Companies and Markets

Companies & Markets

Mahindra holds plan to take SsangYong to US

Home grown auto major Mahindra & Mahindra (M&M) has put on hold plans to introduce SsangYong brand in the US, a top company official said.

The company is also averse to introducing SsangYong Motor Company branded cars in India in the short to medium term.

"If we had done the launch of SsangYong in the US we probably would have launched it with a different name...In fact we have decided right now to put it on hold (US launch)," M&M managing director Pawan Goenka told reporters on the sidelines of the launch of SUV Alturas G4.

Andhra Bank puts up Rs 1,553-cr NPAs for sale

To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts.

The bank has invited expressions of interest (EoIs) from ARCs for the sale of its non-performing assets (NPAs) by November 30, according to the tender document.

"Andhra Bank invites EoIs from ARCs for the proposed sale of its NPAs comprising 53 accounts with principal balance of Rs 1,552.96 crore on cash basis only," the bank said.

Andhra Bank puts up Rs 1,553-cr NPAs for sale

To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts.

The bank has invited expressions of interest (EoIs) from ARCs for the sale of its non-performing assets (NPAs) by November 30, according to the tender document.

"Andhra Bank invites EoIs from ARCs for the proposed sale of its NPAs comprising 53 accounts with principal balance of Rs 1,552.96 crore on cash basis only," the bank said.

Sebi refuses to share regulatory inputs

Issues relating to national security and defence have been top secrets, but now the government under prime minister Narendra Modi seems to be guarding even consultations on routine policy measures very closely. The Securities and Exchange Board of India has refused to share regulatory inputs, saying they are highly confidential and may put at risk the economic interests of the country.

Third round of CPSE ETF aims to mop up Rs 8,000 crore

The third round of CPSE ETF further fund offer with the aim to raise an initial amount of Rs 8,000 crore will open for anchor investors on November 27 and for all categories of public investors on next day, a Reliance Nippon Life Asset Mangement official said. “A green shoe option of Rs 4,000 to 6,000 crore will also be available for the investors,” the official added.

Infy to create 1,200 jobs in Australia

Tech major Infosys has launched an initiative to accelerate digital leadership for its clients in Australia and shrink the digital skills gap in the region with the creation of 1,200 jobs and the opening of three Innovation Hubs by 2020.

Australia’s minister for industry, science and technology, Karen Andrews joined Infosys’ senior vice president for Australia and New Zealand, Andrew Groth at company’s North Sydney office to announce a broad range of initiatives.

Volatility may increase

The market ended lower for third day in a row. The Sensex lost 218.78 points or 0.62 per cent and closed at 34,981.02 while the Nifty lost 73.30 points or 0.69 per cent to settle at 10,526.75. The index hit high of 10,646.25 and low of 10,512 in intra-day trade. The domestic stock markets will remain closed on Friday on account of Gurunanak Jayanti. The BSE Mid-Cap index fell 0.74 per cent, while Small-Cap index was down 0.44 per cent.

Technical view

Bharti AXA Life new biz surges 52% at Rs 398 cr in first half

Leading life insurer Bharti AXA Life Insurance on Thursday said that its new business premium surged 52 per cent at Rs 398 crore in the first half of financial year 2018-19 against Rs 262 crore in the corresponding fiscal period. 

Its annualised new business premium recorded 65 per cent growth to Rs 269 crore in the April-September period of fiscal year 2018-19 from Rs 163 crore in the first half of FY18.

Earnings falter after strong Q1 show

Demand conditions for India Inc seem to have tapered a little in the September quarter (Q2FY19) after a robust performance in Q1. Sales growth of companies--excluding Oil & Gas and Financials--decelerated to 11-12 per cent. Operating profits saw a marked deceleration to 11 per cent. The hardening interest rates, cost pressure and higher tax burden have started to reflect on the balance sheets, says a quarterly earnings review report.

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