Author: Finance Khabar
New Delhi: On Friday, the finance ministry laid the road to divestment in the country largest insurer, in what is expected to become the largest ever IPO (initial public offering) in India. The Department of public asset management (DIPAM), under the finance ministry, has invited bids from consulting firms, investment bankers and financial institutions to advise the government on the preparatory processes of LIC’s IPO. The government “proposes to engage up to two pre-IPO Transaction Advisor(s) from reputed professional consulting firms/ investment bankers/ merchant bankers/ financial institutions/ banks, independently (not in the consortium) for facilitating/assisting DIPAM in the preparatory processes…
MUMBAI: On Friday, the Reserve Bank of India (RBI) extended regulatory restrictions on the fraud-hit Punjab and Maharashtra Co-operative (PMC) Bank for another six months to 22 December 2020. However, the withdrawal limit for the bank’s depositors has been increased to Rs 1 lakh from the existing Rs 50,000. With this relaxation, more than 84 percent of the bank’s depositors will be able to withdraw their entire account balance, said RBI. Regulatory curbs were imposed on the Mumbai-based co-operative bank in September last year after the RBI found financial irregularities, and misreporting of loans given to real estate developer HDIL.…
MUMBAI: Mukesh Ambani-owned Reliance Industries Ltd is now completely debt free, with the company raising over Rs 1,68,818 crore in the last 58 days. Reliance has also raised Rs 53,124.20 crore from the rights issue. Mukesh Ambani has announced this on Friday. Ambani, chairman and managing director of Reliance Industries, had targeted the company to become completely debt-free by August 2021 in August last year. By the end of March 2020, the outstanding debt on the company was Rs 3,36,294 crore and cash in hand was Rs 1,75,259 crore. After adjusting for cash, the net debt stood at Rs 1,61,035…
Mumbai: The rupee closed almost flat at 76.14 per dollar on Thursday against the US dollar with a marginal increase of two paise. Foreign capital withdrawals and a sharp rise in oil prices affected investor sentiment amid a border dispute with China. According to foreign exchange traders, the rupee remained in a limited range as compared to other major currencies of the world due to the weakening of the US dollar and a sharp rise in the domestic stock market. However, rising cases of the corona virus, tensions at the border with China and foreign capital withdrawals curbed profits. The…
New Delhi: Tata Sons chairman N Chandrasekaran has urged the government to set up a coal exchange on the lines of the existing commodity exchanges. This will ensure the purchase and sale of coal in a transparent manner. Chandrasekaran said that this would be a major step in terms of the goal of a $ 5,000 billion economy. Speaking on the auction of coal mines for commercial mining, he said, “The government should consider the concept of coal exchange for those who buy and sell coal on the lines of commodity exchanges.” He said, “I want to make a suggestion…
New Delhi: Union Minister Nitin Gadkari said on Thursday that India should no longer depend on China and instead should focus on research and innovation to accelerate domestic manufacturing. The minister also said that the government is working on a new policy for import substitution. This remark has been made at a time when the border conflict between the two countries has reached a new peak in Ladakh. Addressing a webinar on the roadmap of electric vehicles after the Corona virus epidemic in India, the Union Minister for Road Transport and Highways and MSME said, “I think it’s time I…
New Delhi: Finance minister Nirmala Sitharaman on Thursday provided details of PM Garib Kalyan Rojgar Abhiyaan that was announced by the Prime Minister’s Office earlier on the same day. This Abhiyaan will be launched by Prime Minister Narendra Modi on 20 June at 11 am from Telihar Village of Bihar’s Khagaria district. It will be launched via video conference in the presence of the Chief Minister and Deputy Chief Minister of Bihar. The villages across 116 districts in six states altogether will join this programme on 20 June virtually through the Common Service Centres and Krishi Vigyan Kendras. The 116…
New Delhi: The Asian Development Bank (ADB) said on Thursday that the country’s economy is projected to shrink by four percent in the current financial year. The corona virus epidemic has had a bad impact on the country’s economy. Not only this, ADB predicts that countries that are part of ‘developing Asia’ will be able to ‘grow with great difficulty’ in 2020. This multilateral financial organization said in its report Asian Development Scenario that measures adopted to prevent the infection of corona virus are likely to damage economic activity and weaken export demand. ‘Developing Asia’ refers to a group of…
New Delhi: In the hearing on AGR dues case, the Supreme Court today deferred the case for next hearing in July third week. Meanwhile has asked telcos to furnish last 10 years audited balance sheet as also the payment proposal for considering staggered payment of AGR dues. Also, the Supreme Court noted that as the PSUs are not in telco business, the department of telecom has done away with 96% of the demand claims of more than Rs. 4 trillion made against PSUs. The direction comes as the telcos sought 20 year timeline to clear AGR dues without any personal…
New Delhi: On Thursday, Prime Minister Narendra Modi launched the auction process of 41 coal blocks for commercial mining through video conference. Commercial coal mining was announced by Finance Minister Nirmala Sitharaman in May as part of the Atmanirbhar Abhiyaan or vision to become self-sufficient in meeting the energy needs of the country. A two-stage electronic auction process is being adopted for allocation of the coal mines, which is open to domestic as well as global firms under the 100 percent FDI (foreign direct investment) route. Speaking on the occasion, PM Modi said that the COVID-19 pandemic crisis has taught…
Mumbai: In continuing with its investment deals, RIL’s digital platform Jio Platforms has once again bagged a deal worth Rs. 11,367 crore. This time, the investment is by the Saudi-Arabia based sovereign wealth fund PIF for a 2.32% stake in the firm. After the deal, the conglomerate by divesting 24.7% in Jio has managed to mop up a total of Rs 115,693.95 crore in a span of just 9 weeks. The investment by PIF in Jio Platforms is at an equity valuation of Rs 4.91 lakh crore and an enterprise valuation of Rs 5.16 lakh crore. The other investors who…
Mumbai: Benchmark indices surged in trade with the Sensex and the Nifty gaining 2 per cent, as investors remained confident that border tensions between China and India would soon ease. The Sensex ended the day with solid gains of nearly 715 points, while the Nifty ended the day higher by more than 210 points. Shares in Reliance Industries hit another record high in trade and ended with gains of nearly 2.5 per cent. However, it was the two heavyweight stocks including HDFC Bank and HDFC, which propelled the indices with gains of nearly 4 per cent 3 per cent each.…
Rating agency Fitch Ratings has revamped India’s economic outlook to negative. Earlier, Fitch had talked about a stable outlook for India. The rating agency said that the corona virus epidemic weakened estimates of economic growth. In a statement issued on Thursday by Fitch Ratings, it has retained the long-term Issuer Default Rating (IDR) for India at BBB- (BBB-). Earlier on 26 May, Fitch Ratings had forecast a five per cent decline in the Indian economy in the current financial year (2020-21). Fitch said a strict lockdown policy has been implemented in the country because of the corona virus. This led…
New Delhi: The Supreme Court today once again heard the case of interest waiver on loan under moratorium. In the previous hearing it was made clear that complete waiver is not being considered and the scope is only limited to granting waiver on interest charged on deferred interest payment of loan under moratorium. After making some of the observations that the government can’t leave everything to banks and should rather consider interfering, the honourable Supreme Court today deferred the consideration on interest waiver on interest charged for EMIs during the 6-months moratorium till August first week. Also on the sidelines,…
New Delhi: IMF chief economist Gita Gopinath has said that the economic lockdown and economic crisis caused by Covid-19 is a truly global crisis. “Past crises, as deep and severe as they were, remained confined to smaller segments of the world, from Latin America during the 1980s to Asia in the 1990s. Even the global financial crisis 10 years ago had more modest effects on global output. For the first time since the Great Depression, both advanced and emerging market economies will be in recession in 2020. The forthcoming June World Economic Outlook Update is likely to show negative growth…
Over the next two trading sessions, promoter firm in HDFC Asset Management Company, Standard Life Investments, will sell 5.64% stake in the firm via an offer for sale or OFS. As on March 31, Standard Life Investments and HDFC held 26.89 percent and 52.72 percent stake, respectively. In a BSE filing, the mutual fund company said, “Standard Life Investments proposes to sell up to 60,00,000 equity shares (representing approximately 2.82 percent of the total issued and paid-up equity share capital of HDFC Asset Management Company) through an offer for sale issue on June 17-18”. In case of oversubscription, the company…
As per sources privy to the development, Yes Bank is mulling to raise at least Rs. 8000 crore via rights issue. This the bank aims to do to augment its capital base. As the bank is soon to begin its fund raising spree, the lender’s tier-I core capital ratio would increase to around 10% from 6.3% as at the end of March. In a filing in March when the beleaguered lender was rescued by the RBI, the bank said it can issue instruments that includes shares or convertible bonds. A share sale would follow Yes Bank’s regulatory application to fast-track…
Mumbai: The stock market closed down on Wednesday. Today where the Sensex fell by about 97.30 points to close at the level of 33507.92. At the same time, the Nifty lost 32.85 points to close at the level of 9881.15. Apart from this, today on the BSE, a total of 2720 companies were traded, out of which about 1433 shares gained sharply and 1125 stocks closed down. There was no difference in the share price of 162 companies. At the same time, the rupee closed at a level of 76.15 rupees against the dollar, down by 6 paise. Maruti Suzuki…
New Delhi: Public Sector Hindustan Petroleum Corporation Ltd. (HPCL) net profit declined 99 percent to Rs 27 crore for the quarter ended March 31, 2020. The company’s profit has come down due to lower refining margins and loss in petroleum reserves due to lower oil prices in the international market. Earlier, in the same quarter of the financial year 2018-19, the company made a net profit of Rs 2,970 crore. HPCL chairman and managing director MK Surana told reporters, “The main reason for the decrease in net profit is the loss on the earlier remaining oil reserves and fluctuations in…
New Delhi: The country’s e-retail market will grow rapidly and with 35 crore buyers, its business is expected to reach 100 to 120 billion dollars gross value (GMV) by 2025. A report by Ben & Co. stated this. The report, prepared in association with Flipkart, states that the Indian retail market worth $ 850 billion is the fourth largest market in the world but a large part of it is unorganized. It states, “This market stands on the threshold of change with their increasing impact on e-retail units and Indian buyers.” There has been a rapid growth in the e-retailing…