The Securities and Exchange Board of India (Sebi) has proposed to put a stop to the practice of certain directors occupying permanent board seats at listed companies. The regulator has suggested that the directorship of any individual serving on the board should be subject to periodic approval from shareholders, at least once in five years. In a discussion paper issued on Tuesday, Sebi said a few promoters enjoyed permanency on the board, giving them an undue advantage, prejudicial to the interests of public shareholders.
FMCG major Hindustan Unilever on Wednesday reported a 1.53 per cent decline in consolidated net profit to Rs 2,561 crore for the fourth quarter ended March 31, 2024 due to factors such as deflation and softening of commodity prices. The company had posted a net profit of Rs 2,601 crore in the year-ago period, according to a regulatory filing from HUL. Net sales of Hindustan Unilever Ltd (HUL) were almost flat to Rs 15,013 crore in the March quarter.
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore following the ban imposed by the RBI on transactions related to its payments bank. The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing. "Our fourth quarter FY24 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of the PPBL embargo.
Jayshree P Upadhyay ' Mumbai September 9, 2014 Last Updated at 22:50 IST Top Stocks to Buy in 2014 8-10 Best Stocks for 2014 per month Highly Accurate Calls, Free Trial stockaxis.com/Stocks-to-buy-in-2014 Ads by Google 3 Add to My Page RELATED NEWS Foreign investor cap in bourses may be raised Sebi sets foreign portfolio investor limit of 10% per firm Sebi move on FPI regime grounded No clarity yet on FPI regime Jaimini Bhagwati: Correcting tax and disclosure anomalies Karbonn Titanium S5 Plus Be 1st to own latest Android phone with Dual SIM, 8 MP Camera & more!www.karbonnmobiles.com/S5_Plus 1Cr Life Cover @ Rs 543* Compare Premium of 46 Insurers Buy Online and save upto 55%www.policybazaar.com/TermInsur_Rate Ads by Google In a move that could increase the stake of foreign investors in Indian stock exchanges, the government is considering a threefold increase in the single-investor investment ceiling. Currently,a foreign portfolio investor (FPI) investment in an exchange is capped at five per cent. The finance ministry has written to the regulatory authorities to increase the ceiling to 15 per cent, said sources. The proposal is said to have in-principle approval from the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI). The move would bring the FPI investment limit in line with those for financial institutions such as insurance companies and banks. NEW POLICY IN THE WORKS Single foreign investor limit in exchanges to be revised from 5% to 15% Sebi and RBI have given in-principle approval to the proposal Government to amend foreign investment policy BSE has 8 foreign shareholders holding 31% stake NSE has close to 20 foreign shareholders holding 36% stake The government allowed the foreign investors to invest in stock exchanges in 2006, with an overall cap of 49 per cent. This latter cap is likely to be unchanged. BSE and the National Stock Exchange (NSE), the two large nationwide bourses, are likely to benefit from the increase in limits. BSE has eight foreign investors, which cumulatively own about 31 per cent in it. The shareholding of Deutsche Boerse Group and Singapore Exchange Ltd are a little below the five per cent ceiling. NSE has about 20 foreign shareholders, holding around 36 per cent. Cyprus' Gagil and Goldman Sachs own five per cent each; Citi Group has around two per cent. "The finance ministry has received representations stating that the present limit of five per cent is a deterrent in attracting long-term anchor and strategic foreign investors in stock exchanges. Following which, the ministry has sought comments from both Sebi and RBI," said a person privy to the matter. A higher foreign investor limit will not only encourage more investment in Indian bourses but help in exchange of technology and products, said exchange officials. "A five per cent limit on the shareholding of any single investor or investor group is too small to encourage them to take sufficient interest in growth of the exchange," said an official associated with one, asking not to be named. The regulator and the government are also mulling a change in the shareholding of clearing corporations, which could also see individual foreign investors' cap being increased to 15 per cent. Some sections of the market believe that allowing a single FPI to own 15 per cent in a exchange could be detrimental to having a diversified shareholding. The Bimal Jalan committee, in the previous review of ownership and governance of stock exchanges in 2010, had debated whether there was a need to revise the cap. It was in favour of having an anchor investor, such as a bank or financial institution, which would own up to 24 per cent. Read more on: Fpi ' Sebi ' Rbi ' Nse ' Foreign Investor ' Singapore Exchange ' Finance Ministry Read More Investors vie for shares of stock exchanges Pick-up in sentiment, volumes boost bourses' unlisted shares HDFC Life Click2Protect+ Get Lump Sum + Monthly Income Benefit* @ Affordable Rate. Buy Now hdfclife.com/Click2ProtectPlus Retirement Calculator Plan Your Retirement Online in 2Min Calculate & Compare Premium Here! policybazaar.com/Retirement Ads by Google Advertisements Get a freedom to choose your own plan. Click here to know more... Data transforming the match-making business. click here Open a free Trading & Demat A/c with Sharekhan Leadership and Corporate Accountability-India. Click here Great fares to Europe from INR 54,000* Amsterdam. Click here Start Investing with the best Broker in india Important Facts about Infant Hearing Screening Gifting Solutions. Make easy & perfect! Find out what converged solutions can do for you. Smart Cloud Virtualized Server Recovery. Learn more. The perfect drive the perfect style. Book a test drive 3 Add to My Page Back to Top Quick Links Go LATEST NEWSAll NewsIn this section Ebola threatening Liberia's existence, minister warns IS threatens to assassinate Twitter employees Motherson Sumi, Eicher Motors, TVS Motor gain inclusion in F&O segment ABG, Bharati Shipyard rallies on hopes of government sops Pre-market: Five stocks to watch out for in trade today US manufacturing industry pushes India for free trade Dollar gains on Fed outlook, hurts shares Wall St ends lower as Apple shares fall post launch Ukraine ceasefire 'mostly holding': US Flipkart launches third private label Citron News you can use Rss icon Errors to avoid when filing returns What is Gratuity? What are NEFT and RTGS? Check your Income Tax Credit credit status form-26AS online Saving capital gain tax on sale of property Calculate tax on your house property income How to Check your EPF Balance & status online Featured Videos iPhone killers? The biggest threats to Apple's dominance video Jaguar takes the battle to BMW video The 5 biggest IPOs in U.S. history video Here is the next-gen spy plane... a blimp video MOST POPULARReadSharedCommented Supreme Court reserves order on coal block allocations Apple launches Watch, two iPhones & Apple Pay Guj rains: Hundreds evacuated in Vadodara, Army on stand-by Neel Mukherjee's book in Man Booker shortlist Mumbai airport keeps airlines guessing on Airbus A380 parking bay Market News A fourth of mutual fund equity assets concentrated in 10 stocks ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets Den Networks: Investing in new growth avenues Its tie-up with Snapdeal to launch a shopping TV channel looks like a win-win deal Sensex, Nifty retreat from record highs on profit taking The BSE Sensex and Nifty fell on Tuesday from their record highs in the previous session as investors chose to book profits in recent ... High agri imports under govt lens Dept of commerce seeks ideas to curb import dependence for supply of commodities, writes to sector bodies MCX hopes FTIL stake sale will conclude by month-end The exchange's clarification came in the wake of FMC rejecting its demand to allow approvals for contracts for the March quarter of 2015.
The US treasury department informed about the sanctions following the October 7 attacks on Israel by Hamas.
Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.
Devas Multimedia has seized $87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a $1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday. Devas Multimedia America Inc had sought seizure of $145,000 but the actual recovery was $87,457.47 (a little less than Rs 70 lakh). This came after it secured a favourable order from the Eastern District Court of Virginia, Matthew D McGrill said.
Street gave a thumbs down to Aditya Birla Fashion and Retail (ABFRL)-TCNS Clothing deal as analysts flagged near-term profitability risks for ABFRL with its latest acquisition. At the bourses, shares of the Aditya Birla group company tumbled 6.2 per cent in the intra-day trade, before settling 3.27 per cent lower at R 207.2. Those of TCNS, meanwhile, plunged 20 per cent to end at Rs 416.64.
Quick commerce is proving to be a solid business proposition, with companies like Zomato's Blinkit and Y Combinator-backed Zepto recently registering growth, charting paths to profitability. Blinkit logged its highest gross order value (GOV) and customer transactions in June and July, showing a positive contribution for the first time in the quarter ended June 2023. Deepinder Goyal, Zomato's co-founder and chief executive officer (CEO), predicted that Blinkit would deliver more value to shareholders than the core food delivery business in the next decade.
Adani Group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim's two Indian listed entities ACC Ltd and Ambuja Cements. In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for $10.5 billion. Markets regulator Sebi granted approval for the open offer last week.
Stocks of new-age companies have seen a mixed performance thus far in calendar year 2023 (CY23). While those of One97 Communications (parent company of Paytm), PB Fintech and Zomato have surged up to 63 per cent year-to-date (YTD), FSN e-commerce, the parent company of Nykaa, however, has dropped 14 per cent YTD. By comparison, Nifty50 and Nifty 500 indices have advanced 7 per cent and 8.7 per cent, respectively, during the period, ACE Equity data show.
Three firms, Vishvapradhan Commercial Pvt Ltd along with AMG Media Networks and Adani Enterprises Ltd, have offered a price of Rs 294 for the acquisition of up to 1,67,62,530 fully paid-up equity shares of NDTV having a face value of Rs 4 from the public shareholders.
The IPO boom in 2023 added four new promoters to the billionaires' list.
The ownership by domestic investors, individual as well as institutional, in companies listed on the National Stock Exchange (NSE) has breached the 25 per cent mark for the first time. The share stood at 25.72 per cent at the end of the March 2023 quarter, up from 24.44 per cent in the previous quarter, according to data from Prime Database. The share of foreign portfolio investors (FPIs), meanwhile, rose slightly to 20.56 per cent from 20.24 per cent as on December 31, 2022.
Regulators must learn from past mistakes and act swiftly to prevent Big Tech from monopolising the AI ecosystem, argue Payal Malik and Nikita Jain.
Debt-ridden telecom operator Vodafone Idea on Tuesday approved the allotment of equity shares worth Rs 16,133 crore to the government, which post-allocation has become the largest shareholder with a 33.44 per cent stake in the company. The shares have been allocated to the government in lieu of conversion of interest dues arising from deferment of adjusted gross revenue and spectrum auction payments, the company said in a regulatory filing. "...it is hereby informed that the board of directors of the company has, at its meeting held today approved the allotment of 16,133,198,899 equity shares of face value of Rs 10 each at an issue price of Rs 10 per equity share aggregating to Rs 161,331,848,990 to the Department of Investment and Public Asset Management, Government of India," the filing said.
Corporate India continues to be generous in rewarding its shareholders with big dividend payouts. This is especially true for shareholders of companies such as Tata Consultancy Services (TCS), Hindustan Zinc (HZL), and Coal India (CIL) which are seen as cash cows of large business groups and the government. Boosted by a big payout by these three companies, the combined equity dividend payout by listed companies was up 38 per cent year-on-year (YoY) to a record high of Rs 2.27 trillion in 2022-23 (FY23), compared with Rs 1.65 trillion in 2021-22 (FY22).
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
Leading stock exchange BSE on Tuesday said it has added 1 crore registered investor accounts to its platform in a span of 148 days, taking the total count to 12 crore. The exchange added one crore investors' accounts between July 18 and December 13, BSE said in a statement. In comparison, the exchange took 124, 91, 85 and 107 days for the previous milestones of 11 crore, 10 crore, 9 crore and 8 crore, respectively.
On Wednesday, the TCS board approved an up to Rs 18,000 crore buyback offer entailing 4 crore shares at Rs 4,500 apiece. According to a postal ballot notice by the company, Tata Sons and TICL intend to participate in the buyback offer. Tata Sons, which holds about 266.91 crore shares, intends to tender 2.88 crore shares, while TICL (which holds 10,23,685 shares) intends to tender 11,055 shares, it added.
The markets are in meltdown. Time then to turn to the Master Investor for advice and guidance. Yefei Lu explains how Warren Buffet's investment strategy includes everything from how to look at risk versus reward to how to think about portfolio concentration.
Fund managers are withdrawing after a two-year long run in public sector bank (PSB) stocks. Domestic mutual funds (MFs) were net sellers of PSB stocks for the first time in nine quarters, offloading shares worth Rs 1,800 crore in the March quarter, said a report by ICICI Securities. In the previous eight quarters, fund houses had invested more than Rs 10,000 in PSBs amid deep discounts in valuation vis--vis their private sector peers.
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
Reliance Industries (RIL) was the top-performing index stock on Friday (May 26) and closed the day with gains of 2.8 per cent, against a 1 per cent rise in the benchmark S&P BSE Sensex during the day. RIL's performance on the bourses on Friday was, however, an exception, and the stock has struggled to beat the broader market for nearly two years now. The company's share price is currently at the same level as in September 2021, while the benchmark index is up 6 per cent in the period.
Retail investors have put at least Rs 2,296 crore in listed companies facing proceedings under the Insolvency and Bankruptcy Code (IBC). A median such-company had 16,163 retail investors as shareholders many of whom apparently have bought a stake on the hope of making money if the firm revives. They own a fifth of the total stake in the companies under consideration. The analysis looked at 75 listed firms for whom shareholding data was available for March 2022.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
Investors are pushing back more often against companies' resolutions on what is paid out to top executives. In the first four months of financial year 2022-23 (FY23), there have already been five such rejections, according to shareholder voting data from tracker Adrian, a platform maintained by the proxy advisory firm Institutional Investor Advisory Services India (IiAS). Two of these have been at multiplex chain PVR and direct-to-home company Dish TV India.
If you are new to investing andarenot sure how ademataccount worksoperates, here is everything you need to know aboutdemataccounts and what happens when you buy or sell shares online.
The Adani stock price saga will pass into public memory as one of those matters that simply escaped being nailed down, perhaps because too many vested interests were involved, notes Debashis Basu.
'Indians are great savers, but they are lousy investors.'
They researched their companies well, didn't believe in the market chatter and advise to stay invested for long term.
FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa, has filed preliminary papers with markets regulator Sebi to raise Rs 3,500-4,000 crore through an initial share-sale.
After a recent fall in profit, Masayoshi Son of SoftBank announced that the Japanese tech investor will look at dramatic cost-cutting. Before he does that, investments in India for calendar year 2022 (CY22) will fall radically, observed sources in the know. Last year, the company had invested around $3.2-3.5 billion in the Indian start-up ecosystem - almost 10 per cent of the total investment the sector received. For CY22, the investments may not even touch $1 billion.
Gautam Adani on Tuesday said his ports-to-energy conglomerate never slowed or stopped investing in the country as the group's success is based on its alignment with the India growth story. Speaking at the annual shareholder meeting of the group companies, he said the previously announced $70 billion investment in new energy business will help turn India from being a net importer of oil and gas to an exporter of clean energy. "Never have we walked away from investing in India, never have we slowed our investments," he said. "We believe our scale, our diversified business, and our track record of performance positions us very strongly to continue to perform well in a variety of market conditions."
Quick commerce startups hope to race towards better days. Can they crack the execution code?
Singapore Airlines' deal with Tata Sons (Tata) will inject a further SGD 360 million ($267 million) into Air India. It will give SIA a 25.1 per cent stake in the enlarged Air India group following its takeover by Tata and merger with Vistara Airlines. The November 2022 deal between Singapore Airlines and Tata Sons to further inject $267 million into Air India is one of the key strategic initiatives for future growth mentioned in the quarterly financial report. This agreement is still subject to regulatory approval. SIA in the statement said, "The merged entity will be four to five times larger in scale compared to Vistara, with a strong presence in all key airline segments in India.
Walmart-owned digital payments firm PhonePe has decided to halt its proposed acquisition of Goldman Sachs- and Xiaomi-backed ZestMoney, a Bengaluru-based buy now, pay later (BNPL) platform. The deal, which was poised to fetch anywhere between $150-200 million and $300 million, has hit a snag over lapses in due diligence, disagreements over valuation, sustainability of the business, and shareholding structure of ZestMoney, according to people familiar with the matter. The collapse of the deal is also being attributed to a slowdown in the financial technology (fintech) sector in the midst of a funding winter, difficult regulatory environment, and macroeconomic uncertainty, informed other sources.
