Govt scouts for merchant bankers for stake sale in 7 PSUs
Kick-starting the process of selling minority stake in 7 PSUs including bluechips like IOC, SAIL and NTPC, which have the potential to collectively raise over Rs 34,000 crore, the government has begun scouting for merchant bankers. The Department of Investment and Public Asset Management (DIPAM) has come out with RFPs for appointing merchant bankers and legal advisers for stake sale in these state-owned companies. The other companies on the radar are hydro-power firm NHPC, Power Finance Corporation (PFC), REC and NLC India Ltd.
'Farm loan waivers to touch 2% of GDP in run-up to 2019 polls'
Within a fortnight of UP's farm loan waiver and calls for the same in other states, a foreign brokerage yesterday estimated the burden from such populist measures to touch 2% of GDP by the 2019 elections. "Farm loan waivers of up to 2% of GDP in the run up to the 2019 hustings pose fiscal/rate risk and impacts credit culture," analysts at Bank of America Merill Lynch said in a note yesterday. They said the Yogi Adityanath government's debt waiver of USD 5 billion or 0.4% of the state GDP, will lead other states to follow such populist suit.
Bikanervala enters Maharashtra
With an aim to bring authentic Indian delicacies to Maharashtra, Bikanervala Foods, India's leading Sweets and Snacks manufacturer, has launched its first Sweet Shop-cum-Restaurant outlet at Vashi in Navi Mumbai, the one-stop food shop situated in a strategic cosmopolitan area to cater to the younger generation as well as the family. The outlet is laid out in a three-storey swanky building covering 8,000 sq feet area with state of art interior and design unique in itself -- will have a classical offering of variety of sweets and be place for dining offering North Indian, South Indian, Chinese and Continental cuisine along with chaat, snacks and Farsan, showcasing more than 200 products for Mumbaikar’s to enjoy.
'CAD to widen significantly to 1.6% of GDP in 2017'
India's current account deficit (CAD) is expected to widen to 1.6% of GDP this year from 0.5% in 2016, owing to higher commodity prices and an expected strong domestic recovery, says a report. According to the Japanese financial services major Nomura, stronger global demand and higher export prices are driving exports recovery, while the recovery in imports reflect higher commodity prices and likely improvement in domestic demand. "In 2017, we expect the CAD to widen to 1.6% of GDP from 0.5% in 2016 owing to higher commodity prices and an expected strong domestic recovery in the second half of 2017," Nomura said in a research note.
Taj group to manage Godrej Properties' Mumbai hotel project
Realty firm Godrej Properties has tied up with the Taj group to develop a luxury hotel project in Mumbai. Godrej Properties said it has "partnered with Taj Hotels Palaces Resorts Safaris to develop a world-class Taj brand hotel at its flagship project, The Trees, at Vikhroli". The Taj hotel will manage this property offering about 150 guest rooms and suites. This is a 35-acre mixed-use project comprising housing, office, retail and hospitality, the company said in a statement.
FSA to organise 20th edition of Textrade Fair
The Fabric Suppliers’ Association (FSA) has organized its 20th edition of “Textrade Fair”on 3rd & 4th May 2017 at Hotel Orchid Ecotel, near Santacruz airport, Mumbai. FSA has booked 3 floors with 80 stalls of exhibitors. “Textrade Fair” will present a golden opportunity to showcase fabric creativity, design innovation, splash of colours and fashion extravanza for the seasons in 2017. Chainroop Banthia, President of the Fabric Suppliers’ Association stated that this is the right moment to consider a strategy to increase domestic per capita consumption of cloth which was 22.87 square metres in 1991 -92 to present level of 26 square metres and it can be further enhanced if all hurdles are removed. Goods & Service Tax (GST) will be applicable from 1st July 2017.
Lufthansa likely to enhance frequency of Pune-Frankfurt flight
German airlines' group Lufthansa plans to enhance the frequency of its Pune-Frankfurt services to six times a week, starting June. At present, the flight is operated four times a week with a Boeing 737 plane having 20 seats in the business class and 66 in the economy class. From June, Luthansa is upgrading its flight services on the Pune-Frankfurt route to six times per week from the current four times a week, Lufthansa Group Airlines' Senior Director for South Asia, Wolfgang Will, said. He was speaking during a media interaction on the launch of the airline's Airbus A350 services from Munich to Chhatrapati Shivaji International Airport. The Lufthansa Group operates 65 flights per week to New Delhi, Mumbai, Chennai, Bengaluru and Pune from its Frankfurt and Munich hubs.
Vinay Sah takes charge as MD & CEO of LIC HFL
Vinay Sah has assumed charge as MD & CEO of LIC Housing Finance Ltd. (LIC HFL). He started his career as a direct recruit officer with LIC of India and has moved up the career graph. Prior to heading LIC HFL, Sah was Executive Director- Marketing/Product Development with LIC of India since 2015-2016.
Capacit'e Infraprojects files Rs 400-cr IPO papers with Sebi
Capacit'e Infraprojects yesterday filed draft papers with market regulator Sebi to raise an estimated Rs 400 cr through an initial public offering. Funds raised through the issue will be utilised for working capital requirements, purchase of capital assets and for general corporate purposes, the company said in a statement.