Top headlines: RIL Q2 beats estimates, Cairn hoping to recover $4 bn

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RIL Q2 net profit jumps 43% to Rs 13,680 crore, beats estimates

Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year, on improved performance across key businesses even as finance cost fell 37 per cent on a year-on-year basis. Read more

Cairn Oil and Gas hopes to recover around $4-billion investment

Cairn Oil and Gas wants the government to incentivise enhanced recovery techniques in the oil and gas industry by bringing down levies to 40 per cent from the current 70 per cent.

A unit of Anil Agarwal-controlled Vedanta group, it is hoping to recover around $4 billion of its investment once the government approves tweaks to the enhanced recovery (ER) policy that was floated in 2018. Read more

Bond yield rise may put pressure on stock valuations, rally in markets

A steady rise in bond yields in the United States and India is likely to put pressure on the stock valuations and the rally in the markets, which have witnessed a sharp rebound from the March 2020 lows.

Historically, there is a negative correlation between the 10-year government bond yields and equity valuations. Read more

Invesco wants to wrest control of Zee, says Punit Goenka in NCLT affidavit

Punit Goenka, MD and CEO, today filed an affidavit in the National Company Law Tribunal (NCLT) alleging that Invesco wants to “teach him” a lesson for rebuffing their proposal for merging Zee with the media entities controlled by a rival Indian conglomerate. The merger proposal by Invesco with the “strategic group’’, would have led to a massive loss to Zee shareholders in the absence of any valuation reports, Goenka informed the court. Read more
 

Paytm's Rs 16,600 cr IPO gets Sebi nod, listing likely in November: sources

One97 Communications, the parent of Paytm, has received the Securities and Exchange Board’s (Sebi’s) nod for its Rs 16,600-crore initial public offering (IPO).

The firm is likely to launch the offer in November, said sources aware of the development. The IPO is touted to be the biggest ever in the country, surpassing the Rs 15,000 crore raised by government-owned Coal India in 2010. The IPO comprises a fresh issue of equity shares of Rs 8,300 crore and an offer for sale (OFS) by existing shareholders of Rs 8,300 crore. Read more