Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
The Gurgaon-based Amtek Auto Ltd is planning to acquire the Rs 900 crore ((Rs 9 billion) GWK group , a United Kingdom-based automotive component firm.
Amtek Auto is renewing its bid to acquire JL French Automotive Casting's Whitham plant in Essex in the UK, six months after its first abortive attempt.
The Supreme Court granted bail to Arvind Dham in a money laundering case, emphasizing that prolonged incarceration without trial violates the right to a speedy trial under Article 21 of the Constitution.
Markets this week would be guided by the ongoing quarterly earnings, macroeconomic data announcement and global trends, analysts said. The government will release industrial production data for June and inflation data for July this week. The RBI has revised its retail inflation forecast to 5.7 per cent, up from the earlier 5.1 per cent due to price pressure on account of supply constraints and high crude oil prices.
The exposure, which is for the period ended September 2019, is across various platforms such as life funds, pension funds, and unit-linked funds.
While there is little one can do when the fund house restricts redemptions, it's best to exit even if it means some losses.
Manufacturers view the agreement - when it is signed - as a defence against the slowdown in the car market.
With an eye to the large and growing market for their products, Indian auto component and tyre companies are making a beeline to set shop in Europe (especially Eastern Europe). Just last month Apollo Tyres announced that it was setting up a euro 200 million green field venture outside Hungary. And Delhi based Amtek Auto will set up a production base which will come in to operation in 2009 in Romania.
Auto parts-maker Amtek Auto today joined a growing list of Indian companies that are sitting on notional losses on account of their exposure to foreign exchange derivatives. Amtek today informed the stock exchanges that it could potentially make a loss of up to $18 million (Rs 72.18 crore) in the next two years on its exposure to currency hedges and swaps.
Raamdeo Agarwal of Motilal Oswal Securities believes that the current market valuations are fair. He feels that the market is still buoyant and the sentiment will remain positive.
The world's big carmakers are turning to India--and Amtek Auto--for their cheap components.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
The move comes within months of a crisis at JPMorgan Asset Management Company.
Oil and Natural Gas Corporation, Hindalco Industries, Tata Steel and Vedanta were down up to 70 per cent below their one-year highs.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
The reason for both the officials being sent on leave is the same - an anonymous complaint received by the market regulator against the agency.
With the amendment, firms like EY and Deloitte can work as resolution professionals instead of only their partners enrolling as insolvency professionals.
Sanjeev Gupta of Liberty House, a global supplier of metals and engineering solutions, who has emerged front-runner for a number of stressed companies, plans to fund a string of companies through a mix of equity and debt.
Some make for good investment ideas even after a strong run-up but others could see gains fizzling.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
Vrde currently manages about $14 billion globally, and has invested nearly $500 million in India in the past five years
Sebi has allowed mutual fund schemes the option of 'side-pocketing' which move will help both fund houses and investors.
When selecting investments, pay attention to potential return, risk and how easily you can exit it.
The Hinduja Group, Mukesh Ambani, Murugappa, and the Adani groups were the other gainers in the Modi regime, while Naveen Jindal and Sun Pharma groups saw the most erosion in their m-cap in the last five years, reports Krishna Kant.
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
The Sensex closed down 308 points at 24,894 and the Nifty has lost 96 points at 7,559.
Financial advisors say, not to get carried away by stocks that promise high returns in short time.
More than 10% (40 of 498 companies) have lost at least half their market value.
Indian CEOs might like to make some serious course correction.
The Street is never short of hope and events to look forward to
Depending on your liquidity requirement, invest in the right debt instruments.
More, many market gurus expect the Sensex to reach 30,000 levels by December and 40,000-45,000 in three to four years.
