Page 877 - Business Finance
Monte Carlo settles trademark row with Skoda Auto
Garments manufacturer Monte Carlo Fashions Monday said it has entered into an agreement with Skoda Auto India allowing the automaker to use its trademark 'Monte Carlo'. The agreement between the two parties comes a year after a Delhi court had admitted a trademark violation plea for infringement of trademark Monte Carlo owned by Monte Carlo Fashions Ltd against Skoda Auto India from using the brand name with respect to a new Monte Carlo edition car. Under the agreement, Skoda India has obtained a licence from Monte Carlo Fashions Ltd to use its trademarks 'Monte Carlo', in the whole of India in respect of its products comprising only of cars, cars accessories and spare parts as well as on packaging, promotional and advertising material associated therewith. "We have agreed to give Skoda a licence to use our brand name to market and sell their Monte Carlo edition of cars. This is a win-win solution for both the companies," Monte Carlo Fashions Executive Director Rishabh Oswal said in a
DHFL shares gain nearly 5%
Shares of Dewan Housing Finance Corporation Ltd rose by nearly 5 per cent Monday amid reports that private equity firms are vying for a 10 per cent stake in DHFL. The company's shares gained 4.67 per cent to close at Rs 128.90 on BSE. During the day, it zoomed 9.94 per cent to Rs 135.40. At NSE, shares rose by 4.58 per cent to close at Rs 128.85. BSE had sought clarification from Dewan Housing Finance Corporation earlier in the day with reference to the news. During the investors' call held on February 4, the Chairman and Managing Director of the company had mentioned that there is an intent to bring in a strategic investor(s) in the company, DHFL later said in a clarification to the BSE. "However, please note that no further discussion or decision in relation to the same have been made by the Board of Directors of the company," it added. Apart from this, there is no other price sensitive information under Regulation 30 of the Securities and Exchange Board of India (Listing ...
Modi govt reappoints AK Sharma as IOC Director-Finance ahead of elections
The government has reappointed A K Sharma as the Director (Finance) of Indian Oil Corp (IOC) - a first under Prime Minister Narendra Modi when a PSU director has been reemployed in the same position after retirement. Sharma, who superannuated as Director (Finance) of IOC on January 31, has been appointed for three months in the same position, IOC said in a regulatory filing. The reappointment is with effect from February 18, the company said without giving reasons for the reemployment. Officials said Sharma, who as the finance head of IOC was also in charge of pricing of petrol, diesel and other fuels, has been reemployed keeping in mind the impending general elections. The government, they said, does not want to take chances with retail prices and has preferred an old and experienced hand to handle it. Sources said a proposal was moved to reemploy Sharma for six months but Oil Minister Dharmendra Pradhan curtailed it to three months before forwarding it to the Appointments Committee .
Startup Bahrain Week draws innovators and investors to leading entrepreneurial forums
Bahrain's focus on shaping a regional hub for entrepreneurs as part of its ongoing efforts to meet key goals within the Economic Vision 2030 comes under the spotlight next month when it hosts Startup Bahrain Week, a series of inspirational networking events for entrepreneurs, investors and businesses.Running between 3-7 March 2019, the fast-emerging regional startup community will be able to enjoy a platform of events to network and learn about the startup ecosystem that has been created by Bahrain thanks to its business-friendly economic and regulatory framework.H.E. Khalid Al Rumaihi, Chief Executive of the Bahrain Economic Development Board, said: "Startup Bahrain Week promises to be a week-long of inspirational events for entrepreneurs and investors that will encourage innovation and growth in the startup ecosystem. Currently, the regulatory climate we have cultivated, in recent years, has provided a solid foundation for the startup community. We look forward to sharing knowledge,
Germany's Bafin bans Wirecard 'short' positions over volatility
FRANKFURT (Reuters) - Germany's financial watchdog has banned "short" selling of Wirecard shares after reports in the Financial Times sparked recent volatility in the payments firm's stock.
Most Indian businesses not delivering on CX tech: Report
While businesses in India are looking at several customer experience (CX) technologies such as customer analytics, Artificial Intelligence (AI), and digital integration, most of them are not currently able to implement them properly, according to a new report on Monday.
China seizes $1.5 billion in online lending crackdown
Chinese police have investigated 380 online lenders and frozen USD 1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs and households that aren't served by the state-run banking system. But that threatens to become a liability for the ruling Communist Party after bankruptcies and fraud cases prompted protests and complaints of official indifference to small investors. The police ministry said it launched the investigation because person-to-person, or P2P, lending was increasingly risky and rife with complaints about fraud, mismanagement and waste. The ministry gave no details of arrests but said more than 100 executives were being sought by investigators and some had fled abroad. It said authorities seized or froze 10 billion yuan (USD 1.5 billion) but gave no indication how much might be returned to ...
Brent steadies, set for biggest first-quarter rise since 2011
LONDON (Reuters) - Brent crude oil steadied on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel, though concern over China's economy offset gains.
Argentina seeks Indian investments to boost economic cooperation
South American nation Argentina Monday sought investments from India in areas including renewable energy and tourism with a view to boost economic bilateral ties. Argentine President Mauricio Macri said his country is investing heavily to create world-class infrastructure. "You are most welcome in Argentina. If we work together, then potential is endless. I invite you," he said here at India-Argentina Business Forum meet, organised by CII. Macri said there is potential in areas like agriculture, renewable energy and tourism. Speaking at the forum, Commerce and Industry Minister Suresh Prabhu said there are huge opportunities in both countries to increase bilateral trade. Argentina is a leader in agriculture sector and "we look forward to increasing cooperation in this," he said adding India has huge expertise in IT and pharma sectors. In agri sector, he said India can seek collaboration in post-harvest technologies. India can get natural resources from the South American nation as ...
Rising crude prices, Indo-Pakistan tension drag Sensex 310 pts lower
Rising global crude oil prices, along with heightened tensions between India and Pakistan, dragged the Indian equity market on Monday, with the key equity indices closing lower for the 8th consecutive session despite optimism following the US-China trade talks.
FCL signs pact with T Choithrams for selling items in the Middle East
FCL, FMCG arm of Kishore Biyani's Future Group, Monday said it has signed a memorandum of understanding (MoU) with T Choithrams and Sons for selling its products in the Middle East. Future Consumer Ltd (FCL) has partnered with Choithrams during the Gulfood Dubai 2019 show, it added. "FCL and Choithrams have identified an opportunity to strategically partner across the UAE, Bahrain and Qatar to bring FCL's portfolio of leading brands to consumers across the Middle East. Choithrams will market, distribute and retail FCL brands for sale through its own stores, as well as distribute FCL brands to other retail stores," it said. T Choithrams & Sons has a network of more than 60 supermarkets across the UAE, Bahrain and Qatar. Choithrams will be exploring this partnership as an opportunity to export international brands across select Future Group formats, the company said. "Future Consumer Limited has developed a strong presence in India. Our partnership with Choithrams will help us ...
Rupee loses 11 paise to end at 71.34 vs USD on crude oil scare
The rupee weakened by 11 paise to end 71.34 against the US dollar Monday amid firming crude oil prices and persistent foreign fund outflows. Heavy selling in domestic equity markets also weighed on the rupee, forex traders said. This is the fourth straight session of loss for the domestic currency, during which it has depreciated by 64 paise. At the Interbank Foreign Exchange (forex) market, the domestic unit opened weak at 71.35 and declined further to 71.52. However, it covered some lost ground and finally ended at 71.34, down by 11 paise against its previous close. The rupee had dropped 7 paise against the greenback Friday at 71.23. Foreign portfolio investors (FPIs) remained sellers in Indian capital markets selling shares worth Rs 1,239.79 crore on a net basis Monday. FPI had sold shares worth Rs 966.43 crore on Friday, provisional data showed. "Rise in crude oil prices along with foreign fund outflows remained cause of concern for rupee. "Oil prices today touched the highest ...
Global Markets: World stocks lifted to 2-1/2 month highs by trade optimism
London (Reuters) - Hopes of progress in Sino-U.S. trade talks and expectations of policy stimulus from central banks lifted world stocks to 2-1/2 month highs on Monday, though European gains were dampened by concerns over the car sector's outlook.
Premium Transmission to realign biz, stop mfg in Germany
Premium Transmission, a part of the Thapar Group, has decided to realign the manufacturing strategy in the backdrop of higher costs and use its facilities in India to implement global contracts, a top company official said on Monday. The Karan Thapar-controlled company would halt production at its unit in Germany within a year, owing to high costs, and instead, use German technology to produce its mainstay industrial tools locally. Premium Transmission has a manufacturing unit in Germany under the name Premium Stephan. In order to create capability, a new development centre in Kolkata has also been set up, after Pune, as part of a Rs 100-crore capex plan over the next two-three years. "We have a manufacturing facility in Germany, but due to increasing costs, we have resolved to stop production there, which is primarily meant for the international markets. "The new Kolkata development centre will be utilised in adopting the technology for the domestic Falta and Pune ...
Reliance Group shares in demand; zoom up to 11.3%
Stocks of Reliance Group companies Monday zoomed up to 11.3 per cent after the Anil Ambani-led Group reached a 'standstill agreement' with more than 90 per cent of its lenders under which they will not sell any of the shares pledged by promoters till September. Shares of Reliance Power zoomed 11.27 per cent and Reliance Communications advanced by 10.91 per cent. Reliance Infrastructure jumped 7.40 per cent while Reliance Home Finance gained 6.71 per cent. Reliance Naval and Engineering soared 5.15 per cent on BSE. Reliance Capital gained 2.86 per cent and Reliance Nippon Life Asset Management 2.64 per cent. Under the pact, the Group will pay the principal and interest amounts to the lenders as per the scheduled due dates. It has also appointed investment bankers for part placement of the group's direct 30 per cent stake in Reliance Power to institutional investors. When contacted, a Reliance Group spokesperson said: "We are grateful to our lenders for believing in the intrinsic and .
Nestle India plans up to 3-dozen product launches in 2019, eyes higher exports
FMCG major Nestle India has lined up nearly two-three dozen products that it plans to launch in calender year 2019 across categories in the country to drive its aggressive growth plans, Chairman and Managing Director Suresh Narayanan said Monday. The company, whose 6 per cent revenues come from exports, is now looking to tap more overseas markets by targeting countries with higher Indian diaspora such as SAARC and South East Asia. "In 2018, our core brands have performed well...We look forward for greater acceleration as we go forward....We have two-three dozen projects (products) in pipeline for launch in 2019. These products are across categories," Narayanan told reporters. Reiterating the company's focus on the Indian market, he said, "As an organisation the one clarion call that we are working to is that we are in the business of growth to thrive and not to survive...It is not a survival mode that we look at the opportunity in India or the opportunity for growth..but a thriving ...
UP budget aims to create fusion between rural economy, urban infra: SBI research
The Rs 4.80-lakh crore budget for 2019-20 by Uttar Pradesh aims to create a "generous" fusion between promoting rural economy and developing urban infrastructure, said a research report by State Bank of India. After presenting a Budget of Rs 4.28 lakh crore for the current fiscal, the Uttar Pradesh government increased it further to Rs 4.80 lakh crore for 2019-20 (Budget Estimate), a 6.7 per cent increase over Revised Estimate. In 2019-20, SBI's report 'Ecowrap' said capital expenditure is budgeted to decline 0.9 per cent over 2018-19 RE (possibly on a higher base), while revenue expenditure is pegged to jump 9.4 per cent. The state's fiscal deficit has been pegged at Rs 46,911 crore in the next fiscal or 2.97 per cent of the state's GDP, while the total debt-to-GSDP is projected to reach 30 per cent by 2019-20. Uttar Pradesh will not be eligible for additional borrowing, the report said, and added that the projected GST collection for the current fiscal by the state government is ...
Pickyourtrail receives USD 3 million series 'A' funding
: Travel technology startup Pickyourtrail has received close to USD 3 million series 'A' funding under its capital infusion plan, a top official of the city-based company said Monday Pickyourtrail is an online travel company that delivers tailor-made international holidays to customers. The capital infusion would be for continued product innovation, scaling up the technology platform and expansion of its technical team, the company said in a press release said here. The funding was led by founder of GoFrugal Kumar Vembu, Shyam Sekhar of iThought, Girish Mathrubootham of Freshworks and Rajagopal Subramanian of Entrust, the release said. "What's most exciting is the shift we are seeing in consumer behaviour. People are slowly getting comfortable booking vacations online", Pickyourtrail co-founder Hari Ganapathy said in the statement. "...we believe we have taken a shot at changing the way people plan and book vacations over the next few years," he said. On the investments .
Premji unveils Wipro-Kawasaki plant near Bengaluru
IT czar and Wipro Chairman Azim Premji on Monday unveiled the new plant of Wipro-Kawasaki joint venture to manufacture hydraulic pumps and motors for the construction machinery at Bidadi, about 40 km from Bengaluru.
Taking steps to ensure availability of affordable medicines to common people: Gowda
The government on Monday said it is taking steps to ensure that affordable generic medicines reach common people and is also undertaking measures to promote the 'Make in India' programme in the pharmaceutical and medical devices sector. The vision of Prime Minister Narendra Modi has been to make medicines affordable to the common people, so over 800 medicines were brought under the pricing scheme, said Minister of Chemicals and Fertilisers D V Sadananda Gowda. "The government has ensured that generic medicines are available across the country in over 5,000 Jan Aushadhi Kendras," he told PTI here on the sidelines of the 'India Pharma and Medical Device 2019' conference. The rate of medicines there in Jan Aushadhi stores is 10 per cent to 90 per cent cheaper in these shops, he added. Reiterating steps taken by the government to make health care affordable, he said prices of cardiac stents and knee implants have also been brought down. While speaking at the conference, he said the ...