Page 800 - Business Finance
TN CM lays foundation stone for projects signed in GIM 2019
: Tamil Nadu Chief Minister K Palaniswami Wednesday formally kickstarted Rs 14,071 crore worth projects, part of those signed in the Global Investors Meet in January by laying the foundation stone for them The second edition of GIM was held on January 23 and 24. The government has said that these projects would lead to creation of jobs for 12,294 people in the state. Some of the top companies that signed MoUs include Korean auto-major Hyundai Motor for Rs 7,000 crore, tyre major MRF Ltd for Rs 3,100 crore and auto-components maker Sundaram Clayton Group to invest Rs 1,200 crore. The GIM saw 309 MOUs being signed, attracting investments worth Rs three lakh crore that would create direct and indirect employment for 10.5 lakh people. The foundation stone laying ceremony also marked the beginning of commercial production of Sheng Long Biotech India Pvt Ltd, which had signed an MoU during the first edition of GIM that was formally inaugurated by the then and late Chief ...
Dhanlaxmi Bank, Allahabad Bank, Corporation Bank jump up to 10 pc post RBI move
Shares of Dhanlaxmi Bank, Allahabad Bank and Corporation Bank rose sharply by up to 10 per cent Wednesday after the RBI lifted lending curbs on these lenders by removing them from its weak-bank watchlist. Dhanlaxmi Bank zoomed 10 per cent, Allahabad Bank 7.53 per cent and Corporation Bank rose 5.82 per cent on BSE. The RBI Tuesday removed the three banks from its prompt corrective action (PCA) framework. In a statement, the RBI said the Board for Financial Supervision (BFS) reviewed the performance of banks under PCA and noted that the government has infused fresh capital on February 21 into various banks including some of the banks currently under the PCA framework. Capital infusion, the RBI said, has shored up their capital funds and also increased their loan loss provision to ensure that the PCA parameters were complied with. "Accordingly, based on the principles adopted by the BFS in its earlier meeting dated January 31, 2019, it was decided in the meeting held on February 26, ...
Hyundai Creta crosses 5 lakh cumulative sales milestone
Hyundai Motor India Wednesday said its SUV Creta has crossed 5 lakh cumulatives sales milestone since its launch in July, 2015. The company has sold 3.7 lakh units of the SUV in India and over 1.4 lakh units across international markets. "With the record sales of over five lakh units in less than four years by any made-in-India SUV, Hyundai Creta has yet again set a new benchmark in the industry," Hyundai Motor India National Sales Head Vikas Jain said in a statement. Creta comes with various features, including electric sunroof, cruise control, ventilated front row seats and wireless phone charger among others.
Brigade Group signs MoU to build WTC Thiruvananthapuram
Real estate developer Brigade Group on Wednesday announced signing of a memorandum of understanding with Technopark, an autonomous organisation fully owned by the Kerala state government, for developing an iconic World Trade Centre at Technocity in Thiruvananthapuram.Multinational companies like Nissan and Tata Consultancy Services have already taken land at the 300 acre Technocity IT campus.The WTC Thiruvananthapuram spread across 13 acres is proposed to be part of a larger mixed use development plan with allied facilities including a hotel, serviced apartments, a hostel for working professionals besides retail and entertainment outlets.The total development will cover an area of 2.5 million square feet and generate employment for 15,000 people.Brigade Group holds WTC licences for all major cities in south India: Bengaluru, Kochi, Chennai, Thiruvananthapuram and Hyderabad.WTC Bengaluru and WTC Kochi are already operational while WTC Chennai will start functioning by the year-end."WTC
BEML bags Rs 400 crore order to expand Metro services in Bengaluru
Government-owned Bharat Earth Movers Limited (BEML) has bagged an order worth Rs 400 crore to expand Metro train services in Bengaluru."BEML has received a contract for seven metro train sets of six cars configuration to augment the metro services in Bengaluru valued around Rs 400 crore," the company informed stock exchanges in regulatory filings on Wednesday.BEML manufactures rail coaches and spare parts and mining equipment at its Bengaluru complex. The company has three main business verticals -- defence, mining and construction, and rail and Metro.The three verticals are serviced by nine manufacturing units located at Bengaluru, Kolar Gold Fields (KGF) in Mysore and Palakkad, and subsidiary Vignyan Industries in Chikmagalur district.
Markets fall sharply, but recover despite tension between India and Pakistan
Equity benchmark indices erased morning gains on Wednesday during volatile trading as tension mounted between India and Pakistan.Investors hoped the skirmishes along Indo-Pak border will not escalate further. During the day, Pakistani aircraft violated the Indian air space in Jammu and Kashmir, but were intercepted and pushed back by Indian fighter jets.The Bombay Stock Exchange S & P Sensex was ruling at 36,362 around 11:00 am. It fell sharply by 615 points to 35,747 at 12:13 pm. However, it recovered soon and closed the day 68 points down at 35,905.At the National Stock Exchange, the Nifty 50 closed 29 points in the negative at 10,807.Among the prominent losers were Wipro, Infratel, Vedanta, Bharat Petroleum Corporation Limited and Tata Motors.Traders said if geo-political tensions rise in coming days, the uncertainty in stock markets could linger on. Bank, infrastructure, metal and auto scrips may be hit in case negative sentiments prevail.Meanwhile, Asian markets were mixed as
Drug exporters wary of tension between India, Pakistan
: In the wake of escalated tension between India and Pakistan, Indian exporters of pharmaceuticals are apprehensive of their future. According to a top official of the Pharmaceuticals Export Promotion Council, a body under the Ministry of Commerce, the agency was flooded with inquiries if there was any directive from the ministry on the continuance of exports to the neighbouring country. The Indian pharmaceutical companies exports over USD 140 million to Pakistan with 50 per cent active pharmaceutical ingredients (API). "There are inquires from the exporters whether they can continue to supply or not. At this point of time, exporters are very cautious. There is a concern over the future, but as of now we are not in a position to say anything. We need to wait and watch," director general of Pharmexcil Udaya Bhaskar told PTI. A pharmaceutical company, which exports to Pakistan, said the firm was observing restraint under the current A senior executive of a city-based ...
Continental, Hewlett Packard join hands for vehicle data sharing platform
Technology firm Continental and Hewlett Packard Enterprise (HPE) Wednesday announced a new platform, expected to be available in 2019, for sharing vehicle data to enable new digital services that improve driver safety and convenience. The platform will help car manufacturers monetise their data and differentiate their brands. Based on blockchain technology, the platform provides data sovereignty, security, transparency, and efficiency to overcome the barriers of sharing vehicle data. "Sharing vehicle data across vendors can solve some of the toughest traffic problems and improve driver experience by leveraging the power of swarm intelligence," said Phil Davis, President Hybrid IT, Chief Sales Officer, HPE. Together with Continental, the company provides the key to unlock the value of this data treasure by giving control of the data to the drivers and car manufacturers, he added. The data-monetisation platform will enable car manufacturers and other partners to trade data with each ...
Market ends lower on geopolitical tensions
Local stocks ended with small losses after seeing wild swings either ways. The barometer index, the S&P BSE Sensex, fell 68.28 points or 0.19% at 35,905.43. The Nifty 50 index fell 28.65 points or 0.26% at 10,806.65. The Sensex ended below the psychological 36,000 level after moving above and below that level in intraday trade. Intraday volatility was high amid escalating geopolitical tensions between India and Pakistan.
Rajkamal Prakashan acquires 4 Hindi publishers
Rajkamal Prakashan Group has acquired four reputed Hindi publishing houses in one go. "This is a milestone acquisition for us and with the addition of these four prestigious publishers, readers will benefit the most as best of Indian literature will be available to them," said Ashok Maheshwari, Managing Director of Rajkamal Prakashan Group, here on Wednesday.
Vizag airport won't be shut due to Bhogapuram facility: AAI
: Airports Authority of India (AAI),at present,would not close the Visakhapatnam international airport,though the Andhra Pradesh governmentwanted it shut once the Bhogapuramairport starts operations,said a senior AAI official said Wednesday. GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Ltd, has emerged as highest bidder for the development, operations and management of the greenfield international airport at Bhogapuram, Andhra Pradesh, on a PPP (public-private partnership) basis. The proposed greenfield airport site lies on the border of Visakhapatnam and Vizianagaram districts, and is approximately 45 km from Visakhapatnam. "It (Vizag airport) will continue. In fact our minister tabled in Parliament that the facility will not be closed...We have received a request from tge Andhra Pradesh government, but we have not replied, because we are not going to consider," member (finance) AAI S Suresh told PTI. When contacted, principal secretary of ...
Army's Eastern Command chief visits Panagarh base, reviews preparedness
Amid heightened tensions between India and Pakistan, Army's Eastern Command chief Lt General Manoj Naravane visited Panagarh base in West Bengal on Wednesday and reviewed operational preparedness, a defence official said. Lt Gen Naravane, General Officer Commanding-in-Chief, Eastern Command, emphasised the need for remaining alert at all times to meet the emerging security challenges, the official said. Lt Gen Naravane reviewed the security situation and operational preparedness of the formation at the military station, where the country's first mountain strike corps will be based. The Brahmastra Corps, or XVII Corps, which was raised in Ranchi, will shortly be shifting to Panagarh, the official said. Naravane was received by Lt Gen P N Rao, General Officer Commanding, Brahmastra Corps. The GOC-in-C also interacted with the troops and appreciated their continued efforts in developing the military station.
BHEL pays 40pc interim dividend for FY'19
State-run engineering firm BHEL Wednesday said it has paid an interim dividend of 40 per cent for financial year 2018-19. This is the highest dividend paid by BHEL in a single year, in the last five years, the company said in a statement. "In value terms, this dividend amounts to Rs 279 crore," it said. The company said a cheque of Rs 176 crore towards the interim dividend for 2018-19 on the equity (63.17 per cent) held by the Government, was presented here to heavy industries minister Anant G Geete by BHEL Chairman and Managing Director Atul Sobti.
Rajasthan govt to fill pending vacancies in Panchayati Raj dept
The Rajasthan government has decided to complete the recruitment for over 10,000 vacant posts of lower division clerks in the Panchayati Raj department, pending for the last six years. Chief Minister Ashok Gehlot, in a statement released on Tuesday, said the state government has decided to fill the Lower Division Clerk (LDC) vacancies in the Panchayati Raj department announced in 2013. The department had invited applications for 19,275 LDC posts in 33 zilla parishads. In the recruitment process, the Panchayati Raj department had given 70 per cent weightage to the marks in senior secondary examination and 30 per cent weightage to the candidate's previous work experience. Among those selected, very few were appointed. The Rajasthan High Court, hearing a plea challenging the 30 per cent weightage to candidate's work experience, had put a stay on the recruitment process in July 2013. Later, the high court reduced the weightage to 15 per cent. A special leave petition was then filed in the
Board of Gujarat Lease Financing considers NCLT approval for scheme of amalgamation
At meeting held on 27 February 2019
NELCO's subsidiary Tatanet Services receives IFMC Authorization
TNSL, with this authorisation and its available state of the art technology infrastructure, high quality VSAT services and knowledge of the market, is well poised to offer seamless connectivity services in aircrafts and moving vessels. This will help in future growth of consolidated NELCO.
ICRA assigned credit ratings to Sanghi Industries
Long term fund based limits (Rs 400 crore) - ICRA A Short term fund based limits (Rs 60 crore) - ICRA A1 Short term non fund based limit (Rs 15 crore) - ICRA A1
Time Technoplast advances after joining hands with Confidence Petroleum India
Time Technoplast rose 3.01% to Rs 88.90 at 14:51 IST on BSE after the company said it joined hands with Confidence Petroleum India for blast proof LPG cylinders.
Max India Ltd leads losers in 'A' group
Reliance Nippon Life Asset Management Ltd, Texmaco Rail & Engineering Ltd, Aegis Logistics Ltd and Future Retail Ltd are among the other losers in the BSE's 'A' group today, 27 February 2019.
Convergent Leads Investment of USD 22 Million in Hindustan Foods, India's Leading FMCG Contract Manufacturer
/ -- Convergent Finance LLP ('Convergent') joins hands with Hindustan Foods Limited ('Hindustan Foods'), India's foremost contract manufacturer for the FMCG industry, by leading an investment aggregating INR 1,540 million for a significant minority stake of between 20% and 26% (on a fully converted basis). Customary closing conditions, including approval of shareholders will apply. Hindustan Foods manufactures a range of products with expertise in food and non-food, extending to cosmetics, personal care and home care products. With factories across six locations, Hindustan Foods offers reliable, pan-India contract manufacturing services to top FMCG customers who are looking to minimize cost while maximizing product quality in the post-GST environment. The Company was founded in 1988, went public in 1989 and has been under the current management since 2013. Sameer Kothari, MD of Hindustan Foods, welcomed this investment by saying, "We are most excited to have Convergent as our ...