Business News

by -
0 55

Press Trust of India, New Delhi, Aug 24 (PTI) :Shares of Infosys today surged by nearly 3 per cent on stock exchanges amid reports that co- founder and former CEO Nandan Nilekani may come back to the board of the IT major.
The stock soared 2.71 per cent to an intra-day high of Rs 918.80 on the BSE. It had opened at Rs 907.
On the National Stock Exchange (NSE), the scrip jumped by 2.85 per cent to the day’s high of Rs 918.25.
The surge comes a day after as many as 12 fund managers, representing institutional investors at Infosys, have suggested bringing Nilekani back on the board of the IT major to restore confidence of stakeholders and help resolve the leadership crisis.
This is the second major pitch for Nilekani after an investor advisory firm IiAS said the co-founder, who had served as CEO between March 2002 to April 2007 and later went on to head the UIDAI, should be brought back on to the Infosys board as its non-executive chairman.
The 12 fund mangers, in a joint letter according to sources written to Infosys chairman, among others, said Nilekani enjoys confidence of various stakeholders, including customers, shareholders and employees.
“Given his credentials, we feel that his joining the board at this stage will restore confidence of stakeholders in the company and also facilitate resolution of the contentious issues that Infosys is facing presently. We do hope that you will consider the above and do the needful,” said the signatories of the letter.
The company’s stock had crashed 10 per cent last Friday after shock exit of Vishal Sikka as CEO and 5 per cent more on Monday despite a share buyback announcement on Saturday.

by -
0 83

New Delhi, Aug 3 (PTI) :The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today.

Businesses can start filing their first GST returns and pay taxes for July on the portal of GST Network — the IT infrastructure provider for the new indirect tax regime, beginning August 5, he told PTI here.

To make compliance easy for businesses, the GST Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST rollout.

So, the GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) portal by filling up GSTR 3B form.

“We will start the facility of filing interim returnform GSTR 3B by August 5 and any registered entity who has transacted business in July will have to file the return by August 20,” Kumar told PTI.

GSTN has tied up with 25 agency banks authorised by the RBI to collect taxes, he said.

“We have tied up with all major banks, both private and public. The facility for tax payment is already on andIntegrated GST is being collected. Along with filing of returns by August 20, payments for central and state GST will also come in,” said Kumar, in-charge of the biggest technology backbone created for the new indirect tax regime.

Over 71.30 lakh excise, service tax and VAT payers have migrated to the GSTN portal with 13 lakh fresh registrations.

The final GST returns for July will have to be filed by these businesses by September 5 instead of August 10.

Companies will have to file sale invoice for August with GST Network by September 20 instead of September 10earlier.

The sales returns for September will have to be filed by October 10.

by -
0 98

New Delhi, Aug 3 (PTI) : Finance Minister Arun Jaitley today defended the State Bank of India’s decision to cut the interest rate on saving accounts of less than Rs 1 crore, saying the move was in sync with the reduction in lending rate.

Responding to a Zero Hour mention of the SBI’s decision to cut the interest rate on saving accounts with less than Rs 1 crore deposit to 3.5 per cent from 4 per cent, he said to protect the interests of senior citizens, the government has already floated a deposit scheme that guarantees 8-plus per cent interest rate.

High-interest rate on savings and fix deposits was during a time when inflation was 10-11 per cent and sluggishness was setting in the economy. So when the lending rate came down, so did savings account, Jaitley said.

He said for senior citizens and retired persons, the government has bought a pension scheme that guarantees 8 per cent interest rate.

Prime Minister Narendra Modi had announced the Pradhan Mantri Vyaya Vandana Yojana (PMVYY) in December last year which was launched in May.

“The effective rate comes to 8.3 per cent,” he said, adding that the scheme is managed by LIC.

To opposition demand for a discussion on sluggish in economy and job losses, he said all issues the opposition want can be discussed and debated if they allow the House to function from 11 AM to 6 PM every day.

Earlier, Derek O’Brien (TMC) raised the issue through a Zero Hour mention saying the SBI reasoned the decision to Rs 1.5 lakh crore moving into the banking system after demonetisation of old 500 and 1000 rupee notes. There was no pick up in borrowing and economic activity was low, he said.

Stating that 90 per cent of saving bank deposits are of less than Rs 1 crore, he said the move to cut interest rate has affected the small depositors, senior citizens and pensioners the most.

Fixed deposit rate three years ago was 9-10 per cent, which has now fallen below 6 per cent, he said.

With low-interest rate, the alternate chit funds will open up, he said. “This decision will increase infiltration of chit funds.”

Raising the Pearl Chit Fund case, he said who were the people in the government in Delhi and Punjab supporting the chit fund.

O’Brien said 1.5 million jobs have been lost after demonetisation and even NITI Aayog vice chairman Arvind Panagriya has resigned and returning to the US.

The government, he charged, is not able to recover Rs 7 lakh crore NPA with big corporates and is hurting common people with such decisions.

Jaitley said the NPA issue can be discussed when a banking amendment bill comes up for debate in the House.

Naresh Agarwal (SP) said not just the saving bank interest rate, but that of small saving schemes, PF, Kisan Vikas Patra, senior citizen deposits and PPF have also been reduced.

Chandrapal Singh Yadav (SP) raised the issue of villagers not getting compensation for agriculture land and their residential plots being taken away by army cantonment.

Kahkashan Parween (JD-U) raised the issue of accumulating silt in Ganga river causing flash floods in Bihar.

The silt is blocking the flow of water and the river is changing course, she said, adding that the Bhagalpur Engineering College may well be under water soon due to this.

by -
0 101

Source : Press Trust of India

New Delhi, Aug 2 : Major Tata group firms, including Tata Motors, Tata Steel and Indian Hotels, have relied on annual reports to tell their shareholders that allegations of breach of corporate governance norms levelled by Cyrus Mistry were incorrect and made without exercising proper care.

Mistry, who was sacked as Chairman of Tata Sons — the promoter of major operating Tata companies — in October last year, had cited specific instances pertaining to different companies to raise ethics and corporate governance lapses.

He had raised issue of Tata Motors being unable to shut down loss-making Nano project due to “emotional reasons” involving Ratan Tata.

Closing the project which had a peak loss of Rs 1,000 crore would have also stopped the supply of “gliders” to an entity that makes electric cars in which Tata had a stake, Mistry had alleged.

Without specifically referring to the issue, Tata Motors in its annual report for 2016-17 said: “Allegations against your company and its governance were incorrect and such statements were made without exercising proper care”.

Tata Steel also refuted Mistry’s claims that Ratan Tata’s ego led to “overpayment” for UK steelmaker Corus.

“The acquisition of Corus was based on the long-term strategy of the company to pursue growth through international expansion and enhance the portfolio of value-added products,” the company said in its annual report for 2016-17.

The company’s board discussed the acquisition proposal and financing requirements at various meetings held between October 12, 2006 and April 17, 2007 and approved the same without dissent from any of its member, it added.

Similarly, in its annual report for 2016-17, Tata Power said there were “allegations made regarding the ethics and governance of the company” and “we categorically deny these references…”

On questions raised by Mistry “with respect to certain contracts which had been awarded by the company”, Tata Power said the current management has reviewed the old contracts awarded and confirmed that due process had been followed.

“The management has since then submitted to the Audit Committee a white paper on the subject, duly confirming that the company has not been subjected to any commercial deterrent or loss, over the period of such contracts,” Tata Power said.

 

Although the company’s Audit Committee has asked internal auditors to study the records and answer certain queries, the findings of which are awaited, the “management is of the view that the allegations are incorrect”, it added.

On Mistry’s allegations of aggressively bidding for Mundra project, Tata Power said queries related to it have been appropriately responded to.

In the case of Indian Hotels Company, allegations were made in relation to certain acquisitions, divestments and the financial condition of the company.

The company in its annual report said the acquisitions were made “with the aim of promoting the ‘Taj’ brand and to expand the business and operations of the company.”

With regard to questions raised about the acquisition of the Sea Rock property by the company, Indian Hotels said the acquisition was of strategic importance to the company, due to variety of reasons, including the unique location of the property, synergy with the existing Taj Lands End Hotel and economies of scale.

“…allegations by Cyrus P Mistry in the various proceedings, representations and public statements against your company and its governance were incorrect and such statements were made without exercising proper care,” Indian Hotels said in its annual report for 2016-17.

by -
0 52

Source : Benny Antony / DH News Service
Mumbai , Aug. 2 : Blaming the banks once again for not passing on the entire benefits of rate cuts to borrowers, RBI deputy governor Viral Acharya said that the central bank is considering a new benchmark for better rate transmissions.
“The experience with the marginal cost of funds based lending rates (MCLR) system introduced in April 2016 for improving monetary transmission has not been entirely satisfactory. RBI has constituted an internal study group across several clusters on various aspects of the MCLR system and to explore whether linking of the bank lending rates could be made direct to market determined benchmarks going forward,” Acharya said while addressing media persons after the announcement of the third bi-monthly monetary policy.
The group will be submitting its report by September 24 this year, Acharya said, adding that the incremental benefit from MCLR as an alternative to the base rate system was positive.
RBI governor Urijit Patel also acknowledged that borrowers have not benefitted to the full extent on the amount of RBI’s rate cuts as banks have been selective in passing on the cuts. “Given the liquidity conditions prevailing and that we have reduced policy rates by a substantial amount since the start of easing cycle, I think there is scope for banks to reduce the lending rate for those segments. So far, they have not benefited to the full extent of our policy rate cuts,” Patel said during the post policy briefing.

by -
0 56

By S Krishna Debashita

Bhubanswar, Aug. 2: Carrying forward the momentum of its highest-ever quarterly sales in the first three months (April-June) of FY ‘18, Hero MotoCorp Ltd commenced the second quarter of the fiscal with a robust six-lakh plus salesfor the month of July, despite sluggish sales for the first few days of the month due to the transition to GST.

Hero MotoCorp, the world’s largest two-wheeler manufacture for 16 consecutive years, sold 623,269units of two-wheelers in July 2017, registering a healthygrowth of17.1per cent over the corresponding month of the previous fiscal (July 2016) when the Company sold532,113 units.

This is the third consecutive month of six-lakh plus sales for the market leaderin this fiscal, having clocked 624,185 units in June and 633,884 units in May.

Hero MotoCorp is confident of carrying forward this growth momentum into the upcoming festive season.

 

by -
0 41

Hero MotoCorp and Lupin were the top gainers on both indices, while ONGC, Kotak Mahindra Bank, Ambuja Cements and ACC lost the most.

Mumbai, Aug , 2017:

10:22 am Rural demand? Tractor sales are set to touch a new peak of over 6.5 lakh units this fiscal year given the prospects of a normal monsoon, declining interest rates and farm loan waivers in some key states, says a report.

Sales had risen 18 per cent last fiscal year on good rains and despite note ban, after declining more than 10 per cent in 2015 and 2016 when the monsoons played truant, Crisil said in a report on Wednesday.

10:12 am Market Check: Equity benchmark indices erased almost all of its gains, with the Nifty hovering around 10,100 mark.

The Sensex was up 15.24 points at 32590.41, while the Nifty was down 7.20 points at 10107.45. The market breadth was narrow as 1066 shares advanced against a decline of 849 shares, while 100 shares were unchanged.

Hero MotoCorp and NTPC continued to top the charts, while Larsen & Toubro, Dr Reddy’s Laboratories and Indiabulls Housing lost the most.

9:50 am Buzzing Stock: JSW Steel declined over 2 per cent intraday on Wednesday as investors turned cautious of the stock post the company’s Q1 performance.

The company’s profit in the first quarter fell by 43 per cent to Rs 624 crore compared with Rs 1,096 crore in same quarter last year.

However, revenue during the quarter increased sharply by 24 percent to Rs 15,977 crore, with crude steel production up 1 percent at 3.91 million tonnes and saleable steel up 5 percent at 3.51 million tonnes.

The current quarter was marked by industry wide destocking as customers in general adopted a cautious approach towards carrying inventories in run up to GST rollout, which impacted domestic sales volume.

9:37 am Market Check: Benchmark indices trimmed most of its gains from the opening tick, with the Sensex trading almost one-tenth of a percent higher, while the Nifty turned red.

The Sensex was up 30.72 points at 32605.89, while the Nifty was down 2.15 points at 10112.50. The market breadth began narrowing as 958 shares advanced against a decline of 549 shares, while 83 shares were unchanged.

NTPC and Hero MotoCorp were the top gainers, while ONGC, Kotak Mahindra Bank and ACC lost the most.

9:30 am Buzzing Stock: Shares of Hindustan Copper declined 7.6 percent in early trade on Wednesday as government plans to sell its stake in the company.

The government will sell 3,70,08,720 equity shares (4 percent) of the company through a two days offer-for-sale (OFS) which is beginning today, with an option to sell similar number of shares incase it gets oversubscribe.

The floor price for the said OFS is set at Rs 64.75.

 

The government currently holds 82.88 percent (76,68,19,811) stake in the company and the stake sale with green shoe option would help the government meet the minimum public shareholding norm of market regulator SEBI.

9:15 am Market Opens: Equity benchmarks began the session on a positive note on Wednesday, with the Nifty opening at a record high. Midcaps too opened on a strong note.

The 30-share Sensex was up 84.40 points at 32659.57, while the Nifty was up 11.25 points at 10125.90. The market breadth was positive as 522 shares advanced against ad decline of 225 shares, while 47 shares were unchanged.

Hero MotoCorp and Lupin were the top gainers on both indices, while ONGC, Kotak Mahindra Bank, Ambuja Cements and ACC lost the most.

The Indian rupee on Wednesday opened at 64.12 to the dollar, up 0.1 percent from its previous close.

Dollar recovered mildly after hitting a 15-month low on a mix of political uncertainty and market expectations of further rate hikes from the Fed. The dollar index, which measures the dollar against a basket of rival currencies is subdued.

Globally, Asian stocks paused near decade-highs on Wednesday as investors waited to see if strong earnings results from tech bellwether Apple would ripple out to component makers in the region.

Shares in the world’s most valuable company surged 6 percent after hours to a record of more than USD 159, taking its market capitalisation above USD 829 billion. That should also help carry the Dow through the 22,000 mark when trading resumes.

The Dow Jones Industrial Average racked up a fifth straight record high on Tuesday and neared the 22,000 mark, powered by Goldman Sachs, JPMorgan Chase and other banks.

Apple rose 0.89 percent as Wall Street awaited the largest publicly listed company’s quarterly report after the bell, with the iPhone maker expected by analysts to post a 6-percent rise in revenue.

The S&P 500 information technology index is up 22 percent year to date, leading other sectors.

by -
0 65

By Alisha Sahoo

Bhubaneswar, Aug. 2: Feedback Energy Distribution Company (FEDCO), a 100 per cent subsidiary of Feedback Infra, engaged in electricity distribution, – has successfully achieved an average reduction of AT&C losses of 23 per cent in the four years that it has been operating in Odisha.

For a discom that operates in an area that is 90 percent rural, this is the steepest-ever reduction in AT&C losses achieved in India.

FEDCO is one of the three distribution franchisee companies functioning under Odisha’s government-owned CESU (Central Electricity Supply Utility).

FEDCO, which started its operations in 2013 has at the same time increased consumer collection from Rs. 200 crore to Rs 400 crore a year, despite a 22 per cent increase in input energy.

This has been confirmed by CESU in a report to Odisha Electricity Regulatory Commission (OERC) on May 2017. This is also the highest reduction of any of the three franchisees of CESU.

The company has also digitized the various processes across Revenue Management, CRM, and O&M, thereby reducing processing time by 60 per cent using indigenous technology developed by FEDCO itself.

FEDCO is deeply engaged with social and community works in its area of operation through its FEDCO SEVA through regular blood donation camps, facilities to old age homes and orphanages, adopting schools in rural areas and providing them basic educational platforms to name a few.

Speaking on FEDCO’s achievement, Mr Devtosh Chaturvedi, MD, Feedback Energy Distribution Company, said, “At FEDCO, our focus is on customer satisfaction by reducing human intervention and introducing technology that will improve productivity and help us serve our customers with better operational efficiency. We are committed to providing our customers with efficient, reliable and uninterrupted service. Our aim is to be among the top energy distribution company, which is currently seen as a laggard in India’s growing power sector and we will achieve this by focusing on consumer services and driving efficiencies across the value chain.”

FEDCO’s successes in Odisha has encouraged the company to partner with the Madhya Pradesh discoms under the Management Operator (MO) model, to better serve customers in five divisions namely Shivpuri, Katni, Dewas, Indore rural and Jabalpur rural.

by -
0 49

Mumbai, Jul 27 (PTI): The benchmark BSE Sensex soared to a fresh life-time high of 32,533.34 and the NSE Nifty hit a new high of 10,068.40 in opening trade today on continued buying by investors driven by encouraging earnings by corporates amid positive global cues.

Short-covering of bets, today being the last session of July expiry in the derivatives segment, kept the sentiment upbeat. Rising for the second day in a row, the 30-share index rose by 150.88 points, or 0.46 per cent, to hit a new peak of 32,533.34.

The gauge had gained 154.19 points in the previous session to close at a record high at 32,382.46. It had also touched an intra-day lifetime high of 32,413.63.

Reflecting the overall trend, all the sectoral indices led by realty, bank, IT, technology and power were trading in the positive zone, with gains of up to 1.93 per cent.

The 50-share NSE Nifty gained 47.75 points, or 0.47 per cent, to trade at its lifetime high of 10,068.40.

Stock of India’s fourth-largest software services exporter, HCL Technologies climbed 3.20 per cent to Rs 920 after the company today reported a 6.1 per cent rise in consolidated net profit at Rs 2,171 crore for the first quarter ended June.

Major contributors to the indices were HDFC Ltd, Asian Paints, Maruti Suzuki, HDFC Bank, Hindustan Unilever, TCS, Hero MotoCorp, Bajaj Auto, Tata Motors, Axis Bank, M&M and Infosys, rising by up to 2.55 per cent.

Brokers said that the market mood remained buoyant, bolstered by domestic and foreign institutional investors’ buying coupled with better-than-expected Q1 earnings numbers posted by some blue-chip companies.

Moreover, a firming trend overseas, especially the US markets which ended at record high yesterday with expectations for another US interest rate hike this year dented by a tepid Federal Reserve inflation outlook, too enthused investors.

In the Asian region, Hong Kong’s Hang Seng was up 0.34 per cent, Japan’s Nikkei gained 0.220 per cent while Shanghai Composite index edged lower by 0.32 per cent in early trade today.

by -
0 57

By Our Correspondent

BHUBANESWAR, JULY 27:  Central Navratna public sector unit National Aluminium Company Limited (Nalco), has taken an initiative to produce AA 3105 Alloy with composition of aluminium, manganese and magnesium in its rolling plant of smelter division to its existing product range.

This alloy has wide application in manufacturing of fan blades and commands a premium over the existing product range being produced in rolling plant.

Major customers for this product are manufacturers of fans.

Commercial production of the alloy has been started from July 24, an Nalco spokesperson said on Wednesday.

Nalco chairman and managing director Dr Tapan Kumar Chand said, – with the new product, the public sector unit will be widening its base in value-added products. Besides, it lso be an active partner in the Make in India movement.

He further added that the new value-added product of Nalco will boost downstream units in electrical components and consumption market in Odisha bringing benefit in GST regime.

RANDOM POSTS

0 12
By Our Correspondent Bhubaneswar, Jan. 10: Bharatiya Janata Party spokesperson Sajjan Sharma on Wednesday pointed fingers at Bargarh superintendent of police B Jugal Kishore for...

Seo wordpress plugin by www.seowizard.org.