LIC, SBI, and Orix to subscribe to Rs 4500 crore IL&FS rights issue
NEW DELHI: In a major breather to debt-laden Infrastructure Leasing & Finance Services (IL&FS), its largest shareholders Life Insurance Corp (LIC) and Orix Corp, and State Bank of India (SBI), on Saturday announced they would subscribe to the proposed Rs 4,500 crore rights issue of the company. The announcement came during the company’s annual general […]
OVL, partners to pay $230 million in out of court settlement with Rosneft
NEW DELHI: ONGC Videsh Ltd (OVL) and its partners in Russia’s Sakhalin-1 project have agreed to pay Russian giant Rosneft $230 million to settle an oil production dispute out-of-court, its Managing Director N K Verma said. Rosneft had dragged the Sakhalin-1 consortium to court alleging “unjust enrichment and interest gained by using other people’s money” […]
Tata’s IHCL retains Taj Mansingh Hotel after NDMC auction
NEW DELHI: The iconic Taj Mansingh Hotel in Lutyens’ Delhi was retained by the Tata group in an auction by the New Delhi Municipal Council (NDMC) Friday, an official on said. The auction was pending since the lease expired in 2011. The lease for the property will be granted to the group for 33 years […]
RBI bars Bandhan Bank from opening new branches in India
NEW DELHI: Reserve Bank of India has restrained Bandhan Bank from opening new branches and also ordered freezing of remuneration of its CEO Chandra Shekhar Ghosh for not meeting the licensing conditions, the newly-launched bank said on Friday. The bank, on its part, said it is taking steps to comply with licensing condition to bring […]
BMW launches two new bikes in India, priced up to Rs 14.4 lakh
NEW DELHI: BMW Motorrad, the premium motorcycle arm of German luxury car maker BMW Group, today launched all-new F750 GS and F850 GS models in India, priced between Rs 11.95 lakh and Rs 14.4 lakh (ex-showroom). The two models will be available as completely built-up Units (CBU) and can be booked at BMW Motorrad dealerships […]
5G launch to enhance possibilities of affordable telecom services across sectors: Akhil Gupta
NEW DELHI: The launch of 5G services will enhance the possibilities of affordable telecom services across sectors, thereby paving the way to achieve the objectives set by the recently announced National Digital Communications Policy 2018, said Akhil Gupta, Vice Chairman, Bharti Group & Executive Chairman, Bharti Infratel. Gupta was addressing the 6th Edition of CII […]
Yes Bank denies window dressing of corporate accounts to hide NPAs
MUMBAI: Private sector lender Yes Bank on Thursday said it has not indulged in any window dressing of its corporate accounts to conceal non-performing assets (NPAs). The bank had reported a gross and net NPA of 1.3% and 0.59% respectively as on 30 June 2018. The bank said the NPA figures are “among the finest […]
Polycab may file for $300 million share sale
MUMBAI: International Finance Corp.-backed electrical goods maker Polycab will soon file its draft prospectus for an initial public offering (IPO), said two people aware of the development. The IPO will provide an exit route to its existing investors, they added. According to one of the people cited above, the company will pitch for the IPO […]
BNP Paribas Arbitrage buys DHFL shares worth Rs 153 crore
NEW DELHI: BNP Paribas Arbitrage Fund on Wednesday bought shares of Dewan Housing Finance Ltd (DHFL) worth over Rs 153 crore through open market transactions. Besides, one Mridul Singhania bought DHFL scrips worth Rs 50 crore. According to bulk deal data available with NSE, BNP Paribas Arbitrage purchased 51,45,821 shares of the housing finance firm […]
Walmart to invest Rs 180 crore to improve farmers’ livelihood
NEW DELHI: As part of its initiative to support sustainable livelihood for farmers in India, the Walmart Foundation on Thursday announced investment of Rs 180 crore over the next five years in the country. “The Walmart Foundation, working beyond the Walmart India supply chain, will invest approximately Rs 180 crore ($ 25 million) to improve […]
Why airfares are likely to go up in October
NEW DELHI: With the government imposing customs duty on aviation turbine fuel (ATF), airlines are likely to pass on higher costs to passengers as peak travel season is round the corner. Rising fuel prices, intense competition and inability to pass on spiralling expenses have been negatively impacting the domestic airlines. The latest decision to impose 5 […]
Aadhaar: What needs to be linked, what does not
NEW DELHI: The Supreme Court of India on Wednesday brought out the list of services for which biometric ID Aadhaar needs to be mandatorily linked, and the ones for which it is not required. SERVICES REQUIRING AADHAAR LINKING: * It is mandatory to link PAN with Aadhaar. * Aadhaar is compulsory for filing Income Tax […]
India’s economy continues on robust growth path: ADB
NEW DELHI: India’s economy continues on a robust growth path, the Asian Development Bank (ADB) said Wednesday while maintaining the growth forecast for the current fiscal at 7.3 per cent. However, depreciation of the rupee and volatile external financial markets pose challenges, the multilateral lending agency added, in an update of its flagship annual economic […]
Poddar Housing to buy 102.5 acre land in Pune to develop residential project
NEW DELHI: Poddar Housing and Development has agreed to buy 102.5 acres land in Pune to develop an affordable housing project. In a filing to the BSE, the company said that its subsidiary Poddar Habitat Pvt Ltd, has “executed an agreement to acquire a land admeasuring approx 102.5 acres” at Chakan, Pune from Autoline Industrial […]
LIC chairman says all options open to revive IL&FS
NEW DELHI: LIC chairman says all options open to revive India’s largest state-run insurer, Life Insurance Corporation (LIC), will not allow the country’s beleaguered Infrastructure Leasing & Financial Services (IL&FS) to collapse, LIC Chairman V.K. Sharma told reporters on Tuesday. All options, including increasing LIC’s stake in IL&FS, are open, Sharma said. IL&FS has revealed […]
Samsung eyes over 25% jump in mobile phone sales in festive season
NEW DELHI: South Korean tech giant Samsung expects to see over 25% growth in mobile phone sales during the festive season across price range in the country. The company, which competes with rival Xiaomi in the Indian market, is also strengthening its position in the Rs 20,000 – Rs 40,000 category (mid-price range) with the […]