Bitcoin was introduced more like hype and less like a cryptocurrency. Many still think that Bitcoin is a bubble and it is here to burst. But then, there are many things a Bitcoin is and below we are listing 10 things you do not know about Bitcoin; Existence Of Bitcoin Bitcoin was created as a […]
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With the increasing market value of basic necessities and commodities, it is not a bad idea to make some passive income. There are ways to get started and earn some regular passive income. It does seem little tedious in the beginning but here are 10 things that you can begin with;
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Choose the genre of your blog, give it a catchy name, get a domain for your blog and a hosting provider. Derive a strategy for your blog content development. Through your blog’s reach, you can earn from affiliation, advertisement and events.
Pixabay/Kaufdex
YouTube works as a great platform to earn a passive income if you have a good quality content. Content could be anything ranging from news, educational, informative or entertaining. YouTube ads click to give you good income apart from views and subscriptions.
Pixabay/mohamed_hassan
Passionate enough for teaching and if you know the ‘How to’ of things, create an online guide of your knowledge bank and upload or share it on various platforms which are ready to pay you for the knowledge you impart.
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Many online websites give you rebates in the form of cashback. When you browse, shop or even click you get rebates ranging from 1% to 25%. Rebates can be redeemed through vouchers, gift cards, Paypal or Paytm.
Pexels/Markus Spiske temporausch.com
Photography based income has been rising in the last decade due to various reasons like content development, advertisement, marketing, etc. Photographers can earn a passive income by uploading their photos on websites such as Shutterstock, Pixabay, Pexels, Flickr, Wiki pages, etc where you get earning based on cost per click.
Pexels/rawpixel.com
Affiliate marketing can take around 2-3 years to give you a profitable income but if you manage to show patience it is one of the great tools to give you a substantial income. You can start affiliating initially from popular websites such as Amazon, Flipkart, etc
Pixabay/ftgallo
Car value gets depreciated as soon as it gets on the road from the showroom. In fact, a car is the biggest liability and can be stated as a white elephant for those who have minimal use. For a passive income to be generated put your liabilities on rent for those who need them and make it an asset for them as well as yourself. Many website and giant companies will do it happily for you.
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Rent your unused apartment or a part of your apartment for those who need it and generate a monthly income through it. It’s an easy and direct way of making your liabilities an asset and you can start it from renting out to known people.
Pixabay/Brett_Hondow
Stock markets can be a huge market for investing and making profits not only in terms of margin and speculation but also in terms of stocks who pay you huge dividends when in scaling in profits.
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There are survey platforms available which give you rewards in the form of points that you can later exchange for real-world cash. Investing a little amount of time daily will surely not waste your efforts. You can earn passively through various referral programs organized by these platforms
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The financial market may prove a very lucrative platform to invest your money and earn a passive income. At the same time, it can prove intimidating for the first time investors to dive in and avoid “rookie mistakes”.
Here are 10 things which will guide you as a beginner investor in the stock market.
You may be wondering how much capital you should invest in the stock market. First and foremost, you should invest the money which you can afford to lose. Starting with 5% of your net income is enough until you gain confidence
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Remember you are not there to become a billionaire overnight, invest cautiously. Approach the market in a patient way so that you can be there for a longer period of time and also stay there victoriously. Patience is the key
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Always understand that your money is backed by strong fundamentals of the company. For example, an FMCG product is backed by the quality of the food product and also by the wide acceptance too.
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Don’t limit your capital in one equity, diversify your funds into many other categories such as finance, commodities etc. Also stay away from over-diversification, if done it would lead to confusion.
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Remember your stance as an investor, if you have set a goal, achieve it, don’t run behind short-term goals and be happy. Achieve what you have set, if it is a SMART goal.
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Always set a target for a said equity and don’t get emotionally attached to it. For example, if you have set your target to 50%, stand by your target even if you believe the return would be 70%.
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Always acquaint yourself with news, market trends and basics of the financial market, so that you don’t get left behind and behave naively. Financial intelligence could be gained throughout life-time by YouTube videos, some eminent speakers and many other sources
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Systematic Investment Plan (SIP) is a lesser-risk approach to financial markets. As the name suggests, you deploy your money systematically in the market that ultimately mitigates the risk.
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Copying has never helped anyone if you don’t know the art, so it will not help you any way with investments. The unpredictability of the financial market can be won only by your predictions alone. Suggestions are always welcome but don’t be in the herd mentality at the cost of your money
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Risk does not feel like a risk if it’s calculative. Keeping in mind all the above-mentioned points will help you to make calculated decisions. Avoid unnecessary leveraging.
All these points will help your long run in the upcoming investments.
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New Delhi, Nov 2 (PTI) Leading stock exchange BSE will delist as many as nine companies from Monday as trading in their shares has remained suspended for over 6 months.
The exchange has been delisting for the past few months those firms in which trading has remained suspended for a long period.
In a circular issued Friday, the BSE said,”nine companies that have remained suspended for more than six months would be delisted from the platform of the exchange, with effect from November 5, 2018 pursuant to order of the delisting committee of the exchange.”
The companies facing delisting are — Anil Ltd, Brakes Auto (India) Ltd, Indus Fila, IQ Infotech, Lok Housing & Constructions, Metropoli Overseas, Pithampur Steels, Prakash Solvent Extractions and Sibar Software Services (India).
According to the exchange, shares of these companies would cease to be listed and therefore not be available for trading on the platform of the exchange.
Further, these delisted companies, their whole-time directors, promoters and group firms will be debarred from accessing the securities market for a period of 10 years.
Promoters of these delisted companies will be required to purchase the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the exchange.
“Further, these companies would be moved to the dissemination board of the exchange for a period of 5 years as directed by Sebi,” the BSE noted.
In August, the BSE had delisted 17 companies, another 222 firms in July and over 200 firms in May.
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Frankfurt Am Main, Oct 30 (AFP) German airline giant Lufthansa reported falling profits in the third quarter, hit by higher fuel costs and the pricey integration of defunct competitor Air Berlin.
Between July and September, net profit at the Frankfurt-based group fell 10 percent year-on-year, to 1.07 billion euros ( 1.2 billion).
Despite the drop, that was still better than a 983 million euros forecast from analysts surveyed by Factset.
Operating, or underlying profit adjusted for some one-off items — the company’s preferred measure of its performance — also fell, shedding 10.8 percent to 1.35 billion euros.
Revenues grew 1.5 percent to 9.96 billion euros.
In a statement chief executive Carsten Spohr hailed “the second-best nine-month result in our history” as the group reported adjusted operating profit of 2.4 billion euros between January and September.
Boosted by a an all-time high of 108.5 million passengers in the first three quarters, the strong performance came despite an increase in fuel costs amounting to 536 million euros so far in 2018.
Lufthansa was also burdened by costs related to delays and cancellations as well as to the integration of chunks of Germany’s former second-largest airline Air Berlin, which went bankrupt last year.
So far this year the absorption — mostly by the low-cost Eurowings division — has cost 170 million euros, the group said.
Lufthansa confirmed its full-year objective for an adjusted operating profit “slightly lower” than in 2017.(AFP) AMS
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New Delhi, Oct 30 (PTI) Sebi has asked over a dozen suspected shell companies to extend cooperation to ensure completion of forensic audits in a time-bound manner, failing which they would face stringent trading curbs.
The forensic audit is being conducted by independent auditors appointed by stock exchange on the direction of the markets watchdog.
Independent directors have been mandated to conduct forensic audits for verification of credentials or fundamentals of such companies.
Shell companies are dubious entities that are mainly used for illegal money laundering. However, the term ‘shell company’ is not defined under the Companies Act.
In a circular uploaded on BSE website on Monday, Sebi has advised as many as 13 companies “to cooperate with the audit firm to complete the forensic audit in a time-bound manner”.
These firms are: Aadhaar Ventures India, Alka India, Allied Computers International (Asia) Ltd, Blue Circle Services, Decillion Finance, IKF Technologies, Prabhav Industries, S T Services , Sanguine Media, Scintilla Commercial & Credit, Silverpoint Infratech, Premium Capital Market & Investments and Winy Commercial & Fiscal Services.
In case a company fails to cooperate, then consequential actions will be initiated.
It has been noted that several opportunities have been provided to companies to provide requisite documents / information to the audit firms for completion of audit but despite that, the firms have failed to comply with the exchange directions.
Since the verification process is a time-bound activity and needs to be concluded in line with Sebi’s defined process, as a last opportunity, a period of 10 days is granted to all such companies to provide their response or information to the forensic auditor.
“Exchange shall not be granting any further extension of time and the concerned companies are advised to strictly adhere to the process…and cooperate with the audit firm to complete the said process in a time-bound manner,” as per the notice.
In case such companies do not provide all information to audit firms within 10 days or continue non cooperation with audit firm, then “securities of the concerned company shall be reverted back to ‘Stage VI’ of Graded Surveillance Measures (GSM) framework with immediate effect as per SEBI letter dated August 7, 2017”.
The Stage VI (six) of GSM restricts the trade in securities to once in a month with additional deposit.
If the securities of the company continue to be in Stage VI for a month pursuant to non cooperation by the company, then trading in the securities of such company will be suspended, followed by initiation of compulsory delisting process, as per the notice.
Further, if the concerned company cooperates with the audit firm and submits the required documents to their satisfaction, the exchange would review its action, if any accordingly, it added.
In case of no adverse FA (forensic audit) observations, the exchange will issue suitable direction to remove restrictions imposed on promoters, directors of the concerned companies.
On August 7, 2017, Sebi had directed bourses to initiate action against 331 suspected shell companies that are listed.
The regulator’s directive came after the corporate affairs ministry shared a list of 331 listed companies that are suspected to be shell entities and could even face “compulsory delisting”.
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New Delhi, Oct 30 (PTI) Finance Minister Arun Jaitley Tuesday criticised the Reserve Bank of India for failing to check indiscriminate lending during 2008 and 2014 that has led to the present bad loan or NPA crisis in the banking industry.
The remarks came amid reports of mounting tension between the finance ministry and the RBI over the autonomy of monetary policy makers.
RBI Deputy Governor Viral V Acharya in a speech on Friday stated that undermining the central bank’s independence could be “potentially catastrophic”. This was seen as a veiled reference to RBI pushing back hard against government pressure to relax its policies and reduce its powers.
“You see (between) 2008 to 2014, after the global economic crisis, to keep the economy artificially going, banks were told open your doors and lend indiscriminately,” Jaitley said at India Leadership Summit organised by US-India Strategic Partnership Forum.
“The central bank looked the other way, there was indiscriminate lending,” he said.
The government of the day, he said, was pushing banks to lend which resulted in credit growth in a year shooting up to 31 per cent from the normal average of 14 per cent.
Delivering the AD Shroff Memorial Lecture in Mumbai on Friday, Acharya called for greater powers for RBI to regulate public sector banks as it seeks to clean up the banking system. This independence, he said, was necessary to secure greater financial and macroeconomic stability.
Neither finance ministry nor Jaitley has so far responded officially to the comments.
Jaitley, who had previously stated that politicians have to unfairly take the blame for any wrongdoing while supervisors get away relatively easy, did not refer to Acharya’s speech or the reported tension between his ministry and RBI during his comments at the event Tuesday.
Jaitley said reforms undertaken by the government have led to significant improvement in revenues. “My own estimation is that from 2014 to 2019, we will be almost very close to doubling our tax base,” he said.
This has been possible because of formalisation of the economy that demonetisation brought about, the new indirect tax structure (GST) and improvement in indirect tax structure without raising rates.
“This gave us the flexibility to take a departure from past where there were only slogans,” he said. “Demonetisation (was a) difficult step but helped us to make it clear that formalisation of the economy is our clear intent.”
India, he said, had 3.8 crore income tax filers when the BJP government took office in 2014.
“In four years, it has already moved up to about 6.8 crore. This year, I am sure it will be very close to 7.5-7.6 crore which is almost double,” he said adding the first year of Goods and Services Tax (GST) implementation has raised the indirect tax assessee by 74 per cent.
Recounting achievements of the government, Jaitley said all villages are close to being connected by roads, the target of houses for all is likely to be achieved by 2022 and all households will have electricity by year-end.
“I think the whole concept of governance has seen a sea change,” he said adding corporate leaders no longer visit corridors of power because approvals are available online and discretion in the allocation of natural resources like coal mines or spectrum has been eliminated.
This, he said, has eliminated corruption.
The finance minister said demonetisation ended anonymity of cash as depositing the junked old 500 and 1,000 rupee note in banks was the only option.
While those who honestly paid taxes had nothing to worry, those who evaded “had to pay a heavy price” as notices were sent and they asked to deposit taxes on unaccounted cash, he said.
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New Delhi, Oct 30 (PTI) Realty firm Saha Groupe will invest about Rs 160 crore on construction of its new housing project in Noida on 6.25 acre land that the company bought from another real estate company Logix.
The company would construct 480 units in its new housing project ‘Eminence’ at Noida Sector 150, which is coming up as a new residential hub in the nation capital market with presence of big developers like Tata Housing, Godrej Properties, ATS and Shapoorji Pallonji.
“We had bought 6.25 acre land from Logix group in Sector 150 on Noida Expressway. We have launched our new housing project on this land parcel. The construction work has started and the project will be completed in three and half years,” Saha Groupe Director (Marketing, Construction and Sustainability) Aunirban Saha said.
He said the total built up area in this project would be about 8 lakh sq ft.
Saha declined to share the total cost to develop this project.
According to the market estimates, the construction cost alone would be around Rs 160 crore.
Saha said the company is selling apartments at around Rs 4,500 per sq ft in this festive season.
On funding of this project, Saha said the company has raised about Rs 200 crore as construction finance from Edelweiss group for a portfolio of its four ongoing projects.
Apart from this project, Saha Groupe is developing three other housing projects — ‘Amadeus’ at Sector 143, Noida, ‘Meghdutam Encore’ at Noida Extension and ‘Panchvati’ in Dehradun, comprising a total of 1,000 units.
The project in Noida Extension is expected to be delivered by the end of next year and the remaining three projects will be completed by 2021, he said.
Elaborating on the new project, Saha said the project would have 3 acres of green spaces and has been designed to meet USGBC’s LEED Gold standards.
Noida-based Saha Groupe, led by architect Aniel Kuumar Saha, has completed one project ‘Meghdutam Residences’ in Noida having 172 units. It aims to provide the market a product that is luxurious as well as sustainable.
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New Delhi, Oct 30 (PTI) Travel services firm Thomas Cook India Tuesday said it has commenced operations in the US to leverage the high potential business travel segment to and from the Americas.
The company has accordingly obtained ARC (Airlines Reporting Corporation) accreditation and necessary operating licences via its destination management brand Allied TPro, Thomas Cook India said in a filing to BSE.
Commenting on the development, Thomas Cook India Group Global Corporate Travel President Indiver Rastogi said, “We are excited with this development that also marks the beginning of our corporate travel operations in the US – a market that offers us significant potential across business and business-leisure segments.”
This new initiative will enable Thomas Cook manage travel and related services for its growing customer portfolio of MNCs, Indian corporate houses, and equally SMEs travelling to and from the USA, he added.
The Thomas Cook India Group provides integrated travel management and advisory services to more than 500 corporates, including several national, multinational companies and SMEs, the company said.
Shares of Thomas Cook (India) were trading at Rs 206 per scrip on BSE, up 0.96 per cent from previous close.
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New Delhi, Oct 30 (PTI) Private equity firm Motilal Oswal Real Estate (MORE), which infused Rs 67 crore in a Shriram Properties’ housing project in Bengaluru in 2014-end, has got an exit of Rs 125 crore.
MORE has exited from Shriram Properties’ India Realty Excellence Fund II (IREF II). The exit has been from a housing project ‘Shriram Greenfield’ near Whitefield, Bengaluru.
“The fund had invested Rs 67 cr in December 2014 by taking an equity stake in the project and has now exited with an Image result for internal rate of return (IRR) of 20 per cent and a multiple of 1.87x,” MORE, which is a real estate PE arm of Motilal Oswal group, said in a statement.
Shriram Greenfield is about 2 million sq ft housing project being developed across two phases in Bengaluru.
The construction work commenced in 2015, and within four years, the first phase is nearing completion, while construction for the second phase is underway.
The project has seen sales of over 75 per cent inventory.
MORE had raised Rs 500 crore under IREF II, which achieved its final close in April 2015. The fund invested during the period 2014-2017 is fully deployed across 14 investments (including re-investments).
“Amid tough market conditions, the fund has returned 107.5 per cent of fund corpus (including capital and interest) to its investors within a period of 3.5 years from its final close,” the statement said.
The fund has another 40 per cent capital invested across its balance 6 investments which would be exited over the next 2-3 years. IREF II has till date secured 8 complete exits at an average IRR of 21.2 per cent, it said.
The company’s strategy has always been to partner with trusted developers in top six cities and invest in their affordable/ mid-income housing projects through different structures(equity/ mezzanine) by providing capital at the right stage and conduct regular monitoring of the project, Sharad Mittal, CEO of Motilal Oswal Real Estate said.
The company has recently announced the first close of its fourth fund IREF IV at Rs 575 crore
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New Delhi, Oct 30 (PTI) Glenmark Pharmaceuticals Tuesday said it has received final approval from the US health regulator for generic version of Derma-Smoothe Topical Oil, used in the treatment of scalp psoriasis.
“Glenmark Pharmaceuticals Inc, USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Topical Oil, 0.01 per cent (scalp oil), a generic version of Derma-Smoothe/FS Topical Oil, 0.01 per cent (scalp oil), of Hill Dermaceuticals, Inc,” the company said in a BSE filing.
For the 12 months to September 2018, DermaSmoothe/FS Topical Oil, 0.01 per cent (scalp oil), achieved annual sales of around USD 14 million, Glenmark said, citing IQVIA sales data.
The company’s current portfolio consists of 141 products authorised for distribution at the US marketplace and 58 Abbreviated New Drug Applications (ANDAs) pending approval with the USFDA.
The company’s stock was trading at Rs 607.35 apiece, up 0.41 per cent, on the BSE.
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London, Oct 29 (AFP) Britain will introduce a new digital services tax aimed at tech giants from 2020, finance minister Philip Hammond said on Monday, responding to public outrage over low tax payments.
“It is only right that these global giants with profitable businesses in the UK pay their fair share,” Hammond told parliament as he outlined the government’s annual budget.
Hammond said the tax would be introduced from April 2020 and would apply only to profitable businesses that generate at least 500 million pounds (562 million euros, 640 million) a year in global revenues.
The tax is expected to raise 400 million pounds a year, he said, adding that more details would be revealed later while stressing that it would not be a tax on online sales.
Hammond added that Britain would also continue to press for “international corporate tax reform for the digital age”.
He quipped that he was “looking forward” to getting a call from former deputy prime minister Nick Clegg, who was named as Facebook’s new head of global affairs earlier this month.
There is political and public unease over the levels of taxes paid by tech giants like Amazon, pple, Facebook and Google.
Facebook earlier this month said its British tax bill tripled to 15.8 million pounds last year compared with 5.1 million pounds in 2016.
Facebook UK’s revenues meanwhile swelled by 50 percent to 1.26 billion pounds last year compared with 2016.
There has been particular concern in Britain about online shopping giants such as Amazon undercutting traditional retailers.
Today’s tax rules were designed for when multinationals developed real assets and operations in different nations, making it relatively clear where taxes were due.
But the US tech titans exist almost exclusively in the virtual world, their services piped through apps to smartphones and tablets from designers and data servers oceans away.
The European Commission, the EU’s executive arm, has proposed a European tax on “big tech” with substantial digital revenue in Europe, based on overall revenue in Europe and not just profits.
But lead opponent Ireland says a growing number of countries are grumbling about hidden problems with the tax, including that it could inadvertently snag European companies.
There is also concern as to what consequences might flow from such a plan at a time against the backdrop of a potential full-blown EU-US trade war. (AFP) PMS
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Mumbai, Oct 30 (PTI) The rupee weakened by 16 paise to 73.61 against the US dollar in early trade Tuesday, amid increased demand of the American currencies from importers and sustained foreign fund outflows.
Traders said the US dollar’s strength against some currencies overseas and a lower opening in the domestic equity markets also weighed on the local unit.
At the interbank foreign exchange, after opening lower at 73.58, rupee weakened further to quote at 73.61 against the dollar registering a fall of 16 paise over its pervious close.
The rupee ended almost flat at 73.45 against the US dollar Monday.
The dollar’s weakness against some currencies overseas and easing crude oil prices, however, restricted the rupee fall, forex traders said.
Globally, Brent crude, the international benchmark, was trading 0.36 per cent down at USD 77.06 per barrel.
On a net basis, foreign investors pulled out Rs 2,230.79 crore from equity markets Monday, as per provisional data.
Meanwhile, the benchmark BSE Sensex plunged 135.93 points, to 33,931.47 in the opening trade.
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Mumbai, Oct 30 (PTI) Benchmark indices opened on a volatile note Tuesday following weak global market cues amid escalating trade tensions between the US and China, and heavy selling by foreign portfolio investors.
The BSE Sensex was trading 31.63 points, or 0.09 per cent, lower at 34,035.77. It had dropped 130.16 points on opening trade.
The 30-share index had rallied 718.09 points, or 2.15 per cent, to 34,067.40 in Monday’s session.
The NSE Nifty saw similar movement, and was trading 16.50 points, or 0.16 per cent, lower at 10,234.35. The bourse had opened 43.7 points lower.
IndusInd Bank, Reliance Industries, Coal India, Tata Steel, TCS, ITC, NPTC and L&T were among the top losers, falling up to 2 per cent.
While, Yes Bank, SBI, M&M, Tata Motors, Bajaj Auto, Bharti Airtel and Infosys rose up to 4 per cent.
Global investor sentiment turned volatile after reports that the United States was preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war.
Traders also took cues from foreign portfolio investors (FPIs), who sold shares worth a net of Rs 2,230.79 crore Monday.
Meanwhile, domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,526.90 crore, provisional data available with stock exchanges showed.
The rupee also witnessed weakness, falling 16 paise to 73.61 against the US dollar in early trade, amid increased demand of the American currencies from importers and sustained foreign fund outflows.
Elsewhere in Asia, Japan’s Nikkei was trading 1.59 per cent up, Shanghai Composite index rose 0.72 per cent, while Hong Kong’s Hang Seng dropped 0.04 per cent and Taiwan Weighted was down 0.02 per cent in their early sessions.
The Dow Jones Industrial Average fell 0.48 per cent, the S&P 500 lost 0.19 per cent and the Nasdaq Composite dropped 1.14 per cent in Monday’s session.
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MUMBAI, October 29, 2018/PRNewswire/ — Mumbai-based solar solutions company, Oriano, has emerged as fourth fastest growing technology company pan India on the Deloitte Technology Fast 50 India 2018, a ranking of the 50 fastest growing technology companies in India. Headquartered in Mumbai, Oriano is the only company from Maharashtra to make it in Top 5, making it fastest growing technology company in the Maharashtra region. Rankings are based on percentage revenue growth over three years. Oriano grew 3431% percent during this period.
“Attracting enough customers to attain such fast growth over three years makes a strong statement about the quality of a company’s product and its leadership,” said Rajiv Sundar, Program Director – Technology Fast 50 India 2018 and Partner, Deloitte India. “We congratulate Oriano on being ranked No. 4 on the 50 fastest growing technology companies in India.”
Founded in June 2015 by Sachin Jain, Yeshwant Rao and Sameer Shah, Oriano is funded by leading Venture Capital and Venture Debt investors viz. Samridhi Fund (backed by UK’s DFID, SIDBI, LIC and UIIC) and Caspian Impact Investments.
Oriano Solar is a leading solar solutions company for Industrial units, SMEs and Utility-Scale developers and has 350 MW+ of solar projects executed and under development, driving social impact and sustainability across industries and educational institutes in India and helping them reduce their energy cost.
These projects have created over 2,200 construction jobs at the bottom of the pyramid. Also, it has helped to reduce 10.8 million metric tons of annual carbon offset and it is equivalent of planting 5.75 million trees and meeting electricity demands of 198,512 Indian households.
Oriano was awarded #1 ‘Solar PV EPC company of the year 2018 (50-100 MW)’ by India Solar Week Awards. Prior, Oriano was selected as ‘Energy Startup of the Year 2016’ Award from Entrepreneur India and ‘TECH30’ company of the year 2016 by Yourstory.com.
Oriano is also developing products in B2C consumer space in off-grid energy access, SME Rooftops, Smart LED Lighting, Micro-Grid and Distributed Solar Home kits powered by Data Analytics and Android platform. Oriano has an advance-stage pipeline of more than 200 MW of solar projects in the next financial year.
Source: Oriano Clean Energy Private Limited PWR
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New Delhi, Oct 29 (PTI) Myntra Monday said it has expanded its in-house brands portfolio with the launch of ‘Sztori’, a move that will help the Flipkart-owned company tap into the multi-billion plus-size apparel segment.
“Post identifying a white space opportunity in the segment, Myntra set out to design and develop merchandise under a new brand to cater to the category and make wearers look fashionable with multiple style options at affordable prices,” Myntra said in a statement.
The brand will offer a range of products for men and women in large to 4 times large sizes with prices ranging from Rs 799-1,999.
“Plus-size clothing is in great demand and it was time we offered something substantial in the category, opening up more avenues and possibilities for our customers,” Manohar Kamath, CXO and Head Myntra Fashion Brands, said.
He added that research estimates that this segment will account for USD 5-6 billion in the USD 40-billion Indian online fashion apparel market by 2020.
“…(this) is approximately 10-12 per cent of the overall market, making it an important proposition,” he said.
Myntra now has 17 fashion brands under its aegis that includes Roadster, HRX, Dressberry, Mast & Harbour, All about you, Moda Rapido and Anouk.
The company had recently partnered with Bollywood actor Saif Ali Khan to launch ‘House of Pataudi’ brand.
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Mumbai, Oct 29 (PTI) Days after deputy governor Viral Acharya raised concerns over the central bank’s autonomy, the Reserve Bank employees association Monday came out in support of the views, saying “undermining the central bank is a recipe for disaster” and government to stop nibbling at its autonomy.
Delivering the AD Shroff memorial lecture last week here, Acharya said governments that did not respect their central banks’ independence would sooner or later incur the wrath of financial markets.
“We firmly hold that undermining the central bank is a recipe for disaster and government must desist,” All India Reserve Bank Association said in a letter.
The association said Acharya’s comments about government’s interventionist role vis-a-vis the RBI has created a flutter across the nation.
“This is, however, not a sudden outburst, but was waiting to happen due to long simmering discontent,” the association said.
Giving a cricketing analogy, Acharya had said a government’s horizon of decision-making was rendered short, like the duration of a T20 match, by several considerations.
“There are always upcoming elections of some sort – national, state, mid-term,” he said, adding “as elections approach, delivering on proclaimed manifestos of the past acquires urgency; where manifestos cannot be delivered upon, populist alternatives need to be arranged with immediacy.”
In contrast, a central bank plays a test match, trying to win each session but importantly also survive it so as to have a chance to win the next session, and so on, the deputy governor had said.
He said the central bank is not directly subject to political time-pressures and the induced neglect of the future by virtue of being nominated rather than elected, central bankers have horizons of decision-making that tend to be longer than that of governments, spanning election cycles or war periods.
The letter said the hiatus has widened now and the deputy governor has spoken more “in disgust and despondency” due to continuous nibbling by the government and the finance ministry.
“Even the RBI board is being sought to be stuffed in a particular direction which would prompt the discerning people to look askance, and make it difficult for RBI to frame policies,” the union said in the letter.
Asking the government to stop armtwisting the central bank, the letter said both should talk and sort out the issues, instead of trying to ride roughshod over RBI and warned that “what they (government) are trying is at the expense of the nation”.
“We appeal to all right-minded people and experts to speak out and persuade government to amend, and let RBI do its jobs in an unfettered was as per statutes, mandates, practises,” the letter said. PIT HV DC BEN
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Mumbai, Oct 29 (PTI) Bank of America Merrill Lynch (BofAML) Monday said the RBI is likely to reduce the cash reserve ratio (CRR), or the amount of bank deposits parked with the central bank, by one percentage point in December, if the portfolio flows do not revive.
Such a move will release USD 15 billion of liquidity into the system, which is undergoing through a liquidity deficit at present, the foreign brokerage said in its report.
“…we expect the RBI to cut CRR by 1 per cent, releasing over USD 15 billion, if FPI (foreign portfolio investment) flows do not revive by December with CPI inflation set to average below 4 per cent till then,” it said.
The CRR stands at 4 per cent at present and the banks do not earn any interest on it.
The report said there will still be a deficit of Rs 1 lakh crore in the system till December, even if RBI continues to inject money through the buyback of government bonds called as open market operations.
The brokerage said its liquidity model suggests the RBI will have to do USD 30 billion or Rs 2 lakh crore between December and March, over and above the Rs 40,000 crore in November and Rs 36,000 crore in October announced or done earlier.
“At the root of the stress in credit markets is tight liquidity that can only be alleviated by RBI OMO/CRR cut, in our view,” it said.
Commenting on the special window for mutual funds facing redemption pressures, it said that the facility will not be of much help.
Even if the demand for diluting the prompt corrective action (PCA) framework is acceded to, credit worthy small businesses can get loans only if there is sufficient liquidity in the system which will require an OMO or a CRR cut, it said.
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Chennai, Oct 29 (PTI): Rane Holdings Ltd, part of the diversified conglomerate Rane Group, has recorded a drop in its consolidated second quarter profits ending September 30, 2018 at Rs 33.86 crore.
The city-based company had registered consolidated net profit at Rs 37.50 crore during corresponding quarter of previous year.
For the half year ending September 30, 2018 consolidated net profits stood at Rs 66.52 crore as against Rs 73.48 crore registered in the year-ago period.
The consolidated total revenue for the July-September 2018 quarter grew to Rs 647.89 crore from Rs 562.03 crore registered same period of previous year.
For the six-month period ending September 30, 2018 the consolidated total revenue went up to Rs 1,290.56 crore from Rs 1,100.64 crore registered in same period of last year.
In a statement, company CMD, L Ganesh said, “the group companies experienced strong demand from the customers and delivered robust growth. We continued to experience headwinds on material and manpower costs.”
“We experience uncertainty in demand environment particularly with Indian passenger vehicles. Demand from commercial vehicles continue to remain strong,” he said.
Shares of Rane Holdings Ltd were trading at Rs 1,350 apiece, down by 1.95 per cent over the previous close in BSE.
PTI VIJ
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