Page 723 - Business Finance
Ramesh Kumar appointed as COO of Ibhaan Digital
: Engineering Services veteran V G Ramesh Kumar has joined Bengaluru-based Ibhaan Digital Edge Advance Solutions (P) Ltd as its Chief Operations Officer. Kumar has experience of more than 38 years in the rail transportation industry, of which 27 years was with the Indian Railways where he held key positions, and the later 11 years with the Global Transportation Industries, a company release said. He had last served as Head of Engineering India (Railways & Mass Transit) with Ansaldo STS, a Hitachi Group company in India. His experience in the corporate global transportation systems include his role as Chief Project Manager in Ahmedabad Metro Rail project and in Malaysian Railway doubling and electrification signaling project of Seremban-Gemas Project, the release added.
Sebi provides framework, timeline for counter offer process
Markets regulator Sebi Wednesday came out with the framework and timeline for the counter offer process. The counter offer is made in case the price discovered through reverse book building (RBB) is not acceptable to the promoter or the acquirer. The book value per share of the company shall be disclosed in the public announcement for counter offer, the regulator said in a circular. Additionally, the letter of offer shall contain details of the counter offer, activity schedule, among other details in a prescribed format. Regarding the timeline for counter offer, Sebi said the promoters or acquirers making public announcement of the offer through stock exchange mechanism shall do so within two days from the date of closure of RBB bidding process. The publication of counter offer will have to be made in the same newspapers where original RBB was published within four days from the closure of the RBB bidding process, it added. The opening of counter offer bidding process shall not be ...
Rajasthan poll panel asks nodal officers to monitor sale of liquor during LS polls
Rajasthan chief electoral officer (CEO) Anand Kumar on Wednesday directed departmental nodal officers to monitor daily sale of liquor in their respective areas during the Lok Sabha polls. "Liquor sale and sale on the basis of slips should be monitored during the model code of conduct. Monitoring should be done to curb retail sale of liquor from godowns, besides strengthening informer mechanism and increasing number of check-posts," he said in a meeting of nodal officers here. Lok Sabha polls in Rajasthan would be held on April 29 and March 6, which are the fourth and fifth phases of the seven-phase parliamentary election. He also directed the state-level banking committee to closely monitor transactions above Rs 1 lakh and issued directives to all the banks to not open separate bank accounts of candidates. He said the Income Tax Department should constitute teams to monitor flow of cash at airports, besides constituting teams at district levels. Additional Chief Electoral Officer Dr ..
Bajaj Consumer Care promoters sell 6.85 pc stake for Rs 320 crore
Promoter entities of Bajaj Consumer Care have sold 6.85 per cent stake in the FMCG firm for about Rs 320 crore through an open market transaction. Bajaj Resources Ltd, KNB Enterprises LLP and SKB Roop Commercial LLP sold 1.01 crore shares, or 6.85 per cent stake, in Bajaj Consumer Care on Tuesday, according to a regulatory filing. After the share sale, the promoters' stake in the company stands at 59.91 per cent. Based on the weighted average price of Bajaj Consumer Care's stock on Tuesday at Rs 316.70 apiece, the transaction is estimated to be valued at Rs 319.86 crore. Bajaj Consumer Care Ltd was earlier known as Bajaj Corp Ltd, and its popular products in the hair oil segment include Bajaj Almond Drops, Bajaj Kailash Parbat and Bajaj Brahmi Amla.
Corp affairs min formulates guidelines on responsible business conduct
The corporate affairs ministry Wednesday said it has formulated guidelines on responsible business conduct as well as set up a panel to develop business responsibility reporting formats. The ministry has revised the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGs). The National Guidelines on Responsible Business Conduct (NGRBC) would "urge businesses to actualise the principles in letter and spirit", it said in a release. A committee has also been constituted to develop Business Responsibility Reporting (BRR) formats for listed and unlisted companies. "Non-financial reporting is increasingly forming the basis for enhancing investor confidence in businesses and increasing their creditworthiness. "The committee is to develop comprehensive yet simple formats situating the various stakeholders at the centre so as to not increase or duplicate reporting burden," the release said. The formats would reflect linkages to prevalent ...
Rahul Bajaj resigns as Bajaj Finserv Chairman
Bajaj Finserv Wednesday said its Chairman and Non-Executive Director Rahul Bajaj has resigned and will take over as the Chairman Emeritus from May. Bajaj, 80, vide a letter dated February 15, 2019, has tendered his resignation which will be effective from the conclusion of the board meeting scheduled for May 16, 2019, the company said in a regulatory filing. His appointment as Chairman Emeritus will be effective from May 16, 2019, it added. "The board of directors has appointed Nanoo Pamnani as Independent Non-Executive Chairman of the company in place of Rahul Bajaj, with effect from May 17, 2019," it said. The company has also approved reappointment of independent directors D J Balaji Rao, Nanoo Pamnani and Gita Piramal for a second term of five years. While the appointment of Rao and Pamnani will be with effect from April 1, 2019, Piramal's term will begin from July 16, 2019. These changes are subject to approval of the shareholders. Bajaj Finserv deals with financial services of ..
Sebi slaps Rs 5 crore fine on promoters of Nakoda Ltd
Sebi has slapped Rs 5 crore fine on the promoters of Nakoda Ltd for failure to comply with its order passed more than five years ago wherein the entities were directed to make an open offer. In 2011, the collective shareholding of the company's promoter entities rose from 50.23 per cent to 62.93 per cent. Since the increase in stake was more than 5 per cent, a public announcement of open offer was to be made under Sebi norms but the entities failed to do so. Then in 2013, the watchdog directed the entities to make an open offer and the ruling was also upheld by the Securities Appellate Tribunal (SAT) in 2017. On Wednesday, Sebi said that till date the promoter entities have not complied with the order passed in 2013. "The noticees (12 entities) have thus deprived the shareholders at the relevant time of their statutory rights/ opportunity to exit from the company. "Since, the public shareholders were deprived of this valuable right, I am of the view that this is a fit case to impose ..
Travel-tech start-up Guiddoo raises funds from SOSV, Artesian
Guiddoo, a travel technology start-up for in-destination experiences has secured an undisclosed amount of funding from SOSV - a leading global venture capital firm based in New Jersey and Artesian China fund to build its products and offerings for the China market.Guiddoo currently offers its services across 15 international destinations and works with over 4000+ Travel Agents in India and also has institutional partners including Cleartrip & Yatra for their activities. In 2017, Guiddoo raised $300,000 (Rs 1.9 crore) and the second round of funding in December 2018 of $800,000 (Rs 6 crore) in a Pre-series around from global investors.According to a recent report by McKinsey, China has pipped the US to become the largest outbound market in the world and will continue to consolidate its leadership position with 160 Mn outbound travellers by 2020. The funds will be utilized to expand Guiddoo's footprint in China and to strengthen it's on ground operations and product development. ...
Asian Granito to raise Rs 90 crore through preferential warrants issue
Home decor major Asian Granito Limited said on Wednesday it is planning to issue 50 lakh convertible warrants on preferential basis to promoter and non-promoter group at Rs 180 per share.The ceramic manufacturer and marketer is expected to raise Rs 90 crore through the warrants issue. The proceeds will be used to fund expansion plans, debt reduction, meet working capital requirement and improve capital structure.Asian Granito expects to receive the first installment of 25 per cent of issue proceeds totalling Rs 22.5 crore by April-end. A total of 50 lakh warrants will be issued to promoter and non- promoter group in equal proportion.The promoter group holds 32.73 per cent stake in the company, which is expected to increase to about 35 per cent post the warrants conversion. Institutions including mutual funds and foreign portfolio investors hold 8.16 per cent stake."The company has taken a variety of branding initiatives and recalibrated the existing market approach in housing decor ...
Pvt manufacturing firms posted 24.9 pc growth in net profit in Q3: RBI
The private companies in manufacturing sector posted a 24.9 per cent growth in net profit in the October-December quarter of the current fiscal on annual basis, benefitting from lower tax provisions, the RBI said Wednesday. The analysis is based on the performance of private corporate sector during the third quarter of 2018-19 drawn from abridged financial results of 2,703 listed non-government non-financial (NGNF) companies, it said. "The manufacturing sector continued to record strong growth in net profits, benefitting from the lower tax provisions in Q3:2018-19," the RBI said while releasing the latest data on performance of the private corporate business. The companies posted a net profit of Rs 77,500 crore in the third quarter of the fiscal compared to Rs 57,800 crore in the year-ago period. Their profit was Rs 71,900 crore in the July-September quarter of 2018-19. However on the sales front, demand conditions in the manufacturing sector weakened on year-on-year basis. "This ...
Oil regulator hikes tariff of pipeline transporting Reliance gas by 37%, half of sought
Oil regulator PNGRB has approved a 37 per cent rise in tariff from April 1 for the pipeline that transports Reliance Industries' eastern offshore KG-D6 gas to customers. In its final tariff order, the Petroleum and Natural Gas Regulatory Board (PNGRB) in a March 12 order said transporting natural gas on the East-West pipeline would cost Rs 71.66 per million British thermal unit (mmBtu) on gross calorific value (GCV) basis from April 1 as compared to Rs 52.33 per mmBtu tariff charged for April 1, 2009, to March 31, 2019, period. The tariff approved is almost half of the tariff sought by East West Pipeline Ltd - the operator of the pipeline. It had sought the tariff to be raised to Rs 151.84 per mmBtu with effect from April 1, 2018. A rise in tariff would lead to increase in the price of fertiliser as well as city gas like CNG that uses gas brought through the pipeline starting from Kakinada in Andhra Pradesh and running up to Bharuch in Gujarat. The pipeline primarily transports KG-D6 .
Simplilearn Partners With National Skill Development Corporation to Upskill Learners in Digital Skills
/ -- Simplilearn, a leading digital skills training provider, today announced that the company has signed a Memorandum of Understanding (MoU) with National Skill Development Corporation (NSDC) to upskill learners in digital skills. As a part of the MoU, 33 of Simplilearn's courses will be accredited by NSDC, making Simplilearn a part of the government's Skill India program. (Logo: http://mma.prnewswire.com/media/535442/Simplilearn_Logo.jpg ) The first year of partnership aims to train 3,000 learners from across the country. Simplilearn will provide essential training and upskilling solutions to all the registered candidates of NSDC in various digital skills through its 33 courses. The course details will be available on the Skill India portal for the interested candidates. NSDC certified courses are highly regarded in the public sector and hence, students or professionals may see higher chances of getting jobs in their respective fields. "We are honoured to gain accreditation by the .
Market rallies for 3rd straight day; Sensex jumps 216 pts
Continuing its rising streak for the third session in a row, the BSE Sensex Wednesday climbed by over 216 points on unabated buying in banking stocks amid strong foreign fund inflows and positive domestic cues. The 30-share BSE index ended 216.51 points, or 0.58 per cent, higher at 37,752.17. The broader NSE Nifty closed with gains of 40.50 points, or 0.36 per cent, at 11,341.70. In the Sensex pack, IndusInd Bank rallied 4.15 per cent. Other gainers included Yes Bank, Bajaj Finance, HDFC Bank, SBI, Bajaj Auto, RIL, HCL Tech, HDFC and ICICI Bank -- rising up to 3.67 per cent. On the other hand, Bharti Airtel emerged as top loser with 4.08 per cent fall on the Sensex list. Other major laggards were Vedanta, Sun Pharma, Tata Steel, ONGC, Tata Motors, NTPC and Coal India -- shedding up to 3.48 per cent. Sectorally, the BSE bankex, finance, realty and energy realty indices surged up to 1.42 per cent. While, BSE telecom, metal, power, teck and healthcare indices ended in the red, losing as .
Market logs modest gains
Key indices logged modest gains after a volatile session of trade. The barometer index, the S&P BSE Sensex, gained 216.51 points or 0.58% at 37,752.17. The Nifty 50 index gained 40.50 points or 0.36% at 11,341.70.
Asian Granito India to raise Rs 90 cr via convertible warrants
Tiles maker Asian Granito India Wednesday said it is planning to raise Rs 90 crore through issue of convertible warrants on a preferential basis. The company will issue 50 lakh convertible warrants on a preferential basis to promoter group and non-promoters at Rs 180 per share, Asian Granito India Ltd (AGIL) said in a statement. The company expects to raise Rs 90 crore and the proceeds will be utilised to fund expansion plans, reduce debt, meet working capital requirement and improve capital structure, it added. AGIL further said it expects to receive the first instalment of 25 per cent of the issue proceeds - Rs 22.5 crore - by the end of April after approval in the EGM. The 50 lakh warrants will be issued to promoters, including Kamlesh Patel, Mukesh Patel and Suresh Patel, and non-promoters in equal proportion. "The warrant holders shall be entitled to convert the warrants into equal number of equity shares of face value of Rs 10 each on receipt of entire amount in one or more ...
RBI Announces OMO Purchase of GOI Dated Securities For Aggregate Amount Of Rs125 billion
Powered by Capital Market - Live News
RBI Says Demand Conditions In Manufacturing Sector Weaken, Notes Improved Sales Growth For Consumer Driven Sectors
The Reserve Bank released data on performance of the private corporate sector during the third quarter of 2018-19 drawn from abridged financial results of 2,703 listed non-government non-financial (NGNF) companies. Demand conditions in the manufacturing sector weakened as reflected in moderation of sales growth (y-o-y). This moderation was observed mainly in Textiles, Iron and Steel, Motor Vehicles and other Transport equipments industries whereas sales growth improved for consumer-driven sectors such as Food Product and Beverages, and Pharmaceuticals.
Gold rises on increased buying by jewellers, firm trend overseas
Gold prices Wednesday rallied by Rs 235 to Rs 33,385 per 10 gram in the national capital on increased buying by local jewellers amid a firm trend overseas, according to the All India Sarafa Association. Silver too advanced by Rs 130 to Rs 39,710 per kg on increased offtake by industrial units and coin makers. Traders said gold prices surged due to fresh buying by local jewellers. Besides, the metal crossing USD 1,300 an ounce mark overseas influenced the sentiment here. Globally, gold was trading higher at USD 1,304.31 per ounce while silver traded marginally lower at USD 15.43 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 235 to Rs 33,385 and Rs 33,215 per 10 gram, respectively. Sovereign gold, however, remained flat at Rs 26,400 per eight gram. Silver ready rose Rs 130 to Rs 39,710 per kg and weekly-based delivery by Rs 108 to Rs 38,768 per kg. Price for a lot of 100 silver coins remained flat at Rs 80,000 for purchase and ..
Telecom stocks decline
Stocks extended gains and hit fresh intraday high in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 191.86 points or 0.51% at 37,727.52. The Nifty 50 index was up 30.05 points or 0.27% at 11,331.25. Telecom stocks declined.
CCI clears Radiant Life Care-Max Healthcare merger
The Competition Commission of India (CCI) has cleared the purposed deal between KKR-backed Radiant Life Care and Max Healthcare. The companies announced the proposed merger in a joint statement in December 2018. The combined entity will be valued at Rs 7,242 crore, according to the statement. In a tweet on Tuesday, the fair trade regulator said it "approves proposed combination of Max Healthcare Institute Limited, Radiant Life Care Private Limited and Kayak Investments Holding Private Limited (affiliate of KKR & Co. Inc.)". According to the joint statement, the deal will see KKR becoming the majority shareholder, while Radiant Life Care promoter Abhay Soi will lead the combined company as chairman. Max Healthcare promoters led by Analjit Singh would step down, it added. Based on the share swap ratio recommended in the valuation report, the shareholding pattern of the combined entity will be 51.9 per cent, 23.2 per cent and 7 per cent held by KKR, Abhay Soi and Max promoters, ...