They're ubiquitous-and possibly still a necessity, despite the big changes in how people pay for things. It was a radical move when Barclays Plc installed cash machines in a London suburb in 1967. The utilitarian machine gave fixed amounts of money, using special vouchers-the magnetic-striped ATM card hadn't been invented yet. As the ATMs became familiar, though, they changed not only the banking industry but made people comfortable interacting with kiosks in exchange for goods.
State-run Power Finance Corporation (PFC) has received shareholders' approval to raise up to Rs 65,000 crore through issuance of securities on private placement basis. The shareholders have approved the proposal with requisite majority at its Annual General Meeting held on September 20, the company said in a filing to BSE. PFC is one of the leading lenders to the power sector.
Prannoy Roy-owned New Delhi Television (NDTV) has given up control of its subsidiary Fifth Gear Ventures Limited (FGVL) by diluting its stake in the company. The NDTV Group NDTV and its subsidiary NDTV Convergence) held 78.74 per cent stake in the subsidiary, the remaining being held by the Chennai-based Autobyte Private Limited (ABPL). The company notified the Bombay Stock Exchange (BSE) of the shareholders' decision, in favour of the proposed stake dilution, on September 21.
Bank loans to real estate developers for projects under construction plunged in the last four years while investments from private equity funds and non-banking financial companies picked up, a report said. In the same period, investments by PE funds and NBFCs shot up to $4.6 billion from $0.9 billion. Rising non-performing assets (NPA), higher risk provisioning and mounting losses have led to significant reduction in credit offered by banks, the report said.
Prataap Snacks Ltd which opens its initial public offering (IPO) on Friday raised Rs143.4 crore by allotting shares to institutional investors as part of its anchor book allocation. Shares were allocated to 15 institutional investors at Rs938 per share, the upper end of the IPO price band of Rs930-938. Prataap Snacks promoters and venture capital investor Sequoia Capital are collectively selling around 3 million shares in the share sale.
Over 25 offices and plantations of Coffee Day Enterprises, India's largest coffee chain, and its promoter V G Siddhartha were searched by Income Tax officials, which the department said was a routine search to look for unaccounted wealth. An entrepreneur who opened India's first cyber cafe in 1998 and launched the brand, Siddhartha, is among the country's top exporters of coffee from the country.
With the launch of the Tata Nexon, the home-grown automaker has finally entered the highly competitive sub-4 metre SUV space. ] 9.44 lakh (ex-showroom, Delhi) the all-new Nexon is quite aggressively priced and at the same time offers several class-leading features. The Tata Nexon is mainly offered in four variants - XE, XM, XT, and XZ+ and is available in both petrol and diesel models. While we have already told a lot about the Nexon's offerings, here's our detailed breakdown of its variants and features.
The Modi government has been weighing the possibility of introducing a stimulus package, following GDP growth in the first quarter (Q1) ended June 30, slumping to a 3-year low of 5.7 per cent. Television channel ET Now on Thursday reported the proposed stimulus as Rs 40,000 crore, citing unidentified sources. The government has acknowledged that GDP growth in Q1 was dragged lower due to destocking by manufacturers prior to the introduction of the GST on July 1.
An ICICI Bank spokesperson did not want to answer questions on the terms in the loan agreements and their legal implications. The loan agreement and related documents date back to October 2008, when the world had slumped into a financial crisis. These and the prepayment agreement of August 6, 2009, have been filed with the court as part of these petitions. In this scenario, as NDTV was operationally profitable, the loan at 19 per cent yearly made sense.
India's largest e-commerce marketplace Flipkart is looking to extend its lead over rival Amazon during this festive season by targeting a 70 per cent market share in the domestic online shopping space. With a $4-billion war chest, Flipkart is open to burning cash to buy a significant portion of the existing market share and continue its lead over Amazon.
AIA Group Ltd agreed to buy Commonwealth Bank of Australia's life insurance business for A$3.8 billion, in its most ambitious foray beyond the Hong Kong-based company's core markets in Asia. It and the CBA Australia life insurance unit are the second and fifth-largest provider of life protection in the country before the acquisition. Commonwealth Bank also said it's considering a potential spin-off of its Colonial First State Global Asset Management business, which oversees A$219 billion.
The domestic metals sector is seeing robust demand with higher prices, capacity expansion and trade policies for steel that supporting volumes and profitability. ' Digital transformation embraces the information technology, process automation technology and communication technology to create value across the value chain. The metals industry aims to improve efficiency, productivity, adaptability and sustainability of production & supply chain systems and their integration within agile business models and processes.
Marking its weakest level in over two-and-a-half months, the rupee on Thursday plummeted by a whopping 54 paise to end at 64.81 a dollar after the Federal Reserve left the door open for a rate hike in December. The US Federal Reserve's historic overnight decision rattled overall forex market sentiment, triggering panic dollar buying from corporates and importers. On Wednesday, the rupee had logged its first gain in three sessions by rising 6 paise.
Last week, LCIA had asked Bakshi to sell his stake in Connaught Plaza Restaurants Ltd (CPRL), McDonald's franchise for northern and eastern India. CPRL, a joint venture between Bakshi and McDonald's India, operates 169 restaurants across the country. One was brought by McDonald's India against the NCLT order of July reinstating Bakshi as managing director of CPRL. In 2013, the company had voted against the re-election of Bakshi as managing director of CPRL, following which Bakshi challenged his removal in the Company Law Board.
Making its way to festive season, the Renault Captur SUV has been unveiled for India with sales to commence in October 2017. Renault says any product it brings to India must deliver volumes, and same is the case with the new Captur. In fact, the other markets also spell the crossover as 'Kaptur', while Renault India has opted for the European name. Renault India also says there will be a host of personalisation options with the Captur, keeping up with the trends.
Ebix Inc., the parent firm of digital payments company Itz Cash Card Ltd, has acquired the money transfer business of Paul Merchants Ltd through its Indian affiliate, the firms said on Thursday. The deal, valued at $40.7 million, is a slump sale, Paul Merchants said in a note to stock exchanges. The acquisition will be done by YouFirst Money Express Pvt Ltd, which was acquired by Ebix in August 2017. Paul Merchants is a listed firm offering international money transfer and foreign exchange services.
Telecom operator Idea Cellular said on Thursday sector regulator Telecom Regulatory Authority of India's (Trai) decision to cut mobile call connection charges is a body blow to the segment and riddled with egregious infirmities. Idea claimed that the decision to cut in mobile call connection charges or interconnection usage charges (IUC) will jeopardise both rural coverage and connectivity. Demanding withdrawal of the decision, Idea called the decision as regulation driven cross subsidy among competing operators.
An appeals court in India ruled on Thursday that former Tata Sons Chairman Cyrus Mistry can press ahead with a legal battle against the salt-to-software conglomerate that had earlier been dismissed. Mistry, a scion of the wealthy Shapoorji Pallonji family which owns a minority stake in Tata Sons, has been locked in a legal feud with Tata Sons and Tata family patriach Ratan Tata, following his removal as chairman last October.
A group of ministers, headed by Finance Minister Arun Jaitley, on Thursday discussed in details the modalities for the strategic disinvestment of Air India, official sources said. Loss-making Air India is staying afloat on taxpayers' funds and to revive the carrier, the government decided on strategic disinvestment in June. Two parties - IndiGo and Bird Group - have already formally evinced interest in Air India disinvestment and have written to the civil aviation ministry in this regard.
India's largest telecom operator Bharti Airtel on Thursday said it has got shareholders' approval for its scheme of amalgamation with Telenor India. Shareholders representing 99.98 per cent holding voted in favour of the resolution while a mere 0.02 per cent voted against it, according to a regulatory filing by Bharti Airtel. The circles represent a high population concentration and therefore, offer a high potential for growth.