Page 642 - Business Finance
Rail Vikas Nigam IPO subscribed 9% on first day of bidding
The initial public offer (IPO) of state-owned Rail Vikas Nigam Limited was subscribed 9 per cent on the first day of bidding on Friday. The Rs 481-crore IPO received bids for 2,19,01,620 shares against the total issue size of 25,34,57,280 shares, as per the latest data on the NSE. The category reserved for non-institutional investors was subscribed 2 per cent, while that for retail individual investors was subscribed 24 per cent. The price range for the offer, which would close on April 3, has been fixed at Rs 17-19 per share. The IPO is expected to raise about Rs 481 crore at the upper end of the price band. The equity shares of RVNL are proposed to be listed on the BSE and the National Stock Exchange of India. YES Securities (India) Ltd, Elara Capital (India) Private Ltd and IDBI Capital Markets & Securities Ltd are managing the issue. RVNL is in the business of executing all types of railway projects, including new lines, doubling, gauge conversion, railway electrification, ...
China, US conclude 'constructive' trade talks
Government representatives from the US and China on Friday concluded a fresh round of constructive trade negotiations here ahead of another round of talks in Washington that could pave the way for a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping to sign off on a deal later in the month.
DLF shares gain over 4% on fund raising
Shares of DLF Friday gained over 4 per cent after the company said it has raised Rs 3,173 crore by selling shares to institutional investors through its QIP offer. The stock rose by 3.94 per cent to close at Rs 201.60 on the BSE. During the day, it jumped 6.49 per cent to Rs 206.55. At the NSE, shares went up by 4.32 per cent to close at Rs 202.45. On the traded volume front, 13.28 lakh shares were traded on the BSE, while over one crore shares were traded on the NSE during the day. DLF, the country's largest real estate firm in market value, would utilise this amount mainly to prepay debt, which stood at around Rs 7,000 crore at the end of December 2018. The company had launched its qualified institutional placement (QIP) issue on Monday, offering up to 17.3 crore shares to investors. The issue closed Thursday. In a regulatory filing, DLF informed Friday that the Securities Issuance Committee has approved the allotment of 17.3 crore equity shares to eligible qualified institutional ..
NCLAT seeks details of assets and liabilities of 13 IL&FS entities
The National Company Law Appellate Tribunal (NCLAT) Friday asked the government and the debt-ridden IL&FS to submit details of assets and liabilities of 13 entities of the group. A two-member bench headed by Chairman Justice S J Mukhopadhaya asked the IL&FS group to submit the details of four 'amber' entities -- Hazribagh Ranchi Expressway Ltd, Jharkhand Road Project Implementation Company Ltd, Moradabad Bareily Expressway Ltd and West Gujarat Expressway Ltd. It also asked IL&FS to prepare a similar list for the rest nine 'amber' entities of the group. Under its resolution plan, the government has categorised IL&FS group companies into green, amber and red categories based on their respective financial positions. Companies classified as 'green' would continue to meet their payment obligations, while 'amber' category firms can meet only operational payment obligations to senior secured financial creditors. Red category entities are those which cannot meet their payment .
Fiscal deficit crosses 134 pc of budget estimate at Feb-end
The country's fiscal deficit touched 134.2 per cent of the full-year revised budgeted estimate at the end of February 2019, mainly due to tepid growth in revenue collections, official data showed Friday. In absolute term, fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 lakh crore for the entire year, according to Controller General of Accounts (CGA) data. However, Economic Affairs Secretary S C Garg told reporters that the government is committed to restrict the fiscal deficit at 3.4 per cent of the Gross Domestic Product (GDP) as envisaged in the Budget. The CGA data revealed that revenue receipts of the central government was Rs 12.65 lakh crore or 73.2 per cent of the revised budgetary estimate (BE) at February end. In the same period last fiscal, the revenue collection was 78.2 per cent of the estimates. The government's tax revenue stood at Rs 10.94 lakh crore and non-tax revenue was Rs 1.7 lakh crore. Total ...
NCLAT seeks financial details of 13 IL&FS group entities
The National Company Law Appellate Tribunal (NCLAT) Friday asked the government and the IL&FS to provide financial details, including amounts payable to creditors, regarding 13 group entities. A two-member bench headed by Chairman Justice S J Mukhopadhaya also clarified that there was no stay on the government to proceed with the resolution plan for IL&FS entities. During the proceedings, the bench said that whatsoever step is taken by the newly-appointed board and the government for resolution of IL&FS and its group companies would have to be approved by the appellate tribunal. The NCLAT has listed the matter for next hearing on April 8. The bench also said it would hear the banking regulator RBI on moratorium against IL&FS group companies at the next hearing. In an order Friday, the tribunal sought financial details about 13 entities of IL&FS group that have been classified under the 'amber' category. Under its resolution plan, the government has categorised ...
April-February fiscal deficit at 134% of target
India's budgetary fiscal deficit for April-February 2018-19 period reached 134.2 per cent or Rs 8.51 lakh crore of the target at Rs 6.34 lakh crore, official data showed on Tuesday.
Debtors need to honour contracts, says chief economic advisor
: If the country has to be disruptor to occupy its place among other developed countries, it has to follow a culture of ensuring debtors honour contracts with banks and financial institutions, chief economic advisor Dr Krishnamurthy Subramanian said Friday. "It is extremely important to respect the moral dimensions of the debt contract," he said while delivering his address at the annual regional meeting and summit on 'Industry Future Forward' organised here by the trade body CII. The debt contract in itself has moral essence with the equity holder and the businessman keeps all the goods and repays the obligations to the banks. But if things go bad, it is beholden to that contractual obligation, he said. So far, the country has been having a situation in which private profits and losses were getting socialised through banks, he said. This was because what appears in the deposits are the tax payers' money, he said. "So this important change in culture is absolutely ...
Small stocks fall up to 11.6 pc in FY19; Sensex zooms over 17 pc
Small and mid-cap indices of the BSE suffered losses of up to 11.6 per cent during 2018-19, lagging behind their blue-chip peer which logged a gain of more than 17 per cent. While the small-cap index plunged 11.57 per cent or 1,967 points during 2018-19 fiscal, the mid-cap index went down by 3 per cent or 482.97 points. On the other hand, the Sensex jumped 17.30 per cent or 5,704.23 points. And, the NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent. "The cycle of FY19 has completed, the benchmark Nifty had given return of 15 per cent y-o-y (year-on-year). Sectors like bank, energy and IT outperformed followed by FMCG (fast-moving consumer goods) and Pharma," said Vinod Nair, head of research, Geojit Financial Services Ltd. According to market experts, headwinds such as concerns of slowdown in global economy, rising crude oil prices and trade war issue played spoilsport for the broader market. Small stocks tend to suffer more during times of ...
Musk explains Tesla store closures to employees
Electric Vehicle (EV) maker Tesla's CEO Elon Musk emailed staffers to explain the situation at the company in the wake of his announcement of closing several of its retail stores and go all-in with online car sales.
Govt to borrow Rs 4.42 lakh cr in H1 FY2019-20: Economic affairs secy
The finance ministry Friday said the government will borrow Rs 4.42 lakh crore in the first half of the fiscal 2019-20. As per the Union Budget, the gross borrowing was pegged at Rs 7.1 lakh crore for 2019-20, higher than Rs 5.71 lakh crore estimated for the ongoing fiscal. Briefing reporters on the borrowing programme for 2019-20, Economic Affairs Secretary Subhash Chandra Garg said gross borrowing will be Rs 4.42 lakh crore during April-September 2019-20. Net borrowing would be Rs 3.4 lakh crore in the first half of the next fiscal. Gross borrowing includes repayments of past loans. Garg also said the government will stick to the fiscal deficit target of 3.4 per cent of the GDP for the current fiscal. The government raises funds from the market to fund its fiscal deficit through dated securities and treasury bills. In the Budget, the fiscal deficit target for 2019-20 was retained at 3.4 per cent of the GDP.
Inox Leisure commences commercial operation of multiplex theatre in Bhubaneswar
The said Multiplex Cinema Theatre has 3 screens and 609 seats.
Sensex ends 127 points up, Nifty up 54 points
The key Indian equity indices ended the financial year 2018-19 on a positive note with the BSE Sensex closing 127 points higher on Friday.
CAD widens to 2.5 pc of GDP in Q3
The country's current account deficit widened to 2.5 per cent of GDP in third quarter of the current fiscal from 2.1 per cent a year ago, primarily on account of a higher trade deficit, the RBI said Friday. In absolute terms, the CAD, or the gap between inflow and outflow of foreign exchange in the current account, was USD 16.9 billion in the October-December 2018 period, up from USD 13.7 billion in the year-ago period. The deficit, however, had moderated to USD 19.1 billion or 2.9 per cent of GDP in the preceding quarter (July-September). "The widening of the CAD (current account deficit) on a year-on-year basis was primarily on account of a higher trade deficit at USD 49.5 billion as compared with USD 44.0 billion a year ago," the Reserve Bank of India (RBI) said in a statement. The CAD increased to 2.6 per cent of GDP during the April-December 2018 period, from 1.8 per cent in April-December 2017 on the back of widening of the trade deficit.
Rail Vikas Nigam IPO subscribed 9%
Receives bids for 2.19 crore shares
Grasim Industries acquires 100% stake in Soktas India
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Rupee rebounds 16 paise to 69.14 vs USD on robust foreign fund inflows
The rupee appreciated by 16 paise Friday to close at 69.14 against the US dollar on persistent foreign fund inflows and heavy buying in domestic equities. A positive trend in the global equity markets, driven by optimism surrounding the ongoing US-China trade talks, also propped up the rupee, analysts said. At the Interbank Foreign Exchange (forex) market, the domestic unit opened strong at 69.20 but surrendered the gains to slip to a low of 69.32. However, it clawed back lost ground and finally ended at 69.14, up 16 paise over its previous close. On Thursday, the rupee had slumped 42 paise to end at 69.30. However, during the week, the domestic currency lost 19 paise. The rupee has gained over 2 per cent in March, HDFC Securities Head PCG & Capital Markets Strategy V K Sharma said. He further said "the central bank has intervened to drain dollars that banks had acquired before the RBI's foreign-exchange swap earlier this week, that also supported rupee appreciation". Under the ...
Haier holds groundbreaking ceremony for industrial park in Greater Noida
Home appliances brand Haier India Friday said it held the groundbreaking ceremony of its second industrial park at Greater Noida in Uttar Pradesh set-up with an investment of Rs 3,069 crore. With this investment, Haier India aims to scale-up the production capacity of appliances such as refrigerators, washing machines, air conditioners, LED panels, and water heaters. The ceremony comes after the company had signed a memorandum of understanding with Uttar Pradesh government in September 2018 to invest Rs 3,069 crore over the next three years in two phases, the company said in a statement. This second industrial park of the company will have a capacity to produce two million units of refrigerators, one million units of LED TVs, one million units of washing machines and air conditioners in a year when fully completed, the company added. India is a big market for the company and it would like to continue investing here in manufacturing and simultaneously design technological innovations ..
Metals, pharma scrips lead the rally, Nifty closes above 11,600 mark
Equity benchmark indices traded in the positive zone on Friday with metals and pharma stocks leading the rally.The BSE S & P Sensex closed 127 points higher at 38,673 while the NSE Nifty 50 gained 54 points to wind up the day at 11,624.On sectoral specifics, the metals index closed 2.37 per cent high with shares of Jindal Steel, SAIL, NALCO, Vedanta and JSW Steel in the lead.The Nifty Pharma index gained 1.6 per cent amid heavy buying in Aurobindo Pharma, Cadila Health, Piramal Enterprises and Divis Lab.Vodafone Idea rallied more than 3.7 per cent after reports of seeking an equal stake in a proposed Rs 40,000 crore optic fibre joint venture with Bharti Airtel.Shares of Adani Group also gained following a report that Adani Ports may be eyeing GMR's Kakinada Special Economic Zone in Andhra Pradesh.Among other prominent gainers were Indiabulls Housing Finance, Infosys and HCL Tech. But Yes Bank, IndusInd Bank, Axis Bank, Bajaj Auto and ITC suffered losses.Meanwhile, Asian shares ...
Nissan to hike Datsun GO and GO+ price by up to 4% from April
Automaker Nissan India Friday said it will increase the price of Datsun GO and GO+ models by up to 4 per cent with effect from April 1. "With rise in input costs and several economic factors, we are making a nominal price adjustment to our Datsun GO and GO+ models," Nissan Motor India Director Sales and Commercial Hardeep Singh Brar said in a statement. Datsun GO is currently priced between Rs 3.29 lakh and Rs 4.89 lakh, while GO+ is tagged at Rs 3.83 lakh to Rs 5.69 lakh (ex-showroom Delhi). On Thursday, Mahindra & Mahindra (M&M) had announced Rs 5,000 to Rs 73,000 price increase for its passenger and commercial vehicles from April. Earlier this week, French car maker Renault also announced up to 3 per cent increase in price of Kwid range in India from April. Last week, Tata Motors had announced an increase in price of its passenger vehicles by up to Rs 25,000 from April on account of rising input costs and external economic conditions. Toyota and Jaguar Land Rover have also .