Lawrence & Mayo ‘I fest’ to end January 31
Bhubaneswar: Leading multibrand optical retailer Lawrence & Mayo has announced that ‘I fest’, the event celebrating 140 years of its establishment held across all its 42 stores nationally (two of which are in the state), will conclude January 31. ‘I fest’ was on for the last two-and-a-half months. “Our outlets are making great offers on progressive lens, blue light protection lenses and branded frames. These offers will end January 31. At present there are up to 20 per cent discounts on all branded progressive lenses,” Suman Anjoy, the Business Head of Lawrence & Mayo was quoted as saying in an official release. I fest collections on display include premium brands such as Emporio Armani, Cartier, Silhouette, Montblanc, Dolce & Gabbana, Burberry, Tag Heur, Versace, Ray-Ban, Vogue, Tommy Hilfiger, CK and many more. Anjoy said the market was better for quality lenses and that the potential of premium buyers in the state was increasing year on year. Branded players are quickly taking market share from the unorganised players, he added.
Odisha tribal products still not on GeM site
New Delhi: The deadline fixed by the tribal welfare ministry for the launch of tribal products from Orissa and other states on the government’s e-market portal ‘GeM’ has been missed. According to ministry officials, the inclusion of tribal products from Odisha, such as Saura paintings, Dhokra works, tussar silk sarees, Bomkai sarees and several other products was scheduled to be launched on the government e-market (GeM) by December 15, 2017. The ministry had earlier decided to bring all locally renowned products online to increase their demand and visibility globally. These products were also to be ‘government-certified’ as genuine and were expected to be procured from tribals and self-help groups, besides NGOs. The ministry had communicated its decision to the union ministry of commerce and Industries to ensure that the tribal products from Odisha be made available on GeM.
NCLT nod to demerge Emaar MGF Land Ltd
New Delhi: National Company Law Tribunal has approved the proposed demerger scheme of Emaar MGF Land Ltd that will pave the way for joint venture partners Dubai’s Emaar Properties and India’s MGF Development go separate ways. Approving the scheme, the tribunal said the “liabilities and duties” related to the assets demerged from Emaar MGF Land would be vested with the resultant company — MGF Developments. Dubai’s realty major Emaar Properties and India’s MGF Developments decided to end their 11-year-old joint venture in April 2016. Emaar Properties, which entered India in 2005 with largest FDI in the realty sector, has invested about Rs 8,500 crore in the Indian real estate market through the JV. In a 14-page order, NCLT said that “all the property, rights and powers of the demerged undertaking of the demerged company be transferred… to the resulting company”.
Telecom Commission for raising holding limit
New Delhi: Telecom Commission has concurred with sectoral regulator Trai’s suggestion to raise spectrum holding limit of mobile operators which will ease the exit route for operators under stress, an official source said Tuesday. Trai had recommended last month that the ceiling on spectrum held by mobile operators within a particular band should be removed. It suggested a 50 per cent cap on combined radiowave holding in efficient bands like 700 MHz, 800 MHz and 900 MHz. As per the current rules, no mobile service provider can hold more than 25 per cent spectrum, vital for transmitting signals, in an area and more than 50 per cent in a frequency band. An official source said the Department of Telecom (DoT) will send drafts of the relief package cleared by the Telecom Commission based on the recommendations of an inter-ministerial panel to Cabinet this week for final approval.
SBI to raise Rs5K cr via housing bonds
New Delhi: State Bank of India (SBI) Tuesday said it proposes to raise Rs 5,000 crore through long-term bonds to fund affordable housing. The proposed bond raising programme aims at funding infrastructure and affordable housing, SBI said in a filing . The bank, however, did not specify whether the borrowing would be in rupee denomination or dollar. Monday, the bank announced plans to raise up to $2 billion (over Rs12,600 crore) by issuing bonds in US dollar or other convertible currency over two fiscals to fund overseas expansion. It said it will raise funds through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during 2017-18 and 2018-19. Last month, the bank’s board had approved raising Rs 8,000 crore through various sources, including masala bonds, to meet Basel III capital norms. The bank said it has time till March 2018 to raise the funds.
FDI policy likely to be reviewed today
New Delhi: The Union Cabinet is likely to review foreign direct investment (FDI) policy in certain sectors Wednesday with a view to attract more overseas funds, sources said. The sectors, which could be considered for further relaxation, include construction and single brand retail. According to sources, FDI policy review in various sectors is expected to figure in tomorrow’s meeting of the Union Cabinet headed by Prime Minister Narendra Modi. Last year, there was a proposal to permit 100 per cent FDI through automatic route in single brand retail trading. Currently FDI up to 49 per cent is permitted under the automatic route but beyond that limit government nod is required. The relaxation of policy is aimed at providing investor friendly climate to foreign players and in turn attract more FDI.
`976-cr bids for NMDC stake
New Delhi: Institutional investors put in bids worth Rs976 crore Tuesday for buying government’s part stake in state-owned miner NMDC. The government had originally planned to sell 1.5 per cent stake in the company, with a green-shoe option to retain an equal quantum. Based on the response from institutional buyers, however, it has decided to keep the issue size at 2.52 per cent, according to a finance ministry official. The sale of 2.52 per cent in NMDC by the government after exercising green-shoe option would fetch about Rs1,200 crore to the exchequer. The two-day offer for sale (OFS) will open for retail investors tomorrow.
Voda revives ad with pug
New Delhi: Telecom major Vodafone is back with its iconic advertising campaign, featuring the famous pug ‘Cheeka’, representing strong 4G data network. The campaign, which has been conceptualised by Ogilvy & Mather India, features a full army of pugs running behind a young boy through different uninhabited locations, showing strong 4G network. The advertisement says: “Getting strong every hour by adding a tower every hour.” Cheeka is a pug who appeared in the ‘You & I’ advertising campaign of Hutchinson Essar’s cellular service in India, along with a child actor with the tagline, “Wherever you go, our network follows.” The duo first appeared on TV, billboards, newspapers and bus shelters in 2003 and became popular. “Everyone knows that the pug symbolises the Vodafone network. We decided to build on this equity and tell a story that’s charming and refreshing,” Ogilvy India Group Chief Creative Officer and Vice Chairman Sonal Dabral said.
Discovery to launch GEC channel Feb 12
Mumbai: With an aim to cater to the mass market, broadcaster Discovery Communications Tuesday said it will be launching its general entertainment channel (GEC) Jeet Februray 12, with a reach of over 100 million households in the country. “With Jeet, this is our first entry into the next 120 million households, the mass of the population. Globally, we don’t do general entertainment channels but India is unique and rich and this is what it takes to win the masses,” Discovery Communications India senior vice president and general manager- South Asia Karan Bajaj told reporters here. The new channel, which will replace the media firm’s Investigation Discovery (ID), will be a pay channel with five hours of fresh programming everyday. Discovery Jeet will be avaialbe in Hindi, Tamil and Telugu.
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