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Mukesh Ambani raises stake in Reliance Industries by 2.71% to 48.87%


Mukesh Ambani raises stake in Reliance Industries by 2.71% to 48.87%

New Delhi: Billionaire Mukesh Ambani has raised promoter stake in flagship Reliance Industries by 2.71 per cent to 48.87 per cent, according to regulatory filing by the company.

Reliance Services and Holdings Ltd, controlled by promoter group firm Petroleum Trust, acquired 17.18 crore shares or 2.71 per cent stake in Reliance on September 13, it said.

The acquisition was pursuant to a scheme of arrangement not directly involving Reliance, the filing said without giving details.

Ambani and his private firms held 47.29 per cent stake as on June 30, 2019 in India's second-most valuable company.

As on June 30, FIIs held 24.4 per cent stake in the firm, mutual funds had 4.56 per cent and insurance companies 7.1 per cent. The remaining share was with public.

Earlier in July, Reliance had announced a composite scheme of amalgamation by merging Reliance Holding USA into Reliance Energy Generation and Distribution and the latter with the company itself.

 
 
 



Government scraps 5 pc import duty on open cell TV panel


Government scraps 5 pc import duty on open cell TV panel

New Delhi: In a bid to boost domestic manufacturing, the government has removed 5 per cent custom duty imposed on import of open cell TV panel, which are used in the manufacturing of LED TVs.

The move would also help to reduce the price of TV panel by around three per cent. In a late night notification on Tuesday, the Ministry of Finance said "open cell, (15.6 inch and above), for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panel", would attract nil duty.

Besides, the government has also waived custom duty on import of Chip on Film, Printed Circuit Board Assembly (PCBA) and Cell (glass board/ substrate), which are used to manufacture open cell TV panels.

Earlier, on June 30, 2017, the government had imposed a custom duty of 5 per cent on import of such panel.

Several TV makers including the Consumer Electronics and Appliances Manufacturers Association had opposed it and had requested the government to waive it. Open cell panel is an important part of TV manufacturing and cover more than half cost of the unit.

 
 



Petrol, diesel prices witness steepest hike since July 5


Petrol, diesel prices witness steepest hike since July 5

New Delhi: Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.

Petrol price was increased by 25 paise per litre to Rs 72.42 and diesel by 24 paise to Rs 65.82 in the Delhi market, which is sort of a national benchmark, according to price information available from state-owned fuel retailers.

This is the biggest single-day hike since the July 5 Budget of Finance Minister Nirmala Sitharaman that raised rates by almost Rs 2.50 a litre due to an increase in excise duty on the fuels.

The hike on Wednesday followed a 14 paise a litre increase in price of petrol on Tuesday and 15 paise per litre rise in diesel rate.

Following the drone strikes on Saturday, international oil prices rallied nearly 20 per cent on Monday in intraday trading -- the biggest jump in almost 30 years -- as the attacks halved Saudi Arabia's output.

Rates have in subsequent two days retreated, conceding about half of the gains. Brent crude future on Wednesday dipped 0.26 per cent to USD 64.38 per barrel after jumping to near USD 72 in reaction to the disruption. US West Texas Intermediate (WTI) crude lost 0.5 per cent to USD 59.06 per barrel.

This came after signs that Saudi Arabia was quickly restoring production at Abqaiq facility.

Abqaiq is now processing about 2 million barrels a day and should return to pre-attack levels of about 4.9 million barrels by the end of September, Saudi Aramco chief executive Amin Nasser said.

Saudi Crown Prince Mohammed bin Salman has reportedly stated that two-thirds of production has been restored and the kingdom sees a full recovery in 10 days.

Oil Minister Dharmendra Pradhan on Tuesday said India, the world's third-largest oil consumer, is keeping a close watch on the developing situation.

India imports 83 per cent of its oil needs, with Saudi Arabia supplying a fifth of these. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonne of crude to India in 2018-19 fiscal, when the country had imported 207.3 million tonne of oil.

 
 
 



Gozoop: Betting On Creating A Sustainable Culture


Gozoop: Betting On Creating A Sustainable Culture

Gozoop Online believes its people and culture make it a great place to work, and this is also what sets the company apart

 

Incepted in 2008-09, CEO & co-founder Ahmed Aftab Naqvi started Gozoop after exiting the corporate juggernaut, where he was working as an engineer. After working briefly with i-Flex Solutions (now Oracle Financial Services Software), Naqvi and his colleague from JP Morgan Rohan Bhansali came together to establish Raa Studios -- a digital agency -- out of a small garage in Mumbai. Later, their friend Dushyant Bhatia joined the fray and the group renamed their agency to Gozoop Online. 

On this insight, Naqvi recalls, “The journey from being a small startup based in a garage to now as one of the leading companies in the industry has not been an easy one.”  While initially working with e-commerce groups such as Myntra, Quikr, Snapdeal, Gozoop began branching out and diversifying its clientele in 2011 by establishing an office in Dubai. Soon, Gozoop decided to focus on growth within India and today its massive clientele includes Dell, Asian Paints, IPL franchises Kolkata Knight Riders and Mumbai Indians and the Viacom18 Group. He profoundly believes that the secret sauce is the company’s culture, and this is the mantra for every emerging company and entrepreneur, which wants to build a company. “It is important to first create a good and sustainable culture and the great profits will follow,” informs Naqvi

A survey ranked Gozoop Online No. 20 amongst India’s top 50 Great Mid-Size Workplaces for 2019. Talking about the USP of Gozoop, which makes it a great place to work, he believes, “The people and the culture make Gozoop a great place to work, and this is also what sets us apart. Everything else can change and evolve, but culture is our unfair advantage, it is sacred and no one can take it away from us. It is unique to our organisation.” On the fundamental aspect about the workplace culture, Naqvi said: “The culture is a derivative of not just policies, but the work environment and the atmosphere of positivity, innovation, communication and transparency.”  He aspires to create a space, where every employees feel that they will be able to do their best work. “It is about consistency in decision-making, considering our employee’s success as our success, it a melange of the small and big actions that contribute to our personality,” Naqvi elaborates.

He believes that Gozoop would be an ideal place one year from now. He further adds, “If someone will ask me this next year, my answer would remain the same. This is because the culture we have is an ever-evolving and ever-improving journey.”

Naqvi said, “Since evolution values have remained the same. But as times have changed and as talent from different generations joined Gozoop, right from the baby boomers to the millennials to Gen X and Gen Z now, we have remained the same. It is a constant evolutionary process that we have embarked on, but the cornerstone is that we don’t implement these practices to become popular, we do it because we truly believe that it will add value to their life.”

People philosophy of the organisation is increasingly seen as the core values and guiding principle of human resources within the organisation. For Naqvi, it is about the best work one can accomplish. “Whether it is one year or 10 years, what is of greater importance to us as an organisation is the period that the employee spends in the time, where they can do the best work of their lives,” Naqvi remarks.  Naqvi elucidates that he aspires to see his organisation as a great people doing great work in a great environment to do deliver great profits. “Most desired company to work for within this industry not only in India but in the world as well,” adds Naqvi.”

 

 

 

 
 
 



Sensex, Nifty clock fresh closing highs on fund inflows


Sensex, Nifty clock fresh closing highs on fund inflows

Mumbai:  Continuing their record-setting spree for a third day in a row, domestic equity benchmarks Sensex and Nifty Tuesday hit fresh closing highs on sustained foreign fund inflows coupled with positive domestic cues.

After swinging over 300 points in a highly volatile session, the 30-share index ended 66.44 points, or 0.17 pc, higher at 39,749.73 — its all-time closing high. The gauge hit an intra-day high of 39,828.65 and a low of 39,498.65. Likewise, the broader NSE Nifty inched 4 points, or 0.03 pc, higher to 11,928.75 — another closing peak for the index.




India can attract 1.5-2 pc FDI to GDP ratio: Nomura


India can attract 1.5-2 pc FDI to GDP ratio: Nomura

New Delhi:  India can attract FDI to a ratio of 1.5 pc to 2 pc of its Gross Domestic Product (GDP) by further improving on ease of doing business and building infrastructure, Japanese financial services major Nomura said Tuesday.
The group’s Chief India Economist Sonal Varma said the country is in favourable position to attract foreign firms planning to relocate their manufacturing bases due to trade tension between the US and China.

“We can easily see a ratio of FDI to GDP at 1.5 er cent to 2 pc,” Sonal Varma, Chief India Economist at Nomura, said on Tuesday. India gets between 1 pc and 1.5 pc FDI to GDP ratio.She said the conditions such as a large domestic market to attract higher FDI level is in place in India

“Given India’s big domestic market, I think India has the pull factor. But the government should focus on two things: first get the infrastructure in place, and second improve on ease of doing business,” Varma said.
She pointed out that China, in the initial phases of its economic take off, between 1990s and early 2000s, used to attract FDI in excess of 2 pc in ratio to its GDP.




State Bank of India invites bids to sell 4 NPAs worth Rs 2.3 bn


State Bank of India invites bids to sell 4 NPAs worth Rs 2.3 bn

Mumbai:  State Bank of India has invited bids from asset reconstruction companies, banks, non-banking finance companies and financial institutions for proposed sale of four non-performing loan accounts worth 2.3 bln rupees, the lender said in a newspaper notice today.

Bidders have to submit expression of interest by Thursday and have to complete due diligence process by Jun 19. The e-bidding for the proposed sale will be held on Jun 20.

The four accounts put up for sale were loans extended to Lovely International Pvt Ltd and Lovely Enterprises Pvt Ltd with an outstanding of 946.3 mln rupees, Abhijeet Ferrotech Ltd with an outstanding of 887.2 mln rupees, Madurai Tuticorin Expressway Ltd with an outstanding of 221.7 mln rupees and Trichy Tanjavur Expressway Ltd with outstanding worth 243.6 mln rupees.

Most state-owned banks have been looking to sell bad loans to trim their outstanding exposure to non-performing assets and shore up their capital.

As of Mar 31, the bank’s gross non-performing asset ratio was 7.53%, compared with 8.71% a quarter ago and 10.91% a year ago. The net non-performing asset ratio was 3.01%, against 3.95% a quarter ago and 5.73% year ago.
At 1403 IST, shares of State Bank of India were down 0.8% at Rs 358.90.




Over 400 marketers take pledge to scale their content marketing efforts at CMS Asia 2019 in Mumbai


Over 400 marketers take pledge to scale their content marketing efforts at CMS Asia 2019 in Mumbai

Mumbai, May 14, 2019 : Content Marketing Summit Asia – 9th edition of the largest ‘not-for-profit’ content marketing conference across JAPAC driven by the marketing community was held on 8th May 2019 in Mumbai.

In it’s recently concluded edition, CMS Asia witnessed over 400 brand marketers trying to understand the content marketing dynamics and they emphasized the need to do more of content based marketing. The leading brand leaders from IBM, Citibank, Kotak Mahindra Bank, HDFC Life, Sony Pictures, Mattel, Microsoft, MasterCard, VodafoneIdea, Future Group, AON, Trent, Unisys among others, shared their experience & learning with a housefull of fellow marketers.

Speaking about the event, RP Singh, Curator – CMS Asia, “With every edition, CMS Asia is redefining how marketing events should be done. We have changed rules of the game for the entire ecosystem. With no sponsored agendas, we have successfully delivered yet another housefull edition. We are overwhelmed with the response that we are getting from the marketing fraternity especially when we are a completely ‘no-frills’ event focused only on learning”

Winners in 11 content marketing categories were also felicitated at this edition of CMS Asia for their great work in this field in the last year. Tata Power clinched South Asia Content Marketing Company of the Year 2019 award at the summit.

CMS Asia 2019 was Powered by JioSaavn and Techmagnate was the Digital Marketing Partner for this event.

CMS Asia launched its 3rd State of Content Marketing in India 2019 report at Mumbai edition in association with Agency Reporter, which is the largest survey of CMOs in India on how they are using Content Marketing.

CMS Asia is the first Indian conference to launch in other Asia Pacific countries including Singapore, Australia, Japan, Indonesia, Malaysia and is completely knowledge-oriented with no Sponsored Agendas.

10th Edition of the event is scheduled for 28th August in Singapore.

Media Contact – Aditi Dhill, admin@contentmarketingsummit.org




Jet Airways’ deputy CEO and CFO Amit Agarwal resigns


Jet Airways’ deputy CEO and CFO Amit Agarwal resigns

Mumbai: Grounded carrier Jet Airways’ deputy chief executive and chief financial officer (CFO) Amit Agarwal has resigned, the airline said on Tuesday. Agarwal’s resignation is effective from May 13, it said.

“We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13,” Jet Airways said in a regulatory filing. The airline seized operations temporarily around mid- April due to acute liquidity crisis. Most of the airline’s board members have also quit in the last one month.




Cyclone Fani: GoAir waives cancellations/change fee


Cyclone Fani: GoAir waives cancellations/change fee

Budget carrier GoAir Thursday said it will not charge any fee for a rescheduling or cancellations for its flights to and from Bhubaneswar, Kolkata and Ranchi between May 2 and May 5, due to the cyclone Fani, which is likely to hit Odisha coast Friday. The operations of various domestic airlines have already been affected due to the oncoming cyclone.

"GoAir is waiving cancellation and change fees for Bhubaneswar, Kolkata and Ranchi flights for travel between May 2 and May 5," the airline said in a statement. It also said the passengers can re-book their flights within seven days of scheduled departure of the flight.

The extremely severe cyclonic storm is expected to hit the Odisha coast on Friday. Other states on the eastern coast, such as West Bengal, Andhra Pradesh and Tamil Nadu are also expected to be affected by the cyclone. Two other carriers-full service Vistara and budget carrier IndiGo-have already issued travel advisories to their respective customers on Twitter. 




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