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Thursday, June 13, 2019

Power Finance Corp raises USD 1 bn from global market
Power Finance Corporation (PFC), a state-run NBFC, said yesterday it has raised USD 1 billion (around 6,940 crore) through issuance of bonds in the international market. This was PFC's first issuance in the international market after acquiring the government's shareholding in REC, the company said in a BSE filing. The issuance attracted a strong and diversified order book indicating investor's confidence towards PFC's differentiated credit despite volatile market conditions and concerns over Indian NBFI sector, it mentioned.  PFC finances power sector projects and its main source of revenue is interest income on loans. "PFC, a government owned NBFC, has successfully tapped international market and raised USD 1 billion through Reg - S bonds in one go," the company said in the filing.

Ducati drives in Hypermotard 950 in India at Rs 11.99 lakh
Italian superbike maker Ducati yesterday launched all new Hypermotard 950 model in India priced at Rs 11.99 lakh (ex-showroom).     The bike comes equipped with 937cc twin-cylinder engine. "Hypermotard range has been loved and appreciated by riders who look for a fun and adrenalin-packed motorcycle. The new Hypermotard 950 inherits the sport and fearless characteristics which aligns to the personality of a rider who wants pure fun," Ducati India MD Sergi Canovas said.

Paytm to invest Rs 250 cr to expand Paytm QR
Digital payments major Paytm yesterday said it will invest Rs 250 crore this year for the expansion of Paytm QR in tier IV and V towns. "With this investment, Paytm expects to reach more than 20 million merchants across India by the end of this fiscal," it said in a statement. Paytm had introduced QR code-based payments to enable merchants, irrespective of the size of their business, to receive money directly into their bank account. "More than 1.2 crore merchants across the country already accept payments through Paytm QR. However, the majority of these are based in larger towns and cities. We are aiming to reach merchants in smallest of towns across India such as Ajmer, Bekgaon, Kurnool, Rohtak, and Latur," Paytm Senior Vice President Deepak Abbot said.

Post SCB status, Fincare SFB to focus on expansion
After receiving scheduled commercial bank (SCB) status from the Reserve Bank of India (RBI), Fincare Small Finance Bank is now looking to scale up its products and strengthen its network of business correspondents in FY20, top bank official said yesterday. "The bank is looking to scale up its asset business like loan against property, affordable housing loan, and launch wealth management, tax-saver FDs, flexi deposits, and sweep in-sweep out current accounts in the current financial year," Fincare SFB's Managing Director and CEO Rajeev Yadav told reporters here. The bank plans to launch unified payment interface (UPI), Aadhar enabled payment system (AePS), expand its business correspondents network in metros and other areas and expand retail banking presence in cities like Pune, Calicut, and Trivendrum, Yadav said.

HMSI unveils Activa 125 with BS VI engine
Honda Motorcycle & Scooter India (HMSI) yesterday unveiled Activa 125 cc scooter with BS VI emission norms-compliant engine. The company said it will start selling the model towards the end of second quarter of the current financial year. "As the frontrunners of innovation and technology, we are yet again ready to lead the next revolution powered by superior technology," HMSI President and CEO Minoru Kato told reporters here. With the unveiling of new Activa 125 BS VI, Honda will begin this transition to the upgraded technology in a step-wise approach, he added. The new BS VI version of the scooter would be 10-15% expensive than the BS IV version, Kato said.

Russian Education Fair 2019
With NEET 2019 results, a large number of students are looking for options medical institutes in India and abroad.The Annual Russian Education Fair 2019 (June edition) was organized yesterday at the Russian Centre of Science and Culture in Mumbai. The education fair is organized by Rus Education in collaboration with Russian Centre for Science and Culture (RCSC), Cultural Department of the Russian Federation in India, in various cities across the Nation. While interacting with students and their parents the Counselor took queries of anxious parents who wanted to know about the weather, culture and support from Ministry of External Affairs.

Gold prices bounce back by Rs 200; silver up Rs 330
Gold prices rose by Rs 200 to Rs 33,570 per 10 gram in the national capital yesterday following increased buying by local jewellers and a firm  overseas trend, according to the All India Sarafa Association. Tracking gold, silver also surged by Rs 330 to Rs 37,890 per kg on fresh offtake by industrial units and coin makers. Traders said sentiment turned bullish due to positive trend overseas and rise in  domestic demand, which mainly pushed gold prices higher.

Cut in GST rate on footwear to promote growth, exports: CLE Chairman
Leather exporters in the country have urged the finance ministry to reduce in the rate of goods and services tax (GST) on footwear with a view to promote growth of the industry and push exports. Council for Leather Exports (CLE) Chairman P R Aqeel Ahmed raised this issue at a pre-Budget meeting chaired by Finance Minister Nirmala Sitharaman here Tuesday. He said that the domestic footwear sector holds huge potential to create jobs and earn foreign exchange. "Reduction of GST on footwear would help promote growth of domestic footwear industry," he said in a statement.

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