4,285,799 russian companies, updated September 22nd, 2017

Business news

Sebi allows unified licence for stock and commodity broking

The Securities & Exchange Board of India (Sebi) has allowed brokers of stock and commodity exchanges to do both businesses under one entity. This was a major demand of brokers after commodity derivatives regulations came under Sebi, from the erstwhile Forward Markets Commission. The change was notified in July, by amending the Securities Contracts (Regulation) Rules and Sebi (Stock Brokers and Sub-Brokers) (Amendment) Regulations. On Thursday, a circular was issued to give effect to these.Now, business in commodity derivatives, currency derivatives and equity spot derivatives may all be done under one entity, contrary to the earlier requirement of doing commodity and equity businesses under different companies.A one-time certificate of registration as stock broker/clearing member shall be granted by Sebi. Subsequent permissions to act as a stock broker or clearing member of other exchanges or clearing corporations shall be granted by the respective bourse or clearing corporation, .

September 21st, 2017 18:29

NPPA allows Abbott to discontinue bioresorbable stent over safety concerns

NPPA decided to allow withdrawal under exceptional circumstances and by relaxing mandatory six months prior intimation in public interest

September 21st, 2017 16:52

I-T raids premises, offices of Cafe Coffee Day owner V G Siddhartha

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. As an investor in technology firms, he has also backed IT services firm MindTree and among the few people who bailed out Infosys when its initial public offer was under subscribed.Siddhartha is the son-in-law of former Karnataka Chief Minister S M Krishna who had shifted allegiance to the Bharatiya Janata Party last year. As a back room in-charge, he helped Krishna and the Congress party win the 1999 assembly elections in Karnataka.A Income Tax spokesperson said that the search operations began on Thursday morning and was a routine exercise. Searches were conducted at its head quarters in ...

September 21st, 2017 16:15

Soon, Asia to fund one-fourth of world's engineering tech services: Nasscom

Indian engineering technology services companies need to focus on Asian markets such as Japan, China as one-fourth of the world's engineering and design services investments will come from the region, said industry body Nasscom.R Chandrasekhar, President, National National Association of Software and Services Companies (Nasscom) said the Asian markets such as Japan, China, India would account for 25 per cent of the global spending in engineering and research and development (ER&D) services and the service providers should now look beyond the United States. "Global ER&D spend has remained flat in past few years. Most of it has been in software. 25 per cent of the global ER&D spend will be from Asia before end of this decade. While US and UK continue to be big spenders; the center of gravity of the global economy is moving towards Asia," said Chandrasekhar at the 9th edition of Nasscom Design & Engineering Summit. Businesses across the globe spent an estimated $680 ...

September 21st, 2017 15:01

Sebi authorises forensic audit by bourses on suspect firms

The Securities and Exchange Board of India (Sebi) has empowered stock exchanges to conduct forensic audits on listed companies which seem dubious, being suspected of use as conduits for illicit fund flow. An authorisation letter in this regard has been issued to the bourses. The latter may take action in this regard on their own initiative. Sources say this is a sequel to discussion between Sebi's surveillance department and the exchanges, on ways to curb such manipulation. The regulator wants exchanges to review suspect companies on a weekly basis and select those for forensic audit. Till now, the exchanges did not have the authority to order this type of audit on their own. A forensic audit is similar to a regular audit of a company's financial statement. However, the mode of examination or evaluation of the details are more specific. The attempt is to capture all related trails and transactions of a specific period when a fraud is suspected to have taken place. The plan as ...

September 21st, 2017 14:35

Canara HSBC Oriental Life eyes Rs 850 cr in new business premium

With high growth in the past two financial years, Canara HSBC Oriental Life Insurance is targeting 40-50 per cent increase in 2017-18 in new business premium. The target is Rs 850 crore and the hope is for as much as Rs 1,000 crore, said Anuj Mathur, chief executive officer.The company has booked profit over Rs 100 crore annually for three 3 years, with its bancassurance (banks as partners) model. Those with a predominant share of this route incur much lower cost, as they do not have to invest in building infrastructure for an agency network. "Hence, we achieved an early break-even and are generating profits," said Mathur. Insurers growing in excess of 30-40 per cent yearly are all backed by bancassurance, he said.At present, the company is well capitalised, with a strong solvency ratio of 400 per cent against the sectoral standard of 150 per cent, and overall persistency of 83 per cent. The company might think of listing its business on the bourses in three or four years, if the ...

September 21st, 2017 14:24

Corporate India may have to go on a re-structuring drive

Govt's move to limit the number of subsidiaries to help regulators track illicit transactions to deter firms from using shell structures

September 21st, 2017 14:00

Private banks' share in credit to reach 40% by 2020, says ICRA

Private banks have been taking the space vacated by capital-short public sector banks (PSBs) in the credit market. Private banks' share in banking sector advances will reach 38-40 per cent by March 2020, from 27.5 per cent in March 2017, according to rating agency ICRA.Indian banking is going through a transition, with private and public sector banks (PSBs) facing different challenges. The latter are plagued with asset quality issues, leading to higher credit costs and losses, ICRA said. As a result, capital-short PSBs have been constraining their lending. Their tier-I capital was 9.7 per cent of risk-weighted assets as on end-June, as against the 9.5 per cent required by regulations by end-March, 2019. PSB advances grew less than one per cent over a year before during the June quarter (Q1) this financial year. In contrast, private banks' tier-I capital was 14.1 per cent as on end-June, well capitalised to capture the lending opportunities ceded by PSBs. Their year-on-year growth in .

September 21st, 2017 13:47

OMC floats tenders to develop Kodingamali bauxite lease

Odisha Mining Corporation (OMC) has floated tenders to start operations from its Kodingamali bauxite lease.In the first year of operations, OMC, a state run entity, targets to produce 1.5 million tonnes. From second year onwards, the output is set to expand to three million tonnes per annum (mtpa), said a government official in the know.The commencement of operations from Kodingamali mine would mark OMC's foray into bauxite mining. Though OMC has a few bauxite mines in its kitty, the mines have not been able to start operations as they lack the regulatory clearances. Bauxite deposits at Karlapat and Sasubohumali despite being reserved in OMC's favour have not opened up for want of environment and forest clearances.Bauxite mining from Kodingamali is also expected to come to the rescue of alumina units struggling to arrange raw material from local sources, notably the Lanjigarh refinery owned by Vedanta. The Lanjigarh refinery is currently fed entirely by bauxite sourced from other ...

September 21st, 2017 13:06

Toyota rolls out Fortuner TRD Sportivo at Rs 31 lakh

Toyota Kirloskar Motor (TKM) today launched a sportier version of its premium SUV Fortuner priced at Rs 31.01 lakh (ex-showroom Delhi). The new edition -- Fortuner TRD Sportivo is designed and developed by Toyota Racing Development (TRD). "Our latest festive offering, the Fortuner TRD Sportivo will add more excitement to brand Fortuner. It will certainly make the SUV look sportier and also impose the brand's cult on-road presence and unbeatable performance by providing exclusivity to our customers," TKM Senior Vice President Akitoshi Takemura said in a statement. TKM Director & Senior Vice President (Sales & Marketing) N Raja said that since the launch of Fortuner in the country in 2009, it has been dominating the SUV segment, with around 75 per cent market share. "The upgraded Fortuner that was introduced in November last year has received a phenomenal response with average monthly sales of over 2,000 units and cumulative sales of over 21,000 units," he ...

September 21st, 2017 11:59

Use part of forex reserves to spur growth: Deutsche Bank to govt

According to the global financial services major, forex reserves could be used for funding growth-critical public infrastructure projects and the macro backdrop is also suitable for this

September 21st, 2017 11:33

SMS Pharma, Orchid Pharma, ITI among 9 stocks frozen in 20% upper circuit

Maker Laboratories, Gokaldas Exports, Tarmat, Palred Technologies, Viceroy Hotels and Bhagiradha Chemicals too locked in upper circuit of 20% on BSE.

September 21st, 2017 10:09

Own a start-up? 11 hiring mistakes to avoid while recruiting

Always remember that the trust between longtime beer buddies might not be enough to handle tough business decisions, reports Tech In Asia

September 21st, 2017 09:40

Google Tez: How the payments app is different from Paytm, PhonePe

It does away with the need to enter bank account details and codes or waiting for a beneficiary to be added, reports Tech In Asia

September 21st, 2017 08:45

NCLAT dismisses Mistry's pleas against Tata Sons but grants him waiver

The two investment firms -- Cyrus Investments Pvt Ltd and Sterling Investments Pvt Ltd -- had moved NCLAT over maintainability of their petitions filed against the Tata group and waiver required for it under the Company Act 2013.

September 21st, 2017 06:07

Yes Bank turns ex-stock split in the ratio of 5 for 1; shares hit new high

Since July 3, the bank announced the stock split plan the stock outperformed the market by surging 29% against 3.5% rise in Sensex

September 21st, 2017 05:28

Novartis India surges 7% as board mulls share buyback

So far in 2017, the stock under-performed the market by falling 24% as compared to 22% rise in the S&P BSE Sensex till Wednesday.

September 21st, 2017 04:11

ThyssenKrupp, Tata in 50:50 JV to form Europe's second-largest steel firm

The merged company expects to cut costs by € 400-600 million a year, mainly by slashing back-office expenses, optimising distribution and squeezing suppliers

September 20th, 2017 20:29

Equity MFs stick to their top picks as market trades at historical highs

und managers have increased their quantum of investments in the top 10 by 43% so far in 2017 to Rs 1.52 lakh crore, from Rs 1.06 lakh crore

September 20th, 2017 18:44

IUC cut to hit telcos' business by Rs 5k cr, 2G calls to suffer: COAI

Detailed methodology on which Trai's calculations are based is part of explanatory memorandum to regulations: Trai Chairman R S Sharma

September 20th, 2017 16:47

Trai's 'Bill & Keep' model will help make services affordable: Jio

Reliance Jio on Wednesday said it is committed to implementing the most efficient telecommunications network in India and passing on the benefits of technology to Indian customers, adding that implementation of the Bill & Keep regime by the Telecom Regulatory Authority of India (TRAI) will help in making services more affordable for Indian customers.

September 20th, 2017 16:35

Tata Group to change face in next 10 years: Ratan Tata

Group faces its biggest challenge, with telecom biz making huge losses, Nano becoming a non-starter, overseas acquisitions not yielding desired results

September 20th, 2017 15:58

Govt's electric vehicle plan is electrifying these stocks

Electric vehicles may have a limited visibility on the Indian roads at the moment. But the government focus and push on electric vehicles (EVs) has led to a sharp rally in stock prices of small cap companies with an exposure to EVs. Share price of two companies which are into electric buses- JBM Auto and Goldstone Infratech- have more than doubled since April this year. The government had first talked about its intent of making India a hundred per cent electric vehicle nation by 2030 in March this year. Delhi headquartered JBM Auto, a company that has been present in the auto component space for over three decades, did not enjoy great valuations at the stock markets until recently compared to some of its peers. In last one month alone the stock has rallied more than 73 per cent to Rs 597 and has more than doubled since April 2017. The company now commands a market cap of Rs 2,435 crore based on Wednesday's closing price. Nishant Arya, executive director, says the company had planned .

September 20th, 2017 15:29

Munjal Kiriu Industries commissions new auto component plant in Gujarat

Eyeing the ventilated disc and drum market for car OEMs in western India, bicycle maker Hero Motors commissioned the first phase of its 1500 tonnes per month (tpm) plant in joint venture with Japan's Kiriu Industries. Hero aims to grow the turnover from its auto-components business by more than two-fold to Rs 2500 crore by 2022. Formed in 2007, Munjal Kiriu Industries Pvt Ltd (MKIPL), which already has a plant at Manesar (Haryana), has a 40 per cent share of the disc drums market in the country. Pankaj Munjal, chairman, Hero Motors Company claimed that they supply 66 per cent of the total disc-drums requirement for India's leading passenger car maker Maruti Suzuki India Ltd. "From our Manesar plant we cater to the requirements of OEMs in the North, the Mandal plant is for OEMs present in the West and the Board is also considering a plant in South," Munjal informed. He added that Hero is bullish on its auto-components business, and aims to more than double the turnover from a current ..

September 20th, 2017 15:20

CPPIB, GIC among anchor investors in SBI Life's offering

SBI Life Insurance Company has raised Rs 2,226 crore ($346 million) from anchor investors, the latter including Canada Pension Plan Investment Board (CPPIB) and the sovereign wealth funds of Singapore, Abu Dhabi, Kuwait and Norway. The insurer, a joint venture between State Bank of India and BNP Paribas Cardif, sold 31.8 million shares to a bunch of anchor investors at Rs 700 each, ahead of its Initial Public Offer of equity (IPO) which opened on Wednesday and closes on Friday.CPPIB took 2.24 million shares (7.05 per cent of those allotted to anchor investors). Singapore wealth fund GIC Pte Ltd bought almost 2.1 mn (4.9 per cent). Aranda Investments, a unit of GIC's sister company, Temasek, purchased about 1.4 mn. Abu Dhabi Investment Authority, Kuwait Investment Authority and the Norwegian government's Pension Fund Global also bought shares.The anchor investors included several foreign ones such as BlackRoc, among the biggest global asset fund managers, which took 5.45 per cent ...

September 20th, 2017 15:09

Sebi might tweak essence of balanced funds

The Securities and Exchange Board of India's (Sebi) proposed move to simplify category classifications of mutual fund (MF) schemes might lead to a change in the definition of balanced funds. Sebi has been going slow on approving balanced funds in the past few years, unofficially insisting on a 50:50 equity to debt mix for new ones. At present, there is no standard definition. Several fund houses offer balanced schemes that have an equity allocation of 65 per cent or higher. This allows them to be also classified as equity schemes, which enjoy a tax advantage over debt funds, as capital gains become tax-free after a year. Since most diversified equity funds offer 70-100 per cent equity exposure, the regulator believes a balanced fund offering 65-75 per cent does not offer much differentiation, said sector officials. Fund houses, however, have been reluctant to launch balanced schemes with a 50:50 mix, as these will lose on performance to older ones with higher equity allocation. "When .

September 20th, 2017 14:55

Trai asks telcos to cut voice costs to level of OTT applications

After having cut call termination charges to six paise a minute, the Telecom Regulatory Authority of India (Trai) wants mobile telephone operators to reduce their voice call costs to the level of over-the-top (OTT) applications. The latter's voice call costs are a fraction of a paisa a minute, as against 30-35p a minute in traditional second-generation technology (2G) networks. Trai says this shift is possible if all service providers implement advanced IP-based networks. This would also result in mobile termination charges (MTCs) becoming redundant.Mukesh Ambani-owned Reliance Jio has an all IP-based network, due to which its voice costs are much lower. OTT applications like WhatsApp, Skype, Hike, etc, are able to deliver voice communications at a fraction of a paisa per minute. And, these are expected to continue to decline, as data rates reduce with implementation of new technologies."In this backdrop, it would be virtually impossible for a telecom service provider to compete ...

September 20th, 2017 14:36

There is a lot of opportunity in the consumer space: Kae Capital MD

Last week, Kae Capital, an early-stage venture capital firm, closed its second fund at $53 million. SASHA MIRCHANDANI, founder and managing director, tells Ranju Sarkar why he's bullish on consumers and consumer internet. Edited excerpts:How will your second fund differ from the first? It will be relatively similar. However, we will invest in non-tech, consumer-facing businesses in this fund. Also, we will invest up to a million dollars in the seed round, whereas we invested a maximum of $500,000 on this in our first fund. We can then double down in any one company.You will invest 40 per cent of the fund in consumer internet. Do the volumes support creation of profitable consumer internet businesses in India? Yes, we strongly believe the internet growth story in India supports the creation of multiple profitable consumer internet businesses. With the strong proliferation of mobile internet, we think the existing base of internet users will grow threefold in the coming few years. With .

September 20th, 2017 14:10

CFO optimism for Jul-Sept quarter at 18-month low: D&B survey

Optimism among the CFOs deteriorated more for financial performance of their companies compared to overall macroeconomic conditions

September 20th, 2017 14:08

Zydus Cadila gets final FDA nod for skin disorder, hypertension drugs

While Desoximetasone ointment is used for treatment of symptoms of a skin disease, Labetalol hydrochloride tablets are used for the treatment of high blood pressure

September 20th, 2017 13:55

SpiceJet skidding incident disrupts schedules, raises safety concerns

The skidding of SpiceJet Boeing 737 plane at Mumbai on Tuesday night disrupted flight operations and put a spotlight on safety concerns at the airport.Fifty one flights were diverted and over 150 canceled through the day following the closure of main runway. Fluctuating winds and poor visibility compounded the problem. No one was injured in the incident but it brought to fore safety issues at the country's second busiest airport.Mumbai airport has two intersecting runways (09/27 and 14/32) and aircraft land and take off from all four directions. International Civil Aviation Organisation recommends provision of a runway end safety area (RESA) at the end of each runway which helps reduce the risk of aircraft damage in case of an excursion. For that reason the safety area is built using materials which arrest aircraft speed and is of different grade than runway surface.However one end of Mumbai's main runway lacks a separate safety area (RESA). In 2009 a RESA was carved out by ...

September 20th, 2017 13:44

Big Bazaar to launch 100 stores in next one year as part of expansion plan

Future Group's hypermarket chain Big Bazaar is planning to launch around 100 stores in the next 12 months across the country under its expansion plan, a senior official of Big Bazaar today said. "Altogether, we have 300 stores in over 100 cities across the country and have plan to launch 100 more in the next 12 months," said Manish Agarwal, Business Head (East Zone) of Big Bazaar. Addressing a press conference at the inauguration of its second store in the steel city here today, Agarwal said Big Bazaar already has its eight stores in Jharkhand including two in Jamshedpur while more stores will be opened in the state soon. The new store, spread over 32,989 sq ft in the P & M Hi-Tech City Centre Mall in Bistupur here will be the ideal shopping destination for the customers, he said adding the new store with fresh design would offer a wide range of products. Sunil Agrawal, Group CEO of Bollywood Producer-Director Prakash Jha Group of Companies, said the Hi-Tech City Centre Mall,

September 20th, 2017 13:40

Why the Bankruptcy Code turning is a double-edged sword for banks

Are banks getting boxed in after introduction of the Bankruptcy Code? The signs are pointing that way. Not only are they looking at prospects of steep haircuts (write-offs) on their loans; the Code would mean banks losing their business to the bond market. The Code is also upsetting the traditional rules of the games, where banks sold the personal guarantor's assets if a company was in default. This Monday, the Chennai bench of the National Company Law Tribunal (NCLT) ruled against State Bank of India (SBI) trying to do so. The case in question is between Veesons Energy Systems and SBI, in which the bench ruled in favour of the former's promoter and managing director, V Ramakrishnan, who gave personal guarantees to banks. SBI notified Veesons and Ramakrishnan on November 12 last year that the personal assets would be sold off. The company challenged it, stating it had applied to the Board for Industrial and Financial Reconstruction and till its application was decided, dues could not .

September 20th, 2017 13:30

Telcos can explore remedies to Trai's regulation: Jaitley on IUC

Trai on Tuesday came out with a regulation cutting call-termination charges from mobile to mobile by over half to 6 paise per minute effective from October 1

September 20th, 2017 12:52

Will invest $840 mn in stressed assets with global partners: Tata Power CEO

ANIL SARDANA, managing director & chief executive officer at Tata Power, to Nirmalya Behera & Jayajit Dash on current issues and strategy. Edited excerpts:What are your plans to build a green energy portfolio? How will the additional investments be funded? We have ambitious plans to keep fuelling multifold growth across the value chain. We have gross generation capacity of 10,613 Mw, of which clean energy is 3,141 Mw, making us one of the largest non-fossil based energy players in India. To aggregate its clean and renewable energy portfolio, Tata Power has initiated the process of carving out 500 Mw of clean energy assets from its books into Tata Power Renewable Energy. This is a 100 per cent subsidiary and has an operating capacity of 1,959 Mw, comprising 907 Mw in wind, 932 Mw in solar and 120 Mw of waste heat generation capacity.We have reiterated our commitment to clean energy and have announced our non-fossil fuel energy output to be 35-40 per cent by 2025. The company is

September 20th, 2017 12:48

By 2030, RIL plans to expand Jamnagar capacity by 40%

Reliance may expand capacity at its dual refinery complex in Gujarat by 30 million tonnes a year to 100 million tonnes per year: Sources

September 20th, 2017 12:05

General insurance companies see brisk rise in investments: Irdai data

Backed by a healthy growth in sectors like motor and health insurance, investments of non-life insurance companies rose by around 128 per cent in the last five years. A majority of the investments got channelized into government securities. According to data from Insurance Regulatory and Development Authority of India (IRDAI), total investments of non-life insurance companies as on 31st March 2016 stood at around Rs 188126 crore, against Rs 82520 crore as on 31st March 2011, a growth of around 128 per cent. Further, in 2017, the premium collected on account of crop insurance scheme is likely to significantly add to the investable pool of non-life insurers. Informal estimates suggest, total premium collected from the first year of operation of Prime Minister Fasal Bima Yojna (PMFBY), launched in February 2016, is expected to be around Rs 22000 crore. According to Sanjay Datta, chief underwriting & claims, ICICI Lombard General Insurance, much of the growth of growth of non-life ...

September 20th, 2017 11:45

Resolved all issues leading to USFDA import alert on Vizag unit: Divis Labs

BS ReporterHyderabad, 20 September: Hyderabad-based Divis Laboratories Limited on Wednesday said Unit 2 in Visakhapatnam, which has been under import alert for the past six months, has resolved all the previous observations of the US Food and Drug Administration(USFDA) in a latest full cGMP verification conducted by the inspection teamThe successful implementation of post-audit corrective plan as indicated by the company will pave the way for lifting of import alert issued under clause 66-40 related to manufacturing side issues. Responding to the news, the company scrip rose as much as 8.13 percent or by Rs 70 at Rs 934 in the afternoon trade on Bombay Stock Exchange.While clearing the plant level issues related to the previous set of observations, the USFDA team has issued a Form 483 with a set of 6 fresh observation following during its audit conducted from September 11-19. Without giving any specific details, Divis management stated that the new set of observations were of ...

September 20th, 2017 11:07

Thyssenkrupp deal to create strong balance sheet, says N Chandrasekaran

Chandrasekaran says Thyssenkrupp deal creates strong, clean balancesheet, coupled with solid products and R&D capabilities to grow.

September 20th, 2017 09:55

Homebuyers can't be expected to wait indefinitely for possession: NCDRC

The National Consumer Disputes Redressal Commission asked Unitech to refund Rs 49,21,840 with 10% interest p.a. since it had failed to deliver possession to a buyer even 9 years after delivery date

September 20th, 2017 09:46