Page 3846 - Business Finance
Govt appoints non-executive chairpersons at 3 PSBs
The finance ministry today appointed non-executive chairpersons at Punjab and Sindh Bank, Dena Bank and Central Bank of India, as part of its agenda to reform public sector banks. Public sector banks (PSBs) have been plagued by mounting bad loans and massive losses. Several scams, including the USD 2 billion fraud at PNB, too have been unearthed in banks. "As part of banking reforms and on recommendation of Banks Board Bureau (BBB), the government appoints Charan Singh, Anjali Bansal, and Tapan Ray as non executive chairperson of Punjab & Sind Bank, Dena Bank and Central Bank of India, respectively," said Financial Services Secretary Rajiv Kumar in a tweet. Charan Singh has served at IMF as senior economist and at Reserve Bank of India as director. Anjali Bansal is founder of Spencer Stuart's India and had worked with McKinsey and Company. Tapan Ray has served as Secretary in the Ministry of Corporate Affairs. Meanwhile, source said top level changes are expected soon at several ..
FPIs remain net sellers
Net outflow of Rs 254.92 crore on 23 May 2018
With 5k new filling stations, 1 cr CNG vehicles on Indian roads by FY25 possible: Report
India could have one crore CNG vehicles on the roads by 2024-25 if an additional 5,000 filling stations are added, thereby providing answers to calls for alternative sustainable and eco-friendly mobility, according to a report. According to the report by Nomura Research Institute (NRI) Consulting, scaling up the total number of CNG stations from the current 1,349 to 5,000 could also result in crude oil imports saving by around Rs 95,000 crore by FY2024-25. The estimated one crore CNG vehicles by 2024-25 will include passenger vehicles, three-wheelers and busses, according to the report. "At present, the existing CNG stations in India support around a total of 30 lakh CNG vehicles and we are way below the global standards," NRI Consulting and Solutions Partner Ashim Sharma said. Speaking on the sidelines of NGV India Summit by Messe Frankfurt, he said as per global standard one CNG station would cater to 1,500 vehicles only. "Once we add 5,000 new CNG stations by FY25, we could be ...
China extends currency swap deal with Pak
China today extended currency swap agreement with Pakistan amid reports that Beijing has given a USD one billion loan to Islamabad to avert a foreign currency crisis. The People's Bank of China, the country's central bank, said today it had extended a currency swap agreement with the State Bank of Pakistan. The swap is sized at 20 billion yuan (USD 3.1 billion) or 351 billion Pakistani rupees, according to a statement from the bank. The two parties believe the extension will facilitate bilateral trade and investment to help economic development in the two countries. Valid for three years, the agreement can be extended upon mutual consent. A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to financial markets, state-run Xinhua news agency reported today. In an interview with The Financial Times, the State Bank of Pakistan Governor Tariq Bajwa ...
ESC prepares strategy paper to boost exports to $ 178 bn by 2022
Electronics and Computer Software Export Promotion Council (ESC) has prepared a strategy paper to boost exports to USD 178 billion by 2022, the commerce ministry said today. Releasing the paper here yesterday, Commerce and Industry Minister Suresh Prabhu stated that the government of India will extend all support to the industry for intensifying the exports to traditional markets and explore new areas, including Africa, Latin America and Commonwealth of Independent States (CIS). He said that the government is taking proactive steps for making ICT (information and communications technology) exports more vibrant and to motivate more units to focus on exports. The strategy paper highlights the need for some policy level changes that are critically needed, such as resolving visa problems with the US, greater access of professionals to European countries and setting up of incubation centres in major IT hubs. The paper has also stated that for markets like Africa and Middle East, a ...
Big revival in business sentiment in Punjab; projects worth Rs 1.2 lakh crore under implementation in state: ASSOCHAM
Most of the under implementation projects are in the services sector (other than financial) that constitute 45.1 percent of outstanding investment in 2017-18, followed by construction and real estate with 26.1 percent and manufacturing sector with 20.9 percent, said the study titled 'Analysis of Punjab: Economy, Infrastructure and Investment,' conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Tata Motors shares tank nearly 7%; m-cap drops by Rs 5,861 cr
Shares of Tata Motors today ended with nearly 7 per cent loss, wiping-out Rs 5,861 crore from its market valuation, after the company reported 49.82 per cent decline in consolidated net profit for the March quarter. The stock dropped 6.56 per cent to settle at Rs 288.95 on BSE. During the day, it slumped 7.93 per cent to Rs 284.70 -- its 52-week low. On NSE, shares of the company slumped 6.33 per cent to close at Rs 289.85. The company's market valuation also fell by Rs 5,861.06 crore to Rs 83,429.94 crore. In terms of equity volume, 32.61 lakh shares of the company were traded on BSE and over four crore shares changed hands on NSE during the day. The stock was the top loser on both key indices during the day. The homegrown auto major yesterday reported 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one-time impairment charge. It had posted ...
Jet's stocks crash on net loss, auditors' doubts
A day after the airline major Jet Airways' auditors red-flagged its future plans on cost reduction and fund mobilisation to avert "uncertainties" created by a net loss and negative net worth, the company's stocks crashed by over 7 per cent on Thursday.
Logistics sector to create 3 mn new jobs over next 4 yrs: Report
The logistics sector in India is likely to create 3 million new jobs over the next four years largely driven by GST implementation and significant investment in infrastructure, says a TeamLease report. According to the report, seven sub-sectors -- road freight, rail freight, warehousing, waterways, air freight, packaging and courier services -- are likely to result in 3 million new jobs, upping the employment numbers in the sector from 10.9 million at present to 13.9 million by 2022. The report titled 'Indian Logistics Revolution - Big Bets, Big Jobs', noted that 1.89 million incremental jobs are likely to be created in the Road Freight, while the Rail Freight sub-sector will create 40,000 incremental jobs, Air Freight will create 400,000 incremental jobs, and Waterways will create 450,000 incremental jobs. Some of the growth drivers for this sector include public investment of Rs 6 lakh crore, infrastructure status accorded to the logistics sector in 2017, GST implementation as this .
Hope to turn profitable in FY'20, not before: BSNL CMD
State-owned BSNL says it is likely to swing into profit in financial year 2019-20, a year later than previously estimated, as stiff competition has squeezed margins. According to BSNL Chairman and MD Anupam Shrivastava, "market disruption" and fall in tariffs have dashed hopes of clocking profit in 2018-19 and BSNL intends to focus sharply on gaining subscriber market share and growing enterprise business to protect revenue over the coming quarters. "In this financial year, it won't be possible...because the market has disrupted a lot and many companies are in red. We hope that in 2019-20 we will be able to swing into net profit," Shrivastava told PTI when asked about BSNL's previous estimates of becoming profitable in 2018-19. BSNL, which offers mobile, landline and broadband services across India (except Delhi and Mumbai where MTNL operates) is yet to announce 2017-18 financial results. Shrivastava said BSNL had gained market share at a time when rival private operators had seen ...
Xiaomi launches Mi Credit in India
Handset maker Xiaomi today said it has launched Mi Credit, using which its users can apply for loans. "Mi Credit is currently available in partnership with KreditBee, an instant personal loan platform for young professionals. Currently, Mi Credit is available only for MIUI users (except Mi A1) where KreditBee is offering loans from Rs 1,000 up to Rs 1 lakh," Xiaomi said in a statement. The loan process can be initiated in less than 10 minutes with KYC verification, it added. "MIUI functions as an open platform for us to deliver our wide range of internet services, such as content, entertainment, financial services and productivity tools. Mi Credit is another big step in bringing an important internet service to India," Xiaomi Vice President and India Managing Director Manu Jain said. ***** UrbanClap partners Ikea for furniture assembly service * UrbanClap today said it has collaborated with Ikea as the furniture assembly service partner for the Swedish brand in Hyderabad. "As part of
Neuland Laboratories to allot 16.75 lakh equity shares
Under QIP issue
Value buying lifts equity indices; banking, IT stocks surge
Value buying lifted the key equity indices on Thursday, after they slumped around one per cent in the previous session.
Airtel Payments Bank appoints ex-ICICI executive A Biswas as MD, CEO
Airtel Payments Bank today said that it has appointed former ICICI Bank senior executive Anubrata Biswas as its Managing Director and CEO. We are delighted to have Anubrata on board. I am confident that his experience will add immense value to the bank's agenda of financial inclusion and digital leadership. I wish him the very best for his new assignment, Airtel Payments Bank, Chairman, Sunil Bharti Mittal said in a statement. In his new role, Biswas will be responsible for driving Airtel Payments Bank's mission of taking convenient and innovative digital banking services to the doorstep of every Indian, the statement said. Prior to joining Airtel Payments Bank, Biswas was the joint general manager and retail business head - South India, for ICICI Bank and was responsible for managing the retail banking business across over 550 branches of the bank. The appointment of Biswas comes five months after the exit of Shashi Arora, the first MD and CEO of Airtel Payments Bank. The resignation
AkzoNobel Specialty Chemicals expands organic peroxide capacity in India
AkzoNobel Specialty Chemicals has broken ground on a project to expand production capacity and upgrade its organic peroxides facility in Mahad, India. Organic peroxides are essential for the manufacture of a wide range of polymer-based products including athletic shoe soles, wind turbines and PVC pipes used in the construction industry.The €4 million investment will increase capacity by 80 percent, and will provide a platform to meet growing demand from customers in India and the Middle East. In addition, a new waste water management system will make the process more environmentally sustainable. The expansion is expected to be completed by the end of 2018."This is the latest in a series of organic peroxide investments to better serve our customers by upgrading technologies and increasing production capacity," says Johan Landfors, Member of the Executive Committee responsible for Polymer Chemicals."This expansion will allow us to build on our strong presence in numerous organic ...
Refer to these 4 platforms for helping Entrepreneurs/SME' enhance their businesses
The emergence of small and medium enterprises (SMEs) in India has seen rapid expansion, particularly with the advent of advanced technology.However, scaling the business is one big challenge faced by emerging entrepreneurs. The scaling of businesses necessarily doesn't mean revenue growth but depends on other factors like decent sales and marketing of the brand, procurement of goods, understanding the market and corporate compliances etc.Budding entrepreneurs need not worry as there are a couple of platforms which can help them enhance their ventures by offering workstations- laptops, desktops and IT equipment on rent, capital, training in digital marketing, etc.Here are 4 platforms that are helping entrepreneurs scale their businesses:IndiaMart: IndiaMART is India's largest online marketplace, connecting buyers with suppliers. The company provides a platform to over 5 million sellers to connect with over 45 million buyers to search from over 43 million products. Founded in 1996, the .
Airtel Payments Bank appoints Anubrata Biswas as MD & CEO
Airtel Payments Bank on Thursday announced appointment of Anubrata Biswas as its Managing Director & CEO.In his new role, Anubrata will be responsible for driving Airtel Payments Bank's mission of taking convenient and innovative digital banking services to the doorstep of every Indian."We are delighted to have Anubrata on board. I am confident that his experience will add immense value to the bank's agenda of financial inclusion and digital leadership. I wish him the very best for his new assignment," said chairman, Airtel Payments Bank, Sunil Bharti Mittal.Anubrata brings with him rich experience of over 17 years in the banking sector. Prior to joining Airtel Payments Bank, he was the Joint General Manager and Retail Business Head - South India for ICICI Bank and was responsible for managing the retail banking business across over 550 branches of the bank.During his 17 year stint with ICICI, Anubrata has held several senior level positions, both in India and overseas. He has ...
ESAF Small Finance Bank posts Rs 27 Cr profit in first year of
Kerala-based ESAF Small Finance Bank has posted a profit of Rs 27 crore in the first full year of operations ended March 2018. The bank's Managing Director & CEO K Paul Thomas while announcing the audited financial results highlighted that the total income earned is Rs 699 crore for the year. With a client base of 2.3 million it has crossed Rs 2,500 crore deposit base, Rs 4,100 crore loans and advances and total business of Rs 6,600 crore within one year of operations. The micro banking assets crossed Rs 4,050 crore and the retail banking assets stood at Rs 50 crore, a bank statement said here. Thomas said the bank plans to achieve Rs 7,000 crore deposits, Rs 8,000 crore loans and advances, Rs 15,000 crore total business, 200 new retail banking outlets, 125 new ATMs across the country before the end of the financial year 2018-'19. ESAF Small Finance Bank also plans to cover five more states in the North East and Central India region soon, he said. As on date, ESAF ..
Sensex ends higher; IT stocks lead
(Reuters) - Indian shares ended higher on Thursday as IT stocks such as Infosys Ltd and Tata Consultancy Services Ltd (TCS) gained on the back of a weaker rupee.
Zydus Wellness Q4 net rises 22 pc to Rs 36 cr
Zydus Wellness today reported a 21.93 per cent increase in consolidated net profit at Rs 36.25 crore for the quarter ended March 2018. The company had posted a net profit of Rs 29.73 crore in the same period a year ago. Its total revenue stood at Rs 141.12 crore for the quarter under review. It was Rs 130.51 crore for the corresponding period of the previous fiscal, Zydus Wellness said in a BSE filing. Zydus offers brands such as Sugar Free, Nutralite, Everyuth and Actilife. Zydus Wellness shares today closed 0.02 per cent higher at Rs 1,255.05 apiece on the BSE.