Tag: Venture capital

Naidu asks NBCC to forge more partnerships with States

Naidu asks NBCC to forge more partnerships with States

06/10/2016 17:11

State-run National Buildings Construction Corporation (NBCC) on Thursday presented a dividend Cheque of Rs.108 cr for 2015-16 to minister of urban development M.Venkaiah Naidu.

Complimenting NBCC for sustained increase in turn over and profits over the last few years, Naidu asked the company management to further expand and diversify its business profile by forging partnerships with State Governments and other agencies.

The minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs 35,000 cr, recently approved by the Union Cabinet. Naidu discussed in detail the progress of ongoing projects and future initiatives of NBCC.

A.K.Mittal, Chairman and Managing Director of NBCC informed the minister that the company has acquired new project orders for Rs 17,516 cr during 2015-16 and with total work orders of over Rs 70,000 cr, NBCC is the second largest construction company in the country. The company has declared a total dividend of Rs 120 cr for 2015-16 of which the Government’s share was Rs 108 cr.

NBCC has recorded the highest revenue of Rs 5,838 cr during 2015-16, marking an increase of 32 per cent over the previous fiscal.

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Karur Vysya Bank revises marginal cost based lending rates

Karur Vysya Bank revises marginal cost based lending rates

06/10/2016 16:00

Private sector lender Karur Vysya Bank Ltd on Thursday said that it has revised its marginal cost of fund based lending rate (MCLR) effective from October 07, 2016.

The lender has fixed its MCLRs for loans of different time intervals ranging from ‘overnight’ to ‘one-year’ duration. These rates are varing in the range of 9.50 per cent to 9.90 per cent.

The bank has finalised 9.50 per cent rate for its ‘overnight’, ‘one-month’ and ‘three-month’ MCLR benchmark, the bank said in a filing to the BSE.

On the other hand, the private sector lender has set 9.70 per cent rate for its ‘six-month’ period MCLR while ‘one-year’ period MCLR has been set at 9.90 per cent.

Meanwhile, shares of the bank closed at Rs 476.90 apiece, up 0.07 per cent, from previous close on BSE.

Sushil Chandra appointed as CBDT chief

Sushil Chandra appointed as CBDT chief

06/10/2016 11:26

Senior Indian Revenue Service officer Sushil Chandra has been appointed as chairperson of the Central Board of Direct Taxes (CBDT), the apex policy making body for the Income Tax department.

He will replace Rani Singh Nair, who retires this month-end.

Chandra, a 1980 batch officer of Indian Revenue Service (Income Tax cadre), is currently Member (Investigation) of the CBDT.

The Appointments Committee of the Cabinet approved the appointment of Chandra as Chairperson of the CBDT to replace Nair, who is superannuating on October 31, an order issued by Department of Personnel and Training said.

IIT graduate Chandra’s tenure will last till May next year, official sources said.

Nair, a 1979 batch IRS officer, had taken over as CBDT chief on August 1 this year, said the media report.

The CBDT is headed by a chairman and can have a maximum of six members.

Markets remain firm; GAIL, RIL shares advance

Markets remain firm; GAIL, RIL shares advance

06/10/2016 10:16

The key domestic benchmark indices were trading higher in the morning trading session tracking a buoyant trend across markets in Asia and a strong finish at Wall Street overnight as a rally in crude oil prices boosted energy stocks while upbeat US services data signaled strength in the world’s biggest economy, boosting risk taking appetite.

A better outlook for Asia’s third biggest economy amid the 25 basis points interest rate cut by the Reserve Bank of India (RBI) this week which may help revive investment and boost consumption may support sentiment at Dalal Street.

At 10:15 AM, the Bombay Stock Exchange bellwether Sensex was at 28309 up by 88.02 points or by 0.31 per cent, while the NSE Nifty was at 8771.75 points, trading higher by 27.8 points or by 0.32 per cent.

The BSE Sensex touched an intraday high of 28326.73 and an intraday low of 28238.09 while the NSE Nifty touched an intraday high of 8774.8 and an intraday low of 8741.35

The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 411.65,+2.75 per cent), Reliance Industries Ltd. (Rs. 1114.95,+2.35 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 270.55,+1.42 per cent), Hindustan Unilever Ltd. (Rs. 880.40,+1.04 per cent), Tata Motors Ltd. (Rs. 561.90,+0.68 per cent), among others.

Meanwhile, Axis Bank Ltd. (Rs. 529.60,-1.14 per cent), Infosys Ltd. (Rs. 1034.35,-0.65 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 264.85,-0.34 per cent), State Bank of India (Rs. 259.80,-0.29 per cent), Coal India Ltd. (Rs. 320.85,-0.28 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2188 shares traded, 1490 shares advanced, 603 shares declined while 95 were unchanged.

On the global front, Asian stocks were trading higher today as bets rose that the US Federal Reserve may cut interest rates this year as data suggested that the US economy was regaining momentum. US stocks closed higher in the previous trading session as investors cheered upbeat US services data and a slight advance in August factory orders.

FDI in India up 29 pct after ‘Make in India’ launch: Min

FDI in India up 29 pct after ‘Make in India’ launch: Min

17/03/2016 10:15

The Indian Government has said that Foreign Direct Investment in the country has increased by 29 per cent for the 15-month period ended December last year after the launch of ‘Make in India’ initiative.

As per reports, the initiative aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation.

Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, “FDI inflow has increased 29 per cent during October 2014 to December 2015 (15 months after ‘Make in India’) compared to the 15 months period prior to the launch of this initiative.”

“During April-January 2016, the government has received 424 FDI proposals. Out these, 285 proposals have been disposed of,” he added.

The Minister further added that foreign investment in business to customer (B2C) e-commerce activities had been “opened in a calibrated manner” and entity was permitted to undertake retail trading through e-commerce under certain circumstances.

Ratan Tata now invests in CashKaro.com: Report

Ratan Tata now invests in CashKaro.com: Report

19/01/2016 14:36

Since retiring from day-to-day responsibilities at the Tata Group, Ratan Tata has made investment in dozens of budding-business organization in India. In a fresh development, Gurgaon-based cashback & coupons site, CashKaro.com has become the latest company to bag investment from angel investor Ratan Tata.

According to media report, CashKaro.com, has raised an undisclosed amount of funding from Ratan Tata. With this, the Chairman Emeritus of Tata Sons has invested in third company this year.

According to Business Standard report, cashback & coupons site has already raised Rs 25 crore in a Series-A funding round led by Kalaari Capital two month ago.

Founded in 2013, CashKaro.com is India’s leading cashback and coupons website which help its members save on their regular online purchases at leading Indian and International Brands. Their cashback and coupon partners include brands like Myntra, Amazon, Snapdeal, Flipkart, Jabong and 500 more.