DLF transfers Noida mall, land to JV firm; reduces dues to Rs 5,500 crore
NEW DELHI: Realty major DLF has settled Rs 3,100 crore amount payable to its joint venture with Singapore investment firm GIC by transferring Noida shopping mall and some land parcels. At the end of 2018, DLF owed Rs 8,700 crore to DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and […]
Will ‘reinvest’ in India if retro tax issue is resolved: Cairn Energy CEO
NEW DELHI: Britain’s Cairn Energy PLC, which gave India its biggest onshore oil discovery and a gas find that opened the KG basin, is keen to reinvest in the country if a retrospective tax issue it is facing is resolved, its chief executive said. Cairn, which in early 1990s grew the Ravva oil and gas […]
Reliance Industries to acquire 87.6% stake in Fynd for Rs 295 crore
NEW DELHI: Reliance Industries Ltd (RIL) will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for Rs 295 crore ($42.33 million), it said in a statement. The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to Rs 100 crore by December […]
Slowdown in economy is cyclical, growth will pick up 1-2 years: Bimal Jalan
NEW DELHI: The current slowdown in the Indian economy is cyclical and growth will pick up in one or two years, former RBI Governor Bimal Jalan said on Sunday. Jalan further said the government has already announced many reforms, and it is now a question of implementation, particularly in terms of investment. “The slowdown in […]
India needs to grow at 9% for 5 years to become $5 trillion economy: EY
NEW DELHI: The country will need to grow by 9 per cent every year for five years continuously and raise aggregate investment rate to 38 per cent of GDP to achieve Prime Minister Narendra Modi’s target of turning India into a $5 trillion economy, EY has said. In its latest edition of Economy Watch, EY […]
Eight of top-10 most valued firms lose Rs 89535 crore in m-cap
NEW DELHI: Eight of the 10 most valued Indian companies suffered a combined erosion of Rs 89,535 crore in market valuation last week, with SBI emerging as the biggest drag. In the top-10 list, only Tata Consultancy Services (TCS) and HUL saw gains in their market capitalisation (m-cap) for the week ended Friday. Reliance Industries […]
Bankrupt Jet Airways extends deadline for initial bids to August 10
NEW DELHI: The lenders to the defunct Jet Airways has decided to extend the deadline for submitting expression of interest by a week to August 10. Late last month, the resolution professional Ashish Chhawchharia had floated EoIs for selling stake in the airline that stopped flying mid-April. Today was the deadline putting in the EoIs […]
LIC Housing Finance Q1 net up 7% at Rs 609 crore; revenue comes at Rs 4815 crore
NEW DELHI: LIC Housing Finance on Saturday posted a 7.39 per cent increase in its consolidated net profit at Rs 609.13 crore for the first quarter ended on June 30, 2019. It had reported a net profit of Rs 567.18 crore during the same period of the previous fiscal. Total Revenue from operations rose to […]
WeWork seeks $6 billion financing, contingent on IPO success
BY: Gillian Tan WeWork Cos. is setting up $6 billion in financing to pursue its global ambitions, but there’s an unusual catch: It must first succeed in its initial public offering next month. The company has been meeting with analysts this week, outlining its business and plans for expansion as it prepares for a stock-market […]
Gurugram development body sends notices to over 360 societies to install STP
GURUGRAM: The Gurgaon Metropolitan Development Authority (GMDA) has issued notices to 366 residential societies of the city to install sewerage treatment plants (STPs) in their respective premises else sewerage connection will be cut by respective civic agencies. The decision was taken after the National Green Tribunal recently slammed GMDA for the millennium city’s contribution to […]
Income-Tax department detects tax evasion of Rs 700 crore by Mumbai’s Hubtown Group
NEW DELHI: The Income-Tax department on Friday said it has conducted raids at 40 premises of a Mumbai-based real estate firm and claimed to have detected tax evasion worth Rs 700 crore. The CBDT, that frames policy for the tax department, issued a statement saying the operation was conducted on July 29 on a “prominent […]
GST collection grows 5.8% to Rs 1.02 lakh crore in July
NEW DELHI: The total gross GST revenue collected in the month of July, 2019 is Rs 1,02,083 crore of which CGST is Rs 17,912 crore, SGST is Rs 25,008 crore, IGST is Rs 50,612 crore (including Rs 24,246 crore collected on imports) and Cess is Rs 8,551 crore (including Rs 797 crore collected on imports). […]
Vatika Group sells food startup to focus on realty, hotel businesses
NEW DELHI: Vatika group, which is into real estate and hospitality business, on Thursday announced sale of its food startup ‘Nukkadwala’ to focus on core businesses. The size of the deal was not disclosed. The company sold 14 operational outlets and nine in pipeline to a Delhi-based high networth individual, said Gaurav Bhalla, MD, Vatika […]
Indiabulls Housing Finance to buy back bonds worth up to $ 50 million
NEW DELHI: Indiabulls Housing Finance said on Friday it will buy back bonds worth up to USD 50 million (around Rs 348 crore), which is a part of its USD 1.5 billion bond programme. “The company will be doing a buyback of up to USD 50 million of the USD 350 million 6.375 per cent […]
NHB infuses Rs 10,000 crore in housing finance companies
NEW DELHI: The National Housing Bank (NHB) is infusing an additional Rs 10,000 crore in NBFCs from Friday with a view to improve flow of funds for housing loans, said a finance ministry statement. “To further ease flow of funds to the housing sector, the NHB is making available from today, a liquidity infusion facility […]
Supreme Court orders status quo for two weeks on insolvency resolution process of Jaypee
NEW DELHI: The Supreme Court Friday ordered status quo for two weeks on the insolvency resolution process on Jaypee Group’s plea which has challenged the NCLAT order allowing fresh bidding for debt-laden Jaypee Infratech. A bench of justices A M Khanwilkar and Dinesh Maheshwari passed the order after the apex court was informed that Parliament […]