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Tuesday, July 19, 2016

GIFT City attracts global IT-ITeS firms
Gujarat International Finance Tec-City (GIFT City), India's only global financial and IT hub, is attracting interest from global and domestic information technology companies to set up operations here. "World class infrastructure development at GIFT City coupled with Gujarat Government's favorable IT/ITes (information technology and Information technology enabled Services) policy generating interest from such firms," GIFT City said in a statement.

L&T to sell 15% stake in L&T Technology Services via IPO
Close on the heels of the successful Rs 1,243-crore L&T Infotech IPO, diversified group L&T's technology services unit has filed draft prospectus with Sebi for a public offer to raise an estimated Rs 1,000 crore. Larsen & Toubro would sell up to 15% stake in L&T Technology Services through the proposed IPO. According to sources, the share sale at a premium, to be decided later, could amount to around Rs 1,000 crore. In a filing to BSE yesterday L&T said: "The Board of Directors of the company has decided to participate in the offer for sale of equity shares by way of initial public offering by L&T Technology Services Limited."

CII WR Bags ‘Indian Green Building Council (IGBC) Gold’ Rating
Confederation of Indian Industry (CII), Western Region, Mumbai office receives the coveted the prestigious ‘Indian Green Building Council (IGBC) Gold’ rating that recognises it for National Excellence under IGBC Green Interiors Rating initiative. “We are happy with the results and look forward to set a trend among industry members to opt for IGBC’s green interiors rating programme for creating sustainable office spaces”, said Dr Saugat Mukherjee, Regional Director, CII Western Region.

Supreme Holdings and Hospitality forays into Real Estate
Belmac, the real estate arm of Supreme Holdings and Hospitality (India) Ltd., yesterday announced the launch of its first premium residential project, Belmac Residences in Pune. Located at Wadgaon Sheri, the project offers an ideal combination of staying connected to the city and also promises a great neighbourhood, due to its proximity to Kalyani Nagar and Viman Nagar. Spread across 6 acres and 1 acre per building, this residential project consists of G+15 storey towers ranging from 2BHKs and 3BHKs. Offering a floor area of 1400 sq. ft to 3200 sq. ft., the apartments are priced at 1.22 cr. and 1.9 cr. for 2 & 3 BHK respectively.

GJF to organize seminars to guide jewellers on new Excise Duty norms
The All India Gems & Jewellery Trade Federation (GJF), the apex body of the domestic gems & jewellery sector, plans to organize Pan India seminars for jewellery manufacturers, retailers and traders to share information about the norms of excise duty implementation and other trade related administrative practices, based on the press release issued by CBEC on 13th July, 2016. This is one of the major exercises initiated by GJF across India to discuss and clarify any queries from the members. These seminars will be addressed by GJF Chairman, Directors, Regional Directors and experts from the industry to explain nitty-gritty of new policy announcement. The first mega seminar is scheduled in Mumbai on 16th July, 2016.

Principal MFs and Money Wizard honour YMO winners
The winners of the 2nd edition of the Youth Money Olympiad (YMO) held by Principal Mutual Funds in association with Money Wizards, were felicitated at an event in Mumbai recently. This year, the YMO reached out to 10,216 students across 197 esteemed colleges, 550 corporates in India with an aim to help students evaluate their personal finance awareness versus their peers. The students were assessed on the basis of a personal finance IQ test conducted first at the college level and then at a national level.

Wagh Bakri launches Tea Lounge
The Wagh Bakri Tea Group, India's 3rd largest packaged tea company has launched its 3rd Tea Lounge in Mumbai at Juhu Tara Road recently. Wagh Bakri is also operating 4 tea lounges in Delhi & one signature lounge in Ahmedabad. This Wagh Bakri Tea Lounge that spreads across 750 sq. ft. will offer tea enthusiasts a variety of over 45 types of handpicked teas across the globe.

NHDC’s Silk Fab Exhibition in Mumbai
The National Handloom Development Corporation Ltd (NHDC), last week kickstarted one of its major initiatives “Silk Fab” to connect consumers and weavers at one platform in Mumbai. Ujjwal Uke, IAS, Principal Secretary (Textile), Govt. of Maharashtra inaugurated the “Silk Fab” at World Trade Centre, Mumbai. Around 100 agencies belonging to 14 states are participating in this initiative. NHDC receives very good response for the Silk Fab from both consumers and weavers. 24 such events are organized in major Indian cities and has become a must visit event for handloom connoisseur. The first of this season’s Silk Fab is being held in Mumbai.

Hari Mohan Sharma, Exhibition Incharge NHDC and Ujjwal Uke, IAS, Principal Secretary (Textile), Govt. of Maharashtra visiting stalls at the exhibition.

Govt releases Rs 100 crore towards co-contribution in APY
Government has released Rs 100 crore towards its co-contribution for Atal Pension Yojana (APY) for 2015-16. Under the scheme, individuals who have registered before March 31, 2016, will get a co-contribution from the government, which will be 50% of the subscriber contribution up to a maximum of Rs 1,000. The co-contribution will be for 5 years from 2015-16 to 2019-20. "Govt. of India through PFRDA has released co-contribution for 2015-16 for 16.96 lakh eligible APY subscribers amounting to Rs 99.57 crore," a finance ministry statement said.

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