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Business

PE investments in retail real estate touch Rs 5500 cr since 2015: JLL

PE investments in retail real estate touch Rs 5500 cr since 2015: JLL

Business
Private equity investments in retail real estate segment have touched around Rs 5,500 crore since 2015 on increased interest for superior quality shopping malls, according to property consultant JLL India. Increased investments would boost supply of retail space and it is estimated that about 90 shopping malls would come into the market by 2022 at major cities, it added. "The Indian retail sector has attracted a cumulative of Rs 5,500 crore between 2015 and Q1 2018. Close to Rs 1,000 crore has been invested in the sector in Q1 2018 making it one of the best quarters for the sector in recent times," JLL said in the report Indian Retail: Stepping up the Game. Private equity investments in retail properties stood at Rs 800 crore in 2015, Rs 3,000 crore in 2016 and Rs 7...
Soon, you can claim money if your builder goes bankrupt

Soon, you can claim money if your builder goes bankrupt

Business
Union Cabinet has approved an ordinance after the Centre formed a 14-member committee to suggest changes to the Insolvency and Bankruptcy Code. (Photo: Reuters) HIGHLIGHTS Home buyers will be able to start insolvency proceedings against builders. Will make home buyers and financial creditors at par. Currently, insolvency proceeding can be initiated by creditors only. The Union Cabinet on Wednesday approved an ordinance to amend the Insolvency and Bankruptcy Code (IBC), proving relief to home buyers. The amendment is likely to befit home buyers who have invested in housing projects that are still incomplete, and whose builders are facing bankruptcy. The move comes in the backdrop of the Union Ministry of Corporate Affairs regularly receiving complaints from people who haven't...
Tata Steel Vs JSW Steel: A cat-mouse race to the top

Tata Steel Vs JSW Steel: A cat-mouse race to the top

Business
With its acquisition of Bhushan Steel nearing completion, Tata Steel can now formally wear the crown of the largest steelmaker in India. But it's a glory that its close competitor, and now number two, JSW Steel will be eager to take back. And the Sajjan Jindal-company may well do that within weeks. Bhushan Steel's annual capacity of 5.6 million tons takes Tata Steel's total volume to 18.6 million tons, around half-a-million tons more than JSW Steel's capacity of 18.1 million tons. To be sure, a few more formalities are yet to be completed as Bhushan Steel's erstwhile promoter Neeraj Singhal and operational creditor Larsen & Toubro have approached the National Company Law Appellate Tribunal (NCLAT), contesting the beleaguered steelmaker's sale. But for most practica...
PSU bank NPAs soar to over Rs 6 lakh cr for Q4. Time to press the panic button?

PSU bank NPAs soar to over Rs 6 lakh cr for Q4. Time to press the panic button?

Business
Public sector banks have had a tough FY18 March quarter with ballooning provisioning, and NPAs (non-performing assets) hitting their financial health. NPA ratio has surged to 13.41 percent for the March quarter in the case of PSU banks, a significant increase from 11-12 percent range it saw during the first three quarters of FY18, CARE Ratings said in a report. Overall, for the banking space, out of 26 lenders that have declared their earnings, NPAs have marched ahead to Rs 7.31 lakh crore. Compared to the same quarter of last year, they have risen by Rs 2.5 lakh crore. For PSU banks, the figure stands at Rs 6.16 lakh crore. The latest bank to declare its results is State Bank of India (SBI), which reported a net loss of Rs 7,718 crore for the quarter under review. ...
Anti-Sterlite protests in Tuticorin: Vedanta’s projects have run into trouble in Odisha, Rajasthan, Punjab

Anti-Sterlite protests in Tuticorin: Vedanta’s projects have run into trouble in Odisha, Rajasthan, Punjab

Business
The Madras High Court stayed the expansion of Sterlite copper plant in Tuticorin on Wednesday, a day after at least 11 people were killed when police fired at protesters calling for the closure of a copper smelter run by Vedanta Resources. The plant, which can produce 400,000 tonnes of copper a year, has been shut for more than 50 days and will remain closed at least until 6 June, according to Reuters, because the local pollution regulator has said it is not complying with environmental rules. The smelter plant has been opposed by the locals for a long time over concerns regarding environmental damage. According to reports, Vedanta had initially planned to establish the plant in Gujarat. But the proposal met with strong opposition, after which it was decide...

Results to watch out – Tata Motors, Grasim, Motherson Sumi

Business
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Jaguar Land Rover to benefit as China cuts duty on imported cars to 10%

Jaguar Land Rover to benefit as China cuts duty on imported cars to 10%

Business
China’s finance ministry on Tuesday said the levy on imported cars in the country will be reduced from the current 25 per cent to 10 per cent from 1 July, Bloomberg reported. Among global luxury carmakers, Tata Motors-owned Jaguar Land Rover Automotive will be a beneficiary of the proposed duty cut. Like its German rivals BMW and Mercedes, JLR counts China as one of its most important markets both in terms of volume, as well as, profitability. As per analyst’s estimates, the region accounts for 26 per cent approximately at the Ebitda (earnings before interest, tax, depreciation and amortisation) level in company’s earnings. Its contribution in volume terms in total sales in 28 per cent. In April, JLR retailed a total of 4518...
Exclusive: EU warns that Facebook’s Cambridge Analytica crisis is the ‘tip of an iceberg’ of data scandals

Exclusive: EU warns that Facebook’s Cambridge Analytica crisis is the ‘tip of an iceberg’ of data scandals

Business
Facebook CEO Mark Zuckerberg. Getty Europe's top data protection official has warned that Facebook's Cambridge Analytica crisis is just the "tip of an iceberg" when it comes to scandals involving people's personal information. As Facebook CEO Mark Zuckerberg prepares for a showdown with EU lawmakers on Tuesday, the European Data Protection Supervisor expects other breaches to emerge after 87 million users had their Facebook profile scraped and used in targeted political advertising by Cambridge Analytica. Giovanni Buttarelli is responsible for helping enforce data protection laws across the EU. His office works with European member states to help them interpret regulation and protect consumers. "Cambri...