Page 785 - Business Finance
Bharti Airtel to raise Rs 32,000 crore via rights issue, perpetual bond
Telecom operator Bharti Airtel plans to raise Rs 32,000 crore through a mix of rights issue and bond in a bid to take on bruising market competition led by Reliance Jio.The company said its board of directors considered recommendations of a special committee of directors and "approved the fund raising of up to Rs 32,000 crore through rights issuance of up to Rs 25,000 crore and perpetual bond with equity credit up to Rs 7,000 crore."A perpetual bond of up to one billion dollars (about Rs 7,000 crore) denominated in foreign currency is "subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws," it said in a communication to stock exchanges.The terms of the rights issue cleared by the board on Thursday include price of Rs 220 per fully paid equity share (a premium of Rs 215 per fully paid equity share over face value of Rs 5 per share); and a rights entitlement ...
Motherson Sumi acquires Bombardier's UK rolling stock electrical component and systems business
A subsidiary of transportation component major Motherson Sumi Systems has acquired assets of Bombardier Transportation (Rolling Stock) UK Ltd for production and installation of electrical components and systems in the rail industry.This will include manufacturing of wiring harnesses, panel and cabinet build and electro-mechanical assemblies in Derby, Motherson Rolling Stock Systems informed stock exchanges on Friday.The transaction includes transfer of assets, employee and inventories on debt free and cash free basis and is valued at 10.87 million pounds.MRSS will enter into a lease agreement for the part of Bombardier's Derby site currently occupied by the business and will continue to operate the business with its current employees. Through this, the parent company Motherson Sumi Systems Limited will expand its supply of electricals and wiring systems to Bombardier Transportation, to cover UK rolling stock projects.The revenue of said business was 36 million pounds during calendar ..
Infosys fines Kiran Mazumdar Shaw for breaching insider trading norms
IT major Infosys has imposed a penalty of Rs 9.5 lakh on its lead independent director Kiran Mazumdar Shaw for inadvertently selling 1,600 shares during open trading window period without prior permission.The trade was carried out by the portfolio manager without the knowledge of Shaw, Infosys notified stock exchanges late on Thursday."In portfolio management services, the investor does not generally monitor the day-to-day investment decisions. In this case as well, Shaw had given no instruction to conduct the trade and she also had no knowledge of the trade having occurred. The portfolio manager unilaterally took the decision to conduct the trade," it said.Infosys said it was brought to the attention of company's compliance officer on February 13 that Shaw had inadvertently through her portfolio management services, sold 1,600 shares without obtaining pre-clearance of trade.The company's audit committee believes that this was an inadvertent trade made without intent to violate the ...
CSS Corp named amongst ET NOW 'Dream Companies to Work for' in India
CSS Corp, a new-age IT services and technology support company, today announced that it has been recognized amongst the 'Dream Companies to Work For' by ET Now, India's premier broadcast channel, and part of the Times Group. CSS Corp was recognized for its strong employee-centricity along with innovation and learning-oriented culture. The awards were presented at a gala ceremony on 16th February at Taj Lands End, Mumbai. CSS Corp was featured in the list of top 51 companies in India across all industries. CSS Corp scored well in parameters such as company vision, alignment of learning to business goals, technology and innovation, career development, and employee engagement. The company's learning and innovation environment, customer-centricity and outcome-orientation, along with its career progression framework- 'Reimagine', helped propel it through the rankings. The recognition reaffirms CSS Corp's position as one of the premier employers to work for in the IT & Software ...
Public Sector Banks are lifeline of Indian economy, says Union Finance Minister Arun Jaitley
Talking about the reforms of Public Sector Banks (PSBs), he said that culmination of reforms was long overdue in the banking system. Jaitley said that some reforms are born-out of compulsion while there are many others which are born-out of conviction. He admitted that for the Government, it was a combination of both. The growth of our economy depends on PSBs ability to flow credit to the market and maintain sufficient liquidity. If that doesn't happen, the economy as a whole will shrink. To keep economy in good health, PSBs are simply necessary. The Finance Minister said that the worst in banking system is now behind us. Our fast growing economy needs to develop into a developed society and to do that, it is imperative that we must also be an ethical society. Jaitley said with conviction that in evolution of India into a more ethical society, the last five years will go down in history as a turning point.
Sugarcane arrears to growers to come down by Rs 9,000 cr: ISMA
The government's decision to provide up to Rs 10,540 crore as soft loans to sugar mills will help them in clearing arrears of cane growers by about Rs 9,000 crore, a top industry official said on Friday. Indian Sugar Mills Association (ISMA) Director General Abinash Verma said mills interest burden will reduce by Rs 800-900 crore with government providing the interest subvention. Sugar cane arrears to farmers have crossed Rs 20,000 crore in the current marketing year 2018-19 (October-September). "Since the soft loans approved by CCEA for the sugar industry will be over and above the existing loans, the same will help reduce cane price arrears to the extent of around 8000-9000 crore. The interest subsidy of 7-10 % will reduce expenditure of 800-900 crore on account of interest burden of mills," Verma told PTI. "One needs to see how the sugar mills with distressed balance sheets manage to get the loans, especially because they are the ones who have not been given working capital loans ..
SML ISUZU soars after strong February sales
SML ISUZU hit an upper circuit limit of 20% at Rs 682.55 at 13:40 IST on BSE after the company said its total sales rose 32.85% to 1,282 units in February 2019 over February 2018.
Cabinet approves Rs 1450 crore for the share capital of RBI in National Housing Bank
Expenditure of Rs 1450 crore is to be met out of Gross Budgetary Support 2018-19
Ashok Leyland sells 18,245 units in Feb
Commercial vehicle maker Ashok Leyland Ltd on Friday said it closed February with a total sale of 18,245 units.
RBI Constitutes Task Force On Offshore Rupee Markets
The Reserve Bank has been guided by the objective of developing deep and liquid on-shore financial markets that act as a price setter of the Rupee globally. The focus of policy efforts has been to align incentives for non-residents to gradually move to the domestic market while at the same time improving market liquidity to promote hedging activity on-shore. With this objective, RBI had announced, in the Statement on Developmental and Regulatory Policies dated February 7, 2019, the setting up of a Task Force on Offshore Rupee Markets. The Task Force shall examine the issues relating to the offshore Rupee markets in depth and recommend appropriate policy measures that also factor in the requirement of ensuring the stability of the external value of the Rupee.
Bank of India jumps 4.75%
Bank of India is quoting at Rs 87.05, up 4.75% on the day as on 12:49 IST on the NSE. The stock is down 21.33% in last one year as compared to a 4.53% spurt in NIFTY and a 6.66% spurt in the Nifty PSU Bank index.
Syndicate Bank rallies more than 6%
Syndicate Bank is quoting at Rs 35.55, up 6.28% on the day as on 12:49 IST on the NSE. The stock is down 40.05% in last one year as compared to a 4.53% gain in NIFTY and a 6.66% gain in the Nifty PSU Bank index.
Union Bank of India in demand
Union Bank of India is quoting at Rs 76.5, up 6.77% on the day as on 12:49 IST on the NSE. The stock is down 24.07% in last one year as compared to a 4.53% gain in NIFTY and a 6.66% gain in the Nifty PSU Bank index.
Dish TV India Ltd sees continued buying
Dish TV India Ltd is quoting at Rs 40.35, up 3.46% on the day as on 12:49 IST on the NSE. The stock is down 42.68% in last one year as compared to a 4.53% jump in NIFTY and a 22.26% jump in the Nifty Media index.
Cabinet gives 'In Principle' approval for strategic disinvestment of Kamarajar Port
Chennai Port Trust to acquire 100% govt share of Kamarajar Port in a single process through strategic
Cabinet approves setting up of a Railway Zone at Vishakhapatnam
New Railway Zone to bring optimality in size and scale of operations and also meet persistent demand and aspirations of the people of the area
Canara Bank gains for third consecutive session
Canara Bank is quoting at Rs 238.55, up 3.07% on the day as on 12:49 IST on the NSE. The stock is down 14.88% in last one year as compared to a 4.53% spurt in NIFTY and a 6.66% spurt in the Nifty PSU Bank index.
Oriental Bank of Commerce gains for third straight session
Oriental Bank of Commerce is quoting at Rs 89.65, up 8.21% on the day as on 12:49 IST on the NSE. The stock is down 8.71% in last one year as compared to a 4.53% jump in NIFTY and a 6.66% jump in the Nifty PSU Bank index.
Piramal Enterprises Ltd spurts 1.35%, up for third straight session
Piramal Enterprises Ltd is quoting at Rs 2358, up 1.35% on the day as on 12:49 IST on the NSE. The stock is down 3.4% in last one year as compared to a 4.53% gain in NIFTY and a 0.62% gain in the Nifty Pharma index.
Godrej Consumer Products Ltd up for third straight session
Godrej Consumer Products Ltd is quoting at Rs 680.25, up 1.1% on the day as on 12:49 IST on the NSE. The stock is down 5.11% in last one year as compared to a 4.53% jump in NIFTY and a 12.29% jump in the Nifty FMCG index.