Page 806 - Business Finance
US financial regulatory agency says Musk violated deal
US stock regulators have accused Elon Musk of violating a court-endorsed deal between the electric automaker and the regulatory agency, and this latest apparent slip by the tech wunderkind could cost him dearly. The action by the powerful Securities and Exchange Commission, with which Musk appears to be doing battle, does not really come as a surprise. On February 19, he tweeted that Tesla would make 500,000 cars in 2019 -- up from the 400,000 that the company had estimated until then, as it grapples with production problems with the Model 3. In his latest display of seemingly erratic behavior, Musk corrected himself four hours later. He said Tesla would indeed produce about 400,000 cars this year. "Meant to say annualized production rate at end of 2019 probably around 500k," he wrote. The SEC said the tweets violated a deal under which his tweets had to be reviewed prior to being published. That constraint followed Musk's now famous tweet last year about planning to take the company
IWAI, IOC sign MoU on fuel needs for waterways
Inland Waterways Authority of India (IWAI) and Indian Oil Corporation Limited (IOCL) signed a memorandum of understanding (MoU) on Tuesday to jointly develop infrastructure for meeting fuel, lubricating oil, LPG and natural gas requirements of national waterways.The MoU will provide for an understanding over general modalities of mutual cooperation leading to addressing future demand of any form of energy for inland waterways and associated services.IWAI and IOCL have agreed to conduct techno-economic feasibility studies for preparation of detailed land requirement, storage facilities and other supporting infrastructure with details of the cost. These studies will be based on the traffic potential, proximity to the local industries and waterways and its connectivity to rail heads.A total of 106 new national waterways have been declared in addition to existing five national waterways. Their development is being taken up in a phased manner, according to an official statement..
Rupee logs 1st loss in 3 sessions; slips 10 paise against US dollar
The rupee Tuesday snapped its gains of previous two sessions and closed 10 paise lower at 71.07 to the US dollar amid fears of escalation in geopolitical tensions following Indian fighter jets' air strikes on Pakistan-based terror camps. Besides, weakening investor sentiments in domestic equity market and rising global crude oil prices impacted the rupee movement. Reacting to rising tensions between India and Pakistan, the domestic currency opened 30 paise lower at 71.27 in the early trade and further weakened to 71.35 as the day progressed. However, it recovered from early plunge to settle at 71.07, a loss of 10 paise against the dollar. Similarly, growing geo-political tensions also hit investor sentiments in domestic equity markets, with benchmark Sensex diving 240 points to close at 35,974. According to analysts, market movement is likely to be cautious until further clarity over cross border threat. In a swift and precise air strike following the Pulwama attack, the Indian Air ...
Sebi fines Radford Global Rs 30 lakh for violating norms, failing to provide info
Markets regulator Sebi Tuesday slapped a fine of Rs 30 lakh on Radford Global for violating listing norms and failing to provide information sought by the regulator. After conducting a probe between February 2012 and March 2014 in the trading of Radford's shares, the regulator sought documents with regard to physical transfer of shares by the company to certain entities. Despite repeated summons in 2017, the firm failed to furnish the information required, Sebi said. Further, the regulator observed that the firm made a preferential allotment in February 2012, and the proceeds of the allotment funds were utilised for the purpose other than its disclosed objective. Under the listing agreement norms, the firm was required to furnish on a quarterly basis a statement to exchanges for variations between projected utilisation of funds and actual utilisation of funds, the regulator said. However, no such disclosures were made to the exchanges, the Securities and Exchange Board of India (Sebi)
Fiscal deficit reaches 121.5% of FY19 budget estimate till January 2019
Govt total expenditure at 81.5% of overall budget estimate
Cathay Pacific to launch one more Hyderabad-Hong Kong flight
Hong Kong-based airline Cathay Pacific on Tuesday announced the launch of fifth non-stop flight from Hyderabad to Hong Kong.
India, Italy discuss ways to promote trade, investments
India and Italy on Tuesday discussed ways to increase cooperation in engineering, infrastructure and agriculture in a bid to promote trade and investments between the countries.The issues were discussed during the 20th India-Italy Joint Commission for Economic Cooperation (JCEC) meeting held in the national capital."Both India and Italy are looking towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation in a wide range of sectors like machinery, infrastructure, engineering, digitalisation, agriculture and IPR," said an official statement issued by the Commerce Ministry.The two-day session is being co-chaired by Commerce and Industry Minister Suresh Prabhu and Italian Deputy Minister of Economic Development Michele Geraci.The previous JCEC meeting was held in Rome during May 2017..
True North to acquire controlling stake in Max Bupa Health Insurance from Max India
The Board of Max India, today, approved the sale of its 51% stake in Max Bupa Health Insurance Company (Max Bupa), to the leading Private Equity firm True North.The all cash transaction values Max Bupa at an enterprise value of Rs. 1,001 crore and is subject to requisite regulatory approvals. Bupa, the existing joint venture partner in Max Bupa, remains committed to the joint venture and will continue to play an active role in the company as before through its Board positions and knowledge exchange initiatives.At the conclusion of the transaction, True North will nominate directors on Max Bupa's Board, while Max India's nominated directors will step down. The use of the Max brand will be phased out over a period of two years and replaced with a suitable name. The Bupa brand name will continue as before.True North (formerly known as India Value Fund Advisors) is an active investor in Indian assets. It has built deep knowledge and skills in the Indian market, investing in more than 40 ..
Jio's run-rate may take it to No 1 in 2019: Bernstein
Over the next 12 months, Reliance Jio is expected to reach the top position on both subscriber and service revenue metrics and it expects to surpass Vodafone Idea service revenues in FY 19-20, according to a report by Bernstein.
JM Financial files insolvency case against Hotel Leelaventure
Hotel Leeleventure said Tuesday JM Financial Asset Reconstruction Company Ltd (JMFARC) has filed an insolvency petition with the Mumbai bench of National Company Law Tribunal (NCLT) against the company. The application has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, Hotel Leelaventure said in a filing to BSE. "The company is continuing to engage with prospective investors for a resolution," it added. On June 30, 2014, the erstwhile corporate debt restructuring lenders with exposure of 95.6 per cent of the CDR debt had assigned their debt to JM Financial Asset Reconstruction Company Ltd and one lender with exposure of about 1 per cent of the CDR Debt to Phoenix ARC Private Ltd. Shares of Hotel Leeleventure closed at Rs 10.41 on BSE, down 6.55 per cent from the previous close.
Jet Airways shares continue to fall; down over 2%
Shares of Jet Airways extended losses for the second day Tuesday, down by over 2 per cent in an overall weak broader market as the company continues to struggle with financial woes. The company's shares fell 2.14 per cent to close at Rs 224.25 on the BSE. During the day, it dropped 3.55 per cent to Rs 221. At the National Stock Exchange (NSE), shares fell by 2.33 per cent to close at Rs 223.70. The stock had on Monday declined 3.18 per cent. Jet Airways and Etihad Airways Monday said they along with key financial stakeholders are working towards finalisation of bank-led provisional resolution plan for the debt-laden domestic airline. In a joint statement, the two carriers expressed confidence that once the plan is implemented, Jet Airways would "re-emerge as a viable and robust airline to reclaim its rightful place as airline of first choice for its customers". Jet Airways has been grappling with financial woes and is looking to rejig debt as well as raise funds. State Bank of India ..
Standard Chartered's 2018 profits rise despite setting aside fine cash
Standard Chartered's pre-tax profit surged to USD 3.9 billion in 2018, the bank said Tuesday, after previously warning it had set aside nearly USD 1 billion for regulatory fines in the US and Britain. The UK-based bank has been stalked for years by probes on both sides of the Atlantic including over alleged violations of United States sanctions against Iran, investigations related to foreign exchange trading and financial crime control breaches. Last week the bank said it had put aside USD 900 million to deal with those probes, the first time it had put a figure on the penalties and an attempt to draw a line under the issue ahead of its earnings report. In a Tuesday filing with the Hong Kong stock exchange, the emerging markets lender said its pre-tax profit was up 28 percent at USD 3.9 billion. But that figure dropped to USD 2.5 billion "after provision for regulatory matters and restructuring and other items" were taken out, a rise of 5.5 percent on 2017's results. The headline ...
HomeLane.com raises Rs 33 cr from JSW Ventures, others
HomeLane.com, an online home interiors brand, Tuesday said it has raised Rs 33 crore from JSW Ventures, Accel Partners and Sequoia Capital. The company will deploy the bridge round funding for expansion of its experience centres in existing and new markets, it said in a statement. A part of the funds will also be utilised to boost technology and for brand strengthening, it added. "HomeLane's strategic focus has always been to provide a seamless home designing and furnishing experience to urban Indian home buyers...We will also be leveraging a part of this (funding) for brand strengthening and to boost our technology platform, which has aided our customers and designers immensely," HomeLane.com co-founder and CEO Srikanth Iyer said. HomeLane.com currently operates in Bengaluru, Chennai, Hyderabad, Mumbai and Delhi-NCR. It has nine experience centres and over 500 designers on its platform. The company aims to double the number of experience centres across India by the end of 2019, the ..
India's April-Jan fiscal deficit at 121% of target
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, official data showed here on Tuesday.
Fiscal deficit touches 121.5 pc of full-year target in January
Fiscal deficit touched 121.5 per cent of the full-year revised target of Rs 6.34 lakh crore at the end of January on account of lower revenue collections, government data showed on Tuesday. The fiscal deficit, or the gap between the government's expenditure and revenue, stood at Rs 7.70 lakh crore during April-January of the current financial year ending March. At the end of January 2018, the deficit was 113.7 per cent of the Revised Estimate (RE). The government had budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year. However, in the Interim Budget 2019-20, the fiscal deficit was revised upwards marginally to 3.4 per cent of GDP or over Rs 6.34 lakh crore, on account of additional outlay of Rs 20,000 crore for funding income scheme for small farmers. According to the data released by the Controller General of Accounts (CGA), the revenue receipts of the government totalled Rs 11.81 lakh crore or .
Sterlite Tech Unveils Integrated Digital Reinvention Portfolio for CSPs at #MWC2019
/ -- With this portfolio of offerings, CSPs can accelerate their digital reinvention with DevOps-enabled flexible, agile and scalable solutions Sterlite Tech (BSE: 532374) (NSE: STRTECH), a global data network solutions company, today unveiled its Digital Reinvention portfolio for fast forwarding Communication Service Providers' (CSPs) digital reinvention at #MWC2019. This next-gen integrated portfolio encompasses best-in-class software and solutions that transform every aspect of CSPs' business to make digital reinvention simpler and faster, and includes digital customer engagement, programmable networking and intelligence, digital billing and revenue management, big data insights and smart Wi-Fi service management. (Logo: https://mma.prnewswire.com/media/568301/Sterlite_Logo.jpg ) Highlighting the need for this flexible and interoperable portfolio, Anshoo Gaur, CEO - Software Business, Sterlite Tech, said, "CSPs have fuelled the development and evolution of the digital economy, ...
True North buys 51% stake in Max Bupa from Max India for Rs 510.51cr
Max India said Tuesday it has sold its entire 51 per cent stake in Max Bupa Health Insurance Co Ltd (Max Bupa) to private equity firm True North Fund VI LLP for over Rs 510 crore. The stake has been sold either directly or through its affiliates, the company said. The board of directors of the company at its meeting held on February 26, 2019 has considered and approved a proposal relating to divestment of entire shareholding of the company in its material subsidiary --Max Bupa Health Insurance Company Limited (Max Bupa) (equivalent to 51 per cent of Max Bupa's total issued and paid-up share capital) to True North Fund VI LLP, Max India said in a regulatory filing. The proposed transaction is an all-cash transaction and it values Max Bupa at an enterprise value of Rs 1,001 crore. Max India said that the deal has been at a consideration of Rs 510.51 crore, which the company will receive at the time of completion of the proposed transaction. True North (formerly known as India Value Fund
HPCL shares close nearly 1 pc down; Britannia up 1 pc on NSE rejig
Shares of Hindustan Petroleum Corporation fell nearly 1 per cent Tuesday after NSE said Britannia Industries will replace the oil marketing company in the Nifty50 index from March 29. The company's shares ended at Rs 226, down 0.94 per cent, on NSE. During the day, it fell 2.95 per cent to Rs 221.40. Shares of Britannia Industries closed at Rs 3,075, up 0.87 per cent. During the day, it gained 1.46 per cent to Rs 3,092.95. Britannia Industries will replace Hindustan Petroleum Corporation in the Nifty50 index from March 29, the National Stock Exchange said Monday. Bajaj Holdings and Investment, Divi's Laboratories, HDFC Asset Management Company, Hindustan Petroleum Corporation, Page Industries and United Breweries will be included in the Nifty Next 50 index, the NSE said in a release. Besides, similar changes are made in Nifty500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, Nifty Midcap 50 and Nifty Midcap 100, Nifty 200, Nifty Financial Services among others, the release added.
Eros Now partners Vindicia to maximise growth, enhance consumer experience
Eros Now has partnered with digital subscription platform Vindicia CashBox to maximise growth and enhance consumer experience. "Through this alliance Vindicia CashBox will help in accelerating the subscriber growth of Eros Now around the world," the company said in a statement. At present, Eros Now has a library of over 12,000 Indian films, music videos, TV shows, original web series and short-format content, and has more than 142 million registered users and 15.9 million paying subscribers. "This alliance with Vindicia will enhance the consumer experience and offer seamless transaction capabilities. With changing consumer dynamics, the association will also help to provide subscriber intelligence that will bring business agility to continuously boost the overall video watching experience, thus driving consumer retention, global connecting and increasing subscriber growth," Eros Digital CEO Rishika Lulla Singh said. Vindicia CashBox is a digital subscription platform for digital goods
Need To Enhance Exports In Chemical Sector Says Commerce Minister
Union Minister of Commerce and Industry, Suresh Prabhu said that the Ministry recognizes certain issues that need to be addressed for enhancing exports in the chemical sector and he promised to take up all the issues with other Ministries and Departments of Government of India. The Minister elaborated that expansion of Interest Equalization Scheme needs to be done by adding more tariff lines,the process of environmental clearance to be speeded up especially relating to product mix and also expeditious approval process.There is also a need for the removal of pre-import condition for advance authorization (with prospective effect). Minister further said that additional MEIS support for specific commodities for specific markets due to disadvantage arising out of other countries FTAs also needs to be addressed. Suresh Prabhu stated that Commerce Ministry will seek support from Indian embassies and missions abroad to understand the market profile of the country and then disseminate the ...