Page 838 - Business Finance

Govt's reform initiatives transformed India into fastest-growing major economy: Niti

The host of reforms undertaken by the government has transformed India into the fastest-growing major economy along with the macroeconomic stability not witnessed in the past, according to a note prepared by the Niti Aayog. The country's growth, the note added, has decisively increased over the last five years and is much higher than the average growth among the emerging and developing economies. "India's economic performance dipped considerably during 2010-13. "Over the last five years (2014-18), the India economy has recovered and now is going through one of its best-ever phases of economic growth combined with the microeconomic stability," the note said. Narendra Modi became the prime minister in May 2014 after the Bharatiya Janata Party-led National Democratic Alliance won the general elections. The next general elections are due in April-May. According to the note, in 2018-19, against India's likely growth of 7.2 per cent, the world GDP growth would be 3.7 per cent and median of .

India needs spur to growth amid low inflation outlook: RBI's monetary policy committee

MUMBAI (Reuters) - India needs to take steps to boost economic growth as the inflation outlook remains low, the Reserve Bank of India's monetary policy committee (MPC) said in minutes released on Thursday.

Plan to monetise BharatNet assets approved

The Digital Communications Commission (DCC), the inter-ministerial panel of the Department of Telecommunications (DoT), has given in-principle nod for monetisation of fibre assets of BharatNet.

Steel ministry creates level playing field for steel producers

Stops classifying steel producers as integrated steel producers, primary steel producers & secondary steel producers

Timeline: Jet Airways recovery path remains shaky

(Reuters) - India's Jet Airways Ltd has approved a rescue deal by the lenders of the carrier reeling under a net debt of 72.99 billion rupees ($1.02 billion), but doubts linger over whether the bailout would help it clear dues on time.

Domino's sales growth, profit disappoint in fourth quarter

(Reuters) - Domino's Pizza Inc reported a smaller-than-expected rise in quarterly same-store sales in the United States and internationally on Thursday, as it battled competition from rival pizza chains and food delivery companies.

Danske bolsters board as U.S. expands money laundering investigation

COPENHAGEN (Reuters) - The money laundering scandal at Danske Bank deepened on Thursday when the Danish lender said it had received an inquiry from the U.S. Securities and Exchange Commission (SEC).

Rupee drops 13 paise to 71.24 against dollar as crude rises

The rupee skidded by 11 paise to close at 71.24 against the US dollar Thursday as rising oil prices and a strengthening greenback weighed on the market sentiment. At the Interbank Foreign Exchange (forex) market, the domestic unit opened strong at 71.06 and rose to 70.91. However, it could not hold on to the gains and fell to a low of 71.29 before finally ending at 71.24 -- a fall of 13 paise. The rupee had closed at 71.11 against the US dollar Wednesday. Foreign institutional investors (FIIs), who had been heavy sellers over the past few sessions, net bought equities worth Rs 55 crore Thursday while domestic institutional investors bought shares to the tune of Rs 202 crore, provisional data showed. Global markets were mixed following the release of Federal Reserve minutes which showed that the US central bank would be patient on interest rate hikes. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 96.57. Brent crude ...

JK Cement lines up Rs 450 cr for Gujarat, UP grinding units

JK Cement Thursday said it will invest around Rs 450 crore to set up two grinding units for grey cement in Gujarat and Uttar Pradesh. The company will invest Rs 250 crore on a grinding unit in Balasinor, Gujarat which will have an annual production capacity of 0.7 MTPA (million tonne per annum) on completion, it said in a statement. The foundation stone for the grinding unit was laid on Thursday. The company expects the unit to become operational by Jan-Mar next year. It has also earmarked Rs 200 crore for a grinding unit at Aligarh in Uttar Pradesh, it said. JK Cement also plans to invest in capacity expansion of its existing units in Rajasthan. It has already announced a capex of Rs 2,000 crore to enhance its grey cement production by 4.2 MTPA. "This ceremony today marks a key milestone in JK Cement's journey, given that it's our first foray into Gujarat by way of a manufacturing unit," JK Cement Special Executive Raghavpat Singhania said. With the expansion in Gujarat and Aligarh ..

Outlook For Food Inflation Expected To Be Benign

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RCom looks to real estate assets, Jio deal to pay Ericsson dues

(Reuters) - Business tycoon Anil Ambani is planning to use a payment from his brother's company and the sale of real estate assets to pay what he owes to Sweden's Ericsson following a court ruling this week, a source familiar with the matter said.

Supreme Court exempts Saridon from banned FDC list: Piramal

Pharma major Piramal Enterprises on Thursday said Saridon, its pain relief tablet, has been exempted from the list of banned fixed dose combinations (FDCs) by the Supreme Court.

Sensex gains 142 points, Nifty 54

Major indices Sensex and Nifty advanced for the second day on Thursday, after it broke the nine-session-long losing streak earlier in the week over easing US-China trade tension and government's recapitalisation of PSU banks.

Saab expands ties with Indian aerospace firms

: Swedish defence major Saab Thursday said it has expanded its ties with Indian aerospace firms for the Gripen fighter jet aerostructures. Saab has taken an important step forward to expand its footprint and aerospace ecosystem in India by signing new MoUs with three of the country's aerospace manufacturers; Dynamatic Technologies Limited, CIM Tools Private Limited and Sansera Engineering Private Limited, the company said. The MoUs with CIM Tools and Sansera expand the existing working relationships with Saab on commercial aerostructures to the Gripen fighter and other defence-related products in the Saab portfolio, it said in a release. The MoU with Dynamatic was a starting point to explore future joint opportunities in commercial and defence-related aerostructures work, including Gripen, it said. "Saab's Aerostructures business unit has had a successful relationship with CIM Tools and Sansera for several years. Based on that experience, we see these two companies can ...

DoT for 10-year bond to fund BSNL, MTNL VRS, land leasing to trim debt

The Digital Communications Commission, an inter-ministerial panel of DoT, on Thursday discussed the revival proposals of two of its struggling PSUs - BSNL and MTNL - where the department proposed issue of 10-year bonds to fund their VRS plans and that their huge land assets be monetised through leasing to reduce their rising debts.

Jet Airways shares gain nearly 1% ahead of EGM

Shares of Jet Airways (India) Ltd rose nearly 1 per cent Thursday ahead of an extraordinary general meeting of the members of the company later in the day. The company's shares gained 0.82 per cent to close at Rs 234.85 on the BSE. During the day, it rose by 1.69 per cent to Rs 236.90. At the National Stock Exchange (NSE), shares climbed 0.77 per cent to close at Rs 235 apiece. On the traded volume front, 3.46 lakh shares were traded on the BSE and over 36 lakh shares on the NSE. "An extraordinary general meeting of the members of Jet Airways (India) Limited will be held on Thursday, 21 February, 2019," according to a BSE filing by the company last month.

Indo Count Industries gets reaffirmation in ratings from ICRA

Reaffirmed rating for the short term credit facilities as ICRA A1 + (A one plus).

Ion Exchange (India) forms JV with AWJ Energy

Ion Exchange (India) will hold 60 % stake in the Joint Venture under the name and style "ION Exchange Arabia". The balance 40% stake will be held by AWJ ENERGY.

DoT commission seeks revenue assurance from BSNL, MTNL for revival support

The Digital Communications Commission (DCC) on Thursday asked loss-making telecom PSUs BSNL and MTNL to explain their turnaround strategy and give an assurance to achieve higher revenue for getting financial support, an official said. Public sector firms BSNL and MTNL have sought financial support, 4G spectrum and approvals for asset sales as part of their revival plans. "DCC members wanted to know what is the revival plan, when will these (BSNL and MTNL) companies come back to health, how will they ensure that if they are given all the support, how exactly the commission can foresee that they will achieve higher revenue," an official source said after the meeting. MTNL has sought a refund of interest that it paid for broadband wireless access spectrum which it was given by the government and asked to pay the price that was determined in auctions held in 2010. Both state-run telecom firms have asked for permissions to monetise their land assets as well as the voluntary retirement ...

Malaysia's AirAsia X posts fourth-quarter net loss on impairment, higher fuel expense

KUALA LUMPUR (Reuters) - Malaysia's AirAsia X Bhd recorded its third consecutive quarterly loss on Thursday, dragged down by an impairment provision while rising fuel costs also dented its performance in the October-December period.