Page 854 - Business Finance
Govt announces Rs 48,239 cr recapitalisation plan for 12 PSBs
The finance ministry Wednesday announced to pump in Rs 48,239 crore in 12 public sector banks in this fiscal to help them maintain regulatory capital requirements and finance growth plans. Financial Services Secretary Rajiv Kumar said that the government will infuse Rs 9,086 crore in Corporation Bank and Rs 6,896 crore in Allahabad Bank -- the two "better-performing" banks currently under the Prompt Corrective Action (PCA) supervision of the RBI. Further, Rs 4,638 crore and Rs 205 crore will be provided to Bank of India and Bank of Maharashtra. These banks have recently come out of the regulatory supervisory framework PCA of the RBI. Kumar further said Punjab National Bank will get Rs 5,908 crore, Union Bank of India Rs 4,112 crore, Andhra Bank Rs 3,256 crore and Syndicate Bank Rs 1,603 crore. The government will pump in Rs 12,535 crore in four other banks under PCA -- Central Bank of India, United Bank, UCO Bank and Indian Overseas Bank. The government in December had infused Rs ...
Decision on GST on real estate, lottery deferred till Sunday; return filing deadline extended
The GST Council Wednesday deferred a decision on rationalisation of tax rates on real estate and lottery till February 24 as some opposition-ruled states demanded that a meeting, where members are physically present, be convened for deciding on such crucial issues. The 33rd meeting of the Council, held through video conferencing, also decided to extend the deadline for filing summary sales return - GSTR-3B - for January by two days till February 22. "Considering the speed at which returns are getting filed, thousands of returns being filed every hour, the suggestion before the GST Council was to extend the deadline by two days for all states; and since some areas are facing disturbance, for Jammu & Kashmir it be extended till February 28. So we took that decision," Finance Minister Arun Jaitley said. The GST Council, headed by Jaitley and comprising state counterparts, was also slated to discuss the reports of the group of ministers (GoM) on under-construction housing property and
Sensex snaps nine-session slump on value buying, global cues
Reversing a nine-session falling streak, the BSE Sensex rebounded 404 points Wednesday as investors snapped up recently hammered stocks amid optimism in global markets over the US-China trade talks. After a firm opening, the 30-share index stayed in the positive terrain throughout the session before finally finishing at 35,756.26, up 403.65 points, or 1.14 per cent. The broader NSE Nifty soared 131.10 points, or 1.24 per cent, to 10,735.45. In the past nine sessions, the Sensex had lost 1,622.62 points, while the Nifty cracked 465.05 points over eight trading days. Metal, IT and banking counters chalked up smart gains Wednesday, with Vedanta topping the Sensex winners list with a jump of 4.67 per cent. Other gainers included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent. On the other hand, Hero MotoCorp, HUL, M&M, Bajaj Auto and IndusInd Bank fell up to 0.56 per cent. All the BSE sectoral ...
Airbus opens commercial pilot and maintenance training centre
Airbus Wednesday said it has inaugurated a world class training centre for commercial pilots and maintenance engineers in the National Capital Region of Delhi. The initiative is part of its continuing efforts to support the exponential growth of the civil aviation sector in the country, the company said. Airbus forecast a need for more than 25,000 new pilots in India over the next 20 years to keep pace with the current double-digit growth in its commercial aviation industry, it said in a release. "Providing a robust training infrastructure to support our customers' businesses is a priority for us. One pillar of our customer services mission is proximity to the customer, and another one is safety. In that respect, having a training centre located in the country is proof of our commitment towards both," Airbus India & South Asia President and Managing Director Anand E Stanley said. The training centre incorporates an A320 flight simulator for full-flight simulation, ...
Glencore announces $3 billion buyback plan as profit jumps despite cobalt dip
(Reuters) - Weaker cobalt prices dented earnings at Glencore's trading division last year, but strength in other commodities helped the company to post an 8 percent jump in core profit and announce a share buyback programme worth up to $3 billion.
India extends exemption on some imported grades of steel to April 17 - government
NEW DELHI (Reuters) - The Indian government on Wednesday extended compliance deadline on tougher import rules for some grades of steel, primarily used by automakers until April 17, according to a steel ministry statement.
Two held for Rs 141-cr GST scam in Chhattisgarh
The Directorate General of Goods and Services Tax Intelligence in Chhattisgarh has detected a fraud of Rs 141 crore, said officials. Two persons have also been arrested in this connection.
HCL Technologies bags five year contract from EDF Luminus, Belgium
EDF Luminus is a subsidiary of Electricitde France (EDF). The deal marks a significant win for HCL in Belgium, and will see it taking the responsibility for migrating all EDF Luminus' SAP applications to the Amazon Web Services (AWS) cloud. HCL will also provide integrated Cloud and Data Center services, Non- SAP Application management including infrastructure support, end-to-end network and security services, as well as Service Integration and Management (SIAM).
Tata Motors bets big on e-buses, to supply 80 units to WB govt
Tata Motors Ltd is eyeing big business from electric buses after it bagged orders for supplying 255 units to various state transport unions across the country, a company official said Wednesday. Rohit Srivastava, product line head (passenger commercial vehicles) of Tata Motors said that the commercial vehicles business of the company is seeing considerable growth and presently enjoying a market share of 45 per cent in the segment. "We have seen growth in the past. Now, we are developing products to address the segments where we are not present," Srivastava told reporters here. He said that the Centre has been giving 60 per cent subsidy to the state governments for purchasing electric buses while the balance is to be paid by the respective states. "We see electric buses as a segment getting a lot of boost. We are in touch with all the states," he said. Tata Motors manufactures e-buses at its Dharwad facility in Karnataka with an initial capacity of producing 125 units a ..
Aluminium futures up 0.11% on spot demand
Aluminium prices inched up 0.11 per cent to Rs 131 per kg in futures trade Wednesday as speculators created fresh positions amid rising domestic spot demand. At the Multi Commodity Exchange, aluminium for delivery in February edged up by 15 paise, or 0.11 per cent, to Rs 131 per kg in 4,523 lots. Analysts said built up of positions by participants on the back of rising demand from consuming industries in the physical markets, coupled with positive global cues, led to the rise in aluminium prices.
Managers hired for Toshiba Memory IPO, possibly Japan's biggest in 2019: sources
TOKYO (Reuters) - U.S. private equity firm Bain Capital has picked Nomura and Mitsubishi UFJ Morgan Stanley to manage an initial public offering of Japan's Toshiba Memory, a deal that could happen as early as September, people familiar with the matter said.
Gold prices fall by Rs 210 on muted demand
Gold prices Wednesday dropped by Rs 210 to Rs 34,470 per 10 gram at the bullion market in the national capital due to tepid demand from jewellers, according to the All India Sarafa Association. Silver rates, however, surged by Rs 450 to Rs 41,800 per kg on increased offtake by industrial units and coin makers. The prices of gold in the global market were also tad higher at USD 1,341.48 an ounce as against Tuesday's USD 1,323.80 an ounce. Silver prices too moved up to USD 16.00 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 210 each to Rs 34,470 and Rs 34,320 per 10 gram, respectively. Sovereign gold continued to rule flat at Rs 26,400 per piece of 8 gram. Traders attributed the subdued trend in the precious metal to lacklustre demand from local jewellers. But, a firming trend overseas limited the fall in prices to some extent. Silver ready advanced by Rs 450 to Rs 41,800 per kg and and the weekly-based delivery rose by Rs ..
Vivo bets on Rs 20k-30k smartphone category with V15 Pro
Chinese handset maker Vivo is strengthening its portfolio in the Rs 20,000-30,000 smartphone segment to drive growth in the hyper-competitive Indian market, a top company official said. Vivo, which ranks among the top five smartphone players in the country, Wednesday launched its V15 Pro in India featuring a 'pop-up selfie camera' and triple-rear camera priced at Rs 28,990. "We have seen a strong growth in the Rs 20,000-30,000 segment. It is a category where we can offer great innovation to customers, giving them a holistic package. So, it is an extremely critical segment," Vivo India Director Brand Strategy Nipun Marya said. He added that the sales volume of Vivo in the Rs 20,000-30,000 segment has grown by 142 per cent in the second half of 2018 from the year-ago period. Citing GfK data, Marya said Vivo had a 39 per cent volume share in the Rs 20,000-30,000 segment last year. The company now has two devices in the category. The V15 Pro features 6GB RAM, 128GB internal memory, ...
Tara Chand Logistic Solutions standalone net profit declines 9.34% in the December 2018 quarter
Sales rise 19.15% to Rs 26.50 crore
Mittal Life Style standalone net profit rises 66.67% in the December 2018 quarter
Sales rise 36.90% to Rs 21.26 crore
S Kumars Online reports standalone net loss of Rs 0.16 crore in the December 2018 quarter
Reported sales nil
South Asian Enterprises reports standalone net loss of Rs 0.07 crore in the December 2018 quarter
Sales decline 32.31% to Rs 0.44 crore
Laffans Petrochemicals standalone net profit declines 28.07% in the December 2018 quarter
Sales reported at Rs 0.99 crore
Sunshield Chemicals reports standalone net loss of Rs 2.88 crore in the December 2018 quarter
Sales decline 14.26% to Rs 38.78 crore