Another sector will join the Indian stock market on Monday with the listing of Reliance Nippon Life Asset Management, the first among 42 Sebi-registered mutual funds. The insurance sector joined the stock market in 2016 with the listing of ICICI Prudential Life Insurance Company and it has been followed by five more insurance IPOs so far, including HDFC Standard Life Insurance issue opening on Tuesday.
Companies and Markets
Companies & Markets
Scouting for funds, Air India is in advanced discussions with public sector lender SBI for sale of at least two residential properties that could net nearly Rs 50 crore, airline and banking sources said.
While the government moves ahead with the process for strategic stake sale, the loss-making airline continues to work on the strategy to divest non-core assets.
The finance ministry may infuse about Rs 70,000 crore through recapitalisation bonds in the NPA-hit public sector banks in the next four months, sources said.
Last month, Finance Minister Arun Jaitley had announced an unprecedented Rs 2.11 lakh crore two-year road map for strengthening public sector banks. The plan included re- capitalisation bonds of Rs 1.35 lakh crore.
Currently, the government is in the process of finalising the structure of bonds and decision in this regard could be made by the end of this month.
Bharti Telecom has increased its shareholding in Bharti Airtel to 50.10 per cent by acquiring over 184.7 million shares from Indian Continent Investment Ltd (ICIL).
Bharti Telecom is the promoter of Bharti Airtel, India's largest telecom services provider.
"...The company has received a communication dated November 3, 2017 from Bharti Telecom, the promoter of the company that it has acquired 184,710,183 equity shares of the company from Indian Continent Investment," Bharti Airtel said in a BSE filing.
Top stock exchange BSE today reported a 4 per cent rise in net profits at Rs 66.83 crore, for the three months ended September 30, this fiscal.
BSE's net profits from total operations stood at Rs 63.99 crore, during July-September quarter of 2016-17, the exchange said in a statement.
The exchange's revenue from operations rose about 22 per cent to Rs 110.75 in the second quarter of current fiscal from Rs 90.90 crore in the same period year-ago.
Bharat Road Network Ltd (BRNL), an arm of Kolkata-headquartered Srei Group, on Thursday acquired the remaining 51 per cent stake in Guruvayoor Infrastructure Private Ltd (GIPL) from KMC Infratech Road Holdings Ltd for a total consideration of Rs 97 crore. Once regulatory approvals are in place, BRNL will hold 100 per cent stake in the KMC Constructions group company.
The contract size of digital products have increased significantly in 2017, reinforcing vendor commentary that digital services are in the implementation mode, said a survey conducted by UBS Evidence Lab across 224 IT decision makers in Fortune 500 and Global 1000 companies.
The improvement in offshore rankings has come more at the expense of in-house capabilities and specialist vendors than the large consulting-led service providers, said the study.
The ICICI Bank has reduced its employee base by 1,082 in a three-month period between July and September this year.
According to latest figures, ICICI bank, the country’s biggest private sector lender, had 83,058 employees as of September 30. This number as of June 2017 stood at 84,140.
India’s growing foreign exchange reserves have made US treasury wary of the feat. The US treasury said it would be “closely monitoring” India’s foreign exchange and macroeconomic policies, which could mean India stands the risk of being branded as currency manipulator. But the former RBI governor Raghuram Rajan, whose polices have immensely contributed to forex building, gave befitting to reply to US concerns. “I don’t suspect the treasury will do that (branding India as currency manipulator), but it shouldn’t, even if it’s thinking of it,” Rajan, who now teaches in the US, asserted.
Digital currency bitcoin rocketed above $7,000 for the first time ever on Thursday, after a more than sevenfold increase in its value since the start of the year.
Bitcoin has seen eye-watering gains in recent months and has more than doubled in value in the past seven weeks alone. It hit as high as $7,066.44 on the Luxembourg-based Bitstamp exchange on Thursday.
The latest rally was driven by news earlier this week that the world’s largest derivatives exchange operator CME Group is to launch bitcoin futures.