Two top investment banks, Enam Financial Services and JM-Morgan Stanley, have backed out from the high-profile initial public offering by real-estate developer DLF Universal
DLF, Indiabulls win Rs 450 cr land deal
DLF, a Delhi-based integrated real estate development company, as part of its strategy for the Bangalore real estate market has lined up two integrated townships worth altogether Rs 400 crore (Rs 4 billion).
Global funds, according to Christopher Wood, global head of equity strategy at Jefferies, are now beginning to pay more attention to India with the market now offering 30 companies with a market capitalisation over $25 billion.
AT&T has also applied for a universal access service licence (UASL), which allows operators to offer services in both GSM and CDMA technology, with the Mahindra & Mahindra group, for 22 circles. The US company, however, has stipulated that it wants a majority equity stake in the mobile venture.
A complainant has alleged that he was duped of his land worth Rs 34 crore by the DLF Group and following a direction by the Delhi high court, Sebi has ordered a full-fledged probe into the complaint.
Strong response from institutional buyers has prompted the promoter family of India's largest real estate company DLF to raise the shareholding it had put up for sale from 100 million shares or 6 per cent to 168 million shares or nearly 10 per cent to raise Rs 3,850 crore from qualified institutional investors, including foreign investors.
Realty major DLF has said the Income Tax Authorities have slapped additional tax notices for over Rs 1,700 crore (Rs 17 billion) pertaining to 2008-09 assessment year after being disallowed its profits in SEZ projects.
The country's largest realty player, DLF, on Thursday said it might have to pay additional tax of up to Rs 400 crore (Rs 4 billion) following a special audit of its income for the fiscal 2005-06, by the income-tax authorities.
The classification is based on several factors.
As many as 342 aspirants, including AT&T, DLF and Deutsche Telecom-MoserBaer who failed to get new telecom licences in the last round, may get to bid for spectrum for launching next generation (3G) mobile services.The department of telecom (DoT) is understood to have mooted the proposal to allow those who had applied for licenses between September 25, 2007 and October 1, 2007, to participate in the next generation 3G mobile telephony services.
Experts, however, caution that though the moves are positive for the sector as a whole, they don't expect much gain in the near-term.
Are they missing or have they been intentionally removed? A huge uproar has broken out after whistleblower IAS officer Ashok Khemka has revealed that two important pages of a file pertaining to DLF-Robert Vadra land deal, containing notings, are missing.
In its filing dated March 29, the company has said that its ability to develop the land reserves and generate the estimated developable area are subject to a number of risks such as defective title to the lands which could be legally challenged.
The shares got listed at Rs 582, a 10.85 per cent premium over issue price of Rs 525.
Post-listing, real estate major DLF will find a place among the top-10 companies in terms of market capitalisation.
The BSE Realty index on Monday soared 4.3 per cent-most among the 19-sectoral sub-indices-buoyed by the proposal to formalise fractional ownership of real estate in the country. The Securities and Exchange Board of India (Sebi) on Friday issued a discussion paper proposing to regulate online platforms offering fractional ownership in real estate, a model already popular in countries such as the United States and UAE.
DLF's investment plans for affordable housing coincides with announcement by public sector banks to boost the segment by cutting home-loan interest rates, putting caps of 9.25 per cent for Rs 500,000-20 lakhs (Rs 2 million) and 8.5 per cent for loans of up to Rs 500,000. DLF had raised Rs 1,675 crore (Rs 16.75 billion) as private equity in eight projects in November 2007.
As its backyard remains embroiled in tension, Gurugram is exercising caution.
'You will really wish oh! Had I stayed in Dharavi I would have got a nice house. I can assure you that. We will make dreams come true.'
A recent survey discovered that Bengaluru has some of the classiest high streets in our country.
The net debt of top eight realty firms fell 43 per cent to Rs 23,000 crore last fiscal, from around Rs 40,000 crore in 2019-20, as their cash flow improved on strong housing sales, according to Anarock. Real estate consultant Anarock noted that the unfettered demand for housing across the country has enabled the country's leading large and listed developers to reduce their debt. Anarock analysed financial performances of the top eight developers engaged in the development of residential real estate.
The S&P BSE Realty Index has emerged as one of the top-performing sectors, yielding a remarkable 45 per cent return over the past six months. The three leading players, listed by market capitalisation, have substantially enriched investor wealth by 43-70 per cent during this period. If the second quarter (Q2) of 2023-24 (FY24) updates from Macrotech Developers (Lodha) and Sobha, along with industry data for the quarter, serve as any indication, the trend of strong bookings for larger players is expected to continue.
It will raise the money by selling two non-core businesses - luxury hotel chain Amanresorts and wind energy business.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
A 30-year-old man, who had kidnapped a child and taken the ransom via UPI on his mobile wallet, has been arrested by the Noida police who used his digital footprints to trace him, officials said on Monday.
The Q1FY24 earnings season has started on a dismal note for corporate India. The early-bird companies' revenue growth has been at a 10-quarter low, while the combined earnings of non-BFSI (banking, financial services, and insurance) companies seem to have hit the ceiling. The numbers suggest corporate India is entirely dependent on BFSI companies and the IT services sector to drive growth in revenue and profit while other sectors are showing signs of stagnation.
'The impact of CEO transition is fairly even for stocks, with about half (53 per cent) of the events not producing any change in the relative performance of the stock.'
Every player has a passion so I want more and more children to play. There should be an infrastructure for them, he added.
The group has put in a Rs 5,069 crore bid for the redevelopment of one of the largest slum sprawls in the world, outbidding DLF, which had quoted Rs 2,025 crore, chief executive officer of the project S V R Srinivas said.
The Madame Tussauds Wax Museum at the DLF Mall, Noida hosts 50 waxworks of Indian and international celebrities.
Market regulator Securities and Exchange Board of India (Sebi) in its investigation against Indiabulls Housing Finance has found the mortgage financier non-compliant with regards to unavailability of certain information on its website as well as its internal policy. Thereby, it has directed the company to take corrective measures and inform the stock exchanges in a months' time. Several public interest litigations (PILs) and FIRs were filed against Indiabulls Housing Finance back in 2019, alleging irregularities, siphoning of funds, and other violations committed by the promoters of the company.
Some of the country's largest listed real estate developers - DLF, Prestige Estates, and Puravankara - are foraying into the Rs 50,000-crore residential property market of Mumbai, where home prices are among the highest in the world. All of them are set to launch residential projects in the financial capital of the country, where the market is dominated by players such as Runwal, Lodha, and Oberoi Realty, among others. Leading the race is Prestige, which has lined up 6 million square feet (msf) of new launches in the city across Mulund and Byculla in the third quarter of this financial year (2021-22).
The accused made the call so that his childhood friends could spend more time with their girlfriends, who were going to Pune, at the Delhi airport, the police said.
'What can a teacher do that ChatGPT cannot?'
Reliance Brands is in advance stage of talks to take over the India rights for premium makeup and beauty retail chain Sephora, from Arvind Fashions, according to two persons in the know. The Mukesh Ambani-led retail company is already in talks with developers to lease out stores for Sephora, said one of the above mentioned sources. While Reliance Brands was yet to answer Business Standard's query, an Arvind Fashions spokeperson, in an e-mailed response, said: "As per company policy, we do not comment on market rumours and speculation."
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
While there was a sharp drop in footfalls in malls in H1FY21, there was reasonable recovery in H2. However, the second wave derailed the recovery.
Several teams have been formed to trace the offending vehicle and its driver.
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