4,285,799 russian companies, updated August 20th, 2017

Business news

Phonon's AI bots to provide real-time flight status on social media, calls

Vadodara-based interaction automation company, Phonon.in, is set to launch the country's first multi-modal flight bot for aviation sector, Trixie, that provides real-time flight status on any domestic flight over social media platforms and through voice-recognition based speech platform.Phonon's chatbot deployment uses enhanced artificial intelligence and natural language processing (NLP) to provide instant responses to simple queries raised by passengers. The speech-based NLP system that works in English is capable of understanding queries in various Indian accents as well. On the other hand, the text-based bots on Facebook and Twitter can respond to questions asked in various Indian languages as well."Trixie, our automated flight status bot, is a point of inflection in delivering information at your fingertips. Machine learning and automation have opened up tremendous possibilities in the customer servicing industry. Phonon has an impressive array of customer service automation ...

August 19th, 2017 16:40

Capex in paper industry at a standstill due to cheaper imports: IPMA

The paper mills in the country are finding it difficult to tap the growth potential, which is in tune with the Gross Domestic Product (GDP) growth, due to the imports of cheaper paper from ASEAN countries, said Saurabh Bangur, president, Indian Paper Manufacturers Association and vice chairman of West Coast Paper. The industry in India has not been expanding capacity for the last 12 months or more, owing to this challenge. "As per the Directorate General of Commercial Intelligence and Statistics (DGCIS) data, there is more than 40 per cent CAGR increase in imports in the last three years from this region. Month on month rising ASEAN imports has a negative impact in the minds of the Indian entrepreneurs and paper trade," he said.The capacity of Indian mills has saturated almost one and a half years ago, and is currently working at 100 per cent capacity. Now, whatever growth happening in the sector in tandem with the GDP growth rate, is being taken care of by the import. "When there is .

August 19th, 2017 11:04

CallHealth to expand footprint by setting up health care lounges in IT parks

Hyderabad, 18 August: Hyderabad-based CallHealth Services Private Limited, which has built an on-line platform along with the essential front-end infrastructure to offer integrated healthcare services to people at the choice of their location, is now planning to roll-out 'Healthcare Lounges' across all IT parks.Having a legacy of working for long hours and spending most of their time at work places, the IT professionals are likely to find these Lounges a very convenient spot to get quick access to a whole range of healthcare and wellness services for themselves as well as for their families, according to the company.CallHealth has launched one such Healthcare Lounge at Phoenix Avance SEZ in the city on Friday, offering ' one door' access to all healthcare services to over 20,000 working professionals across companies within the premises. "While we had already set up 13-14 such healthcare lounges in schools and corporate offices, this is the first such facility in an IT park. We are ...

August 18th, 2017 15:06

JSW Energy finds itself in an accidental 'lender' role

As the clock ticks, two of JSW Energy's big acquisition targets in the power sector are moving farther from a possible deal closure. In the scenario of the deal not fructifying, JSW Energy may be left in the uncomfortable role of a lender to two stressed assets. JSW Energy's accidental journey from potential buyer to lender started more than a year back in 2016. The year saw the power producer agree to acquiring two assets in two separate deals- Jaiprakash Power Ventures 's Bina power plant in Madhya Pradesh and Jindal Steel and Power's Tamnar power plant in Chattisgarh. In due course, JSW Energy also extended a loan to both the companies - Rs1000 crore to Jaiprakash Power and Rs500 crore to Jindal Steel and Power as part of two separate deal arrangements. This exposure, however, is now slowly turning into a concern as the deals face closure issues.The concerns are larger over JSW's exposure to Jaiprakash Power, compared to Jindal Steel and Power.An email query sent to JSW Energy on ..

August 18th, 2017 15:04

How long will Pravin Rao last at Infosys?

When Infosys appointed U B Pravin Rao as chief operating officer in June 2014, it was seen as a reward for nearly three decades of service. On Friday, when Rao was named Interim Chief Executive Officer after Vishal Sikka stepped down, the feeling was different.Rao had been hired as a management trainee by founder Narayana Murthy himself in 1986, soon after a degree in electrical engineering from Bangalore University. After various roles at Infosys, including head of infrastructure management services, Europe delivery and retail, and consumer packaged goods, Rao became second in command at the company."I feel privileged that I recruited Pravin in 1986 and he has had a dream run in the company, with extraordinary value systems," said Murthy in June 2014 when he was executive chairman.Rao had been the perfect mentee of Murthy. He was seen as humble, from a middle class background and never really had a flair for the fancy -- all things the company's co-founders stood for. While none of ..

August 18th, 2017 14:44

'Cultural issues' at the core of Vishal Sikka's exit as Infosys CEO

As the first non-founder chief executive, Vishal Sikka "gives in" to the board and co-founders' feud and steps down. And, Infosys seems to have again proved its apathy towards a cultural shift of the type information technology (IT) companies need. When Sikka, a Stanford University alumnus and former SAP board member, took charge at the founder-led Indian IT services major, he had a crucial responsibility apart from business -- changing the culture at Infosys. The company once saw co-founder Narayana Murthy "taking a decision on which carpet to choose for one of the floors at the Infosys campus in Bengaluru", said a former employee. It began to see changes in areas from operations to technology under Sikka. However, after a series of "distractions" over claims of governance lapses under his regime, he blamed the the co-founders for passing on allegations as the primary reason for resignation. Though Murthy has not pointed fingers at Sikka's strategies, he continuously raised concern ..

August 18th, 2017 14:19

Tata Global Beverages to retain shares in loss-making plantations

Although Tata Global Beverages Ltd (TGBL) has decided to put its entire global performance, including India, under continuous review to focus on returns on investment, the company will not be diluting its stake in the two plantation associates which are under financial stress. Recently, the company took a call to exit the loss making Russian and Chinese businesses while put the east European operations under close review; but decided not only to hold onto the loss making Indian associates but make them profitable in turn.During the company's 54th Annual General Meeting, its chairman, N. Chandrasekaran, while responding to a shareholder's query said, "It is a tough one and continues to lose money. We will take a call on both the plantations".However, he later clarified that the company has no plans to dilute its holding in Amalgamated Plantations Pvt Ltd (APPL) and Kanan Devan Hills Plantation Company Private Limited (KDHP) - the two plantation companies.TGBL's shareholding in APPL is .

August 18th, 2017 14:18

IOCL, Odisha govt should moderate stand to settle incentive row: Pradhan

Oil minister Dharmendra Pradhan has suggested that both Indian Oil Corporation Ltd (IOCL) and the Odisha government need to soften their demands to break the deadlock over award of fiscal incentives to the oil company's Paradip crude oil refinery.At a meeting with chief minister Naveen Patnaik in New Delhi, Pradhan, the Union minister for petroleum & natural gas, emphasized on the need for finding a middle path, wherein both IOCL and the state government can work out a mutual acceptable solution by climbing down from their stated positions. Pradhan felt that though the state had extended the tax concession in 2004, there was a necessity of finding an amicable solution to the present impasse keeping in view the fiscal health of the state and commercial interest of IOCL. The minister said it was important for the state government to incentivize the expansion plans of IOCL to create petrochemical and downstream industries in the state. "Over a period of time, it will enable the ...

August 18th, 2017 14:10

Narayana Murthy and his preferred delivery model for Infosys

N R Narayana Murthy, co-founder of iconic information technology (IT) exporter Infosys, has been an inspiration to generations. He tells youngsters: "In God we trust. Everybody else brings data to the table." Son of a schoolteacher, he never gives up on these lessons. The tussle between the founders and the board of the IT exporter that saw chief executive Vishal Sikka resign on Friday might have its seed in Murthy's trust in data over any individual. "The board (of directors) is profoundly distressed by the unfounded personal attacks on the members of our management team that were made in anonymous letters and have surfaced in recent months," said the company. "As the board has previously stated, a series of careful investigations found no merit to the unsubstantiated and anonymous allegations that had been asserted. The board denounces the critics who have amplified and sought to further promote demonstrably false allegations which have harmed employee morale and contributed to the .

August 18th, 2017 13:47

Proxy firms recommend return of Nandan Nilekani on Infosys board

Proxy advisory firms have begun to endorse Nandan Nilekani for the top job in the Infosys. One of the proxy firm believes that to put the company back on strong footing, Nilekani needs to be brought back as the non-executive chairperson.The endorsement for the Nilekani comes when Bengaluru-based technology major starts evaluating both internal and external candidates as part of the CEO selection process, after the dramatic exit of Vishal Sikka on Friday. He quits amid constant attacks on his integrity, he preferred to call it quit, citing "personal attacks" as one of the reasons for his sudden decision to resign. According to the Institutional Investor Advisory Services (IiAS) report, Sikka's resignation cannot come as a surprise. Despite best efforts, Infosys' board was unable to protect him from the constant onslaught of Infosys' highly-statured, yet petulant, critics. The resignation brings Infosys back to where it started - in search of a new CEO. In its earlier search, the board .

August 18th, 2017 13:43

Infosys ends market's winning run; IT giant sees highest fall in 2 years

A fall in Infosys shares ended a three-day winning streak for Indian markets. The benchmark Sensex on the BSE fell 271 points or 0.8 per cent to close at 31,524. The Nifty 50 of the National Stock Exchange closed 66.7 points or 0.7 per cent to 9,873. Shares of Infosys closed at Rs 923, down Rs 98 or 9.6 per cent. This is the highest single-day fall for the information technology giant in a little more than two years. It is an index heavyweight and the shares opened under selling pressure after chief executive officer Vishal Sikka said he'd quit. The stock fell as much as 13 per cent, leading the Sensex to fall 420 points. However, the markets staged a comeback in the last two hours of trading. Of the 271 points fall in the Sensex, 206 points were on account of Infosys.Interestingly, the broader markets outperformed the benchmark indices. The BSE mid-cap and small-cap indices closed 0.1 per cent and 0.5 per cent down, respectively. However, the market breadth remained largely negative,

August 18th, 2017 13:31

SBI General Insurance plans product for protection from malware attacks

Realizing the need for providing cushion to individuals and corporates from virus and malware attacks on digital platforms, SBI General Insurance Company Ltd is mulling to come out with a product that addresses cyber security concerns.The insurance product in the pipeline would be customized separately for individuals and bulk institutions and also be marketed as a group insurance product. It is proposed to be made available on all the distribution channels."The product that we are planning on cyber security would be one of its kind. We are experiencing a different kind of fraud in digital transactions and this product would have a unique positioning. The product is being priced and it will shortly be filed with the Insurance Regulatory Development Authority (IRDA)", said Pushan Mahapatra, managing director & chief executive officer at SBI General Insurance.The proposed insurance product is being designed to suit the needs of individuals as well as bulk institutions like banks and

August 18th, 2017 13:13

Reliance MF files offer document for Rs 2,000-cr IPO

Reliance Nippon Life Asset Management (RNAM), asset management arm of the Anil Ambani-promoted Reliance Capital, filed documents on Friday with the Securities and Exchange Board of India for an Initial Public Offer of equity (IPO).According to sources, the IPO size could be between Rs 1,800 and Rs 2,000 crore and would lead to 10 per cent dilution. The issue would comprise a new equity component and an Offer for Sale by both Reliance Capital and Nippon Life Insurance. The aim is to launch the IPO in this financial year.RNAM will issue 24.5 million new shares, Nippon Life will offer around 25.5 mn and Reliance Capital 11.2 mn. A source said the fresh component will be worth Rs 720-800 crore, while the Nippon Life and Reliance Capital stake sale will be worth Rs 330 crore and Rs 750 crore, respectively. Currently, Reliance Capital and Nippon Life hold 51 per cent and 44.57 per cent in RNAM. The IPO could lead to dilution of Reliance Capital's and Nippon Life's holding by 1.8 per cent ...

August 18th, 2017 13:13

Air traffic growth slows down to 12% in July

Domestic air traffic rose 12.4 per cent in July the slowest in 2017 on the back of slower capacity addition and grounding of eight planes by IndiGo, the largest domestic airline.Carriers flew 9.5 million passengers last month as against 8.5 million passengers in same month last year.IndiGo leads the domestic market with 38.7 market share but its share declined 1.3 percentage points over June due to limited capacity addition and flight cancellations last month.On an average IndiGo has been inducting 2-3 planes each month but last month it added only one A320 aircraft. Also the carrier has been forced to ground eight Airbus A320Neo planes due to issues related to their engines. Capacity addition by other airlines too is said to be limited.IndiGo has been forced to curtail its schedule since its eight of its Airbus A320neo have been grounded due to engine related issues. The airline has operating around 80 fewer flights each day till September as a result of the grounding."Our schedule .

August 18th, 2017 13:10

Consumer interest top priority in Tata, Adani's stake sale: Gujarat govt

Upholding consumer interests will be the top priority while evaluating stake purchase of independent power producers (IPPs) Tata and Adani's power plants in the state, a senior Gujarat government official said on Friday.Speaking on the sidelines of the Servo Oil, Gas and Fertilizer Meet here, Sujit Gulati, additional chief secretary - energy and petrochemicals, Government of Gujarat said that top lender State Bank of India (SBI) was spearheading the deal talks where both the players have offered 51 per cent stake sale to state utility Gujarat Urja Vikas Nigam Limited (GUVNL)."The valuations are done by expert agencies. SBI itself is an expert lender and it will make the valuation estimation. Our primary focus is that consumer interests need to be protected," Gulati told mediapersons. "Simultaneously, the asset shouldn't be wasted and should be put to use. Whoever uses the asset, at the end of the day consumer interest is paramount. We are in the process of ensuring the same," Gulati ..

August 18th, 2017 12:04

GST to scale transportation business further, says Redington India

IT-related logistics solution provider Redington (India), which has been developing a third party logistics services business under the brand ProConnect, is expecting a better opportunity in scaling up transportation business post Goods and Services Tax (GST) implementation. With the advent of GST, the company expects that the concept of Full Truck Load (FTL) to shift to small cargos, which would improve the margins, said senior management officials.With the implementation of GST, the company is expecting that certain businesses and logistics, particularly transportation is expected to scale up significantly. However, transportation, in terms of profitability will be lower, but there is a high potential in terms of scale, said Raj Shankar, managing director of Redington (India) Ltd."What we are trying to do is we are also trying to see how to bring in some apps that allows us to be able to do this aggregation and consolidation. So in other words, our model continues to be keeping it ..

August 18th, 2017 09:04

Did Murthy 'threaten' Infosys? Board tears into founder's claims

The Board said Murthy has repeatedly made "inappropriate" demands, which are inconsistent with his stated desire for stronger governance.

August 18th, 2017 07:30

Vishal Sikka quits as Infosys CEO, citing distractions and personal attacks

Sikka has been appointed Executive Vice Chairman effective today and would hold office until the new permanent CEO and MD takes charge till March 31, 2018.

August 18th, 2017 04:40

Personal attacks continue: Full text of Vishal Sikka's resignation letter

" The distractions that we have seen, the constant drumbeat of the same issues over and over again, while ignoring and undermining the good work that has been done, take the excitement and passion out of this amazing journey," said Sikka

August 18th, 2017 04:23

Tata Global Beverages to introduce ready-to-drink green tea

Tata Global Beverages (TGBL) has entered the ready-to-drink (RTD) segment with a green tea-based drink, spearheaded by Tata Tea in India and Tetley in Canada. To be made available in mango and orange variants, the company is piloting the new product segment it recently entered to diversify its Indian portfolio, to target youth. Although TGBL's competitors have entered the iced tea segment, the company has claimed that this is a first of its kind combination in the Indian iced tea market, with an offering that is innovative with herbal extract, low in sugar and relevant.Globally, particularly in Europe and North America, traditional black tea consumption has been on a decline. The fruit and herbal infusion segment is on a growth trajectory.In the company's annual report for 2016-17, the RTD tea market in India is pegged at Rs 140 crore, with a nine to 10 per cent annual growth rate."We haven't been really playing in the iced tea segment in the recent past but have been studying the ...

August 17th, 2017 19:58

HDFC Bank cuts savings rate by 50 basis points, seventh bank to follow SBI

HDFC Bank cut its interest rate by 50 basis points (half a per cent) to 3.5 per cent on savings bank deposits for balances up to Rs 50 lakh. This makes it the seventh to do so after State Bank of India (SBI) acted last month. Axis Bank, Bank of Baroda (BoB), Indian Bank, Karnataka Bank, Kotak Mahindra Bank and most recently YES Bank had preceded it. Axis, BoB and HDFC Bank all followed SBI's 50 bps cut to 3.5 per cent from the existing four per cent, for varying deposit amounts. HDFC Bank said its revision would be with effect from this Saturday. Customers maintaining a savings bank account balance of Rs 50 lakh and above will continue to earn interest at four per cent yearly. The revised rates will apply to both resident and non-resident customers. Banks have been cutting interest on term deposits for a little over two years. Demonetisation brought huge amounts into savings bank accounts as a one-time benefit. After that, banks substantially cut lending rates in the March quarter. .

August 17th, 2017 15:15

NAFED to procure pulses, oilseeds using NeML platform

The National Agricultural Cooperative Marketing Federation of India (NAFED), a a government agency for agricultural produce market intervention, and NCDEX e Markets Ltd. (NeML)- oldest online agri commodity trading platform and services company in India have signed an agreement for creating a e- platform for procurement of Pulses and Oilseeds across the country. The e-procurement platform is Aadhaar enabled online, and transparent platform that provides an end to end solution from farm-gate till its storage in a warehouse and its disposal. The platform would be used by all NAFED State units for procurement of pulses and oilseeds. NeML would work closely with NAFED team at the center and states to ensure the execution of the e-procurement platform. Sanjeev Chaddha, Managing Director and CEO of NAFED said "Our agreement with NeML would help NAFED in creating an efficient transparent and competitive e-procurement platform in line with its expanding role in helping pulse growers get a ...

August 17th, 2017 14:38

NITI event: Startup CEOs give suggestions to PM, ministers, bureaucracy

In the quest for new ideas to reignite its flagship campaigns such as Digital India, Prime Minister Narendra Modi, his entire cabinet, senior bureaucracy, on Thursday looked for help from 212 startup founders, in a rebooted version of last year's Start-Up India Stand Up India. In a 50 minute long speech at the 'Champions Of Change' event, organised by Niti Aayog, Modi charted out his plans for the startup ecosystem in India as well as, asked young entrepreneurs for more active partnership in governance. A far cry from last year January's Start-Up India Stand Up India, when everyone from SoftBank Group's Masayoshi Son, Uber's Travis Kalanick, WeWork co-founder and CEO Adam Neumann were invited for an event with a thousand plus guest list, 'Champions Of Change' was a more pointed, subdued and mission oriented event, startup founders said.Letting go of the frills, pomp and show, government officials said that starting from the cabinet ministers, senior bureaucrats, all had lengthy ...

August 17th, 2017 14:17

Data analytics set to become next big career dream

Shivakumar C S (name changed), a Chennai-based professional with a technology firm, did not mind spending a nearly Rs 5 lakh for his data science course. He felt it was essential for his career progression even after spending one-and-a-half decade as a banker. On his current role, Shivakumar focused on banking analytics and finds this work interesting than the previous one. Take the case of Shayak Das (name changed). A Bengaluru-based techie with nearly nine years of experience, says doing a short-term course on cloud computing was as important as going on a monthly cycling trek. Das, who worked on couple of IT services firms and later with a product company, felt having the right skills on cloud was essential for the kind of work he does. He paid Rs 11000 upfront for a one-month course and never bothered whether the employer might bear the cost. Examples are plenty. Thousands of professionals both from IT and non-IT sectors across different cities in India are enrolling for data ...

August 17th, 2017 14:07

Dish TV posts Q1 net loss of Rs 14 cr

Direct-to-home service provider Dish TV sawdecline in revenue for the first quarter of the current fiscal, ended June 30.Revenue was down 5.1 per cent year on year from Rs 778.6 crore in Q1FY17 to Rs738.9 crore this year. Subscription revenue reduced by 5 per cent in thequarter under consideration at Rs 691.7 crore as compared to Rs 728.2 crore inthe same quarter last fiscal. Consequently, EBITDA was down 22.9 per centfrom Rs 261 crore in the first quarter of the previous to Rs 201.2 crore inQ1FY18. Dish TV reported net loss of Rs 13.9 crore in Q1FY18, as compared to aprofit of Rs 36.1 crore last year. Average revenue per user (ARPU) grew 10.4per cent Q-o-Q and was recorded at Rs. 148. The company said that going forward, ARPUs should get a tailwind asmajor MSOs (multi system operators) have started adopting the prepaid model forrevenue collection. Direct collection should help correct certain anomalies inthe business model of MSOs, thus helping lift overall industry ARPUs. The ...

August 17th, 2017 13:46

One year notice period for pilots is a disaster, says airline industry

> The Indian aviation regulator's new rule of making one year notice period compulsory for commanders will lead to cases of industrial conflict and severely impact the expansion plan of new airlines In its reasoning the regulator said that it has noticed a trend of pilots resigning without prior notice to the airlines which forces disruption in the airline's schedule leading to harassment of passengers. The move is believed to have after established airlines said that their wage cost was rising as they are forced to hire expat pilots due to demand-supply mismatch. "Indian carriers are being forced to hire expat Captains due to a critical demand-supply imbalance, with cost of hiring increasing, it will ultimately lead to higher airfares," Federation of Indian Airlines (FIA) representing IndiGo, SpiceJet, Jet Airways and Go Air wrote. But executives of new airlines have termed this as an attempt by the entrenched airlines to create hurdles in their growth plans. "This is grossly

August 17th, 2017 13:43

Sugar companies sweeten balance sheet

At a time when corporate financial defaults and insolvencies are making headlines, leading players in the sugar industry are repaying and prepaying debt after a long gap. With profits for many sugar makers hitting a new record last year, companies have got down to debt reduction and are sweetening balance sheets.Four sugar companies- Balrampur Chini, Triveni Engineering, Dhampur Sugar and Dwarikesh Sugar- together have repaid about Rs 1,100 crore to financial institutions since FY17. The debt reduction process does not end here and with a stable cash flow outlook companies are looking to bring down the debt further. Country's second biggest sugar company Balrampur Chini has repaid Rs 472 crore after it made a record profit of Rs 592 crore last year. "Given the cash flows we should be in a good position to bring the long-term down to bare bone when the year ends. Some of the loans had a longer repayment period but we decided to prepay it in our interest. The financial ratios will ...

August 17th, 2017 13:30

Tighter Sebi rules add zing to India Inc buybacks

Between 2002 and 2013, companies acquired less than half of the proposed share buyback amount. After market regulator Securities and Exchange Board of India (Sebi) tightened the buyback norms-to avoid misuse of the instrument-the success rate of buybacks has improved to nearly 98 per cent. "Earlier, most companies used to announce buybacks just to shore up stock prices but never actually bought back any shares. Since Sebi has tightened the regulations, the misuse has been curbed. Only serious players, wanting to reward the shareholders have, started making announcement," said a Sebi official.In August 2013, the market regulator made some key changes to buyback regulation. Among them were a minimum buyback clause, setting aside of 50 per cent of the proposed buyback amount in an escrow and use of mandatory use of the 'tender route' if the proposed amount exceeded 25 per cent of the company's net worth.Further, the new regulations also asked to wrap-up the share repurchases within six ..

August 17th, 2017 13:14

Zomato to roll out speedy delivery service for customers during illness

Restaurant discovery and food ordering service Zomato is introducing a new feature that will allow customers to ask for expedited deliveries when they are feeling a bit under the weather, likening it to calling an ambulance during medical emergencies.The feature which is currently being tested will be rolled out with the next app update. The announcement comes as Zomato says it crossed the three million monthly orders milestone and is looking at adding new meaningful features to get customers to order from it more frequently."You will soon be able to tell us that the meal you just ordered is for someone who's a bit under the weather...and we will do everything in our power to expedite your delivery, just so that you can get your chicken clear soup ASAP," the company wrote in a blogpost on Thursday.While the feature will be available for all users, the company will advise users to not misuse it asking them to treat it like an ambulance. The update will also allow customers to instruct .

August 17th, 2017 13:12

ICEX's mock trading session for diamond futures attracts huge volumes

The pre-launch mock trading session in diamond futures on Reliance ADAG-anchored Indian Commodity Exchange Ltd (ICEX) has observed Rs.3600 crore average volumes ahead of its launch by month end. The one week mock trading last week saw participation of 62 members and their clients from 388 terminals. These sessions of mock trading observed a daily average turnover of close to Rs 3600 crore with the highest daily turnover standing at Rs 7855 crore. The total number of trades reported during the mock trading sessions stood at over 2.66 million."Pre-launch mock trading was aimed to demonstrate the robustness of the exchange trading system, help member brokers and their clients to have hands on experience about the features of system and processes and educate the participants about price discovery and hedging mechanism. This created confidence in the capabilities of the Exchange to conduct trading and settlement operations," said Sanjit Prasad, managing director and chief executive ...

August 17th, 2017 12:44

L&T delivers two high-speed interceptor ships to Indian Coast Guard

Engineering firm Larsen & Toubro (L&T) today said it has delivered two more high speed interceptor ships to the India Coast Guard at the company's Kattupalli shipyard in Chennai in Tamil Nadu. The delivery of the C-433 and C-434 high speed interceptor ships is part of the two contracts being executed by L&T for design and construction of 54 interceptors to the Indian Coast Guard, valued at Rs 1,424 crore, the company said in a statement issued here. With these two, 34 interceptors have been delivered by the company, so far, it said. "We appreciate the urgent need of Indian Coast Guard to augment coastal security in these turbulent times. Our production is over one year ahead of schedule and we are ready to deliver the remaining 20 vessels to Coast Guard anytime suiting their operational requirements," company's CEO and Managing Director SN Subrahmanyan said. Besides interceptor vessels programme, L&T has also been mandated by the Coast Guard to design and build ...

August 17th, 2017 11:35

Srei Equipment Finance to raise Rs 2,000 cr through IPO

Srei Equipment Finance (SEF), wholly-owned subsidiary of Srei Infrastructure Finance, plans an initial public offer (IPO) of equity, to result in dilution of up to 25 per cent of the post-issue paid-up equity capital share.The company expects to raise Rs 1,800-2,200 crore through the IPO, expected to hit the market in the last quarter of this financial year. The proceeds would be used to fund growth. The company is looking at 20-30 per cent annual growth over the next few years, said Hemant Kanoria, chairman and managing director. In the June quarter, first of the present financial year, SEF had assets under management of Rs 23,453 crore. According to D K Vyas, chief executive, the aim is to double this in three years. Profit after tax in the quarter was Rs 72 crore, against Rs 44 crore in the same period a year before. About 90 per cent of the company's equipment finance business is in construction mining equipment. The company has a market share of 30-35 per cent in equipment ...

August 17th, 2017 11:34

Moody's upgrades Asia steel industry outlook to stable from negative

Moody's Investors Service has revised the outlook for Asian steel industry to stable from negative on expectation that profitability will remain steady."We expect profitability of our rated Asian steel companies -- measured by EBITDA per tonne -- to remain stable during the coming 12 months following a significant improvement that began in the second half of 2016," Chris Park, an Associate Managing Director was quoted as saying.Removal of excess steel-production capacity in China and broadly steady steel demand in the region will be the main drivers of this profitability, explained Park.Stable outlook also reflects the state of China's Purchasing Managers' Index, which remains above 50, indicating a slight increase in manufacturing activity in China, the world's biggest steel market, said the ratings agency.The Asian steel industry's profitability has increased since bottoming out in 2015 and the improvement in 2016 was led mainly by a recovery in industry fundamentals in China, ...

August 17th, 2017 10:18

Suven gets three process patents for neuro-degenerative drug

BS ReporterHyderabad, 17 August: Hyderabad-based bio pharmaceutical company Suven Life Sciences has received process patents for its new chemical entities(NCE) from Europe, Japan and New Zealand. These process patents are for a pipeline of compounds being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with Neurodegenerative disorders such as Alzheimer's, Attention Deficiency Syndrome(ADHD) among other diseases, according to the company."We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally,"said Venkat Jasti, CEO of Suven.Suven has 4 clinical stage compounds, one phase 2 undergoing, one phase 2 ready and one phase 1 completed and one phase 1 commenced molecules. In addition to these clinical compounds, the company has nine internally discovered therapeutic drug candidates ...

August 17th, 2017 09:48

V-Guard to exit from the non-core B2B segment

Kochi-based consumer electrical and electronics manufacturer V-Guard, is planning to exit from business to business segment, to tap its core business of business to consumer segment targeting around 15 per cent growth every year in next few years.The company, as part of the strategy, has recently exited from industrial UPS business. It has another business of making industrial cables, from which it will be exiting in one or two quarters, said Mithun K Chittilapilly, managing director of V-Guard Industries Ltd. The volume of this business segment is very small, to around two per cent of its total business."These are very small businesses and they were not making money and had long working capital requirements. That is not our core competency," he said. The company has LT Cables business, which it offers to construction and power sectors, apart from other industry focused products."Despite this, we are targeting a 15 per cent growth every year in the next few years," he said. The ...

August 17th, 2017 08:59

After IPO success, Cochin Shipyard lines up Rs 2,800-cr expansion projects

Cochin Shipyard, which successfully completed its IPO recently, has lined up expansion projects worth Rs 2800 crore. The proceeds of IPO to the tune of Rs 961 crore will be utilised to fund these expansions.Cochin Shipyard under the Ministry of Shipping was listed in Bombay Stock Exchange and National Stock Exchange last week.The company has raised Rs 1,442 crore from the IPO which has been a combination of fresh issue and offer for sale in the ratio of 2:1. The IPO was oversubscribed by over 75 times with more than Rs 1.11 lakh crore being raised against the offer of Rs 1,442 crore.The issue also saw a strong interest from retail segment with over 20 lakh applications, the highest in the last decade.The QIB portion was over subscribed by over 63 times and the HNI portion was over subscribed by 287 times. After listing the shares in the exchange, they opened at 20 per cent increase despits the markets being low.The proceeds of the fresh issue part of the IPO, totaling around Rs 961 ...

August 17th, 2017 07:45

Now, HDFC Bank cuts savings rate to 3.5% for deposits less than Rs 50 lakh

Post revision, customers maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at four per annum.

August 17th, 2017 05:21

India may increase Dubai seat entitlements by 6,000 seats a week

India and Dubai is likely to finalise an agreement to increase the seat entitlement by 6000 seats a week. However, the outcome of the talks depend on Indian carriers agreeing to hold the talks without any commitment of getting preferred slots at Dubai's main airport.This comes almost a year after the ministry had turned down a similar request from Dubai's request. The talks have resumed as Indian carriers have fully utilized the current capacity entitlements. Of the current entitlement of 66,504 seats on the sector designated airlines of both India and Dubai are utilising capacity to the full extent.According to an official of a private airline, the civil aviation ministry official has asked the view of Indian carriers on whether the agreement can be increased without any guarantee of slots. Simultaneously the ministry has also asked if the Indian carriers will use the Al Maktoum International Airport at Jebel Ali which is 37 kilometres away from the main city of Dubai. "The civil ...

August 16th, 2017 20:15

India-focused offshore funds, ETFs see $4.6 bn inflow in FY18 so far

India-focused offshore funds and exchange traded funds (ETFs) have received net assets worth USD 4.6 billion in this fiscal so far, a report said. The category had witnessed a net outflow of assets worth USD 2.3 billion in the year-ago period, a report by Morningstar said here today. Through the April-June quarter, the category garnered net assets worth USD 2.6 billion, higher than the net inflow of USD 2.0 billion they had received in the previous quarter. India-focused offshore funds witnessed higher net inflows than India-focused offshore ETFs during the quarter. Of the total quarterly net inflow of USD 2.6 billion, India-focussed offshore funds registered net inflow of about USD 2.1 billion, whereas India-focussed offshore ETFs witnessed net inflows of USD 0.5 billion. Assets of India-focussed offshore equity funds and ETFs increased during the June quarter to USD 55.2 billion from USD 50.1 billion in the March quarter. S&P BSE Sensex Index gained 4.4 per cent in the ..

August 16th, 2017 18:13

Give data access to consumers, not companies, says Nandan Nilekani

Former UIDAI Chairman Nandan Nilekani suggest that the government should create a policy framework that gives consumers access to the data they create while using digital services rather than allowing entities build data silos for their own benefit.Arguing that by inverting the control of data away from entities that gather them and giving it to the individuals producing them, India will be able to ensure privacy, keep data colonisation at bay and boost competitiveness. "Every second, three more Indians are experiencing the Internet for the first time (and) is getting headlocked into a digital era at a pace never seen before...But how do you convert this data in such a way that it benefits everybody? That's a strategic question," said Nilekani, at an event in Bengaluru on Wednesday.Taking a view that India is starkly different from the West when it comes to digitisation because people were already rich there when smartphones began making in-roads a decade ago, Nilekani said India ...

August 16th, 2017 15:32