Page 80 - Business Finance
Ministry not to seek funds for PSB recapitalisation
After enhancing the recapitalisation amount for public sector banks (PSBs) to Rs 1.06 lakh crore in the last fiscal, the Finance Ministry is not in favour of infusing more funds in PSBs so soon after, and is unlikely to seek provision for it in the forthcoming Union Budget, an official source said on Tuesday.
Jet Airways shares plunge nearly 11 pc
Shares of Jet Airways Tuesday plummeted nearly 11 per cent amid reports that Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debt-ridden airline. The company's scrip tumbled 10.58 per cent to close at Rs 111.95 on the BSE. During the day, it plunged 14.41 per cent to Rs 107.15 -- its 52-week low. On NSE, the stock dropped 10.25 per cent to close at Rs 112. On the traded volume front, 18.10 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day. The company's market valuation declined by Rs 150.28 crore to Rs 1,271.72 crore on the BSE. According to a media report, Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways. Meanwhile, in a major setback to the lenders' revival/sale plan of the grounded Jet Airways, two operational creditors -- Shaman Wheels and Gaggar Enterprises -- Monday moved the National Company Law Tribunal (NCLT) seeking bankruptcy proceedings against the ...
Infibeam gets MCA nod to remove S.R.B.C & Co as joint statutory auditor
E-commerce company Infibeam Avenues said Tuesday its proposal to remove EY-affiliate S.R.B.C & Co. LLP as one of its joint statutory auditors has been approved by the Corporate Affairs Ministry. Last month, Infibeam Avenues had said its board has made a recommendation "to terminate" S.R.B.C & CO. LLP (Auditor) as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information. "... the Regional Director, North-Western Region, Ministry of Corporate Affairs, Central Government of India, has approved the removal of M/s S R B C & Co, LLP, Chartered Accountants...as one of the Joint Statutory Auditors under Section 140 (1) of the Companies Act, 2013," Infibeam said in a BSE filing on Tuesday. SRBC & Co LLP, an affiliate of global auditing firm EY, has previously issued a statement refuting the charges and had said it is open to a regulatory inspection and will respond to the regulators, as required.
Board of Shikhar Leasing & Trading approves change in directorate & CFO
At meeting held on 11 June 2019
DHFL to use Rs 500-cr proceeds from Aadhar Housing stake sale towards NCD payment
DHFL will use the Rs 500 crore it got from selling stake in subsidiary firm Aadhar Housing Finance Limited towards payment of bonds, sources said Tuesday. The promoter of Aadhar Housing --Wadhawan Global Capital (WGC), DHFL, Kapil Wadhawan, Dheeraj Wadhawan and Aruna Wadhawan, who all formed part of promoter and promoter group of DHFL have completely exited Aadhar from June 10, 2019, for about Rs 2,200 crore. "DHFL will use the proceeds of Rs 500 crore it got by selling its entire 9.15 per cent (23,01,090 shares) in Aadhar Housing to pay towards its obligation for pay-off for NCD obligations," sources said. The sale/transfer of entire stake held by Dewan Housing Finance Corporation Limited (DHFL) in Aadhar Housing Finance Limited (Aadhar) to BCP Topco VII Pte Ltd, which is controlled by private equity funds managed by Blackstone was completed on Monday. Crisis-ridden DHFL, which delayed on payments towards non-convertible debentures (NCDs) recently, had last week assured that it will .
Quantela Announces the Appointment of Jeff Frazier to its Board of Advisors
/ -- Hyderabad and Silicon Valley headquartered Quantela, a new age digital technology solutions company for smart cities automation and AI, has recently appointed Mr. Jeff Frazier, to its Board of Advisors. (Logo: https://mma.prnewswire.com/media/781731/Quantela_Logo.jpg ) "We are very pleased to have Jeff join our board. He has an extensive experience with the public sector which will help us in creating a competitive go-to-market strategy for the industry. He also understands the value of reimagining the way we can do business and therefore, will help us in taking the company forward with the speed required to capitalize on the opportunities in front of us," said Sridhar Gadhi, CEO and Founder, Quantela Inc. Frazier is currently serving as the COO, Pryon, an AI enterprise driven by the team that designed and built the core innovations behind Amazon Alexa and IBM Watson. Frazier was with Cisco for more than 13 years and has served at various positions, the last being the Managing ..
Sensex furthers gains for 3rd session on robust global cues
Rising for a third straight session, the BSE benchmark Sensex Tuesday added another 166 points on the back of strong buying in banking, metal and energy stocks amid positive global cues. After rallying nearly 300 points during the day, the BSE gauge settled 165.94 points, or 0.42 per cent, higher at 39,950.46. The index hit an intra-day high of 40,066.31 and a low of 40,066.31. Similarly, the broader NSE Nifty rose 42.90 points, or 0.36 per cent, to settle at 11,965.60. During the day, the index touched a high of 12,000.35 and a low of 11,904.35. Top gainers in the Sensex pack were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta -- rising up to 2.71 per cent. On the other hand, Sun Pharma, M&M, L&T, Coal India and HUL fell up to 3 per cent. Sectorally, metal, oil and gas and banking indices rose as much as 1.33 per cent. Markets traded on a positive note following favourable global cues in Asian markets as sentiments turned upbeat after the US announced deal with Mexico
Sr IPS officer V S Kaumudi appointed DG, BPR&D
Senior IPS officer V S Kaumudi has been appointed as the Director General of the Bureau of Police Research and Development (BPR&D), an order issued by the Ministry of Personnel said. Kaumudi, a 1986-batch IPS officer of Andhra Pradesh cadre, is at present the Additional Director General in the Central Reserve Police Force (CRPF). The Appointments Committee of the Cabinet has approved the appointment of Kaumudi as the Director General, BPR&D, by temporarily downgrading the post to the level of Additional Director General for a period of two years, it said.
Long-term regulations required to introduce EVs for fleets in India: Hyundai
South Korean auto major Hyundai Tuesday said automobile manufacturers will need time and proper long-term regulations for introducing electric vehicles (EV) for fleets in India. The comments have come amid reports that the Indian government plans to make it mandatory for taxi aggregators to have 40 per cent of their vehicles to be EVs by 2026. The company, which is present in India through a wholly-owned subsidiary Hyundai Motor India Ltd (HMIL), also said it is gearing up to introduce its premium electric vehicle Kona, next month, which will be locally assembled at its Chennai plant. Speaking with reporters here, HMIL Managing Director and CEO S S Kim said while the company is yet to learn officially from the government about EV requirements for cab aggregators like Ola and Uber, if such a thing were to happen, "in terms of timing it will be too fast". "We do believe it is in the right direction but for the automobile manufacturers we need time to prepare for such transitions," he ...
Trai directs TTSL to refund unspent balance of users post spectrum surrender
The telecom regulator has directed Tata Teleservices to refund the unspent balance of prepaid mobile subscribers and security deposit of postpaid users following its surrender of administratively-allocated spectrum and closure of specific services in 16 circles. The Telecom Regulatory Authority of India (Trai) noted that under normal circumstances, the balance prepaid amount would have been utilised by subscribers before porting out their mobile number. But premature surrender of spectrum, in this case, has forced a significant number of CDMA (Code-Division Multiple Access) mobile subscribers of Tata Teleservices (TTSL) to either port out or lose their mobile numbers and leave behind unspent prepaid balance in the form of recharge coupon/plans and security deposit. Trai asked TTSL to process refund of the unspent prepaid balance (recharge coupon or vouchers/plans) of the mobile numbers ported out, and also the unspent balance in the account of prepaid subscribers who could not port ...
Positive global cues lift domestic stocks
Key barometers ended with decent gains, mirroring positive global cues. The barometer index, the S&P BSE Sensex, rose 165.94 points or 0.42% to 39,950.46, as per the provisional closing data. The Nifty 50 index rose 39.95 points or 0.34% to 11,962.65, as per the provisional closing data. The Nifty retracted after touching 12,000 mark in mid-afternoon trade.
CEA Krishnamurthy Subramanian appointed part-time member in IBBI
Chief Economic Adviser Krishnamurthy Subramanian and former MD and CEO of IDBI Bank B Sriram were on Tuesday appointed part-time members of the Insolvency and Bankruptcy Board of India (IBBI), an official order said. The Appointments Committee of the Cabinet (ACC) has approved their appointment, the order issued by Personnel Ministry said. While Subramanian, an ISB Hyderabad professor, was in December appointed the chief economic adviser for a period of three years, Sriram worked as the managing director and CEO, IDBI Bank Limited. The Insolvency and Bankruptcy Board of India was established on October 1, 2016.
SJTA allows channels to live telecast Rath Jatra festival
The Shree Jagannath Temple Administration (SJTA) Tuesday said it will allow all television channels to live telecast the Rath Jatra festival in Puri, instead of its earlier plans for bidding of the broadcast rights. "No television channel will be denied the right to broadcast the festival," SJTA chief administrator P K Mohapatra told reporters. The channels, however, will be requested to share a part of the revenue they generate through the commercial adevertisements, Mohapatra said. Asked if bidding for live telecast is now cancelled, he said: "No. We have determined the market price through the bidding process. We will talk to the channels and request them to pay a part to the temple, as they are generating revenue through telecast of the festival." The decision of the Temple Management Committee headed by Gajapati Maharaj Divya Singh Deb came a day after a public interest litigation (PIL) was filed in the Orissa High Court. The PIL has challenged the SJTA's move to ..
ICAT Releases India's 1st BS VI Certificate In Two Wheeler Segment
International Centre for Automotive Technology (ICAT) released India's first Type Approval Certificate (TAC) for Bharat Stage - VI (BS - VI) norms for the two wheeler segment in New Delhi today. The certificate was released and handed over by Director ICAT, Dinesh Tyagi to top officials of the OEM (Original Equipment Manufacturers).
Domestic Automobile Output Tumbles 9.30% Over Year In April-May 2019
Domestic passenger vehicle sales tumbled 20.55% to 239347 units in May from 301238 units in May 2018. Car sales fell 26% to 147546 units while Motorcycle sales dropped 4.89% to 1162,373 units, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Two-wheeler sales also declined 6.73% to 1726206 units while commercial vehicles sales fell 10% to 68,847 units.
Godrej Masterbrand Along With Four Other Godrej Brands Ranked as the Most Trusted Brands of India by Trust Research Advisory's Brand Trust Report 2019
/ -- Godrej Diversified, Godrej Refrigerators, Godrej Interio, Godrej Locking Solutions and Systems, and Godrej Properties lead in their respective categories Brand Trust Report 2019, is the result of a comprehensive primary research conducted on the proprietary 61-Attribute Brand Trust Matrix of TRA. This year's study involved 15,000 hours of fieldwork, covering 2,315 consumer-influencers across 16 cities in India, and generated 5 million data points and 9,000 unique brands, from which the top 1000 brands have been listed in this year's report. Indian Statistical Institute is TRA's statistical partner for the research methodology. (Logo: https://mma.prnewswire.com/media/900814/Godrej_Group_Logo.jpg ) (Photo: https://mma.prnewswire.com/media/900815/Godrej_BrandTrust.jpg ) 15 Godrej brands made an entry into the top 1000 list of TRA's Brand Trust Report, 2019 (BTR 2019). Godrej Masterbrand, along with four other Godrej brands, have been ranked No. 1 in their respective categories ...
GDP overestimated, growth during 2012-17 at 4.5%: ex-CEA
The growth numbers have come back to haunt the government with former Chief Economic Advisor (CEA) Arvind Subramanian also questioning the change in GDP calculation methods and numbers effected last year.
Gold plunges Rs 360 on tepid demand, weak overseas trend
Gold prices fell by Rs 360 to Rs 33,370 per 10 gram in the national capital Tuesday tracking a weak trend overseas and tepid demand from local jewellers, according to the All India Sarafa Association. Silver also followed suit and weakened by Rs 290 to Rs 37,560 per kg due to reduced offtake by industrial units and coin makers. Traders attributed the decline in gold prices to a weak trend overseas and easing demand from jewellers at the domestic market. Globally, spot gold was trading lower at USD 1,322.70 an ounce in New York amid easing global trade war concerns after the US dropped its threat to impose tariffs on Mexico, reducing the yellow metal's appeal as safe-haven. Silver was down at USD 14.74 an ounce. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 360 to Rs 33,370 per 10 gram and Rs 33,200 per 10 gram, respectively. Sovereign gold, however, remained flat at Rs 26,700 per eight gram. Silver ready fell by Rs 290 to Rs 37,560 per kg, ...
Barometers hit fresh intraday high
Key benchmark indices hit fresh intraday high in mid-afternoon session. At 14:25 IST, the S&P BSE Sensex was up 202.58 points or 0.51% at 39,987.10. The Nifty 50 index was up 68.55 points or 0.57% at 11,991.25. The Nifty briefly regained 12,000 mark.
Jet Airways (India) hits 52-week low
Jet Airways (India) was down 9.9% to Rs 112.80 at 15:09 IST on the BSE on reports Hinduja group and Etihad Airways PJSC might not proceed ahead with the plan to revive the company.