Page 510 - Business Finance
Embassy office Parks to raise Rs 3,650 cr via debentures
Embassy office Parks, which recently raised Rs 4,750 crore through India's first Real Estate Investment Trust (REIT), Tuesday said it will raise Rs 3,650 crore in two tranches through issue of debentures. Embassy Office Parks, a joint venture between Blackstone and realty firm Embassy group, is a leading developer of commercial real estate. The debenture committee of the board of directors of Embassy Office Parks Management Services, which is an investment manager of Embassy Office Parks REIT, has approved the issue of secured, redeemable, non-convertible debentures on a private placement basis for an aggregate amount of Rs 3,650 crore, a regulatory filing said. The first tranche would be worth Rs 3,000 crore and the second of Rs 650 crore, it added. The company did not disclose where this amount would be utilised. However, it would be used for expansion of its commercial real estate business, sources said. Last month, Embassy Office Parks launched its REIT, which was subscribed 2.57 .
Rupee rises 5 paise against US dollar despite crude oil concerns
The rupee Tuesday recovered from the day's lows to close higher by 5 paise at 69.62 against the US dollar on some dollar selling by banks and exporters. However, subdued equity market sentiment and a stronger dollar against its key rival currencies limited the rupee's gain, forex dealers said. At Interbank Foreign Exchange, the rupee opened strong at 69.63 a dollar and touched a high of 69.53 in early trade. The local currency erased its gains and dropped to a low of 69.83 as crude oil prices extended their Monday's rally, triggering inflationary and fiscal slippage concerns. Crude oil prices rose to multi-month highs on Monday after the Trump administration decided not to renew waivers that let countries like India buy Iranian oil without facing US sanctions. Analysts said oil prices have gained on fears that markets might face an immediate supply crunch following the US decision while oil touching USD 80 per barrel was a possibility. For bond markets, the worry is two-pronged with ..
UN panel pays USD 240M to Kuwait oil firm for Iraq war losses
A UN panel overseeing compensation claims by countries and organisations affected by Iraq's 1990-1991 invasion of Kuwait says it has paid USD 240 million to the Gulf state's national oil company. The United Nations Compensation Commission said Tuesday that the latest tranche brings to USD 48.3 billion the amount it has paid out since 2005. Iraq must currently set aside 1.5 per cent of its oil export sales for the compensation fund. The panel has approved 1.5 million claims brought by over 100 governments and international organisations, with all but one fully paid out. The remaining claim, which includes the latest payment, comes from the Kuwait Petroleum Corporation. Some USD 4.1 billion of its USD 14.7 billion claim for oil production and sales losses resulting from damage to the country's oil fields remain to be paid.
Nifty April futures at premium
Turnover in F&O segment rises
Sensex down 80 pts over polls, oil caution
Investors on Tuesday traded with caution anticipating a further rise in the international oil prices, and conclusion of the third and largest phase of the general elections. Sensex ended 80 points lower after a range-bound movement throughout the day's trade.
Sensex, Nifty suffer 3rd straight loss on crude oil worries
Benchmark stock indices finished in the red for the third session in a row on Tuesday as investors remained edgy over renewed macro-economic concerns triggered by soaring crude oil prices. In a highly volatile session, the BSE Sensex hit an high of 38,832.61 and a low of 38,518.26. After swinging over 300 points, the 30-share index settled 80.30 points, or 0.21 per cent, lower at 38,564.88. The broader NSE Nifty too slipped 18.50 points, or 0.16 per cent, to close at 11,575.95. It also saw an intra-day movement of 81.50 points. Market participants also looked for further cues from the ongoing earnings season and ongoing general elections, which will keep setting the tone for domestic equities over the next few weeks. The BSE Sensex was mainly pulled down by financial and auto stocks. On the 30-share index, Maruti was the biggest loser, shedding 3.60 per cent. Other major laggards were Yes Bank, IndusInd Bank, Tata Steel, Hero MotoCorp and NTPC -- ending up to 2.33 per cent lower. On ..
Infosys Finacle positioned as Leader among End-to-End Corporate Banking Solution Providers
By IDC MarketScape
Board of Sterlite Technologies approves fund raising of up to Rs 1000 cr
At its meeting held on 23 April 2019
TCS, Infosys increase hiring by 350% in FY19
Amid a slowdown in job growth across sectors, IT services major Tata Consultancy Services (TCS) and Infosys hired about 42,000 more techies in the recently concluded fiscal 2018-19 than it did in the previous fiscal, registering a growth of over 350 per cent in new hiring, a media report said.
Govt raises authorised capital of Allahabad Bank to Rs 8,000 cr
State-owned Allahabad Bank said Tuesday the government has increased its authorised capital by Rs 5,000 crore to Rs 8,000 crore. The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 3,000 to Rs 8,000 through Gazette Notification, Allahabad Bank said in a regulatory filing. The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.
Sterlite Tech Q4 net profit up 47% to Rs 165.17 cr
Optical fibre maker Sterlite Technologies Tuesday posted about 47 per cent rise in consolidated net profit to Rs 165.17 crore for the quarter ended March 2019. This is against a net profit of Rs 112.42 crore in the same quarter last fiscal, Sterlite Technologies said in a regulatory filing. Its revenue from operations more than doubled to Rs 1,791.16 crore in the reported quarter from Rs 846.64 crore in the year-ago period, it added. For 2018-19, net profit was higher by 68 per cent at Rs 563 crore, while revenue from operations increased 59 per cent to Rs 5,087 crore from the previous financial year. The board of directors has recommended final dividend of Rs 3.5 per equity share for 2018-19. The company said it has achieved an "all-time high order book of over Rs 10,500 crore". Also, it filed its highest-ever number of patents in a single year, taking its global patent filing count to 271.
Pending for over 15 years, co transfers investor money worth Rs 1,514 cr to IEPF
Deposits worth Rs 1,514 crore owed by Peerless General Finance and Investment Company to its investors for more than 15 years have now been transferred to the government's IEPF, according to an official release. The Investor Education and Protection Fund (IEPF), set up under the Companies Act, 2013, primarily focuses on protecting the interest of investors. "In a major success, the IEPF Authority has been able to enforce Peerless General Finance and Investment Company Ltd to transfer deposits worth about Rs 1,514 crore to IEPF. "This depositors' money was pending with the company for the last 15 years," the corporate affairs ministry said in a release Tuesday. The IEPF Authority comes under the ministry, which is implementing the Companies Act. According to the release, the company had garnered the amount by about 1.49 crore deposit certificates. The data submitted by company showed that 50.77 per cent of the total amount was taken in the form of deposit certificates of value of Rs ..
Board of Tata Global Beverages approves raising Rs 450 cr from debt issue
At meeting held on 23 April 2019
Quick Wrap: Nifty Auto Index falls 1.49%
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Tata Power to create renewables-based future: IEEFA
India's largest private integrated power company -- Tata Power -- recently made it publicly clear that it will cease building new coal-fired power capacity, a report by US-based Institute for Energy Economics and Financial Analysis (IEEFA) said on Tuesday.
Jio leading, Bharti stable, Voda losing: CLSA report
Reliance Jio's 8-million strong subscriber additions, Airtel's stable market share and Voda Idea losing customers is the sum of brokerage firm CLSA 's telecom sector outlook for February 2019, that projects Jio will lead the subscriber market share in the current year.
Late trading wipes out early gains at stock markets
Equity benchmark indices erased morning gains and turned red in the last trading hour on Tuesday.The S & P BSE Sensex closed 80 points lower at 38,565 while the Nifty 50 dipped about 19 points t0 11,576.It was a volatile session through the day with stocks oscillating between gains and losses. All sectoral indices closed mixed with autos, metals, pharma, and banking being the worst sufferers.Among stocks which lost were Maruti, Hero MotorCorp, Yes Bank, IndusInd Bank, and Tata Steel.However, ONGC, Zee Entertainment, Sun Pharma, Bajaj Finance and Reliance Industries showed marginal gains.Significantly, shares of Jet Airways surged nearly 10 per cent in trade after losing streak for three consecutive sessions during which it eroded the company's value by 41 per cent.Reports said the stock has got into a zone where risk-reward has become favourable for high-risk investors.Meanwhile, Asian shares were mixed with investors extremely cautious after the United States told buying ...
Jet Airways shares halt three-day slide; zoom nearly 10 pc
Ending a three-day losing streak, shares of Jet Airways (India) surged nearly 10 per cent at close of trade Tuesday on value-buying at lower levels. The scrip jumped 9.90 per cent to close at Rs 169.90 on the BSE. During the day, it zoomed 12.19 per cent to Rs 173.45. At the NSE, shares advanced 8.30 per cent to close at Rs 167.55. On the traded volume front, 45.27 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day. In the past three days, the scrip plummeted 40.94 per cent. It hit its 52-week low of Rs 132.20 on Monday. Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival. Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots.
ITC moves NCLT against Hotel Leelaventure
Hotel Leelaventure on Tuesday said the diversified conglomerate ITC Ltd has filed a petition against it before the Mumbai bench of the National Company Law Tribunal (NCLT) for alleged "oppression and mismanagement".
LS polls: 46.28 pc voter turnout in Maha till 3 pm
An average 46.28 per cent voter turnout was recorded till 3 pm in 14 seats of Maharashtra where polling for the third phase of Lok Sabha elections was underway on Tuesday, an official said. Polling began at 7 am and long queues were seen outside several booths. The Kolhapur Lok Sabha constituency recorded 54.27 per cent voting till 3 pm, followed by Hatkanangale, where there was 52.27 per cent polling, according to the state election office. The voting figures in other constituencies are as follows: Jalgaon-42.62 per cent, Raver-46.04 per cent, Jalna-49.4 per cent, Aurangabad-47.36 per cent, Raigad-47.97 per cent, Pune-36.29 per cent, Baramati-45.35 per cent, Ahmednagar-45.65 per cent, Madha-44.13 per cent, Sangli- 46.64 per cent, Satara-44.77 per cent and Ratnagiri-Sindhudurg- 47.18 per cent. State BJP president Raosaheb Danve (Jalna) and NCP chief Sharad Pawar's daughter Supriya Sule (Baramati) are among the prominent candidates in the fray.