The SilverLine project, which is expected to considerably reduce travel time from Kasaragod to Thiruvananthapuram, cannot be implemented without approval from the Centre which appears to be giving it a second thought in view of the United Democratic Front and Bharatiya Janata Party's opposition to it, Kerala Chief Minister Pinarayi Vijayan said on Tuesday.
The initial public offering (IPO) market has come to a grinding halt due to sharp correction in the broader markets and uncertain outlook created by the Russia-Ukraine offensive. So far this year, only three companies have managed to launch their maiden share sales. In comparison, close to 10 companies were able to come out with their IPOs during the same period last year. Investment bankers say it will be challenging to launch a single deal in March as large institutional investors have turned extremely risk-averse and don't wish to commit any capital.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
Experts explain the distinction between the rights of small and minority shareholders in public-listed and private companies.
Sebi's change of rules will give the government -- which owns 100 per cent of LIC -- the flexibility to assess market demand and opt for lower dilution.
There are lessons for the Congress to learn from the Karnataka elections of how burying the hatchet among top leaders and not washing dirty linen in public can help, says Ramesh Menon.
Financial planners also believe that retail investors should avoid the IPOs or direct stock route because it is too risky for them.
The government may have to rework the valuation of Life Insurance Corporation of India (LIC) for its initial public offering (IPO) if the listing is pushed beyond May, an official said. The current embedded value of LIC, pegged at Rs 5.4 trillion as of September 30 and for the six-month period ended September, will have to be re-evaluated if the issue is pushed beyond May 12, as approved by the Securities and Exchange Board of India (Sebi). This would impact the market value of LIC, that is currently being internally estimated at 3-4 times of the embedded value.
Nearly five months after its soft launch, the government's e-portal, the National Single Window System (NSWS), is seeing a significant increase in the number of investors using it to get a bunch of approvals for their ventures. The first clearance was granted on 18 January. Since then, the progress has been good. Out of the 1,258 registered users on the portal, 378 were registered in the last one week.
'Domestic will remain very much the core of what IndiGo is.' 'But the emphasis in our next growth phase is going to be on the international side.'
All FIPB records will now be digitised; old and unnecessary files will be weeded out
After 'mutual funds sahi hai', it could be the turn of something like 'stock market sahi hai'. Ahead of what will be India's biggest initial public offering, expected later this year, the government and the insurance major are planning a high-decibel awareness campaign for retail investors to ensure their participation in large numbers. "It may be along the lines of the highly successful campaign on mutual funds," an official privy to the developments said. The campaign will mainly target investors in tier II and tier III cities, and will be organised through the vast network of LIC agents to make the policyholders aware about investing in stock markets.
The new amendment, which came into force on April 21, has been introduced to detect discrepancies between the expenses and incomes of people who do not have to file tax returns.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
The Bharatiya Janata Party regime will have to make good on this election slogan to restore state-owned banks to health, says Rajiv Lall.
A December 28 board meeting of the Securities and Exchange Board of India (Sebi) may tighten norms for initial public offerings (IPOs). The board may look to prescribe a minimum 5 per cent gap in IPO price bands, extend the lock-in period for anchor investors to 90 days and cap the amount a majority investor can sell through offer for sale. The regulator is looking at whether there can be a preferred allocation for anchor investors who opt for a longer lock-in period, said a person familiar with the matter.
Continuing efforts to boost the capital market, Sebi on Wednesday decided to tweak the 25 per cent minimum public shareholding requirement for companies undergoing insolvency process, segregate assets as well as liabilities of mutual funds, and ease norms governing promoter participation in follow-on public offers. For the mutual fund segment, the watchdog also relaxed the profitability criteria and mandated minimum Rs 100 crore net worth requirement for entities to become sponsors of mutual funds. The board of Sebi, at its meeting on Wednesday, also cleared amendment regulations pertaining to market intermediaries to avoid duplication of proceedings before the designated authority and the designated member.
Abramovich handed Chelsea director control of firm on day of Ukraine invasion - filings
Here's how you can get the best out of your mutual fund investment.
Finance Minister Nirmala Sitharaman on Friday pitched for front loading of capital expenditure, saying it is critical for revitalisting the economy post the coronavirus pandemic. During a virtual meeting with senior government officials to discuss the infrastructure roadmap ahead, she also asked ministries to aim to achieve more than their capital expenditure (capex) targets. The Union Budget 2021-22 provided a capital outlay of Rs.5.54 lakh crore, a sharp increase of 34.5 per cent over the Budget Estimate of 2020-21.
On February 19, India's largest private low-fare airline IndiGo announced the resignation of one of the two founders, Rakesh Gangwal, from the airline's board and his intentions of offloading his stake in the airline over the next five years. The announcement came on a Friday, giving the stock markets the weekend to absorb the news but the markets registered a tepid response on Monday's opening. In contrast, in July 2019, when the fight between the two founders and erstwhile friends first became public, the markets reacted savagely. The IndiGo scrip at the time fell 19 per cent, wiping out millions of rupees of shareholder wealth before bouncing back. For readers who may be hazy on the details of the dispute, here is the context.
We have not been able to communicate in a very articulate manner and clear manner on the merger as earnings were due, says HDFC CEO.
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
The company, backed by China's Ant Group, is planning to issue fresh shares worth Rs 7,500 crore in the IPO. This will make this India's third-largest offering after Reliance Power and DLF.
Leading media firms Zee Entertainment and Sony Pictures on Wednesday said they have received in-principle approval for a merger that will combine both companies' linear networks, digital assets, production operations and programme libraries.
Airports hold pride of place in the government's National Monetisation Pipeline (NMP) programme to monetise public assets. Private airport operators, including the Adani group, Fairfax, GMR and Zurich Airport, are expected to evince interest in the next round of public private partnership (PPP) development of state-owned Airport Authority of India (AAI) airports. Industry analysts, however, do not expect bids to be as high as the last round, which saw Adani group gain control of six airports.
Tamil Nadu's latest budget offers path-breaking initiatives and major boost for social infrastructure, which other state governments are sure to follow in the coming years, predicts N Sathiya Moorthy.
Fundraising activity in the upcoming financial year 2022-23 may even surpass FY22 when 52 Indian companies raised a record Rs 1.11 trillion via initial public offerings (IPOs). According to a note by PRIME Database, 54 companies (including LIC) plan to raise Rs 1.4 trillion and currently hold the Securities and Exchange Board of India's (Sebi's) approval. Another 43 companies, the note said, are looking to raise about Rs 81,000 crore but waiting for Sebi nod.
Ailing telecom operator Vodafone Idea has flagged the industry's "unsustainable financial duress" in its latest annual report and hoped that the government would provide the necessary support to address "all structural issues" faced by the sector. In the chairman's letter to shareholders, Himanshu Kapania cited persistent challenges in the operating environment, amid "unsustainable pricing" and "hyper-competition" during FY21. Kapania expressed hope that government will support efforts to generate reasonable returns on massive investments.
The majority have stayed away from getting into cash handling.
'We showcased about 20 use cases in 5G trials in Pune and Gandhinagar and some of them were interesting and innovative.' 'However, which ones will take off and which ones would not be relevant, we don't know yet.'
Only a few thousand chargers dot the Indian landscape, some in working condition, others not, with some held hostage to the power supply vagaries of local utilities, reports S Dinakar.
Zee Entertainment Enterprises Ltd on Wednesday approached the National Company Law Appellate Tribunal (NCLAT) against the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting (EGM) to discuss various issues, including removal of managing director Punit Goenka. The media major has challenged the orders of Mumbai-bench of the National Company Law Tribunal, which had on Tuesday directed Zee Entertainment Enterprises Ltd (ZEEL) to filed reply over the petition filed by its minority shareholders by October 7 (Thursday), the next date of hearing. Confirming the development, a ZEEL Spokesperson said: "The company has moved NCLAT in accordance with the due process available under the law."
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The number of draft red herring prospectuses (DRHPs) filed with the markets regulator - Securities and Exchange Board of India (Sebi) - jumped nearly fivefold to 145 in 2021-22 (FY22), compared with just 30 in the preceding financial year (2020-21, or FY21). This was on account of companies rushing to take advantage of a favourable market sentiment towards initial public offerings (IPOs), triggered by an influx of new investors, surge in the secondary market, and encouraging performance of newly listed stocks. In fact, DRHPs filed in FY22 was 4x the previous 10-year average and the highest since 2007-08, according to primary market tracker PRIME Database.
Markets regulator Sebi has reduced the minimum lock-in period for promoters' investment post an initial public offering (IPO) to 18 months from three years, under certain conditions. The move comes at a time when many companies are looking to list on the stock exchanges. In addition, the Securities and Exchange Board of India (Sebi) has streamlined disclosures requirements of group companies.
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