PNB scam: Enforcement Directorate attaches 11 properties worth Rs 56 crore of Nirav Modi in Dubai
NEW DELHI: The Enforcement Directorate (ED) said it had attached 11 properties worth over Rs 56 crore of fugitive diamond jeweller Nirav Modi in Dubai in connection with its money-laundering probe in the $2-billion Punjab National Bank (PNB) fraud case. The central probe agency said the assets were in the name of “Modi and his […]
PE, VC investments in real estate touch $2.99 billion in January-August: IEBF
NEW DELHI: The Indian real estate sector has attracted nearly USD 3 billion as private equity and venture capital investments during January-August 2018, according to Indo-European Business Forum (IEBF). IBEF, at its recently held 2018 summit in London, discussed the real estate sector’s potential to reach USD 1 trillion by 2030, becoming one of the […]
Godrej Properties cuts net debt by half in one year
NEW DELHI: Realty firm Godrej Properties has reduced its net debt by 51 per cent in last one year to Rs 1,539 crore mainly with the help of better sales bookings. The net debt of Gordej Properties — the real estate arm of Godrej group — stood at Rs 1,539 crore as on September 30, […]
Car sales flat in October, passenger vehicles increase 1.6%
NEW DELHI: Domestic passenger vehicle sales rose 1.55% to 2,84,224 units in October, against 2,79,877 units in the same month last year. Car sales grew marginally by 0.38% to 1,85,400 units last month, compared with 1,84,706 units in October last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM) Friday. Motorcycle […]
CCI rejects allegations of price fixing against Ola, Uber
NEW DELHI: The Competition Commission of India (CCI) has rejected allegations of price fixing against app-based taxi service providers Ola and Uber, saying drivers acceding to “algorithmically determined prices” by the platforms did not amount to collusion between them. In a 13-page order, the CCI also dismissed complaints that Ola and Uber were imposing a […]
India’s economic growth to slow to 7.3 per cent in 2019: Moody’s
NEW DELHI: Indian economy will expand 7.4 per cent in 2018, but the growth will slow down to 7.3 per cent in the next year as domestic demand tapers on higher borrowing cost due to rising interest rates, Moody’s Investors Service said on Thursday. In its report titled Global Macro Outlook 2019-20′, Moody’s said the […]
India’s 200 miles-per-hour bullet train has starting trouble
NEW DELHI: India’s bullet train project is moving at the pace of a commuter train instead. A year after the project was kicked off, only 0.9 hectares of land have been acquired out of the 1,400 hectares needed, according to the Indian government company leading the project. The $15 billion facility, the highlight of Prime […]
SBI net profit slips 69% to Rs 576 crore in Q2
NEW DELHI: India’s largest lender State Bank of India (SBI) reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30. The bank’s net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal. The bank had reported a net loss of Rs 4,875.85 […]
India seeks greater market access in China
NEW DELHI: India has sought greater market access for areas like agriculture products, pharmaceuticals, IT services and tourism in China, with a view to bridge the widening trade deficit with the neighbouring country, the commerce ministry said on Tuesday. The issues were discussed during the meeting between Commerce Secretary Anup Wadhawan and Wang Shouwen, Vice […]
Asian Corporate Consultancy settles case with SEBI
NEW DELHI: Asian Corporate Consultancy along with one Dilip Anantrai Desai has settled a probe by markets regulator Sebi into alleged violation of portfolio managers norms on payment of Rs 7.4 lakh towards settlement charges. The Securities and Exchange Board of India (Sebi) agreed to settle proposed adjudication proceedings in the case after it was […]
Israel to provide $777 million worth of Barak 8 LRSAM Air and Missile Defense Systems to India
NEW DELHI: Israel Aerospace Industries (IAI) announced it has been awarded an additional, $777-million mega- contract for supply of LRSAM Air & Missile Defense systems (the marine version of the AMD system Barak 8) for seven ships of the Indian navy. The contract was entered with Indian state-owned company Bharat Electronics Limited (BEL) which serves […]
HSBC, Reliance Industries execute blockchain trade finance transaction
NEW DELHI: HSBC India and ING Bank Brussels have successfully executed a blockchain enabled, live trade finance transaction jointly with Reliance Industries and Tricon Energy. This is an industry first as the Blockchain platform integrated with Bolero’s electronic Bill of Lading (eBL) platform to issue and manage an electronic Bill of Lading. This allowed a […]
PNB Housing Finance raises Rs 2,450 crore through commercial papers
NEW DELHI: PNB Housing Finance it has raised Rs 2,450 crore through commercial papers (CP) amidst reports of tight liquidity situation in the market. This is in addition to Rs 1,775 crore raised earlier in October totalling to Rs 4,225 crore of CPs raised in October 2018, the mortgage firm said in a statement. The […]
LIC Housing Finance to realise Rs 100 crore from old loan account
CHENNAI: Home mortgage lender LIC Housing Finance Limited is hoping to realise about Rs 100 crore out of a project loan that turned a non-performing asset (NPA), a top company official said here on Friday. He also said the company is targeting a business growth of 15 per cent over last year’s figures and plans […]
Bayaweaver to invest Rs 1,000 crore on a commercial project in Noida
NEW DELHI: Realty firm Bayaweaver will invest around Rs 1,000 crore over the next four years to develop a commercial project in Noida, which will have retail space, hotel and service apartments, a top company official said. The company has already tied up with India Infoline Finance Ltd (IIFL) to fund this project, Bayaweaver CEO […]
SBI puts up 11 NPA accounts for sale to recover Rs 1,019 crore dues
NEW DELHI: SBI has put up 11 non-performing assets (NPAs) for sale to ARCs and financial companies to recover dues of nearly Rs 1,019 crore. The country’s largest lender said the e-auction of these NPA accounts will take place on 22 November. “In terms of the bank’s policy on sale of financial assets in line […]