4,285,799 russian companies, updated October 23rd, 2017

Business news

Infosys Q2 preview: What Dalal Street wishes to hear from Nandan Nilekani

Infosys will likely cut CC revenue growth guidance for FY18 to 6-7% from 6.5-8.5% announced earlier, said Kotak Institutional Equities

October 23rd, 2017 03:52

Jio blues: In India's ugly telecom soap opera, the taxpayer gains only to lose again

India's taxpayer has won in a war on corruption, but may well be losing an equivalent money again as a consumer, or likely, as a taxpayer

October 23rd, 2017 03:50

Infosys Q2 results: Analysts expect concrete guidance, stability

This will be first financial result that Infosys will announce under second innings of co-founder Nandan Nilekani at the helm of company's affairs

October 23rd, 2017 02:32

Oxigen e-wallet alters strategy

The firm says around 15,000 Oxigen micro ATMs have been deployed in 10 months, with monthly transaction value of Rs 350 cr of cash in and cash out, on AEPS

October 22nd, 2017 19:46

Infosys Q2 results: Analysts expect concrete guidance, stability

This will be the first financial result that Infosys is set to announce after the controversial exit of its erstwhile CEO, Vishal Sikka

October 22nd, 2017 15:40

Banks fear additional Rs 40,000-cr NPAs as RBI reclassifies Axis' accounts

The Reserve Bank has directed certain reclassifications in the private sector lender's asset classification and provisioning as on March 2017

October 22nd, 2017 08:06

JSW Steel to tweak design of Odisha project

Sources close to the development said JSW Steel has initiated talks with some overseas companies for some technology collaboration for the Odisha project

October 21st, 2017 19:40

No CEO spoke ill of Mistry, says Nirmalya Kumar

Kumar's blog chronicles the events of the day and those that followed subsequently, including disbanding of the group executive council, of which Mistry was a member

October 21st, 2017 19:22

RBI says linking Aadhaar to bank accounts must

The RBI clarification followed media reports quoting a reply to an RTI application that suggested RBI hadn't issued any order for mandatory Aadhaar linkage

October 21st, 2017 19:11

Apple, Foxconn to meet as iPhone X faces production issues: Report

The Apple COO will is slated to visit Taiwan for the 30th anniversary of Taiwan Semiconductor Manufacturing Co. which is the core processor supplier for the iPhone line this year

October 21st, 2017 12:42

No Tata CEO spoke ill of Cyrus Mistry, says Nirmalya Kumar

Kumar writes in his blog that only lawyers and PR firms gained from Tata-Mistry war; the board could have just let the clock run out in five months

October 21st, 2017 06:43

Govt frames rules for valuation of unlisted firms, method yet to be decided

Rules limited to valuers, do not have the all-important component of valuation methodology; till the time methodology is framed, international standards to be followed

October 21st, 2017 04:27

Bitcoin nears $6,000; gains 500% in 2017

This comes just three days after bitcoin suffered its biggest one-day drop in a month on rising concern that regulators are increasingly targeting digital currencies

October 20th, 2017 20:30

US Treasury closely monitoring India's policies, forex

India is one of the 13 largest trading partners of the United States, and as of June 2017, ran a trade surplus of $23 billion with the US

October 20th, 2017 19:37

Tata Steel's Dutch unit workers oppose deal

Works councils in the Netherlands and Germany have significant powers and their approval is required for a change of corporate structure to be carried out

October 20th, 2017 18:45

Jakson Group to increase its solar manufacturing capacity to 1.5 gigawatts

The Noida-based Jakson group plans to increase its solar manufacturing capacity to 1.5 gigawatt by 2020 in line with the government's objective of achieving 175 GW renewable power generation by 2022. The company, that has a railway contract for equipping trains with solar panels, did a successful pilot recently for a DEMU in Delhi. With increase in its module capacity and a foray into solar cell manufacturing, the company wants to position itself as an energy and engineering company, said Sameer Gupta, chairman and managing director, Jakson group. Though the company diversified into solar business in 2010, power back-ups and diesel gensets still comprise a large part of its revenue. About 40 per cent of its Rs 2,700 crore revenue comes from powergen and distribution business where it is a leading player. This business comprises manufacture and sale of Cummins powered gensets, their installation and maintenance. Solar modules contribute another 44 per cent while the remaining comes ...

October 20th, 2017 14:06

IOC eyes Tata's Gopalpur industrial park for common user facility

>Oil marketing company Indian Oil Corporation Ltd (IOCL) has identified Gopalpur Industrial Park of Tata Steel as a possible site for setting up a common user facility in Berhampur. Tata Steel is the anchor tenant for the park where it has invested Rs 542 crore on a ferro chrome project with an annual capacity of 55,000 tonnes per annum "We have sought land from the state government for setting up a common user facility in Berhampur. The government has requested us to take land at the Goplapur industrial park of Tata Steel for which we have done a feasibility study. But, no decision has been taken yet as more sites are also being explored", said an IOCL official.IOCL requires about 100 acres of land for the common user facility proposed for supply of kerosene, diesel and petrol. The capacity is envisaged at 77,000 kilo litres and will see an investment of Rs 350 crore.The facility is planned keeping in mind IOCL's underground cross country pipeline of 1150 km length from its ...

October 20th, 2017 13:43

GMR airport subsidiary prices $350-mn bonds at lowest coupon rate

BS ReporterHyderabad, 20 October: GMR Hyderabad International Airport Limited(GHIAL), a subsidiary of GMR Group, announced that it has successfully priced an offering of $ 350-million bond in international market.The Hyderabad airport operator has entered into a purchase agreement to issue and allot $ 350 million of 4.25 senior secured fixed rate notes of 10 year tenure. The proceeds from the notes will be used to entirely refinance the current outstanding rupee term bank loan, bank external commercial borrowing and towards partial funding of proposed capital expenditure."We are delighted on the successful pricing of this transaction. The GMR Group, through Delhi International Airport Limited, was the first Indian company to issue 7 year and 10 year high yield bonds in the infrastructure space. GMR is the only group in India to tap the 10-year dollar bond market in the same infrastructure class across assets. The offering through GHIAL reinforces our ability to raise funds from the ...

October 20th, 2017 13:34

India's forex reserves rise $1.5 bn, reclaim $400 bn mark

India's Forex reserves comprise of foreign currency assets, gold reserves, special drawing rights and the RBI's position with IMF

October 20th, 2017 13:20

GST impact: Cement growth in east India down from earlier projection

The earlier projection of 10 per cent cement sales growth this year in the eastern part of the country is likely to halve, as the region faces acute sand shortage, with a ban enforced by the Bihar government. Transition to the new Goods and Services Tax (GST) regime is also dampening sales, both at the wholesale and retail levels.Bihar has 23 per cent of the cement market in the east. Analysts say it was previously growing at a 18-20 per cent annual rate but sales have halted there for three months. This has adversely affected the overall eastern region. As on September 30, overall growth in the east stood at four per cent."The more important part is that Bihar is a key producer of sand in east India and the ban on sand mining has not only affected growth in that state but the entire region," said an analyst with Motilal Oswal.The National Green Tribunal's order of suspending sand mining activities during the monsoon season, which has been enforced to the fullest in the state, had ...

October 20th, 2017 12:44

JSW Group signs pact with Uttarakhand govt to reconstruct Kedarnath sites

Sajjan Jindal-led JSW Group today entered into a pact with the Uttarakhand government for reconstruction and restoration of some sites in the temple town of Kedarnath. According to the Memorandum of Understanding (MoU) signed, "JSW Group has committed to the reconstruction and restoration of the Adi Shankaracharya Kutir along with a museum, Ghats on river Saraswati and part reconstruction of the Teerth Purohit (Priests) houses and other infrastructural facilities related to the houses in Kedarpuri", the company said in a statement. Prime Minister Narendra Modi laid the foundation stone to mark the commencement of the reconstruction & restoration projects. Jindal, who is JSW chairman, said his group believes that it endeavours towards restoration will assist in improving local infrastructure. The move will also help develop various facilities for local Teerth Purohits and the large number of pilgrims who visit Kedarnath, he added. Kedarnath is located in the ...

October 20th, 2017 09:35

Sebi bans Grass Root Finance, 13 other firms from capital markets

Regulator Sebi has banned Grass Root Finance & Investment Company (India) Ltd and 13 others from the capital markets for raising funds without complying with the public issue norms. A probe by Sebi found that the company had issued equity shares to 9,321 people between 1995-96 and 2006-07 and raised Rs 6.80 crore through such issuance. Since these shares were issued to more than 50 investors by the company, it qualified as a public issue under the norms, which required compulsory listing on recognised stock exchanges. Among others, the firm was also required to file a prospectus, which it failed to do. In an interim order passed on October 18, Sebi said that Grass Root is prima facie in breach of the provisions of the Companies Act in connection with the allotment of shares. "I observe that the company, by making public issue of equity shares apparently without complying with the... provisions of the Companies Act, has also prima facie violated the...clauses of the .

October 20th, 2017 09:04

Bajaj Finserv cuts interest to 11.99% on Rs 12 lakh or above personal loans

Customers availing loan amount of Rs 8 lakh to Rs 11.99 lakh will be offered an interest rate of 13.49% and loan amount of Rs 6 lakh to Rs 7.99 lakh at 13.99%

October 20th, 2017 08:48

Dr Reddy's recalls over half a million Famotidine tablet bottles in US

Hyderabad, 20 October: Dr Reddy's Laboratories Limited has initiated a nationwide recall of over half a million bottles of Famotidine tablets, 10 mg, in the US after the drug failed impurities/degradation specifications in a routine stability testing, according to the US Food and Drug Administration(US FDA).Famotidine tablets are an OTC product used to treat and prevent ulcers in stomach and intestines. The company has initiated the voluntary recall of the product in multiple lots on October 3 and was ongoing. The action was classified as a class-lll recall, meaning the products being recalled are unlikely to cause any adverse health reaction, but violate FDA labeling or manufacturing laws."Famotidine has an out of specification result for an individual related substance observed during routine stability testing of a batch for related substances-impurity 8 at 24 month stability," the drug regulator said. These are 30-count bottles numbering 569376 across multiple lots, according to ...

October 20th, 2017 07:47

Manali Petro plans to raise $50 mn via issue of shares for inorganic growth

The company said that in order to capitalise on the various opportunities available for future growth, it intends to enhance its business activities both in the domestic and overseas markets

October 20th, 2017 04:52

Gold demand jumps due to Diwali, Dhanteras; still 15% down from last year

After poor sales during Dussehra festival, demand improved significantly over the last two weeks but was still 15% lower than last year's Diwali

October 20th, 2017 03:51

Nestle, Unilever India business weathers GST storm in Q3

The two firms said they had successfully managed the transition to GST and that local operations had improved in the Sept quarter

October 19th, 2017 16:44

Gold futures rise 0.29% in Muhurat trading

The precious metal for delivery in far-month February 2018 rose by a similar margin to trade at Rs 29,665 per 10 grams, with a business turnover of 35 lots

October 19th, 2017 15:58

Mahadiscom wants to rope in pvt players in six more cities

Mumbai and its suburbs, which generally have uninterrupted power supply, had hours of load- shedding last week, forced by lack of coal at power plants

October 19th, 2017 15:57

Companies under NCLT watch voice concerns over liquidation, raw bidders

Kolkata bench of the NCLT ordered liquidation proceedings against Nicco Corporation after its lenders voted against the corporate resolution plans

October 19th, 2017 15:56

Gross NPAs of private lenders up 55% to Rs 35,772 cr in Sept quarter

With banks' earlier indications of their bad-loan situation being under control, the markets were expecting a stable asset quality profile for the September quarter. However, this has been hit by the Reserve Bank of India's recent diktat in this regard. Gross NPAs for seven private banks which have declared their quarterly results so far rose 55 per cent over a year before to Rs 35,772 crore by end-September. Compared to the June quarter, these were up 20 per cent.RBI told banks to reclassify some major loans as NPAs for FY17 and make provision. Two private lenders, Axis Bank and Lakshmi Vilas Bank, were hit significantly in the September quarter 2017 by this directive. By the rule, if RBI's assessment of bad debt numbers for a financial year differs from the bank's assessment by more than 15 per cent, the total divergence should be disclosed.Provisions and contingencies, predominantly the amount set aside for NPAs, grew only 3.6 per cent to Rs 4,508 crore over a year before. On a ...

October 19th, 2017 15:33

Mutual fund flows into equities are at a risk: Chris Wood of CLSA

Another concern as regards India, Wood says, is the absence of a meaningful recovery in corporate earnings. Though the aggregate trend is likely to reverse, this, he says, comes on a lower base

October 19th, 2017 14:14

Markets close Muhurat trade in red; Sensex down 194 pts, Nifty below 10,150

During the year (Samvat 2073), benchmark indices, the S&P BSE Sensex and the Nifty 50 hit their respective all-time highs and gained around 16% and 18%, respectively

October 19th, 2017 14:04

Applications invited for investors to revive Nagarjuna Oil

An Expression of Interest from investors to revive Nagarjuna Oil Corporation (NOC) has been invited by the Insolvency Resolution Professional appointed by the National Company Law Tribunal (NCLT).Financial investors -- mutual funds, private equity and venture capital funds, domestic or foreign investment institutions and others -- may also apply. A Corporate Insolvency Resolution Process has been initiated with regard to NOC under the Insolvency and Bankruptcy Code (IBC).NOC is currently implementing a six million tonnes per annum (mtpa) petroleum oil refinery project on the southeast coast, at Cuddalore, around 200 km south of Chennai. It was partially complete in December 2011, when a cyclone and shortage of funds stopped work. With fund infusion, the refinery can start production in two to three years, after completing the remainign work. The plant is capable of meeting Euro-VI motor emission requirements, with some additions. Land is also available for expansion upto 30 mtpa. ...

October 19th, 2017 13:49

Gujarat Borosil zooms 100% in two weeks

The stock hit fresh 52-week high of Rs 166, has been nearly doubled from Rs 83.20 on October 5, 2017, as compared to 3% rise in the S&P BSE Sensex.

October 19th, 2017 13:40

E-tailers, offline outlets tap each other for wider reach

Flipkart is in talks with Kishore Lifestyle Fashions for a deal that could see the offline retailer's 20-odd brands listed exclusively on Flipkart

October 19th, 2017 13:27

M&A and PE deals rise 34 % to $48 bn in 2017

India Inc. sealed deals (M&A and PE) worth $47.8 billion in YTD 2017, up by 34 per cent over YTD 2016 and recording a six year high in deal values which was primarily driven by big ticket transactions. Notwithstanding the significant rise in the deal value, the number of transactions declined to 882 from 1,142 recorded in YTD 2016, according to Grant Thornton India LLPIn YTD 2017, in spite of uncertainty among PE investors on the impact of GST on potential investee companies, the deal activity exhibited tremendous resilience with a 74 per cent growth compared to the corresponding period previous year, said Prashant Mehra - Partner at Grant Thornton India LLP As compared to the previous quarter, overall deal value for this quarter witnessed robust 36 per cent increase, while volumes declined by 29 per cent. The growth in deal value was mainly driven by big ticket PE investments. The year to date saw 32 deals valued at and over $100 million accounting for 70 per cent of total PE .

October 19th, 2017 10:10

Govt imposes more gold import curbs on star houses to check round-tripping

Government on Wednesday further tightened noose around star export houses doing big business in gold import and exports. Director General of Foreign Trade has imposed restrictions on import of gold by Four Star and Five Star Houses with Nominated Agency Certificate. Effectively barring four and five Star Export Houses from importing for domestic consumption. The move is aimed at curbing practices of round tripping of gold and other misuse of such facilities.DGFT issued a notification 34 dated 18 october amending para 4.41(iii) in this regards.DGFT explained that, "Henceforth no Nominated Agency Certificate shall be issued/ renewed for Four Star Export House and Five Star Export House status holders. Import of gold by Four Star and Five Star Houses with existing Nominated Agency Certificate is subjected to Actual user condition and are permitted to import gold as input only for the purpose of manufacture and export by themselves during the remaining validity period of the Nominated ...

October 19th, 2017 06:20

Samvat 2074: No change in fortunes expected for Calcutta Stock Exchange

Samvat 2074, the year that begins today and ends next Diwali, will not bring any light to one of the country's oldest bourse -- The Calcutta Stock Exchange (CSE). The trading on the bourse's own trading platform C-Star has remained suspended since April 2013 after market regulator Sebi's directive over shortcomings in clearing corporation. "There is no change in fortunes. Things stay in standstill," a former stock exchange director said. Another former broker director, preferring to remain anonymous, alleged that the new management in connivance with the defaulters are preventing any strong attempt of turnaround. "Sebi doesn't want the exchange to continue. The defaulters also want to close it so the action for recovery dies. The management, who are at the helm of affairs, has partnered with the major defaulters," he alleged. The exchange faced a scam worth Rs 120 crore during Ketan Parekh regime. CSE managing director & CEO Subrato Das could not be contacted for .

October 19th, 2017 05:38

Backroom battle imperils $230 million cryptocurrency venture

ZUG, Switzerland/NEW YORK (Reuters) - Just three months ago, a tech project called Tezos raised $232 million online in a wildly successful "initial coin offering," in which new digital currency is parcelled out to buyers. At the time, it was the most money ever raised from the public in the white-hot cryptocurrency sector.

October 18th, 2017 22:29