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HDFC Bank to acquire 9.11% stake in CSC E- Governance Services India
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Welcome scheme for development of knitting, knitwear sector
The Tirupur Exporters' Association Thursday thanked Union textiles minister Smriti Irani for launching a comprehensive scheme for development of the knitting and knitwear sector under 'Powertex India'. Welcoming the salient features of the eight components of the scheme, TEA President Raja M Shanmugham said the association was confident of achieving the vision target of Rs one lakh crore by 2022 with its help. The scheme would be highly supportive through financial assistance and beneficial to the knitting and knitwear MSMEs in Tirupur, which would also encourage new entrepreneurs to set up units in Tirupur, he said in a statement. Highlighting the yarn bank scheme for knitting and knitwear units under Powertex India, he said the Centre would provide an interest free corpus fund of a maximum of up to Rs 200 lakh per yarn bank to a Special Purpose Vehicle (SPV). Under the solar energy scheme, the government would provide financial assistance/capital subsidy of 50, 75 and ..
Sebi bars Allied Financial, 9 others for misappropriating client securities, other violations
Regulator Sebi has barred brokerage firm Allied Financial Services, its five directors and four other entities from securities markets for misappropriating client securities and other violations. In an interim order, Sebi has also barred these ten individuals and entities from disposing of or alienating any assets, or create or invoke any charge on their assets, without prior permission. Besides, they have been asked to provide a full inventory of all their assets, including their bank and demat accounts and mutual fund investments within five days. Sebi said these entities can utilise their assets only for payment of money and for delivery of securities to clients or investors under the NSE's supervision. The regulator has also asked banks and depositories to ensure that no debits are made in the accounts of the barred entities. The ten entities have also been asked to submit their objections, if any, and details of payments made to their clients within 21 days to Sebi. The order ...
HC dismisses AJL's appeal against order to evict Herald House
The Delhi High Court Thursday dismissed the plea of AJL, publisher of Congress mouthpiece National Herald, challenging the Centre's order to vacate its premises and said there has been "misuse" of lease conditions. The high court held that the entire transaction of transferring shares of Associated Journals Ltd (AJL) to Young Indian (YI) company, in which Congress chief Rahul Gandhi and his mother Sonia Gandhi are majority shareholders, was a "clandestine and surreptitious transfer of the lucrative interest in the premises" to YI. A bench of Chief Justice Rajendra Menon and Justice V K Rao upheld the single judge's December order which had dismissed AJL's plea against the Centre's eviction order and had directed it to vacate in two weeks the Herald House in the ITO area in the heart of the capital. "If all these factors are taken note of and a decision is taken by the respondents (Centre) to say that the dominant purpose for which the lease was granted has been violated and there has .
Modi hails space scientists for innovations
Prime Minister Narendra Modi said on Thursday India's space programmes were examples of how the country has come up with innovations despite having limited resources.
Waltair division's split another betrayal by Modi: Naidu
Andhra Pradesh Chief Minister N. Chandrababu Naidu on Thursday termed the split of the Waltair division while creating a separate railway zone as another betrayal to the state by Prime Minister Narendra Modi.
Sebi fines 2 stock brokers Rs 35 lakh for violating securities market norms
Sebi Thursday imposed a penalty of Rs 20 lakh on Shilpa Stock Brokers for violating the code of conduct for share brokers and executing fraudulent trading in the futures and options (F&O) segment of NSE. Based on the observation of National Stock Exchange (NSE), the regulator conducted an investigation into the dealings in the F&O segment of the bourse between February- March 2005. During the probe, the regulator noted that the firm had executed reversal trade in the options segment in collusion with its clients and other stock brokers. The trades were non-genuine transactions, Sebi said in an order. Such trades are in violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted. Further, the firm also violated the provisions of Stock Brokers Regulations as it "failed to exercise skill, care, and diligence in the conduct of its business as a stock broker", Sebi said. Accordingly, a fine of Rs 20 lakh has been levied on the stock ...
US economy grew 2.9 per cent in 2018, highest in 13 years
The US economy kicked into high gear last year, recording the strongest growth in 13 years in the wake of sweeping tax cuts and fiscal stimulus, government statistics showed Friday. But the world's largest economy was slowing toward the end of 2018, suggesting the boom had begun to fade, according to the Commerce Department report. GDP expanded by 2.9 per cent in 2018, up from 2.2 per cent the year before, approaching the target set by President Donald Trump. But in the October-December period growth tapered down to an annual rate of 2.6 per cent, from 3.4 per cent in the third quarter.
Public Sector Banks are lifeline of Indian economy: Finance Minister Arun Jaitley
Rs 2.87 lakh crore have been recovered by the Public Sector Banks (PSBs): DFS Secretary
Credit growth in banking sector to continue: SBI's Rajnish Kumar
Country's largest lender State Bank of India (SBI) on Thursday said credit growth in the banking sector will continue, allaying fears of certain dip in loan expansion activity in the sector.
RBI, Bank of Japan completes signing of USD 75 bn currency swap pact
The RBI and Bank of Japan have completed signing of the bilateral currency swap agreement for USD 75 billion that will help in bringing greater stability in foreign exchange and capital markets in the country. The Bilateral Swap Arrangement (BSA) was negotiated between India and Japan during the visit of Prime Minister Narendra Modi to Tokyo on October 29, 2018. "This BSA provides for India to access 75 billion in US dollars whereas the earlier BSA had provided for USD 50 billion. The agreement for the BSA has become effective from today i.e. February 28, 2019," the finance ministry said in a statement. With this, India can access the agreed amount of USD 75 billion for its domestic currency, for the purpose of maintaining an appropriate level of balance of payments or short-term liquidity. "A part of the BSA can be accessed at the discretion of India. India has comfortable level of foreign exchange reserves presently," the ministry added.
Jaypee Infratech's lenders to discuss NBCC, Suraksha takeover bids Friday
Financial creditors and home buyers of Jaypee Infratech will meet Friday to discuss the bids submitted by state-owned NBCC and Mumbai-based Suraksha group to take over the bankruptcy-bound realty firm and complete stalled projects comprising over 20,000 housing units. A meeting of the Committee of Creditors (CoC) will be held on March 1, said Anuj Jain, the Insolvency Resolution Professional (IRP) of Jaypee Infratech, in a regulatory filing. In a separate filing, Jain said the lenders have rejected a resolution to "conduct the addition forensic audit of corporate debtor (Jaypee Infratech) from Date of Incorporation till March 2014" after voting process. The filing did not disclose the agenda of Friday's meeting, but sources said it has been called to further discuss the resolution plans submitted by NBCC and Suraksha group. Sources said the settlement proposal of promoter Jaypee group will not be discussed in the CoC meet, but lenders could deliberate on it separately. In the last ...
EverSource, NIIF, CDC to invest USD 330 mn in Ayana Renewable
EverSource Capital, National Investment and Infrastructure Fund of India and CDC Group on Thursday announced a partnership to invest USD 330 million in Ayana Renewable Power (Ayana). Ayana is a renewable energy platform founded by CDC. This will be a cumulative investment of all three partners, a statement said. "This investment demonstrates our commitment to invest a further USD 1.7 billion in India and neighbouring countries over next three years. Within infrastructure, we see further opportunities to provide investment to businesses operating within power generation, power transmission and distribution, transport, the gas midstream and the water sector," CDC's Head of Asia, Srini Nagarajan said. Ayana was launched to develop utility scale solar and wind generation projects in India. It is constructing 500MW of solar generation capacity with a strong future pipeline of renewable energy opportunities, said the statement. "The Indian renewable energy sector has seen strong traction ...
Huawei racks up 5G deals at top mobile fair despite US pressure
Chinese telecoms giant Huawei racked up a slew of deals to sell 5G equipment at the world's top mobile fair in Spain despite Washington's campaign to convince its allies bar the firm from their next-generation wireless networks. The famously secretive company launched a media offensive at the Mobile World Congress which wraps up in Barcelona on Thursday against US accusations that its cheap equipment used in telecommunications infrastructure across the globe is a Trojan horse for potential Chinese state spying and sabotage. The United States considers the matter urgent as countries around the world prepare to roll out fifth-generation,or 5G, networks that will bring near-instantaneous connectivity that can enable futuristic technologies such as self-driving cars. On Sunday on the eve of the start of the fair, which companies usually reserve to unveil their new devices, top Huawei officials held several press conferences and meetings with reporters where they strenuously rejected ...
TRRAIN Retail Awards 2019 recognise front-end retail associates; CEOs walk the ramp
The 8th TRRAIN Retail Awards, the worlds only such property that recognises exceptional customer service, and was held at the Renaissance Powai, on February following the Retail Leadership Summit 2019. A total of 126 brands sent in 170 stories from 17 states and 87 cities across India. Awards were given away to 18 employees.
Government mulls more PSB mergers
The government is studying various models of PSU banks consolidation though a concrete decision will be taken only after the success of three-way merger of Bank of Baroda (BoB), Dena Bank and Vijaya Bank, official sources said on Thursday.
RBI constitutes task force under Usha Thorat on offshore rupee markets
The RBI Thursday announced a task force headed by its former deputy governor Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures to ensure stability of the external value of the domestic currency. The eight-member task force will assess the causes behind the development of the offshore rupee market and study the effects of the offshore markets on the rupee exchange rate and market liquidity in the domestic market. The Reserve Bank of India (RBI) said it would also recommend measures to address concerns, if any, arising out of offshore rupee trading besides proposing measures to generate incentives for non-residents to access the domestic market. Another point of reference for the task force is to examine the role international financial services centres can play in addressing the concerns. The central bank further said the panel would be submitting its report by the end of June 2019. The RBI said it has been guided by the objective of ...
Gopalpur Port's capacity to be enhanced to 55 mn tonne by 2025
The Shapoorji Pallonji Group, that has became majority shareholder of Gopalpur Port in 2017, is planning to expand its capacity to 55 million tonne (MT) by 2025, a senior company official said Thursday. Strategically located between Paradip port in the north and Vishakapatanam in the south, Gopalpur Port is expected to bring about a change in cargo movement pattern once functional. In 2017, the Shapoorji Pallonji Group got a controlling stake in Gopalpur Port and undertook a Rs 2,000 crore programme to enhance its capacity to 20 million tonne, a company official said. Odisha Chief Minister Naveen Patnaik Thursday inaugurated the enhanced capacity of the port. He said Gopalpur port will play a crucial role in economic development of Odisha, especially Ganjam and other southern districts of the state. It will create direct and indirect employment for over 6,500 people, the chief minister said. "Gopalpur port is expanding its capacity to 20 MT all-weather operations in this
Jaitley hopes more banks will exit RBI's PCA framework with govt funding support
Finance Minister Arun Jaitley Thursday assured government funding support to public sector banks and hoped that the 6 lenders which remain under the RBI's prompt corrective action framework will soon come out of it. He said that the Insolvency and Bankruptcy Code (IBC) has been a success story and the government has maintained arm's length distance from the processes being followed. "The government has lived up to its word of continuing to fund you in terms of capital. I am glad that several banks have recently come out of the PCA norms and I'm sure the others who remain within will also try and improve their measures with the government commitment of support to them so that we can see much healthier banking in years to come," Jaitley said. Of the total 21 state-owned banks, 11 were put under the PCA framework by the RBI last year. Five banks -- Allahabad Bank, Corporation Bank, Bank of India, Bank of Maharashtra and Oriental Bank of Commerce -- have been removed from the framework ...
Sebi imposes Rs 1 crore fine on 13 entities for manipulative trade in BSE stock option
Markets regulator Sebi Thursday slapped a total penalty of Rs 1.11 crore on 13 entities for executing fraudulent trades in the illiquid stock option segment on BSE. Chitragupta Sales & Services, Basic Clothing Pvt Ltd, Cellour Commercial Pvt Ltd, Vishal Ferro Alloys, R P Computer Forms Pvt Ltd, Gajanan Enterprises, Overactive Merchants Pvt Ltd, Kamlesh Betala Trading, Pushkar Commercial Ltd, Confidence Finance and Trading, Mav Steels Pvt Ltd, M M Commodities and M J Shares & Securities are the thirteen entities 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 .