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Page 828 - Business Finance

Reliance Nippon shares continue to gain; up 6%

Shares of Reliance Nippon Life Asset Management continued to gain Friday, rising 6 per cent after Reliance Capital said it has invited Nippon Life Insurance to acquire its entire 42.88 per cent stake in RNAM. The company's shares jumped 6.09 per cent to close at Rs 198.45 on BSE. During the day, the stock zoomed 19.99 per cent to Rs 224.45. Reliance Capital also gained 1.58 per cent to close at Rs 163.75. During the day, it advanced by 5.83 per cent to Rs 170.60. Shares of Reliance Nippon Life Asset Management (RNAM) and Reliance Capital Thursday had zoomed up to 20 per cent. Japan's Nippon Life Insurance already holds 42.88 per cent stake in RNAM. "Reliance Capital has invited its partner, Nippon Life Insurance, to make an offer to acquire up to 42.88 per cent stake held by Reliance Capital in Reliance Nippon Life Asset Management," Reliance Capital said in a regulatory filing Thursday. As per BSE data, as on December 31, 2018, Reliance Capital held 42.9 per cent stake in Reliance ...

Updated On : 22 Feb 2019 | 5:20 PM IST

Godfrey Phillips to divest its stake in Gopal Krishna Infrastructure & Real Estate

Cigarette maker Godfrey Phillips India Friday announced to divest its entire stake in Gopal Krishna Infrastructure & Real Estate Ltd to the company's promoter group firm K K Modi Investment & Financial Services. Gopal Krishna Infrastructure & Real Estate is a fully owned subsidiary of Unique Space Developers, a step-down subsidiary of Godfrey Phillips India. "We wish to inform you that Unique Space Developers Limited, a step down subsidiary of the company, has divested its entire stake in Gopal Krishna Infrastructure & Real Estate Ltd," Godfrey Phillips said in a regulatory filing. After completion of sale, "it shall cease to be subsidiary of Unique Space Developers Limited and in turn of the company," it added. According to the filing, the transaction has been done at "arms length" and falls within related-party transaction.

Updated On : 22 Feb 2019 | 5:20 PM IST

Asahi Songwon Colors to temporarily shut down CPC Crude Blue Plant at Vadodara

Updated On : 22 Feb 2019 | 5:16 PM IST

NTPC pays Rs 2,952-crore interim dividend

NTPC Ltd, the country's largest electricity generator, Friday said it has paid an interim dividend of Rs 2,951.88 crore for the financial year ending March 31, 2019. The dividend is 35.8 per cent of the paid-up equity share capital of the company, NPTC said in a statement. The Government of India, which owns 58.93 per cent stake in NTPC, received Rs 1,739.61 crore as its share in the interim dividend. "The RTGS advice for the transfer of Rs 1,739.61 crore to the Government of India was presented to Power Minister R K Singh by NPTC Chairman and Managing Director Gurdeep Singh," it said. This is the 26th consecutive year that NTPC has paid a dividend.

Updated On : 22 Feb 2019 | 5:15 PM IST

SpotDraft raises $1.5mn in funding led by Binny Bansal-backed firm

Artificial Intelligence-based legal tech start-up SpotDraft on Friday said it has received $1.5 million (around Rs 11 crore) in a pre-Series A funding round from a consortium of companies led by private equity (PE) firm '021 Capital'.

Updated On : 22 Feb 2019 | 5:10 PM IST

Daimler, BMW to invest 1 billion euros in venture to rival Uber

BERLIN (Reuters) - German carmakers Daimler and BMW unveiled a joint ride-hailing, parking and electric car charging business on Friday to compete with mobility services provided by Uber and other tech firms.

Updated On : 22 Feb 2019 | 5:05 PM IST

Gold prices rise on subdued dollar; Fed stance limits gains

(Reuters) - Gold inched up on Friday as optimism over U.S.-China trade talks pressured the dollar, but signs that the U.S. Federal Reserve could raise interest rates again this year kept prices below a 10-month high hit earlier this week.

Updated On : 22 Feb 2019 | 5:05 PM IST

Srinagar, Jammu to be brought under mass rapid transit, metro map

Jammu and Srinagar will be brought under mass rapid transport and metro transport setup as the State Administrative Council approved setting up of two corporations, an official spokesman said Friday. The SAC, under the chairmanship of Governor Satya Pal Malik, Thursday approved the proposal for incorporation of two corporations -- Jammu Mass Rapid Transit Corporation Private Limited and Srinagar Mass Rapid Transit Corporation Private Limited -- along with the memorandum of association (MoA) and articles of association (AoA) of these corporations, he said. These corporations, which will be headed by the administrative secretary of Housing and Urban Development Department, will have on its board administrative secretaries of finance and transport, transport commissioner, CEOs of economic reconstruction agencies and metropolitan authorities, and other experts besides nominee of the Ministry of Housing and Urban Affairs, the spokesman said. The corporations will have chief executive ...

Updated On : 22 Feb 2019 | 5:05 PM IST

PM to lay foundation stone of India's longest LPG pipeline on Sunday

Prime Minister Narendra Modi will on Sunday lay the foundation stone of the country's longest LPG pipeline that will cater to cooking fuel needs of a fourth of the country's population, said Petroleum Minister Dharmendra Pradhan. State-owned Indian Oil Corp (IOC) is laying an LPG pipeline from Gujarat coast to Gorakhpur in eastern Uttar Pradesh to cater to growing demand for cooking gas in the country. IOC plans to import LPG at Kandla in Gujarat and move it through the 1,987-kilometre pipeline to Gorakhpur via Ahmedabad (in Gujarat), Ujjain, Bhopal (in Madhya Pradesh), Kanpur, Allahabad, Varanasi and Lucknow (in Uttar Pradesh). "The pipeline possibly is the longest LPG (liquefied petroleum gas) pipeline in the world," Pradhan said adding the pipeline would be laid at a cost of Rs 9,000 crore. The pipeline will carry 3.75 million tonne per annum of LPG. LPG will be fed into the pipeline at Kandla port as well as IOC's Koyali refinery in Gujarat. This will be the biggest LPG pipeline ..

Updated On : 22 Feb 2019 | 5:05 PM IST

Airbus sees growing demand for choppers in India in 3-5 yrs

Airbus Friday said it foresees a growing demand for civil and para public helicopters in the country in the next 3-5 years. "We are expecting the demand for civil and para public helicopters to be between 50-75 helicopters in the next 3-5 years," Airbus spokesperson said. Milestone Aviation Group Limited (Milestone), a GECAS company and the global leader in helicopter leasing, and Airbus Helicopters Friday announced that Heligo Charters Private Limited (HCPL), a Mumbai-based non-scheduled helicopter operator has taken delivery of its first H145 helicopter. The helicopter configuration allows it to perform a variety of missions, and the aircraft taken on lease from Milestone will start operations soon in the state of Jharkhand. "We take immense pride in the fact that Heligo has placed its trust in Milestone's certainty of execution to deliver the aircraft, coupled with our financial and technical capabilities. We look forward to continuing to grow this long-term ...

Updated On : 22 Feb 2019 | 5:00 PM IST

Size of real estate market to grow to USD 650 bn by 2040 from USD 120 bn now: Niti Aayog

Indian real estate market is expected to jump over fivefold to USD 650 billion by 2040 and its share in the country's gross domestic product (GDP) is set to double from the current seven per cent, Niti Aayog Vice-Chairman Rajiv Kumar said Friday. "The government is committed not only to real estate sector but all aspects of it. The government is very conscious and cognisant of what happening in the sector and how it contributes to the economy," he said while addressing a global luxury realty conclave organised by India Sotheby's International Realty. Kumar said the recent Interim Budget has demonstrated that the government would take steps to make sure that the real estate sector grow and develop further so that this industry contributes even more to the economy. The Centre has offered a lot of tax incentives to developers building affordable houses and also tax sops to homebuyers looking to purchase second homes. Highlighting the importance of this sector, the Niti Aayog ...

Updated On : 22 Feb 2019 | 5:00 PM IST