India

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India’s insolvency resolution framework has truly arrived after a tortuous journey of three years. Banks will finally be able to keep out unscrupulous promoters with the law establishing the primacy of financial lenders on asset proceeds More than two years ago, the Reserve Bank of India ordered local banks to take Essar Steel and 11 other borrowers to ‘trials’ under a revamped bankruptcy law enacted in late 2016. The jury is fi…


The affidavit states that PMC Bank had submitted fraudulently manipulated data to RBI for sample checks In a detailed affidavit filed before the Bombay High Court on Tuesday, the Reserve Bank of India (RBI) has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank.The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, s…


Defence production and R&D will not make the desired leap unless MoD proactively supports the private sector in manufacturing and R&D, and revamps the DRDO. It is time the MoD tapped the entrepreneurial energies of the private sector to bridge the... Read more at://economictimes.indiatimes.com/articleshow/72136590.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


The move will result in significant savings in cost and time and help further improve India's ranking in the World Bank's Ease of Doing Business index Indian Customs could see consignment clearance time fall from 12 hours to 12 minutes. The government is set to introduce a seamless automated facility with zero human intervention next month, using blockchain, machine learning, and artificial intelligence. Machine clearance will initially be introd…


The companies include Haldiram's Snacks, JK Cement (Aligarh), Silverton Pulp and Papers and SLMG Beverages The Uttar Pradesh government on Tuesday picked seven companies to offer concessions under a policy that encourages industries that generate employment. The companies will invest a total of Rs 2,862 crore in the state and offer jobs to 7,592 people, a government statement said. At its meeting, the UP cabinet approved a proposal to send letter…


 Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors. The Indian conglomerate’s market capitalization was about $133 billion, overtaking the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billion…


Six Tata trusts had their registrations cancelled & will now challenge the order before ITAT The six Tata trusts that had their registrations cancelled by the income tax department in October will challenge the order before the Income Tax Appellate Tribunal (ITAT), arguing that they collectively hold less than 10% of Tata Sons, the conglomerate’s holding company. Top trust officials close to the development said the six entities did not…


The latest Road Accidents report shows that 1,51,417 people died on Indian roads in 2018. If the new Motor Vehicles Act is implemented strictly, that number will plummet It is unlikely but not inconceivable that some day, Indians will watch a late evening television address by their Dear Leader telling them that at the stroke of the midnight hour, when the world sleeps, they will have to start driving on the right side of the road. Perhaps, this…


State govt cancelled clean energy projects in July, citing wrong bidding Leading global financiers have warned the Indian government, through the Ministry of External Affairs (MEA), that they might drag Andhra Pradesh (AP) to international arbitration for cancelling clean energy projects. These were scrapped by the state government in July, citing wrongful bidding. Sources in the government said several countries had reached out the MEA, expressi…


The Reserve Bank is closely monitoring the situation at the bank and a forensic audit is underway, governor Shaktikanta Das had said earlier amid persisting uncertainty over depositors' funds Senior officials of scam-hit PMC Bank used special codes to hide hundreds of dummy loan accounts of HDIL, to which the bank had over 73 per cent of its loan exposure, the Reserve Bank informed the Bombay High Court on Tuesday. In an affidavit, the RBI also s…


In its avatar as a bank, microlender Bandhan Bank Ltd has managed to give investors enough to cheer. Its operating metrics have been robust and analysts expect the acquisition of Gruh Finance Ltd to add to its growth rate. For the September quarter, Bandhan Bank reported a 38% growth in net profit on a sequential basis. It now boasts profits higher than all listed public sector banks put together. The acquisition of Gruh Finance, althou…


National retail framework for small stores on cards The proposed exercise is aimed at consistency, simplification & low compliance burden to cuty costs India is preparing a national retail framework for small neighbourhood stores to ensure they can better cope with competition from ecommerce platforms, which have been gaining ground. The programme could include one-time registration fees, soft loans for working capital and support to adopt el…


2019-11-20

Broker's call: Gabriel India (Sell) In Q2-FY20, Gabriel India’s revenue declined by 12.7 per cent y-o-y to ₹472.70 crore on account of 39 per cent/27 per cent y-o-y decline in PV and CV segments. However, 2W revenue grew by 3 per cent y-o-y. Growth in two-wheeler segment was on account of increase in market share of TVS and addition of other successful models like Jawa, RE twin models and Suzuki models.....


2019-11-19

The number of Indian tourists travelling to the GCC is expected to increase 81 percent from 5.4 million in 2018 to 9.8 million in 2024, growing at a Compound Annual Growth Rate, CAGR, of 10 percent, according to the latest data published ahead of Arabian Travel Market, ATM, 2020. As destinations throughout the Middle East prepare to showcase their latest offering at ATM 2020, which is set to be held at the Dubai World Trade Centre in April 2020, …


Most highly rated companies are enjoying rate benefit of more than 150 basis points in their working capital raised from the market The working capital cost for India’s top-rated companies has fallen significantly since the IL&FS-induced credit crisis a year ago. They are now raising money very close to the overnight repo rate, as liquidity improves in the banking system to more than Rs 2.5-trillion surplus. Rates on AAA-rated papers up…


The idea is to promote modern agricultural practices and marketing methods among smallholder farmers to help them become agri-entrepreneurs and running their own Better Life Farming centres to empower their local farming communities Bayer CropScience, one of the leading crop protection sciences and seeds companies operating in India, has launched Better Life Farming, an initiative to empower 2.5 million Indian smallholder farmers by 2025 through …


The implementation of the goods and services tax (GST) in a large and diverse federal country ruled by different political parties is a remarkable achievement. Almost all the 166 countries that have implemented GST in one form or the other have taken considerable time to stabilize the value-added tax that has been seen as a money machine and an appropriate instrument to offset revenue losses from reducing tariffs. In India, the tax has …


Huge discounts and extended warranty have attracted consumers looking for value buys Maruti SuzukiNSE -0.42 % is witnessing a sudden surge in demand for its diesel models, compelling the maker of the Vitara Brezza and Dzire to ramp up production of some of the variants that it plans to phase out before the new emission standards come into effect in April.Huge discounts and extended warranty that the company is offering to clear the inventory of B…


Domestic airlines flew 1.23 crore passengers in October this year registering a 4 per cent growth over 1.18 crore passengers flown in October 2018. The latest data released by the Directorate General of Civil Aviation shows that IndiGo carried 58.42 lakh of the 1.18 crore passengers flown in October this year followed by SpiceJet (20.05 lakh) and Air India (15.47 lakh)......


A steel producer said lower prices would hopefully support the auto sector For the automobile sector reeling from slowdown, there could be some breather from steelmakers lowering contract prices by 11-14 per cent for the second half (H2) of the financial year (2019-20 or FY20). Some have already sealed half-yearly contracts for the auto segment; others are in the process of finishing them. “The auto industry is an important stakeholder for …


 The benchmark indices Sensex and Nifty have started the day bullish with Sensex and Nifty rising 0.13% each. Sensex opened at 40,455.36 against the last closing value of 40,284.19 and Nifty started the day at 11,919.45 against the previous closing value of 11,894. Market experts said domestic market currently goes through an indecisive period of trade having rallied well in the last 2 month, post the Q2 results. Globally, investors are awai…


Wingreens Farms Pvt Ltd, a food and beverage company, has raised ₹125 crore in a Series B round led by Zurich-based private equity fund responsAbility Investments AG, the company said. Existing investor Sequoia India also participated in the round. Incorporated in 2011 by Anju Srivastava and Arjun Srivastava, Wingreens’ products include dips, spreads, sauces, and bakery products. Wingreens products are available in over 140…


Jeff Bezos, the Amazon chief is said to be worried about the changing eCommerce rules in India Jeff Bezos, the founder of Amazon, will visit India in January when he is likely to meet Prime Minister Narendra Modi. During his visit he will kick off the US retailer’s annual event around small and medium enterprises, which are perceived to be hurt by deep-pocketed ecommerce companies.The world’s largest online retailer is said to be worr…


Women make up only 14% of entrepreneurs in the country. But things are slowly changing Varuna Anand, a Jammu-based textile designer, began her journey as an entrepreneur in 2011, when she was 42 years old. But things took a different turn when her husband passed away in 2012 and she had to single-handedly manage the handcrafted shawl company, called The Splendour of Kashmir, while taking care of her children. “I started with only two shows…


ASCENDAS India Trust (a-iTrust) is launching a private placement of at least 66.3 million units at an issue price of between S$1.465 and S$1.508 to raise gross proceeds of at least S$100 million. This is to fund its potential investment in a business park in Bangalore, its trustee-manager said in a regulatory filing. The issue price represents a discount of between 2.9 and 5.7 per cent to the volume-weighted average price of S$1.5538 per unit for…


Bringing ATF under the Goods and Services Tax (GST) has been a long pending demand of the airline industry With strong fundamentals, India's civil aviation sector is in its "golden age" and there is also healthy competition among domestic carriers, IndiGo CEO Ronojoy Dutta has said. Interestingly, the country's civil aviation sector has been experiencing lower growth in traffic compared to previous years an…


Tata Sons chairman N Chandrasekaran's comments came a day after a media report said that half of the thermal power plants in the country the largest source of power are shutting down Tata Sons chairman N Chandrasekaran on Sunday pitched for the privatisation of power distribution companies, and also for ensuring that every generation plant is operational to help the power sector. Without prescribing any solutions, he said stress in the telecom se…


I am the karta of a Hindu Undivided Family (HUF) along with both my sons, who have two children each. Can I use HUF funds to give gifts to my children and grandchildren? Can I draw interest-free loan from it? If both of the above are allowed, then what are the tax consequences? —Name withheld on request From an income tax perspective, there is no restriction on giving gifts to members of the HUF and receiving i…


NBCC and Suraksha Realty have submitted their revised bids to acquire Jaypee Infra under insolvency process State-run construction company NBCCNSE 0.27 % and realty developers Suraksha Realty have submitted their respective revised bids to acquire debt-stressed Jaypee InfratechNSE -4.00 % under the insolvency process.Suraksha Realty has upped its offer to Rs 7,900 crore to lenders and possession in 3 years to over 22,000 homebuyers. In the earlie…


The centre has initiated development projects worth ₹50,000 crore in the Union Territory of Ladakh, according to Home Minister Amit Shah. Speaking at an event to mark the launch of special winter-grade diesel for Ladakh, Shah said that the Government of India has initiated a number of development projects for Ladakh in power, including solar energy, education and tourism, at an estimated investment of ₹50,000 crore. He said that kee…


New scheme likely for wholesale at Rs 25 lakh; proposals could figure at RBI board meet Bank deposit insurance in the country may be split into two categories, with retail cover being raised to Rs 5 lakh, from the current level of Rs 1 lakh; and a new scheme being introduced for wholesale depositors at Rs 25 lakh. When given effect, it will be the first upward revision in deposit insurance after 1993. The last reset was on May 1, 1993, after the …


Taking a long-term view of the Indian economy, Gates said the country has the potential for "very rapid" economic growth over the next decade which will lift people out of poverty and allow the government to invest in health and education priorities in an 'exciting way' Billionaire philanthropist and Microsoft co-founder Bill Gates has said  India has the potential for "very rapid" economic growth over the next decade which will lift people …


Leading commercial property developers in India such as DLF Ltd, Prestige Group, Embassy Group, RMZ Corp., K Raheja Corp. are looking to raise funds to expand their portfolio, pare debt and monetize their assets at a time of high institutional investor interest in office projects. The companies are looking to raise equity as well as debt, either through private equity (PE) firms and global investors, or through a real estate investment …


To increase the flow of foreign funds, govt may ease restrictions on FDI by JVs or WOS of an Indian company In a bid to ease the flow of foreign funds into legitimate business activities, the government may soon ease restrictions on foreign direct investment (FDI) by joint ventures (JVs) or wholly-owned subsidiaries (WOS) of an Indian company without categorising such investments as "suspect" involving 'round tripping' of funds.The existing legal…


According to the latest depositories data, overseas investors infused a net amount of ₹14,435.6 crore into equities and ₹4,767.18 crore into the debt segment Foreign portfolio investors (FPIs) pumped in a net sum of ₹19,203 crore into the domestic capital markets in the first half of November amid encouraging domestic and global factors.....


Essar Steel, Adani Group and state-owned GAIL have bought majority of natural gas from Reliance Industries’ newer fields in the KG-D6 block at an indicative price of $ 5.04 - 5.16 per unit, industry sources said. Essar Steel picked up 2.25 million standard cubic meters per day or about half of the available volumes in the day long auction conducted on November 15. Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group, M…


Fumes over creditor panel giving more time for bidding at Rjio’s request Bharti Airtel has withdrawn its bid to acquire the assets of Reliance Communications after lenders agreed to extend the deadline for submitting the bids by 10 days. The extension was given on the request of Reliance Jio. According to Airtel, such a move was unfair as the lenders had earlier rejected its request to extend the deadline. In a communication to the resolut…


The sheer enthusiasm, vigour, and even artificially fuelled excitement-funding-blinds the typical entrepreneur of the planning imperative One of the worst advises to be given to an entrepreneur is ‘just do it’, and yet it remains as one of the most offered. There are more upstarts that have doomed by just doing it than those who haven’t. The sheer enthusiasm, vigour, and even artificially fuelled excitement (read funding) blinds…


From stepping foot in New York, Cambridge, Dublin, London, Australia, the world is surely his stage with live shows all across the globe. But the firecracker didn’t have this fine start from day one. His weirdass journey has been nothing less than a rollercoaster where he found himself and the ways to have fun to make himself ready for his next success. There is a time in everyone’s life where we are struggling to make ends meet, and …


A defence official said this was the first time that the sophisticated missile was testfired at night India on Saturday conducted successfully the first night trial of 'Agni-II', its versatile surface-to-surface medium range nuclear capable missile from Dr Abdul Kalam Island off Odisha coast, defence sources said. The missile has a strike range of 2000 km, the sources said soon after it blasted off from a mobile launcher at the Launch Complex-4 o…


With regard to deposit guarantee insurance limit hike, Sitharaman said it may not be part of cooperative bank legislation but part of some other laws In a relief for crores of depositors, Finance Minister Nirmala Sitharaman on Friday said the government would bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh  in the wake of fraud in PMC Bank. The RBI in September imposed restrictions on the lender afte…


To safeguard the interest of workers in formal sector, particularly working class, the Centre is planning to introduce ‘One Nation, One Pay Day’ system, Labour Minister Santosh Gangwar said on Friday. “There should be a pan-India single wage day every month across various sectors to ensure that workers get timely payment of salaries. Prime Minister Narendra Modi is keen on this legislation to get passed soon. Similarly, we are a…


The new consensus among experts is that India's economy is deflation-bound A long-held belief of analysts in India is that the economy is supply-constrained. Demand isn’t even worth a footnote, while a temporary squeeze in the onion market deserves obsession because it could be inflationary.It’s increasingly obvious that this view is outdated. In October, inflation quickened more than expected to 4.62% because of, yes, an onion shorta…


Of the recent high-profile SC judgments, the one that got the least media attention was the most far-reaching Of the recent crop of Supreme Court verdicts, the one that got the least media attention, striking down the merger and reconfiguration of assorted tribunals, was the most consequential for India’s democracy. The Ayodhya verdict got the most attention, naturally.While the Supreme Court managed to salvage a judicial verdict, albeit ba…


Anil Ambani has resigned as the director of Reliance Communications. The move comes even as lenders to the telecom company are looking to sell RCom assets. The company is now being managed by a resolution professional.  Ambani's resignation marks the end of his telecom ambitions. Anil had got the telecom venture as part of an agreement with his elder brother Mukesh Ambani to settle a family dispute between the two. Mukesh later started his o…


Renowned sand artist Sudarsan Pattnaik received the Italian Golden Sand Art Award 2019 at a ceremony in Rome. Neeharika Singh, Deputy Chief of Mission, represented the Embassy of India at the award ceremony on Friday and Pattnaik later called on Ambassador Reenat Sandhu, who congratulated him on his achievements. I feel very glad and honoured to receive this prestigious award, said Pattnaik, the famous sand sculptor from Odhisa......


Says media reports misquoted him; expresses Voda’s continued commitment to India Vodafone Group has apologised to the Indian government about the comments on some media reports, which the company said misquoted its CEO and added that Vodafone ‘remains invested in India’ as it is a key growth market for the company. Sources from the government told BusinessLine that government at higher levels showed their displeasure …


Blames lack of it for elevated levels of NPAs, capital shortfalls, fraud Reserve Bank of India governor Shaktikanta Das called for stronger corporate governance at state-run lenders to make the country’s banking sector more efficient. Describing the lack of strict governance as the “elephant in the room”, Das said this had led to elevated levels of non-performing assets, capital shortfalls, fraud and inadequate risk ma…