Page 813 - Business Finance
BSE stock options: Sebi slaps Rs 32 lakh fine on 6 entities for fraudulent trade
Markets regulator Sebi Monday slapped a penalty of over Rs 32 lakh on six entities for ''non-genuine'' trading in illiquid stock options on the BSE. Rajlaxmi Plaza, Wonderland Paper Suppliers, Vijeta Broking India, IM+ Investments & Capital, Rajesh Rao and Julie Agarwal are the six entities that have faced the action, according to Sebi's six separate orders. After observing a large-scale reversal of trades in the bourse's stock options segment, Sebi conducted a probe into the trading activity in illiquid stock options on the BSE from April 2014 to September 2015. Following the probe, the regulator found that entities bought and sold option contracts with the same counter parties and also reversed its trades on the same day, at substantial price difference, making such trades ''non-genuine'' in nature. From the trading pattern, Sebi noted that the entities deliberately misused the platform for creating artificial volume in the illiquid stock options and generated losses through ...
No decision on taking Jet Airways to NCLT: SBI
The State Bank of India (SBI) on Monday said no decision has been taken on moving the National Company Law Tribunal (NCLT) to recover loans from private carrier Jet Airways and called media reports in this regard "speculative".
Rail passengers can now check online how meal is cooked & packed
Passengers can now access live feed online of how their meals are being cooked and packed at railway kitchens. The website, Rail Drishti Dashboard, was launched by Railway Minister Piyush Goyal on Monday. "The portal will give out information about various trains, stations, tickets sold and enable the public to watch live feed from IRCTC kitchens across the country," Goyal said at a press conference at the Rail Bhavan here. The site is user-friendly and people can closely observe the condition of various facilities and lodge complaints on the portal, the railway minister said. "Grievances of people will be taken care of and people can closely watch the 41 developments in the railways on the dashboard." The information on the dashboard offers services under 15 categories, including tracking of trains, 360-degree virtual tour of train routes, freight earnings, expenditure incurred by the railways. The dashboard will display the income generated per day, per week, per month and per year.
Rupee strengthens by 17 paise against US dollar on easing trade war concerns
The Indian rupee Monday firmed up by 17 paise to close at 70.97 against the US dollar in line with most Asian currencies amid hopes that the US and China will soon reach an agreement to settle their trade tariff issues. Besides, the American currency's weakness against its major rivals and a rally in domestic equities supported rupee prospects. At the interbank foreign exchange market, the rupee opened on a positive note at 71 against the US dollar. The domestic unit swung intra-day between a high of 70.96 and a low of 71.09, before settling at 70.97 -- a rise of 17 paise over its previous close. On Friday, the rupee had gained 10 paise to end at 71.14 against the US dollar. Meanwhile, the dollar index, which tracks the American unit against a basket of six major currencies, was down 0.18 per cent at 96.33. "Indian rupee rose along with the Asian currencies on ease of concerns from US China trade deal. US President Trump has extended March 1 deadline for additional imports from China .
Himachal signs MoUs to attract over Rs 17,000 crore investment
Himachal Pradesh on Monday signed memorandum of understanding (MoU) with 159 companies that will attract an investment of over Rs 17,000 crore and provide employment opportunities to 40,000 people, the government said.
Wipro shares gain nearly 2 pc
Shares of Wipro rose nearly two per cent Monday after the company said it has received approval from majority of its shareholders for the issue of bonus shares. The company's shares went up by 1.86 per cent to close at Rs 386.05 on BSE. During the day, the stock jumped 4.48 per cent to Rs 396 -- its 52-week high. On NSE, shares gained 1.75 per cent to close at Rs 385.40. It has received approval from majority of its shareholders for the issue of bonus shares and increase in authorised share capital, Wipro said Sunday. In a separate filing, the company said its board will determine on March 7, 2019, the eligible shareholders entitled to receive the bonus equity shares (including stock dividend on American depository share). In January, Wipro's board had approved an issue of bonus shares wherein shareholders will get one bonus share for every three shares held by them.
SBI says no decision taken on moving NCLT against Jet Airways
State Bank of India 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 tribunal seeking insolvency proceedings against Jet Airways since it is running out of money for operations. "Reports have been appearing in the media about decision taken by SBI to refer Jet Airways to NCLT. These are totally speculative and SBI would like to state that no such decision has been taken," a SBI spokesperson said in a statement on Monday. Queries sent to SBI and Jet Airways on Sunday regarding SBI considering moving the tribunal had remained unanswered. On Monday, stock exchanges also sought clarification from Jet Airways on the reports. The airline is yet to give its response to the bourses. A consortium of banks, led by SBI, has extended loans to Jet Airways, which is looking to rejig debt and raise funds. Lenders can initiate ...
Ericsson to switch to 5G this year: Ekholm
Swedish telecommunications manufacturer Ericsson is ready to switch to 5G globally in 2019, company President and CEO Börje Ekholm said while addressing the media at MWC Barcelona 2019.
UK and US strike post-Brexit financial trades deal
Britain and the United agreed Monday to maintain how multi-trillion dollar financial transactions are carried out between the two countries after Brexit, aiming to avoid market uncertainty when the UK leaves the EU. "Market participants can be assured of the continuity of derivatives trading and clearing activities between the UK and US, after the UK's withdrawal from the EU," said a joint statement by authorities in both countries. "UK and US authorities are taking measures to ensure the UK's withdrawal from the EU, in whatever form it takes, will not create regulatory uncertainty," it added. The UK and US carry out trades of derivatives -- securities whose value is based on an asset such as currencies, stocks and commodities -- worth a combined $2.4 trillion daily, Bank of England governor Mark Carney told a press conference in London. British finance minister Philip Hammond on Monday said that "the US and UK are fundamental to the smooth functioning of the world's multi-trillion ...
Ranveer Singh to endorse Xiaomi smartphones in India
Chinese handset maker Xiaomi Monday said it has signed up Bollywood actor Ranveer Singh to endorse its range of smartphones in India. The financial details of the partnership and the tenure were not disclosed. "Since majority of India's consumers are still heavily offline based, it's necessary for a brand to be able to establish a meaningful bond with these consumers, in order to gain relevant visibility and create a stronger impact," Xiaomi India Chief Marketing Officer Anuj Sharma told PTI. Therefore, having Ranveer Singh as Xiaomi's brand ambassador for smartphones makes for an incredible partnership, he added. "Although this may seem a rather traditional marketing association, Xiaomi as a brand is known for its unconventional marketing approach, and has created a similar offbeat and quirky campaign with Ranveer, which evidently stands out with Indian consumers," he said. According to Counterpoint, Xiaomi led the smartphone market in India in 2018 with 28 per cent share, followed ..
Tejas Networks Launches World's First Ultra-Converged Broadband Product at Mobile World Congress, Barcelona
/ -- Tejas Networks (BSE: 540595) (NSE: TEJASNET) today announced the launch of its innovative, ultra-converged broadband access/edge product family which delivers wireline as well as wireless broadband services from a single integrated platform. The new broadband product family was unveiled by Mr. Anshu Prakash, Additional Secretary, Department of Telecom, Government of India at the Mobile World Congress (MWC), Barcelona. (Logo: https://mma.prnewswire.com/media/826177/Tejas_Networks_Logo.jpg ) The TJ1400 ultra-converged broadband product family provides an unmatched integration of multiple broadband access technologies: gigabit fiber broadband (GPON/NG-PON), fixed wireless broadband (4G/LTE eNodeB upgradable to 5G) and GE/10GE/100GE Business Ethernet services (CE2.0 certified) in highly compact, modular and energy-efficient platforms. In addition, the TJ1400 family also converges advanced packet transport technologies including OTN, PTN/MPLS-TP, Carrier Ethernet and IP to serve as a
Rlys to provide 45 acres of surplus land for development of Dharavi
Railway Minister Piyush Goyal Monday announced 45 acres of surplus land adjoining Dharavi to the Dharavi Redevelopment Authority on a 99-year lease, helping in developing the area and bringing facilities to slum dwellers. Maharashtra Chief Minister Devendra Fadnavis along with his team, Chairman, Railway Board, members of the Board, GMs and railway officials had held a series of meetings to finalise the agreement. "The project will give an opening across the country to those people who are compelled to live in slums and are deprived of facilities for many years. The Dharavi Redevelopment Project will be a living example of concerted efforts of Indian Railways, Indian Government and the Maharashtra government," Goyal said. "This project has opened the vistas for huge amount of redevelopment and slum rehabilitation all over the country and I compliment Devendra Fadnavis for his proactive approach. I also compliment the Railway Board for its cooperation and support to make this project a
Fund of US investor detained in Russia appeals to Putin
The investment fund founded by a US businessman detained in Moscow on suspicion of fraud appealed on Monday to Russian President Vladimir Putin to personally intervene in the case. Russia arrested Michael Calvey -- a prominent US investor and founder of the Baring Vostok private equity firm -- earlier this month. He was formally charged with fraud last week. In an open letter on its website, Baring Vostok asked Putin to take "personal control" of the case in order to "ensure a comprehensive, independent and objective investigation." Calvey's arrest sent shockwaves through Western business circles and sparked fears of cutbacks in foreign investment sorely needed for economic growth. "Russian courts and law enforcement authorities in recent years have reduced the use of imprisonment as a form of pre-trial detention for cases related to commercial activities," the open letter said. Baring Vostok said this "helped eliminate the possibility of putting undue pressure on a business partner ..
Sensex surges 340 points over easing US-China trade tension
A strengthening rupee and easing US-China trade tension boosted investor sentiments on Monday leading to a healthy rise in the key equity indices, with the BSE Sensex advancing over 340 points and the Nifty closing higher at 10,880.
Waldner mulls manufacturing facility in India
: Germanys Waldner GmbH, a laboratory furniture and research equipment manufacturer, is scouting for Indian JV partners and studying the possibility of setting up manufacturing facility in India, a top company official said here Monday. The company is fully geared up to exploit emerging investment opportunities in India, that is fast establishing itself as a global R&D hub, he said. "Waldner has earmarked investments to form Joint Ventures and contribute our expertise to the R&D market growth," said Joerg Hoffmann, CEO of Waldner GmbH. The company also plans to be a part of Make-In-India drive. "We already have an OEM manufacturing arrangement in India. We are also investigating into the possibility of setting up of local supply chain to cater to the growing Asia market through possible production and JVs and it is under discussions", Hoffmann told reporters here. He further said Waldner envisions Hyderabad emerging as a key R&D hub in India and also ...
Thomas Cook India Group acquires Digiphoto Entertainment Imaging
The acquisition marks the Thomas Cook India Group's entry into an adjacent sector, complementary to its travel & travel related services portfolio and is both PAT and free cash accretive from day one.
Poll bound government looks to raise small savings rate (With Table)
With an eye on the upcoming Lok Sabha elections, the government may consider raising interest rates applicable to select small savings schemes popular among the economically weaker sections (EWS) and farmers in rural and semi-urban areas of the country.
Adani group wins bids to operate five airports for 50 years
The Adani group has won the bid to operate for 50 years five out of six airports that were put for privatisation by the central government, a senior Airports Authority of India (AAI) official said Monday. The Adanis were the highest bidder for the Ahmedabad, Thiruvananthapuram, Lucknow, Mangaluru and Jaipur airports, the official said, adding the bid for the Guwahati airport will be opened on Tuesday. The AAI chose the winner on the basis of "per-passenger fee" offered by the bidders. The five airports would be handed over to the Adani group after completion of formalities, the AAI official said. The official said the bids put by the Adani group were "very aggressive" as compared to others. The AAI said in a press statement that, as per passenger fee, the Adani group put in a bid of Rs 177, Rs 174, Rs 171, Rs 168 and Rs 115 for airports at Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram and Mangaluru, respectively. The per passenger fee would be paid by the Adani group to the AAI. The .
OYO re-brands OYO Living to OYO Life
Hospitality firm OYO Monday said it has re-branded its long-term fully managed housing rental solution, OYO Living, to OYO Life. OYO Life provides upgraded living experiences at affordable prices to young professionals globally, OYO said in a statement. OYO Living was conceptualised based on the feedback and demand from the customers and asset partners. "Its new identity - OYO Life - is based on the philosophy that housing is an essential product to life and influences and inspires how you live your life," said Ritesh Agarwal, CEO and founder at OYO Hotels and Homes. Launched in October 2018, OYO Life offers residents fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services, the statement said. Currently, OYO has footprints in over 500 cities across 10 countries - India, China, Malaysia, Nepal, the UK, the UAE, Saudi Arabia, Indonesia, the Philippines and Japan. It has more than 13,000 franchised or leased hotels in
NMDC hikes iron ore prices by Rs 400 per tonne
Country's largest iron ore producer NMDC has increased the price of high grade iron ore (lumps) by Rs 400 to Rs 3,000 per tonne. The state-run firm has also hiked the price of iron ore fines, which are inferior grade ore, by Rs 400 to Rs 2,760 per tonne. The revised prices, effective from February 23, exclude royalty, DMF (District Mineral Fund), NMET (National Mineral Exploration Trust), cess, forest permit fee and other taxes, NMDC said in a BSE filing. This is the second price revision done by the company in a month. The last revision was done earlier this month on February 2 when the company had fixed the rates of lump ore at Rs 2,600 per tonne and that of fines at Rs 2,360 per tonne. Iron ore is the main ingredient used in making steel. NMDC produces about 30 million tonne of iron ore from three fully-mechanised mines, as per its website. The company is involved in exploration of a wide range of minerals including iron ore, copper, rock phosphate, limestone, dolomite, gypsum, ...