Companies and Markets

Companies & Markets

Hindustan Zinc to dole out Rs 3,051cr more as interim dividend

Vedanta Group firm Hindustan Zinc (HZL) said its board has declared an interim dividend of Rs 6 per share for the current financial year.

"The board of directors has approved second interim dividend of 300 per cent i.e. Rs 6 per share.. entailing an outflow of Rs 3,051 crore," the company said in a filing to BSE.

This amounts to 300 per cent dividend considering that the face value of the share is Rs 2.

Market would be hard pressed for liquidity

The week gone by has been a crazy and super-volatile one. We began the week with the Sensex gaining over 600 points on Monday. The next two days were marginally negative and we had a dip on Thursday. Friday was another big fall and the Sensex lost a whopping 500 points, ending the week with losses of 131.14 points, or 0.40 per cent, to close at 33,176 points. The Nifty lost 31.70 points, or 0.31 per cent, to end at 10,195.15 points.

Oil PSUs to pay less dividend this year

The government has decided to lighten the dividend burden on public sector oil companies in order to leave them with more resources for mergers and acquisitions and expansion of operations.

Now, demand for parity of central, state GST officers to push efficiency

Even as the new goods and services tax (GST) regime is settling in, there seems to be growing unease among central indirect tax officers over re-designation of their state counterparts.

Claiming that this, along with other issues, are obstacles in trade facilitation and could also affect revenue collection, a senior central goods and services tax officer has sought direct intervention from the revenue secretary in the matter. He has proposed to redesignate inspectors and superintendents to bring them at par with state officers in the same rank.

Facing angry US, India likely to begin phasing out major export sops

India is likely to be ready by 2023-2025 to phase out many of the existing exports sops not just to be WTO-compliant but also because growth is likely to be higher by then, commerce ministry sources said.

The government was moved to review the current export subsidy programme after the US recently dragged India’s export promotion schemes to the WTO saying the subsidies by India were harmful to American interests.

NHPC gets CERC nod for trading licence, formal handover next week

From being a power producer, country’s largest hydropower generator NHPC will soon become a large trader of power. Power regulator Central Electricity Regulatory Commission (CERC) has approved the company’s proposal to trade power and is set to grant it licence for the purpose next week.

RBI’s overseas hedging restriction may not lead to any significant shift

RBI has excluded gold, gems and precious stones from the list of commodities whose price risk can be hedged in overseas markets. While this should have increased hedging activities in the local commodity exchanges, the industry does not feel there will be any significant shift in hedging activity.

The RBI circular is looked upon as part of the initiatives that the central bank has been taking in the aftermath of the PNB fraud. Probably RBI suspects that the industry is getting into arbitraging/speculative transactions in the name of hedging.

FinMin may ask RBI to tag it on advisories to banks over compliance

The finance ministry is likely to suggest to the regulator that it keep North Block in the loop on the issuance of supervisory directions to banks, particularly on NPAs, inter-banks audits and foreign exchange deals related to both onshore and offshore branches for better compliance — a gap that had proved to be crucial in the PNB scam.

Satin Creditcare eyes consumption loans foray

Micro finance company Satin Creditcare wants to avoid the risk of being a one-product company. After diversifying into MSME and housing finance, the company is looking at opportunities to provide consumption loans to cater to the multiple needs of its core customer base.  

With Rs 4,900 crore assets under management, Satin had moved into secured lending with MSME and housing finance. In MSME lending, it has already created a loan book of Rs 68 crore, while the housing finance subsidiary has started its operations.

ICICI Securities prices Rs 5 shares at Rs 519-520

ICICI Securities, a pioneer of online equity shares trading and the largest equity broker by brokerage revenue and customers, announced its initial public offering, seeking to raise Rs 4,016 crore in the price band of Rs 519 to Rs 520 per share of Rs 5 face value.

The IPO opens on March 22 and closes on March 26.

ICICI Securities is 100 per cent owned by ICICI Bank and the promoter is divesting a 23.98 per cent stake in the arm through the IPO.