Page 12 - Business Finance
IndiaMART IPO subscribed 51 pc on first day of bidding
The initial public offer (IPO) of IndiaMART InterMESH, an online marketplace for business products and services, was subscribed 51 per cent on the first day of bidding on Monday. The IPO, to raise about Rs 475 crore, received bids for 13,57,365 shares against the total issue size of 26,92,824 shares, as per data available with the NSE. The portion reserved for qualified institutional buyers (QIBs) was subscribed 76 per cent, non institutional investors subscribed 1 per cent and retail individual investors subscribed 49 per cent. The offer is for 48,87,862 equity shares, including anchor portion of 21,95,038 equity shares. Bidding for the IPO, whose price range has been fixed at Rs 970-973 per share, would close on Wednesday. At the upper end of the price band, the offer is expected to raise about Rs 475 crore. IndiaMart InterMesh raised more than Rs 213 crore from anchor investors on Friday. ICICI Securities Ltd, Edelweiss Financial Services Ltd and Jefferies India Pvt Ltd are ...
IIT-M think-tank suggests multilingual for promoting digital
To promote inclusiveness and extend the reach of digital payments, a think tank in IIT-Madras has called for developing payment applications, customer support and grievance redressal in multiple Indian languages. Faculty-led Mobile Payment Forum of India (MPFI) of IIT-M has submitted the recommendations to RBI's Deepening Digital Payments Chairman Nandan Nilekani, an institute release said. This is a crucial component to increase inclusiveness and the reach of mobile and digital payments in the country, it said. "We feel there is still much to be done to increase awareness for different modes of digital payments among users and merchants," MPFI Chairman and IIT-M faculty Gaurav Raina was quoted as saying. MPFI's mission is to enable mobile payments and mobile based financial services for everyone in India. "These recommendations were made to Mr Nandan Nilekani, Chairman, Reserve Bank of India (RBI) Committee, on the Deepening of Digital Payments," the statement said.
IndiaMart InterMesh IPO subscribed 50%
Receives bids for 13.57 lakh shares
Win Big in this Cricket World Cup with Bajaj Finserv's #EMINetworkPowerplay
Bajaj Finance, the lending arm of Bajaj Finserv, has announced its #EMINetworkPowerplay campaign.Through this campaign, Bajaj Finserv intends to ride on the excitement and celebration of the Cricket World Cup and engage with the die-hard Indian cricket fans, giving them an opportunity to win big during this 45-day cricket extravaganza.As a market leader in the consumer durable financing space, Bajaj Finance aims to reach out to over 10 million customers and increase its consumer durable lending business multi-fold through its #EMINetworkPowerplay campaign. Here, customers get to Play, Shop on the Bajaj Finserv EMI Network and win exciting prizes.Customers simply need to go to the Bajaj Finserv website and participate in a simple quiz. Every participant will have to answer three questions on cricket. Post that they need to shop for Consumer durable products like Air conditioner, LED TVs, Mobiles, etc. through the Bajaj Finserv EMI Network to be eligible to win exciting prizes.Customers
Cong hits out at govt for 'mishandling' of economy, rising number of wilful defaulters
The Congress targeted the government on Monday over the rising number of wilful defaulters in the country and said the regime change had not prevented the ruling BJP from "mishandling" the economy. Congress's chief spokesperson Randeep Surjewala alleged that the tremors of "mishandling" the economy in the last five years under the Bharatiya Janata Party (BJP), which had mastered the art of "disruptive economy policy measures", still continued to be felt as the number of wilful defaulters had gone up to 8,582 in 2018-19. "Even though BJP has got a renewed mandate, India's economic woes under its regime continue to simmer. The tremors of the massive mishandling of the economy in the past five years under a government, which has mastered the art of disruptive economic policy measures, are still being felt," he said in a statement. The Congress leader said as the country was staring at a below-average monsoon and reeling under a severe water crisis, private investment in India was also ...
RITES announces 1:4 bonus share issue
Railway consultancy firm RITES said Monday it will issue bonus shares to its shareholders. In a statement, RITES said it will issue one bonus share for every four shares held by its existing shareholders. "Bonus issue is part of the shareholder-friendly policies that our company has consistently pursued and this will also help us align the equity capital in line with the reserve and surplus of the company," said Rajeev Mehrotra, chairman and managing director, RITES Ltd. The bonus issue was proposed after reserve and surplus of the company as on March 31 touched Rs 2,184 crore. RITES had reported a 35.7 per cent rise in revenue to Rs 2,240 crore and a 37.3 per cent rise in profit after tax (PAT) to Rs 490 crore in 2018-19 over 2017-18, with a strong order book of Rs 6,097 as on March 31, the state-owned firm said in the statement. "Five crore...new ordinary shares of Rs 10 each will be issued. These new shares will carry the same rights and will rank pari passu. The paid-up share ...
Nifty June 2019 futures at premium
Turnover in F&O segment rises
Board of Master Trust to consider sub-division of shares
On 08 July 2019
Axis Bank allots 3.08 lakh equity shares
Under ESOP
Sebi plans to tighten encumbrance disclosure norms
Capital markets regulator Sebi plans to tighten its norms for encumbrance disclosure by promoters of listed firms, amid growing number of cases of shares seeing a free fall due to post-default distress sale of pledged securities by lenders. The proposed norms would cover disclosure about all direct and indirect pledging of all types of securities and undertakings in their group or associate entities by promoters of listed companies, officials said. The matter is likely to be discussed by the Sebi board at its meeting later this week. While the regulator already has a robust set of regulations regarding encumbrance disclosure, concerns have been raised recently with regard to exposure of mutual funds to debt and money market instruments through structured obligations, pledge of shares, non disposal undertakings, related party transactions, corporate or promoter guarantees and other complex structures. According to a CRISIL report, total value of shares pledged by promoters is more than
Rupee does U-turn, rises 23 paise to 69.35 against US dollar
After opening on a weak note, the rupee recovered the lost ground and finally settled 23 paise higher at 69.35 to the US dollar amid weakening of the greenback against major currencies. At the interbank foreign exchange (forex), the domestic currency witnessed heavy volatility. The local unit opened at 69.58 a dollar and touched a low of 69.60 and high of 69.34 during the day. The local unit finally closed at 69.35 against the American currency, registering a rise of 23 paise over its previous close. On Friday, the rupee had settled at 69.58 against the US dollar. "Sustained weakness in the Dollar Index could be the prime reason for strength in the domestic currency," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 96.00. Forex traders said the uptick in the rupee assumes significance amid brent above USD 65 per barrel, foreign fund outflows and .
Emami Group promoters divest 10 pc stake for Rs 1,230 crore in Emami Ltd
Homegrown FMCG firm Emami said on Monday its promoters have sold 10 per cent stake in the company for Rs 1,230 crore to reduce their debt.The stake sale occurred on the floor of the stock exchange to marquee institutional investors. The company said the divestment is intended to be used primarily for reducing debt at the promoter level.In February, the promoters offloaded 10 per cent stake in the firm for Rs 1,600 crore.The total promoter stake in Emami Ltd now stands at a controlling majority of 52.74 per cent. "The promoters intend to maintain this controlling majority stake in Emami Ltd without further diluting it," the company said in a statement.These steps are being endeavoured with a strong resolve to pare the debt of the Emami Group in six to eight months of time."The promoters are committed to being proactive in addressing business and industry challenges. They are working in the best interests of all Emami Group stakeholders. The stake sale and asset identification activity .
NTPC, PowerGrid ink pact to form joint venture for power distribution biz
State-run power major NTPC Monday said it has signed an agreement with Power Grid Corporation to form a 50:50 joint venture to enter electricity distribution business and other related activity. "(inform about)...signing of a joint venture agreement with Power Grid Corporation to incorporate a Joint Venture Company (JVC) between NTPC and Power Grid with equity participation of 50:50 respectively with an objective to undertake the business for distribution of electricity in distribution circles in various states and union territories of India and other related activities," NTPC said in a BSE filing. According to the statement, the JVC shall be incorporated only after obtaining necessary approvals from the government. The two firms would set up the joint venture firm under the name of 'National Distribution Company'.
All India ITR Increases its ITR Filings by 150 percent in Assessment Year 2019-20
All India ITR is a leading tax consultancy renowned as India's most trusted tax filing website and app.It provides online preparation and filing of Individual Income Tax Returns (ITR). Ranked as the best online tax preparer, All India ITR is recommended by top employers to employees for its in-depth understanding of compliance, and its ease-of-use. Its success keeping customers happy and its exceptional service played a part in growing the percentage of ITRs filed by All India ITR by 150 per cent in 2018-19, compared to the last assessment year.As a rule, All India ITR believes in constantly improving its services allowing it to make the tedious and tiring process of filing ITRs simple and user-friendly. Important reasons for the phenomenal 150 per cent growth of its user base are All India ITR has reduced the time to file an ITR to 2 minutes, has initiated a drive to provide its services to every taxpayer in India, and had made its service available on the go.Additionally, it ...
Australian firm partners with Indian power company to develop India's first lithium refinery
Australian mining company Neometals has entered into a deal with Indian power conglomerate Manikaran Power to jointly fund a feasibility study to set up India's first lithium refinery. The refinery, if established, would process ore from the Mount Marion mine in Western Australia to produce battery-grade material for electric cars. The two companies have agreed to contribute their respective skills, resources and know-how towards achieving a positive outcome from the evaluation activities and to share costs equally, a Neometals company statement said. Neometals Managing Director Chris Reed said, "Neometals and Manikaran hold a common belief in the future demand for lithium driven by the electrification of transport and storage of renewable energy." "Given India's growth projections for electric vehicle and lithium battery manufacturing capacity, this opportunity to partner in India's first domestic lithium development and potentially realise value from downstream processing our ...
Market ends lower after volatile session
The domestic equity market declined on Monday as investors were caution ahead of the Union Budget on 5 July 2019. Concerns of higher crude oil prices and a deficient monsoon in India also affected investors' sentiment.
Gem and jewellery industry seeks lower customs duty on gold
The gem and jewellery industry Monday approached the government for reduction in customs duty on gold in the Union Budget for the fiscal 2019-20, to be tabled in Parliament on July 5. At present, the customs duty on gold is 10 per cent. "We have sent recommendations to the Ministry of Finance for lowering it to four per cent," Vice-Chairman of All India Gem & Jewellery Domestic Council, Shankar Sen, said. Sen told reporters here that reduction of duty on gold would check smuggling in a big way. "We have done calculations and found that the resultant loss of government revenue will be compensated by reining in smuggling activities, which will become less attractive," he said. Another positive outcome would be lower prices of gold, Sen said. The council has also urged the government to allow EMI purchases of jewellery, which the RBI currently does not allow, as gold is declared an asset class. Sen added that the gem and jewellery body has suggested implementation of the
Quick Wrap: Nifty Metal Index falls 1.29%
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HEG gets affirmation in credit ratings from India Ratings & Research
Commercial paper - IND A1+ (Affirmed) Fund based limits - IND AA/Stable/IND A1+ (Affirmed) Non fund based limits - IND AA/Stable/IND A1+ (Affirmed)
Promoters of Emami Group sell 10% stake in Emami to raise Rs 1230 cr
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