Sebi to soon frame guidelines to allow MFs in commodity derivatives
To increase the institutional participation in the commodity segment, Sebi yesterday said it will soon finalise the guidelines to allow mutual funds (MFs) to invest in commodity derivatives segment. The markets regulator said it will also frame warehousing norms for non-agriculture commodities and will consider allowing 'indices' once its robustness is established by the bourses. Addressing an Assocham event here, head of Commodity Derivatives Market Regulation Department (CDMRD) in SEBI, P K Bindlish said the commodity derivatives market is still faced with challenges even though the trading volumes have risen up to Rs 100 lakh crore.
'Job postings in real estate sector drop 8%'
The number of job postings in the real estate sector in India has seen an eight% drop over last year amid implementation of the Real Estate (Regulation and Development) Act (RERA) 2016, says a report. According to data from global job site Indeed, while the number of job searches in the sector has increased by 8% in the last year, job postings have seen a dip of 8%. The RERA rollout promised to make the real estate sector more regulated and transparent, thus building confidence among job seekers to explore work opportunities in the field. However, there has been a drop in the number of job postings. .
Sandvik Coromant opens its New Center for the Manufacturing Industry
Sandvik Coromant, India is opening its new global meeting place in Pune for productivity, application, machining and research in manufacturing. This 18,000 ft2 facility – one of only six such centres across the Sandvik Coromant portfolio present– is the result of an investment worth SEK 35 mn (equals to 27 cr). Javier Guerra, President at Sandvik Coromant India, said, “It gives me immense pleasure to announce that, in our endeavour to offer cutting-edge solutions and expertise to customers, we now have a world-class Sandvik Coromant Centerin Pune.The facility will be of great service toanyone who is interested in productivity gains, cutting-edge research and the future of global manufacturing.” Sandvik Coromant Center, Pune, will strengthen the company’s position as the global leader in competence and innovation within India’s manufacturing industry.
GP Global Energy partners Spanish oil major Cepsa
GP Global Energy, part of UAE-based global conglomerate GP Global has said it has partnered with integrated Spanish oil major Cepsa to make and market Cepsa's marine and power generation lubricants in the country. As per the agreement, GP Global will manufacture, blend, package and even import Cepsa branded lubricant products in India, it said in a statement. GP Global Energy will be manufacturing the marine lubricants through a contract with its group company GP Petroleums in their plant at Vasai, Mumbai, which is already engaged in blending automotive and industrial lubricants over the last four decades.
"This partnership will strengthen Cepsa's international brand and the expansion of our lubricant business; this will be the first time our lubricants will be produced outside our plants in Spain, as the facility in Mumbai has been the first approved by us after a rigorous and successful audit process," Cepsa vice president marketing Alvaro Diaz Bild said.
Banks promise Rs 1.30 lakh cr for highway development: Gadkari
Banks have assured funding to the tune of Rs 1.30 lakh crore for highways construction, Road Transport and Highways Minister Nitin Gadkari said yesterday. He said 403 projects worth Rs 3.85 lakh crore were stalled during the UPA regime. The present NDA government, after assuming power in May 2014, has put on track Rs 3 lakh crore worth stalled projects. Gadkari said he has held meetings with banks, RBI Governor and Union Finance Minister regarding funding to the road sector. "Banks have informed me in writing that they are ready to give Rs 1.30 lakh crore for funding of highway projects built in EPC (Engineering Procurement Construction) mode," Gadkari said during Question Hour in the Lok Sabha.
Lanxess India appoints Neelanjan Banerjee as New Managing Director
Neelanjan Banerjee, age 45 years, will be the new Country Representative and Managing Director for India effective September 1, 2018. Banerjee joined Lanxess in 2006 as head of the former Basic Chemicals business unit and the Saltigo business unit in India. Banerjee follows Jacques Perez, who will take over new responsibilities as MD of Lanxess Holding UK Unlimited and Country Representative of Lanxess in the United Kingdom. “On behalf of the entire Board of Management, I would like to thank both Jacques Perez and Neelanjan Banerjee for their excellent work and outstanding contributions to the company so far and wish them every success in their new roles,” said Rainier van Roessel, Member of the Board of Management, Lanxess AG.
Kotak Mahindra Bank Q1 net up 12% to Rs 1,025 cr
Kotak Mahindra Bank yesterday reported 12.29% rise in standalone net profit at Rs 1,024.94 crore for April-June, 2018-19. The bank's net profit stood at Rs 912.73 crore in the corresponding period of 2017-18. Total income during the quarter stood at Rs 6,644.29 crore, up 19.44% from the year-ago period, Kotak Mahindra Bank said in a regulatory filing. Gross non-performing assets (NPAs) reduced to 2.17% of gross advances as of June quarter 2018-19 from 2.58% in the same period last year.
Walmart India initiates drive to remove single-use plastic in all its stores
Walmart India, the wholly owned subsidiary of Walmart Inc., has pledged to remove single-use shrink wrap used for storing merchandise and replace it with sustainable storage solutions across all its Best Price Modern Wholesale Stores in India in a phased manner. The company has already started the drive in its Best Price Stores in Maharashtra and is expanding this initiative across its stores in rest of India in a phased manner. Talking about initiatives, Krish Iyer, President & CEO, Walmart India, said, "Through this project, our endeavor is to phase out single-use plastic shrink wrap from our company’s stores across India by first quarter of 2019.”