India's second-largest passenger vehicles firm will be valued at Rs 1.59 trillion at the top-end of the price band of Rs 1,865-Rs 1,960.
During the first eight months of CY24, 50 IPOs mobilised Rs 53,453 crore.
It was not immediately clear when Garg submitted his voluntary retirement scheme application to the government. It was also not known if the government would accept the application. If he hadn't applied for VRS, he would have retired from government service at the end of October 2020 on attaining of 60 years of age. Garg did not answer phone calls seeking his comments.
DEA is currently headed on an interim basis by Corporate Affairs Secretary Tapan Ray
Fundraising through qualified institutional placement (QIP) has revived this year, led by commercial banks, after a lacklustre 2022. According to data compiled by Prime Database, Indian companies have raised Rs 53,070 crore in 2023 so far, of which seven banks - Union Bank of India, Indian Bank, Bank of India, Federal Bank, IDFC First Bank, Bank of Maharashtra, and J&K Bank - account for Rs 21,290 crore, or about 40 per cent. If other financial institutions are included, the figure surges to Rs 26,690 crore.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
Passenger vehicle sales are expected to experience muted growth in the current financial year.
India's decision to ban the export of non-basmati white rice has pushed up global prices, prompting multilateral lending agencies, such as the International Monetary Fund (IMF), to call for a reconsideration of the move. Though nothing has been spelled out yet officially, sources said, the government might consider requests for government-to-government sale of non-basmati white rice, especially to West African nations where India is a major supplier. Also, traders and exporters of specialty regional rice varieties like sona masuri or gobindo bhog feel that they have been short-changed.
A court in New Delhi on Friday extended by three days the ED custody of four people arrested in a money laundering case against Chinese smart phone maker Vivo, including the managing director of Lava International mobile company and a Chinese national. The four accused were produced before Additional Sessions Judge Devender Kumar Jangala on completion of their three-day ED custody. On Friday, the agency moved four separate applications seeking extension of their custody by 10 days but the court granted it only three more days for custodial interrogation of the accused.
Are the Dhonis moving from Ranchi to Mumbai?
Sebi has restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy. Rejigging its market data advisory committee, Sebi has said the panel will now have 21 members, as per the latest information with the regulator. Earlier the committee had 20 members. The committee is chaired by M S Sahoo, Professor at National Law University, Delhi and former chairperson, Insolvency and Bankruptcy Board of India (IBBI).
Petrol pumps in Mumbai, Nagpur and other parts of the state witnessed long queues on Tuesday as people came to fill up their vehicle tanks fearing shortage of fuel amid the protest by truck drivers.
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
Amazon Prime Video has announced a huge number of assorted Web series and movies, and the slate sure looks interesting.
With the Nifty50 surging past the 20,000 mark, the markets are experiencing a spate of initial public offerings (IPOs) with four issues set to raise over Rs 4,673 crore this week. Another quartet, cumulatively worth Rs 3,000 crore, is expected to launch next week. Companies like RR Kabel, SAMHI Hotels, Zaggle Prepaid Ocean Services, and Yatra Online are set to hit the primary market this week, while Signature Global, Updater Services, Sai Silks (Kalamandir), and Vaibhav Jewellers are slated for next week. This flurry of activity is driven by multiple factors including buoyant market conditions, increased demand for IPOs, and specific rule on the disclosure of quarterly financials.
Twenty newborns were rescued and shifted to nearby medical facilities after a fire broke out at a hospital in west Delhi's Vaishali Colony in the early hours of Friday, officials said.
Companies, which missed out on listing earlier, are giving it another shot but with significantly-reduced issue sizes. In the recent past, companies such as TVS Supply Chain Solutions, Suraj Estate Developers, and ESAF Small Finance Bank have re-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi). This came after they slashed their issue sizes by 20-60 per cent.
The fire was preceded by a blast and soon it spread to nearby buildings, including a drug rehabilitation centre and eight shops.
The southwest monsoon has started on a weak note and this has delayed the sowing of kharif crops. Though a cause for concern, the situation hasn't reached a stage where it warrants any panic response. Moreover, according to meteorologists and industry players, monsoon rains will witness a revival in the coming few weeks.
A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut. Jagdishan and Bharucha are internal candidates, while Garg is working with American banking major Citigroup.
Maruti recorded a 13.12% year-on-year surge in average revenue earned per car in 2023 compared to M&M's 7.56%, Hyundai's 6.76% and Tata Motors' 1.88%.
Passenger vehicle sales in India touched a record high of 41.08 lakh units in 2023, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total dispatches from manufacturers to dealers. The record sales have been achieved despite an increase in the average price of vehicles to Rs 11.5 lakh last year as compared to Rs 10.58 lakh in 2022. Market leader Maruti Suzuki, Hyundai Motor India, Tata Motors and Toyota Kirloskar Motor reported their best-ever annual sales in 2023.
Domestic passenger vehicle (PV) sales saw a significant growth in October due to increased availability of semiconductor chips and rising consumer confidence. The sales figures during the month - which coincided with the first post-Covid festival season - released by the top ten carmakers saw a jump of 30.7 per cent to 322,885 units in October. Auto companies count wholesales - units dispatched to dealers - as sales.
Regaining the lost sheen, sales of gold jewellery and coins are set to touch pre-COVID levels in volume terms on the auspicious Dhanteras as easing pandemic concerns and pent up demand saw consumers flocking to stores to buy the precious metal. Increased footfall at stores and brisk sales online as well as relatively softer gold prices compared to record Rs 57,000 per 10 grams level in August spurred increased buying, especially light weight offerings, on Tuesday. Dhanteras is considered to be auspicious for buying precious metals and other valuable items.
Domestic passenger vehicles sales rose by 23 per cent to a record of 37.93 lakh units in 2022 led by the likes of Maruti Suzuki, Hyundai and Tata Motors as the companies rode on easing of pandemic related challenges and semiconductor shortages to cash in on pent up demand, specially for SUVs. Other manufacturers like Toyota Kirloskar Motor and Skoda India also reported record sales in 2022. "The industry wholesales in January to December 2022 were just short of 38 lakh units.
Offering buyers a car that meets their aspirations & lifestyle needs, the Creta became a style icon. The Creta, which was officially launched on Monday, is a global model, created with an investment of more than Rs 1,000 crore.
MTNL plans to provide 15,000 ultra high-speed broadband connections in Delhi and Mumbai.
If it fails, the services will be stopped from March 1.
NHPC IPO has been put off for this fiscal, as the company has to appoint the requisite number of directors to the board.
Jagdishan, currently working as the 'change agent' of HDFC Bank and head of finance, has been with the bank since 1996.
Those in the fray include three Power Finance Corp officials believed to be among the front-runners for the post of the company's chairman and managing director, as the present chief V K Garg retires on July 31 next year.
Auto majors, including Maruti Suzuki India, Hyundai and Tata Motors, on Sunday reported high double-digit growth in their domestic passenger vehicle sales in July riding on stabilisation of macro-economic factors and better consumer sentiments. Similarly, Honda, Nissan, MG Motor and Skoda also reported healthy growth in their sales last month leveraging on improved market mood amid prevailing lower coronavirus infection rate, despite supply constraints of semi-conductors. The country's largest carmaker Maruti Suzuki India's (MSI) domestic sales increased by 39 per cent to 1,41,238 units last month as against 1,01,307 units in July 2020, the company said in a statement.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Banks may have kept overall lending rates unchanged despite a rise in policy rates but have started increasing rates on corporate loans in the sub-benchmark prime lending rate (BPLR) segment.
Banks may reduce interest rates in keeping with the RBI's rate cuts, but they are unlikely to lend more till corporate balance sheets start looking healthier.
Prime Minister Manmohan Singh will lay the foundation stone for the 3,000 MW multipurpose Dibang power project, the largest in the country.
The service will be available through its 1,000-plus ATMs spread across the country. The bank has received an approval from the Central Board of Direct Taxes for this facility in the country.
The total business of the bank has crossed Rs 1 lakh crore (Rs 1 trillion) during the first quarter of the current fiscal. The business mix of the bank stood at Rs 1,19,505 crore as on June 30, 2009. As far as branch expansion is concerned, the bank plans to add about 100 branches in the financial year, he said, adding, in the first quarter about 25 new branches have been opened.
NHPC would infuse 10 per cent fresh equity through this public offer to raise Rs 1,680 crore (Rs 16.8 billion), while the government will divest its five per cent stake in the company.
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