Page 792 - Business Finance
Bharti Airtel board approves Rs 32,000 crore fund-raising plan
Telecom major Bharti Airtel on Thursday said its board of directors has approved fund raising up to Rs 32,000 crore, through rights issue and perpetual bonds.
India's GDP growth projection lowered to 7% in 2018-19
India is estimated to grow at a slower pace of 7 per cent in 2018-19, down from the 7.2 per cent attained during the previous financial year, according to official data.
Core sector growth falls to 19-month low of 1.8 pc in Jan
Eight core industries grew at the slowest pace in 19 months in January as the production of crude oil, refinery products and electricity contracted, official data showed Thursday. The infrastructure sectors expanded by 1.8 per cent in January 2019, the lowest growth rate since June 2017 when the core sector grew by 1 per cent. The core sector had expanded at 6.2 per cent in January 2018. In December 2018, the growth was at 2.7 per cent on account of negative growth in crude oil, refinery products and fertilisers sectors. Production of crude oil, refinery products and electricity contracted by 4.3 per cent, 2.6 per cent and 0.4 per cent, respectively, in January 2019. India Ratings and Research said the electricity growth number of (-) 0.4 per cent is the lowest since February 2013. The growth rate of coal and cement sectors slowed to 1.7 per cent and 11 per cent in January as against 3.8 per cent and 19.6 per cent, respectively, in the year-ago month. However, natural gas, fertilisers
Jawa motorcycle showroom opened in Coimbatore
: As part of its expansion plans in Tamil Nadu, Classic Legends Pvt Ltd Thursday opened its new dealership for Jawa motorcycles here. The new showroom adds to the existing Jawa dealerships in Chennai and will be followed by more dealerships in Tirupur, Salem and Trichy by March 2. The brand is aggressively moving ahead with its target of opening 100-plus dealerships and the launch of the new outlet in Coimbatore takes the total count to 65 new dealerships across the country, CEO of the company Ashish Joshi said in a press release. "Ever since we launched, Jawa has garnered an overwhelming response with unprecedented online bookings and we are quite upbeat to offer our modern classics to the motorcycle enthusiasts in the city," he said in the release. Jawa and Jawa forty-two are priced at Rs 1,67,000 and Rs 1,58,000 respectively (ex-showroom, Coimbatore) while the dual channel ABS variants would be priced at Rs 1,75,942 and Rs 1,66,942 respectively, he said.
Irani launches scheme for development of knitwear sector
Union Minister Smriti Irani Thursday launched a scheme for development of knitting and knitwear sector under PowerTex India, which will be in operation upto March 31, 2020. "The Ministry has approved combined SFC (Standing Finance Component) of PowerTex India Scheme and Knitwear Scheme with an outlay of Rs 487.07 crore. "Out of this Rs 439.35 crore is for PowerTex for three years from April 1, 2017 to March 31, 2020 and Rs 47.72 crore for knitwear for the remaining period of 2018-19 and for 2019-20," an official statement said. The scheme envisages creation of new service centres on public private partnership (PPP) model by industry and association in the knitting and knitwear clusters. It also entails modernisation and upgradation of existing power loom service centres and institution run by Textile Research Associations and Export Promotion Councils Association in knitting and knitwear clusters. "It is important to highlight that 27 per cent of India's total cloth production comes ..
QNet denies brand association with actors served notice by Cyberabad police
As the Cyberabad police issued notice to several top Bollywood actors and cricketer Yuvaraj Singh in QNet cases, the direct selling company on Thursday clarified that it does not have any brand association with them.
Government releases compliance schedule to ensure MSME payments
The government has decided to crack down on companies delaying payments to small businesses by insisting that all defaulting entities mandatorily provide it details of outstanding money with reasons by April or face action that could result in imprisonment up to 6 months or fine of not less than Rs 25,000 up to Rs 3 lakh.
Jet Airways shares end nearly 1% lower
Shares of Jet Airways fell nearly one per cent Thursday after the company said seven more aircraft have been grounded due to non-payment of lease rentals. The scrip closed at Rs 222.80, down 0.91 per cent on BSE. During the day, it tanked 6.15 per cent to Rs 211. At NSE, shares closed 0.35 per cent lower at Rs 223.50. So far this month, as many as 13 planes of the company have been grounded on account of non-payment of rentals to lessors. In a filing to stock exchanges Wednesday, the full-service airline said "an additional seven aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements". Faced with acute financial woes, the airline is looking to restructure its debt as well as raise funds. On February 23, the airline said two planes had been grounded. This followed an announcement made to stock exchanges on February 7 that it had grounded four of its aircraft on account of non-payment of lease rentals.
Audi India expects subdued growth in 2019; rues high tax on
:German car maker Audi Thursday rued the "high tax" imposed on luxury cars and said it expects to post muted growth during the current year. The company also said it would also launch three new models Q8, A8 and R8 in India during the course of the year. Audi India Head, Rahil Ansari said the high tax levied on luxury vehicles had become an impediment to the growth of the category in India. "Taxes on luxury cars are too high, especially if you look at the GST is at 28 per cent and cess 15 to 22 per cent. It is too high. If luxury cars are made available to more, we will sell more vehicles and tax revenues will increase" he said. "We will have more manpower and increase investment in the network. But currently the way it is (like) tax is considered (as) a sin and luxury is not a sin", he said. "We don't expect growth (in 2019) as opposed to (compared to) last year. We sold 6,463 cars last year. Ansari said Audi India had a loss in terms of volumes in 2018 due to the ...
Kent RO to venture into car security solution market, ropes in SRK as brand ambassador
Water purifier maker Kent RO Systems is venturing into the car security solution market and has announced to rope in Bollywood actor Shah Rukh Khan as brand ambassador for the segment. The Noida-based company has plans to introduce its range of automotive security devices for vehicles by the end of the next month, said Kent RO Systems in a statement. It plans to roll out a 360-degree campaign with Khan to promote this product range. "The product, which the company is launching shortly, is an automotive security product. It will target male consumers and hence the decision to rope in Shahrukh Khan," said Kent RO Systems Chairman and Managing Director Mahesh Gupta. He further added that the company would launch the product in the last week of March. According to him, its security system is meant for luxury cars which are mainly chauffeur-driven and owners need to keep a tab on their location. The company is sensing a good opportunity in the automotive security segment, which, it ...
Sebi mulls 'regulatory sandbox' for adopting AI, blockchain in securities markets
To make best use of latest technologies, regulator Sebi is considering a 'regulatory sandbox' approach to allow greater but well-regulated use of new innovations such as blockchain and artificial intelligence in the securities markets. Globally, regulators in major financial markets have established regulatory 'sandbox' or testing environment for furthering financial technology and adoption of the same. Officials said the Securities and Exchange Board of India (Sebi) is of the view that innovation in financial technologies like blockchain for settlement, artificial intelligence including robo-advisory, e-wallets, security systems for intermediaries and market infrastructure institutions, resolution of complaints, outsourcing and development of new technology can be better done through a 'sandbox' mechanism. Such a mechanism will allow the regulator to assess and test the module and grant specific exemptions from the applicable laws for a specified time period, subject to necessary ...
GDP growth slows to 5-quarter low of 6.6 pc in Q3
India's economic growth slowed to a 5-quarter low of 6.6 per cent in October-December period of this fiscal, according to government data released Thursday. The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 7 per cent in October-December quarter of the previous financial year. "GDP at Constant (2011-12) Prices in Q3 of 2018-19 is estimated at Rs 35.00 lakh crore, as against Rs 32.85 lakh crore in Q3 of 2017-18, showing a growth rate of 6.6 percent. "GDP growth rates for Q1 and Q2 of 2018-19 at Constant Prices are 8.0 percent and 7.0 percent respectively," the Central Statistics Office (CSO) said in a statement. According to the statement, GDP growth during 2018-19 is 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 this fiscal under its first advance estimates.
Fitch affirms Birla Carbon at 'BB'; outlook positive
Fitch Ratings Thursday announced that it has affirmed Mauritius-based SKI Carbon Black (Mauritius) Ltd's (Birla Carbon) long-term foreign currency Issuer Default Rating (IDR) at 'BB' and said that the outlook is positive. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments. The affirmation reflects Birla Carbon's position as the world's second-largest carbon black producer, with a well-diversified geographic presence and good degree of feedstock flexibility, Fitch Ratings said. These factors support its competitive positioning in the niche sector, which offers limited end-market diversification compared with broader chemical sector globally, it said. The rating also factors in industry-specific risks associated with its commoditised products despite a reasonable ability to pass on .
Rupee recoups 52 paise to end at 70.72 per dollar
The rupee rebounded by 52 paise to close at 70.72 against the US dollar Thursday as investors wagered on de-escalation of tensions between India and Pakistan. A weaker dollar and slipping oil prices also propped up the local unit, analysts said. In a surprise announcement, Pakistan Prime Minster Imran Khan told a joint session of Parliament that IAF's captured pilot Wing Commander Abhinandan Varthaman will be released on Friday as a gesture of peace. At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly up at 71.22. It rose to an intra-day high of 70.70, before finally ending at 70.72, showing a gain of 52 paise. The domestic currency had tumbled 17 paise to 71.24 against the US dollar Wednesday. "India rupee gained after two days of weakness against American dollar on chances of de-escalation of tension with Pakistan. Beside dollar weakness, the foreign fund inflows in domestic equity and lower crude oil prices bode well for rupee. "So far this month, ...
'Giant' Bicycles Launched its Flagship Showroom in Mumbai in Collaboration With Element Retail
/ -- Element Retail brings to India, world's largest producer of high quality bikes World's largest producer of high quality and performance bicycles - 'Giant', enters Indian retail cycle market with its first flagship store in Mumbai in association with Element Retail Pvt Ltd. Founded by two young and vibrant entrepreneurs Aditya Bafna and Varun Bagadiyain 2013, Element Retail has been steadily growing their portfolio and has become category leaders in swimwear and sports shoe segment. Element Retail has a license to distribute Giant bicycles Pan India. Catering to a large community of cyclists, fitness enthusiasts and athletes, Giant will bring together high quality craftsmanship, technology and innovative designs under one roof. (Photo: https://mma.prnewswire.com/media/828482/Aditya_Bafna_Raj_Thackrey_Giant_Bicycle.jpg ) Sharing his thoughts on the new showroom launch, Aditya Bafna, Managing Director, Element Retail Pvt Ltd quoted, "The athleisure and fitness sector in India has ..
India's core industrial output rate eases to 1.8%
The output pace of India's eight major industries hugely decelerated in January to 1.8 per cent, official data showed on Thursday.
Amid negative global cues, F&O expiry Sensex ends 38 points lower
The benchmark Sensex closed 38 points lower on Thursday, while the Nifty finished below the 10,800-mark amid monthly derivative expiry and caution ahead of the key-macro data release later in the day.
Eight core infra sector output rises 1.8% in January 2019
Cumulative output rises 4.5% in April to January 2018-19
Sebi wants govt rethink on RBI representation on its board
Capital markets watchdog Sebi wants the government to do away with the practice of its board having a nominee from the Reserve Bank of India, or alternatively provide for a cross-representation of the two regulators on each other's boards. Officials said the Securities and Exchange Board of India (Sebi) first proposed to the Ministry of Finance to amend the relevant provisions in the Sebi Act to discontinue RBI's representation on its board, as it already has adequate presence of the government nominees and in its over 25 years of existence the regulator has evolved as an "effective and one of the best in the world". Besides, the boards of other regulators such as IRDAI for insurance sector and PFRFA for pension sector do not have nominees from other regulators, while there is no corresponding representation of other regulators on the RBI's board, Sebi has contended. However, the Finance Ministry opined that the role of the RBI (Reserve Bank of India) in the financial sector cannot be
Bharti Airtel board approves Rs 32,000 crore fund raising plans via right issue, bond
Telecom operator Bharti Airtel Thursday said its Board has approved fund raising plans of up to Rs 32,000 crore through a mix of rights issue and bond, a move arms the company with firepower to take on market competition intensified by Reliance Jio. The mega fund-raising plans outlined by Bharti Airtel comes just days after Vodafone and Aditya Birla Group said they will infuse over Rs 18,000 crore into India's largest telecom operator Vodafone Idea Ltd through a rights issue. In a statement here, Bharti Airtel said the Board of Directors have "approved the fund raising of upto Rs 32,000 crore through rights issuance of upto Rs 25,000 crore and Perpetual Bond with equity credit upto Rs 7,000 crore". Perpetual bond of up to USD 1 billion (about Rs 7,000 crores) denominated in foreign currency is "subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws..." The terms