less exposed to the global slowdown, Moody's said.
Petroleum minister distributes Letter of Intents to 12 successful entities under 10th CGD Bidding Round
2 crore PNG connections to be provided by these entities and 3,578 CNG stations will be put up in the area