Page 82 - Business Finance
Hong Kong's Risland enters Indian realty mkt
Hong Kong-based realty firm Risland Holdings has forayed into Indian real estate market and will develop its first housing project in the national capital at an estimated cost of Rs 700 crore, a senior company official said. Risland has tied up with local developer Uppal group to construct a residential project near Chhattarpur in the national capital. Uppal group owns 4.1 acre of land. "Sky Mansion is our first project in India - a 100-metre tall ultra luxury residential condominium that is set to redefine the skyline of South Delhi," Risland Director for India (NCR) Li Qiongjia said. The construction work has already started and the project would be ready for possession in November 2021. The construction contract has been awarded to CCTEB India (China Construction Third Engineering Bureau). Risland will develop 160 units in the project besides one tower for economically weaker section. The project will be launched for sale next month in a price range of Rs 7-12 crore for an ...
Indices extend gain
Key benchmark indices were trading with modest gains in afternoon trade. At 13:20 IST, the S&P BSE Sensex was up 164.33 points or 0.41% at 39,948.85. The Nifty 50 index was up 44.10 points or 0.37% at 11,966.80.
Jet Airways shares plunge nearly 15 pc
Shares of Jet Airways Tuesday plummeted nearly 15 per cent amid reports that the Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debt-ridden airline. The scrip tumbled 14.41 per cent to Rs 107.15 -- its 52- week low -- on the BSE. At NSE, shares plunged 14.82 per cent to hit one-year low of Rs 106.30. According to a media report, Hinduja Group and Etihad Airways PJSC may not proceed with plans to resurrect Jet Airways. Meanwhile, in a major setback to the lenders' revival/sale plan of the grounded Jet Airways, two operational creditors -- Shaman Wheels and Gaggar Enterprises-- Monday moved the NCLT seeking bankruptcy proceedings against the airline. The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on June 13 when it will decide on admitting or rejecting the bankruptcy pleas. Jet Airways owes more than Rs 8,000 crore to an SBI-led consortium of banks which now run the airline.
Alibaba to offer voice discovery services in cars
Chinese e-commerce, Internet and technology giant Alibaba Group has reportedly partnered with auto giants such as Renault, Audi and Honda as it works to introduce voice discovery services in China.
Indiabulls Housing Finance shares tank 8.5% amid allegations of siphoning off funds
Shares of Indiabulls Housing Finance Ltd (IBHFL) dropped 8.5 per cent Tuesday following allegations of siphoning off Rs 98,000 crore of public money. The scrip plunged 8.32 per cent to Rs 672.05 on the BSE. At NSE, shares of the company tumbled 8.46 per cent to Rs 671.25. A plea was filed in the Supreme Court Monday seeking legal action against IBHFL, its Chairman and directors for alleged misappropriation of Rs 98,000 crore of public money. Terming the allegations "bizarre", IBHFL on Monday said the writ petition filed in the apex court is an attempt to "malign" the company's reputation and create hurdles in its merger with Lakshmi Vilas Bank. "The total loans on the books of IBHFL is approx Rs 90,000 crore. The allegations of siphoning off Rs 98,000 crore is bizarre," IBHFL said in a statement.
Sterlite Tech jumps after removing pledge on shares
Sterlite Technologies rose 11.01% to Rs 192.10 at 13:21 IST on BSE after the company announced that its promoters have removed 100% of the pledge on the company's shares with immediate effect.
JSW Steel shines on rise in crude steel production
JSW Steel was up 1.05% to Rs 269.80 at 12:41 IST on the BSE, after the company announced 4% rise in the crude steel production in May 2019 over May 2018.
International beauty trends making their way to India
Every year, there are various international cosmetic brands entering the Indian market, bringing along a new set of international beauty trends.
Reliance Group meets Rs 35k cr debt service obligation
Rebutting rumours about the financial health of Reliance Group, its Chairman Anil D. Ambani on Tuesday said the Group has met debt servicing obligation of Rs 35,000 crore during the period from April 1, 2018 to May 31, 2019.
National Aluminium Company Ltd in demand
National Aluminium Company Ltd is quoting at Rs 50.1, up 1.83% on the day as on 12:54 IST on the NSE. The stock is down 31.56% in last one year as compared to a 10.31% spurt in NIFTY and a 18.94% spurt in the Nifty Metal index.
GST council to introduce new GST return system
A new GST return system will be introduced to facilitate taxpayers.This was decided by the Council at its 31st meeting to ease the transition to the new return system,. A transition plan has been worked out, said an official release on the 31st meeting of the GST Council, said an official release."In May 2019 a prototype of the offline tool has already been shared on the common portal to give the look and feel of the tool to the users. The look and feel of the offline tool would be the same as that of the online portal. Taxpayers may be aware that there are three main components to the new return - one main return (FORM GST RET-1) and two annexures (FORM GST ANX-1 and FORM GST ANX-2)," the release said."Between July to September 2019 (for three months), the new return system (ANX-1 & ANX-2 only) would be available for trial for taxpayers to make themselves familiar," added the release."From October 2019 onwards, FORM GST ANX-1 shall be made compulsory and FORM GSTR-1 would be ...
Piramal Enterprises Ltd up for third straight session
Piramal Enterprises Ltd is quoting at Rs 2164.15, up 1.82% on the day as on 12:54 IST on the NSE. The stock is down 11.67% in last one year as compared to a 10.31% jump in NIFTY and a 7.21% jump in the Nifty Pharma index.
Vedanta Ltd spurts 2.39%
Vedanta Ltd is quoting at Rs 169.15, up 2.39% on the day as on 12:54 IST on the NSE. The stock is down 31.1% in last one year as compared to a 10.31% spurt in NIFTY and a 18.94% spurt in the Nifty Metal index.
Tata Consultancy Services Ltd spurts 1.19%, rises for third straight session
Tata Consultancy Services Ltd is quoting at Rs 2257.95, up 1.19% on the day as on 12:54 IST on the NSE. The stock is up 26.78% in last one year as compared to a 10.31% gain in NIFTY and a 18.79% gain in the Nifty IT index.
HCL Technologies Ltd rises for third consecutive session
HCL Technologies Ltd is quoting at Rs 1113.55, up 2.05% on the day as on 12:54 IST on the NSE. The stock is up 21.73% in last one year as compared to a 10.31% spurt in NIFTY and a 18.79% spurt in the Nifty IT index.
Ministry of New & Renewable Energy To Follow Up With RBI For Removal Of Priority Sector Lending Limit For Sector
The Ministry of New & Renewable Energy (MNRE) is set to follow up with RBI for removal of the priority sector lending limit for RE sector. This will encourage the PSBs to lend more for RE projects and help RE developers' access easy finance, according to a government press release. RK Singh, Union Minister of State (IC) for Power and New & Renewable Energy held a meeting to review various issues pertaining to the Renewable Energy (RE) sector yesterday. The meeting was attended by various stakeholders including the Secretary, MNRE, senior officials from MNRE, Department of Economic Affairs, Dept. of Expenditure, Dept. of Financial Services, Dept. of Revenue and representatives of Public/Privatebanks and Financial Institutions.
Four supplementary prosecution complaints filed against Gautam Khaitan in Income Tax special court
On June 7, the Directorate of Income Tax (investigation) has filed four supplementary prosecution complaints for fiscal year 2009-10 to 2012-13 before the income-tax special court against Gautam Khaitan, who is also one of the accused in the Rs 3,600 crore AgustaWestland scam.These complaints have been filed for offence under section 276C (1) (willful attempt to evade tax) and 277 (giving false statement on oath) of the Income-tax Act 1961.The Income Tax department had earlier filed five complaints in 2017 under Income Tax Act 1961 against Khaitan for maintaining four bank accounts in Singapore in the name of BVI based shell companies as well as his own name. Later, four complaints were filed under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act against Gautam and Ms Ritu Khaitan in 2018.Income Tax department has received fresh evidence which shows that Gautam Khaitan was maintaining three more bank accounts in his own name in Singapore. He had not ...
Bhel advances after winning order from NPCIL
Bharat Heavy Electricals was up 1.83% to Rs 69.45 at 12:17 IST on the BSE after the company received an order worth Rs 440 crore from the Nuclear Power Corporation of India.
JSW Steel records 4% growth in May crude steel production
Production of flat rolled products rose 6% to 10.17 lakh tonnes, while production of long rolled products rose 9% to 3.58 lakh tonnes in May 2019.
Cremica sets up Rs 120 cr mega food park in HP
Cremica Food Industries, which manufactures mayonnaise, tomato ketchup and sauces, has set up a 55-acre mega food park in Himachal Pradesh with an investment of Rs 120 crore for processing of agriculture and horticulture crops, a top company official said. The mega food park, which is equipped with modern food processing infrastructure facility, is expected to attract a further investment of Rs 300 crore from upcoming units, its CMD Akshay Bector said. Already 3-4 plants have been finalised in this food park, which has been set up under the mega food park programme of the central government. This includes a pickle unit at Rs 15-20 crore project cost, a jam unit at Rs 5 crore cost and apple juice and puree line with an investment of about Rs 20 crore. "There are discussions going on for setting up of 6 more units, which includes 2 units from Cremica itself and 4 units from others," Bector said. He highlighted that each company will save Rs 15-20 crore by setting up unit in this food ...