Companies and Markets

Companies & Markets

Bandhan Bank to have IPO next year

Private sector lender Bandhan Bank will come out with its initial public offering (IPO) next fiscal to meet the RBI guidelines that mandates a listing within three years of starting banking operations.

“We have just started the process. We have one-year time with us till August 2018. It (the IPO) is not going to be completed this fiscal. We have just appointed five merchant bankers,” Bandhan Bank MD Chandra Sekhar Ghose said.

Atlas Copco expects double-digit growth

Swedish compressed air solutions specialist and 11-billion euro company Atlas Copco is targeting double-digit growth in India on the back of higher demand for its industrial products here.

“We have a fairly good book order in hand this year with the latest from Hindustan Zinc worth $25 million received last month for drilling equipment,” Giovanni Valent, managing director at Atlas Copco India told Financial Chronicle.

Tough week ahead, avoid taking large long positions

The market took a pounding on Friday on the back of geo-political tensions and recorded its biggest intra-day fall of the current calendar year. In the process, it surrendered the gains of the first four days and ended with losses for the week. The Sensex lost 350.17 points, or 1.09 per cent, to close at 31,922.44 points. The Nifty lost 121 points, or 1.20 per cent, to close at 9.964.40 points. Nifty and Sensex have closed below the 10k and 32k levels after a fortnight and has given rise to the first signs of concern.

NDTV stock jumps 5% on takeover buzz

Shares of NDTV jumped almost 5 per cent today amid reports that SpiceJet's Ajay Singh is set to take control of the media firm even as the company denied any such move.

Tata Sons now set to become private entity

Tata Sons on Thursday won shareholders’ approval to convert itself into a private limited company, a move that was opposed by ousted chairman Cyrus Mistry, sources said.

Govt may allow rupee to fall for boosting exports

The rupee on Thursday declined by 53 paise to near three-month low of 64.80 against the US dollar. There was a strong buzz in the forex market that the government may allow the local currency to depreciate in order to help exporters whose worries figure prominently in the stimulus package being readied by the government.

Clean technology nearing tipping point: Mahindra

The only electric-car maker in India says the business case for the clean technology is starting to make sense —and it won’t require government subsidies to take off in a big way.

Mahindra & Mahindra, which announced a partnership this week with Ford Motor to cooperate in areas including electric and driverless autos, says there’s money to be made in a nascent EV sector that some carmakers warn is curbing their margins.

Jio seeks cancellation of North-East tender award to Airtel

Reliance Jio has approached telecom secretary Aruna Sundararajan for cancellation of the mobile tender for the North-East awarded to Bharti Airtel, alleging that it limits project deployment to 2G services.

On September 8, the Telecom Commission had cleared Airtel’s bid to install nearly 2,000 mobile towers in north eastern states for Rs 1,660 crore under the government-funded Comprehensive Telecom Development Plan for the North-Eastern Region (NER).

Private tag: Tata Sons secures shareholders' approval

Tata Sons, the promoter of the USD 105 billion cars-to-software group, today won shareholders' nod to convert itself into a private limited company, limiting in effect Cyrus Mistry family's ability to sell their stake to outsiders.

IUC cut will not bring down mobile tariffs

Rajan Mathews, Director General of Cellular Operators Association (COAI) is convinced that the lower IUC rates, as announced by telecom regulator TRAI, are not going to lower but raise or maintain status quo in tariff. However, Reliance Jio, is of the view that a lower or zero mobile termination charge (MTC) will bring down mobile bills and benefit customers. The operators association represents leading telcos –Airtel, Vodafone and Idea Cellular.