Who’s at fault for Videocon Industries’ Rs 39,000 crore ($579 million) debt pile? The Indian maker of consumer appliances is casting the blame on prime minister Narendra Modi’s decision to ban cash, the nation’s top court and the Brazilian government.
Companies and Markets
Companies & Markets
In a development that could further complicate the resolution plan for debt-ridden Ruchi Soya, Ramdev-promoted Patanjali Ayurved has questioned the eligibility of rival bidder Adani Wilmar under the provisions of the Insolvency and Bankruptcy Code (IBC).
In a strongly worded letter to the committee of creditors (CoC), Patanjali has alleged serious conflict of interest with respect to the legal adviser of Adani Wilmar — Cyril Amarchand Mangaldas — and has sought details from the CoC before it goes ahead with the process to finalise successful resolution applicant for Ruchi Soya.
A day after railway minister Piyush Goyal said lower valuation was the reason for deferring IRCTC public offer, it now transpires that a sudden manpower shortage could be the real rationale for putting the share sale plan on hold.
Indian Railway Catering and Tourism Corporation (IRCTC) is facing shortage of officials due to repatriation of railway officials on deputation.
The market ended marginally higher after a volatile trading session. The S&P BSE Sensex gained 39.80 points or 0.11 per cent and closed at 35,483, while NSE Nifty gained 19.30 points or 0.18 per cent to end at 10,786.95. Strong buying in blue-chip stocks like the State Bank of India ahead of release of industrial production data drove stocks higher, particularly in early trade on Monday. Retail inflation data for May is expected to release today.
Your retirement nest egg may be way too small to see you through the years ahead in the twilight zone. Well, if you are lucky and living in Thiruvanathapuram, with just about Rs 98 lakh you can chill for 20 years in retirement, bathing in the calmness of a care-free life. However, if you are in the wrong city, that is, Mumbai, you need close to Rs 1.6 crore in kitty to thrive the two post-retirement decades in the Maximum City.
The RBI is expected to raise $30-35 billion through NRI bonds to support the rupee and offset the slowdown in FPI flows amid rising oil prices, says a report.
The FPI inflows to India will be impacted by Chinese firms listing in global benchmark indicies like MSCI, it said.
According to a Bank of America Merrill Lynch (BofAML) report, the listing in benchmark indices will shift up to $100 billion to China market by 2019.
After reaching a low of 68.43 against the dollar a couple of weeks back, the rupee has strengthened against most currencies as potential RBI intervention and easing of oil prices have helped sentiments. The recent hike in repo rate by the RBI should have somewhat positive impact on the rupee.
The mid-cap mayhem resulting from Advanced Surveillance Mechanism measures levelled against select scrips may see collateral damage in the small-caps. Over the last year-and-a-half, mid-caps and small-caps have outperformed the market, but the worm has turned this year with the trajectory southwards.
THE country’s largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore. The e-auction of these accounts will take place on June 25, according to an SBI notice.
The NPA accounts that have been put under the hammer include Ankit Metal & Power (Rs 690.08 crore), Modern Steels (Rs 122.61 crore), Good Health Agrotech (Rs 109.14 crore), Amit Cottons (Rs 84.70 crore) and Ind-Swift (Rs 80.49 crore).
State-run Bharat Sanchar Nigam (BSNL) has decided to borrow Rs 4,300 crore in the current financial year to fund capital expenditure plans.