Page 511 - Business Finance
Future Retail raises Rs 2,000 cr through issue of warrants to promoter entity
Future Retail Tuesday said it has raised nearly Rs 2,000 crore through issue of warrants to its promoter group entity on a preferential basis. "The committee of directors of the company has inter-alia considered and allotted 3,96,03,960 equity warrants at a price of Rs 505 per warrant, each convertible into or exchangeable for one equity share of face value of Rs 2 each...to Future Coupons Ltd, a promoter group entity, on preferential basis," Kishore Biyani-led company said in a regulatory filing. The total aggregated value of funds raised through issuance of warrants is Rs 1,999.99 crore. Future Retail said the allotment has been made post receipt of the approval of Competition Commission of India (CCI). Shares of Future Retail settled 0.46 per cent lower at Rs 423 apiece on BSE.
IEPF Authority recovers Rs 1514 crore of depositors money from Peerless
Size of IEPF Fund has almost doubled within one-year with accumulated corpus of about Rs 4138 crore
RIL's earnings momentum set to pick up in FY20: HSBC
Taking note of the fact that weakness in Reliance Industries's (RIL) refining business has been counter-balanced by "solid growth" in retail and telecom (Jio) business, HSBC expects RIL's earnings momentum to accelerate in FY20 and maintains "buy" rating.
Trai to finalise views on OTT by May-end; studying global best practices: Sharma
Telecom regulator Trai hopes to finalise, by May-end its views on whether Over-The-Top (OTT) services like Whatsapp and Skype should be brought under the regulatory regime, an issue on which it has kept an "open mind" and studied global best practices and European model, a top official said. Telecom Regulatory Authority of India Chairman R S Sharma told PTI that the regulator has also studied the European Electronic Communications Code (European Union is amending the common rules regulating the telecom industry) and will keep global best practices in mind while formulating its opinion. OTT services refer to applications and services that are accessible over the Internet and ride on an operator's network. Skype, Viber, WhatsApp and Hike are some of the popular and widely-used OTT services. "We have studied the European Union's model...they have come up with Electronic Communications Code. We have also studied global best practices and we will keep those in mind," Sharma said. The ...
Infinix to expand product portfolio in India, introduce fitness band
Smartphone maker Infinix Tuesday said it will strengthen its product portfolio with the introduction of two new devices and a fitness band in the next few weeks in India. Infinix, part of China's Transsion Holdings, also plans to focus on the sub-Rs 10,000 price point to strengthen its position in the hyper-competitive Indian smartphone market against the likes of Xiaomi, Samsung and Vivo. "We have, over the last many months, engaged extensively with customers to understand their requirements and ensure that we can bring products that meet their demands," Infinix India Chief Executive Officer Anish Kapoor told PTI. He added that the company is focussing on the aspirational Indian who may be from tier-II or III cities but wants a device that offers the best features. Infinix Tuesday launched its 'Smart 3 Plus' smartphone, priced at Rs 6,999 that will go on sale from April 30. The smartphone features a 6.21-inch display, 13MP+2 MP triple rear camera setup, 8MP front camera and 3,500mAh .
Sensex, Nifty slide further on soaring crude prices
Equity benchmarks Sensex and Nifty ended in the negative terrain for the third session in a row on Tuesday as financial and auto stocks faced high selling pressure, while constant rise in crude oil prices reignited macro worries. 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. In the Sensex pack, 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 the other hand, ONGC, Sun Pharma, Bajaj Finance, Coal India, Reliance Industries, Infosys, ITC, ICICI Bank, HCL Tech and HUL rose as much as 3.93 per cent. Investor sentiment took a beating after US President Donald Trump on
Jet's historic rights on slots protected: Government
Amid concerns raised by investors bidding for a stake in the grounded Jet Airways, the Civil Aviation Ministry (MoCA) on Tuesday said that historic rights of slots of the financially crippled airline across various airports would be protected.
41 per cent voting in Karnataka (Fourth Lead) (3 p.m.)
An average of 41 per cent votes were cast till 3 p.m. in Karnataka's remaining 14 Lok Sabha seats during the third phase of polling amid tight security on Tuesday.
IEPF Authority recovers Rs 1,514 crore of depositors' money from Peerless
The Investor Education and Protection Fund (IEPF) Authority has been able to obtain transfer deposits worth Rs 1,514 crore from Kolkata-based Peerless General Finance and Investment Company.This money of depositors was pending with the company for the last 15 years. It was taken by issuing 1.49 crore deposit certificates to over one crore individual investors, according to an official statement released on Tuesday.Data submitted by Peerless shows that 50.77 per cent of the total amount was taken in the form of deposit certificates each with a value of Rs 2,000 or less.A majority of these investors are common citizens belonging to lower and middle-income group, including daily wage earners, from 30 states and union territories. Most of them are from West Bengal.The IEPF Authority, set up under the Ministry of Corporate Affairs, is in the process of commissioning an online facility to collect primary information directly from retail investors about the deposits, which have matured and ..
Dhampure Speciality Sugars announces change in directorate
With effect from 23 April 2019
Market ends with modest losses
Key equity indices settled with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 80.30 points or 0.21% at 38,564.88. The Nifty 50 index fell 18.50 points or 0.16% at 11,575.95.
ITC bungs in monkey wrench in Leela deal (IANS Special)
In the ongoing hot button Hotel Leela Venture takeover drama, shareholder ITC has moved National Company Law Tribunal against the company alleging "oppression and mismanagement".
GAIL (India) slips after emerging as top bidder for IL&FS wind energy assets
GAIL (India) fell 1.83% to Rs 338.15 at 14:41 IST on BSE after the company emerged as highest bidder for wind assets portfolio of IL&FS.
Gold falls Rs 100 on muted demand, weak global trend
Gold prices Tuesday drifted lower by Rs 100 to Rs 32,770 per 10 grams in the national capital, owing to weak demand from jewellers tracking subdued trend overseas, according to the All India Sarafa Association. Silver also declined by Rs 145 to Rs 38,425 per kg on reduced offtake by industrial units and coin makers. Traders said the fall in domestic demand and weak trend overseas led to a decline in prices of yellow metal. On Monday, gold had surged Rs 200 on the back of higher crude rates amid escalating tensions between the US and Iran. Globally, spot gold was trading lower at USD 1,273.80 an ounce, while silver was down at USD 15.06 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity lost Rs 100 to Rs 32,770 and Rs 32,600 per 10 gram, respectively. Sovereign gold held steady at Rs 26,400 per eight gram. Silver ready dropped Rs 145 to Rs 38,425 per kg, while weekly-based delivery dropped Rs 207 to Rs 37,320 per kg. On the other hand, silver .
TV18 Broadcast Ltd extends losses
TV18 Broadcast Ltd is quoting at Rs 32.9, down 1.64% on the day as on 13:24 IST on the NSE. The stock tumbled 48.75% in last one year as compared to a 9.5% rally in NIFTY and a 28.72% fall in the Nifty Media index.
SpiceJet to start 28 daily flights from April 26
SpiceJet said Tuesday it will start 28 daily flights connecting Mumbai and Delhi with other cities on its domestic network from April 26. Cash-starved Jet Airways suspended operations last week and the government authorities are in the process of allocating the airport slots vacated by the full-service carrier to other airlines, including SpiceJet, amid efforts to increase capacity to meet peak season traffic. SpiceJet said Tuesday the new flights from Mumbai are on the Mumbai-Jaipur-Mumbai, Mumbai-Amritsar-Mumbai, Mumbai-Mangalore-Mumbai and Mumbai-Coimbatore-Mumbai sectors. Moreover, the budget carrier has also enhanced operations with additional frequencies from the city on the routes of Mumbai-Patna-Mumbai, Mumbai-Hyderabad-Mumbai and Mumbai-Kolkata-Mumbai. "SpiceJet will also introduce two new frequencies each from Delhi to Patna and Bengaluru besides three additional frequencies on the Mumbai-Delhi-Mumbai sector," SpiceJet said. The new flights from Delhi to Mumbai and Bengaluru
RBI may offer more time for bank-led resolution of NPAs
The RBI is likely to adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular, replacing the controversial February 12 circular quashed by the Supreme Court.
Sify net profit rises 16 pc to Rs 30 cr in March quarter
IT company Sify Technologies Tuesday said its net profit increased 16 per cent to Rs 30 crore in the quarter ended March 31. The company had recorded a profit of Rs 26.1 crore in the corresponding period a year ago. Its revenue declined 7.2 per cent to Rs 562.3 crore, compared with 606.2 crore in the corresponding quarter of 2017-18. "Our revenue growth is lower than the prior year primarily due to the expiration of a large government multi-year services contract. "Excluding this impact, the overall revenue growth was in line with last year's growth," Sify Technologies Chief Financial Officer M P Vijay Kumar said in a statement. For the year ended March 31, Sify Technologies posted a 15.8 rise in its net profit to Rs 106.9 crore, compared with the Rs 923 crore it reported for 2017-18. The annual revenue of the company increase 4 per cent to Rs 2,154.7 crore for 2018-19 from the Rs 2,068.6 crore it posted for the previous financial year.
Pradeep Metals gets upgrade in ratings for bank facilities from CRISIL
Total bank loan facilities rated - Rs 102 crore Long term ratings - CRISIL BBB-/Stable (upgraded from CRISIL BB+/ Positive) Short term ratings - CRISIL A3 (upgraded from CRISIL A4+)
Aegis Logistics Ltd leads losers in 'A' group
Infibeam Avenues Ltd, Reliance Communications Ltd, HEG Ltd and Housing Development & Infrastructure Ltd are among the other losers in the BSE's 'A' group today, 23 April 2019.