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  • RBI stops use of LoUs for trade credit for imports

    13 March, 2018 1:52 PM 33

    The decision to discontinue the practice of Letters of Undertakings and Letters of Comfort for trade finance comes into force with immediate effect, says the RBI In a major decision, the Reserve Bank of India (RBI) on Tuesday banned banks from issuing Letters of Undertaking (LoUs) — instruments used allegedly by diamantaire Nirav Modi and his uncle Mehul

  • HDFC Asset Management Company is set to go public

    13 March, 2018 11:58 AM 45

    Parent HDFC to shed part holding in the AMC. CHENNAI: HDFC Asset Management Company Limited ( HDFC AMC) is set for an initial public offer (IPO). This follows the decision of Housing Development Finance Corporation Ltd. to offload part of its holding in the AMC. A committee of directors, constituted by the board of HDFC, has given its approval for offering

  • Apple supplier Wistron secures land to build new site in Karnataka: Sources

    13 March, 2018 10:25 AM 52

    A unit of Apple Inc's Taiwanese contract manufacturer Wistron Corp has won approval from Karnataka to build a new assembly facility in the southern state, two officials said, signalling what could be a vital expansion of iPhone assembly work in India. The Karnataka state government has approved Wistron Infocomm Manufacturing India Pvt Ltd's application

  • Southeast Asian ride-hailing app Grab expands into lending

    13 March, 2018 10:10 AM 65

    Southeast Asian ride hailing app Grab is expanding into financial services in partnership with a Japanese credit card company, hoping to offer credit to millions of people without bank accounts. Grab, founded by Malaysian businessman Anthony Tan, said today it will use its "huge cache" of customer data from the app to provide ways to measure creditworthiness

  • Expect AC industry to grow by 12-13%; expect to outpace industry growth: Amber Ent

    13 March, 2018 10:05 AM 21

    Amber Enterprises has declared their Q3 earnings with weak bottomline growth. In an interview with CNBC-TV18, Jasbir Singh, Chairman and CEO of Amber Enterprises spoke about the results and his outlook for the company. We have grown substantially. In air-conditioner business, normally Q3 is the leanest quarter, so we are moving in tandem with the industry

  • Future Consumer zooms 15% after Motilal Oswal initiates coverage with Buy, sees 50% upside

    13 March, 2018 7:29 AM 51

    Future Consumer shares rallied more than 15 percent intraday Tuesday after brokerage house Motilal Oswal said FCL was best play on the huge window of opportunity for brands using modern retail methods of distribution. In addition, FCL appears best placed among Future Group companies from a revenue, profit and RoCE perspective, given the group’s focus

  • 17 Opposition parties to attend Sonia Gandhi’s dinner today amid talks of anti-BJP front

    13 March, 2018 2:26 AM 62

    UPA chairperson Sonia Gandhi will host a dinner tomorrow which is likely to be attended by leaders of 17 opposition parties, amid talk of forging a broader front against the BJP-led NDA ahead of the 2019 general elections. According to Congress sources, leaders of Andhra Pradesh's ruling Telugu Desam Party, which recently pulled out its ministers in the Modi government

  • ‘Passenger vehicle sales to rise 9% in FY18’

    12 March, 2018 4:38 PM 39

    Expansion in other segments may turn out better than expected, says SIAM The Society of Indian Automobile Manufacturers (SIAM) said the passenger vehicle segment should be able to achieve 9% growth during the current fiscal while the expansion in other segments should be better than expected. “All segments, including passenger vehicles and two-wheelers

  • DIPP likely to dispose of 2 lakh pending patent applications in 2 yrs

    12 March, 2018 4:15 PM 41

    The department of industrial policy and promotion (DIPP) is taking several steps including hiring more manpower as it hopes to dispose of over 2 lakh pending patent applications in two years, an official today said. The government official also said that filing of patent applications by Indian companies in the country has increased. "We hope that in the next two years

  • Infosys to delist ADS from Euronext Paris, London

    12 March, 2018 4:14 PM 37

    Cites low trading volume, says no impact on ADS count Infosys, India’s second-largest software exporter, on Monday, announced plans to delist its American Depository Shares (ADS) from the Euronext Paris and Euronext London exchanges because of low trading volume. “The primary reason for seeking the proposed delisting is the low average daily trading