Page 812 - Business Finance
Foreign e-tailers must have registered entity in country: Draft policy
E-commerce sites or apps available for download in India must have a registered business entity in the country, according to latest draft e-commerce policy, which also proposes regulation of cross-border flow of data collected by sector players in India.
Achieving level playing field central for long-term growth:
: Competition Commission of India (CCI) Chairman Ashok Kumar Gupta Monday said that for achieving long-term growth trajectory, achieving level playing field, characterised by healthy competition is central. Addressing a conference organised as part of the Roadshow on Competition Law here by the Competition Commission of India with a thematic focus on Public Procurement, Trade Associations, Cartels and Leniency, he said all stakeholders stand to gain from a healthy market competition, according to an official release. He said the evolving regime of cartel mitigation will bear significant fruits in times to come. He also mentioned that the recently launched online guidance system of CCI is helping the industry in determining the notifiability of mergers and acquisitions. Touching upon recent developments in online markets, the CCI Chairman stated that the Commission intends to study the e-commerce sector in India to understand the role of algorithms and artificial ...
GST rate cut unlikely to ease property prices: Experts
Although the GST Council's decision to slash tax rates on under-construction properties, including affordable housing projects, comes as a relief for both developers and home buyers, the rate cut is unlikely to translate into a decline of property prices, as it comes without input tax credit (ITC) availed so far by builders.
Thermax to buy stake of JV partners in Thermax SPX Energy Technologies
Thermax said Monday that its has inked a pact with its joint venture partners Mutares Holding-24 and Balcke-Duerr to acquire their stake in Thermax SPX Energy Technologies, which would become its 100 per cent subsidiary after the transaction. "The company has entered into definitive agreement with MUTARES HOLDING-24 AG, Germany, and BALCKE-DUERR GmbH, Germany, JV partners of Thermax SPX Energy Technologies Limited (TSPX), to acquire their shareholding in the TSPX, a JV and subsidiary company in India. Post transfer of shares, TSPX will become the wholly owned subsidiary of the company," a BSE filing said.
Kumaraswamy asks Asean members to invest in Karnataka
Portraying Karnataka as a land of opportunities with assured return on investments, Chief Minister H.D. Kumaraswamy on Monday invited Asean businesses to invest in the southern state in a big way.
Adani Enterprises wins bid to operate 5 non-metro airports
The Adani Group on Monday made a major mark in the the airport development and management business by bagging contracts to operate five non-metro airports in the country in the Public Private Partnership (PPP) model.
Budget aimed to put state in high growth trajectory: Abhimanyu
The budget for 2019-20 aims to put Haryana in high growth trajectory, state Finance Minister Abhimanyu said. Speaking to reporters after presenting the budget in the Assembly here on Monday, the minister said that no fresh taxes have been proposed and the existing rates of taxes have been left untouched. Abhimanyu presented the budget with a total outlay of Rs1,32,165.99 crore (2019-20), an increase of 14.73 per cent over Rs 1,15,198.28 crore outlay for 2018-19. Unfolding the proposals contained in the budget, he said the present government aims to put the state in high growth trajectory and fulfilling the aspirations of the people. "Transparency and accountability has been priority of our government," he said. Replying to a question, he did not elaborate on the two new schemes to provide financial and social security cover to families of farmers and those of workers in unorganised sectors, saying modalities were being worked out and details will be shared soon. An outlay of Rs 1,500 .
Cong, INLD dub budget as 'directionless', express concern over debt
Opposition parties the Congress and the Indian National Lok Dal on Monday dubbed the Haryana budget presented by Finance Minister Abhimanyu as "directionless" and expressed concern over the "mounting debt". "This budget is directionless, hollow and mere jugglery of figures. No new project has been announced," former chief minister and Congress leader Bhupinder Singh Hooda said. Hooda expressed concern over debt, saying total outstanding debt of the state has been projected at nearly Rs 1.79 lakh crore. "During our time, nearly five years back, the outstanding debt was just over Rs 60,000 crore," he said. "What have they done for the past four-and-a-half years, they have not brought any new railway or metro line, any big project, investments have not come. All that the BJP government in the state has done is event management and boasted its non-existent achievements. It is a non-performing government, which has failed on all fronts," Hooda alleged. When asked to comment on Haryana ...
Bharti Airtel board to meet on Feb 28 to consider fundraising plans
Telecom service provider Bharti Airtel said Monday that its board of directors will meet on February 28 to consider a proposal for fundraising. "...a meeting of the board of directors of the company is scheduled on Thursday, February 28, 2019 to...consider...the recommendations of 'Special Committee of Directors for Fund Raising'..." Airtel said in a regulatory filing. The board, it said, would consider the proposal for raising funds "by issue of equity shares, bonds/debentures or other securities including through qualified institutions placement, rights issue, preferential issue" subject to statutory approvals. The company did not provide further details.
CM projects govt's pro-business approach as ASEAN industry
The first edition of the three-day ASEAN Chambers of Commerce and Industry Business Meet began here Monday with Chief Minister H D Kumaraswamy laying emphasis on his government's pro-business approach and its stability. "In the eight months since our coalition government came into existence, I can assure you all, our government is stable andstrong," he said during the event at the Banquet Hall of the Vidhana Soudha (state secretariat). In an attempt to woo global investors, Kumarawamy said his government has focused on a pro-business approach besides ensuring its benefits percolate down to the poor to provide employment opportunities. The chief minister said several corrective steps have been taken in last few months to bring in economicreforms in the state. "Karnataka is now ready for business as never before. We have made doing business easier and smarter by ensuring 98 per cent compliance to provisions of business reforms action plan," Kumaraswamy said. He said the ..
EPFO begins survey to assess quantum of fund parked in IL&FS bonds by pvt PF trusts
Retirement fund body EPFO has started a survey to assess the amount of investments parked in crisis-hit infrastructure finance company IL&FS by 1,374 private provident fund trusts regulated by it, a source said. After assessing the loss, the Employees Provident Fund Organisation (EPFO) would provide the findings of the the survey to the government. The source also informed that the EPFO has also written to the ministries of corporate affairs and finance to protect the body in this situation as its investment is nearly Rs 574 crore in IL&FS bonds. This is a miniscule amount in view of its overall corpus of over Rs 10 lakh crore with investible deposits of Rs 1.5 lakh crore at hand every year, the source added. "The EPFO has begun a survey to assess the quantum of investment made by as many as 1,374 private provident fund trusts regulated by it. The findings of the survey would be provided to the government," according to the source. The source also disclosed that IL&FS has .
Puma pips rivals, becomes top sportswear brand in India
German sportswear major Puma on Monday claimed that it has become the top sportswear retailer in India, surpassing rivals such as Nike, Adidas, Skechers and Reebok in terms of yearly sales.
India imported $13 bn worth mobile components in 2018: Report
With the 'Make in India' plan for mobile phone manufacturing revolving only around assembling, India had to import $13 billion worth of mobile components in 2018, Counterpoint Research said on Monday.
Goods and services exports to cross USD 500 bn this fiscal: Prabhu
The country's goods and services exports during the current financial year would cross USD 500 billion despite challenges being faced on the global trade front, Commerce and Industry Minister Suresh Prabhu said Monday. Prabhu said that exports are recording healthy growth so far and this financial year, "we will record the highest-ever growth rate". The country's exports for goods and services will "cross USD 500 billion" this fiscal, he said here at Rising India Summit 2019. He said the ministry is working on identifying new products and new markets to further push the shipments. During the April-January period of the current financial year, exports grew 9.52 per cent to USD 271.8 billion. India export services worth about USD 130-150 billion per year. Talking about proposed new industrial policy, Prabhu said everything is ready including the implementation part of the policy and "only Cabinet's approval is required".
Tripura govt presents Rs 17,530cr budget for 2019-20
Tripura Deputy Chief Minister Jishnu Dev Varma on Monday presented a tax-free and zero-deficit budget of Rs 17,530.46 crore for the fiscal 2019-20. He later told reporters that the state government could achieve 14.5 per cent revenue growth compared to last last year, due to better tax management and administrative disciplines. In the budget speech, Dev Varma, who is also the finance minister of the state, said the collection of own tax revenue is projected at Rs 2,048.95 crore, while non-tax revenue is estimated at Rs 285.21 crore in 2019-20. The total receipts from the Centre is projected at Rs 12,764.30 crore in the budget estimate, and the total expenditure at Rs 17,530.46 crore, including revenue expenditure and capital expenditure. The gross borrowings for 2019-20 is estimated at about Rs 2,430 crore, the minister said. Dev Varma said the state government has decided to increase the social pensions from Rs 700 to Rs 1,000 per month in the first phase for certain ..
Warner Music's 'behaviour' to harm artists: Spotify
Popular audio streaming platform Spotify, which has been sued by Warner Music Group (WMG) over licensing rights in India, on Monday said WMG has revoked a previously agreed upon publishing licence for reasons wholly unrelated to Spotify's upcoming launch in the country.
Haryana to log 8.2 pc growth during 2018-19, says Finance Minister Captain Abhimanyu
Haryana is expected to achieve a growth of 8.2 per cent as against 7.2 per cent recorded at the national level, during 2018-19, said Finance Minister Captain Abhimanyu while presenting the state's Budget for 2019-20 in the Vidhan Sabha here on Monday."During 2018-19, as per Advance Estimates, the gross state domestic product (GSDP) of Haryana is expected to achieve a growth of 8.2 per cent, as against 7.2 per cent, recorded at the national level," he said."According to advance estimates, GSDP of Haryana for 2018-19 at current prices has been estimated at Rs 7.07 lakh crore, contributing 3.75 per cent to the all India GDP of Rs 188.41 lakh crore," he said."The GSDP of Haryana at constant prices has been estimated as Rs 5.26 lakh crore, which is 3.77 per cent of the estimated all India GDP of Rs 139.52 lakh crore in 2018-19," said Finance Minister Abhimanyu."The growth of gross state value added (GSVA) in the primary sector has been estimated at 5.5 per cent, 8.6 per cent in the ...
Jet Airways, Etihad Airways say Jet will re-emerge as viable, robust airline
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, the Jet Airways would "re-emerge as a viable and robust airline to reclaim its rightful place as airline of first choice for its customers". The joint statement has been issued by Jet Chairman Naresh Goyal and Etihad Airways CEO Tony Douglas. Jet Airways has been grappling with financial woes and is looking to rejig debt as well as raise funds. Shareholders of the airline have approved conversion of loans into equity and other proposals last week. State Bank of India (SBI), on Monday, said no decision has been taken on moving the National Company Law Tribunal (NCLT) against Jet Airways. On Sunday, officials associated with the lenders and key shareholders said SBI was considering moving the ...
Accounts of IL&FS, group firms cannot be declared NPA without NCLAT nod
No bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as non-performing assets (NPAs) without NCLAT's permission, the appellate tribunal said Monday. A two-member National Company Law Appellate Tribunal (NCLAT) bench, headed by Chairman Justice S J Mukhopadhaya, said this is done in the interest of IL&FS debt resolution plan. "...we make it clear that due to non-payment of dues by the 'Infrastructure Leasing & Financial Services Ltd' or its entities including the 'Amber Companies', no financial institution will declare the accounts of 'Infrastructure Leasing & Financial Services Limited' or its entities as 'NPA' without prior permission of this Appellate Tribunal," it said. The tribunal's direction came after the hearing of an application moved by the government, which is going ahead with plan for the resolution of IL&FS group companies. The new management of IL&FS is pursuing asset sales to bail out the company .
Sharda Motor, Eberspaecher form JV to make BS-VI compliant exhaust systems
Sharda Motor Industries Monday said it has formed a joint venture with Germany-based Eberspaecher Exhaust Technology International to develop, produce and sell BS-VI compliant exhaust aftertreatment systems for Indian commercial vehicle manufacturers. The products from the 50:50 joint venture (JV) -- Eberspaecher Sharda Exhaust Technology -- will be utilised in trucks and buses from 2020 onwards, the company said in a regulatory filing. "For the initial start of production, two new technology plants will be launched, one in Pune and the other in northern India. The first exhaust systems will be manufactured in the second half of 2019," the filing said. The exhaust aftertreatment systems compliant with Bharat Stage - VI will be manufactured at several locations in future, it said. Sharda Motor Managing Director Ajay Relan said the partnership is an important step for the company in implementing high-tech products for a clean mobility. "With our existing client and supplier base we ...