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| J&K Bank opens 563rd branch Excelsior Correspondent JAMMU, July 15: The J&K Bank today opened its 563rd branch at Shiv Nagar in Udhampur ....more Exporters move court to seek relief on maize export ban NEW DELHI, July 15: Several exporters, affected by a ban on maize exports, have approached courts seeking permission ....more Ranbaxy gets shareholders nod for securities issue to Daiichi MUMBAI, July 15: Pharmaceutical firm Ranbaxy Laboratories today said it has received shareholders approval for allotment of over 7 ......more TRAI recommends licensing regime for cable operators, MSOs NEW DELHI, July 15: TRAI today recommended that Cable TV industry and the Multi-system operators (MSO) should be brought under licensing, a move aimed at restructuring the ...more |
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Sun Pharma extends date of open
offer NEW DELHI, July 15: Five days after the Israel-based Taro Pharmaceutical termed the open offer launched by Sun Pharmaceuticals as ‘sham’, the Mumbai-based firm ....more Fitch cuts India’s credit outlook to negative from stable NEW DELHI, July 15: Deteriorating fiscal position of the Union Government on account of increasing oil and fertiliser ....more JWT appoints Bakshi as Global Business Director NEW DELHI, July 15: Global advertising major JWT today announced the appointment of Jagdip Bakshi as its Global Business Director, in charge of ...more UCO Bank scouting foreign partner for fin services arm NEW DELHI, July 15: Kolkata-based UCO Bank is scouting for a foreign partner for its proposed subsidiary in financial services segment, in a bid to increase its fee based income."We are in the process of floating a subsidiary ......more |
Excelsior Correspondent JAMMU, July 15: The J&K Bank today opened its 563rd branch at Shiv Nagar in Udhampur District in a simple function. K K Sharma, President J&K Bank Corporate Headquarters, who was the chief guest, inaugurated the branch, while Abdul Rashid, Vice President, was also present at the inauguration ceremony. Speaking on the occasion, Sharma reiterated the bank’s commitment towards the upliftment of general masses by empowering them financially. Also speaking, Rashid apprised the gathering about the various schemes and financial services being offered by the bank. Exporters move court to seek relief on maize export ban NEW DELHI, July 15: Several exporters, affected by a ban on maize exports, have approached courts seeking permission to ship their consignments lying at ports as the prohibition covered even goods in transit. The Commerce Ministry, in consultation with Agriculture Ministry, is devising ways to help "genuine exporters" but on a selective basis, sources said. "Those who have letters of credit (LCs) as also the shipping bills could be considered for relaxation," an official said. Earlier this month, the Centre had banned export of maize till October 15, to increase its availability in the domestic market and check prices of corn, poultry and other products. While some exporters have approached the Commerce Ministry for allowing them to ship their consignments for which they have already entered into contracts with documents like shipping bill, others have moved different courts, sources said. The Commerce Ministry is going slow on the exporters' demand for relaxation of the export ban on goods in transit because of the bitter experience of 'pulses scam' in 2007. Last year, traders took advantage of the exception granted for goods in transit and made windfall profits by getting backdated LCs from some tax havens. On complaints from political parties, a CBI enquiry was initiated in the 'pulses scam'. In a circular to the customs authorities, the Directorate General of Foreign Trade has said the export ban on maize "shall not be applicable to consignments already handed over to Customs for examination and subsequent exports" up to the date of announcing the ban. (PTI) Ranbaxy gets shareholders nod for securities issue to Daiichi MUMBAI, July 15: Pharmaceutical firm Ranbaxy Laboratories today said it has received shareholders approval for allotment of over 7 crore securities to Japanese drug maker Daiichi Sankyo. The shareholders of the company at the extra ordinary general meeting held today approved the allotment of 46,258,063 equity shares and 23,834,333 warrants to Daiichi Sankyo company on preferential basis, Ranbaxy said in a filing to the Bombay Stock Exchange. Ranbaxy would issue over 4.62 crore equity shares at Rs 737 each and over 2.38 crore warrants convertible into one equity share of Rs 737 a piece, the company added. Recently, Ranbaxy had announced that the promoters has signed a share purchase agreement with Daiichi Sankyo to sell off their entire stake of 34.8 per cent in the company to the Japanese firm for Rs 9,576.14 crore. Meanwhile, the Japanese drug firm, has made an open offer to pick up a further 20 per cent stake in the domestic pharma major for up to Rs 6,818.65 crore. On completion of the acquisition, the board of directors of the company would be re-constituted to comprise 10 members, of which a combination four independent and non-independent directors would be nominated by Ranbaxy, while the rest six would be named by Daiichi Sankyo. (PTI) |
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Fitch cuts India’s credit outlook to negative from stable NEW DELHI, July 15: Deteriorating fiscal position of the Union Government on account of increasing oil and fertiliser subsidy bill has prompted global credit rating agency Fitch to downgrade India’s credit outlook from stable to negative today. Although the Fitch revised the outlook on Long-term Local Currency Issuer Default Rating (IDR) from stable to negative, it has retained the investment grade rating at BBB-, which indicates low credit risk. "The revision to the local currency outlook is based on the considerable deterioration in the Central government’s fiscal position in 2008-09, combined with noticeable increase in government debt issuance to finance subsidies not captured in the Budget," said James McCormack, Asia Head of Sovereign Rating, Fitch. The downgrade by Fitch is one of the main reasons for all-round selling in the stock markets. The benchmark equity index Sensex was down over 547 points and was ruling at around 12,782 points. Another global rating agency Standard and Poor’s last week had said it might downgrade India’s sovereign ratings, if the country’s rising inflation, widening fiscal deficit and political instability continues in the longer term. Fitch further pointed out that inflation has continued to accelerate despite steps taken by the RBI to tighten monetary policy. It further said with inflation rate nearing 12 per cent, there could be further tightening of monetary policy in the days ahead. Fitch has also forecast that India’s economic growth rate will moderate to 7.7 per cent in 2008-09 from nine per cent last fiscal. (PTI) |
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