Page 3449 - Business Finance
Idea shares tank over 7%; m-cap falls Rs 1,893 cr as Vodafone merger may get delayed
Shares of Idea Cellular plunged over 7 per cent today following reports that the mega-merger deal of the company and Vodafone India may not meet the expected June 30 timeline. The stock slumped 7.18 per cent to close at Rs 56.20 on BSE. During the day, it tanked 7.67 per cent to Rs 55.90. At NSE, shares of the company dived 7.18 per cent to end at Rs 56.20. The company's market valuation also fell by Rs 1,892.84 crore to Rs 24,502.16 crore. In terms of equity volume, 22.21 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. The mega-merger deal of Idea and Vodafone may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore, a source said. "Vodafone India had merged its all arms into one company and there are dues of around Rs 4,700 crore related to one-time spectrum charges (OTSC) on the company. DoT will ask Vodafone to either clear the dues or furnish bank ...
Info Edge (India) enters into agreement with Soft Bank for joint investment
1. with SVF India Holdings (Cayman) ('Soft Bank'), a wholly owned subsidiary of SoftBank Vision Fund L.P., of which SoftBank Group Corp. is a limited partner, whereby Soft Bank has agreed to invest an amount equivalent to about USD 45Mn. for 49.99% stake (on a fully diluted basis) in Diphda Internet Services ('Diphda'), a wholly owned-subsidiary of the Company, for the time being.
Nifty June futures at marginal discount
Turnover on NSE's F&O segment rises
Australian Shares Ease, Financials Weigh On Sentiments
Stocks slipped in Australia following a decline in banking and financials amid a mostly weak outing for major stock markets in the region. Profit selling was also visible after the ASX All ordinaries hit a nearly a decade high last week. The index closed at 6308 today, down 0.21% on the day. Similar moves were seen in S&P/ASX 200, which dropped around 0.20% to close at 6210 after recent gains.
DOW Snaps Eight Session Losing Streak
Modest gains emerged in US stocks after recent losses on Friday. A sharp rally by energy stocks contributed to the strength on Wall Street. DOW ended an eight session losing streak and closed up 120 points or half a percent at 24581. The S&P added modest gains of 0.20% while thetech heavy Nasdaq ended in red. Markets were battered last week on escalating tensions between the US and China following continued trade disputes. Donald Trump's threat to impose $400 billion in additional tariffs on Chinese goods has been hovering on the markets.
FPIs turn net sellers
Net outflow of Rs 1112.84 crore on 22 June 2018
Softrak Venture Investment reports standalone nil net profit/loss in the March 2018 quarter
Reported sales nil
Ellora Paper Mills standalone net profit rises 422.22% in the March 2018 quarter
Sales rise 30.72% to Rs 9.49 crore
5 in 10 EU firms in China feel business poor
A survey conducted on 532 European companies has found that their operations in China are facing a difficult business environment.According to the Voice of America (VOA), the survey, which has been published by Chinascope, says that close to 50 percent of the companies said the environment in China has gotten worse in the past year.Twenty percent said they were victims of forced technology transfer. Fifty percent of the companies believed trade barriers in China will get worse over the next five years and 25 percent believed they would never see China's market "open in any significant way."Among the areas companies complained about were an uncertain legal environment, higher labour costs and regulatory problems, as well as the "Great Firewall."The article further said some companies felt China is not making progress in certain areas but rather taking a step backward.The examples were the introduction of the new internet security law which forced these companies to spend more money on .
Trident Tools reports standalone net loss of Rs 2.04 crore in the March 2018 quarter
Sales reported at Rs -0.04 crore
Link House Industries reports standalone net loss of Rs 0.15 crore in the March 2018 quarter
Reported sales nil
Saudi Aramco CEO says has 2 million barrels per day of spare capacity
NEW DELHI (Reuters) - Oil giant Saudi Aramco has spare capacity of 2 million barrels per day (bpd) and can meet additional oil demand in case of any interruption in supplies, the company head said on Monday, days after OPEC agreed a modest increase in oil output from July.
Global energy players converge in Washington as China trade war lurks
(Reuters) - The world's biggest oil and gas players are gathering for a summit in Washington D.C. this week that will be overshadowed by the specter of shifting trade patterns due to a trade dispute between the United States and China.
OBC hopes to post profit, come out of PCA this fiscal
With focus on recovery, Oriental Bank of Commerce (OBC) expects to post profit and also come out of prompt corrective action (PCA) framework of the RBI later this fiscal. "With the resolution under Insolvency and Bankruptcy Code gathering momentum, we expect reduction in non-performing assets and add to the bottomline," OBC Managing Director M K Jain told PTI. Out of resolution of Bhushan Steel resolution alone, OBC will get Rs 400 crore besides reduction of non-performing assets (NPA). Last month, Bamnipal Steel (BNPL), a wholly-owned subsidiary of Tata Steel, successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel (BSL). Settlement of the amounts equivalent to Rs 35,200 crore towards financial creditors of BSL was initiated as per the terms of the resolution plan and corresponding transaction documents. The bank hopes to make profit in the next few quarters that will help it to come out of PCA framework, he said. OBC is one of the 11 banks ...
BSE to launch new platform to list startups next month
To make stock market listing attractive for startups, leading stock exchange BSE has decided to launch a new platform next month to list the new-age companies. This platform will facilitate the listing of companies in sectors like IT, ITES, bio-technology and life sciences, 3D printing, space technology and e-commerce. Besides, the platform will aid in listing of companies from hi-tech defence, drones, nano technologies, artificial intelligence, big data, virtual reality, e-gaming, robotics, genetic engineering, among other sectors. In order to provide further incentive to startups, the exchange has announced BSE startup platform at its SME (small and medium enterprise) segment. "We will launch the platform on July 9," an exchange official said. Spelling out the criteria for the listing on the platform, the exchange said a company needs to have a pre-issue paid up equity share capital of a minimum of Rs 1 crore. The company should be in existence for a minimum period of three years on
NHPC signs PPA with UPPCL for Kishanganga HE Project (3X110MW) project
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Gas distribution to reach 49% of India's population:PNGRB
Gas distribution would reach almost half of India's population after the completion of new distribution projects in various geographical areas, Petroleum and Natural Gas Regulatory Board said today. PNGRB Chairperson D K Sarraf said as a major leapfrogging step in the area of distribution of natural gas across India, in the '9th City Gas Distribution' (CGD) bidding round, PNGRB has offered 86 geographical areas (GAs) covering 174 districts (156 complete and 18 part), spread over 22 states and Union Territories. These GAs cover 29 per cent of India's population and 24 per cent of its geographical area, Sarraf told reporters during a media interaction organised on the sidelines of 15th roadshow organised by PNGRB for 9th CGD bidding round here. "After award of the GAs under offer, gas distribution would reach 286 districts (276 complete and 10 part) spread over 26 states/UTs, covering 49 per cent of India's population and 35 per cent area," according to a press release ..
SILA group's monthly revenue from facility mgmt biz rises to Rs 8 cr
Real estate consultant SILA group today said its monthly revenue from facility management business has increased to Rs 8 crore, and is likely to rake in a total of Rs 120 crore from this segment in the current fiscal. The Mumbai-based firm commenced operations in 2010 as an integrated facility management company, but later ventured into project and construction management as well as real estate advisory and consulting services businesses. The company is promoted by Sahil Vora, who is founder and MD, and Rushabh Vora, who is co-founder and director. "Our facility management business is doing very well. We currently have around 33 million sq ft of area under the facility management. The monthly revenue has already increased to Rs 8 crore from an average Rs 5.5 crore last fiscal," Rushabh Vora told PTI. He said the revenue from facility management could touch Rs 120 crore this fiscal from Rs 65 crore in the previous year. Vora said the facility management division contributed about 70-75
EPFO to consider widening range of ETF investments tomorrow
Retirement fund body EPFO trustees will consider tomorrow widening the range of equity linked schemes or exchange traded funds (ETFs) to maximise returns on its investments in stock markets. Besides, the Employees Provident Fund Organisation's (EPFO) board will also consider a proposal to give extension of six more months to its five fund managers SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC for managing its corpus, says agenda listed for the trustees meet scheduled tomorrow. The five fund managers were appointed for three years from April 1, 2015. They were given extension till June 30, 2018. Now, it has been proposed to give the five fund managers further extension till December 31, 2018 or till the time of appointment of new fund managers. The EPFO has been investing in ETFs and now wants to enhance its range to maximise returns on its investments in stock markets. Presently, it has invested in UTI Mutual Fund, SBI Mutual Fund, CPSE ETF and ...
Government of India simplifies the process for permission of Additional Fiscal Deficit Limit over and above 3 per cent of GSDP
During the 4th Meeting of the Governing Council of NITI Aayog on 17th June, 2018, some States pointed-out that the permission accorded by the Department of Expenditure, Ministry of Finance, to eligible States were sometimes delayed due to bunching of proposals received from different States at different intervals into one consolidated approval. The Union Government of India, keeping in view its policy for cooperative federalism, has henceforth decided to simplify the process of approval of such additional borrowing limits requested by States. It will process each proposal along with complete information independently as and when it is received in contrast to the earlier process of bunching all proposals into a single proposal.