Page 3462 - Business Finance
Fine Organic Industries IPO subscribed 8.84 times
Receives bids for 4.74 crore shares
Axis Bank puts up Lanco Kondapalli Power projects for sale
Axis Bank has put up for sale Lanco Kondapalli Power, which owns and operates 1476 MW gas based power plants as the power producer failed to pay dues. Without mentioning the name of the company Axis Bank called Expression of Interest (EoI) for the sale of three gas-based power projects with a combined capacity of 1476 MW. Sources close to the development said the power projects are of Lanco Kondapalli, which was once a subsidiary of beleaguered Lanco Infratech Limited. They said the lenders have to find a suitable resolution for their debts before September 16, lest the creditors approach the National Company Law Board for a resolution. "If the lenders cannot find a solution before the deadline set by the Supreme Court (September 16 2018), then the matter has to be referred to NCLT for a resolution. The NCLT in turn may appoint a Resolution Professional and give time for a resolution plan," the sources told PTI. Lanco Kondapalli a 368 MW gas-based plant is operational ...
Karnataka Bank targets Rs 9,000 cr agri-loan this fiscal
Private sector lender Karnataka Bank is targeting to disburse about Rs 9,000 crore agriculture loan this fiscal, seeing potential opportunities in the sector. The bank said it is also in line with government's vision to double farm sector income by 2022. "With the government's vision of doubling farmer's income by 2022, there are enough opportunities for financing in agricultural sector. The monsoon has started on a very positive note and forecasts for the ensuing months are also encouraging. Bank will bestow special focus to leverage these positives and is targeting to reach Rs 9,000 crore of farm credit portfolio for 2018-19," Karnataka Bank MD & CEO Mahabaleshwara M S said. The modern agricultural practices have led to increase in productivity and the bank will be in the forefront in extending a helping hand to the farmers for adopting new technology, the bank said in a statement today. The agri-business managers of the bank will counsel and advise the farmers about market ...
India's RITES, Fine Organic IPOs see strong interest
(Reuters) - Initial share sales in two Indian companies aiming to raise a combined 10.66 billion rupees ($157.20 million) saw strong interest from investors on the last day of sale on Friday.
Kaya announces resignation of CFO
With effect from 13 July 2018
Technocraft Industries (India) divests its entire stake in two subsidiaries
(i) TIL Marketing (Erstwhile TIL Packaging) (ii) Techocraft Closures
Board of Dena Bank approves fund raising up to Rs 1800 crore
At meeting held on 22 June 2018
Oil prices up 2 percent as OPEC nears deal to raise output
LONDON (Reuters) - Oil prices rose as much as 2 percent on Friday as OPEC neared a deal to increase output to compensate for losses in production at a time of rising global demand.
Bharat-22 ETF gets bids for Rs 8,400 cr so far
The second tranche of Bharat-22 ETF offering saw a good response from investors, with the issue garnering subscription to the tune of Rs 8,400 crore so far. The government aims to mop up Rs 6,000 crore with a green shoe option of raising another Rs 2,400 crore through the ETF, which is managed by ICICI Prudential Mutual Fund. Subscription has come in for 1.5 times of the base issue size of Rs 6,000 crore. The total bids that has come in so far are for Rs 8,400 crore, a source said. The government is likely to exercise the green-shoe option to retain the additional Rs 2,400 crore worth bids received. The government had on June 19 launched the follow-on fund offer (FFO) of Bharat-22 Exchange Traded Fund (ETF), comprising shares of 22 companies. On the first day of the Bharat-22 ETF issuance, anchor investors put in bids worth Rs 5,163 crore. This was 3.44 times the portion reserved for them. The state-owned companies that are part of the new Bharat ETF-22 include ONGC, IOC, SBI, BPCL, ..
F&O expiry may keep market volatile
The expiry of June futures & options (F&O) contracts, progress of monsoon, global macroeconomic data, trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate the trend on the bourses next week.
Investors pull money out of all but U.S. stocks, tech an 'oasis'
LONDON (Reuters) - The United States was the only global region to enjoy investment inflows this week, with $5.1 billion pumped into U.S. stock funds while the same amount flooded out of emerging markets, Bank of America Merrill Lynch (BAML) strategists said on Friday.
EU backs bigger war chest for failing banks but split on budget, debt
LUXEMBOURG (Reuters) - European Union finance ministers agreed on Friday to double a war chest for dealing with failing banks and boost powers of the euro zone bailout fund, but were split over whether to have a mechanism to restructure government debt or a euro zone budget.
Bajaj Finance surpasses Axis Bank in m-cap ranking
Bajaj Finance has surpassed Axis Bank in terms of market capitalisation, following a surge in its share price which hit a 52-week high during the day today. At the end of session today, market valuation of Bajaj Finance stood at Rs 1,34,952.29 crore, which was Rs 227.16 crore more than that of Axis Bank's Rs 1,34,725.13 crore m-cap. Shares of Bajaj Finance rose by 3.58 per cent to settle at Rs 2,338 on BSE. During the day, it surged 3.86 per cent to Rs 2,344.50 -- its 52-week high. Axis Bank gained 2.22 per cent to end at Rs 524.65. Intra-day, it went up by 2.48 per cent to Rs 526. At present, Bajaj Finance is at 18th place in the overall m-cap ranking on BSE. It is ahead of blue chips such as NTPC, HCL Technologies, Hindustan Zinc and Asian Paints. So far this year, shares of Bajaj Finance have gained nearly 33 per cent, while Axis Bank has lost nearly 7 per cent. Tata Consultancy Services is the country's most-valued firm with a market cap of Rs 6,93,661.25 crore, followed by ...
PM to inaugurate third AIIB annual meet on Jun 26
Prime Minister Narendra Modi will inaugurate third annual meeting of Asian Infrastructure Investment Bank on June 26 in Mumbai, which will discuss ways to expand infrastructure investment in the region, among other things. The theme for this year's meeting is 'Mobilizing Finance for Infrastructure: Innovation and Collaboration' that will see leaders from various organisations and levels of government to share ideas and experiences for creating a sustainable future through sound infrastructure investment, the finance ministry said in a statement. It is to be noted that Department of Economic Affairs under the finance ministry, the Centre and the Asian Infrastructure Investment Bank (AIIB) will jointly host the third annual meeting on June 25-26, 2018 in Mumbai. India is the second largest shareholder in the Beijing-headquartered lender and already the largest borrower, accounting for commitments to the tune of USD 1.2 billion of the overall USD 4.5-billion committed so far. It further .
Haryana govt hikes Dearness Relief by 2 pc for employees
Haryana Finance Minister Capt. Abhimanyu today announced 2 per cent hike in Dearness Relief (DR) for state government employees and pensioners, with effect from January 1, 2018. The state government has raised the DR on the pattern of the central government employees from existing 5 per cent to 7 per cent. While stating this here, Abhimanyu said this enhancement would have an additional financial burden of about Rs 161.51 crore on the state exchequer for 14 months from January 2018 to February 2019 in the financial year 2018-19.
Global Markets: Trade tremors set stocks up for worst week in 3 months
LONDON (Reuters) - World shares rose on Friday but were set to end in the red for a second week running amid intensifying worries over the fallout of a trade dispute resulting from U.S. tariffs, while oil prices rose with an OPEC meeting underway.
Zomato launches premium subscription service in Chennai
Mobile app based food ordering firm Zomato today launched its premium subscription service 'Zomato Gold' in the city. The paid subscription service would offer a dish and upto two complimentary drinks at partner-restaurants to customers while dining out, a company release said. Zomato currently has 3,000 partner restaurants across the country. Over 32,000 customers from Chennai have already registered for availing the service, it said. The company has announced two early membership plans on its mobile application--a three month plan at Rs 599 and 12-month at Rs 1,499. With the addition of Chennai, the service is available across 10 cities--Delhi/National Capital Region, Mumbai, Bengaluru, Pune, Hyderabad, Jaipur, Ahmedabad, Chandigarh and Kolkata, the release added.
Lemon Mobiles to set up tempered glass plant in India with Rs 100 cr investment
Home grown firm Lemon Mobiles today announced that it will set up a tempered glass manufacturing unit, in partnership with Adsun Impex, at an investment of Rs 100 crore. After the launch of the manufacturing unit and R&D facility in the last month, we will expand further in the mobile industry with this latest glass plant, Kapil Chugh, Chairman and Managing Director, Lemon Electronics said in a statement. The company has taken legal rights from Thailand Glass Company for procurement of raw material and distribution in India for the tempered glass -- which is pasted on top of smartphone screens as a protective layer. With an estimated investment of Rs 100 crore, Lemon Glass India plans to produce over 2 crore mobile tempered glasses per month, according to the statement. The unit will be set up in Kundli, Haryana. "After the plant comes into operation in September, Lemon Glass India Limited aims to be the top notch players in the mobile accessories in next 3 years," the statement ..
KVIC sends notices to 222 firms allegedly selling products without 'khadi mark'
The KVIC has sent legal notices to 222 firms in the past two-and-a-half-years for allegedly selling products without being registered for using 'khadi mark' or terms like handspun, handwoven and woven in handlooms, its chairman VK Saxena said today. Saxena claims that these terms are synonymous with the indigenous fabric, adding that the Khadi and Village Industries Commission (KVIC) is duty-bound to protect buyers from being cheated by firms selling khadi products and artisans, especially in view of the massive surge in sales in the recent past. Khadi is handspun and handwoven according to the KVIC Act, that means you are cheating the customers. If there is genuine khadi sale, our artisans will benefit, Saxena told PTI. According to him, companies selling khadi products and using terms such as handspun', hand-woven' and woven in handlooms' need to register for the khadi mark by paying a fee, provide the list of artisans involved and comply with other procedures. However, he said, ...
Lenovo India names Pankaj Harjai as Director-Tablets
Global technology firm, Lenovo, announced the appointment of Pankaj Harjai as Director- Tablets, as part of the India business.In this capacity, Pankaj will be responsible for maintaining the leadership position for Lenovo's tablet business as well as introducing the next generation AR/VR and Smart products in India.He will also lead Lenovo India's Customer Centricity (CX) transformation project, along with the Lenovo Indian Leadership team.During his five-year stint at Lenovo, Pankaj was responsible for leading the Maharashtra and Gujarat regions to leadership in the consumer and the SMB business to a 19.3 percent market share."Pankaj has a proven track record of growing businesses within India and we are confident that his ability and talent will be invaluable in achieving further momentum in the Tablets business. Lenovo stands to gain tremendous value from Pankaj's leadership and we are sure that he will take Lenovo to new and unexplored heights," said Rahul Agarwal, Managing ...