Page 827 - Business Finance
Rupee recovers 10 paise to 71.14 vs dollar, posts 2nd weekly gain
The rupee Friday gained 10 paise to close at 71.14 against the US dollar on heavy foreign capital inflows after growing expectations that the Federal Reserve would keep interest rate on hold this year. A strengthening dollar ahead of the US-China trade talks and surging crude oil prices, however, restricted the rupee gains. Foreign portfolio investors pumped in a huge Rs 6,311.01 crore into capital markets Friday, provisional exchange data showed. Analysts said that weak US economic data propped up expectations that the US Fed would keep the rate steady this year. The Fed minutes this week had also called for patience over tightening of rates in view of slowing global economic growth. New orders for US-made capital goods dropped in December, signalling slow spending on machinery and equipment that could hamper economic growth, the data released Thursday showed. "Indian rupee gains ahead of the US China trade talks. However, the improvement in the US China dialogue has been partly ...
Cidco to build a Rs 273-cr coastal road in Navi Mumbai
Navi Mumbai town planning authority Cidco is planning to build a coastal road to conncet Kharghar with Belapur at an estimated cost of Rs 273 crore. The 9.5-km road will be developed in two phases and the tenders will be soon bid out, the authority said Friday. "Our board has already given the approval for the project, which will not just decongest the city but also become a catalyst for growth of Navi Mumbai," Cidco said in the statement. Cidco is currently undertaking various developmental works including the under-construction Navi Mumbai international airport, metro corridors, corporate parks and mass affordable housing projects, among others. Meanwhile, the authority has also approved the detailed project report, prepared by state-run Rites, for two metro lines-the 7.12-km Khandeshwar-Taloja MIDC corridor 2, and the 3.87-km line 3 from Pendhar to Taloja MIDC. The authority has also proposed four more metro corridors (lines 2,3&4) to be built at a cost of Rs ...
Sundaram Finance, Ageas Insurance complete JV transaction
: Non-banking finance company Sundaram Finance Ltd Friday said the non-life insurance joint venture transaction between its subsidiary Royal Sundaram and Ageas Insurance International N V was successfully completed following the approvals from insurance regulators. Sundaram Finance and Ageas Insurance International N V signed a joint venture transaction in November 2018 in which Ageas acquired 40 per cent of the share capital of Royal Sundaram General Insurance Company Ltd. Following the divestment in Royal Sundaram, the stake of Sundaram Finance Ltd in the entity would come to 50 per cent while the existing shareholders would hold 10 per cent. Commenting on the outlook of the joint venture, Sundaram Finance Ltd managing director T T Srinivasaraghavan said, "Like Sundaram Finance, Ageas is a retail-focused company with a strong Asia presence". "As part of the go-to-market strategy of the JV firm, we are confident of tapping into their expertise and leveraging some of ...
Kenya ride-hailing firm Little has big plans for Africa expansion
NAIROBI (Reuters) - Kenyan ride-hailing company Little is expanding to Tanzania and Ghana by May and plans to raise about $50 million more from investors, its chief executive officer said on Friday.
Important to adhere to governance norms: CEA
Chief Economic Advisor (CEA) Krishnamurthy Subramanian on Friday said it is important for the banks to adhere to governance norms, but it should also be ensured that bad judgment is not read as malafide intent.
Banks' consortium considering Rs 500 cr interim funding to Jet Airways, says PNB chief
A consortium of banks is considering an interim funding of Rs 500 crore for debt-laden Jet Airways but a final decision is yet to be taken, Punjab National Bank Managing Director Sunil Mehta said on Friday. PNB is part of the lenders' consortium, led by State Bank of India (SBI), that has extended loans to the airline. The full service carrier is looking to raise funds and restructure its debt. Regarding Jet Airways, Mehta said the consortium is looking at the entire process and something is being worked out. "Of course, (the) consortium is in favour (of interim funding). It is a going concern and we would like to preserve its (airline's) value," he said. About interim funding for the carrier, Mehta said, "it is too premature to tell you about that plan" and the bankers are already working on it. The SBI has taken a lead on it, and let the entire plan be worked out, he said, adding that it would be too early to announce the timings. "Rs 500 crore that you are talking about is the ...
Messe Frankfurt India and MEX Exhibitions Enter Into a Strategic Alliance to Create an Integrated Business Platform for Textile Sector
/ -- With portfolio expansion and future development of the industry in sight, the organisers of Texprocess India and Gartex India have entered into a strategic alliance to form a unified industry platform 'Gartex Texprocess India'. The event will be part of Messe Frankfurt's Texpertise Network leveraging on the group's strong global network and expertise in the sector. Leading in both apparel consumption and exports, India holds the second largest textile manufacturing capacity globally with the textile machinery sector witnessing a growth of 8-10 percent year-on-year. As the world's second largest exporter of textiles and clothing projected to reach USD 300 billion by 2024, Indian apparel manufacturers are moving towards increasing their manufacturing capacities and upgrading technology, giving rise to automation garmenting processes to enter the Indian market. Having made its debut in 2016, both Texprocess India and Gartex India received tremendous response from the industry with .
Trai meets players, says near all cable TV consumers either pick channels or put on 'best fit plan'
Sector regulator Trai Friday said it has been informed by players that almost all cable TV consumers have either made their channel preferences or been moved to 'best fit plan' under the new tariff regime. Trai held a meeting with distribution platform owners (DPOs) on Friday, including multi-system operators (MSO) and all major DTH players, to review the progress of migration of TV viewers under the new framework. Trai Secretary S K Gupta told PTI that according to inputs received by the regulator from players, in the case of DTH services, about 43 per cent customers have made their channel preferences known. "When combined with statistics for 'best fit plan', this number rises to 57 per cent," Gupta said. Friday's meeting was attended by all major DTH companies, including Tata Sky and Airtel. "The authority reviewed the progress of the migration with all large DPOs. As per inputs provided by DPOs, near 100 per cent consumers of cable TV homes have been migrated to the new framework .
India, Singapore buyers cash in on slight price correction
MUMBAI/BENGALURU (Reuters) - Physical gold demand in Japan slackened this week as prices rallied, while a market correction towards the latter half of the week lured some buyers back in India and Singapore.
Canada's Barrick Gold considers hostile $19 billion bid for Newmont Mining: media
MELBOURNE (Reuters) - Canada's Barrick Gold Corp is considering a hostile bid for Newmont Mining Corp for about $19 billion in stock, in what would potentially be one of the largest-ever mining deals, the country's Globe and Mail newspaper reported.
A Fed pivot, born of volatility, missteps, and new economic reality
WASHINGTON (Reuters) - The Federal Reserve's promise in January to be "patient" about further interest rate hikes, putting a three-year-old process of policy tightening on hold, calmed markets after weeks of turmoil that wiped out trillions of dollars of household wealth.
Punjab: Akali Dal slams Cong govt, dubs budget 'bundle of lies'
The Shiromani Akali Dal Friday dubbed the 2019-20 budget a "bundle of lies" and alleged that the Congress-led Punjab government had "exaggerated income and suppressed expenditure". Akali Dal legislator Parminder Singh Dhindsa said the state government had become "totally dependent" on the Centre for meeting its expenditure. Finance Minister Manpreet Singh Badal had presented the state budget on February 18. Participating in the discussion on the budget in the ongoing Punjab Assembly session, Dhindsa claimed the state's fiscal position had been "deteriorating" ever since the Congress government came to power. "They (Congress) have been making big claims on fiscal consolidation but on the contrary, the economic situation of Punjab is dismal," the former finance minister said. He claimed Punjab's fiscal health was deteriorating. "Economic growth, which was 7.16 per cent in 2017-18, dropped to 6.27 in 2018-19 and in 2019-20 it is estimated to be 5.93 per cent. We know the target of 5.93 ..
Sebi imposes Rs 10-lakh fine on Linkhouse Industries
Sebi on Friday levied a fine of Rs 10 lakh on real estate firm Linkhouse Industries for failing to provide relevant information sought by the regulator regarding the change in promoters' shareholding. During an investigation between June 2004 and December 2008, the regulator observed that the promoters' shareholding in the company had increased from 70.52 per cent in March 2004 to 77.47 per cent in June 2004. Following the change in holding pattern, Sebi sought documents from the firm regarding time, mode and number of shares bought by the acquirers. However, the "noticee failed to submit the information/documents sought by investigating authority...which hampered the investigation", Sebi said in an order. Non-furnishing of the details hampers the investigation and creates hurdle which is detrimental to the interest of investors in securities market, which needs to be dealt strictly, the regulator added. Consequently, the Securities and Exchange Board of India (Sebi) imposed a penalty
Sri Lanka economic growth slowest in 17 years - central bank
A political crisis in Sri Lanka last year led to the slowest economic expansion in 17 years, the central bank said Friday. Growth for 2018 was cut from a forecast above 5.0 per cent to about 3.0 per cent because of damage to the economy from a conflict between the president and prime minister, Central Bank of Sri Lanka governor Indrajith Coomaraswamy said. President Maithripala Sirisena sacked Prime Minister Ranil Wickremesinghe in October and dissolved parliament even though he did not have a majority to back the move. The showdown was only ended by the Supreme Court in December when it held that Sirisena's actions were unconstitutional and illegal. The bank governor said he expected better growth in 2019 as the outflow of foreign capital had reversed. "All in all, we are in a better place this year," he said, warning however that there could be fiscal slippage because the government was likely to offer sweeteners to the people during a presidential election this year. Coomaraswamy ..
India's natural gas production rises 5.4% in January 2019
Natural gas production up 0.4% in April-January 2019
5 petrol bunks to be manned by prisoners inaugurated in TN
: Five fuel retail outlets that would be operated by prison inmates at various locations were inaugurated by Tamil Nadu Chief Minister K Palaniswami throught video-conferencing here Friday. Set up at a cost of Rs 10 crore by IndianOil Corporation, the outlets were located in Puzhal, Vellore, Palayamkottai, Pudukottai and Coimbatore. The prisons department and the IndianOil Corporation Ltd would be setting up fuel retail outlets at six more places across the state, a press release said here. IndianOil would be investing an additional Rs 10 crore for the six bunks - at Puzhal (on Ambattur Road), Salem, Tiruchirappalli (Airport Road), Tiruchirappalli (Gandhi market), Madurai and Coimbatore (Bharathiar Road). The outlets would have state-of-the-art facilities including adequate storage for petrol, diesel, space for storing lubricants and electronic dispensing units among others, the release said. Automation facilities would also be set up in the outlets besides provision ...
India's crude oil refinery output dips 2.8% in January 2019
Crude oil refinery output rises 3.3% in April-January 2019
India's crude oil production declines 4.3% in January 2019
Crude oil production eases 3.8%% in April-January 2019
Brent hits new 2019 high on U.S.-China trade talk hopes
LONDON (Reuters) - Oil prices rose on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.
Fitch assigns BB (EXP) rating to ReNew Power's US bonds issue
Fitch Ratings has assigned an expected rating of 'BB (EXP)' to the proposed US dollar fund raising of ReNew RG II, which is a restricted group of subsidiaries owned by ReNew Power Ltd. "The rating of the proposed notes reflects the credit profile of the restricted group of eight entities with an operating capacity of 636 MW in solar (56 per cent) and wind (44 per cent) power generation in India. The proposed US dollar notes represent joint and several obligations of the eight operating entities," Fitch Ratings said in a statement here. ReNew RG II plans to use the proceeds from the proposed notes mainly to refinance existing debt at the operating entities within the restricted group. The rating benefits from restrictions on cash outflow and on additional indebtedness of the restricted group and reflects the restricted group's diversified portfolio of operating solar and wind power assets and an improving financial profile. "ReNew RG II's credit is supported by structural enhancements .