Page 690 - Business Finance
Vodafone Idea board okays price of Rs 12.50/share for Rs 25,000-cr rights issue
The board of directors of India's largest telecom operator Vodafone Idea Wednesday cleared the planned Rs 25,000-crore rights issue at a price of Rs 12.50 per equity share, a steep 61 per cent discount to the prevailing market rate. In a regulatory filing, the company said that the rights entitlement ratio has been fixed at 87 equity shares for every 38 equity shares held by eligible shareholders of the company on the record date, that is April 2, 2019. The issue opening date has been fixed for April 10 while the closing date has been set for April 24, 2019, the filing said. The issue price of Rs 12.50 per equity share (including a premium of Rs 2.50 per equity share) is at a massive 61 per cent discount to the previous closing of Rs 32 per share. Earlier this year, the board of directors of Vodafone Idea had approved Rs 25,000 crore fund-raising plan by way of rights issue to the existing eligible equity shareholders, following which the company received cabinet nod for foreign ...
Monsanto's Roundup weedkiller contributed to US man's cancer: jury
The weedkiller Roundup was a "substantial factor" in the cancer of a US man who developed a lump in his throat after decades of spraying his garden -- the second major legal defeat to agrochemical giant Monsanto in a year. Edwin Hardeman, 70, treated his property in Sonoma County, California, regularly with the herbicide from 1980 to 2012 and was eventually diagnosed with non-Hodgkin's lymphoma. His lawyers Aimee Wagstaff and Jennifer Moore said in a joint statement their client was "pleased" with the decision. "Now we can focus on the evidence that Monsanto has not taken a responsible, objective approach to the safety of Roundup," they added. "Instead, it is clear from Monsanto's actions that it does not particularly care whether its product is in fact giving people cancer, focusing instead on manipulating public opinion and undermining anyone who raises genuine and legitimate concerns about the issue." Jurors had been asked to decide whether the ingredient glyphosate -- the world's .
Vodafone Idea approves rights issue of Rs 25,000 crore
Vodafone India's board on Wednesday approved the plan to issue equity shares with a face value of Rs 10 at Rs 12.50 per equity share as rights issue aggregating up to Rs 25,000 crore.The board also fixed April 2 as the record date for the purpose of determining the shareholders who will be eligible to apply for the issue, the company informed stock exchanges in regulatory filings.The rights issue entitlement ratio is 87 shares for every 38 shares held by the eligible shareholders of the company on the record date.The issue will open on April 10 and close on April 24."We are well placed to exploit the growth opportunities ahead of us," said company's CEO Balesh Sharma. "The proceeds from the rights issue coupled with the monetisation of our stake in Indus will allow us to make the required investments in the business to achieve our strategic goals."Vodafone Idea is raising funds for expanding 4G capacity and working towards building future-proof networks. On February 6, the company ...
Important To Undertake Robust Expenditure Planning Based On Commonly Agreed Expenditure Code Says RBI Governor
While adhering to fiscal deficit targets and debt to GDP ratios, it is equally important to undertake robust expenditure planning based on a 'commonly agreed expenditure code' to address the socio-economic challenges without diluting the goals of fiscal consolidation, Shaktikanta Das, Governor, Reserve Bank of India stated yesterday. In a speech delivered at the launch of the book 'Indian Fiscal Federalism', he noted that recent initiatives in fostering co-operative federalism have opened new chapters of co-operation between Centre and States. The GST Council is functioning on the principle of shared sovereignty.
Weak market breadth
A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 12.37 points or 0.03% at 38,375.84. The Nifty 50 index was down 14.60 points or 0.13% at 11,517.80.
Eicher Motors Ltd drops for fifth straight session
Eicher Motors Ltd is quoting at Rs 21515.25, down 1.12% on the day as on 13:19 IST on the NSE. The stock tumbled 23.11% in last one year as compared to a 13.42% rally in NIFTY and a 21.56% fall in the Nifty Auto index.
IBM creates Blockchain-based global payment network
Information Technology (IT) major IBM has created a Blockchain-based global payment network that transmits monetary value in the form of digital assets, commonly known as cryptocurrencies or "stable coins."
US to build first exascale supercomputer in 2021
The US has disclosed its plan to build an exascale supercomputer, about seven times the speed rating of the most powerful system built to date.
Wellness Industry Grew 12.8% From USD3.7 Trillion (2015) to USD4.2 Trillion (2017): Colliers International India
/ -- Across Asia, wellness is now increasingly considered a key component of the employee experience. As per industry estimates, about 75% of millennials assign significant importance to wellness factors at work - something not to be ignored by leadership looking to recruit and retain top talent. As the concept of wellness gains ground, companies are starting to measure and report on the links between wellness and financial performance, often through the reduction of employee absenteeism. In India, for example, estimates put savings from wellness initiatives alone at up to US$20 billion last year. "Wellness will become more integral to the workplace as technological advancements continue to extend the possibilities and ease the implementation of fresh initiatives, as well as better measure their efficacy in terms of improved health, productivity and financial performance," says Ritesh Sachdev, Senior Executive Director, Occupier Services at Colliers International India. As the concept
Indian Startup, Chemarc.com, Becomes the Most Visited Web Platform for Chemicals in the World
/ -- Launched in Mumbai on August 2017, Chemarc.com has become the most-visited web platform for chemicals in the world, recording the highest Alexa rank amongst all chemical platforms and companies. Company sources disclosed that Chemarc.com attracts over 35,000 visits every day. The largest number of visitors are from India followed by the U.S Germany, France and Canada. (Photo: https://mma.prnewswire.com/media/837887/Chemarc.jpg) "We are setting up a digital platform for the chemical industry, the first step of which was to create a relevant community on the platform. This community becomes the magnet to attract businesses to interact and transact on the platform. We went the content route to create community and are pleased with the way things have shaped up," said Punit Krishna, CEO of Chemarc.com. Speaking to industry leaders at a popular industry forum, 'digital platforms are revolutionary', he said, "Probably the most significant opportunity of the digital era, digital ...
Hartek Group CMD appointed vice-chairman of IEEMA
Hartek Group Chairman and Managing Director Hartek Singh has been appointed as vice-chairman of the Indian Electrical and Electronics Manufacturers' Association (IEEMA) for the northern region. "With his (Hartek) vast experience and understanding of the industry, he will lead the regional activities, benefiting the entire fraternity of the electrical and allied industry in Punjab, Delhi, Haryana, Himachal Pradesh, Uttarakhand, Uttar Pradesh, Rajasthan and Madhya Pradesh," IEEMAsaid in a statement. Describing his appointment as an opportunity to work for the advancement of the industry, Singh said, "apart from promoting IEEMA memberships, I will address the concerns of the manufacturers by acting as an interface between the industry and the government." IEEMA is the first ISO-certified industry association with more than 800 member organisations encompassing the entire value chain in power generation, transmission and distribution equipment and electronic goods. Hartek Group has ...
DLF-Hines JV to develop Rs 1,900 crore Gurugram commercial project
Real estate major DLF Ltd has formed a second joint venture with global investment and development firm Hines to develop a commercial project in at an investment of Rs 1,900 crore.The project will be developed on 11.76 acres of land owned by the joint venture. The project is located in Udyog Vihar close to DLF CyberCity and construction will begin in 2019-2020.DLF Home Developers will hold 67 per cent stake in the joint venture while the remaining 33 per cent will be held by Green Horizon Trustee, an affiliate of Hines.However, Hines will have the option to increase its stake to up to 49 per cent. It has invested about Rs 500 crore in the first tranche."Over past 10 years, Hines and DLF have established a successful partnership, which has laid the foundation for us to come together again and expand the relationship to build world-class developments in Delhi-NCR," said Hines Eurasia CEO Lee Timmins.DLF's Managing Director (rental business) Sriram Khattar said: "With our joint ...
Hindalco Industries Ltd up for third consecutive session
Hindalco Industries Ltd is quoting at Rs 206.55, up 2.08% on the day as on 12:54 IST on the NSE. The stock is down 3.8% in last one year as compared to a 13.49% jump in NIFTY and a 15.27% jump in the Nifty Metal index.
Jubilant Foodworks Ltd spurts 0.66%, up for five straight sessions
Jubilant Foodworks Ltd is quoting at Rs 1408.05, up 0.66% on the day as on 12:44 IST on the NSE. The stock is up 27.58% in last one year as compared to a 13.41% gain in NIFTY and a 16.45% gain in the Nifty FMCG.
Qatar to launch largest energy bank with $10 bn
Qatar will launch the world's largest energy bank with a capital of $10 billion in 2019, an official of the new bank said.
India tech market to grow 8% in 2019: Forrester
India is the fastest-growing country for tech spending in Asia Pacific, increasing by 8 per cent in 2019 and by 7 per cent in 2020, according to a new report from global market research firm Forrester.
Barometers reverse intraday gains
Key benchmarks indices wiped off intraday gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 5.54 points or 0.01% at 38,369.01. The Nifty 50 index was down 9.85 points or 0.09% at 11,522.55. Mixed cues from other Asian market dented investors sentiments.
RCom shares continue to gain, rally 10 pc
Shares of Reliance Communications further zoomed 10 per cent to hit the highest trading permissible limit for the second day in a row Wednesday after the company cleared dues of Swedish service provider Ericsson. The scrip rose sharply by 10 per cent to Rs 4.84 -- its upper circuit limit -- on the BSE. On NSE, shares advanced 9 per cent to Rs 4.80. On the traded volume front, 150.71 lakh shares were traded on BSE and over 3 crore shares changed hands on NSE. Shares of the company had zoomed 10 per cent Tuesday too. Embattled billionaire Anil Ambani Monday warded off a possible jail term as RCom cleared dues of Ericsson with the money received from elder brother Mukesh and his wife Nita, whom he thanked for standing by him in trying times and extending "timely support". Anil's heavily debt-laden Reliance Communications made a Rs 550-crore payment, including interest, to Ericsson just a day before expiry of the deadline set by the Supreme Court to clear dues or face a three-month jail ..
Board of Shakti Pumps (India) approves change in CFO and resignation of director
At meeting held on 20 March 2019
Board of Vodafone India approves terms of rights issue
At meeting held on 20 March 2019