✍ Havells India Jumps 12% Post Stock Split
Havells India shares jumped over 12 per cent on Tuesday as the stock goes ex-split today.Stock split increases liquidity of a share as more retail investors buy the share due to its reduced price per share. The company had announced a stock split in the ratio of 5:1, means every share with face value Rs. 5 will be split into 5 shares of Rs. 1 face value each. The company has fixed Wednesday, August 27, 2014 as the record date for allotment of split shares. It means those investors who will have one share in their demat account on August 27 will get credited additional four shares of face value Rs1 to their account.
✍ Deposit Rs 630 crore penalty, SC tells DLF
Real estate major DLF was on Wednesday directed by the Supreme Court to deposit Rs 630 crore fine slapped on it by the Competition Commission of India (CCI) for allegedly resorting to unfair business practices. The apex court said the total amount will be deposited within three months with its registry pending the outcome of the appeal filed by DLF against May 19 order of Competition Appellate Tribunal's upholding the penalty of Rs 630 crore imposed by the CCI.
✍ Adani buys Oz mine royalty rights
Adani Enterprises has inked a pact to buy out Linc Energy's rights to future royalties from the Indian group's Carmichael coal project for A$155 million, the Australian firm said on Thursday. The Australian government last month had cleared the group's proposed Carmichael coal mine project in the Galilee Basin in central Queensland.
✍ Reliance Infra approaches Appellate Tribunal to keep Tata away from Mumbai network
Reliance Infra approached the appellate tribunal (Aptel) against the state electricity regulator's decision to allow Tata Power to utilise its network to supply electricity in parts of Mumbai. The Anil Ambani-led Reliance Group company has denied Tata Power access to its distribution network. Reliance Infra appealed before the Appellate Tribunal with a prayer that Tata Power as a licensee should serve its consumers on its own network. However, RInfra did not object to the issue of licence to Tata Power. Aptel, which admitted RInfra's petition, is likely to hear the matter on Tuesday.
✍Sotheby's realty arm enters India
Betting big on Indian realty, Sotheby's International Realty Affiliates LLC — a group company of global auction house Sotheby's International — has signed an exclusive agreement with Delhi-based real estate consultancy firm RealPro to develop its brand in India by setting up a brokerage firm. North India Sotheby's International Realty is set to start operations in New Delhi from September 2014. Later, it will expand to Gurgaon, Noida, Chandigarh and Jaipur.
✍ Government of India ties up with Flipkart India Pvt to provide an online marketing platform to handloom weavers
The Union ministry of textiles on Monday announced that it has signed a Memorandum of Understanding (MoU) with Flipkart to provide online marketing platform to handloom weavers in the country to boost the sector, empower weavers and boost manufacturing in the country. Through this exclusive agreement, Flipkart will provide weavers in India online marketing platform, infrastructural support in data analytics and customer acquisition to help them get remunerative prices for their products and scale up their business.
✍Muthoot Finance picks up 30% stake in Lankan NBFC for $ 2.1 m
Facing growth headwinds following regulatory tightening, leading pure-play gold financier Muthoot Finance today announced branching out to neighbouring Sri Lanka by acquiring a 30 per cent stake in Asia Asset Finance for $2.1 million. The south-India based company acquired 1,67,785,600 shares in the Sri Lankan financial service firm, which is listed on the Colombo Stock Exchange, from Asia Capital, a major shareholder in the company.
✍FDI in services sector drops 22% during April-June period
Foreign direct investment (FDI) in services sector declined about 22 per cent year-on-year to $738 million during April-June period of the ongoing fiscal. The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI worth $945 million during April-June 2013, department of industrial policy and promotion data showed.
✍ LIC to invest Rs 50,000 crore in equity market this fiscal: SK Roy
Country's largest insurer Life Insurance Corporation plans to pump in about Rs 50,000 crore in the equity market, taking its total investment including in bonds to Rs 3 lakh crore during the current fiscal.
✍ ONGC to invest Rs. 5,219 cr in Tapti Daman block
ONGC said on Thursday that the company will invest Rs. 5,219 crore in the Daman development project to enhance natural gas and condensate production from the Tapti Daman block in the Western offshore.
✍Rail stocks rally 14% as Govt notifies FDI norms
Rail stocks today gained as much as 14.3 per cent after the Government notified liberalised FDI norms for the sector, permitting 100 per cent foreign direct investment through automatic route in several areas, including high speed trains.Shares of Texmaco Rail & Engineering surged 14.26 per cent, while Titagarh Wagons jumped 5 per cent and Container Corporation of India gained 5.8 per cent on the BSE. Among others, Kalindee Rail Nirman Engineers rose 4.96 per cent and Stone India was up 4.99 per cent.
✍IDFC gets owners’ nod for Rs. 2,000-cr issue, but will not rush to the market
IDFC may not look at raising capital despite the shareholders approval for an enabling resolution to raise equity worth Rs. 2,000 crore through a follow-on public offering (FPO) or qualified institutional placement (QIP).
✍UCO Bank falls on reports of a forensic audit
The stock of state-owned UCO Bank is down 8 per cent today, after reports of a forensic audit ordered by the government into the bank’s non-performing loans. This is the fourth public sector bank where a forensic audit has been ordered after Syndicate Bank recently got embroiled in a bribery scandal for extending credit to the highly leveraged Bhushan Steel. Forensic audit is also being conducted into the accounts of Dena Bank and Oriental Bank of Commerce (OBC) on alleged misappropriation of funds from their fixed deposit customers.
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