'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, an official said. Finance Minister Nirmala Sitharaman had last week reviewed the progress of the initial public offering (IPO) of Life Insurance Corporation (LIC) in a meeting with top officials of the ministry. The official said the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress.
Global trends, trading activity of foreign investors and movement of oil benchmark Brent crude would dictate terms in the domestic markets this week, analysts said. Equity markets, which fell nearly 3 per cent last week, may face volatile trends amid the monthly derivatives expiry on Thursday. "This week marks the September month Futures and Options (F&O) expiry, which is expected to bring about volatility in the market," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
If convicted, the offences entail a maximum punishment of seven years.
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
The 15 proposals were cleared following recommendations by Foreign Investment Promotion Board.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
"As FM, I granted approval in the normal course of business," he said in a statement.
Mahua asserted that despite all efforts by the Bharatiya Janata Party to "sound the death knell" for constitutional democracy, India is too great a country to be destroyed by the fascists.
Foreign airlines can now pick up 49 per cent stake in India's domestic carriers, a step that is expected to give a boost to cash-strapped aviation industry.
Domestic chains rejoice at Cabinet's in-principle nod to 51% cap, most of them call it a positive development.
Quarterly earnings from IT majors Tata Consultancy Services (TCS), Infosys, macroeconomic data announcements, global trends and trading activity of foreign investors would guide the movement in the equity market this week, analysts said. Movement of global oil benchmark Brent crude and the rupee will also influence trading in the markets. "All eyes will be on the beginning of corporate performance for the second quarter of the current fiscal year. TCS is slated to unveil its Q2 results on October 11, with HCL Technologies and Infosys following suit on October 12.
The finance ministry expects a broad-based moderation in inflationary pressures on the back of an anticipated reduction in food prices as a result of the uptick in summer sowing. The retail inflation rate remained stubbornly clung to the 5 per cent mark in seven of the past eight months. "Core inflation is trending downwards, indicating a broad-based moderation in price pressures... Driven by strong domestic growth and benign global commodity prices, core inflation is declining continuously.
Facing opposition fire for exit polls allegedly being used for stock market manipulation, Axis My India's chief Pradeep Gupta has said he is open to facing all kinds of investigations and it would help do business in a much better way if the government frames specific regulations for pollsters.
The finance ministry is looking into a proposal that would allow overseas retail investors to invest directly in Indian equity markets. This is part of a review of the overall regime for the participation of foreign investors in primary and secondary markets.
The Cabinet had had approved promulgation of the Ordinance on Insurance Bill and re-promulgation of the Coal Ordinance on Wednesday, a day after the conclusion of the Winter session of Parliament.
A powerful senatorial committee on Wednesday is set to consider a bipartisan resolution to recognise Arunachal Pradesh as an integral part of India, pushing back against China's military aggression to change the status quo along the Line of Actual Control.
A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group. An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court. It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023.
The PGA Tour, DP World Tour and rival Saudi-backed LIV circuit announced an agreement in early June to merge and form a unified commercial entity. The LIV Golf series is bankrolled by the Saudi Arabia Public Investment Fund (PIV). Critics have accused it of being a vehicle for the country to improve its reputation as it faces criticism of its human rights record.
The seat-sharing issue is being discussed with the central leadership, Maharashtra BJP chief Chandrashekhar Bawankule told PTI.
External Affairs Minister S Jaishankar on Monday held wide ranging discussions with Iranian counterpart Hossein Amirabdollahian in Tehran and their discussion focused on the long term framework for India's involvement with the strategically vital Chabahar port and the North-South connectivity project.
Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
The airline intends to raise the money to meet its cash flow requirements and had got the shareholders' approval for the same on July 24.
A committee of secretaries will be meeting soon to consider a draft proposal, which suggests that decision-making on all policy issues pertaining to FDI be transferred from the Department of Industrial Policy & Promotion (DIPP) in the Ministry of Commerce to the Department of Economic Affairs (DEA) in the Ministry of Finance.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The government on Friday said it has started implementing liberal FDI rules under which proposals up to Rs 1,200 crore (Rs 12 billion) foreign equity would be cleared by the Finance Minister without seeking approval of the Cabinet Committee on Economic Affairs.
India's foreign investment panel has approved Swedish retailer IKEA's Rs 10,000 crore plan to set up shop in the country, the trade minister said.
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The new Insurance Bill may be implemented in 2015.
The relaxation will apply to those sectors that have composite caps (foreign direct investment or FDI plus FII). "The move will not impact sectors like banking and insurance which are governed by Acts of Parliament. However, sectors with composite caps which see administrative control like telecommunication services, broadcast services like direct-to-home and FM radio will benefit," a Delhi based FDI policy expert told Business Standard.
India on Friday moved closer to a major economic reform, with a committee of secretaries (CoS) giving an approval in principle for allowing up to 51 per cent foreign direct investment in multi-brand retail.
