Page 3906 - Business Finance
Bhushan Steel's buyout to reduce PSB NPAs by Rs 35,000 cr
The acquisition of debt-laden Bhushan Steel, under the Insolvency and Bankruptcy Code (IBC) framework, will reduce bad loans of PSBs by Rs 35,000 crore, Financial Services Secretary Rajiv Kumar today said. "IBC transforming credit culture in NewIndia. About Rs 35,000 crore reduction of NPAs of PSBs in Bhushan Steel case. Reduction of NPAs in individual PSBs range from about Rs 500 crore to over Rs 10,000 crore, he tweeted. Last week, Tata Steel, through its subsidiary, completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel for around Rs 36,400 crore after emerging as the winning bidder in an insolvency auction. Kumar said following the Bhusan Steel buyout, public sector banks (PSBs) will write back Rs 7,500 crore of loans which were earlier classified as NPAs. "Future upside through over 6 crore equity shares acquired by PSBs. Decisive shift towards clean credit culture," Kumar tweeted. Last week, Finance Minister Piyush Goyal had tweeted that the ...
Indostar Capital Finance rises 6.1 percent on market debut
(Reuters) - Shares of Indostar Capital Finance Ltd rose as much as 6.08 percent on their trading debut on Monday after the non-banking finance firm's initial public offering raised 18.44 billion rupees ($270.65 million).
AP govt plans MSME Parks in every Assembly segment
The Andhra Pradesh government has come up with an ambitious M-Parks (Micro, Small and Medium Enterprises Parks) Policy with the objective of creating at least 200 such parks across the state by the year 2023. The idea is to have one M-Park with an investment of Rs 225 crore to create 1,500 jobs in each of the 175 Assembly constituencies, with a newly-created AP MSME Development Corporation overseeing the process. The overall target is to create around 200 parks by 2023 with 30,000 MSMEs with an employment potential for three lakh people and an investment of Rs 45,000 crore, according to the Chief Minister's Office. But, financial crunch and non-availability of land have become major impediments in rolling out the policy, official sources said. "We could so far identify required land in only 42 Assembly segments in different districts for the proposed M-Parks," a senior Industries department official said. "Revenue officials are still working on identifying land in each ..
Australia's Santos gets final sweetened $10.8 billion bid from Harbour Energy
(Reuters) - U.S.-based Harbour Energy made a final offer of $10.8 billion for Australia's Santos Ltd on Monday, hiking its bid for a fifth time in nine months after a steep rise in oil prices and potentially deterring any rival bids.
China praises positive steps in U.S. trade row, says didn't give in
BEIJING (Reuters) - Chinese state media on Monday praised a significant dialling back of trade tension with the United States, saying China had stood its ground and the two countries had huge potential for win-win business cooperation.
Board of Schneider Electric Infrastructure approves change in MD and CEO
At meeting held on 19 May 2018
Board of Generic Engineering Construction & Projects approves sub-division of shares
At meeting held on 19 May 2018
Board of ITI approves conversion of capital grant from GoI into equity shares
At meeting held on 19 May 2018
Indiabulls Real Estate drops after buyback approval
Indiabulls Real Estate lost 3.99% to Rs 197.50 at 09:35 IST on BSE after the company's board of directors approved the proposal of buy-back of equity shares of the company.
Sensex up 126 points on Asian cues
Markets saw a positive start today as the benchmark Sensex bounced by about 126 points, reversing its four-session losing streak, on the back of a firming trend at other Asian markets. The 30-share barometer recovered 125.65 points, or 0.36 per cent, at 34,973.95. It had lost 708.41 points in the previous four sessions largely on political uncertainty in Karnataka. PSU, banking, metal, IT capital goods and teck indices rose by up to 0.43 per cent. The NSE Nifty moved up by 25.30 points, or 0.23 per cent, to 10,621.70. Support came from TCS, SBI, ICICI Bank, Bharti Airtel, ONGC, L&T, Tata Steel, IndusInd Bank, Adani Ports, Yes Bank, Power Grid, NTPC and HDFC Bank, which climbed by up to 2.05 per cent. Meanwhile, foreign portfolio investors (FPIs) net sold shares worth Rs 166.15 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 149.58 crore on Friday, as per provisional data. On the domestic front, the political slugfest in Karnataka culminated ..
U.S., China putting trade war on hold, Treasury's Mnuchin says
WASHINGTON (Reuters) - The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
Gold slips as U.S. Treasury Secretary says trade war with China 'on hold'
BENGALURU (Reuters) - Gold prices edged down on Monday as the dollar rose and demand for safe-haven assets eased after U.S. Treasury Secretary Steven Mnuchin said a trade war between China and the United States was "on hold".
Board of UltraTech Cement approves scheme of arrangement
At meeting held on 20 May 2018
Benchmarks trade almost flat
Key benchmark indices were trading almost flat in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 8.27 points or 0.02% at 34,840.03. The Nifty 50 index was almost flat at 10,596.45.
Japan's exports accelerate in April as volumes rise, outlook positive
TOKYO (Reuters) - Japan's exports accelerated in April on increased shipments of cars and machines used to make semiconductors, with rising volumes suggesting healthy overseas demand could help the economy recover quickly from a dip in the first quarter.
Oil prices boosted by news China, U.S. put trade war 'on hold'
SINGAPORE (Reuters) - Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold".
Rupee falls 12 paise to fresh 16-mth low against dollar
The rupee declined 12 paise to a fresh 16-month low of 68.12 against a strengthening US dollar in early trade today after China and the US struck a deal to avert a trade war. Traders attributed the rupee's fall to increased demand for the dollar from importers and banks after US Treasury Secretary Steven Mnuchin said the trade war with China was on hold, amid hopes of easing trade tensions between the two economies. Higher crude oil prices and losses in Asian currencies to weighed in the domestic unit, they added. On Friday, the rupee had lost 30 paise to end at 68 against the US currency on renewed dollar buying interest amid global macro challenges. Meanwhile, the benchmark BSE Sensex recovered 125.65 points, or 0.36 per cent, to 34,973.95 in early trade today.
Board of Century Textiles & Industries approves draft scheme of arrangement
At meeting held on 20 May 2018
Market may open higher on positive Asian cues
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell, tracking positive cues from Asian markets.
Indostar Capital in spotlight on debut
Shares of Indostar Capital Finance will debut on the bourses today, 21 May 2018. The company had issued shares at Rs 572 per share in the recently concluded initial public offer (IPO). The IPO of Indostar Capital Finance received bids for 15.36 crore shares, as against 2.25 crore shares on offer. The issue was subscribed 6.80 times. The issue opened for subscription on 9 May 2018 and closed on 11 May 2018. The price band for the issue was fixed at Rs 570 to Rs 572 per share.