Sources familiar with the developments said the clearance came a few days earlier. While the details of the revised structure were not known, the sources said it would remain an all-stock deal.
Vallabh Bhansali-controlled Enam Financial Consultants, one of the leading home-grown investment banks in India, is learnt to be in talks with JP Morgan for a strategic alliance.
RBI has directed the bank to revise the accounting scheme and the deal structure.
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
Squadron Leader Kanwal Deep Mehra's daredevilry during the 1971 War brought down a Pakistani F-86 Sabre. But he had to bail out of his plane, was badly injured. Then a fierce band of armed guerillas evacuated him to safety at great risk to their lives.
'The market should maintain optimism on the back of range-bound oil prices, a robust fiscal balance sheet, a better-than-expected monsoon, and moderating inflation.'
'To get a 100 per cent consensus document without any reservation, any bracket, any chair summary is unprecedented in the history of multilateral forums.'
The report admits that converting MSP to a floor price of auction on the eNAM portal will not completely solve the problem as the current data shows that average modal prices in e-NAM mandis is lower than the minimum support price in all commodities except urad.
People in the know said plans were afoot to begin the sale of all food grains through online, with a major quantity through auctions that would be later extended to other commodities.
The bank follows RBI discomfort with quid pro quo pact.
"India's GDP is likely to grow at (an) average 12 per cent in nominal terms. Hence, India will be a $2-trillion economy by 2014-15," Enam Securities head-research, Nandan Chakraborty, and economist Sachchidanand Shukla said in a report titled 'India Strategy' released on Monday.
The high-level panel also asked the government to work towards re-orienting subsidies in a targeted manner from the crop sector to the non-crop sector and redesign the electronic National Agriculture Market.
How domestic financial players are re-inventing themselves to get a larger share of the pie.
Bharat Forge and and Motherson Sumi have market caps ahead of Delphi and Vistion in the US.
Sharma would be 60 in November 2018, and would have completed 10 years as Axis Bank's CEO the following year in June.
NITI Aayog has been working on an action plan to relieve rural distress and energise the agricultural sector
Under Sharma Axis Bank has also taken the lead in focusing on technology, which has now become core to almost every other lender's strategy.
Government's objective is to bring down the cost of cultivation through efficient use of fertilisers and agro chemicals, and increase in realisation. It is, thus, planning to connect 200 agricultural mandis with electronic National Agricultural Mandis this year and 225 next year, to enable farmers to sell their produce hassle-free online.
Past two years have witnessed a churn, mainly in the area of mergers and acquisitions.
It is nearly after 13 years that a foreign brokerage has resumed holistic coverage on stocks of public sector banks (PSBs). To that extent, Morgan Stanley's report dated March 3, where the analysts have listed their order of preference for PSB stocks, is an indication that the state-owned banks may once again be attracting some interest, thanks to three back-to-back quarters of good results in FY21 so far. "State-owned banks' balance sheets have improved, and bad loans formation should moderate going forward," the analysts note and this is the key reason for them to relook at their stance on PSBs. While State Bank of India (SBI) remains their preferred pick, stocks of Bank of Baroda (BOB) and Punjab National Bank (PNB) have been upgraded from 'underweight' to 'equal-weight'. The brokerage maintains its underweight recommendation on Bank of India and Canara Bank.
Rising competition and costs are likely to keep profitability of brokerage firms under pressure, leading to consolidation.
Reports suggest state-owned banks have lapped up Rs 40,000 crore, so far, using both bonds and equity instruments. The question, though, is whether there will be a perceptional change for PSB stocks.
Real estate developer Oberoi Realty on Friday said it will hit the capital market with its initial public offer on October 6.
Business Standard discussed the primary market scenario and changing equations in the IPO market with Enam Group chairman Vallabh Bhanshali. Excerpts:
The open offer was announced on April 20 by B K Modi group firm Spice Televentures through its merchant banker Enam Securities, and Sebi received the issue for its consideration on the same day. According to Sebi, it issued its necessary observations on the open offer on May 26, thus clearing the way for the open offer.
Tata Motors, the country's largest automobile company, may tap its vehicle loans to raise funds for working capital and refinancing of loans for Jaguar and Land Rover acquisitions, investors and analysts said.
The National Pharmaceutical Pricing Authority has revised prices of 440 medicines. Around 300 medicines have seen price cuts, while the others have seen a hike, sources said. The extent of the revisions is not known as yet.
Telecom to Telekom Malaysia in an attempt to complete the merger, sources involved in the negotiations said, declining to be identified. The group has hired Enam Financial as adviser to the transaction. Investment banking sources said the lawyers from both the parties are now busy structuring the deal so that the acquisition meets all the regulatory norms of the country and the Birlas retain control over Idea Cellular.
National Hydroelectric Power Corporation, the central power utility, has shortlisted five merchant banks for its initial public offering likely to hit the market in first quarter of FY08.
Experts are of the opinion that market has an appetite for IPOs if the pricing is right. The current fall in the market is a correction process.
So far, most restaurants are resisting passing on the rising price of rice, lentils and energy to customers
Indian television company NDTV is in advanced stages of negotiations with NBC Universal, a subsidiary of New York Stock Exchange-listed General Electric to sell between 25 and 30 per cent in its UK-based subsidiary NDTV Networks Plc.
India's well-known investors who are known for their Midas touch have spotted an opportunity in bio-fuel, betting big on ethanol, bio-mass and even bio-fuel equipment makers in India and other parts of the globe.
There are several positive reasons to invest in the NTPC offering from a three-year perspective.
When the third round of bids was opened, Oaktree's offer was the highest, but with several riders. While Piramal offered higher upfront cash and offered to merge its financial business with DHFL, Adani was ranked third in the race, reports Dev Chatterjee.
The scrip of television software company UTV was listed on the National Stock Exchange.
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