Welspun India climbs 6% on proposed e-commerce portal in US
NEW DELHI: Shares of Welspun India, the largest exporter to the US home textile market and the third biggest manufacturer of such items, surged over 6 per cent in Monday's trade, as the company announced launching of an e-commerce portal for its US market and bullish revenue targets.
The development saw the scrip hit an intraday high of Rs 770.50, up 6.17 per cent.
The company, which has a 5 per cent market share in the $17 billion US home textiles market, making it the singl ..
Lenders to convert a part of Rs 3500 crore loan of Shiv-Vani Oil into equity
MUMBAI: Lenders of Shiv-Vani OilBSE -1.93 % & Gas Exploration Services would soon convert a part of their Rs 3500 crore debt into equity under the strategic debt restructuring (SDR) scheme. The company informed the stock exchange about SDR and increase authorised capital from Rs 230 crore to Rs 600 crore. Promoters hold 27% stake in the company followed by ICICI BankBSE -0.37 % with 9.88%, L&T Finance with 3.77% and Templeton Strategic Emerging Markets Fund holding 7.2% stake in the c ..
Lenders may reject NHAI fund to revive Rs 45,000 crore road projects: Ind-Ra
NEW DELHI: Government intervention of one time funding to revive languishing highway projects will be beneficial for about 50 projects worth Rs 450 billion but lenders may be hesitant for such assistance, India Ratings and Research (Ind-Ra) said today. The Cabinet Committee on Economic Affairs (CCEA) last week approved one-time financial assistance for "physically incomplete and languishing" highway projects. "The CCEA approval for one time financial assistance by National Hi ..
Scared of facing income tax officer? CBDT plans paperless I-T assessment over emails
NEW DELHI: Scared of facing income tax officer? In a major initiative to address tax harassment, the authorities plan to do paperless income tax assessment over emails. The Central Board of Direct Taxes (CBDT) has rolled out a pilot project whereby e-hearing would be conducted in 100 cases. "This would eliminate the necessity of visiting the income-tax offices by the taxpayers, particularly in smaller cases involving limited issues and where taxpayer is able to provide detail ..
Airtel sells 8,300 mobile towers in Africa for $1.7 billion
NEW DELHI: Telecom major Bharti AirtelBSE -0.55 % today said it has completed the sale of about 8,300 mobile towers in Africa for USD 1.7 billion (about Rs 11,000 crore), which will be used for reducing debt."As on date we have completed the sale transactions in seven countries for approximately 8,300 towers representing close to 60 per cent of the total tower base," Airtel said in a statement.Bharti Airtel has around 14,000 mobile towers in Africa and has decided to exit ..
Work on projects worth Rs 1,000 crore in full swing: Gift City
NEW DELHI: Global financial services hub Gujarat International Finance Tec-City (GIFT City) today said the work on four major projects worth Rs 1,000 crore has started. Construction work on 1.6 million square feet of built up area (BUA) has begun with projects by Viridian RED setting up World Trade Center, Hiranandani Group, a Business Club and an Affordable Housing project, GIFT city said. It added that these projects have a potential to generate around 12,000 jobs in coming ..
OPEC, non-OPEC experts to talk, but unlikely to cooperate on cuts
LONDON/DUBAI: A meeting of OPEC and non-OPEC oil market experts this week is unlikely to increase the prospect of joint co-operation on supply curbs or show much support for Venezuela's proposed price band, OPEC delegates and analysts said.The Organization of the Petroleum Exporting Countries has invited eight non-member countries including Russia for talks on the market at its Vienna headquarters on Wednesday. OPEC's own meeting to set policy is not until Dec. 4.Non-OPEC pr ..
IPO-bound profitable IndiGo has negative net worth
NEW DELHI: No-frills carrier IndiGo's parent InterGlobe Aviation, which is gearing up for Rs 3,200-crore initial share sale, may be profitable, but its net worth has come down significantly in three months ended this June.Remaining profitable for nearly seven years, InterGlobe, however, saw its net worth slip to a negative Rs 139.39 crore at the end of June 2015.After a prolonged wait, InterGlobe -- which is running the country's most profitable carrier under the brand name ..
FPIs pour in Rs 17,000-crore in capital markets in October
NEW DELHI: After pulling out hefty funds from the capital market over past two months, foreign investors have turned net buyers in October so far and pumped in close to Rs 17,000 crore, buoyed by RBI's rate cut and positive macroeconomic data.Most of the fresh capital has been infused in the debt markets.The net inflow by foreign portfolio investors (FPIs) in the stock market stood at Rs 3,295 crore between October 1-16 while it read Rs 13,695 crore for the debt market, tra ..
Navy signs Rs 5,000 crore pact with Russian shipbuilder Zvezdochka for Kilo class submarine refit
NEW DELHI: The Indian Navy is looking to squeeze some more life out of its two decade old kilo class submarines, signing up a contract with Russia to extend the service life of the boats to 35 years. Struggling with a depleted underwater fleet, the Navy has finalized a contract with Russian shipbuilder Zvezdochka and will be sending the first submarine for the refit in June next year.The extensive refit, the value for which is pegged at Rs 5,000 crore for a total of four submarines, ..
We are aiming at investing Rs 8.5 lakh crore in five years in Railways: Suresh Prabhu
Railway minister Suresh Prabhu says he has been working around that one key number, Rs 8.5 lakh crore, which he plans to invest in five years in Indian Railways (IR). In a freewheeling interview with Shantanu Nandan Sharma in Rail Bhawan, Prabhu delves into aspects of that plan, including revamping the railways' data collecting cell into a department that analyses data and helps in the railway board's decision-making process. Excerpts: ..
The festive season around Diwali is when the e-commerce wagon catches speed
At around 11:00 AM on October 16, a human resources consultant in Bengaluru got an unexpected bonus when a product from Flipkart was delivered to him. Expecting to cursorily sign off for his shipment of apparel, he was instead greeted at his door by none other than Sachin Bansal, chief executive and cofounder of Flipkart, who had reprised his role of part-time deliveryman.While Bansal had enlisted himself as a delivery person when Flipkart was a fledgling online book ordering service ..
Finance Minister Arun Jaitley warns those who try to obstruct economic growth
PUNE: As Indian becomes a highly aspirational society, the future Indian politics will be polarised between growth and obstructionism and it will be good, said Union Finance Minister Arun Jaitley while warning 'those who try to stall the roadmap of economic growth.' Jaitely was addressing a gathering of corporates and important people from other walks of life in Pune on Saturday. Calling the global environment with fall in global commodity prices and slowing down of China's ..
Value investors chase stocks of companies led by troubled bosses
MUMBAI: The stocks of Indian companies controlled by 'tainted' billionaires are turning attractive picks for deep-dive investors who acquire underperforming stocks. Their latest target is Sun TV, the southern media conglomerate of Kalanithi Maran and family, who are embroiled in the 2G spectrum auction controversy and have been under multiple investigations.UK-based Knight Assets & Co and Dalal Street's known value investor Radhakishan Damani are among those who have checked into ..
Market likely to extend rally, but don't expect big move; top 7 stock strategies
NEW DELHI: The Nifty50, which ended last week on a positive note, is likely to extend the rally in the coming week, but may face resistance around 8,300 level, say experts.Technical experts say the last two days gave the index the much-needed fuel to break out of the range, but that was not enough to take out the 200-day moving average placed around 8,400.Nifty futures trimmed losses and edged higher after a sudden surge towards the later part of the week, as it hit an eight- ..
Navy signs Rs 5,000 crore pact with Russian shipbuilder Zvezdochka for Kilo class submarine refit
NEW DELHI: The Indian Navy is looking to squeeze some more life out of its two decade old kilo class submarines, signing up a contract with Russia to extend the service life of the boats to 35 years. Struggling with a depleted underwater fleet, the Navy has finalized a contract with Russian shipbuilder Zvezdochka and will be sending the first submarine for the refit in June next year.The extensive refit, the value for which is pegged at Rs 5,000 crore for a total of four submarines, ..
Rs 9,00,000 cr domestic demand for equities for next five years: Can you see the wealth?
India stands at the cusp of growth. And retail investors must not let this unique opportunity go by. Again! Indians have been selling equities since 1994 and FIIs have been mopping it up.In reality, we have sold a high return earning asset for the sure comfort of low yielding deposit.But, thankfully, this is the change for most of it. Today, there are 80 lakh Indians who are doing systematic investment plans (SIPs) every year. They are bringing in roughly Rs 30,000 crore ev ..
India's defence export to double this year; may cross Rs 1,200 crore: Manohar Parrikar
PANAJI: India's defence export is likely to double this year, Defence Minister Manohar Parrikar today said and called for tapping friendly countries to increase sale of military equipment. India could export defence equipment to friendly countries and also neighbours as such a move would help in strengthening relations with them, he said. He was speaking at Global Business Forum organised by the IIT Alumni Association at Bambolim on the outskirts of Panaji. The technocrat-tu ..
