4,285,799 russian companies, updated November 17th, 2017

Business news

AFL to produce fibre optic products in Bengaluru for US market

Fiber optical cable and accessories maker AFL looks to make products in Bengaluru for North American and other Asian markets. The company, which partnered with Citadel Intelligent Systems for manufacturing in India, will primarily make equipment designed for data centres for existing and new customers. Jody Gallagher, President and chief executive officer, AFL, said fast-paced growth in the data centre market has attracted the company, a subsidiary of US-based Fujikura Ltd, to have an India presence to meet the demand both from the local and global market. Gallagher and K K Shetty, chief executive officer, Citadel said a rapid digitisation of customer services in India has resulted in a need for more hyperscale (scalable to accommodate large quantities of information) data centres. "India has evolved as digitally advanced market. The rising demand for high-speed broadband, increased investment in IT and telecommunications, accelerated by government's 'Make in India', 'Smart Cities' ...

November 17th, 2017 13:30

Small finance banks look to tap Odisha market for growth

Small finance banks (SFBs) have lined up firm plans for Odisha, a state with huge chunk of areas untouched by banking services.These new generation banks are betting big on Odisha as the state is having more than 4200 panchayats where people are deprived of banking services.Suryodaya Small Finance Bank, headquartered in Navi Mumbai, is the first among the small finance banks to start its services in the state by opening a branch here.In Odisha, the new generation bank has approval for opening of another 16 new banking outlets in the next one year. In addition, it will be converting all its 37 micro-finance branches across Odisha into full-fledged banking branches in the next one year.SFBs are offering niche banking services in India. Entities with a small finance bank license can provide basic banking service of accepting deposits and lending.Jana Small Finance Bank is also planning to start its services in Odisha. Its operations in Odisha are likely to start somewhere between ...

November 17th, 2017 13:26

HDFC Life rides on parentage, Moody's upgrade, shares soar 19% on debut

Private life insurer HDFC Standard Life Insurance Company stunned the Street with a stock listing day performance. Shares of the company soared as much as 27 per cent amid buoyancy in the secondary market after Moody's Investors Service upgraded India's sovereign bond rating, the first time in nearly 14 years. Shares of HDFC Life closed at Rs 344, up Rs 54, or 18.6 per cent. The stock touched a high of Rs 369 and a low of Rs 307 in intra-day trade, with Rs 6,230 crore worth of shares changing hands on the National Stock Exchange (NSE) and the BSE.The Street was expecting a muted listing going by the given the tepid demand from retail and high networth individual (HNI) during the Rs 8,700-crore initial public offering (PO), which closed on November 9. The retail portion of the IPO was subscribed just 80 per cent, while HNI category saw only 2.3 times demand. Demand from institutional investors was high at 16 times the shares on offer. Overall, the IPO was subscribed five times.Retail ..

November 17th, 2017 13:19

Keen to resolve NSE's co-location issue as soon as possible: Sebi chairman

The case relates to some brokers allegedly getting preferential access to NSE servers through co-location facility during 2011-14. The exchange discontinued the facility since 2014

November 17th, 2017 13:11

Moody's ratings upgrade to boost FPI investment in debt market

Moody's upgrade of India's sovereign ratings is likely to boost inflows from foreign portfolio investors (FPIs) into Indian equities, albeit marginally. The demand for Indian bonds, however, will surge even as existing FPI investors in the debt market benefit from softer yields going forward.Foreign portfolio investors (FPIs) have pumped in more than $22 billion into the debt market this year compared with $8 billion into equities. Countries such as Taiwan, Mexico, South Korea and China have got a higher share of equity inflows from FPIs than India."Indian bonds have remained attractive this year owing to the high nominal yield, approaching 7 per cent sovereign yield, and the rupee appreciation of 6-7 per cent against the dollar. Both these factors amount to a significant appreciation in bond values. Add to this the Moody's rating upgrade, the demand for India debt will only increase going further. Existing debt investors also stand to benefit from the softening of the yields," said ..

November 17th, 2017 12:57

Bitcoin: Decoding the digital currency

All you need to know about cryptocurrencies like Bitcoin, how they work, what are the risks, and why there is so much controversy surrounding them

November 17th, 2017 12:43

UTI Mutual Fund eyes Rs 4 lakh crore AUM by FY18 end

Leading asset management company UTI Mutual Fund is targeting assets under management (AUMs) of Rs four lakh crore by the close of 2017-18. If achieved, the AUMs would grow by eight per cent over last fiscal's figure of Rs 370,000 crore."Market conditions, UTI Mutual Fund's strength and the investor camps that we plan to hold would help achieve our target in AUMs. Our mutual fund assets are expected to rise from Rs 1.54 lakh crore to Rs 1.75 lakh crore by the end of this financial year", said Debashish Mohanty, president & country head (retail) and head (investor service management), UTI Asset Management Company Ltd.The company plans to introduce three more equity focused funds before the end of this fiscal. It has approval from markets regulator Securities & Exchange Board of India (Sebi) for these products.Mohanty feels the waning interest of people in bank fixed deposits (FDs) due to unattractive returns would spur them towards equity investments. "There is no alternative ..

November 17th, 2017 12:43

Land transfer to ease Tata Steel's Subarnarekha port acquisition

A decision by the Odisha government to hand over 692 acres of land for the first phase development of Subarnarekha port off the coast of north Odisha is expected to ease Tata Steel's acquisition of controlling stake in the port.Tata Steel in January this year, has already inked a definitive agreement with Chennai-based Creative Port Development Pvt Ltd (CPDPL) to pick up 51 per cent equity in the port project from the original promoters."The state government has decided in principle to transfer 692 acres of land for development of Subarnarekha port in the first phase. After vetting by the law department, the land would be leased out to the concessionaire", said a senior Odisha government official.The Defence ministry which had earlier raised certain objections, has also given its nod for development of a port at the chosen site, he added. The Subarnarekha river mouth is envisaged to be developed as a commercial port on the build, own, operate, share and transfer (BOOST) model.As per ..

November 17th, 2017 12:27

Uber pilots cab booking over call to tap new users

As it looks to cast a wider net to bring new users onto its platform in India, ride hailing giant Uber is launching services that will allow customers with low-end smartphones and even feature phones book rides with it.In the coming weeks, Uber will roll out enhancements to its app that will allow users to book cabs more seamlessly in places with bad network connectivity. However, for customers who cannot install its app, the company has launched a mobile site and is also piloting a service for people to book cabs through phone calls.The new initiatives have emerged out of Uber's new Rider Global Access team, which is largely based out of the company's development centre in Bengaluru. While these services have been built keeping in mind the challenges in India, Uber says they will definitely find application in several other regions across the world."This team is working on innovation which of course touches the India market but also touches the global market. A lot of innovation has .

November 17th, 2017 11:46

Hinduja Leyland Finance sees gross income rising to Rs 2,000 cr this fiscal

Hinduja Leyland Finance, the non banking finance company of Hinduja Group, is expecting its gross income during the current fiscal to grow to around Rs 2,000 crore and doubling of its assets under management by the end of the fiscal despite the challenges in the commercial vehicles market.Commenting o the company's growth prospects, S Nagarajan, executive vice chairman of the company said, "We are doing well. We will end the year with Rs 20,000 crore of asset under management, from around Rs 10,000 crore last year." The AUM during the period ended September, this year stood at around Rs 15,000 crore.In terms of gross income the company is expecting around Rs 2,000 crore by the end of this fiscal year. It may be noted that the revenue of the company last fiscal year was around Rs 1486.31 crore.Almost 40 per cent of its portfolio is commercial vehicles, around 10 per cent each in two-wheeler, loan against propety and three wheeler lending and the rest in used vehicles and others. It ...

November 17th, 2017 11:31

Kuwait's Jazeera Airways starts daily flights to Hyderabad

Rohit Ramachandran, CEO of Jazeera said the airline will connect Mumbai, Kochi and Ahmedabad with Kuwait by mid-January next year

November 17th, 2017 11:10

Panasonic global head meets IT minister, says bullish on India

Panasonic Corporation is bullish on India and will continue to invest in the country, its Global President Kazuhiro Tsuga said today. Tsuga met IT Minister Ravi Shankar Prasad today, who in turn asked the Japanese consumer electronics giant to participate in India's digital growth momentum. "We told him to get lithium battery to India and I also told him that there is a big opportunity for digital economy in India," Prasad told reporters. Emerging from the 20-minute meeting, Tsuga said the company is expanding its business and manufacturing activities in India. "In manufacturing, we are now trying to open the refrigerator factory (in the) beginning of next year. We also recently opened the innovation centre which is like an Research and Development (R&D) centre," Tsuga told PTI. Besides, the company will seek to tap opportunities in business-to-business solutions in India. "We are quite happy to expand our business," he added. Panasonic officials said that Tsuga's ..

November 17th, 2017 10:46

Govt sets Rs 10,000 min balance in bank accounts as rural poverty measure

The more number of families with a minimum Rs 10,000 in their accounts, the better a panchayat's chance of being on the positive list of the poverty index

November 17th, 2017 10:33

After Moody's upgrade, India Inc can raise funds overseas at lower costs

CFOs of large corporates said Moody's upgrade will help tap overseas markets where average cost of funds is Libor plus up to 200-400 basis points depending on a company's credit-worthiness

November 17th, 2017 09:19

Moody's upgrade: 'India's growth potential higher than other Baa economies'

William Foster, vice-president of Sovereign Risk Group at Moody's Investors Service says the govt's reform measures contribute to further enhancing the economy's capacity to absorb shocks

November 17th, 2017 07:30

Macro risks in G-sec market overdone; Moody's upgrade the right move: BofA

BofA-ML expects RB to cut rate on December 6 to signal a bank lending rate cut before the busy industrial season intensifies, as inflation remains within the central bank's 2-6% target

November 17th, 2017 06:12

19 stocks from BSE500 index hit 52-week highs

ICICI Bank, Bank of India, HeidelbergCement India, Jubilant FoodWorks, L&T Technology, Polaris Consultancy Services and Titagarh Wagons were among 19 stocks from BSE500 index hit 52-week highs.

November 17th, 2017 05:58

Google, Facebook join news firms to identify trustworthy sources

Microsoft and Twitter also agreed to participate in the "Trust Project" with some 75 news organisations to tag news stories which meet standards for ethics and transparency

November 17th, 2017 04:55

After outrage over ad graffiti on Delhi heritage wall,Puma India apologises

The company said, all the stakeholders had also "aligned" that there was "need to raise awareness" among the owners about guidelines to preserve heritage properties.

November 17th, 2017 04:37

HDFC Standard Life makes a positive debut, gains 7% against issue price

The stock was listed at Rs 311, a 7% premium against issue price of Rs 290 per share on the BSE. It was opened at Rs 310 on the National Stock Exchange.

November 17th, 2017 04:35

No immediate plans to integrate Shriram business with PEL: Ajay Piramal

Early this year, it was reported that Piramal might consolidate his control in Shriram Capital, the holding company of the financial services entities of Shriram group

November 17th, 2017 04:15

Banks rally as Moody's upgrades India's rating

State Bank of India (SBI), Punjab National Bank, Bank of Baroda, ICICI Bank, Canara Bank, Axis Bank, Allahabad Bank, IDBI Bank, Bank of India and Syndicate Bank were up 2% to 4% on the NSE

November 17th, 2017 04:13

Siemens to cut 6,900 jobs globally amid shift to renewable energy

Siemens said roughly half of the job cuts would be made in Germany, a move likely to be unpopular with politicians currently trying to form a government

November 17th, 2017 03:32

NSE probe: I-T dept searches premises of brokers, employees

I-T officials carried out operations on 40 premises belonging to those who could have benefitted from the irregularities at the exchange's trading systems

November 16th, 2017 20:24

Make in India: Govt wants Apple to come out with a 'workable solution'

As the government is keen to resolve the issue concerning US tech giant Apple's manufacturing plans in India, it has asked the iPhone maker to come out with a 'workable solution' so that it can be given incentives within the framework of current policies.Sources said the government was considering several options including giving space to Apple or its manufacturing partners for making iPhones and other devices in the special economic zones (SEZs), so that the company could benefit from duty incentives. However, the problem with manufacturing in SEZs is that Apple will not be able to sell its products in the domestic market. "The government is committed and is exploring various options for Apple within the current set of rules. We have to see what proposal Apple brings to the table," a source in the Ministry of Electronics and IT (Meity) said. Things have started to move again for Apple ever since Meity has become the nodal ministry. Earlier, the Commerce and Industry Ministry was ...

November 16th, 2017 19:39

M&M dealers may soon get mini Ford outlets

American car maker Ford, the eighth largest player in domestic car market, will use its partner M&M's retail network strength to reach out to more consumers in smaller cities and towns that are not serviced by the brand. Ford is likely to offer mini small format sales service outlets to M&M dealers to expand its reach.Ford is said to be getting ready to open at least 25 small format sales service outlets with Mahindra dealers in markets where it does not have a presence. These will require smaller investments due to smaller size, lesser number of service bays and lower manpower requirements, etc, said a person familiar with the talks. M&M, in response to queries, said it is too early to comment on this. Ford said the contours are being worked upon and there is no clarity now. "Of the many areas that we will work on, one relates to distribution within India (of Ford products) and outside India (of M&M products). At this point of time the discussion is really about how ..

November 16th, 2017 16:09

Karnataka govt seeks Virgin Hyperloop One feasibility report in six weeks

The Richard Branson-backed Hyperloop One looks to connect Bengaluru with industrial city Tumakuru, the twin cities of Hubli-Dharwad and other places. Virgin Hyperloop One, a start-up that designed a super high-speed transportation facility, has conducted its first test at a track in America's Nevada desert. Nick Earle, senior vice-president at Virgin Hyperloop One, said India is one of the "most important geographies" for developing such networks. And, that a hyperloop, a concept proposed and backed by noted inventor and magnate Elon Musk, will have "wider economic benefit" than only a cheaper transport mode. In October, Branson invested in Hyperloop One and joined the board of directors at the start-up. A Hyperloop connectivity, for example, is described as enabling people to reach Chennai from Bengaluru in 23 minutes. Using this technology, 'pods' will move or zip across vacuum tubes at a speed of up to 1,300 km an hour. On Tuesday, the Karnataka government signed a pact with ...

November 16th, 2017 15:41

Odisha govt to vet Vedanta's proposal to expand Lanjigarh refinery

The High Level Clearance Authority (HLCA) would consider a proposal by Vedanta Ltd to expand capacity of its alumina refinery at Lanjigarh from one million tonne per annum (mtpa) to six mtpa.Vedanta would invest Rs 6483 crore on expanding capacity of its refinery. The project after full ramp up has the potential to generate jobs for 9494 people.The company's expansion proposal came up for scrutiny at the 75th meeting of the State Level Single Window Clearance Authority (SLSWCA). Since the SLSWCA is empowered to approve projects with investment size of up to Rs 1000 crore, the proposal was referred to HLCA, the highest body to clear investment proposals in Odisha.The SLSWCA approved Vedanta's plan to ramp up capacity of its co-generation captive power plant from 90 Mw to 340 Mw.To fulfill its expansion plan, Vedanta has asked for 1645.8 acres of additional private land. Vedanta's alumina refinery at Lanjigarh in Odisha's economically backward Kalahandi district, has been struggling to .

November 16th, 2017 15:31

National Insurance to take cue from other public sector insurance IPOs

With two of the biggest initial public offering (IPO) of public sector general insurance firms-The New India Assurance and General Insurance Corporation of India-getting tepid response from retail investors, National Insurance, which is planning to come out with its IPO in March-April 2018, is expected to tweak its IPO strategy."Insurance is a very complex sector and not many retail investors understand it. However, having said that, we would definitely incorporate the learnings from the IPOs of New India Assurance and General Insurance Corporation in our offering. We will sit with their analysts and discuss the strategies," said said K Sanath Kumar chairman, National Insurance Company.According to sources, National Insurance had been looking to raise about Rs 4000-5000 crore. Kumar refused to comment on the issue size. Notably, analysts have pointed out that the large issue size and high price of public sector general insurance firms have been key reasons for poor response from ...

November 16th, 2017 14:59

NCLT refuses Srei Infra's claim for inclusion in committee of creditors

Hyderabad, 16 November: Hyderabad bench of National Company Law Tribunal(NCLT) on Thursday dismissed Srei Infra Finance Limited's petition against removal of its name from the committee of creditors in the ongoing insolvency resolution process of Deccan Chronicle Holdings(DCHL).Earlier, Srei Infra challenged the removal of its name by the Interim Resolution Professional(IRP) from the committee of creditors that was constituted as part of the insolvency resolution process initiated by the bench in July.IRP had justified the decision on the grounds that being a share-holder in DCHL Srei can not be a part of the committee of creditors under the law.While delivering the judgement in Srei petition, the bench has also vacated the interim orders it had issued on the ongoing proceedings in DCHL case at the time of admitting the petition three months ago. "The bench has dismissed the petition of Srei with regard to its demand for inclusion in the committee of creditors today. We are waiting ..

November 16th, 2017 14:59

Airtel-Tata Tele merger gets CCI nod

Fair trade regulator Competition Commission of India (CCI) has approved the merger of Tata Teleservices with Bharti Airtel as consolidation in the telecom sector becomes a reality.Airtel, which is acquiring Tata Teleservices virtually for free, will be getting around 71 MHz of liberalised spectrum and 40 million customers to add to its kitty as it gears up to fight bigger rivals in the form of Vodafone-Idea Cellular combine and also Reliance Jio.The telecom sector is looking forward to a scenario where there will be three big private operators along with state-run BSNL. There may be smaller operators in the form of Aircel and Reliance Communications (RCom). Although RCom has made it clear that it is going to shut down its 2G and 3G business and concentrate only on 4G after its merger with Aircel was called off due to delay in approvals. As per a CCI order, the proposed combination of Tata Teleservices and Bharti Airtel has been approved. The merger will also need approvals from other .

November 16th, 2017 14:56

USFDA issues warning letter to Lupin's Goa, Indore plants

USFDA issued a warning letter to Lupin for violation of current good manufacturing practice norms at two of its manufacturing facilities in Goa and Indore

November 16th, 2017 14:09

Volkswagen China to invest $12 bn in new energy vehicles

Move comes as China has put in place a series of carrots and sticks to compel carmakers to produce more fuel efficient and eventually petrol-free cars

November 16th, 2017 14:04

Indian firms fast embracing Microsoft 365 to build modern workplaces

Microsoft 365 is a complete, intelligent solution, which brings together Office 365, Windows 10 and enterprise mobility and security

November 16th, 2017 13:39

Special Report: Twice burned - How Mt. Gox's bitcoin customers could lose again

TOKYO (Reuters) - When Mt. Gox, the world's largest bitcoin trading exchange, collapsed in early 2014, more than 24,000 customers around the world lost access to hundreds of millions of dollars' worth of cryptocurrency and cash.

November 16th, 2017 13:31

Airtel launches two new Karbonn-branded smartphones at feature phone price

Karbonn A41 Indian and Karbonn A41 Power smartphones, at an effective price of Rs 1,799 and Rs 1,849, respectively, come bundled with a cashback offer from Bharti Airtel

November 16th, 2017 11:29

Facebook seeks India patent intelligently augmenting electronic messages

Facebook has applied for patent exclusivity for its invention related to a method making messaging more interactive, by identifying the message elements in the electronic communication and adding or replacing them with an additional element. The invention could be used in instant messaging services and other electronic communication methods. In a patent application titled Providing Augmented Message Elements In Electronic Communication Threads, the company claims that the invention is related to electronic communications, more specifically to intelligently augmenting message elements in such communications. Electronic communication applications allow users to include emoticons, stickers, images as short cuts, but the present limitation is that those non-verbal communications do not allow for interaction and interplay of non-verbal communication that is common in face-to-fcae conversations. Even animated emoticons are generally limited to add any layer of expression on interaction. ...

November 16th, 2017 11:11

PC sales in India sees 20% growth in Q3 to 3 million units: IDC

the shipments could decline in the fourth quarter due to seasonality and reduced consumer demand after the high-consumer spending in the third quarter, IDC added

November 16th, 2017 11:05

Karnataka-Virgin Hyperloop One tie up to conduct feasible study: Kharge

The preliminary study is intended to analyse the applicability and benefits of hyperloop technology, identifying high priority routes within Karnataka based on demand analysis

November 16th, 2017 10:52

Net neutrality: Trai should define critical services to be given priority

According to people in the telecom industry, the regulator needs to clearly define what kind of financial and critical services should be allowed to be accorded priority

November 16th, 2017 10:22