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CASHEW RISES ON FRESH BUYING

New Delhi, Nov 23 () Cashew prices rose by Rs 5 per kg at the wholesale dry fruit market in the national capital on increased buying support from retailers and stockists amid low stocks.

Furthermore, fall in supplies from growing regions also supported the uptrend.

Cashew kernel No 180, No 210, No 240 and No 320 rose by Rs 5 each to conclude at Rs 1,085-1,095, Rs 985-995 Rs 920-930 and Rs 820-830 per kg, respectively.

Marketmen said increased buying by retailers and stockists against restricted supplies from growing regions, mainly pushed up cashew prices to rise.

Following are Thursday’s quotations (per 40 kgs):

Almond (California-new) Rs 17,300-17,500, almond-gurbandi Rs 11,800-12,400, almond (girdhi) Rs 4,900-5,000, abjosh afghani Rs 8,000-23,000, almond kernel (california) Rs 620-630 per kg, almond kernel (gurbandi) Rs 700-800 per kg, chilgoza- (Roasted) (1 kg) Rs 2,700-2,800, cashew kernel 1 kg (no 180) Rs 1,085-1,095, cashew Kernel (no 210) Rs 985-995, cashew kernel (no 240) Rs 920-930, cashew kernel (no 320) Rs 820-830, cashew kernel broken 2 pieces Rs 665-770, cashew kernel broken 4 pieces Rs 640-760, cashew kernel broken 8 pieces Rs 540-660, copra (qtl) Rs 14,800-17,800, coconut powder (25 kgs) Rs 4,300-4,800, dry dates-red (qtl) Rs 3,500-12,000, fig Rs 25,000-30,000 (40 kg), kishmish kandhari local Rs 10,000- 15,000 (40 kg), kishmish kandhari special Rs 8,000-20,000 (40 kg), kishmish Indian yellow (40 kg) Rs 3,300-3,900 (40 kg), kishmish Indian green Rs 5,900-9,900 (40 kg), pistachio Irani Rs 1,100-1,200 (1 kg), pistachio hairati Rs 1,400-1,475 (1 kg), pistachio peshawari Rs 1,575-1,650 (1 kg), pistachio dodi (roasted) 750-860 (1 kg), walnut Rs 230-330 and walnut kernel (1 kg) Rs 500-900.

BIOCON INTRODUCES ONCOLOGIC BIOSIMILAR KRABEVA IN INDIA

NEW DELHI: Biotechnology major Biocon said it has launched its cancer biosimilar drug KRABEVA in India.

The biosimilar product will be used for the treatment of patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers in India, Biocon said in a filing to the BSE.

Biocon CEO and Joint MD Arun Chandavarkar said: “With KRABEVA, we intend to provide a high quality, world-class biosimilar Bevacizumab as an affordable therapy option for patients of various types of cancer.”

The company believes that the product will be an important addition to its oncology portfolio of novel biologics as well as biosimilars, which are making a significant impact in the realm of cancer care in India, he added.

KRABEVA is the second key oncologic biosimilar product from Biocon’s global biosimilar portfolio to be launched in India to address the unmet patient need for affordable, biological therapies, the company said.

“It is being offered to patients at an MRP of Rs 24,000 for 100 mg/4 ml vials and Rs 39,990 for 400 mg/16 ml vials…,” it added.

Stock of Biocon was trading at Rs 412.80 on the BSE, up 1.03 per cent from its previous close.

JET AIRWAYS PLANS TO SCRAP FIRST CLASS IN ITS BOEING 777 PLANES

NEW DELHI: Jet Airways plans to do away with first class seats in its Boeing 777 planes that are operated for long-haul flights as it works on cost-cutting measures, a senior airline official said.

The carrier, earlier this week, told investors about its plans for strategic growth where the key focus would be on cost minimisation.

According to the official, Jet Airways is looking at doing away with first class seats in B777 planes in order to increase the number of seats in them as part of larger cost reduction efforts.

Currently, the full-service carrier — in which Gulf carrier Etihad has a 24 per cent stake — has 10 B777 aircraft. These planes have 8 first, 30 business and 308 economy class seats.

In a presentation to investors on November 20, the airline said it would increase the number of seats in B777 planes, to around 400 seats from 2019 onwards, from 346 seats.

Asked about how the airline is going to implement the proposed increase in the number of seats in its B777 aircraft, a Jet Airways spokesperson said the initiative is one among several measures being evaluated by the carrier.

“The airline plans to increase seats in its B777s from 346 to nearly 400, as part of its continued endeavour to reduce costs and realise higher revenue in the foreseeable future,” he told PTI in an e-mailed statement.

Without divulging specific details, including the estimated cost for refurbishing these planes, he said the airline will share additional details at an appropriate time.

As per the presentation, the carrier will look to reduce maintenance expenses from January 2019 as well as bring down cost of sales and distribution and also focus on enhancing ancillary revenue by around Rs 250 crore.

K RAHEJA CORP NAMED AMONG TOP 100 BEST COS FOR WOMEN IN INDIA

New Delhi, Nov 23 () Realty firm Raheja Corp has been named among the country’s top 100 best companies for women, by a US-based firm Working Mothers Media.

The HR policies undertaken by K Raheja Corp include sabbaticals, flexible working hours and the work-from-home initiative, empowering women employees to balance both business and individual requirements, a company release said.

The other companies which have been named in the list include Accenture, Deloitte, EY, IBM, P&G, Shell India, TCS, Pepsico, Standard Chartered, Johnson & Johnson, Marico, Cushman & Wakefield, Vodafone, etc.

Working Mothers Media, selected and awarded India’s Top 100 Best Companies for Women, on the basis of a detailed questionnaire and a rigorous assessment process.

Grab appoints Vikas Agrawal as Chief Technology Officer *

On-demand transportation and mobile payments platform Grab, said it has appointed Vikas Agrawal as Chief Technology Officer (CTO) for GrabPay.

Agrawal joined Grab from Paytm, India’s largest mobile payments and commerce platform, where he was the Senior Vice President of Engineering, a company release said.

“Vikas has steered some of the world’s largest e-payments platforms through rapid growth, including during the critical time of demonetisation of higher value banknotes in India in 2016. We believe Southeast Asia has the same potential for e-payments in the next 12 months,” said Theo Vassilakis, Group CTO, Grab.

Grab currently offers services in more than 100 cities across Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam and Myanmar.

OIL, GAS PSU MERGERS EXEMPT FROM CCI APPROVAL

NEW DELHI: Merger and acquisition deals involving public sector oil and gas companies have been exempted from seeking the Competition Commission approval, says a notification. The corporate affairs ministry’s decision to exempt such deals from the ambit of the Competition Commission of India (CCI) comes against the backdrop of the proposed consolidation and stake purchases among state-owned oil and gas companies.

In July, the Cabinet Committee on Economic Affairs (CCEA) approved sale of the government’s 51.11 per cent stake in oil refiner HPCL to the country’s largest oil producer ONGC.

The ministry has said all cases of combinations involving the central public sector enterprises (CPSEs) operating in oil and gas sectors under the Petroleum Act, 1934, have been exempted from the CCI approval requirement for five years. The exemption will also be applicable to their “wholly- or partly-owned subsidiaries operating in the oil and gas sectors, from the application of the provisions of sections 5 and 6 of the (Competition) Act, for a period of five years”, the notification issued on November 22 said.

Sections 5 and 6 pertain to combinations.

Under the norms, combinations or deals beyond a certain threshold compulsorily require approval from the CCI.

Earlier this year, the ministry exempted mergers of nationalised banks from seeking CCI’s approval.

The regulator keeps a tab on anti-competitive ways across sectors to ensure fair practices are followed.

BSE TO AUCTION INVESTMENT LIMITS FOR RS 8,300 CRORE CORPORATE BONDS

Leading stock exchange BSE has said it will auction investment limits tomorrow, enabling foreign investors to purchase corporate bonds worth over Rs 8,300 crore.

The auction will be conducted on BSE’s ebidxchange platform from 1530 hrs to 1730 hrs, after the close of market hours, the exchange said in a circular.

The debt auction quota gives overseas investors the right to invest in the debt up to the limit purchased.

“Live bidding session for allocation of debt investment limits (worth Rs 8,314 crore) for FII/FPI/ sub-accounts shall be conducted on November 24, 2017 on exchange’s ‘ebidxchange’ platform,” BSE said.

A mock bidding session will be conducted after the close of market hours to check the system’s performance, it added.

Earlier this month, corporate debt had attracted bids to the tune of Rs 12,005 crore from foreign portfolio investors (FPIs) in an auction of investment limits for such securities, much higher than Rs 9,018 crore that was on offer.

INFRA STATUS OF LOGISTICS TO SPUR GROWTH, CREATE JOBS: CII

New Delhi, Nov 23 () The newly-acquired infrastructure status for the logistics sector will not just spur growth, but bring in more investments and create employment, industry body CII said.

According to CII, the logistics sector in India is still very fragmented and has suffered from lack of investments and a proper recognition.

The industry group has been pursuing this issue with the government at various levels and ministries for the past few years. It has hailed the government’s move of setting up a logistics division under the Ministry of Commerce for integration of related sectors.

R Dinesh, Chairman, CII Institute of Logistics, and Chairman for Sector Skill Council, said, “Now, with this recognition as infrastructure status to the logistics sector, it will not only help bring in more investments into this sector, but most importantly bring down the overall logistics cost by 1-2 per cent.”

According to the CII, the logistics sector, which already provides over 17 million jobs, will grow at an even faster rate going forward and provide even higher employment opportunities than before.

K V Mahidhar, Head, CII Institute of Logistics, said, “Our institute will continue to work with both users and service providers to capitalise on opportunities and the thrust by the government to further improve the competitiveness of the logistics sector. Subsequently, this will lead to the enhancement of the logistics performance index of the country.”

There is an urgent need, the CII said, to facilitate credit flow into the sector with longer tenures and reasonable interest rates.

It added that infrastructure status for the logistics sector can result in an integrated planning of logistics infrastructure and better utilisation of existing assets and resources with a focus on timely maintenance and upgradation.

GOVT WORKING ON DATA MINING OF DEREGISTERED COMPANIES

NEW DELHI: The government is continuing the process of data mining of deregistered companies and so far, bank details have been gathered for nearly 50,000 such entities, Union minister P P Chaudhary said.

Amid the clampdown on the black money menace, names of more than 2.24 lakh companies have been struck off from the records and over 3 lakh directors have been barred from directorship for their associations with such firms.

The minister of state for corporate affairs said that based on details gathered from banks, around 50,000 deregistered companies deposited and withdrew about Rs 17,000 crore during demonetisation.

Data mining is continuing with respect to the struck-off entities, Chaudhary said, adding that artificial intelligence could be used to identify illegal activities of companies.

He was speaking at an event organised by the Institute of Cost Accountants of India.

In efforts to curb illicit funds flows and corruption, the government had demonetised old Rs 500 and Rs 1,000 currency notes in November last year.

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