Page 804 - Business Finance
April-Jan fiscal deficit at 121% of target on lower revenue
India's budgetary fiscal deficit for April-January at Rs 7.70 lakh crore has touched 121.5 per cent of the budgeted target of Rs 6.34 lakh crore, mainly due to slow revenue expansion during the period, official data showed, here on Tuesday.
Delhi Budget: Rs 100 cr for State Electric Vehicle Fund in 2019-20
Delhi Finance Minister Manish Sisodia on Tuesday allocated Rs 100 crore for the State Electric Vehicle Fund in the Budget for 2019-20, a measure termed a "positive start" by E-vehicle manufacturers.
Odisha sign MoU with Nabkisan for collateral free loan by FPOs
Odisha government Tuesday signed an MoU with Nabkisan Ltd, a subsidiary of NABARD, for access to collateral free loan facilities by Farmers' Producer Organisations (FPOs) from financial institutions, officials said here. The MoU encompasses creation of a Rs 10 crore Credit Guarantee Fund by Odisha government which will be administered by Nabkisan and pave the way for providing collateral free loans by the state's financial institutions to the FPOs. As per the MoU, loans given by Public Sector Banks and Nabkisan to the FPOs will be guaranteed under the Credit Guarantee Fund, officials said. It is a fallout of the State FPO Policy, 2018, launched by the state government in coordination with NABARD. This is also as a sequel to an earlier MoU executed between NABARD and Department of Agriculture for promotion and nurturing of FPOs with a view to address the problems of small and marginal farmers of the state who constitute nearly 92 per cent of the farming community in the ..
Investors cautious amid heightened geo-political tensions
Fears of diplomatic or military retaliation from Pakistan might keep equity investors subdued over the next few days, market observers said on Tuesday.
DoT to liberalise import norms for prototypes, sample products in licence exempt bands
The telecom department (DoT) Tuesday said it has issued instructions to liberalise import norms for prototype, sample products, and test and measurement equipment in 'licence exempt bands' by doing away with the need of 'equipment type approval'. The move is aimed at helping promote 'Make in India' by manufacturing latest and high-tech products for the domestic market as well as for exports, and to encourage domestic research and development activities and innovation, an official statement said. The devices with radio-interfaces include mobile handsets, laptops, notebooks, smart accessories, short-range devices, cameras, scanners, and printers. In addition, DoT has also enabled equipment type approval (ETA) through self-certification in its step forward for commercial or finished product imports under the above categories. This, the statement said, would simplify regulatory regime, while ensuring compliance as well as reducing transaction costs. When contacted, Indian Cellular ...
JM Financial files insolvency petition against Hotel Leelaventure
Hotel Leelaventure on Tuesday said that JM Financial Asset Reconstruction Company Ltd (JMFARC) has filed an insolvency petition against it with the National Company Law Tribunal's Mumbai bench.
DoT seeks liberal import norms for products in licence-exempt bands
The Department of Telecommunications (DoT) on Tuesday said it has issued instructions to liberalise import norms for prototypes, sample products and test and measurement equipment in licence-exempt bands wihout the need of "Equipment Type Approval (ETA)".
Jio loss at Rs 15k cr loss if standard a/c followed, subsidies included: Bernstein
Billionaire Mukesh Ambani's Reliance Jio would post a loss of Rs 15,000 crore in the current fiscal year ending March 31 if the cost of subsidised mobile phones it sells is included and accounts are prepared using standard depreciation metrics, brokerage Bernstein said Tuesday. The loss would be larger than rivals Bharti Airtel and Vodafone Idea, it said. "Jio's disclosed income statements show a positive, albeit small, return on invested capital (about 3.1 per cent), but as we have pointed out in the past this relies on 'non-standard' depreciation metrics and all the handset subsidies being booked through Reliance Retail," Bernstein said in a report. After considering these factors, Jio may see "a potential loss of Rs 15,000 crore in FY 2019. Far worse than Bharti's or Vodafone Idea's," it said. Jio uses a 'unit of production' method for its wireless network costs that includes spectrum and capex causing costs to scale up with higher utilisation of network capacity. Bharti Airtel and
HNIs prefer commercial properties for higher yield: Colliers
High net worth individuals (HNIs) prefer to invest in the commercial real estate segment against residential properties in India as commercial sector provides 7-8 per cent higher yield, said Sanjay Chatrath, Executive Director (North) at Colliers International India, here on Tuesday.
Allahabad Bank, Corp Bank, Dhanlaxmi Bank out of RBI's weak-bank watch
The RBI Tuesday lifted lending curbs on two more public sector banks (PSBs), Allahabad Bank and Corporation Bank, by removing them from its weak-bank watch list after the government infused capital in them. Private sector Dhanlaxmi Bank too has been taken out of the Prompt Corrective Action (PCA) Framework. Earlier on January 31, Bank of India, Bank of Maharashtra and Oriental Bank of Commerce were taken out of the 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. Of these banks, Allahabad Bank and Corporation Bank had received Rs 6,896 crore and Rs 9,086 crore, respectively. 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. The RBI further ...
RBI to infuse 12,500 crore through OMO, plans to buy govt securities
The decision on OMO is based on an assessment of prevailing liquidity conditions
 "RBI to infuse 12,500 crore through OMO, plans to buy govt securities")
CM appoints JDS men as heads of boards and corpn with cabinet
Amid reports about growing discontent among JD(S) legislators and workers about party not empowering them, Karnataka Chief Minister H D Kumaraswamy has appointed nine partymen as heads to state run boards and corporations with cabinet rank. The move ahead of announcement of the Lok Sabha poll schedule is seen as an attempt by the JD(S) to quell dissidence within, and to arrest any bid by the BJP to poach its legislators. Among nine appointed, eight are MLAs. The JD(S) move comes more than a month after appointment of Congressmen to the posts that came under its share as per coalition arrangement. Those appointed include MLAs- Naganagouda Kandkur to Karnataka Slum Development Board, Raja Venkatappa Nayaka to Karnataka State Tourism Development Corporation,D C Gowri Shankar to Mysore Sales International Limited and B Satyanarayana to Karnataka State Road Transport Corporation; Legislators Nisarga Narayana Swamy L N to Bangalore International Airport Area Planning ...
RBI removes Allahabad Bank, Corporation Bank, Dhanlaxmi Bank from PCA
The Reserve Bank of India (RBI) has taken off Allahabad Bank, Corporation Bank and Dhanlaxmi Bank from the Prompt Corrective Action (PCA) framework allowing them to resume their normal lending activities.
IWAI, Indian Oil ink pact on fuel needs of national waterways
To address issues regarding fuel requirement of National Waterways, Inland Waterways Authority of India (IWAI) and Indian Oil Corporation Ltd (IOCL) have inked a pact, the government said Tuesday. The Memorandum of Understanding (MoU) will provide for an understanding over general modalities of mutual cooperation leading to addressing futuristic demand of any form of energy for Inland Waterways and associated services. "IWAI and IOCL signed an MoU today for jointly developing infrastructure for fuels, lubricating oil, LPG, Natural Gas and any other related fuel and gas for meeting the requirement of National Waterways," the Ministry of Shipping said in a statement. The MoU covers development of infrastructure for receipt, storage, dispensing and supply of fuels, lubricating oils, Liquefied Petroleum Gas (LPG) (for domestic & commercial use), Natural Gas (NG) and any other related fuel and gas. In addition, the MoU will also cover infrastructure development for setting up Consumer .
Board of KG Petrochem approves change in directorate
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ONGC Videsh intimates of execution of LNG sale and purchase agreements for Rovuma Offshore Area 1 project
These latest deals build upon previously executed deals for long term offtake of LNG from Rovuma Offshore Area 1 project and take long-term sales to more than 9.5 MMTPA.
Bharat Financial Inclusion completes 8th direct assignment transaction in FY19
With this transaction, the Company has completed Direct Assignment transactions worth Rs. 6,666.20 crore in FY 19.
Outcome of board meeting of Panacea Biotec
Held on 26 February 2019
Board of Gogia Capital Services allots 31.74 lakh equity shares
At meeting held on 26 February 2019