Page 11 - Business

Shriram Finance's business prospects remain healthy, pressure on NIM seen

Valuation targets, though, are close to current price; potential selling by large non-promoter shareholders also an overhang

Indian crypto exchanges stay put in business after 'a year to forget'

Tax burden, regulatory uncertainty and the shock of FTX collapse pulled down domestic companies

Most of RFL lenders approve Rs 2.3k-cr OTS plan, on track to restart biz

Debt-ridden Religare Finvest Ltd (RFL) is hopeful of restarting its business operation in the New Year following the company's proposal of Rs 2,300 crore One Time Settlement (OTS) finding favour from most of the lenders. Once the OTS process is completed, RFL will come out of the Corrective Action Plan (CAP) imposed by the Reserve Bank of India in January 2018 due to its weak financial health. According to sources, 14 out of 16 lenders have signed the OTS agreement and the remaining two are expected to sign in a day or two, sources said. Query to RFL did not elicit any response in this regard. RFL, an NBFC arm of Religare Enterprises Ltd, owed about Rs 5,300 crore to the consortium of lenders led by State Bank of India (SBI). As part of the proposed OTS, the company in June 2022 deposited Rs 220 crore earnest money with the lead lender demonstrating its commitment towards RFL revival. The company and its promoter are ready to make payment during this month itself even though they

Parliament panel moots digital competition law to curb unfair biz practices

To curb anti-competitive practices in digital markets, a Parliamentary panel on Thursday proposed ex-ante regulations, category of systemically important digital intermediaries and a new digital competition law. Besides, the committee has asked digital market entities to desist from "anti-steering", "deep discounting", "self preferencing", "search & ranking preferencing" and other practices that will impact competition in the market. The suggestions are part of the Standing Committee on Finance's report on 'Anti-Competitive Practices by Big Tech Companies' tabled in Parliament on Thursday and comes against the backdrop of rising concerns over unfair business practices in digital markets. In its report, the panel has mentioned about the peculiar challenge posed by the winner-take-all markets where winners emerge within 3-5 years after the market starts to develop and the market tips in one direction by the time policies are formulated. "Therefore, the committee recommends that ...

Towards transformative BFSI workplaces

The BFSI edition of Most Preferred Workplace 2022-23 lauded organisations creating a culture of work excellence worthy of emulation

Call centres' response time to customers dipped in 2022, says report

Period taken to connect to business representative increased to 56 seconds, from 45 seconds in 2021

ICICI Bank raises Rs 5,000 crore through bonds to fund business growth

Private sector ICICI Bank on Monday said it has raised Rs 5,000 crore through bonds to fund business growth. The bank has allotted 50,000 senior unsecured redeemable long term bonds in the nature of debentures aggregating to Rs 5,000 crore on private placement basis, the date of allotment being December 12, 2022, it said in a regulatory filing. The bonds are redeemable at the end of 7 years (redemption date being December 12, 2029), it said. There are no special rights or privileges attached to the bonds, it added. The bonds carry a coupon of 7.63 per cent payable annually and were issued at par, it said, adding, the bonds would be listed in the relevant segment of the NSE.

Beijing's Covid gloom deepens as China relaxes curbs after protests

Anecdotal evidence suggests that many businesses have been forced to close as infected workers quarantine at home while many other people are deciding not to go out

MFI recovery, credit cost moderation key triggers for Bandhan Bank

Stock has sharply underperformed peers and is available at reasonable levels

Danfoss expects to double India business revenues by 2025: Official

Danfoss India, a leader in heating, ventilation and air-conditioning has set a target to more than double its India business revenues by focusing on its core business segments, the company said on Sunday. The company aims to garner revenues of Rs 5,000 crore by 2025 and as part of the growth strategy it has planned to strengthen its footprint across the country. For the calendar year 2022 the company expects to end with a revenue of more than Rs 2,000 crore. With a current presence of 56 cities, Danfoss India has envisioned to expand into over 80 plus cities, improve localisation of its products from an average of 50 per cent to 80-90 per cent. The company also has plans of introducing new innovative products focused on energy, food, health care, infrastructure and mobility sectors, the company said. "As a global organisation serving the world's energy efficiency needs for over nine decades now, we at Danfoss are deeply committed to India's de-carbonisation and sustainability ...

Women's Entrepreneurship Day: 5 women who are breaking the glass ceiling

As the world gears up to celebrate women in business, here is a look at five entrepreneurs in India who are breaking the glass ceiling

The $14 billion feud that splintered the billionaire Hinduja family

The family has now called a temporary truce, but the long-running and rancorous dispute has put at stake the future governance of the Anglo-Indian empire

Amul's Pashudhan is opening an alternative business for farmers, eBay style

In the "Pashudhan" tool of Amul's Milk Producers' app, the cattle rearers can upload pictures of their cattle and enter details like the day's milk yield and breed in order to sell them

Reliance Retail to expand biz in affordable toy segment through Rowan brand

Reliance Retail is expanding its business into the fast-growing toy sector through its brand Rowan to operate in the affordable segment with a smaller shop size. The company was running its toy distribution business through Rowan. It has now brought this homegrown brand to the front end by opening its first EBO (exclusive brand outlet) at Gurugram in NCR in the last quarter with a store size of 1,400 sq feet. Under this new format, Reliance Retail, the retail arm of Mukesh Ambani-led Reliance Industries, will have a range of affordable toys not only from the brand Rowan on its shelves but also from other brands, said an industry source. Reliance Retail also has the iconic British toy retail brand Hamleys in its fold. Hamleys is the world's oldest toy retailer and was acquired by Reliance in 2019, marking the first acquisition of a global retail brand by the company. Hamleys would continue to operate in the premium space, while brand Rowan would help Reliance Retail to tap the ...

Around Rs 40,000 cr of business expected during 2-days of Dhanteras: CAIT

Around Rs 40,000 crore of business is expected to be generated on this Dhanteras, which is spread over the weekend, on the back of positive consumer sentiment, the Confederation of All India Traders (CAIT) said on Saturday. Dhanteras, the first day of Diwali, is considered auspicious to buy new items, especially gold, silver jewellery, all kinds of utensils, kitchenware, vehicles, clothes and readymade garments, electronics, electrical goods among others. This year Dhanteras is spread over the weekend, with the muhurat beginning from 2 pm on Saturday till 6 pm on Sunday. "Around Rs 40,000 crores of business" is expected on two days festival of Dhanteras, CAIT national president B C Bhartia said in a statement. All India Jewellers and Goldsmith Federation national president Pankaj Arora said there is great enthusiasm among jewellery traders across the country regarding the sale of Dhanteras on Saturday and Sunday, for which the industry has made elaborate preparations. There is als

Indian economy's slow-but-steady activity awaits festive season boost

India's economy showed signs of slowing-but-steady growth last month, with businesses holding on to optimism that domestic demand will revive as the peak shopping season approaches

23% of SMBs remain closed in India as pandemic wanes, says Meta Inc

A Meta (formerly Facebook) survey of small- and medium-sized business (SMB) leaders in India has revealed that 23% of SMBs remain closed as the Covid-19 pandemic wanes

Morale of Twitter employees at all-time low with Elon Musk as boss

Elon Musk's intention to buy Twitter has hit the morale of employees at Parag Agrawal-led platform, as they aren't feeling great about what is actually coming at them after months of drama

Adani Enterprises announces establishment of two new subsidiaries

While Adani Disruptive Ventures aims to partner with businesses looking to create solutions through disruptive technology, Alwar Alluvial Resources will be engaged in minerals processing

CEOs rethinking strategies to hire, retain talent: KPMG 2022 CEO Outlook

KPMG's latest poll asked more than 1,300 CEOs of the world's leading companies about their hiring plans and expectations