The government has launched a multi-agency probe into the leaked ‘Paradise Papers’ that link over 700 Indian corporates and individuals. These include Union minister Jayant Sinha, BJP lawmaker RK Sinha and movie icon Amitabh Bachchan with offshore firms floated in various tax havens.
Companies and Markets
Companies & Markets
With the government setting the ball rolling for divestment of its stake in state-owned companies, investors are buying into select public sector companies like Dredging Corporation of India, STC India and MMTC.
Over the past few trading days, some of the smaller PSU stocks were locked in 20 per cent upper circuit with huge volumes traded on bourses.
Defaulting promoters submitting bids for their companies in the resolution process of stressed assets under the Insolvency & Bankruptcy Code (IBC) are “within their rights” to do so, State Bank of India (SBI) chairman Rajnish Kumar said on Monday.
“Ethical... I don’t know, but legally they are within their rights to participate. I am not concerned about that because even if it is existing promoters, there will be a few pre-conditions from the creditors’ side,” Kumar told reporters on the sidelines of an event here.
Former Infosys executive Ashok Vemuri (in pic) seems to have emerged as the clear front-runner to lead India’s second largest software exporter.
HDFC Mutual Fund will launch a new close-ended fund, HDFC Housing Opportunities Fund, on November 16.
The thematic mutual fund scheme would invest in stocks that stand to benefit from housing sector growth, like cement, steel, banks and housing finance, NBFCs, paints, adhesives or sanitary ware companies and other companies catering to housing and allied businesses.
The fund will invest 80 to 85 per cent of the fund collected in equities and the remaining 15 to 20 per cent in debt and money market instruments.
Reliance Nippon Life Asset Management debuted on the bourses at 17 per cent premium, listing at Rs 295.90 on the NSE and at Rs 294 on the BSE against the initial public offering price of Rs 252. Reliance Nippon shares touched a high of Rs 299 and a low of Rs 278 in its first day’s trading.
The shares of the first mutual fund company to list on bourses finally closed 12.69 per cent, up at Rs 284 on the BSE and Rs 284.50 on the NSE. Reliance Nippon’s market capitalisation at the close of trading stood Rs 17,380 crore.
Punjab National Bank (PNB) is looking at selling its non-core assets valued at Rs 12,000 crore, including offloading a portion of its stake in the housing finance arm where it holds a 39 per cent stake.
Apart from stake in PNB Housing Finance, which has market capitalisation of about Rs 25,000 crore, the key non-core assets of the bank includes stake in PNB Gilts and UTI Asset Management.
Private life insurer HDFC Life Insurance will launch its Rs 8,700 crore IPO on Tuesday. The price band has been fixed from Rs 275 to Rs 290 per share. At the upper end of the price brand, the insurer has been valued at Rs 58,260 crore. The issue closes on Thursday.
HDFC Life will offload 29.98 crore equity shares of face value of Rs 10 in the IPO. The IPO comprise of an offer for sale of 19.12 crore equity shares by HDFC and up to 10.85 crore equity shares by the joint venture partner Standard Life (Mauritius Holdings).
Following the government’s plans to infuse capital in public sector banks, global rating agency Moody's Investors Service on Monday changed the outlook for three state-owned banks to stable from negative.
The three banks are Bank of India (BoI), Union Bank of India (UBI) and Oriental Bank of Commerce (OBC). The government last month announced its plans to infuse Rs 2.11 lakh crore into the struggling state-run banks over two years. This, the rating agency said, is credit positive for the banks.
The benchmark Sensex was trading flat in late morning deals hovered by lower Asian cues and crude jumped as Saudi Arabia's shake-up on anti-corruption crackdown.