Page 86 - Business Finance
Tuticorin, VO Chidambaranar Port ink pact with CWC to facilitate container movement
VO Chidambaranar and Tuticorin Port have inked pact with Central Warehousing Corporation to facilitate easy movement of factory-stuffed export containers, the government said Monday. "The VO Chidambaranar Port Trust, Tuticorin and CWC have signed a Memorandum of Understanding today for facilitating Direct Port Entry (DPE) of e-sealed factory stuffed export container to the port under 'Ease of Doing Business'," Ministry of Shipping said in a statement. With this MoU, Central Warehousing Corporation (CWC) will make use of the 18,357 sqm area earmarked in the Truck Parking Terminal located opposite to Fisheries College, Tuticorin for operating and managing the DPE facility for 30 years on annual lease rental basis, the statement said. The DPE facility will enable direct movement of containers from factories without intermediate handling requirement at any Container Freight Station thus facilitating the shippers to gate-in their factory-stuffed goods directly to the Container Terminal on .
RBI okays Chhibber as interim CMD of J&K Bank; post of chairman, MD to be split
The Reserve Bank Monday approved the appointment of R K Chhibber as interim CMD of Jammu and Kashmir Bank following the removal of Parvez Ahmed from the post by the state government. Ahmed was removed by the state government on alleged charges of corruption, nepotism and favouritism. He was appointed as chairman and CEO of J&K Bank in October 2016 and his tenure was to end in a few months. The bank in a regulatory filing said the state government is taking a host of steps including splitting the post of chairman and managing director with a view to improve transparency, governance, compliance and profitability of the lender. "Decision regarding cessation of directorship of Parvez Ahmed and subsequent appointment of R K Chhibber as chairman cum managing director of the bank was taken by the J&K state government and conveyed to the bank on June 8, 2019," the bank said. The Reserve Bank of India (RBI) has approved the appointment of R K Chhibber as interim chairman cum managing
Russia warns of 'great risk' of oil overproduction
Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below USD 40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow. "We have to analyse everything... in order to take a balanced decision in July" he said, referring to a key meeting of the so-called OPEC+ alliance between OPEC members and other oil producing countries including Russia. The alliance is set to meet in Vienna in the beginning of July according to the Saudi minister, to decide whether to extend an agreement on production levels. Russia has agreed with OPEC member countries on cutting production of crude to build up prices after the crash of 2014-15. The 25-member alliance agreed to cut output by 1.2 million barrels per day from the start of this year after oil prices dipped by more than 30 percent late last year. "Prices can drop below USD ..
Consumer confidence tad up in May, jobs stays a worry
The consumer confidence in the country increased 0.3 percentage points in May on a month-on-month basis, according to a joint study by Thomson Reuters and Ipsos.
Equity market rises on US-Mexico deal; NBFC fears exist
The Indian equity indices rose for the second consecutive trading session on Monday supported by positive global cues as the US and Mexico on Friday struck a deal to avert a tariff war between the two countries.
RB launches soap, handwash under 'Dettol Co-Created with Moms' range
FMCG firm RB on Monday announced extension of its popular germ protection brand Dettol by introducing a new range 'Dettol Co-Created with Moms', under which it has launched bathing soaps and handwashes. The company has launched 'Dettol Co-Created with Moms' after consulting over 800 mothers for the products, which they want for their families, and claimed to have lesser chemicals and free from parabens, dyes and talc. Dettol directly contacted mothers to understand the attributes they want in products and received their approval on the ingredients before launching the range. "This platform has immense possibility. If this is successful and got a good start, then possibly, we would extend it further," RB South Asia Health Chief Marketing Officer Pankaj Duhan told PTI. He said: "Right now we are launching the soaps and hanswash in Tulsi and Jasmine fragrances". Presently, Dettol has around 10 per cent share in the soap segment, which is estimated to be around Rs 20,000 crore and has ...
Air India could post over Rs 7,600 crore loss in 2018-19, highest so far
In what could make Air India sale an uphill task for the government, the national carrier could report highest-ever loss of over Rs 7,600 crore in financial year 2018-19 on account of low fleet utilization and high fuel prices among others.
Reliance to shut crude unit at Jamnagar refinery
Reliance Industries Monday said it will shut down a crude distillation unit at its old refinery at Jamnagar for maintenance and inspection for up to four weeks from June 20. Reliance owns and operates two refineries at Jamnagar in Gujarat - a 33 million tonne a year DTA refinery that caters to local fuel demand and a 35.2 million tonnes only-for-export unit. In a regulatory filing, the company said it "is planning to shut down one of the crude distillation units and coker units of its DTA refinery at Jamnagar for routine maintenance and inspection activities, for about 3 to 4 weeks starting from June 20, 2019." RIL said other crude distillation and secondary processing units are expected to operate normally during the period.
Wholesale online marketplace Beldara expands to Europe, USA
The contemporary business world is shaping itself digitally in various aspects and today, the e-commerce industry is making all the noise. The freedom to purchase anything just by clicking a button on your mobile is changing the way people think of buying in bulk or selling in bulk without having to leave the office.Mumbai-based leading wholesale online marketplace Beldara is catching up to be India's one-stop solution for booming companies to achieve their global footprint at ease. Right from finding and sourcing organic honey by tying up with an efficient logistics partner for your hard-earned business outreach to sourcing solar panels in bulk for your CSR Intervention, Beldara.com has it all.Founded in 2018, Beldara online marketplace connects more than 4000 brands across 40 product categories and 3,50,000 listed products including industrial equipment and machinery, rubber, plastic and polymers, automotive, safety and security, metals and minerals, packaging and printing, energy ..
Online smartphone shipments highest ever in Q1 2019
Smartphone shipments from the online channel reached its highest ever share of 43 per cent during the first quarter (Q1) of 2019, a Counterpoint Research report said on Monday.
Mutual fund assets rise to Rs 25.43 lakh cr in May; FMPs continue to see outflow
Fixed Maturity Plans witnessed outflow for the second straight month in May as investors pulled out Rs 1,797 crore from the schemes, amid many non-banking finance companies grappling with debt woes. However, latest data from industry body Amfi Monday showed that average Assets Under Management (AUM) of mutual funds rose to Rs 25.43 lakh crore in May from Rs 25.27 lakh crore in the previous month on the back of increased inflows into equity-linked schemes. In May, retail investment through Systematic Investment Plans (SIPs) declined to Rs 8,183 crore from Rs 8,238 crore in April. FMPs, which invest in debt instruments like corporate bonds, recorded an outflow of Rs 1,797 crore last month. In April, the outflow stood at a whopping Rs 17,644 crore. In recent months, the mutual fund industry has been grappling with redemption pressures in the wake of debt crisis at various groups, including IL&FS, Essel and DHFL. Data from the Association of Mutual Funds of India (Amfi) showed that ...
J&K Bank stocks end 12% lower on CMD's removal
Shares of Jammu and Kashmir Bank settled 12 per cent lower after its Chairman and Managing Director Parvez Ahmed was removed by the state government on Saturday on charges of nepotism and corruption.
CSS Corp wins "Digital Company of the Year 2019" at BTVI Business Leader of Year Awards
CSS Corp, a new age IT services and technology support company, announced it has won the 'Digital Company of the Year 2019' at the recently concluded BTVI Business Leader of the Year Awards.The company was recognized for its innovation in digital customer experience and IT operations leveraging cognitive technologies that enable brands to deliver agility, speed, and control across customer interactions and diverse IT ecosystems.CSS Corp's digital solutions are built to simplify customer interactions and business operations through the implementation of AI capabilities and advanced statistical models. In a customer support ecosystem, the cognitive CX platform helps reorient organizations to adopt agile and contextual strategies that proactively assess conditions, analyze problems, and recommend solutions to drive omnichannel customer engagement.In an IT operations ecosystem, CSS Corp's intelligent automation solutions help in dynamically and proactively monitor and manage IT ...
Hinduja Global Solutions partners with Hello Customer to access CX market
The partnership will strengthen both organisations in their mission to help companies become truly customer-centric. HGS and Hello Customer operate on the guiding principles that being brilliant at the basics and putting the customer first are both critical to protecting and building customer relationships and enhancing brand reputation. This new partnership will unlock competitive advantage for clients, ultimately setting them up for growth.
Britain agrees Brexit trade deal with S Korea
Britain said Monday it had concluded a trade deal with South Korea to maintain links after Brexit. International Trade Secretary Liam Fox has agreed a preliminary deal with Korean Minister of Trade Yoo Myung-Hee in Seoul, the UK government said in a statement. It is Britain's first post-Brexit trade deal in Asia and follows similar agreements with nations including Chile, Iceland, Norway and Switzerland. "The UK and South Korea have signed an in principle free trade agreement that will allow businesses to continue trading freely after Brexit," read a government statement. "Trading on these terms rather than on World Trade Organization terms will deliver significant savings and help to safeguard British jobs." The deal means British businesses can continue enjoying preferential terms with South Korea after Britain leaves the European Union at the end of October. Trade between the two countries was USD 18.6 billion in 2018, and has risen by 12 per cent per year on average since the EU ..
Oyo aims to double its presence in Odisha by 2019 end
OYO Hotels and Homes, the world's sixth largest and fastest-growing chain of leased and franchised hotels, has set a target to ramp up its presence and take the count of rooms to over 10,500 by the end of 2019 in Odisha.
'RBI's new framework to expedite resolution of stressed assets'
The mandatory norm of inter-creditor agreement allows banks to decide resolution strategy outside the IBC and it will help lenders to accelerate process to resolve stressed assets, Sashakt committee on bad loans said Monday. "The requirement of entering into the Inter-Creditor Agreement is an endorsement by the RBI of the need for the lenders to have a framework for resolution outside IBC," the committee headed by PNB non-executive Chairman Sunil Mehta said in a release. The members of the panel that works toward faster resolution of stressed assets in public sector banks include SBI Chairman Rajnish Kumar, Bank of Baroda MD & CEO P S Jayakumar and SBI Deputy Managing Director Venkat Nageswar. The Reserve Bank on Friday had replaced a tough norm on NPA categorisation by lenders, as it was quashed by the Supreme Court in April, and provided banks additional period of 30 days to declare an account as dud. The apex bank had issued a circular in February for resolution of bad loans ...
Piramal Realty Wins Asia's Best Property Brand at Transform Awards 2019
/ -- Piramal Mahalaxmi awarded with Gold Butterfly for the best visual identity Piramal Realty, the real estate arm of the Piramal Group, India's leading diversified global conglomerate, was conferred with Asia's best property Brand at Transform Awards 2019. The company won a gold butterfly for the best visual identity from the property, construction and facility management sector for its project 'Piramal Mahalaxmi' at Transform MENA Awards 2019. Piramal Mahalaxmi along with RUYA, a Dubai-based branding and digital agency, won the award for their exceptional work in showcasing Piramal Mahalaxmi as a unique icon which connotes distinctive quality, status and heritage through all forms of communication. This award honored the whole concept of an emblematic signature which is more like an ownership seal resonating with the overall campaign of 'Own the Address' for the project and makes the customer a part of the legacy, stamping their own mark. On this achievement Mr. Gaurav Sawhney, ...
Vowelor raises Rs 1 cr funding
Vowelor Books and Media, an online community-based platform for readers and authors, has raised a funding of Rs 1 crore led by angel investor, Sanjeev Juneja. Vowelor has secured the funding within the fourth months of the launch of the app, a statement said. Vowelor co-founder Manik Ghawri said this funding will help them to develop, implement and market their app to target over 1.50 lakh downloads and two lakh monthly website hits. The Vowelor app is available on android and the company plans to release the iOS version by the third quarter of this year. * * * * SYOOK raises funds from IP Ventures * Syook, an Industrial Internet of Things (IIoT) platform, Monday said it has raised an undisclosed amount from IP Ventures. Founded in 2016, Syook uses its proprietary IoT platform to provide micro-location for people and other critical assets to sectors like manufacturing, automobile, healthcare, education and defence. Syook plans to use the funds to ramp up its sales and operations in .
Wipro rolls out new solutions for aviation sector
IT major Wipro Monday said it has rolled out Total Operations System (TOPS) CREW, a suite of solutions for global airlines. Developed jointly by Wipro and Qatar Airways in an innovative co-investment model, TOPS is one of the most advanced products available in the aviation market, the company said in a statement. "It helps in increasing the safety awareness, efficiency and profitability of airline operations...TOPS CREW helps airlines manage all major processes related to crew management such as leave bidding and planning, crew training and crew tracking," it added. The product also provides a 'what-if' analysis tool, allowing airlines to prepare, review and compare various solutions to address business problems, it added. "The airlines of the future want a holistic and integrated view of their operations spanning passengers, aircraft and crew...we see significant business opportunities in the global aviation sector and are confident that we can leverage these through innovative ...