Page 805 - Business Finance
Board of Trijal Industries approves change in directorate
At meeting held on 26 February 2019
Board of Bank of Maharashtra approves preferential issue of shares to GoI
At meeting held on 26 February 2019
IDBI Bank announces appointment of director
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S Chand & Company acquires bal 26% stake in Chhaya Prakashani
Now the company has acquired the remaining stake of 26% in Chhaya, from its existing shareholder Sum it Biswas on 25 February 2019, and Chhaya has become the wholly owned subsidiary of the Company
Board of Libord Finance allots 16.50 lakh equity shares on conversion of warrants
At meeting held on 26 February 2019
Titan Company gets reaffirmation in credit ratings from ICRA
Fund based / non fund based facilities (Long term/ short term) (Rs 1700 crore) - ICRA AA+;Positive / ICRA A1+ (Reaffirmed; Outlook revised from Stable)
Panacea to raise Rs 864 cr for one-time settlement with lenders
Panacea Biotec Tuesday said its board has approved raising up to Rs 864 crore for one-time settlement with its lenders and other purposes. The company will raise the funds through issue of non convertible debentures on a private placement basis, Panacea Biotec said in a regulatory filing. The capital once raised would be utilised by the company for one-time settlement with the consortium of lenders and for the settlement of stretched payables, employees' dues and for working capital requirements, among others, it added. The board also approved demerger of the company's real estate business with few modifications to the scheme of arrangement approved by the board in September 2017. The company has also convened an extraordinary general general meeting (EGM) on March 25, during which the shareholders will consider company's plans to raise up to Rs 128 crore via issue of warrants on a preferential basis. The shareholders would also consider transfer of the pharmaceutical formulations ...
HCL Technologies launches iCE.X to bring Intelligent loT device management to telecom and media services providers
The new platform provides seamless connectivity, zero-touch secure onboarding of devices and support for multiple protocols to accelerate the adoption of loT use-cases across industries. The opportunity to harness loT devices and data to deliver more personalized services and tailored experiences enables telecom and media services providers to monetize billions of connections and future-proof their business models.
Ind-Ra revises Vedanta's outlook to stable from positive
India Ratings and Research (Ind-Ra) Tuesday said it has revised the outlook of Vedanta Ltd to stable from positive. "The revision in outlook reflects the delay in deleveraging in FY19 and FY20...as against Ind-Ra's expectations, due to acquisition outflows and higher-than-expected dividend distribution," it said in a statement. Ind-Ra, a Fitch Group company, affirmed its long-term issuer rating at 'IND AA', the statement said. Instruments with rating 'IND AA' are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. The rating agency further said that it expects the Vedanta's Ebitda to grow to USD 4.1-4.2 billion in FY20, driven by volume growth at oil, aluminium, zinc (international) and zinc (India), and cost savings at the aluminium division. Ind-Ra further said it expects the aluminium division's cost of production to ease in FY20, with a substantial improvement in local bauxite and linkage coal ..
US Ambassador calls on Assam CM
US Ambassador to India Kenneth Juster Tuesday met Assam Chief Minister Sarbananda Sonowal here and discussed an array of issues, including business, connectivity and organic cultivation. The Ambassador said that considering the vibrant petroleum and natural gas sector of the state, the USA can help Assam in providing state-of-the-art technology for exploring the sectors economically. He also said that both US and Assam can have their bilateral ties in organic farming, healthcare, digital economy. Taking note of the location of Assam and its proximity with the South East Asian countries, Juster said that Assam can play the role of prime-mover in auguring business relations with South East Asian nations. He advocated for robust regional connectivity and that US can provide a helping hand in this regard. The chief minister told Kenneth Juster about the investor friendly ambience created in the state by his government and that Rs 50,000 crore has been invested in the state .
Reduced tax rate for real estate sector to bolster consumer sentiments: ICRA
Credit rating agency ICRA said on Tuesday that lower GST rates for under-construction residential properties are expected to improve customer sentiment but removal of input tax credit may create short term disruption in sales and collections from ongoing projects in the near term."The earlier GST rates of 8 per cent and 12 per cent were a dampener for customer buying sentiment during under-construction stage considering the high value of such transactions, leading to increased preference for completed properties," said Mathew Kurian, Assistant Vice President at ICRA."The revised rates are expected to revive customer interest in under-construction properties. However, in the near term, sales and collections in launched projects are likely to be disrupted by the change in tax computation method, as witnessed during the initial implementation of GST in July 2017."As per ICRA's estimates, assuming an 18 per cent input tax incidence and cost of construction of Rs 2,000 to 2,500 per square .
Delhi govt allocates Rs 100 cr for electric vehicle fund in 2019-20 budget
Moving ahead with implementing its e-vehicle policy, the Delhi government announced Rs 100 crore for a state electric vehicle fund in its 2019-20 budget, presented in the assembly on Tuesday. Presenting the budget, Deputy Chief Minister Manish Sisodia proposed an outlay of Rs 1,807 crore for implementation of various schemes, programmes and projects of the transport department in 2019-20. "This allocation is almost double the revised estimate of 2018-19," Sisodia, who also holds the finance portfolio, said. He said vehicles contribute to approximately 40 per cent emission of PM 2.5 in Delhi. Working to resolve the problem, the government has formulated a draft electric vehicle policy to promote the use of battery electric vehicles (BEV) in Delhi, Sisodia said. "Under this policy, our efforts are to have 25 per cent share of BEVs among newly registered vehicles by 2024. I am proposing Rs 100 crore for constituting the State Electric Vehicle Fund in 2019-20," he said in the House. The ..
M3M, Vatika share views on increased global investment in commercial realty
India's commercial real estate is witnessing a turnaround and prospects are really optimistic.Several industry reports indicate the buoyant leasing in office space market across top metro cities. According to Colliers India Research, the gross leasing activity in India was pegged at 50 million sq. ft. in 2018 which was the highest number in the last eight years.The fourth quarter of 2018 witnessed notable supply of 2.86 million sq. feet, a threefold increase from the previous quarter.Continued expansion and consolidation of occupiers led gross leasing hike by 17 percent as compared to 2017. The overall absorption of the National Capital Region (NCR) stood at 10.1 million sq. ft. in 2018 which is the highest leasing volume in the past eight years. In the same year, Gurugram witnessed gross absorption of 5.4 million sq. ft., an increase of 19.8 percent year on year."Liberalization of FDI policies and regulatory framework has been really successful in increasing the interest of global ...
OVL partners sell 8.1 million tonne LNG from Mozambique project
ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation (ONGC), Tuesday said it, along with its partners, has signed agreements to sell 8.1 million tonne of LNG from the Mozambique project to firms such as Shell, Tokyo Gas and China's Cnooc. OVL, which holds 16 per cent stake in the giant Mozambique Rovuma Area-1 gas field, and its partners had previously sold about 1.5 million tonne out of the 12.88 million tonne a year of liquefied natural gas (LNG) likely to be produced from the project in the first phase by 2022-23, the company said in a statement. As many as five natural gas discoveries have been made in the 10,000-square kilometre Area 1, located in the northern-most part of offshore Mozambique Rovuma Basin. The finds have a combined recoverable resource of about 75 trillion cubic feet, most of which will be liquefied for ease of transportation in ships. Area-1 represents one of the largest natural gas discoveries in offshore East Africa and has the potential to ...
Adani Group emerges highest bidder for Guwahati airport
Adani Group has emerged as the highest bidder to operate Guwahati airport, a senior AAI official said Tuesday. This comes a day after the group emerged as the highest bidder for five other state-owned airports. "Adani Group has put in the highest bid of Rs 160 as per passenger fee for Guwahati airport. This means that Adani Group has won all six airports that were put up for privatisation," the official at Airports Authority of India (AAI) said. At Rs 155, the second highest bid was put jointly by National Investment and Infrastructure Fund (NIIF) and Zurich Airport International AG. The third and fourth place was taken by bids from AMP Capital and GMR Airport Ltd, at Rs 136 and Rs 59, respectively. PNC Infratech's bid at Rs 18 was the lowest one for Guwahati airport. The AAI selected the winner on the basis of highest "per-passenger fee" offered to it. The bids for five other airports - Ahmedabad, Thiruvananthapuram, Lucknow, Mangaluru and Jaipur - were opened on Monday in which ...
Builders need to develop online, social media presence: Report
No real estate developer has a monthly traffic of 10 lakh on its website, a study has said while suggesting builders to improve their online as well as social media presence to boost sales. "None of the 50 websites of property developers that we studied had a traffic of one million (10 lakh) per month," online visibility management platform SEMrush and property consultant Colliers said in a report, titled 'Digital Real Estate -- Wining the Indian Market with Data,' released Tuesday. Out of the 50 websites studied, only 16 had a traffic of more than 50,000 per month, it said. Lodha topped the list of 'top 20 developers' websites by traffic' with a web traffic of 7.13 lakh during last month, followed by Sobha (6.10 lakh), Prestige (6.08 lakh), Godrej Properties (5.46 lakh) and Mahindra Lifespaces (nearly 4.2 lakh). While organic search accounted for more than half of all web traffic, referral contributed 28 per cent. "Social media was the most dismal performer, sending just 3 per cent ..
Allahabad Bank, Corporation Bank and Dhanlaxmi Bank moves out of PCA Framework
Recent capital infusion strengthens Allahabad Bank and Corporation bank to comply with PCA parameters
IWAI signs MoU with Indian Oil on fuel needs for national waterways
Move is expected to lead to development of business activities along the National Waterways
Sensex ends 240 points lower amid heightened India-Pakistan tension (Third Lead)
Heightened geopolitical tensions in the sub-continent after India struck terrorist training camps in Pakistan dragged the domestic equity market lower on Tuesday.