EXPORTS UP 19.21% IN AUG, TRADE DEFICIT SLIPS TO $17 BN

NEW DELHI: India’s exports grew by 19.21% to $27.84 billion in August on account of healthy growth in petroleum shipments. “Export trade during August 2018 recorded at $27.84 billion, a positive growth of 19.21%. Exports excluding Petroleum also reported a positive growth of 17.43%,” Commerce and Industry Minister Suresh Prabhu said in a tweet. Merchandise imports too rose by 25.41% in August to $45.24 billion due to the rising crude oil prices, leaving a trade deficit of $17.4 billion. In July, trade deficit soared to a near five-year high of $18.02 billion. During April-august this fiscal, the exports recorded a growth of 16.13%, while the imports during the first five months of this fiscal grew by 17.34%. The continuous fall in the value of domestic currency appears to be helping the exports.

HDFC Life names Vibha Padalkar as CEO

MUMBAI: HDFC Life on Wednesday named its chief financial officer and executive director Vibha Padalkar as the new managing director and chief executive officer (CEO) for a period of three years, after Amitabh Chaudhry quit the position to head Axis Bank. In a regulatory filing, HDFC Life said its board cleared the appointment starting 12 September at a meeting on Wednesday. The terms of appointment are subject to approval by the shareholders and the Insurance Regulatory and Development Authority of India (Irdai). A member of the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England and Wales, Padalkar joined HDFC Life in August 2008.

Over 100 firms under Sebi scanner in NSEL case

NEW DELHI: More than 100 brokerage firms, including several big names, have come under capital market regulator Sebi’s scanner for allegedly defrauding investors of over ₹4,000 crore in the high-profile NSEL case, officials said on Wednesday. While proceedings are already underway against five brokers (Anand Rathi Commodities, Geofin Comtrade, Motilal Oswal Commodities Broker, Phillip Commodities India Pvt. Ltd and India Infoline Commodities), Sebi has identified 111 other brokerage firms under its jurisdiction for further possible action for allegedly defaulting on payments on the erstwhile National Spot Exchange Ltd (NSEL) platform.

HC injunction against LG in advertising row with Kent

NEW DELHI: The Delhi high court granted an ex-parte injunction against LG Electronics Inc. for its advertising campaign for water purifiers following a complaint that it maligns the image of rival purifier-maker Kent. An ex-parte injunction is an order granted for an urgent matter, where only one party, in this case LG, is heard. A full hearing with all parties is held on a later date. Issued on August 31, the order bans LG from running advertisements promoting its LG Puricare until the next hearing. The court also appointed a local commissioner to inspect the premises of the LG Best Shop in Lajpat Nagar in Delhi. The commissioner seized a dismantled Kent water purifier bottle from the office, which was allegedly being used to denigrate Kent’s products.

COMPILED FROM REPORTERS AND AGENCIES