Page 784 - Business Finance

Sebi to allow MFs, portfolio managers in commodity derivative market

To help broaden the commodity derivatives market, regulator Sebi's board on Friday approved allowing mutual funds and portfolio managers to trade in this segment. Besides, certain alternative investment funds which are already permitted to participate in commodity derivatives will be permitted to deal with goods received in delivery against physical settlement of such contracts, if any, Sebi said in a post-board meeting statement. The Securities and Exchange Board of India (Sebi) has constituted a Commodity Derivatives Advisory Committee (CDAC) to advise it in matters relating to regulations and development of this market segment. The committee had suggested that the commodity derivatives market should be opened up to domestic as well as foreign institutional participants in a phased manner. In the first phase, it had suggested allowing certain alternative investment funds, portfolio managers and mutual funds, besides allowing direct participation of foreign participants having ...

Over Rs 2 lakh crorebad loans settled, says govt offical

: Over Rs 2 lakh crore worth of loan defaults have been settled and fresh addition of non-performing assets of financial institutions has also come down after the Insolvency and Bankruptcy Code (IBC) came into being in 2016, said a top government official here Friday. "I do not want IBC to be the first resort, we wanted it to be the last resort. What is the situation today is exactly that (last resort)," secretary to Ministry of Corporate Affairs Injeti Srinivas said. He was speaking at the inaugural session of a three-day international conference on 'Insolvency and Bankruptcy Laws: Global Response' organised by ICFAI Law School, in association with Delaware Law School, Widener University and Insolvency and Bankruptcy Board of India. The Reserve Bank report shows that the fresh addition to the NPAs has declined so has the overall NPS, Srinivas said. For every one case settled under the National Company Law Board Tribunal, nine cases have been settled outside the ...

Sebi to ease norms for investors willing to invest in startups

To provide a boost for startups seeking to get listed, capital markets regulator Sebi's board on Friday approved easing of norms for accreditation of investors willing to invest in such new-age entities. At a meeting here, the Sebi board approved a framework for the process of accreditation of investors for Innovators Growth Platform, which will be the name of the stock exchange platform where new-age startups would be listed. Under this framework, the investor having a demat account will make an application to the stock exchanges or depositories to be recognised as an 'accredited investor (AI)'. The exchanges and depositories will grant accreditation to these investors for a period of three years, after ascertaining their eligibility. Earlier in December 2018, the Sebi's board had approved a number of other measures to make it easier for startups to get listed on the Innovators Growth Platform (IGP). The relaxation in the norms came after tepid market interest to the existing ...

M&M tractor sales down 8 pc in February

Mahindra & Mahindra Friday reported eight per cent decline in total tractor sales at 18,978 units in February as against 20,658 units in the same month last year. The company had sold 18,105 units of tractors in domestic market last month as compared to 19,442 units in February 2018, down 7 per cent, Mahindra & Mahindra (M&M) said in a statement. Exports also declined last month by 28 per cent to 873 units as compared to 1,216 units in the year-ago period. On the sales performance, M&M President Farm Equipment Sector Rajesh Jejurikar said the tractor industry has remained subdued in February. However, "it is expected that positive sentiment associated with the recently executed direct beneficiary transfers to marginal farmers and other pro-rural initiatives by the government, will help create momentum for tractor sales in the near term", he added.

Sebi bans Commex Technology, former directors over GDR manipulation

Commex has been barred for five years and its former directors -- Adi Cooper and Kishore Hegde -- for two years

Our hackers earned $19 mn in bug bounties in 2018: HackerOne

Hacker-powered security platform HackerOne on Friday said its community earned $19 million (nearly Rs 135 crore) in bounties in 2018 and hackers from India and the US alone accounted for 30 per cent of the total community.

Carlyle acquires 9 pc stake in SBI Life from BNP Paribas Cardif

SBI Life Insurance Friday said global investment firm Carlyle Group has acquired nine per cent stake in the life insurer from BNP Paribas Cardif. At the current market price, Carlyle would have paid Rs 5,445 crore for the nine 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 nine per cent. SBI remains the majority shareholder with 62.1 per cent stake in the company. SBI Managing Director (global banking & subsidiaries) Dinesh Kumar Khara said SBI Life appreciates the support given by Cardif in this journey and look forward to Carlyle's support to the company. The life insurance industry in India has a strong growth potential thanks to favourable demographics and an increasing focus on financial savings, said Sunil Kaul, MD of the Carlyle Asia Buyout advisory team. "Separately, our company has also been informed by BNP ...

M&M Feb sales up 10 pc at 56,005 units

Mahindra & Mahindra Friday reported 10 per cent increase in total sales at 56,005 units in February. The company had clocked total sales of 51,127 units in the same month last year, Mahindra & Mahindra (M&M) said in a statement. Domestic sales were up 9 per cent at 52,915 units as compared to 48,473 units in February last year, it added. Passenger vehicle sales last month stood at 26,109 units as against 22,389 units in the year-ago month, a growth of 17 per cent, the company said. Commercial vehicles sales grew by 1 per cent to 21,154 units last month from 20,946 units in February last year. M&M President Rajan Wadhera said February has augured well for Mahindra with a strong double digit sales growth of 16 per cent in its utility vehicles portfolio, on the back of the newly launched XUV300 model. Export last month stood at 3,090 units as compared to 2,654 units in February last year, a growth of 16 per cent, M&M said.

Board of Shree Hari Chemicals Export approves appointment of director

At meeting held on 01 March 2019

Jaitley addresses Sebi board, apprised of market developments

Finance Minister Arun Jaitley on Friday addressed regulator Sebi's board members and senior officials and took stock of recent developments in the Indian securities market. Jaitley appreciated various initiatives taken by the Securities and Exchange Board of India (Sebi), the regulator said in a statement. Sebi Chairman Ajay Tyagi apprised Jaitley of the recent developments in the Indian capital market after the finance minister's customary post-Union Budget address here to the board of the regulatory authority. Minister of State for Finance Shiv Pratap Shukla, Economic Affairs Secretary Subhash Chandra Garg, Revenue Secretary Ajay Bhushan Pandey, Department of Investment and Public Asset Management Secretary Atanu Chakraborty and Chief Economic Advisor Krishnamurthy Subramanian also attended the meeting. Besides, the meeting was attended by Department of Economic Affairs Joint Secretary Anand Mohan Bajaj and Corporate Affairs Ministry Joint Secretary K V R Murty. Senior officials ...

Swan Energy Ltd leads losers in 'A' group

Bharti Airtel Ltd, Symphony Ltd, Indo Count Industries Ltd and Nestle India Ltd are among the other losers in the BSE's 'A' group today, 01 March 2019.

Jet stocks surge 7% over reports of Goyal quitting

The scrip price of Jet Airways surged up to 7 per cent on Friday following reports that the companys chairman Naresh Goyal has agreed to step down from his post.

Toyota Kirloskar sales down 1.6 pc in February

Toyota Kirloskar Motor (TKM) Friday reported a decline of 1.63 per cent in total sales in February at 12,497 units as against 12,705 units in the same month last year. The company sold a total of 11,760 units in the domestic market last month as compared to 11,864 units in the year-ago period, TKM said in a statement. Last month, the company exported 737 units of Etios series as against 841 units in February 2018. "We have seen improvement in consumer sentiment as compared to last month (January) leading to a growth in demand. "However, the auto sales are witnessing a temporary slowdown in pre-election phase in addition to factors like tight liquidity condition impacting the buying behaviour," TKM Deputy Managing Director N Raja said. He said the company has received an "overwhelming response" to its all-new Camry Hybrid sedan. "We have more than 400 bookings already. We have sold more than 130 units since launch on January 18, 2019," he added. On the outlook, he said, "we expect ...

Exim Bank bullish on Africa, some south Asian countries

Exim Bank of India, which provides long-term trade finance, said it was bullish on the African continent and some south Asian countries. Managing director of Exim Bank David Rasquinha said the financing entity was engaged in some infrastructure projects in Africa where the quantum of finance extended was close to USD 2.5 billion in aggregate. "Africa is one of the fastest growing parts of the world and the need for developing infrastructure like railways was immense," he told reporters on the sidelines of a BCCI event here on Monday. Exim Bank said a railway project in Ghana was already underway where it was having an exposure, adding that it was also financing companies doing trade with Africa. Besides railways, he said, the bank was bullish on renewable energy, power transmission, agriculture, textiles and sugar. Regarding south Asia, he said countries like Bangladesh, Sri Lanka and Nepal were of interest to the bank as well as Myanmar. Rasquinha said out 54-odd ...

Tourism Finance Corporation of India Ltd leads losers in 'B' group

Pritish Nandy Communications Ltd, Ponni Sugars (Erode) Ltd, S E Power Ltd and B.L.Kashyap & Sons Ltd are among the other losers in the BSE's 'B' group today, 01 March 2019.

IMF revives Sri Lanka bailout hit by power struggle

The International Monetary Fund on Friday revived a USD 1.5 billion bailout for Sri Lanka that was suspended over a government power struggle last year that seriously slowed economic growth. The Washington-based lender said officials visiting Colombo agreed to re-activate the three-year loan, which started in 2016 and spread the instalments over an additional year. "The team reached understandings at the staff level with the Sri Lankan authorities... to allow more time for the completion of the economic reform agenda," the IMF said. The Fund had been due to release an instalment in October when President Maithripala Sirisena sacked his Prime Minister and called fresh elections, triggering a two month power struggle in the island nation. Because of the crisis, the economy grew by just 3.0 percent last year, making it the slowest expansion in 17 years, according to the Central Bank of Sri Lanka. The IMF said it expected Sri Lanka's growth to improve to 3.5 percent in 2019. Sri Lanka's ..

Ajay Jha takes over as Member, Finance Commission

Former Finance Secretary Ajay Narayan Jha on Friday took charge as Member of the 15th Finance Commission in place of Shaktikanta Das, who resigned after being appointed as Governor of the Reserve Bank of India in December 2018.Jha, a 1982 batch IAS officer of Manipur cadre, had earlier served as Secretary to the 14th Finance Commission which was headed by former RBI Governor Y V Reddy.The 15th Finance Commission was constituted by a Presidential order in November 2017 under the Chairmanship of N K Singh to decide the formula for devolution of revenue between the Centre and states for a period of 5 years: April 2020 to March 2025..

S Chandramohan elected CII TN Chairman; Hari Thiagarajan VC

: Tractors and Farm Equipment Ltd (TAFE) President and Group Chief Financial Officer, S Chandramohan has been elected Chairman of Tamil Nadu State council for 2019-20, the CII said Friday. K Hari Thiagarajan who is currently serving as executive director of Thiagarajar Mills Pvt Ltd was elected Vice-Chairman, the Confederation of Indian Industry said. Chandramohan has been closely associated with the trade body for several years during which he has held various positions including chairman, agriculture and food processing task force, CII southern region, CII Chennai zone Chairman among others. Hari Thiagarajan was also Co-Chairman, Start-up entrepreneurs Forum, CII southern region and had also served CII Tamil Nadu as convenor-education panel, a press release said.

FAME-II will help commit investments in EV: Auto industry

Automobile industry players Friday said the government's announcement of Rs 10,000-crore FAME-II scheme brings clarity and policy stability, and will provide a big fillip to popularisation of electric vehicles in India. Industry bodies SIAM, SMEV, along with companies like Mahindra & Mahindra and Tata Motors, lauded the phase-II of Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) saying it will create an environment for all players to commit investments on the journey of sustainability. "This will provide a big fillip to our joint efforts to introduce higher levels of electric mobility in the country," Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said in a statement. He further said the industry has been eagerly waiting for more than two years for announcement of a long-term policy, including finalisation of the FAME-II scheme. The three-year scheme, with significantly enhanced financial allocations, will instill tremendous ...

BENEFIT launches the first eKYC Project in the Arab World

BENEFIT, the leading electronic financial transactions network, announced at a press conference held recently at Wyndham Grand Hotel, the launch of the new national Electronic Know Your Client (eKYC) Project, which is the first of its kind in the Arab World, targeting retail banks, financial services providers and money exchange networks.BENEFIT will implement the eKYC Project in the second quarter of this year in collaboration with the Information and eGovernment Authority (IGA) under the supervision of the Central Bank of Bahrain (CBB). The Project is intended to provide an advanced state of the art electronic platform and a database for financial institutions to authenticate the identities of their clients and validate their information before granting financial services.The Project also aspires to help financial technology (FinTech) companies offering financial and banking products using online applications, and facilitate the launch of their products and services. This is in ...