Page 83 - Business Finance
Anil Ambani claims to have repaid Rs 25,000 cr in past 14
Struggling Reliance group chairman Anil Ambani Tuesday said the grouphas repaid over Rs 35,000 crore of debt during the past 14 months and exuded confidence that it would meet all future debt obligations through the ongoing asset monetisation plan. In a conference call with media, he said the Rs 35,000 crore debt repayment includes debt servicing by Reliance Capital, Reliance Power and Reliance Infra and their respective affiliates. "TheReliance group has made aggregate debt servicing payments of over Rs 35,000 crore in the 14 months period from April 2018 till May 2019," Ambani said. These comprise principal repayment of Rs 25,000 crore and interest payment of nearly Rs 11,000 crore he said without offering details. He claimed that this payment has been funded almost entirely from the proceeds from asset monetisation and that the group is fully committed to meet all its future debt servicing obligation in a timely manner as more asset sales are on.
Slowdown in global trade and investment adversely affects economic growth, development and job creation says Commerce Minister
During the bilateral meetings with host Japan and countries like USA, UK, China, France, Singapore, Korea, Spain, Canada, EU, Mexico, Saudi Arabia, South Africa, Chile and Australia, Piyush Goyal emphasized the need for reciprocal market access for Indian products.
Ausom Enterprise Ltd leads gainers in 'B' group
Patspin India Ltd, 3i Infotech Ltd, UFO Moviez India Ltd and Winsome Textile Industries Ltd are among the other gainers in the BSE's 'B' group today, 11 June 2019.
Anil Ambani says committed to meet debt obligations
Seeking to allay investor concerns after stocks of his group firms took a beating on the bourses, Reliance Group Chairman Anil Ambani Tuesday said his group is committed to meet all payment obligations in a timely manner and has already serviced debt worth Rs 35,000 crore in last 14 months. In a conference call with reporters, he said despite challenging conditions and no financial support from financiers, the group has repaid the principal of Rs 24,800 crore and made interest payments of Rs 10,600 crore between April 1, 2018, and May 31, 2019. "Unwarranted rumour mongering, speculation, and bear hammering of all Reliance Group companies shares over the last few weeks, has caused grave damage to all our stakeholders," he said. The Rs 35,000 crore worth of payments made relates to debt of Reliance Capital, Reliance Power and Reliance Infra, and their respective affiliates. Ambani sought to reassure investors that the Group was fully committed to meeting all future debt servicing ...
Physique Global aims to set up 150 centres in India
Physique Global CEO Jag Chima Tuesday said his company would be happy to be part of one per cent of USD two billion fitness market in India. "We would be happy to be part of one per cent of the USD two billion market. It is a huge market. Everybody needs fitness, from children to senior citizens," he told PTI here. In next eight years, the company aims to set up 150 centres in India, and some of those will be low-revenue centres forvillagers, Chima said. Physique Global, which provides fitness mentoring and educative service to fitness enthusiasts around the world, started India operations in 2011 and is owned by Chimaand celebrity personal trainer Kris Gethin. It also operates Kris Gethin gyms across the globe. The company started its first gym in India in Hyderabad in 2015. Talking about jobs, Chima said so far the company has generated 300 excess jobs. "These jobs range from trainers, all the way up to accountants, digital media specialists and other jobs related to ...
Sterlite Technologies Ltd leads gainers in 'A' group
PC Jeweller Ltd, Fortis Healthcare Ltd, Thermax Ltd and Infibeam Avenues Ltd are among the other gainers in the BSE's 'A' group today, 11 June 2019.
Muraleedharan to visit Nigeria from June 11 to 13
Minister of State for External Affairs V. Muraleedharan will visit Nigeria from June 11 to 13, it was announced on Tuesday.
Sensex, Nifty trade in narrow band
Key benchmarks held on to gains in a narrow trading range in mid-morning trade. At 11:20 IST, the S&P BSE Sensex was up 89.99 points or 0.23% at 39,864.66. The Nifty 50 index was up 21.20 points or 0.18% at 11,943.45.
HCL Technologies gains after showcasing RMI solution
HCL Technologies rose 1.87% to Rs 1,112.25 at 10:59 IST on BSE after the company announced a pioneering solution for the discrete manufacturing industry.
Jaguar Land Rover retail sales drop 12% in May
Higher retail sales of the new Range Rover Evoque and the all-electric I-PACE were offset by lower sales of other models, primarily in China. Sales of the Discovery Sport were lower ahead of the introduction of the refreshed model, which is now on sale following its reveal in May.
Yasho Industries adds 2,500 tonne/yr capacity in Gujarat plant
Yasho Industries, which is into speciality chemicals, Tuesday said it has completed Rs 40 crore expansion plan to increase manufacturing capacities by 2,500 tonnes per annum at its facility in Gujarat. Yasho Industries is a leading manufacturer of aroma, antioxidants, rubber chemicals, specialty chemicals and lube additives. It is a BSE SME listed company and launched its initial public offer in March 2018, to raise Rs 29 crore. The company said in a statement that it has completed "planned expansion of Rs 40 crore to its rubber chemicals & lube addictive manufacturing capacities." Post-expansion, the total capacity stands at 8,000 tonnes, it added. "After raising the money from the IPO, we have successfully completed our expansion program at our existing site in Vapi, Gujarat. We are very positive about the growing demand for our products, due to existing industrial & trade conditions in China," said Parag Jhaveri, MD of Yasho Industries. The company achieved robust growth of
Volumes spurt at Indian Energy Exchange Ltd counter
Indian Energy Exchange Ltd notched up volume of 7.12 lakh shares by 10:46 IST on BSE, a 23.41 fold spurt over two-week average daily volume of 30408 shares
Oriental Bank of Commerce cuts MCLR by 0.10 pc for various tenors
State-owned Oriental Bank of Commerce (OBC) has cuts the marginal cost of funds-based lending rate (MCLR) by up to 0.10 per cent for various tenors with effect from Tuesday. "This is to inform that the bank has revised MCLR for different tenors with effect from June 11," the bank said in a regulatory filing. MCLR for one-month loan and 6-month tenor has been reduced by 0.10 per cent to 8.35 per cent and 8.60 per cent, respectively. Earlier, MCLR for one-month loan and 6-month tenor was 8.45 per cent and 8.70 per cent respectively. Likewise, for one-year tenor loans, MCLR has been decreased by 0.05 per cent to 8.70 per cent from 8.75 per cent earlier. OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30 per cent and 8.50 per cent, respectively. The announcement came after the Reserve Bank of India cut the repo rate by 25 basis points to 5.75 per cent in its bi-monthly policy meeting last week, taking it down to a nine-year low since July 2010. Banks review MCLR every ...
I-T team raids Srinagar Deputy Mayor's offices
A team of Income Tax (I-T) officials on Tuesday raided the offices of Sheikh Imran, the Deputy Mayor of the Srinagar Municipal Corporation, here.
Passenger vehicle sales drop 20 pc in May; car sales down 26 pc
Domestic passenger vehicle sales declined 20.55 per cent to 2,39,347 units in May from 3,01,238 units in May 2018. Domestic car sales were down 26.03 per cent to 1,47,546 units as against 1,99,479 units in May 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday. Motorcycle sales last month declined 4.89 per cent to 11,62,373 units as against 12,22,164 units a year earlier. Total two-wheeler sales in May declined 6.73 per cent to 17,26,206 units compared to 18,50,698 units in the year-ago month. Sales of commercial vehicles were down 10.02 per cent to 68,847 units in May, SIAM said. Vehicle sales across categories registered a decline of 8.62 per cent to 20,86,358 units from 22,83,262 units in May 2018, it added.
Board of Lupin appoints interim CFO
At meeting held on 10 June 2019
Imarticus Learning Collaborates With Moody's Analytics to Launch Credit Risk and Underwriting Prodegree in India
/ -- Imarticus Learning is pleased to announce the launch of the Credit Risk and Underwriting Prodegree course in collaboration with Moody's Analytics. Imarticus' Prodegrees are professional qualifications with courses designed and executed in collaboration with leading global companies so as to create a practical industry-relevant experience. The initiative aims to enhance individuals' skills and proficiency within India's financial industry by combining Moody's Analytics expertise in credit assessment and risk management with Imarticus's local market knowledge. (Logo: https://mma.prnewswire.com/media/900145/Imarticus_Logo.jpg ) The four-month, 140+ hour program is delivered in a digitally interactive online format and seeks to develop a candidate's understanding of the credit and lending ecosystem in India. Candidates will gain an understanding of the entire loan assessment process, from underwriting to management for consumer and commercial credit and learn about the role and ...
Zensar Technologies spurts after announcing partnership
Zensar Technologies gained 4.41% to Rs 262.85 at 09:46 IST on the BSE after the company announced global partnership with NetApp and Cisco to deliver private cloud services.
Sarva Yoga gears for an institutional round
Already raised USD 4 mn from global investors at valuation of USD 20 mn
Rupee rises 21 paise to 69.44 vs USD in early trade
The rupee appreciated by 21 paise to 69.44 against the US dollar in opening trade Tuesday, driven by weakening of the greenback and positive opening in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 69.49 against the dollar, then gained momentum and touched 69.44, up 21 paise over its previous close. The rupee had settled at 69.65 against the US dollar Monday. Forex dealers said, selling of the American currency by exporters, positive opening in domestic equities and foreign fund inflows supported the rupee. On the other hand, rising crude oil prices restricted the rupee upmove. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 216.20 crore Monday, as per the provisional data. Brent crude futures, the global oil benchmark, rose 0.18 per cent to USD 62.42 per barrel. Meanwhile, domestic bourses opened on a bullish note Tuesday with benchmark indices Sensex trading 123.15 points up at 39,907.67 and .