Life Insurance Corporation (LIC) on Wednesday said markets regulator Sebi has granted an additional 3 years time till May 16, 2027 to comply with the 10 per cent public shareholding norm. Currently, government holding in LIC is 96.50 per cent, while public holding is 3.50 per cent.
IPOs inherently carry more risks than stocks that have been listed on the exchanges for some time.
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The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
An alternative way is to make the Asba (Applications supported by blocked amount) facility compulsory for retail investors.
The public offer in which government plans to sell 5 per cent (427.77 million shares) was scheduled to open on July 5 and close on July 8.
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'A key reason for the strong interest in IPOs has been an increased focus on profitability and reasonable pricing of deals.'
A key indicator of corporate efficiency may now be better than at any time since the turn of the millennium. The net working capital cycle - a crucial measure that tracks the time a company takes to convert current assets like inventory into sales and then collect the money from customers - has seen remarkable improvement. According to data from the Centre for Monitoring Indian Economy (CMIE), the average company needed nearly 90 days to complete this cycle in 1999-2000.
'We have filed a complaint with the police authorities.'
Defence Minister Rajnath Singh on Thursday released the third list of over 101 military systems and weapons that will come under an import ban over the next five years and be developed indigenously, in a fresh impetus to the Indian armament industry.
'Any earnings, regardless of location, will be subject to Indian income tax.'
The protesting doctors said they would not work in the Outpatient Department but would partially work in emergency and essential services.
The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
There were strong indications that the minister may announce the cancellation of the exam and action against NTA DG Subodh Kumar Singh, who was summoned by the ministry earlier in the day.
Billionaire Mukesh Ambani on Thursday unveiled the next phase of growth at Reliance Industries Ltd, with retail and telecom worth over $100 billion each, doubling revenues and pre-tax profit in 3-4 years, new energy business becoming profitable by 2031, and core oil and chemical business continuing to be the robust growth engine. The sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecom, retail, and media is on track to more than double in size before the end of the decade, Ambani, chairman and managing director of Reliance, told company shareholders.
Life Insurance Corporation (LIC) may require at least five more years to comply with the minimum public shareholding of 25 per cent beyond the current exempted timeline of 2027. Formal communication in this regard had been shared recently with the finance ministry, underlining LIC's roadmap, plans of further dilution of stake, current norms around public float, and challenges ahead, a government source familiar with the matter said. "Going forward, we will have to take a call, along with Sebi (Securities and Exchange Board of India) and the Department of Economic Affairs on the roadmap for minimum public shareholding (MPS).
Alternative investment funds (AIFs) have not seen any significant redemptions from financial institutions even though the 30-day timeline provided by the Reserve Bank of India (RBI) to liquidate their holdings or make full provisions ends recently. Sources said the industry is awaiting certain relaxations or extensions based on the recommendations submitted to the banking regulator. On December 19, the RBI restricted financial institutions and banks from investing in AIFs where there is any downstream link or exposure to a debtor firm.
Jammu and Kashmir is likely to get around 25 lakh additional voters including outsiders after the special summary revision of electoral rolls being held for the first time after the abrogation of Article 370, an official said on Wednesday.
The Positive Indigenisation List includes Rs 715 crore worth of high-end materials and spares, the import of which will be permitted only until a date specified for each. After each one's import deadline elapses, it will have to be procured from the Indian industry.
To strengthen corporate governance practices and disclosure requirements, Sebi on Thursday decided that top-1,000 listed firms should formulate a dividend distribution policy.
The country was, in February, put on the list of jurisdictions that require increased monitoring. These are done to counter money-laundering, terrorist financing, and proliferation financing in a more efficient manner.
'It's taken me very long to get my foot into the door. But the kind of work or central roles that I want are still few.'
All medical establishments like medical colleges (allopathic, homoeopathic and AYUSH), health centres, private healthcare units and polyclinics have been asked to send the list of workers, the senior official of the Health department told PTI.
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.
As a result, the deadline for filing June quarter results ends on August 15. However, only 1,538 companies out of the 4,000-odd listed firms managed to declare their results within the usual deadline.
The Securities and Exchange Board of India (Sebi) is contemplating the implementation of a same-day settlement cycle, known as T+0, in two phases. This is seen as a preliminary step towards instantaneous settlement. The shorter T+0 settlement cycle is being considered for the equity cash segment as an optional mechanism, in addition to the current T+1 (Trade plus one day) cycle.
Infosys will ring the closing bell at the New York Stock Exchange (NYSE) on Friday to commemorate its eighth anniversary of listing on the exchange. Infosys CEO Salil Parekh will ring the closing bell in a ceremony to celebrate the company's 2020 achievements, including its eight years of trading on the NYSE, rapid growth in the US, and its recently announced Environmental, Social and Governance (ESG) Vision for 2030, a regulatory filing said.
The companies on the list are from sectors including trading, finance, packaging, textile, realty, and others. Trading and finance companies account for half-a-dozen companies each.
The government believes the listing especially of Bharat Sanchar Nigam Limited would help improve the company's image and promote its growth. BSNL sources said there will not be any fresh equity, but only offloading by the government. The company will not get any proceeds from the IPO.
The Supreme Court on Thursday wondered why the Gujarat high court has listed the bail plea of activist Teesta Setalvad for hearing on September 19, six weeks after it sent a notice to the state government seeking a response to her application, and asked the state to inform it by 2 pm on Friday about whether such a precedent existed there.
The Supreme Court on Monday upheld the government's decision to abrogate Article 370 of the Constitution, which bestowed a special status on the erstwhile state of Jammu and Kashmir, and said steps should be taken to conduct the election to the Assembly in the Union Territory by September 30 next year.
Earlier, the listing agreement was a bilateral one.
The creditors of the grounded carrier Jet Airways on Wednesday raised questions over the source of Rs 200 crore deposited by the Jalan-Kalrock Consortium before the insolvency appellate tribunal NCLAT and said it does not align with the resolution plan. Additional Solicitor General N Venkataraman, representing lenders including SBI and other banks, told the National Company Law Appellate Tribunal (NCLAT) that there are apprehensions about the source of funds, which deposited money for Jalan-Kalrock Consortium's (JKC). "The payment is not compliant with the resolution plan as it mandates that the money is to be paid through JKC," ASG submitted before a three-member NCLAT bench headed by chairperson Justice Ashok Bhushan.
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.
Born to a Jamaican father and an Indian mother, Harris, 55, is the first Indian-origin and first Black woman to be picked by a major American political party for the top post.
The actress will inspire you to kickstart April on a healthy, fit note.
