Page 665 - Business Finance
Board of California Software Company approves conversion of unsecured loans into OCRPS
At meeting held on 26 March 2019
Dish TV India inducts CEO as director
With effect from 26 March 2019
KM Sugar Mills resumes operations at Distillery Unit at Masodha, UP
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DLF shares gain nearly 4 pc on fundraising move
Shares of DLF rose by nearly 4 per cent Tuesday after the company launched its QIP offer to raise over Rs 3,000 crore by selling 17.3 crore equity shares to qualified institutional investors. The stock gained 3.80 per cent to close at Rs 196.60 on the BSE. During the day, it jumped 8.23 per cent to Rs 205. On the National Stock Exchange (NSE), shares went up by 3.77 per cent to close at Rs 196.40 apiece. On the traded volume front, 22.65 lakh shares were traded on the BSE and over 2 crore shares on the NSE during the day. With an aim to become a debt-free company, DLF had last year announced plans to issue up to 17.3 crore shares through qualified institutional placement (QIP) to raise funds and pre-pay loans. According to a regulatory filing, DLF has launched its QIP on Monday and the floor price has been fixed at Rs 193.01 per equity share. This is the third major fund raising from DLF. In 2007, DLF raised close to Rs 9,200 crore through initial public offering (IPO). In 2013, the ..
Led by banking stocks, Sensex zooms 425 points to close at 38,233
Equity benchmark indices extended gains in the afternoon session on Tuesday after a strong rally led by banking and financial stocks.The BSE S & P Sensex closed 425 points higher at 38,233 while the NSE Nifty 50 was up 129 points at 11,483.Among the lead gainers were State Bank of India, Bajaj Finance, Reliance Industries, Vedanta and NTPC. All of them gained three to four per cent.Tech Mahindra, Indian Oil, Infosys, Wipro, and Coal India lost 0.6 to 2.5 per cent.The most active stocks on the National Stock Exchange were Jet Airways, Reliance Industries, DLF, HDFC Bank, and Infosys.Meanwhile, Asian stock markets were up after two days of losses. Investors remained cautious amid fresh worries of a possible US recession in coming months and the lingering Brexit crisis.On Monday, British Prime Minister Theresa May said that there was not enough support to put her deal to a third vote in Parliament.
Quick Wrap: Nifty PSU Bank Index rises 3.13%, NIFTY jumps 1.14%
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Scania commissions parts warehouse in Nagpur
Scania Commercial Vehicles India Tuesday said it has commissioned a parts warehouse at Nagpur. The facility, which is spread across 30,000 square feet, will cater to requirements for company's off-road, on-road and engine products. "This strategic move closer to our largest distribution partner, L&T, vastly builds on synergies and improves the operational efficiency, reduces the order processing time for our customers across India, thereby resulting in better turn-around-time and better availability of spare parts," Scania India Managing Director Petr Novotny said in a statement. The centralised warehouse at Nagpur is a part of the company's expansion strategy and reiterates its commitment to the country, he added. "We are confident that such strategic initiatives will further support Scania India's growth story," Novotny said.
Jet Airways shares rally further; close 6.5% higher as Naresh Goyal steps down
Shares of Jet Airways continued to rise for the second day Tuesday and closed 6.5 per cent higher on the bourses following the exit of Chairman Naresh Goyal and his wife Anita Goyal from its board. The stock closed at Rs 271, up 6.48 per cent on the BSE. During the day, it zoomed 9.62 per cent to Rs 279. At the NSE, shares jumped 5.37 per cent to close at Rs 267.75. On the traded volume front, 54.11 lakh shares were traded on the BSE and over 6 crore shares on the NSE during the day. Shares of Jet Airways had zoomed 15.5 per cent on Monday. Naresh Goyal and his wife will resign from the board of the airline, according to a regulatory filing Monday. The decision was taken at the airline's board meeting held in Mumbai Monday. In the filing to the stock exchanges, Jet Airways Monday said Naresh Goyal, Anita Goyal and one nominee of Etihad Airways PJSC would step down from the board. Abu Dhabi-based Etihad is a strategic partner with 24 per cent stake in Jet Airways. Naresh Goyal would ...
Northern Arc Capital raises Rs 910 Cr from IIFL
Northern Arc Capital, formerly IFMR Capital, has raised Rs 910 crore (USD 130 million) from IIFL Special Opportunities Fund and its Series, managed by IIFL Asset Management Ltd, Standard Chartered Pvt Equity and Affirma Capital. "With this round of funding, the total equity raised by Northern Arc stands at Rs 1,400 crore," a release said. With this round of investment, the company's net worth has almost doubled, the city-based firm said. As part of this transaction, investors Dvara Trust, LeapFrog Investments and Accion would sell their stake in the company. Axis Capital, Credit Suisse and ICICI Securities acted as advisors to the transaction. Affirma Capital is the newly formed private equity firm to be managed by team of Standard Chartered Private Equity. "This is significant milestone for Northern Arc..the capital will allow us to significantly scale-up the existing business and pursue new opportunities," Northern Arc Capital, MD and CEO, Kshama Fernandes said. "We ...
Happy to see PSU banks bailing out Jet: Mallya
Fugitive businessman Vijay Mallya on Tuesday said he was happy to see that public sector banks have bailed out Jet Airways, wishing the same was done for his now defunct Kingfisher Airlines.
Optimistic about Jet Airways' future: CEO
Jet Airways CEO Vinay Dube on Tuesday said that the stakeholders of the cash-strapped airline were optimistic about the airline's future.
Coffee table book 'Shirtopedia' to be launched Wednesday
A coffee table book on shirt industry - Shirtopedia, chronicling the history of the garment since 3,000 BC - will be unveiled here Wednesday, retail intelligence firm Images Group said. The domestic shirts market, which was pegged at Rs 44,830 crore in 2017, is expected to grow at 6 per cent annually to become Rs 81,578 crore by 2027, as per the upcoming book. Shirts account for around 12 per cent of the total apparel market in the country. "The men's shirt category holds 82 per cent of the total shirts market followed by the kids segment at 12 per cent. The remaining 6 per cent is constituted by the women's shirts segment," said Amit Gugnani, Senior Vice President, Fashion - Textiles and Apparel at Technopak. The men's shirt segment is expected to grow at an annual rate of 5 per cent whereas the women's segment is estimated to grow at 11 per cent annually over the next decade, while the kid's category would grow 9 per cent, he added. The domestic men's shirt market is valued at Rs ...
MoCA secy chairs meeting with Jet Airways officials, bankers
New Delhi [India], Mar 26 (ANI): Secretary Ministry of Civil Aviation, Pradeep Singh Kharola, on Tuesday has called for a meeting with bankers and officials of Jet Airways to discuss issues pertaining to the airline.This comes a day after Naresh Goyal and his wife Anita stepped down from the Jet Airways' board of directors.Apart from Kharola, Director General of Civil Aviation BS Bhullar and SBI chairman Rajnish Kumar are also attending the meeting, which is being held at the Ministry office here.According to sources, the meeting is being held to discuss operations of Jet Airways and management functioning after the promoters stepped down.Earlier, Jet's board had said there will be immediate funding support of up to Rs 1,500 crore by lenders by way of issue of appropriate debt instrument against the security of the assets of Jet Airways.According to a statement issued by Kuldeep Sharma, vice president--Global Compliance and Company Secretary, "The bidding process will be initiated by .
Sensex regains 38,000
Domestic stocks logged strong gains on steady buying demand in index pivotals. The barometer index, the S&P BSE Sensex, gained 424.50 points or 1.12% at 38,233.41. The Nifty 50 index gained 129 points or 1.14% at 11,483.25. The Sensex ended well above the psychological 38,000 mark after day's high above that level in intraday trade.
SBI, DGCA, Ministry attend meeting on Jet Airways
A crucial meeting on Jet Airways took place at the Civil Aviation Ministry here attended by representatives of the SBI, Jet, DGCA and the Ministry.
Blue Star to commission Sri City plant in AP by 2022
: Air-conditioner and commercial refrigeration major Blue Star plans to commission its greenfield unit at Sri City in Andhra Pradesh by the financial year 2022, a top official said Tuesday. Construction activities at the plant would start in FY21 and the goal is to commission the unit by FY22, Blue Star joint managing director B Thiagarajan told reporters here. The company had acquired land at Sri City and the installed capacity would be five lakh units per annum, he said. Blue Star launched 75 new models of room air- conditioners during its platinum jubilee year in 2018, which include energy-efficient inverter ACs promising 30 per cent extra cooling over and above its rated capacity. On the launch of the new range of air-conditioners, he said the company is confident of increasing its share in the room AC market to 13.5 per cent in FY20 from 12.8 per cent now. The firm registered a revenue of Rs 4,600 crore last fiscal. It intends to increase its investment to Rs 50 ...
Indian gamers missing work, sleep, meals: Report
Gamers in India are compromising on meals, sleep and social life while playing online games, and 49.2 per cent people are considering quitting their jobs to take up gaming as a profession, according to a report on Tuesday.
Sensex zooms 425 pts on global rebound; Nifty above 11,450
Benchmark Sensex rebounded about 425 points to end well above the 38,000-mark Tuesday, breaking its two-day falling streak on gains in heavy-weights RIL, SBI and ICICI Bank amid persistent foreign fund inflows and positive global leads. The broader NSE Nifty too inched closer to the key 11,500 mark. A stronger rupee also supported the rally. The rupee strengthened 19 paise to 68.77 against the dollar (intra-day). Markets commenced on a strong note largely in line with a firming trend at other Asian bourses but remained range-bound as investors were cautious. Buying activity gathered momentum in late afternoon trade that helped both the indices Sensex and Nifty to regain their key levels. The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end. It finally ended at 38,233.41, up 424.50 points, or 1.12 per cent. The gauge had lost over 575 points in the previous two sessions, ...
Market spurts as pivotals advance
Domestic stocks logged strong gains on steady buying demand in index pivotals. The barometer index, the S&P BSE Sensex, gained 424.50 points or 1.12% at 38,233.41. The Nifty 50 index gained 129 points or 1.14% at 11,483.25. The Sensex ended well above the psychological 38,000 mark after day's high above that level in intraday trade.
HCC to raise Rs.1,750 crore through Monetisation of Claims
Under the terms of the transaction, HCC will transfer its beneficial interest and rights in an identified portfolio of arbitration awards & claims to a special purpose vehicle (SPV) controlled by a consortium of investors, including BlackRock. HCC will receive a consideration of Rs.1,750 crore from the SPV, which will be utilised to prepay debt of Rs.1,250 crore, including its entire term loan of Rs.942 crore which is due in the next 3 years and Rs.308 crore of OCDs. The balance Rs.500 crore will be made available to fund working capital and business growth. Consequently, the balance sheet of HCC would stand substantially deleveraged, with debt servicing over the next 4 years being limited to its working capital facilities.