Page 793 - Business Finance
SBI posting strong credit growth, NPA recovery on: MD
The State Bank of India, the country's largest lender by asset size on Thursday, said the NPA recovery of the bank is proceeding smoothly and it is posting strong credit growth.
Edible oil industry seeks duty difference of 10 pc between refined & crude palm oils
Edible oil industry body SEA Thursday expressed concern over a sharp rise in imports of refined palm oil to 2.75 lakh tonne this month from 1.3 lakh tonne in December, saying domestic processing units will be forced to shut if the Centre does not expand duty difference between refined and crude cooking oils. In a letter to Finance Minister Arun Jaitley, the Solvent Extractors' Association of India (SEA) sought creation of duty difference of 10 per cent between CPO (crude palm oil) and RBD palmolien (refined palm oil) as was prevailing before January 1, 2019. "The import of RBD Palmolein (finished product) is doubled in just two months, thanks to reduction of duty difference from 10 per cent to 5 per cent for Malaysia. As anticipated, our worst fears have come true and nation is flooded with RBD palmolein from Malaysia," SEA said in a statement. The reduction of duty difference between CPO and RBD palmolein to 5 per cent sourced from Malaysia has resulted in RBD palmolein imports more .
India, Brunei sign tax information exchange pact
India and Brunei Thursday signed an agreement for exchange of banking information and assistance in tax collection. The agreement was signed by Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody, and High Commissioner of Brunei Darussalam to India Dato Paduka Haji Sidek Ali. In a statement, the CBDT said the Tax Information and Exchange Agreement (TIEA) 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 and exchange of information and enables sharing of information on request as well as on automatic basis. It also provides for mutual assistance in collection of tax revenue claims between both countries," the CBDT said. The agreement will enhance mutual co-operation between India and Brunei by providing an effective framework for exchange of information in tax matters which will help curb tax evasion and tax avoidance.
NSE to launch Brent crude oil derivatives on March 1
In a bid to develop an efficient hedging mechanism against major spike in crude oil prices, the National Stock Exchange (NSE) on Thursday said it would launch trading of Brent crude oil derivatives on its platform starting Friday, March 1.
Fraud-hit PNB ranks highest in implementation of 'reforms agenda' in 2018: Study
Fraud-hit Punjab National Bank has been ranked first among public sector banks in the implementation of 'reforms agenda', followed by Bank of Baroda and State Bank of India, said a report Thursday. The BCG-IBA report EASE Reforms for Public Sector Banks - measures performance of each PSB on 140 objective metrics across 6 themes, including customer responsiveness, credit off-take and digitalisation. PNB with a score of 78.4 out of 100 has been ranked first in the EASE (Enhanced Access & Service Excellence)-index, followed by BoB (77.8), SBI (74.6), Oriental Bank of Commerce (69), Canara Bank (67.5) and Syndicate Bank (67.1). PNB has shown "strong performance" in the parameters like customer responsiveness, responsible banking, credit off-take and financial inclusion. Releasing the report, Finance Minister Arun Jaitley said such rankings brings about competitiveness and encourages banks to perform better than peers. Complimenting PNB, Jaitley said: "The bank, which suffered both in
Core sectors' growth slows down to 1.8 pc in Jan
Growth of eight core sectors slowed down to 1.8 per cent in January due to fall in output of crude oil, refinery products and electricity, official data showed Thursday. Eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had expanded by 6.2 per cent in January 2018. 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. 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 in January 2018, respectively. However, natural gas, fertilisers and steel output grew by 6.2 per cent, 10.5 per cent and 8.2 per cent respectively in the month under review. Sluggish infrastructure sector growth would also have impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory output. According to the ...
REC board okays borrowing limit hike, Rs 11 per share interim dividend
State-run REC's board Thursday decided to approve an interim dividend of Rs 11 per equity share of Rs 10 each and also increased its overall market borrowing limit to Rs 85,000 crore from the earlier Rs 60,000 for the current financial year. Board approved declaration and payment of interim dividend at Rs 11 per equity share of Rs 10 each for 2018-19 in a meeting held on Thursday, a company statement said. The interim dividend will be paid or dispatched on March 19 to those shareholders, according to the statement. The board also approved modification in limits of the existing market borrowing programme under various debt segments for 2018-19 from 60,000 crore to 85,000 crore. However, the board deferred proposal regarding market borrowing for 2019-20. Besides, the board also approved the launch of Capital Gains Tax Exemption Bonds (Series XIII) under Section 54EC of the Income Tax Act, 1961, to raise Rs 2,500 crore on a private placement basis with green shoe option to retain ...
Board of Suprajit Engineering approves change in directorate
At meeting held on 28 February 2019
Nifty March futures at steep premium
Turnover in F&O segment rises
AdEngage, the Digital Marketing Company, Executes a Social Media Campaign on an Unconventional Platform - Tinder
/ -- For years now, marketers and brands have only considered Facebook, Instagram, Twitter as their whole and sole weapon to target their share of customers with different products and services. This year, breaking new ground, AdEngage - a high performance Digital Marketing Services and Company and Brand Design Agency - took up a challenge of introducing a new and effective way for a business to cater Ads to the local audience. AdEngage and their team decided to execute a marketing campaign that promotes the special Valentine's Day menu in a creative and trendy way for one of their client, which is also one of the most famous restaurant among millennials and families - Pop Tate's. The campaign focused on pitching Pop Tate's as the cool hangout place (as it is) for Valentine's Day in a trendy and youthful way, which was never done before. "We wanted people to discover Pop Tate's in and around Mumbai and 'match' as Pop Tate's swipes right to everyone in the vicinity," said Pankaj ...
Market ends with small losses; Nifty slips below 10,800 mark
Domestic stocks ended with small losses after a volatile session. Intraday volatility was high as traders rolled over positions in the F&O segment from the near month February 2019 series to March 2019 series. The February 2019 F&O contracts expired today, 28 February 2019. The Nifty settled below 10,800 mark.
Quick Wrap: Nifty PSE Index records a surge of 1.40%
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Hatsun Agro sets up 2,500 retail outlet
Dairy products maker Hatsun Agro has set up a new outlet in Maharashtra, its 2,500th facility in the country. The outlet has been set up in Kolhapur and it would retail the entire gamut of products including Arokya Milk, curd, milk beverage, among others, the company said Thursday. "Retail expansion is a key step in meeting the increasing demand for our products and also to reach new consumers in smaller cities as well," Hatsun Agro Products AVP marketing and sales Prasanna Venkatesh said in a release. "The company remains focused on expanding its retail foothold in existing as well as in new markets," he said. According to the release, the firm is planning to set up new outlets in Maharashtra, Kerala, Odisha, Chhattisgarh and also expand its presence in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Puducherry and Goa.
ABB, Dassault Systmes enter global software partnership for digital industries
Swiss power major ABB has entered into a global partnership with French software firm Dassault Systmes to offer customers in digital industries a unique software solutions portfolio ranging from product life cycle management to asset health solutions. The two companies will provide customers an end-to-end offering of advanced open digital solutions, enhancing competitiveness of industrial companies, while increasing flexibility, speed and productivity of their products' lifecycles, manufacturing and operations, a joint statement said Thursday. The partnership will combine the strengths of ABB Ability digital solutions and Dassault Systmes' 3DEXPERIENCE platform, and build on both companies' strong installed base, deep domain expertise and global customer access, the statement said. ABB has already adopted the 3DEXPERIENCE platform to model and simulate its solutions before delivering them to its customers. With this partnership, ABB will develop and provide customers with advanced ...
British Airways announces huge Boeing order
British Airways on Thursday announced a multi-billion dollar deal to buy up to 42 Boeing 777 fuel-efficient passenger jets, after Airbus said it would no longer make the A380 superjumbo. BA-parent IAG said its British carrier would purchase 18 Boeing 777-9 planes, while an option for a further 24 of the US aircraft could bring the total cost to USD 18.6 billion (16.3 billion euros) at list prices, before the usual heavy discounts are factored in. It comes as IAG, which owns several airlines including Iberia and Aer Lingus, said that group net profits last year soared 45 percent to 2.9 billion euros on higher passenger numbers and lower costs. On the big Boeing order, IAG chief executive Willie Walsh said in a joint statement: "The new 777-9 is the world's most fuel efficient longhaul aircraft and will bring many benefits to British Airways' fleet. "It's the ideal replacement for the 747 and its size and range will be an excellent fit for the airline's existing network," Walsh ...
Get cash on your terms with flexi business loans from Bajaj Finserv
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Stocks end with small losses in volatile trade
Domestic stocks ended with small losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 37.99 points or 0.11% at 35,867.44. The Nifty 50 index fell 14.15 points or 0.13% at 10,792.50. Intraday volatility was high as traders rolled over positions in the F&O segment from the near month February 2019 series to March 2019 series. The February 2019 F&O contracts expired today, 28 February 2019.
Sensex, Nifty end marginally lower on F&O expiry, India-Pak tension
Extending its fall for the third session, the BSE benchmark Sensex Thursday ended marginally lower after investors squared-off their positions on February derivative contracts' expiry amid concerns over tension between India and Pakistan. Weak cues from other Asian markets and a lower opening of European equities too weighed on market mood, traders said. The 30-share index took off on a strong footing, advancing to a high of 36,085.85 in early session largely on the back of sustained foreign fund inflows and covering-up of short positions by speculators. However, selling activity re-emerged in line with weak domestic and global cues, pushing the index to a low of 35,829.15. It finally settled 37.99 points, or 0.11 per cent lower at 35,867.44. The gauge had lost 308 points in the previous two sessions. The 50-share Nifty also fell 15.70 points, or 0.13 per cent, to 10,792.50 after moving between 10,865.70 and 10,784.85 on alternate bouts of buying and selling. Top losers in the Sensex .
JP Enterprise to implement Ramco Systems' logistics solutions
Canada-based J P Enterprises Logistics Corp Thursday said it would implement city-based Ramco Systems' logistics software for its expansion and entry into the e-commerce space. Ramco's integrated logistics ERP (enterprise, resource and planning) software includes warehouse, transportation management, rating and billing along with ERP financials to automate operations and invoicing, a company statement said. US-based supply chain provider and Ramco's business partner, Bricz LLC, played a key role in J P Enterprises Logistics selecting Ramco System's logistics solution. Ramco Systems said it has commenced the seven-year partnership by installing end-to-end cloud logistics software at warehouses of J P Logistics. The solution will also offer a customer portal to J P Logistics' extensive partner network spread across China, Europe and in 42 locations in United States. "As a trusted brand with a long history, we were running many different applicatons across our operations. ...
NSE to launch brent crude oil contracts on Mar 1, signs pact with ICIS for data
The NSE Thursday said it would launch brent crude oil contracts on March 1 and has signed a pact with global market information provider ICIS for using its Brent-Forties-Oseberg-Ekofisk data. The bourse will launch two cash-settled futures products 100 barrel brent crude oil futures and 10 barrels brent crude oil mini futures, the National Stock Exchange said in a media release. The trading session for both the futures will be between 9:00 am and 11:30 pm from Monday to Friday. The initial margin on this contract would be minimum 4 per cent or based on SPAN margin system, whichever is higher. "India being the third-largest consumer of crude oil in the world, after the United States and China required an efficient hedging mechanism, this product will provide an opportunity to market participants for accessing the global crude oil markets and hedging their risk," NSE Managing Director and Chief Executive Officer Vikram Limaye said. "The stock exchange has signed agreement with ICIS ...