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Thursday, October 12, 2017

No independent woman director at 38% of NSE-listed cos
About 38% of companies listed on the NSE would have to appoint at least one independent woman director if the recommendation of a high- level panel on corporate governance were to be implemented, according to a report by Prime Database. Of the 1,670 companies listed on National Stock Exchange (NSE), as many as 637 firms need to appoint a woman independent director. The panel headed by eminent banker Uday Kotak last week recommended that listed companies should appoint at least one woman as independent director. The current rules require that there must be one woman on the board, irrespective of her being an independent or executive director.

Essar Ports’ cargo handling up 19% in April-Sep
Essar Ports yesterday said its cargo handling saw a jump of 19% in the first half of the ongoing fiscal to 17.35 MT, backed by enhanced capacity utilisation of anchor customer Essar Steel. "Essar Ports handled 17.35 million tonnes (MT) of cargo in the first half of 2017-18 fiscal, registering 19% growth when compared to the cargo handling in the corresponding period in 2016-17," the company said in a statement. It said the substantial growth in traffic came on the back of an improving steel market, leading to enhanced capacity utilisation of Essar Steel, which is Essar Ports' anchor customer.

‘Profit pressure of textiles exporters to ease by Q3 of FY18’
With cotton prices easing from mid-September, pressures on textiles exporters' profit is likely to subside from the third quarter of this financial years, ICRA said in a report. The pressures being witnessed on profitability, debt levels across the sector are expected to decline with the industry focusing on sweating the existing assets and undertaking limited debt-funded capacity additions, it said. Indian textile exporters are facing difficult times since the past few months, which have led to constrained growth as well as pressures on profitability, the rating outfit said.

U.S. Immigration Fund, Chopras Group partner for a global future
The Chopras, a leading higher education business in exclusive partnership with U.S. Immigration Fund are bringing families in India the opportunity to invest in a global future to enable business, education, career and residential opportunities in the United States. An official series of exclusive seminars across the nation are educating investors and families on the details of the EB-5 program and the process of obtaining US Green Card Status via high quality real estate investments. The EB-5 visa program offers foreign investors to invest $500,000 into a qualified project. The project should successfully create 10 full-time jobs for U.S. worker’s basis which the individual and his/her immediate family is given a permanent green card.

MobiKwik, Bajaj Finserv launch wallet in partnership
Online payment company MobiKwik yesterday announced a joint wallet with Bajaj Finserv, through its lending arm Bajaj Finance ‘Bajaj Finserv Wallet’. The mobile application powered by MobiKwik offers all the features and benefits of the Bajaj Finserv EMI card. The wallet is available to all existing and new customers of both the brands Bajaj Finserv and MobiKwik. Announcing the association, Upasana Taku, Co-founder, MobiKwik, said, “India’s fast paced journey to becoming a cashless nation today received another push with the launch of country’s first credit wallet. The Bajaj Finserv-MobiKwik wallet will allow users to fulfill their buying needs on credit and have an even cheerful festive season.”

Ola raises $1.1 bn, in talks for another $1 bn funding
Transportation app Ola yesterday said it has raised USD 1.1 billion in funding led by Tencent Holdings and is in "advanced talks" to close an additional USD 1 billion to conclude a total mop-up of over USD 2 billion. The funding will help Ola bolster its position against the US-based rival Uber. The two are locked in an intense battle for leadership in the Indian market and have pumped in millions of dollars in driver incentives and discounted rides for customers. The company did not disclose the valuations at which funds were raised. Existing investor SoftBank, in addition to other new US-based financial investors, has also participated in this round, Ola said in a statement.

Yes Bank partners Abu Dhahi Global Market to help fintech cos
Abu Dhabi Global Market (ADGM) and Yes Bank have entered into a pact to help fintech companies venture into cross border markets. "Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Yes Bank have signed an MOU to further foster cross-border exchange between the fintech ecosystems of the UAE and India," Yes Bank and ADGM said in joint statement. Through this partnership, the fintech innovators of the Middle East and India will be able to enrol into Yes Fintech programmes and ADGM's Regulatory Laboratory (RegLab).

Emkay Emerging Stars launches alternative investment fund
Emkay Emerging Stars Trust yesterday launched its first-ever five-year closed-ended Category III alternative investment fund (AIF) and seeks to raise Rs 200-300 crore from the scheme. The scheme, Emerging Stars Fund, has a fund raising commitment of Rs 200-300 crore, it said. Emkay Emerging Stars Trust is sponsored by Emkay Global Financial Services and managed by Emkay Investment Managers Ltd (EIML). The fund aims at generating long-term capital appreciation for investors with an investment horizon of five years in Indian equity. In last four and half years, the fund management team of EIML has generated returns at CAGR of over 25%.

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