Page 840 - Business Finance
Zuppa unveils 'Made in India' Unmanned Traffic Monitoring
Sree Sai Aerotech Innovations Pvt Ltd, also known as Zuppa, has unveiled what it claimed is India's first and only 'Made in India' Unmanned Traffic Monitoring System (UTM) at the Aero India 2019 show here. Zuppa is into fully integrated design-to-manufacture of embedded electronics used in Drones, Vehicle Telematics, ADAS and precision agriculture. UTMs are electronic systems used to monitor and track flights of unmanned aerial vehicles (UAVs) or drones and form a critical link in the process of on-boarding the currently illegal and unregulated drones into the regulatory framework formulated by regulators, the company said. Lack of regulatory framework for drone use in India between 2014 and 2018 since the DGCA ban of October 2014 has been effectively exploited by the Chinese to populate 5,00,000 unregulated and illegal drones in India, it said in a release. These unregulated drones pose a potential threat to the national security, unless on-boarded and their flights ...
South Korea tech firms, U.S. PE funds submit bids for Nexon parent: report
SEOUL (Reuters) - South Korean tech firms Netmarble and Kakao as well as U.S. private equity firms Blackstone and Bain Capital submitted initial bids for control of gaming firm Nexon, the Korea Economic Daily said.
Sensex, Nifty end higher for second day; financials lead
(Reuters) - Indian shares ended higher on Thursday, with financials such as ICICI Bank Ltd and Indiabulls Housing Finance Ltd taking the lead, but plunging IT stocks such as Infosys Ltd capped gains.
Nifty PSU Bank Index outperforms after Rs 48,239 cr fund infusion
A day after the Finance Ministry announced capital infusion of Rs 48,239 crore in the 12 public sectors banks, PSU Bank Nifty index gained up to 1.6 per cent, outperforming the Nifty50 index.
Panasonic India eyes 15% AC sales growth to Rs 1,400 cr next fiscal
Consumer electronics major Panasonic India is eyeing 15 per cent growth in air conditioners sales to Rs 1,400 crore in the next fiscal driven by new premium products, a company official said. The company is expected to close the current fiscal with an AC turnover of Rs 1,220 crore. It is also looking at over 30 per cent increase in distribution outlets for air conditioners (AC) to 12,000 in two-years' time as against 9,000 in the current financial year. "After a flat sales growth in the current fiscal due to factors including climate..we are looking 15 per cent sales growth in AC business in the next fiscal. We expect a hot summer in 2019 which will help the industry," Gaurav Sah, Business-head, Air Conditioners Group, Panasonic India told PTI. Premium products with superior product features like invertor technology and higher energy efficiency will drive sales growth for the company, Sah said. "Premium products account for 60 per cent of our total sales," he added. Panasonic India ...
Reliance Capital invites Nippon Life for its 42.88% stake in Reliance MF
The Anil Ambani-led Reliance Group's financial services flagship company Reliance Capital on Thursday said it has invited its partner Nippon Life Insurance Company to make an open offer for its 42.88 per cent stake in Reliance Nippon Life Asset Management Ltd (RNAM).
iRobot looks to strengthen presence in India
iRobot Corp, which offers premium robotic cleaners globally, is looking to strengthen its distribution network as part of expanding presence in India, according to an official. "We have witnessed strong double-digit growth in the Indian market. This is coming from both metros as well as smaller cities," Puresight Systems Director and Chief Operating Officer Pulak Satish Kumar said. Puresight is the exclusive distributor of Nasdaq-listed iRobot's products in India. Kumar said the products, priced between Rs 19,900 and 89,900, are available through franchise outlets, Croma and online retailer Amazon. He did not comment on revenue numbers citing the company's policy. "We are looking at expanding our presence through franchisees in Hyderabad, Pune and Ahmedabad. We will also have one more store in Mumbai soon," he said. iRobot Thursday launched its latest 'i7+' robotic floor cleaner, its most premium product, priced at Rs 89,900.
Stocks advance for 2nd straight session
The market ended higher for second straight session amid positive global cues. The barometer index, the S&P BSE Sensex, rose 142.09 points or 0.40% to 35,898.35, as per the provisional closing data. The Nifty 50 index rose 54.40 points or 0.51% to 10,789.85, as per the provisional closing data. Indices opened on a flat note and firmed up as the session progressed. The Nifty ended a tad below 10,800 mark.
NIIT Tech partners Microsoft to help clients in 'cloudification'
IT firm NIIT Technologies said Thursday it has entered into a global collaboration with Microsoft to accelerate the "cloudification" of its enterprise clients. "In collaboration with Microsoft, NIIT Technologies will focus on the comprehensive cloud needs of enterprises from infrastructure to business applications," NIIT Technologies said in a statement. Under the partnership, NIIT Technologies will directly manage the entire lifecycle for its enterprise customers, including commercials, and support and deliver integrated end-to-end solutions as a managed service on Microsoft's Azure cloud platform. The companies will also develop a spectrum of technology solutions for customers globally across banking and financial services, travel and transportation, and insurance segments, and also help them migrate to Azure, the statement said. "This symbiotic relationship brings together our deep domain vertical expertise along with our differentiated intellectual property built on emerging ...
India's Investment Requirements In Infrastructure Estimated At Over 700 Billion Dollars By 2022
India's estimated investment requirements in Infrastructure are seen at over 700 billion Dollars by 2022, noted Prime Minister Narendra Modi in his speech at 'India-ROK Business Symposium' during his visit to Republic of Korea. He talked about the focus on inclusive growth. It is for this reason that we have taken strong initiatives for financial inclusion. In the course of the past three years, we have opened over 300 million bank accounts for those who never had a bank account. Now, 99 percent of Indian house-holds have a bank account and more than 12 billion Dollars have been deposited in these accounts. They now have access to affordable pensions and insurance. Under the Mudra scheme, government has extended micro credit worth more than 90 billion dollars to 128 million persons over the past three years. 74 percent of these loans have gone to women. Government benefits worth more than 50 billion Dollars are now transferred directly to the beneficiaries, thus eliminating leakages.
Sembcorp Energy post Rs 247 cr profit for 2018
Singapore-based Sembcorp Industries' India arm Sembcorp Energy India (SEIL) swung back into black in 2018, reporting an annual profit of Singapore dollar (SGD) 47 million (about Rs 247 crore). SEIL reported a turnover of SGD 1.686 billion (about Rs 8,873 crore) in 2018 amid stress in the power sector. The company, part of Singapore-listed Sembcorp Industries (SCI) group, had reported a loss of SGD 58 million and a turnover of SGD 1.592 billion in 2017. SEIL's results are part of SCI's annual results that were announced Thursday. The Indian arm of Sembcorp has also won a 500 megawatt (MW) power supply contract from Andhra Pradesh for eight years and has secured the Letter of Award (LoA) from the state, SCI said in a release announcing the results. The LoA is subject to regulatory approvals, it added. Sembcorp Energy is also looking to commission 550 MW new renewable energy projects in India during the current year, the company said, adding it continues to monitor market conditions for .
NIIT Technologies Collaborates With Microsoft to Drive Cloud-led Transformation
/ -- Delivering real-world business impact at the intersect of deep industry expertise and cloud NIIT Technologies Limited (NSE: NIITTECH), a leading global IT solutions organization, today announced a global collaboration with Microsoft, to accelerate the cloudification of its enterprise clients. In collaboration with Microsoft, NIIT Technologies will focus on the comprehensive cloud needs of enterprises - from infrastructure to business applications. (Logo: https://mma.prnewswire.com/media/537635/NIIT_Tech_Logo.jpg ) Building on the current collaboration, NIIT Technologies and Microsoft have concluded a strategic Cloud Solution Provider agreement (CSP) that enables NIIT Technologies to directly manage the entire lifecycle for its enterprise customers including commercials & support and deliver integrated end-to-end solutions as a managed service on Azure. Together, NIIT Technologies and Microsoft will develop and deliver a spectrum of technology solutions for customers globally
Kesoram expects to complete tyre business demerger by July
B.K. Birla Group's flagship Kesoram Industries is expecting that the proposed demerger of its tyre business will likely be completed by July, sources said on Thursday.
Intellect Design Arena to provide digital solution to HUDCO
: Intellect Design Arena Ltd, a specialist in financial technology across banking and insurance sectors, Thursday said it has been selected by Housing and Urban Development Corporation (HUDCO) for integrated lending and ERP solutions. HUDCO is a wholly-owned entity of the Ministry of Housing and Urban Affairs. The partnership between Intellect Design Arena and HUDCO includes provision of digital lending, treasury, general ledger and integrated accounting, procurement management among others, city-based Intellect said in a statement here. "We take pride to have been chosen as the strategic partner for HUDCO, a premier national-level techno-financial organisation," Intellect Design Arena Ltd president (APAC, South Asia, Middle East and Africa) K Srinivasan said in the statement. "We believe Intellect will play a significant role in driving HUDCO's digital transformation agenda contributing to the Digital India vision", he said. Commenting on the partnership with Intellect,
AccorHotels' 2018 profit rises, beefs up lifestyle loyalty initiatives
PARIS (Reuters) - AccorHotels, Europe's largest hotel company, posted record operating profits for 2018, helped by cost controls and robust demand in most key regions including France and Brazil.
Oil India Ltd leads losers in 'A' group
Shankara Building Products Ltd, Indo Count Industries Ltd, Indian Energy Exchange Ltd and Minda Industries Ltd are among the other losers in the BSE's 'A' group today, 21 February 2019.
SC displeased over "public sparring" between BCCI's CoA chief Rai, member Edulji
The Supreme Court Thursday expressed displeasure over "pubic sparring" between Committee of Administrator (CoA) chief Vinod Rai and its member Diana Edulji over certain issues concerning BCCI and told them not to go public over their differences. A bench comprising Justices S A Bobde and A M Sapre also said that they will appoint three more members to the CoA and the orders to this effect would be passed in chambers. Earlier CoA had four members and after the resignation of historian Ramchandra Guha and banker Bikram Limaye only two members are now left in CoA. "We have heard in newspaper reports that some sparring is going on between CoA members...tell them not to go public with their differences," the bench said, adding that it was partly aware of the issues concerning BCCI.
HAL admits to delays receivables from IAF, Army
Claiming that its financial condition was stable and robust, state-run Hindustan Aeronautics Ltd (HAL) on Thursday admitted that receivables amounting to Rs 9,500 crore were delayed from customers including the Indian Air Force (IAF) and Indian Army.
Maersk shares plummet on disappointing 2019 guidance
COPENHAGEN (Reuters) - Shares in Danish shipping group A.P. Moller-Maersk plummeted more than 10 percent on Thursday after the company forecast that this year's profits would miss analysts' expectations.
VW boss says U.S. tariffs could cost up to 2.5 billion euros: Financial Times
FRANKFURT (Reuters) - The biggest threat to Volkswagen's 2019 profit is potential tariffs from the United States, Chief Executive Herbert Diess told the Financial Times.