Government privatising PSUs, destroying jobs: Rahul Gandhi
Tue, Sep 8, 2020 5:31 AM

Government privatising PSUs, destroying jobs: Rahul Gandhi

Congress leader Rahul Gandhi on September 7 accused the government of privatising Public Sector Units (PSUs) and destroying jobs. Gandhi's accusations came in the backdrop of the government selling its entire 52.98 percent stake in India's second-largest fuel retailer and third-biggest oil refiner BPCL.

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Franklin MF offloads 0.7% stake in Indiabulls Housing
Tue, Sep 8, 2020 5:12 AM

Franklin MF offloads 0.7% stake in Indiabulls Housing

Franklin Mutual Fund has offloaded 0.73 percent equity stake in Indiabulls Housing Finance via open market transactions on September 7. Franklin Mutual Series Funds-Franklin Mutual Beacon Fund sold 31 lakh shares in the company at Rs 194.04 per share, the bulk deals data available on the National Stock Exchange showed.

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General Insurance Corporation of India slips into red
Tue, Sep 8, 2020 4:59 AM

General Insurance Corporation of India slips into red

General Insurance Corporation of India announced its Q1FY21 results on Sep 7, 2020. Gross premiums written in Q1FY21 stood at Rs15,881.55cr, which declined by 23.69% yoy from Rs20,813.12cr in Q1FY20. Operating loss stood at Rs852.99cr in Q1FY21 that decreased by 517.54% yoy. For Q1FY20, it had posted operating profit of Rs204.29cr.

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ITC mulls ‘alternate structuring’ for value creation in hotels business
Tue, Sep 8, 2020 4:56 AM

ITC mulls ‘alternate structuring’ for value creation in hotels business

Diversified conglomerate ITC has started mulling “some alternate structuring” to enhance “value creation” for its hotels business, chairman Sanjiv Puri on Monday said, “The hotels (business) have come to a stage where now our strategic focus is in a fashion, where it makes it possible for us to examine alternate structuring..."

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Government to sell 15% stake in Bharat Dynamics through OFS
Tue, Sep 8, 2020 12:41 AM

Government to sell 15% stake in Bharat Dynamics through OFS

The government is planning to sell 15% stake in defence company Bharat Dynamics through an offer for sale on 8 and 9 September. The centre which owns 87.75% stake in the company is looking to offload 2.71 crore shares. The floor price for the OFS has been fixed at Rs 330 per share, a 14% discount to Monday’s closing price of Rs 384.50.

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J&K Bank plans to raise up to Rs 4,500 cr capital via equity, debt
Tue, Sep 8, 2020 12:37 AM

J&K Bank plans to raise up to Rs 4,500 cr capital via equity, debt

NEW DELHI: Public sector Jammu and Kashmir Bank is looking to raise up to Rs 4,500 crore through equities and debt, according to its annual report. The bank will seek shareholders' approval for the fund raise proposal in its annual general meeting to be held on September 28, 2020, the lender said in its Annual Report 2019-20.

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Future Enterprises Q4 result: Net loss at ₹394.77 crore
Tue, Sep 8, 2020 12:35 AM

Future Enterprises Q4 result: Net loss at ₹394.77 crore

Future Enterprises Ltd on Monday reported a consolidated net loss of ₹394.77 crore for the fourth quarter ended March 31, 2020. The company had posted a net profit of ₹66.58 crore in the January-March quarter a year ago, Future Enterprises Ltd (FEL) said in a BSE filing.

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Vodafone Idea to seek shareholders' nod to raise borrowing limit
Mon, Sep 7, 2020 10:34 PM

Vodafone Idea to seek shareholders' nod to raise borrowing limit

Debt-ridden telecom operator Vodafone Idea on Monday said it will seek shareholders' approval to raise borrowing limit to Rs 1 lakh crore, at the annual general meeting (AGM) scheduled to be held on September 30. Shareholders of the company, which was earlier listed as Idea Cellular, had approved a borrowing limit of Rs 25,000 crore at AGM in September 2014.

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Motherson Sumi's proposed NCDs worth Rs 3,000 crore assigned IND AAA rating
Mon, Sep 7, 2020 9:38 PM

Motherson Sumi's proposed NCDs worth Rs 3,000 crore assigned IND AAA rating

Automotive component maker Motherson Sumi's proposed non-convertible debentures (NCDs) worth Rs 3,000 crore were assigned "IND AAA" rating with a negative outlook by India Ratings and Research, the company said on Monday. The rating agency reaffirmed the rating for Motherson Sumi's other financial instruments, including the IND AAA/Negative rating for its existing NCDs.

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Plan to recruit 14,000 staff this year; VRS not cost-cutting exercise: SBI
Mon, Sep 7, 2020 9:14 PM

Plan to recruit 14,000 staff this year; VRS not cost-cutting exercise: SBI

The State Bank of India (SBI) on Monday said it proposes to recruit 14,000 employees during the current year and its 'on tap VRS' is not a cost-cutting exercise. The country's largest lender has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible. The proposed VRS is not a cost-cutting exercise, an SBI spokesperson said in a statement.

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Freight loading: Indian Railways registers over 10% jump
Mon, Sep 7, 2020 9:11 PM

Freight loading: Indian Railways registers over 10% jump

The Indian Railways on September 7 said freight loading until September 6 was 10.41 percent higher than that of last year for the same period and earning rose by around Rs 129.68 crore. "Till September 6, the Railways loading was 19.19 million tonnes which is 10.41 per cent (1.81 million tonnes) higher compared to last year's loading for the same period (17.38 million tonnes)," it said.

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Manappuram Finance raises Rs 100 crore by issuing bonds
Mon, Sep 7, 2020 8:09 PM

Manappuram Finance raises Rs 100 crore by issuing bonds

Manappuram Finance on Monday said it has raised Rs 100 cr by issuing bonds on a private placement basis. The Financial Recourse & Management Committee of the company’s board at its meeting held on September 7 approved the allotment of 1,000 market linked, rated, secured, redeemable non-convertible debentures aggregating to Rs 100 crore on a private placement basis, it said in a regulatory filing.

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Next big IPO of the week - Route Mobile
Mon, Sep 7, 2020 7:43 PM

Next big IPO of the week - Route Mobile

HEM Securities IPO report on Route Mobile Company recommend “Subscribe” the issue both for listing gains & long term horizon. In Fiscal 2020, company's platform managed more than 30.31 billion billable transactions from its clients and was used by more than 2,700 clients while it managed more than 24.74 billion billable transactions in Fiscal 2019.

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SBI MF expects volatile September for equities on US elections
Mon, Sep 7, 2020 7:30 PM

SBI MF expects volatile September for equities on US elections

Equity markets may be volatile in September as foreign fund flows slow down ahead of the elections in the US, according to India's largest asset manager SBI Mutual Fund. There have been substantial gains made in August on the back of the foreign institutional investors' play in Indian equities and this is the time for consolidation, its Chief Investment Officer Navneet Munot told reporters.

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Amber Enterprises launches QIP to raise around Rs 400 crore
Mon, Sep 7, 2020 7:26 PM

Amber Enterprises launches QIP to raise around Rs 400 crore

Amber Enterprises, a leading contract maker of room air conditioners (ACs), has launched a qualified institutional placement (QIP) on September 7 to raise around Rs 400 crore for growth capital, a source told Moneycontrol. “The QIP has been launched today (September 7) at a floor price of Rs 1,798.72 per share. It has received strong demand from institutional investors,” the source added.

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