Page 3568 - Business Finance
Fine Organic promoters to part-exit in IPO, bag up to Rs 800cr
Promoters of Fine Organic Industries, a chemicals firm, is planning to divest 25 per cent stake to raise around Rs 700-800 crore through initial public offering (IPO), a merchant banking source said. The offer for sale will see divestment of up to 7,664,994 equity shares by the existing shareholders, according to the draft prospectus filed with the Securities and Exchange Board of India (Sebi). "The Shah family and other promoters of the company are selling 25 per cent holding in the firm to raise around Rs 700-800 crore in the soon-to-be-launched IPO later this month," the source said. The 48-year old company held entirely by the promoters family had filed draft papers with markets regulator Sebi to float the IPO in February. It has three manufacturing facilities in the suburbs of the megapolis, including Ambernath, Dombivli and Badlapur, with a total installed capacity of about 64,300 tonnes per annum (tpa). The company is expanding its Ambernath facility by adding ...
May retail inflation rises to 5%, so does April's industrial output (Roundup)
High food and fuel prices lifted India's May retail inflation close to the 5 per cent mark, even as the manufacturing sector pushed the country's April industrial production higher by 4.9 per cent.
Wall Street edges higher; Fed in focus
(Reuters) - Wall Street's main indexes posted small gains on Tuesday as bank shares gained in anticipation of an interest rate hike by the Federal Reserve at its two-day policy meeting.
Gold locked below $1,300 as market braces for Fed meeting
LONDON (Reuters) - Gold prices remained locked just below $1,300 an ounce on Tuesday as investors waited for clues on the pace of U.S. interest rate rises from a Federal Reserve meeting this week.
Urjit Patel grilled by members of Parliamentary Standing Committee
Reserve Bank of India (RBI) Governor Urjit Patel was on Tuesday grilled by parliamentarians over challenges being faced by the banking sector, including the huge number and size of bad loans and frauds like the one in Punjab National Bank even as he said that the situation has improved and the central bank has taken some measures to strengthen the banking system.
Punjab govt clears new building rules
The Punjab government has given its nod to new building rules, which were approved by the Cabinet and will be applicable across the state, outside municipal limits. According to the state's Housing and Urban Development Minister Tripat Rajinder Singh Bajwa, the rules would be notified shortly and made available for general public. It will give a boost to urban development and building construction activities, which will be helpful for the economic development of the state, Bajwa said. Under the new rules, a developer can now purchase unlimited FAR (floor area ratio) for group housing, commercial, public office, hotel and industrial buildings, he added. Increase in permissible FAR for residential development, educational buildings, rental housing, dhaba, miniplex and multiplex, wholesale trade freight complex and commercial use in group housing projects has been increased from 0.20 to 1 per cent, he said. Five per cent additional ground coverage has been permitted in case of retail ...
Indian oil imports from Iran surge to highest since 2016
NEW DELHI (Reuters) - India's oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.
Analysis: Italy's flagging economy may scupper radical coalition's plans
ROME (Reuters) - Signs of economic weakening in Italy and the wider euro zone are complicating the new, anti-establishment coalition's plans for deep tax cuts and higher welfare spending.
Exclusive: Exxon Mobil breaks with past, bulks up energy trading to boost profit
HOUSTON/LONDON (Reuters) - Exxon Mobil Corp is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar with the business.
Rahul Gandhi's Amethi visit put off
The proposed two-day tour of Congress President Rahul Gandhi to his parliamentary constituency Amethi from Thursday has been cancelled, a party official said on Tuesday.
Edelweiss to raise Rs 2,000 crore for stressed assets
Edelweiss Alternative Asset Advisors (EAAA), a subsidiary of Edelweiss group, today said it plans to raise up to Rs 2,000 crore through an onshore fund to invest in stressed and distressed assets. This EISAF II Onshore Fund, which is part of a Singapore-based global fund, EISAF II, will include Rs 1,000 crore green shoe option. "The fund's investment mandate is centered around acquisition of non-performing debt from banks or financial institutions, funding companies for debt settlements, working capital financing and acquisition of stressed companies going through insolvency proceedings under the National Company Law Tribunal (NCLT)," Edelweiss group chief executive (global wealth and asset management), Nitin Jain, said in a release. The fund will be focusing on assets with established infrastructure, viable business models and cash flow generation potential, its manager Amit Agarwal said. Edelweiss group's asset reconstruction company, Edelweiss Asset Reconstruction ...
Odisha has potential to produce 100 MT steel: Minister
Union Steel Minister Chaudhary Birender Singh today said mineral rich Odisha is capable of producing 100 million tonne of steel to enable the country to achieve the goal of churning out 300 mt by 2030. "Odisha is rich in minerals and mines and has a potential to produce 100 million tonnes of steel out of 300 million tonne envisaged in National Steel Policy by 2030-31," Singh said during a visit to Kalinganagar industrial area in Odisha's Jajpur district. Describing Odisha as a major steel producing state, contributing more than half of steel production in India, the Union Steel Minister said enhanced production from Kalinganagar and Odisha is important to achieve the common objective of producing 300 million tonne steel by 2030. Kalinganagar is a major industrial hub. Around 15 steel plants are located in this region which include public sector plants like Neelachal Ispat Nigam Limited (NINL) and private plants like TATA Steel, Jindal Stainless Ltd, Visa Steel and ...
April IIP grows by 4.9 pc on manufacturing push
Industrial production expanded by 4.9 per cent in April on improved performance by manufacturing and mining sectors as also a robust offtake of capital goods. The industrial growth, based on Index of Industrial Production (IIP), was 3.2 per cent in April last year. The IIP for March this year has been revised upwards to 4.6 per cent from 4.4 per cent estimated earlier. As per the data released by the Central Statistics Office (CSO), the manufacturing sector which accounts for over 77 per cent weight of the index, recorded a growth of 5.2 per cent in April this year, up from 2.9 per cent a year ago. Similarly, the mining output grew by 5.1 per cent, compared to 3 per cent in the year ago period. As per the 'use based' classification, capital goods out, a barometer of investment, expanded by 13 per cent in April this year as against a decline of 4.8 per cent in the year-ago month. Consumer durable as well as consumer non-durable segments too posted higher growth on yearly basis. "While .
Construction sector's share in India's GVA drops to 7.4%
Construction sector's share in the country's gross value added (GVA) has declined to 7.4 per cent in FY18, from 9.6 per cent in FY12, on drop in capital expenditure and subdued home sales, according to a report. While public sector capital expenditure (capex) activities had picked up during the course of past few years, private sector spends remained weak due to issues faced in land acquisition, approvals, deferral of capex plans and overall subdued business confidence, the joint report by industry body Assocham and credit rating agency Icra said. "Weakness in aggregate capex together with subdued real estate demand has resulted in decline in share of construction sector in India's GVA from 9.6 per cent in FY12 to 7.4 per cent in FY18," it said. However, the report said that construction activities are expected to improve going forward with the government increasing focus on infrastructure projects and taking steps to improve the regulatory environment and funding ...
Nifty rises 55.90 pts to 4-month high post Trump-Kim meeting
NSE Nifty rose by 55.90 points to close at four-month high of 10,842.85 on sustained buying mainly in pharma, FMCG, PSU banks, energy and IT sectors amid positive sentiment from global equity markets. Sentiment on domestic bourses was boosted by upbeat Asian stocks after the US President Donald Trump signed a deal with North Korean leader Kim Jong Un in Singapore. Overseas, most European stocks fell as investors awaited the Brexit vote in the House of Commons for further direction. The Nifty 50 index rose 55.90 points, or 0.52 percent, to close at 10,842.85, its highest closing level since February 1. It moved in a range of 10,856.55 to 10,789.40 in day trade. On the sectoral front, pharma climbed by 2.58 per cent followed by PSU banks 2.33 per cent, fast moving consumer goods 0.88 per cent, energy 0.73 per cent, IT 0.62 per cent, infra 0.61 per cent, bank 0.58 per cent, finance service 0.55 per cent, private bank 0.40 per cent and realty 0.41 per cent. On other hand, metal fell by ...
'Impose interest on delayed payment to clear cane arrears'
The Central government's Rs 7,000 crore bailout package for sugar industry will hardly benefit farmers, said a farmers' organisation, demanding imposition of 15 per cent interest on delayed payment of sugarcane dues by mills.
Non-bailable warrant issued against Nirav Modi
A Special PMLA court here on Tuesday issued a non-bailable warrant against billionaire businessman Nirav Modi in connection with multi-crore Punjab National Bank (PNB) scam.According to media reports, Nirav, the Indian billionaire jeweller who is at the centre of an alleged multi crore bank fraud, has fled to the UK where he is claiming political asylum.Yesterday, the Central Bureau of Investigation said that it does not have confirmation on the whereabouts of Nirav yet."The moment his whereabouts are confirmed further action will be taken," a CBI sources said.For those unversed, the PNB detected the multi-crore scam, wherein Nirav and his uncle-cum-business-partner Mehul Choksi had allegedly cheated the bank to the tune of USD 2 billion, with the purported involvement of a few employees of the bank.
Oil eases; OPEC cites uncertain market outlook for 2018
LONDON (Reuters) - Oil fell on Tuesday, reversing earlier gains, although volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group next week.
Special drive to fast track exporters' refund clearance extended till June 16
The Central Board of Indirect Taxes and Customs (CBIC) has extended the refund fortnight for fast track clearance of pending dues to exporters by two days till June 16. The central and state tax officials have already cleared refunds worth over Rs 7,500 crore since May 31, when the special drive to clear exporters refund was launched. "In view of overwhelming response from exporters and pending claims, the period of refund fortnight is being extended by two more days i.e up to June 16, 2018," a finance ministry statement said. With about Rs 14,000 crore of exporters refunds stuck due to various mismatches, the CBIC had organised the second phase of the special fortnight to fast track clearances. During the first phase, between March 15 and 29, an amount of Rs 5,350 crore was sanctioned. The ministry further said, in case of short payment of integrated GST (IGST), small exporters whose aggregate IGST refund amount for the period July 2017 to March 2018 is up to Rs 10 lakhs are required
Manufacturing sector lifts India's April industrial output higher
Higher production of the manufacturing sector, especially of capital goods and consumer durables, accelerated India's industrial output in April by 4.9 per cent from a rise of 4.57 per cent in March 2018.