Public Relations
The sugar industry is likely to post robust profit in the financial year ending September 2010 on the back of an expected decline in production in the current sugar cycle (October 2009-September 2010).
An American federal court has upheld a patent violation ruling against Microsoft Corp related to Microsoft Word by restraining the software giant from selling the product in the US.
State-run Indian Oil Corp (IOC) has appointed three merchant bankers for its maiden overseas bond issue of $500 million (Rs 2,325 crore).
A section of Air India employees owing allegiance to ACEU has threatened to strike work from December 22 to protest the management"s proposed move to withdraw some facilities now available to them from January 1.
Amid reports of fresh bouts of dissidence in the ruling BJP in Karnataka, chief minister B S Yeddyurappa today said he has “committed several mistakes” after assuming charge and promised people that such mistakes would not recur.
Amid reports of fresh bouts of dissidence in the ruling BJP in Karnataka, chief minister B S Yeddyurappa today said he has “committed several mistakes” after assuming charge and promised people that such mistakes would not recur.
The Supreme Court has held that banks are liable to compensate a customer whose money is wrongly paid to another person without verifying the original signature of the account-holder as it amounted to deficiency of service.
Jharkhand Governor K Sankaranarayanan today asked JMM chief Shibu Soren to produce a list of MLAs supporting him as BJP gave enough indications of backing his claim to form a government.
Environmental think tank Teri wants to commercialise its technologies. Here’s how.
The proceeds from selling treasury stock will add to RIL’s cash and help its big acquisition plans.
The Centre has expressed confidence that by 2020 the polluted river Ganga would be cleaned and Rs 15,000 crore will be spent on it.
The plants, with a total capacity of 3,300 Mw, are at various stages of development.
Jet Airways seeks DGCA"s intervention as 350 pilots report sick in Mumbai.
Bangalore-based public sector lender, Vijaya Bank has informed the Bombay Stock Exchange (BSE) that its authorised capital has been increased from Rs 1,500 crore to Rs 3,000 crore. The bank has a network of 1,132 branches in the country.
Domestic brokerage firm India Infoline today said its consolidated net profit rose by 44.27 per cent to Rs 58 crore for the second quarter ended September 30, over the same period last year.
The $100-million (Rs 470-crore) equity infusion through issue of global depository receipts (GDRs) to US-based buyout specialist Apollo Management and Rs 410 crore expected from the third tranche of its rights issue should help India’s largest direct-to-home (DTH) service provider, Dish TV, increase its subscriber base and post an improvement in performance.
Domestic brokerage firm India Infoline today said its consolidated net profit rose by 44.27 per cent to Rs 58 crore for the second quarter ended September 30, over the same period last year.
A majority of large private equity (PE) players are gearing up to raise fresh funds for investing in the infrastructure sector. According to a survey of the leading PE firms conducted by management consultancy Ernst & Young and industry body Asscoham, 84 per cent of the PE firms said that they found the present environment conducive to raise infrastructure-focused funds.
Business Standard / New Delhi December 21, 2009, 0:39 IST
Gold’s best year in three decades has yet to match the returns of an interest-bearing checking account for anyone who bought the most malleable of metals coveted for at least 5,000 years during the last peak in January, 1980.
Infosys plans to reduce the usage of sub-contractors and do its work in-house, especially at cheaper offshore locations, the IT company"s Chief Mentor N R Narayana Murthy said today.
Worries of rising food prices and a hike in interest rates weighed on the market sentiment. During the week, the BSE Sensex fell 400 points or 2.3 per cent to 16,720, while Nifty fell 130 points or 2.5 per cent to 4,988. However, mid-cap and small-cap stocks performed better, BSE Mid-Cap index fell by 1.6 per cent and Small-cap index declined by 1.04 per cent during the week.
This is the second volume of essays/columns by NK Singh, or NK as he is generally known. These essays span the period of summer 2007 to summer 2009. The first thing that strikes the reader about these columns is the extraordinary variety of topics, ranging from the management of global economic risks to issues of Parliamentary oversight to a blueprint for the revival of Nalanda University. To anyone who knows NK, such variety and range would come as no surprise. Indeed, I was mildly disappointed not to find an essay on the challenges of nurturing roses or one on the finer points of photography, both of which figure among NK’s manifold interests.
As governments debate ways to reduce carbon emission levels at the climate change summit in Copenhagen, some fast moving consumer goods (FMCG) companies are doing their bit to rein in carbon footprints.
Traders and brokers seem cautious about taking membership in Indian Commodity Exchange (ICEX), the fourth commodity futures exchange, promoted by Indiabulls Financial Services and public sector MMTC.
The government has ordered the SFIO to probe into mismanagement and financial irregularities in Vedanta Group-owned Sesa Goa and its subsidiary Sesa Industries (SIL), the company said today.
Sidhartha / Mumbai December 04, 2009, 0:42 IST
Recommending higher allocation for animal husbandry, dairy and fisheries, a House panel has wondered as to why the sector got only 7.7 per cent of the allocated funds of the Agriculture Ministry last fiscal, even though it accounted for 31 per cent of the total farm output.
Mukesh Ambani-run Reliance Industries (RIL) today said it has successfully tested the design capacity of its massive eastern offshore Krishna-Godavari basin D6 field production facilities.
IDBI Bank Chairman and Managing Director Yogesh Agarwal has emerged the frontrunner for the post of the chairman of the Pension Fund Regulatory and Development Authority (PFRDA).
Leading IT-based security solutions developer, Micro Technologies (India) Ltd, today announced the launch of Micro Jai-Kisan, an innovative device for farmers.
Calls it ‘unappealing prospect’ from a ‘low-growth’ conglomerate.
American chocolate maker Hershey Co is unlikely to bid for British confectionery major Cadbury as the company is "too small" to support the debt load needed to make an offer, says a media report.
An Air India enquiry committee has chargesheeted airhostess Komal Singh, who had levelled molestation charges against two pilots of the airlines, for "violating the conduct rule".
Here is our take on 10 market trends to watch out for in 2010.
Japanese economy shrank at a staggering pace of 4 per cent in the first three months of 2009, as the country continues to experience the jitters of the global financial turmoil.
Competing with Vedanta Resources, Grupo Mexico has come up with a $1.6 billion reorganisation programme for regaining control of its bankrupt firm Asarco.
Former Cuban leader Fidel Castro accused the United States of seeking to "eliminate" Venezuela"s leftist government and amass power in South America through its military deals with Colombia.
The country"s leading public sector general insurance player, Oriental Insurance Company, is seeking insurance regulator Irda"s approval to open an office in Doha, the capital city of Qatar.
The Sensex after touching a low of 17,028, has recovered a bit and is now down 100 points at 17,080.
The scrip soared to a high of Rs 1,244 and finally settled at Rs 1,228, up 2.5% from its previous close. The counter clocked 88,709 shares as comapred to the two -week daily average traded volumes of 115,510 shares on the BSE.
Private equity: The private equity industry was challenged in 2009. Deal flow remained slow, portfolio companies struggled and investors in buyout funds scrambled to meet their cash commitments. Rebounding bond and equity markets helped some firms in the second half. But the rally was too late for others. As the industry enters a new decade, expect the divide between the sheep and goats of the buyout world to widen.
Tata group-owned Jaguar Land Rover (JLR) has secured a 170 million pound (about $284 million) loan from GE Capital in a move to strengthen its financial position, media report says.
Pramod Jain, a minority shareholder in Sanjay Dalmia-controlled cigarette-maker Golden Tobacco Ltd (GTL), today made an unsolicited open offer to acquire another 25 per cent equity in the company at Rs 101 a share.
Patel Engineering, a construction company, has raised Rs 344.32 crore through the fresh issue of shares to qualified institutional buyers (QIBs) at a price of Rs 477.03 per share.
Gammon Infrastructure Projects may raise Rs 500 crore through the qualified institutional placement (QIP) route, a top company official said.
Textile major S Kumars Nationwide (SKNL) plans to raise Rs 1,000 crore through issue of shares on qualified institutional placement (QIP) basis to fund its expansion plans.
Oil crept higher today after OPEC maintained its output quotas at existing levels, analysts said.
With the rupee appreciating by nearly 4 per cent against the US dollar, Indian information technology service providers are expected to see flat to negative revenue figures in rupee terms for the third quarter (October-December 2009).
Leslie D"Monte & Kirtika Suneja / New Delhi December 5, 2009, 0:15 IST
Vanita Kohli-Khandekar / New Delhi November 24, 2009, 0:18 IST
The scrip soared to a high of Rs 1,244 and finally settled at Rs 1,228, up 2.5% from its previous close. The counter clocked 88,709 shares as comapred to the two -week daily average traded volumes of 115,510 shares on the BSE.
Vijay Mallya-promoted United Spirits is focusing on football as platform for promoting McDowell"s Celebration rum.
The government will sell 8.38 per cent of its stake in the mining major NMDC before March 31, 2010, generating Rs 14,100 crore from the process.
FIIs back in the game, buy shares worth Rs 769 crore.
The markets continue to trade firm. The Sensex is quoting at 16,709, up 107 points, and the Nifty is at 4987, up 34 points. The BSE mid-cap and small cap indices are up in the region of a percent each. Metals, realty and consumer durables have surged in morning trades, while the IT space is subdued.
The government is to shortly consider the recommendation to sell three units of Burn Standard Company Ltd, an ailing public sector undertaking.
The stock gained 5 per cent to close at a 52-week high of Rs 236.10 on reports that steel companies may increase prices next month to cash in on the demand surge in the domestic market and recovery in the global steel prices.
The stock gained 5 per cent to close at a 52-week high of Rs 236.10 on reports that steel companies may increase prices next month to cash in on the demand surge in the domestic market and recovery in the global steel prices.
Indian business spreads its footprint across the globe.
The markets continue to trade firm. The Sensex is quoting at 16,709, up 107 points, and the Nifty is at 4987, up 34 points. The BSE mid-cap and small cap indices are up in the region of a percent each. Metals, realty and consumer durables have surged in morning trades, while the IT space is subdued.
The Orissa government will introduce the e-filing of returns and e-challan for the dealers in the state starting from 1 January, 2010. The finance minister Prafulla Chandra Ghadai has approved a proposal in this regard. Initially, this will be launched as a pilot project using the portal of the State Bank of India (SBI) and the system is proposed to be expanded to all the areas of the state later, Ghadai told the media.
A host of companies plan to cash in on the spending boom.
With sanctioned credit lines going abegging, banks take corrective action.
In a recent landmark judgement in Coca Cola India Pvt. Ltd. vs. Commissioner of Central Excise (2009-VIL-06-HC-BOM-ST), the Mumbai High Court has interpreted the relevant provisions of service tax law in a broad and inclusive manner in order to hold that expenses incurred by a company in relation to advertising and promoting a brand owned by it would be eligible for input tax credits as such services will qualify as ‘input services’. The decision has extended the present understanding of the service tax provisions to a significant extent and beneficially at that.
Shyamal Majumdar / Mumbai December 10, 2009, 0:14 IST
Public sector lenders Bank of Baroda and Indian Bank today announced that they had appointed new Executive Directors.
Mobile telephone subscribers would have to wait a little longer to change their service provider without changing their numbers. The introduction of mobile number portability (MNP) across the country would be delayed by about two to three months, as some of the operators are not ready, said a senior official of the Telecom Regulatory Authority of India (Trai).
World Bank Group member International Finance Corporation (IFC) today said it will give $50 million loan to healthcare major Apollo Hospitals for providing high quality services to smaller cities across the country.
Worried over an adverse impact on export earnings due to rising rupee against the US dollar, several north Indian export companies are mulling hedging against the volatility of the Indian currency.
The stalemate over the Railways’ proposed coach factory at Singur is likely to continue with the West Bengal government on Tuesday indicating that it will wait for a firm proposal from the Rail Board before approaching its tenants for terminating the contract covering 997 acres at the former production site of the Tata Nano.
Sensex ends up 35pts
K Subrahmanyam / January 3, 2010, 0:59 IST
The global economic recovery augurs well for domestic companies having a large exposure to overseas markets.
Business Standard / New Delhi January 1, 2010, 0:28 IST
Driven by scarcity of talent and increasing competition, India Inc is expected to hike salaries in the new year with the pharma, telecom and consumer goods companies leading the space with up to 12 per cent pay hike, global consultancy Ernst & Young (E&Y) says.
To increase transparency, the Reserve Bank of India (RBI) today directed regional rural banks (RRBs) to disclose the commission they receive from mutual funds and insurers for referring their products to customers.
Despite the ongoing global economic crisis, people worldwide will spend more this year on consumer electronics, IT and telecom and are expected to take the total market size to $706 billion, according to a survey.
Chinese banks: Economic crisis or not, China’s lenders are in good shape. The country’s big listed banks – Industrial Commercial Bank of China (ICBC), Bank of China and China Construction Bank (CCB), all unveiled mid-year balance sheets enviously light on bad debts. Thank China’s rapid growth – and an astonishing $300 billion vanishing act.
China"s top 500 companies outperformed their US counterparts for the first time last year, a survey conducted by a business group has revealed, as the financial crisis wreaked havoc in the United States.
Sun Pharmaceutical Industries’ attempts to take over Israeli drug major Taro Pharmaceutical is gaining more support from independent advisory firms. RiskMetrics Group’s ISS Governance Services (RMG), an independent proxy advisory firm, has recommended that shareholders of Taro Pharmaceutical Industries vote against all the proposals made by Taro’s board of directors, including all of its nominees for election and re-election as directors in the upcoming Annual General Meeting (AGM) scheduled for December 31, Sun Pharma said in a press release.
After a breather, private sector banks are again catching up with their public sector counterparts in auto finance as car sales zoom.
Reserve Bank of India Governor D Subbaro today said there is scope for banks to lower lending rates further.
Public sector Indian Overseas Bank today said it will raise an amount totalling to Rs 800 crore by issue of bonds on private placement basis.
Beginning the end of its accommodative monetary policy, the Reserve Bank of India (RBI) today restored the statutory liquidity ratio (SLR) to 25 per cent from 24 per cent and closed the special financing window set up for mutual funds and home finance companies.
Indian Overseas Bank today reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009.
Markets closed lower with the Sensex losing 3 per cent to close below the 17,000 mark at 16,810.80 during the last week. FIIs were net buyers to the tune of Rs 1,083 crore for the week ending October 22. However, selling over the last two trading sessions by FIIs in frontline stocks, disappointing global cues and an uptick in domestic inflation were prime reasons for the correction.
FII attitude may be key
Bankers today said that the increase in the statutory liquidity ratio (SLR) limit would not impact the liquidity in the banking system in any significant manner.
Beginning the end of its accommodative monetary policy, the Reserve Bank of India (RBI) today restored the statutory liquidity ratio (SLR) to 25 per cent from 24 per cent and closed the special financing window set up for mutual funds and home finance companies.
Trades between FIIs generated a volume of Rs 38 crore on the BSE Tuesday-an decrease of 38.84% from Rs 62 crore clocked on Monday. As many as six stocks witnessed trades of 7.71 lakh shares on Tuesday.
In spite of extensive support from the state government, Gujarat’s small and medium spinning mills are on the verge of closure. While other segments in the textile industry value chain may be experiencing a turnaround, spinning is still reeling under global recessionary trends.
The US car-maker Ford Motor has agreed to all "substantiative commercial terms" related to the planned sale of its Swedish business Volvo Car Corp to Chinese auto-maker Zhejiang Geely Holding.
Brazilian firm wants to concentrate on gas finds back home
It"s called initial public offer, but it was promoters who walked away with a lion"s share in this market during 2009, when they sold shares worth about Rs 20,000 crore in their companies to the public shareholders.
Brazilian firm wants to concentrate on gas finds back home
Eight out of top-10 firms managed to add over Rs 22,000 crore to their market capitalisation (m-cap) in the holiday-truncated past week, with NTPC contributing a major chunk to the kitty.
A status quo on “title and possession” is to be maintained on four properties that were owned by the late patriarch of the Ranbaxy family, Bhai Mohan Singh, and his wife, according to an order of the High Court here. Further proceedings will be taken up in March 2010.
A K Bhattacharya / New Delhi January 5, 2010, 0:48 IST
A V Rajwade / New Delhi January 11, 2010, 0:50 IST
Credit growth of banks remained at 13 per cent for the fortnight ended January 1 compared to 24 per cent in same period a year ago.
The year 2009 saw the industry combating the shadows of global slowdown. A year full of challenges, which kick-started with the Vibrant Gujarat summit, was also a blessing in disguise in some cases especially with pharma companies returning homewards to Gujarat or brain drain from the reputed insitutes like IITs and IIMs being contained for the time being. While acquisitions and mergers gained some momentum in the later half of 2009, some of the special economic zone projects were hit. Companies responded with more innovative solutions while waking up to newer challenges. Problems in land acquisitions continue to remain although the process has been far more peaceful in Gujarat as compared to other states. This can be guaged from the fact that the first Nano by Tata Motors at Sanand got ready this year
Consequent to the sharp run up in markets in 2009, investors will have to be careful in picking stocks while lowering their return expectations
India’s foreign exchange reserves rose $22 million to $283.52 million during the week ended January 1, mainly due to the revaluation of gold.
Oil regulator PNGRB has asked the Reserve Bank of India (RBI) to include networks built for sale of CNG to automobiles and piped gas to households in the definition of infrastructure so they can get project financing.
The Ministry of New and Renewable Energy (MNRE) has announced an incentive of 50 paise per unit of wind power fed by independent power producers into the grid.
Treasury Secretary Timothy Geithner said US banks weren’t hurting their ability to lend as they repaid the loans of the Troubled Asset Relief Programme and backed away from government assistance.
The Indian government has cancelled visas of Pakistani-origin terror suspects David Coleman Headley and Tahawwur Rana, according to sources.
Anil Ambani-led Reliance Natural Resources (RNRL) today accused Reliance Industries (RIL) in the Supreme Court of unilaterally inserting provisions in the agreement for gas supply, saying it went against the family MoU of 2005 providing for fixed quantity of gas from the KG Basin for 17 years.
Business Standard / New Delhi December 11, 2009, 0:05 IST
Anil Ambani-controlled RNRL told the Supreme Court today that Mukesh Ambani’s RIL had put it in a disadvantageous position in terms of price, quantity and tenure in their Gas Supply Master Agreement (GSMA).
Bank of America Corp, the largest US lender, raised $19.3 billion selling securities at $15 apiece in the biggest sale of stock or preferred shares by a US public company since at least 2000.
The simplest solutions continue to escape those trying to fix our broken financial system. Consider banks’ need to have enough capital on hand to weather market storms. Instead of requiring banks to simply raise and hold more common equity—the most important kind of capital—regulators are kicking around more convoluted ideas.
Citigroup Inc posted a $4.28 billion profit, less than analysts estimated, as surging loan losses cut into a gain from selling control of the Smith Barney brokerage unit.
The country’s foreign exchange reserves fell by $144 million for the week ended December 25, 2009, mainly due to revaluation of currencies. The rupee ended the week at Rs 46.65 to the dollar as against Rs 46.73 at the end of the preceding week.
Swiss banking major Credit Suisse Group today returned into black with a third quarter profit of 2,354 million Swiss francs, riding on the strong performance by its investment banking business.
Bears were caught on the wrong foot, as the suspected downmove reversed sharply on positive economic developments. Last week, I had mentioned the downmove looked suspect because of the low volumes. The upmove has been quite sharp and the indices managed to record new 15-month highs on Thursday, the last trading day for the week. Next week is also a curtailed one with just three trading days, as the exchanges have declared holidays on Monday and Friday.
Mahesh Vyas / New Delhi January 2, 2010, 0:54 IST
After the Bombay Stock Exchange (BSE) Brokers Forum, the Association of National Stock Exchange Members of India (ANMI) has decided to approach the government and the Securities and Exchange Board of India (Sebi) on extension of trading hours from January 4.
The market watchdog Securities and Exchange Board of India (Sebi) today allowed the State Bank, ICICI Bank and 14 other banks to accept ASBAs (application supported blocked amount) to enable better participation by corporate investors and high networth individuals (HNIs) in initial public offers (IPOs) or rights issues.
Punjab and Sind Bank Ltd had sought government approval for its proposed initial public offer, a source close to the development said today.
Media house DB Corp, which publishes Hindi daily Dainik Bhaskar, will list its equity shares on the bourses on January 6.
Low cost of funds and low credit growth have meant unprecedented levels of capital adequacy ratios (CARs) for banks.
Markets have erased all its gains and slipped into the red.
Advance tax collection shored up in the second quarter of the financial year indicating expectations of profit for the September quarter.
Tata Sons Director R K Krishna Kumar today said the company should increase its holdings in Tata Group companies.
Many smart buyers wait for the year-end to buy a car. Auto makers and dealers come up with the best discounts in the month of December to clear stocks. But if you are planning to buy a car any time soon, the current festive season could be an equally attractive opportunity, thanks to the availability of cheaper finance.
Bhupesh Bhandari / New Delhi October 23, 2009, 0:21 IST
A section of Air India employees owing allegiance to ACEU has threatened to strike work from December 22 to protest the management"s proposed move to withdraw some facilities now available to them from January 1.
National carrier Air India today received the National Energy Conservation Award 2009 for its efforts in saving fuel and reducing carbon emission.
JSW Energy ended Day 1 at Rs 101, a premium of Rs 1 to the issue price.
Realty developer Godrej Properties will be listed on the Bombay Stock Exchange (BSE) on January 5.
The listing of three big initial public offers (IPOs) — JSW Energy, D B Corp and Godrej Property — this week would be yet another test for the lackluster primary markets.
Realty firm Godrej Properties may look at launching affordable housing projects in the price range of Rs 5-15 lakh per unit by the next financial year.
Realty developer Godrej Properties will be listed on the Bombay Stock Exchange (BSE) on January 5.
Public sector lender United Bank of India (UBI) today filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offer (IPO).
Toeing the line of some other states, Madhya Pradesh, which is facing a severe power shortage, has finally decided to import 4.5 lakh metric tonnes of coal to meet its shortfall and does not affect its electricity generation, officials said.
Business Standard / New Delhi October 27, 2009, 0:46 IST
Investors got the upper hand in 2009, as regulatory changes made mutual funds more attractive to park their money in even as the industry shrugged off recession blues with its assets hitting an all time high of Rs eight lakh crore.
Great Offshore Ltd on Thursday said it had not received any offer from Bharati Shipyard and ABG Shipyard for its acquisition and also Sebi was yet to approve the acquisition.
Suzlon Energy announced last week the repayment of its entire outstanding acquisition loan facility of about $780 million. The repayment was funded through the sale of Suzlon’s stake in Hansen Transmissions International NV and a new five-year dollar denominated loan of $465 million from the State Bank of India. Effectively, its consolidated net debt is now lower by roughly $350 million or Rs 1,700 crore.
Japanese corporates and retail investors see India as a major investment destination and already up to$1 billion has reached Indian equity markets.
GELFAND AND Ponomariov have drawn game one in the four-game World Cup finals. At stake is a spot in the Candidates. Top seed Gelfand has had a much smoother passage to the finals. Seventh seeded Ponomariov had to fight harder. In the semis, Gelfand beat Sergein Karjakin, 2-0 in nomal time while Ponomariov won a hair-raising tiebreaker after losing the first game to Vladimir Malakhov.
The Enforcement Directorate (ED) today claimed to have found evidence of ‘large-scale’ violations of Foreign Direct Investment (FDI) guidelines by real-estate major Emaar MGF in purchase of land. During its searches carried out at 13 premises of the group on Thursday, the ED also claimed to have recovered about Rs 9 crore in cash, two kg of gold and foreign currency worth Rs 5 lakh. Stating that Emaar MGF had availed more than Rs 6,000 crore of FDI in the last four years, the ED said in a press statement that the seized documents indicated “large-scale violations of FDI guidelines.”
Comprehensive civil nuclear pact to be signed during PM’s visit.
Business Standard / New Delhi November 11, 2009, 0:19 IST
IT firm Mahindra Satyam (formerly Satyam Computer) today appointed Deloitte as auditors, within days of CBI charging Price Waterhouse of complicity in the Rs 14,000-crore accounting scam.
A third of Russia’s 42,000 clothing retailers will close by the end of this year after the economic crisis hurt local spending, according to the head of the European Fashion and Textile Export Council.
The tri-nation gas pipeline between India, Bangaladesh and Myanmar may take shape in two to three years time, Myanmar Ambassador U Kyi Thein said here today.
Garments maker Provogue India today said that it will open 17 more showrooms across the country in the current fiscal taking the total number of stores to 143.
MTN Group Ltd shareholders said they want more for their stakes in Africa’s biggest wireless company after it reached a $24-billion share-purchase accord with Bharti Airtel Ltd, the first step in their planned merger.
KSK Energy Ventures today said it would seek approval from its shareholders for raising Rs 2,000 crore through issue of securities to qualified institutional buyers (QIBs).
The markets rebounded strongly towards close, riding on the back of a recovery in Europe. The Sensex recovered more than 400 points from its intra-day lows to close at 16,632, down 222 points and the Nifty ended at 4,943, lower by 62 points.
Orchid Chemicals & Pharmaceuticals reported a net loss of Rs 13.20 crore for the quarter ending on September 30, 2009 as compared to Rs 40.66 crore loss last year.
Most of these families are looking at private equity funds as a way to earn fee-based income.
Ahead of its upcoming initial public offer to mop up about Rs 4,000 crore, realty firm Emaar MGF today said it would not be impacted by Dubai"s debt repayment crisis, which has led to a rating downgrade for its Middle-East promoter.
Just days after an aborted deal for merger with South Africa"s MTN, Bharti Airtel today said it may bid to acquire Luxembourg-based telecom firm Millicom"s operations in Sri Lanka.
Bharti Airtel, the country"s number one mobile telephony service provider in terms of subscriber base, has said it welcomes the per-second billing plan mooted by the Telecom Regulatory Authority of India (Trai).
Just days after an aborted deal for merger with South Africa"s MTN, Bharti Airtel today said it may bid to acquire Luxembourg-based telecom firm Millicom"s operations in Sri Lanka.
Sensex ends up 35pts
While high proportion of restructured loans is a near-term dampener, strong volume growth and higher margins augur well for the bank.