Mumbai

Disinvestment in LIC, Air India, BSNL will unlock lakhs of crores of rupees: Deepak Parekh

Deepak Parekh

Mumbai - Pitching for disinvestment in public sector behemoths like LIC, Air India and BSNL, top industry leader Deepak Parekh has said it can unlock huge funds worth "lakhs of crores of rupees" and shares should be given to retail investors without depending on the overseas entities.

However, one of the major requirements for such large- scale disinvestments is a government thinking on those lines, as lack of political will and union pressure have been halting such proposals for a long time including during the tenure of the previous UPA government, he said.

Giving examples from during the UPA regime, Parekh said 'he has been part of many important government panels,' including those on BSNL and Indian Railways, but nothing moved on the suggestions made by those committees.

IBA agrees to meet bank unions today to avert strike

All-India Bank Employees Union vice-president Vishwas Utagi

Mumbai - The Indian Banks Association has decided to hold further talks with leaders of public sector bank unions who have given a call for four-day nation-wide strike from February 25.

"The IBA has invited us for talks on Monday in Mumbai and we have agreed to participate in the talks," United Forum of Bank Unions (Maharashtra) and All-India Bank Employees Union vice-president Vishwas Utagi said.

The unions have threatened the strike to press wage-hike demand. This will be their fifth strike this fiscal.

IBA has offered a 13 percent hike which will put a burden of Rs 4,095 crore on the banks, against the unions' demand of 19.5 percent hike which would increase the salary bill by Rs 10,000 crore per annum.

SpiceJet shares soar 17% on CCI nod for capital infusion plan

SpiceJet shares soar 17% on CCI nod for capital infusion plan

Mumbai: Shares of SpiceJet surged more than 17 percent in morning trade today after fair trade watchdog CCI approved original promoter Ajay Singh's plan to acquire controlling stake in the carrier.

Under the revival plan, Singh would infuse Rs 1,500 crore into the carrier after acquiring over 58 per cent stake from outgoing promoters, Marans.

The scrip, listed on the BSE, jumped 17.79 per cent to Rs 23.50. It had opened at Rs 22.80 and touched an intra-day high of Rs 23.50.

At the current price, the carrier has a market valuation of more than Rs 1,400 crore.

Shares of the company had closed at Rs 19.95 on Thursday.

In a regulatory filing today, SpiceJet said Competition Commission of India (CCI) has approved Singh's proposal to acquire majority stake in the carrier.

Rupee gains 14 paise against dollar in early trade

Rupee gains 14 paise against dollar in early trade

Mumbai: The rupee recovered by 14 paise at 62.20 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters.

Forex dealers said though selling of the US currency by exporters and banks supported the rupee but the dollar's strength against other currencies overseas and a lower opening in domestic equity markets, limited the rise.

The rupee had lost 18 paise against the American currency on Wednesday due to fresh dollar demand from banks and importers.

Forex markets remained closed yesterday on account of 'Chatrapathi Shivaji Maharaj Jayanti'. Meanwhile, the benchmark BSE Sensex fell by 267.52 points, or 0.91 per cent, to 29,194.75 in early trade.--PTI

Sensex rises 114 points; Nifty regains 8,900-mark

Sensex rises 114 points; Nifty regains 8,900-mark

Mumbai: Continuing its rising streak for the seventh straight session, the BSE Sensex rose 114 points and the NSE Nifty regained the 8,900-level in early trade Thursday as participants indulged in enlarging positions ahead of Budget.

The 30-share barometer spurted by 114.65 points, or 0.39 percent, to trade at 29,434.91 with consumer durables, realty, auto, oil & gas and banking sector stocks, leading the rise.

The gauge had rallied by 1,092.84 points in previous six sessions.

Similarly, the National Stock Exchange index Nifty regained the 8,900-mark after three weeks by rising 32.60 points, or 0.36 percent, to 8,901.70.

Reliance MF gets regulatory approvals for Nippon deal

Reliance MF gets regulatory approvals for Nippon deal

Mumbai - Leading mutual fund house Reliance Capital Asset Management (RCAM) today said it has completed the regulatory clearance process for sale of additional stake to Japan's Nippon Life, following approvals of CCI and EPFO.

The deal is now expected to close by next week.

Nippon Life Insurance, which manages USD 500 billion in assets and is among the largest in the world, agreed in November 2014 to increase its stake in RCAM from existing 26 per cent to 49 per cent in multiple tranches, subject to regulatory approvals.

The company has now received approvals from Competition Commission of India (CCI) and Employee's Provident Fund Organisation (EPFO), thus completing the regulatory approval process for this transaction.

Sensex up over 105 points on hopes of quick economic reforms

Sensex up over 105 points on hopes of quick economic reforms

Mumbai: Extending gains for the sixth straight session, the benchmark BSE Sensex rose over 105 points in early trade Wednesday as participants indulged in enlarging positions on hopes of faster economic reforms by the government and optimism over the forthcoming Budget.

The 30-share index was trading higher by 105.68 points, or 0.36 percent, at 29,241.56 with stocks of FMCG, realty, capital goods, consumer durables, power, bank and healthcare sectors, leading the rise.

The Sensex had gained 908.46 points in the previous five sessions.

Also, the National Stock Exchange index Nifty edged higher by 31.60 points, or 0.35 percent, at 8,840.95.

Brokers said optimistic buying by participants ahead of the Budget and acceleration in economic reforms by the government, led to the rise.

Rupee down 10 paise at Rs 62.26 against dollar

Rupee down 10 paise at Rs 62.26 against dollar

Mumbai: The rupee depreciated by 10 paise to 62.26 against the dollar in early trade today at the Interbank Foreign Exchange due to appreciation of the US currency overseas.

Increased demand for the dollar from importers also put pressure on the rupee.

Forex dealers attributed the rupee's fall to the dollar's gains against other currencies overseas but a higher opening of the domestic equity market, capped the losses.

The rupee had gained three paise to close at 62.16 against the dollar on Monday following continued selling of the US currency by banks and exporters.

Forex market remained closed yesterday on account of 'Mahashivratri'.

Meanwhile, the benchmark BSE Sensex rose by 105.68 points, or 0.36 percent, at 29,241.56 in early trade today.--PTI

Govt likely to raise Rs 90,000 cr from telecom auction: Crisil

Govt likely to raise Rs 90,000 cr from telecom auction: Crisil

Mumbai: Telecom players will bid aggressively in the forthcoming spectrum auction and the government may be able to raise Rs 90,000 crore through the sale of radiowaves, credit rating agency Crisil said Monday.

"With nearly half of Rs 1,200 billion annual revenues at stake for large operators, the importance of the forthcoming spectrum auction can't be overstated. Telecom operators will shell out more than Rs 900 billion to bag airwaves
(radiowaves) in the upcoming telecom auction," it said in a note.

The government has set a very high base price for the auction, which is slated to help public finances in a big way, given the slow revenue growth during the current fiscal.

Katrina Kaif not replaced as Veet brand ambassador

Katrina Kaif not replaced as Veet brand ambassador

Mumbai: Katrina Kaif has not been replaced by young actress Shraddha Kapoor as the brand ambassador for Veet hair remover, according to the company spokesperson.

Shraddha has been roped in to be part of an advertisement campaign but Katrina remains as the product's face.

"Our association with Katrina is the most vital one as she leads innovation and equity on the brand. As per the current plan in April we release a big news on celebration 10 years. The media is very well aware that she (Shraddha) is the addition to the roaster for the brand and is in not a replacement," a spokesperson for Veet said.

Katrina, 31, has been endorsing the product for seven years now.--PTI

Rupee rises 7 paise to 62.12 against dollar in early trade

Rupee rises 7 paise to 62.12 against dollar in early trade

Mumbai: The rupee strengthened by seven paise to 62.12 against the US dollar in early trade on Monday at the Interbank Foreign Exchange market on selling of the American currency by exporters.

Forex dealers said gains made by other currencies against the US dollar overseas and a higher opening in the domestic equity markets also supported the rupee.

The rupee had ended 12 paise higher at 62.19 against the dollar in the previous session on Friday on the back of selling of the US currency by banks and exporters.

Meanwhile, the benchmark BSE Sensex rose by 131.93 points, or 0.45 percent, to 29,226.86 in early opening trade.--PTI

Sensex surges 132 points on buying by funds, better earnings

Sensex surges 132 points on buying by funds, better earnings

Mumbai: Continuing its upward journey for the fifth consecutive session, the benchmark BSE Sensex gained 132 points in early trade on Monday as funds and retail investors enlarged positions on hopes of pro-growth Budget and better third quarterly earnings by some bluechip companies.

Besides, a firming trend at other Asian markets buoyed trading sentiments here.

The 30-share index was trading higher by 131.93 points, or 0.45 percent, at 29,226.86 with all the sectoral indices, led by realty, metal, oil & gas and banking, leading the rise.

The gauge had gained 867.54 points in the previous four sessions.

Also, the National Stock Exchange index Nifty shot up by 34.90 points, or 0.40 percent, at 8,840.40.

Mumbai civic body demolishes ramp outside actor Shah Rukh Khan's house

Mumbai civic body demolishes ramp outside actor Shah Rukh Khan's house

Mumbai, Feb 14 : Residents living near Bollywood star Shah Rukh Khan's residence in Mumbai rejoiced after the city's main civic body demolished an illegal ramp outside his house, which was causing inconvenience to commuters.

As per reports, Brihanmumbai Municipal Corporation (BMC) workers and police reached Khan's residence, known as 'Mannat', in Bandra early on Saturday morning to raze the ramp.

The illegal ramp was constructed by Khan and closed off access to the lane adjoining the house, causing hindrance to residents.

Residents were perturbed as they were not being allowed to use that lane to go to Mount Mary's Church.

Sensex regains 29K-mark, Nifty tops 8800 level after SBI results boost

Sensex regains 29K-mark, Nifty tops 8800 level after SBI results boost

Mumbai - The benchmark Sensex gained 289.83 points to reclaim 29,000 mark and Nifty jumped 94 points to end above 8,800 level Friday on stellar SBI earnings, rising hopes of a pro-growth budget and positive global cues.

Logging their fourth successive session of gains, benchmark indices wrapped up the week in style after ending in the red for the preceding two weeks.

Shares of FMCG, healthcare, banking, auto and metal sectors were the major gainers of the day.

Country's largest public sector lender SBI today reported over 30 percent jump in net profit December quarter. Its shares zoomed nearly 8 percent, adding about 86 points alone to Sensex's 289.83 point surge.

M&M posts Q3 net profit of Rs 930.32 crore

M&M posts Q3 net profit of Rs 930.32 crore

Mumbai - Home-grown auto major Mahindra & Mahindra on Friday reported a consolidated net profit of Rs 930.32 crore for the third quarter ended December 31, 2014.

M&M had posted a consolidated net profit of Rs 1,230 crore in the same period last fiscal.

Its revenue stood at 18,371.91 crore in the latest quarter, as against 20,679.92 crore in the same period last fiscal, the company said in a regulatory filing.

The company said the figures are not comparable from the year-ago levels due to the merger of its associate companies.

Reliance Infrastructure signs MoU with US-based Innovari Inc

Reliance Infrastructure signs MoU with US-based Innovari Inc

Mumbai - Reliance Infrastructure has signed an agreement with US-based Innovari on expanding Automated Demand Side Management (ADSM).

The MoU, inked during US President Barack Obama's visit to India, will reduce power purchase for Reliance Infrastructure and ensure reduction in carbon footprints for consumers, Reliance Infrastructure said in a BSE filing.

"This further extends the existing strong business relationship between Reliance Group and companies from the United States such as Caterpillar, Bucyrus, Atlas Copco, Forst Solar, etc in areas of solar power, power generation equipment, LNG imports, coal mining, and entertainment," Group President, Corporate Affairs, A Sethuraman said.

SBI Q3 Net surges 30% on improved income; shares soar 6.8%

SBI Q3 Net surges 30% on improved income; shares soar 6.8%

Mumbai - Improvement in asset quality and high interest income pushed State Bank of India's net profit in December quarter by 30 percent to Rs 2,910 crore, boosting the shares of country's largest lender by 6.8 percent.

The bank had reported a net profit of Rs 2,234 crore in the October-December quarter of previous fiscal, SBI said in a statement.

The gross non-performing assets (NPAs) as a percentage of total advances came down to 4.90 percent at the end of third quarter from 5.73 percent in the year-ago period while net NPAs stood at 2.80 percent.

During the quarter, the net interest income increased by 9.20 percent to Rs 13,777 crore as against Rs 12,616 crore in the October-December period of last fiscal.

SpiceJet shares down 4% as Q3 loss widens

SpiceJet shares down 4% as Q3 loss widens

Mumbai: Shares of budget airline SpiceJet today fell by 4 percent after the company reported widening of net loss by a steep 59 percent during the third-quarter at Rs 275 crore.

The stock went down by 3.99 per cent to Rs 19.25 at the BSE.

The company announced its results post market hours yesterday.

In the middle of an ownership change, SpiceJet had yesterday reported a steep 59 percent rise in third-quarter net loss at Rs 275 crore on lower passenger numbers and a one-time cost of Rs 295 crore.

Sensex rises for 4th straight session, up 110 points

Sensex rises for 4th straight session, up 110 points

Mumbai: Continuing its rising streak for the fourth consecutive session, the benchmark BSE Sensex gained over 110 points in early trade Friday on the back of a firming trend in global market.

However, discouraging IIP and retail inflation data, limited the gains.

The 30-share barometer moved up by 110.17 points, or 0.38 percent, to 28,915.27 with healthcare, realty, metal, consumer durables, FMCG and banking sector stocks, leading the rally. The gauge had gained 577.71 points in past three sessions.

On similar lines, the National Stock Exchange index Nifty rose by 39 points, or 0.45 percent, to 8,750.55.

Rupee gains 26 paise to 62.05 Vs USD

Rupee gains 26 paise to 62.05 Vs USD

Mumbai: The rupee strengthened by 26 paise to 62.05 against the dollar in early trade Friday at the Interbank Foreign Exchange on fresh selling of the US currency by exporters and banks.

Forex dealers said besides selling of the American currency by exporters and banks, a higher opening in domestic stock market, supported the rupee.

The rupee had shed six paise to hit a fresh one-month low of 62.31 in yesterday's trade on persistent demand for the American currency from banks and importers in view of sustained foreign capital outflows.

Meanwhile, the benchmark BSE Sensex rose by 110.17 points, or 0.38 percent, to trade at 28,915.27 in early trade.--PTI




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