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Wednesday, July 18, 2018

CCEA to consider Rs 20/qtl hike in sugarcane price for 2018-19
The Union Cabinet will consider tomorrow a proposal to increase the minimum price that sugar mills are required to pay to cane growers by Rs 20 to Rs 275 per quintal for the next marketing year starting October, according to sources. The Cabinet Committee on Economic Affairs (CCEA) is scheduled to meet tomorrow and is likely to consider a proposal to fix the Fair and Remunerative Price (FRP) of sugarcane for the 2018-19 marketing year, they added. The Commission for Agricultural Costs and Prices (CACP) had recommended Rs 20 per quintal hike in the FRP of sugarcane at Rs 275 per quintal for next season.

Walmart inks 5-yr deal with Microsoft to strengthen digital innovation
Walmart yesterday said it has inked a five-year deal with Microsoft to leverage a broad base of cloud, artificial intelligence and Internet of Things solutions, a move that will help the retail giant further accelerate its digital transformation. While the terms of the deal were not disclosed, Walmart said it is now embarking on a broad set of cloud innovation projects that leverage machine learning, AI and data platform solutions for a "wide range of external customer-facing services and internal business applications". Walmart was already using Microsoft services for critical applications and workloads, it said in a statement.

Zee Entertainment Q1 net rises 31% to Rs 325.88 cr
Media firm Zee Entertainment Enterprises (ZEEL) yesterday reported a 31.27% rise in its consolidated net profit at Rs 325.88 crore for the quarter ended June 30. The company had posted a net profit of Rs 248.25 crore during the same period a year ago. Total income during the quarter under review stood at Rs 1,821.78 crore, up 10.99%, as against Rs 1,641.31 crore a year earlier, ZEEL said in a BSE filing. The company's advertising revenue during the quarter was Rs 1,146.01 crore, up 18.6%. Its subscription revenue stood at Rs 518.64 crore, up 8.25% over the first quarter of the previous fiscal.

Vayana Network crosses $1 bn in Trade Financing
IDG Ventures and Jungle Ventures backed Vayana Network, a Short-Term Trade Finance (STTF) platform, yesterday announced crossing the USD 1 billion mark of trade financing on its network. Vayana’s simple, cloud-based Network enables businesses and their trade partners get easy, digital and fast access to financing from Financial Institutions (FIs), such as Banks and NBFCs, at better than market rates. Speaking on the achievement, Ram Iyer, Founder & CEO of Vayana Network said, “This is an incredible milestone for us as we continue to exponentially grow the volume of transactions on our Network. This has been made possible due to the ease, convenience and speed we have purposefully engineered into our financing programs which has also fueled our business outside India.”

PNB collects Rs 151.66cr as below min balance penalty in FY18
The Punjab National Bank (PNB) has collected Rs 151.66 crore as penalty from its customers during the last financial year for not keeping minimum balance in 1.23 crore savings accounts, reveals an RTI query. "During the FY 2017-18, a total penalty of Rs 151.66 crore has been recovered due to non-maintenance of minimum balance in 1,22,98,748 savings fund accounts," PNB replied in response of a query filed by RTI activist Chadra Shekhar Gaud. The bank charged Rs 31.99 crore as penalty in the first quarter of FY18, Rs 29.43 crore in the second, Rs 37.27 crore in the third and Rs 52.97 crore in the fourth quarter, PNB said in the RTI reply.

Federal Bank shares soar over 19% as Q1 net profit rises
Shares of Federal Bank yesterday surged over 19% after the company registered a 25% increase in its net profit for first quarter of the current fiscal. The bank's stock soared 19.16% to close at Rs 88.30 on the BSE. During the day, it jumped 20.64% to Rs 89.40. On the NSE, shares of the company zoomed 19.28% to end at Rs 88.45. The company's market valuation also went up by Rs 2,856.18 crore to Rs 17,469.18 crore.

Ashok Leyland Q1 profit jumps over 3-fold to Rs 370.1 cr
Hinduja flagship firm Ashok Leyland yesterday reported over three-fold jump in standalone net profit at Rs 370.1 crore in the first quarter ended June 30, riding on robust sales. The company had posted standalone net profit of Rs 111.23 crore in the same quarter last fiscal, Ashoky Leyland said in a BSE filing. The company said revenue from operations during the period under review was at Rs 6,250.12 crore. It was at Rs 4,534.46 crore in the same quarter last fiscal. The two figures are not comparable as after GST implementation on July 1, 2017, revenue from operation is shown as net of GST.

'India Inc raised USD 3.8 bn through 19 IPOs in Jan-Jun this year'
Corporate India raised $ 3.8 bn through 19 IPOs in the first half of this year, largely driven by stable equity equity markets, says a report. According to Grant Thornton, increased activity in the IPO space is expected as the IPO ecosystem is evolving at a rapid pace and several companies are looking to list this year. As per the report, $ 3.8 bn was raised across 19 IPOs during the first six month of this year with values increasing by nearly three fold over the corresponding period last year (Jan-Jun 2017).

Jet to buy 75 more 737 Max airplanes from Boeing for $8.8bn
Naresh Goyal-promoted Jet Airways yesterday signed a formal agreement with Boeing Co to acquire an additional 75 latest single-aisle 737 Max aircraft valued at USD 8.8 billion at current list prices. The two companies inked the pact at the ongoing Farnborough International Airshow, which kick-started in southwest of London yesterday, according to a joint release.

Indian officials visit US for talks over import tariff on steel
A team of officials from India has gone to America for talks with the US administration over 25% tariff it has imposed on steel imports, an official said yesterday. The talks are on and officials from commerce and steel ministries are in discussion on the issue, the official told PTI. "The team is in the US right now," the official added.

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