Page 49 - Business Finance
Piramal sells entire 9.9 pc stake in Shriram Transport
Piramal Enterprises Ltd (PEL) said on Monday it has divested its entire 9.96 per cent stake in Shriram Transport Finance Company (STFC), the non-banking financial company of Chennai-based Shriram Group.Reports said the stake sale is estimated to have fetched PEL Rs 2,305 crore.Billionaire industrialist Ajay Piramal had picked up the stake for Rs 1,636 crore in 2013. A year later, he picked up 20 per cent stake in Shriram Capital for Rs 2,014 crore and became the Chairman in 2015. Piramal also acquired 10 per cent stake in Shriram City Union Finance for Rs 801 crore."The company has sold its entire direct investment of 9.96 per cent in the fully paid-up share capital of STFC to third party investors on the floor of the stock exchange," the company said in a statement.PEL has been looking to exit from the Shriram group of companies. Reports say Piramal has started the exit process. After STFC, he may sell stake in other arms.While Shriram Capital is an unlisted holding company, Shriram .
Zinc futures shed 0.15% on tepid demand
Zinc prices eased 0.15 per cent to Rs 203.40 per kg in futures trade Monday as speculators cut down positions taking weak cues from the spot market. On Multi Commodity Exchange, zinc for delivery in current month declined 30 paise, or 0.15 per cent, to Rs 203.40 per kg in a business turnover of 4,722 lots. Marketmen said weakness in metals in the spot market owing to slackened demand from consuming industries mainly influenced prices.
Bharti AXA General Insurance posts Rs 3 cr profit in FY'19
Bharti AXA General Insurance Monday said it has posted a maiden profit of Rs 3 crore for the financial year ended March 2019. The private sector insurer, a joint venture between Bharti Enterprises and French insurance major AXA, had registered a loss of Rs 92.6 crore in the previous fiscal. The company recorded a 29 per cent increase in its gross written premium (GWP) at Rs 2,285 crore in the financial year 2018-19 from Rs 1,772 crore in 2017-18. Driven by growth across all product segments and all channels of distribution, the company achieved healthy top line performance against an overall industry growth of 12.9 per cent and private sector growth of 25 per cent in the financial year ended March 31, 2019, Bharti AXA General Insurance said in a statement. The first-ever full-year profitability has been achieved by expanding the distribution network, adding number of strategic distribution partnerships and business alliances and diversification of product lines, Bharti AXA General ...
Syndicate Bank gains for fifth straight session
Syndicate Bank is quoting at Rs 35.3, up 0.43% on the day as on 12:49 IST on the NSE. The stock is down 27.44% in last one year as compared to a 8.47% jump in NIFTY and a 0.03% jump in the Nifty PSU Bank.
Laurus Labs advances after completion of USFDA inspection
Laurus Labs rose 2.01% to Rs 345.50 at 11:37 IST on the BSE after the company said that no data integrity issues were observed in the inspection concluded by the US drug regulator at Visakhapatnam units.
Gold futures weaken to Rs 32,999 per 10 gram
Gold prices fell by Rs 46 to Rs 32,999 per 10 gram in futures trade Monday as speculators reduced exposure amid a negative trend at the spot markets. On the Multi Commodity Exchange, gold contracts for August delivery traded lower by Rs 46, or 0.14 per cent, at Rs 32,999 per 10 gram with a business turnover of 17,340 lots. Gold contracts for October delivery also fell by Rs 61, or 0.18 per cent, to Rs 33,158 per 10 gram in 2,601 lots. Marketmen said the fall in gold prices in futures trade was mostly due to trimming of positions by participants. Globally, gold traded 0.20 per cent lower at USD 1,341.80 per ounce in New York.
Samsung to spur innovation as biz challenges rise
Samsung Electronics Vice Chairman Lee Jae-yong has called for senior executives to spur efforts to develop innovative technologies to tackle rising business challenges and foster new growth drivers, the company has said.
Weak market breadth
Key benchmark indices extended fall and hit fresh intraday low in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was down 304.85 points or 0.77% at 39,147.22. The Nifty 50 index was down 100.80 points or 0.85% at 11,722.50. Most realty stocks fell.
Beardsell Ltd leads gainers in 'B' group
R&B Denims Ltd, Poly Medicure Ltd, Somi Conveyor Beltings Ltd and Trejhara Solutions Ltd are among the other gainers in the BSE's 'B' group today, 17 June 2019.
DHFL jumps after paying off dues on bonds
Dewan Housing Finance Corporation rose 3.17% to Rs 83 at 9:39 IST on BSE after the company announced that it made principal and interest payment on non-convertible debentures (NCDs) due on 14 June 2019.
Jet Airways shares continue to face massive selling pressure; tumble over 18 pc
Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28. The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67. In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week. The cash-starved airline suspended operations in April. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band". There are .
Shriram Transport shares plunge nearly 8 pc as Piramal Enterprises sells entire stake in co
Shares of Shriram Transport Finance Company plunged nearly 8 per cent Monday after Piramal Enterprises divested its entire stake in the asset financing firm for approximately Rs 2,305 crore. The scrip declined 6.52 per cent to Rs 1,011 on the BSE. On NSE, the shares dropped 7.82 per cent to Rs 1,000. Shares of Piramal Enterprises also fell by 1.85 per cent to Rs 2,030.10 on the BSE. "The company has sold its entire direct investment of 9.96 per per cent in the fully paid-up share capital of Shriram Transport Finance Company to third party investors on the floor of the stock exchange," Piramal Enterprises said in a regulatory filing. As on March 31, 2019, Piramal Enterprises held 2.26 crore shares amounting to 9.96 per cent stake in Shriram Transport Finance Company.
PMAI seeks higher duty on export of iron ore with over 58 pc Fe content
Industry body Pellet Manufacturers Association of India (PMAI) has asked the government to increase export duty on iron ore with more than 58 per cent iron content by 20 per cent. In a letter to the Prime Minister's Office (PMO), PMAI has asked "for an an increase in export duty on iron ore of +58 plus Fe content from current 30 per cent to 50 per cent." Export of 58 per cent plus Fe iron ore without value addition need to be discouraged, PMAI said adding that use of technology can also help in meeting the shortfall of required grade for steel making in India. Iron ore with less than 62 per cent iron content is used for pellet manufacturing. Iron ore pellets are value-added products of leftover material or low-grade iron ore and are used in steel-making. PMAI President Manish Kharbanda, in the letter, said India has 85 mtpa of pellets and 115 MTPA of beneficiation capacity, bulk of which is idling for want of iron ore at reasonable price. He said iron ore with less than 62 per cent ...
Orient Cement Ltd leads gainers in 'A' group
Divis Laboratories Ltd, Take Solutions Ltd, CCL Products (India) Ltd and UCO Bank are among the other gainers in the BSE's 'A' group today, 17 June 2019.
Relaxo Footwears rises after setting record date for bonus issue
Relaxo Footwears rose 2.35% to Rs 845.20 at 11:33 IST on BSE after the company set 27 June 2019, as the record date for bonus shares issue.
Metal stocks decline
Key indices hovered in negative zone in mid morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 203.52 points or 0.52% at 39,248.55. The Nifty 50 index was down 70.90 points or 0.60% at 11,752.40.
Airbnb doubles marketing spend in India as Singapore imposes restrictions
Singapore, June 17 (ANI): Airbnb is looking to double its marketing investments in India to increase its visibility in the market. This while Singapore, where its Asia-Pacific (APAC) headquarters is based, decided to keep existing restrictions on short-term rentals. In May, the Singapore Urban Redevelopment Authority (URA) announced that current limits on vacation rentals will remain after an extensive and comprehensive five-year engagement with various stakeholders which included residents, property owners and home sharing platforms like Airbnb and HomeAway.In India, the number of listings on Airbnb went up 150 percent in the last year. It is eager to tap on the millennials in India who number over 400 million which is higher than the entire population of the United States.This was among the revelations made by Siew Kum Hong, Airbnb's APAC Regional Director, at the Skift Forum in Singapore recently and reported by Mumbrella.The Skift Forum is a series of conferences catering to the ..
UCO Bank declares Yashovardhan Birla as wilful defaulter
State-owned lender UCO Bank has declared Yashovardhan Birla as wilful defaulter for non-payment of Rs 67.55 crore given to Birla Surya Ltd. The loan was given by UCO Bank as part of consortium including State Bank of India, Punjab National Bank and United Bank of India. The bank has a filed suit to recover the amount from the defaulter, according to the information made public by the bank on its website. According to a public notice, Birla Surya Ltd was sanctioned a credit limit of Rs 100 crore for fund-based facilities, for the purpose of manufacturing multi-crystalline solar photovoltaic cells, from UCO Bank's corporate branch at Nariman Point, Mumbai. "Due to non-repayment of dues to the bank, the account was declared non-performing asset (NPA) on June 3, 2013. The borrower has not repaid the dues owed to the bank despite several notices. The borrower company and its directors, promoters, guarantors were declared as wilful defaulters by the bank and their name reported to the ...
RNAM's stake sale, monetisation of other assets to cut Reliance Capital's debt by 70 pc
The second offer for sale (OFS) announced by Reliance Capital to sell its 2.86 per cent shareholding in Reliance Nippon Life Asset Management (RNAM) has received an overwhelming response from investors, the Anil Ambani-led company said on Monday.Institutional and retail investors bid for over 266 per cent of the offer size of 2.86 per cent shareholding in RNAM.In two successive offers, Reliance Capital has sold 10.75 per cent of its shareholding in RNAM aggregating over Rs 1,450 crore and achieved the minimum public shareholding of 25 per cent in RNAM by reducing the promoter stake.The entire RNAM stake monetisation proceeds of about Rs 6,000 crore to be received from OFS and the already announced transaction with Nippon Life Insurance Company of Japan will be utilised to reduce Reliance Capital's outstanding debt, the company said in a statement."As other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least Rs 12,000 crore (or 70 per ...
A 'power' shock for electricity consumers in UP
Power consumers in Uttar Pradesh are in for a major post-poll shock with the UP Power Corporation Limited (UPPCL) proposing a 25 per cent hike for domestic power consumers.