Page 790 - Business Finance
SKM Egg settles disclosure lapses case with Sebi, pays Rs 15 lakh
SKM Egg Products Exports has settled with Sebi a case of alleged disclosure lapses by paying over Rs 15 lakh towards settlement charges. The regulator had initiated adjudication proceedings against the egg exporter in December 2017 and sent a notice alleging that there was an off-market transfer of around 23 lakh shares of the company among the promoters between March 2010 and June 2010. But the firm allegedly failed to make disclosures of transfer of shares under the Prohibition of Insider Trading provisions, Sebi said in an order on Thursday. Further, managing director and a promoter sold shares of the firm on four occasions where the shares sold were more than 2 per cent of share capital of the company during July 2010. However, it is alleged that SKM had not made any disclosure in this regard to the stock exchanges and thereby violated the Substantial Acquisition of Shares and Takeovers (SAST) and the PIT regulations, the regulator said. While the proceedings were pending, SKM ...
Naresh Goyal agrees to step down as chairman of Jet Airways
Beleaguered Jet Airways' Chairman Naresh Goyal has agreed to step down as the lenders gear up to acquire majority stake in the airline under a bailout plan, a source said Thursday. When contacted, Jet Airways Vice-President for Corporate Affairs and Public Relations Ragini Chopra said she is "not aware" of the developments. The move comes a day after an urgent meeting of lenders with Goyal and Etihad Airways Chief Executive Officer Tony Douglas to resolve various issues between the two promoters as well as lenders and Etihad. The Gulf-based carrier holds 24 per cent stake in the Mumbai-based full service airline, founded by Goyal 25 years ago. State Bank of India is the lead lender of a consortium that has extended loans to Jet Airways, which has been grappling with financial woes and is looking to rejig debt as well as raise funds. On February 14, Jet Airways' board had approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in ..
AJL to move SC against Herald House eviction verdict
National Herald publisher Associated Journals Ltd (AJL) will be moving the Supreme Court challenging a Delhi High Court verdict on Thursday upholding the order to vacate its Herald House premises here, its lawyer said.
85% Indians expect global economy to surge in 2019: Report
Around 85 per cent Indians think the global economy will be robust and surge in 2019, according to a report titled "Ipsos Predictions 2019".
Electoral bonds to be sold in 3 tranches from March
With the Lok Sabha elections around the corner, the Finance Ministry on Thursday announced the sale of electoral bonds in three tranches from next month.
New DoT import norms to help mobile cos launch products faster: ICEA
The Department of Telecom (DoT)'s recent decision to relax import norms for prototypes, sample products, and test and measurement equipment in licence-exempt bands will help the Indian mobile and electronics manufacturers launch their products faster, according to the Indian Cellular and Electronics Association (ICEA).
India GDP growth slows to five-quarter low of 6.6 pc in Q3, still fastest in the world
In signs of the Indian economy losing steam ahead of the general elections, GDP growth slowed to a five-quarter low of 6.6 per cent in October-December on the back of lower farm and manufacturing growth and weaker consumer demand, government data showed Thursday. Also, economic growth estimate for the current fiscal year ending March 31 has been revised downwards to 7 per cent from the earlier estimate of 7.2 per cent. This is the lowest growth in the last five years. However, the third quarter growth rate, which was lower than the revised estimate of 7 per cent in the previous quarter and 8 per cent in April-June, was faster than China's 6.4 per cent growth for the three months to December 2018. India thus retains its tag of the world's fastest-growing major economy. Data from the Central Statistics Office (CSO) showed slower consumer spending at 8.4 per cent as compared to 9.9 per cent in the previous quarter. Farm sector growth slowed to 2.7 per cent from 4.2 per cent in Q2 and 4.6
Mazumdar-Shaw sold 1,600 shares without pre-clearance: Infosys
Infosys said Thursday its Lead Independent Director Kiran Mazumdar-Shaw had inadvertently through her portfolio management services sold 1,600 shares of the company without obtaining pre-clearance of trade. Following a review by the audit committee of the company's Board of Directors that determined that there was a violation of the Infosys Insider Trading Policy and the Prohibition of Insider Trading) Regulations, 2015, a penalty of Rs 9.5 lakh has been imposed on Mazumdar-Shaw. "On February 13, 2019, it was brought to the attention of the Compliance Officer of Infosys Ltd that Kiran Mazumdar-Shaw, Lead Independent Director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys Ltd without obtaining pre-clearance of trade," it said in a regulatory filing. It added that the transaction occurred when the trading window was open. "The Trade was carried out by the portfolio manager without the knowledge of Ms Mazumdar-Shaw," it ...
Sebi slaps Rs 2.8 crore fine on 18 entities for manipulative trade
Markets regulator Sebi Thursday slapped a total penalty of Rs 2.81 crore on 18 entities for executing fraudulent trades in the illiquid stock option segment on the BSE. N M Impex, Narayan Kumar Goyal HUF, Nextel Vinimay, Megha Associate, Chitragupta Sales & Services, Basic Clothing, Cellour Commercial, Vishal Ferro Alloys, R P Computer Forms are among others facing the action, as per separate orders of Sebi. After observing a large-scale reversal of trades in the bourse's stock options segment, Sebi conducted a probe into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015. Following the probe, the regulator found that the entities bought and sold option contracts with the same counterparties, and also reversed trades on the same day at substantial price difference, making such trades non-genuine in nature. The regulator noted that trades in securities market are executed with economic sense, and in normal course, attempt is made to earn ...
Sebi slaps Rs 2.8 crore fine on 18 entities for manipulative trade
Markets regulator Sebi Thursday slapped a total penalty of Rs 2.81 crore on 18 entities for executing fraudulent trades in the illiquid stock option segment on the BSE. N M Impex, Narayan Kumar Goyal HUF, Nextel Vinimay, Megha Associate, Chitragupta Sales & Services, Basic Clothing, Cellour Commercial, Vishal Ferro Alloys, R P Computer Forms are among others facing the action, as per separate orders of Sebi. After observing a large-scale reversal of trades in the bourse's stock options segment, Sebi conducted a probe into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015. Following the probe, the regulator found that the entities bought and sold option contracts with the same counterparties, and also reversed trades on the same day at substantial price difference, making such trades non-genuine in nature. The regulator noted that trades in securities market are executed with economic sense, and in normal course, attempt is made to earn ...
Majesco announces major update for Majesco Distribution Management
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GDP growth slows to 6.6% in Q3FY2019
GDP growth estimated at 7.0% for FY2019
IBC brought back Rs 3 lakh crore into banking system: Jaitley
The Insolvency and Bankruptcy Code (IBC) has brought back close to Rs 3 lakh crore back into the banking system, Finance Minister Arun Jaitley said on Thursday.He attributed the IBC's success to the government keeping an arm's length distance from the processes which various institutions, the Committee of Creditors and others follow."This allows their decision to be guided by merit and highest quality of professionalism. If there is one such interference, it is capable of discrediting the whole process and bringing a bad name to a wonderful reform," said Jaitley at a conference organised by the Indian Banks' Association (IBA) here.On the issue of non-performing assets (NPAs), he said the curve is going down. "The NPA didn't go up because banks made some strong decisions in the recent past. The NPA went up because of truthful disclosure. There is no hiding under the carpet any more."Jaitley reiterated the government's commitment to support public sector banks for a healthier banking ...
Sensex, Nifty end lower at closing bell
Equity benchmark indices sucked up early morning gains on Thursday and ended lower for the third consecutive trading session amid escalating tensions between India and Pakistan.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 general elections in the country due in April.The Bombay Stock Exchange S & P Sensex closed 38 points lower at 35,867 while the National Stock Exchange Nifty 50 closed 14 points down at 10,793.Among prominent losers were Hero Motorcorp, Indiabulls Housing Finance, Axis Bank, Mahindra and Mahindra, and Cipla. However, ONGC, Tata Motors, Vedanta, Sun Pharma and Indian Oil gained some ground.Meanwhile, Asian markets were all in the red as US President Donald Trump refused a nuclear deal at the summit with North Korean leader Kim Jong Un following the latter's unacceptable demands to lift US-led ...
GST reforms to boost realty demand: Developers
To boost demand in the real estate sector, the GST Council in its recently held meeting, slashed tax rates for under-construction flats to five percent and affordable homes to one percent, effective from April 1, 2019. Currently, the GST is levied at 12 percent with an input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats that are yet to get a completion certificate. For affordable housing units, the existing tax rate is eight percent.The Council also expanded the definition of affordable housing for the purpose of availing the GST benefits. Now, the affordable flats will be those which cost up to Rs. 45 lakhs and measures 60 sq. meters carpet area in metro cities (Delhi-NCR, Bengaluru, Chennai, Hyderabad, Mumbai & Kolkata) and 90 sq. meters carpet area in non-metros. The developer community has appreciated the announcement and has high hopes with it. "It is a decision in the right direction, reducing overall tax liability for ...
India, Brunei sign pact to exchange information on tax, banking matters
India and Brunei signed an agreement on Thursday for exchange of information in tax matters which will help curb tax evasion and tax avoidance.The pact enables exchange of information, including banking and ownership information, between the two countries for tax purposes. It is based on international standards of tax transparency.The Tax Information and Exchange Agreement (TIEA) was signed by Pramod Chandra Mody, Chairman of the Central Board of Direct Taxes, and Dato Paduka Haji Sidek Ali, Brunei's High Commissioner to India.The agreement also provides for mutual assistance in collection of tax revenue claims between both countries, according to an official statement.Brunei and India share a fair degree of commonality in their perceptions on major international issues.The southeast Asian nation has been supportive of India's Act East Policy and expansion and deepening of cooperation with the 10-nation Association of South East Asian Nations (ASEAN) regional bloc.
Booking.com announces milestone of 140,000 reported listings in 'Alternative Accommodation' segment in India
Booking.com, the global leader in connecting travellers with the widest choice of incredible places to stay, today announced that it has reached a milestone of '140,000 reported local listings in India' of homes, apartments and other unique places to stay. This creates a new Industry benchmark in the overall 'Alternative Accommodations' category in India and bears testimony to Booking.com's recent analysis which stated that 68% Indian travellers surveyed would prefer 'Alternative Accommodations' for their travel in 2019.Booking.com parent company Booking Holdings also recently announced some new data, showcasing Booking.com's efforts in the alternative accommodations space, including that Booking.com globally ended FY 2018 with 5.7 million reported listings in its 'Alternative Accommodations' business, which is up 18% year-over-year. This resulted in the company recording $2.8 billion in revenues from this category in 2018, representing approximately 20% of the company's overall ...
7-Eleven Inc signs master franchise pact with Future Retail
7-Eleven Inc, world's largest convenience retailer with more than 67,000 stores worldwide, has signed a master franchise agreement with a subsidiary of Future Retail Ltd to develop and operate 7-Eleven stores in India.The expansion marks the company's first entry into India. The first 7-Eleven convenience store in the country is expected to open later this year."7-Eleven Inc is among the most iconic global brands in the food retail landscape. We are proud to bring this globally trusted convenience store to India, and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood," said Kishore Biyani, Founder and Group CEO, Future Group.The new master franchisee plans to build 7-Eleven stores as well as convert some of its existing locations to the brand. "7-Eleven's entry into the country will modernise the small-retail environment and bring greater convenience to shoppers," it said in a statement on ...
GDP growth in Q3 of 2018-19 pegged at 6.6%
The economic growth of india slowed to a low of 6.6 per cent in October to December period of current fiscal year 2018-19, according to government data released on Thursday.The Gross Domestic Product (GDP) at constant prices (2011-12) grew at 7 per cent during October to December quarter of the previous financial year."GDP at constant (2011-12) prices in Q3 of 2018-19 is estimated at Rs 35 lakh crore, as against Rs 32.85 lakh crore in Q3 of 2017-18, showing a growth rate of 6.6 per cent," said the Central Statistics Office (CSO) which operates under the Ministry of Statistics and Programme Implementation."GDP growth rates for Q1 and Q2 of 2018-19 at constant prices are 8 per cent and 7 per cent respectively," said the CSO in a statement.The GDP growth during 2018-19 is now estimated at 7 per cent as compared to 7.2 per cent in 2017-18.Earlier last month, the CSO had estimated GDP growth of 7.2 per cent for the current financial year under its first advance estimates.
Don't hand over Thiruvanthapuram airport to Adani, Kerala CM tells PM
After accusing the Central government of a "scam" in the tender for operating five international airports, including Thiruvananthapuram, to Adani Enterprises, Kerala Chief Minister Pinarayi Vijayan on Thursday wrote to Prime Minister Narendra Modi seeking the airport here not be handed over to Adani.