With the Uday Kotak-led new IL&FS board trying hard to bring the house back in order, fears are that a majority of the company’s global subsidiaries may shut down soon due to non-payment of salaries and creditors crisis, while the rest may get merged with the consolidated entities created post the restructuring.
Companies and Markets
Companies & Markets
Yes Bank shares plunged around 12 per cent to a new 52-week low on Wednesday as investors reacted to Moody’s downgrade and a spate of negative news that have flooded the counter in the near past.
The Nordic Investment Bank (NIB) and Srei Equipment Finance (SEFL), an arm of the Kolkata-headquartered Srei Group and a leader in construction and mining equipment financing, have agreed on a loan programme for financing the acquisition or leasing of industrial equipment designed or produced in the NIB’s member countries.
As the equity market has turned volatile and range-bound, many fund houses have come out with hybrid funds, which reduce risk by investing in equity and debt, to suit the occasion.
Such new fund offers (NFOs) from groups like Indiabulls, Sundaram and BOI Axa are open for subscription at this point.
Indiabulls Mutual Fund has launched Indiabulls Equity Hybrid Fund, an open ended hybrid fund, which aims to generate periodic returns and long-term capital appreciation from a mix of equity and debt instruments.
Apollo Hospitals are foraying into Kerala by signing an Operations and Management contract of a 250-bedded super-speciality hospital in Angamaly with the Adlux Group as infrastructure partners. Located close to Kochi International Airport, the Apollo Adlux Hospital will explore medical tourism opportunities. The announcement was made by Dr. Prathap C Reddy, executive chairman, Apollo Hospitals Group at an event in Thiruvananthapuram.
The warring promoters of Yes Bank are reportedly ironing out differences and are inching towards a truce. The two promoter groups have reportedly laid down ten conditions for a mutual settlement of the family dispute ahead of the December 13 board meeting to discuss the appointment of Rana Kapoor’s successor. However, there was no clarity late Tuesday over the exact status of the talks, with one camp claiming negotiations are at an advanced stage and the other stressing on persisting differences.
Mergers and acquisitions (M&As) in the private banking space have excited long-term stock investors and punters alike. Equity investors are betting on two such mergers — IndusInd Bank-Bharat Financial and IDFC Bank-Capital First — as they perceive significant post-merger synergies benefiting the two entities.
The Parliamentary Standing Committee on Finance will take stock of the developments at crisis-hit IL&FS Group for three days from December 3, an official said on Tuesday.
On October 1, the government superseded the board of IL&FS after some of its group entities defaulted on debt payments which triggered concerns of a liquidity crisis in the financial market.
The total debt of the group was pegged at Rs 94,215.6 crore as of October 8.
The Centre may introduce a steel scrap policy next month, which, in conjunction with the much-awaited vehicle scrappage policy, will lay out the rules and regulations for using scrap from old vehicles to produce steel.
Sources said the Prime Minister’s Office (PMO) has asked the steel and the road transport and highways ministry to consult state governments on the two set policies before moving a fresh cabinet note for approval. The process is expected to be competed early next month.
The market made modest gains with the Sensex gaining 159 points or 0.45 per cent to close at 35,513. The Nifty 50 index firmed up by 57 points or 0.54 per cent to end at 10,685. Buying was seen in mid and small cap segment as the BSE Mid-Cap index rose 0.32 per cent and the Small-Cap index gained 0.43 per cent.