Tag Archives: Business

Mumbai banker becomes a billionaire by managing wealth of India’s new rich

Nirmal Jain has hit the jackpot serving the new rich in the world’s fastest-growing major economy.

The Mumbai banker’s $20 billion private-wealth-management unit became India’s biggest by assets and helped make him a billionaire.

The nation’s demographics are a driving force, as well as Prime Minister Narendra Modi’s efforts to withdraw India’s biggest bills from circulation, which has pushed savings into the financial system. India’s young and thriving workforce will support its growth for years to come, Jain, 51, said in a phone interview, pointing out that millennials account for about a third of the country’s population and most of the income. Continue reading

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How to make businesses GST compliant?

The Goods and Services Tax is a fundamental revolution in the way we think about indirect taxes in India. It has created a single market, helping move goods seamlessly across state borders. The GST system has enrolled close to 10 million businesses onto a single national technology backbone, the GSTN, and already collected over Rs 3 lakh crores in taxes in less than six months. GST was welcomed because it aimed at creating an incentive for compliance, rather than punishment for non-compliance.

The basic driver of the GST is the Input Tax Credit (ITC). The tax paid by your suppliers, should be subtracted from the tax you pay to the government. The ITC is not a small deal. Without ITC, the tax you have paid becomes a cost. This tax can often be higher than the profit margin of the business. The market encourages Continue reading

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Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin

Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin. With Mukesh Ambani’s elder son Akash Ambani leading the project, the company plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.

“The company plans to hire 50 professionals with average age of 25 years. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said. Blockchain is a digital ledger for storing data but not limited to Continue reading

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India got high ranking on ease of business index

A number of policy reforms has helped India significantly improve its business climate, an annual World Bank index showed on Tuesday, burnishing Prime Minister Narendra Modi’s reformist credentials that could help him win big-ticket investments.

For the first time, India jumped a record 30 places to 100 in the Ease of Doing Business report for 2018, which is an influential 190 country barometer of competitiveness that many businesses likely consider for investment decisions. Continue reading

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China banned North Korea to setup new businesses and expansions

China’s commerce ministry banned North Korean individuals and enterprises from doing new business in China, in line with United Nations Security Council sanctions passed earlier this month. Continue reading

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HDFC Life, Max carve out new structure for merger

MUMBAI: HDFC Life Insurance Co Ltd and Max Life Insurance Co Ltd have carved out a new structure for their proposed merger after the Insurance Regulatory and Development Authority of India rejected the original threestep union, said two people with knowledge of the discussions.

The two companies have decided to extend the deadline for completing the merger, they said, declining to be identified citing the sensitivity of the discussions. Meanwhile, HDFC Life has also informally asked its bankers to start preparing for an initial public offering.

The deadline for the original merger plan expires on June 30. HDFC Life and Max spokespersons did not respond to emails seeking comment.

The first step of the original plan involved the merger of Max Life with Max Financial Services. However, Section 35 of the Insurance Act prohibits the merger of an insurance company with a non-insurance company. The new structure is much simpler, the people cited above said.

“The new structure is something that satisfies Section 35 of the insurance norms, is in compliance with Sebi rules and in accordance with existing taxation norms. We can’t share anything more at this stage. Once a decision on the merger (under the new structure) is taken, we will inform the exchanges and will be in a better position to explain the new route planned for the merger,” said the first of the two people cited earlier.

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In a first, Sensex closes over 30K


MUMBAI:  The BSE’s benchmark Sensex index closed above the 30,000 mark for the first time on Wednesday, riding a world wide stocks rally fuelled by central bank asset buying. experts advised Investors against irrational exuberance, saying underlying fundamentals had not changed; few expect the liquidity driven rally to stop.

The Sensex rose 0.63%, or 190.11 points higher, to close at 30,133.35 points.

This follows the 50-share Nifty’s record closing above 9300 points on Tuesday. On Wednesday, the Nifty climbed 0.49% to close at 9351.85.

Across the globe, stocks climbed in  markets from Tokyo to New York, as investors cheered robust US corporate earnings and chances of tax cuts for American companies. These, along with a centrist victory in the first round of the french presidential election, kept the markets upbeat.






This article is referred by a Leading Newspaper
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Indian firms second-biggest employers in UK


London: Nearly 800 Indian companies based in the UK have a combined revenue of 47.5 billion  euro, are the second largest employers, and 55 of the fastest growing companies achieve an average annual growth rate of 31%, a new analysis released Wednesday said.

The analysis, titled ‘India meets Britain tracker 2017: The latest trends on Indian investment in the UK’ by London based consultants Grant Thornton and CII revealed the scale of contribution of Indian companies to the British Economy.

Anuj Chande, head of south Asia at Grant Thornton, said at the release: “The UK remains a highly attractive destination for Indian investors. The Modi government’s pro-business agenda is creating the right environment for Indian businesses to pursue and realise growth at home and overseas.”

The Report monitors Indian businesses here with an annual revenue growth of 10% or more. Of the 55 that made the list of fastest growing companies, 23 are new entrants while 32 featured in last year’s list.

According to the report, just under half of the companies included in this year’s tracker recorded a 25% growth rate or above.

Datamatics Infotech Ltd topped this year’s list with  the growth rate of 103%.

Companies from the technology and telecoms, and pharmaceuticals and chemicals sectors make up 31% and 24% of the list respectively. These are sectors where businesses are continuing to find growth opportunities by diversifying into new spheres of activity.

The business services sector entered the top three for the first time with an 11% growth rate, up from 6% in 2016 and just 3 % in 2015.

London continues to strengthen its dominance as the leading destination for Indian investment in the UK. Of the fastest growing Indian companies, 44% are now based in the capital, up from 39% last year and 25% in 2015, the report said.

The UK has long been the preferred European destination for FDI from India. Out of the 845 FDI projects made by Indian companies in 16 European countries since 2003, over 45% have been in the UK.

Shuchita Sonalika, head of CII UK, said: “The Report identifies 4.25 billion Euro of new investment last year by Indian companies, and further jobs being created as part of their continued investment programmes.

Article referred by a Leading Newspaper.
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