Tag: Research

Naidu asks NBCC to forge more partnerships with States

Naidu asks NBCC to forge more partnerships with States

06/10/2016 17:11

State-run National Buildings Construction Corporation (NBCC) on Thursday presented a dividend Cheque of Rs.108 cr for 2015-16 to minister of urban development M.Venkaiah Naidu.

Complimenting NBCC for sustained increase in turn over and profits over the last few years, Naidu asked the company management to further expand and diversify its business profile by forging partnerships with State Governments and other agencies.

The minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs 35,000 cr, recently approved by the Union Cabinet. Naidu discussed in detail the progress of ongoing projects and future initiatives of NBCC.

A.K.Mittal, Chairman and Managing Director of NBCC informed the minister that the company has acquired new project orders for Rs 17,516 cr during 2015-16 and with total work orders of over Rs 70,000 cr, NBCC is the second largest construction company in the country. The company has declared a total dividend of Rs 120 cr for 2015-16 of which the Government’s share was Rs 108 cr.

NBCC has recorded the highest revenue of Rs 5,838 cr during 2015-16, marking an increase of 32 per cent over the previous fiscal.

Sushil Chandra appointed as CBDT chief

Sushil Chandra appointed as CBDT chief

06/10/2016 11:26

Senior Indian Revenue Service officer Sushil Chandra has been appointed as chairperson of the Central Board of Direct Taxes (CBDT), the apex policy making body for the Income Tax department.

He will replace Rani Singh Nair, who retires this month-end.

Chandra, a 1980 batch officer of Indian Revenue Service (Income Tax cadre), is currently Member (Investigation) of the CBDT.

The Appointments Committee of the Cabinet approved the appointment of Chandra as Chairperson of the CBDT to replace Nair, who is superannuating on October 31, an order issued by Department of Personnel and Training said.

IIT graduate Chandra’s tenure will last till May next year, official sources said.

Nair, a 1979 batch IRS officer, had taken over as CBDT chief on August 1 this year, said the media report.

The CBDT is headed by a chairman and can have a maximum of six members.

Digimarc prices underwritten public offering of common stock

Digimarc prices underwritten public offering of common stock

08/08/2016 14:19

Digimarc Corporation, the inventor of the Digimarc Discover® platform featuring the Digimarc Barcode for automatically identifying and interacting with virtually any media, today announced the pricing of an underwritten public offering of 1,233,333 shares of its common stock at a public offering price per share of USD 30. Digimarc Corporation has also granted the underwriters a 30-day option to acquire up to an additional 185,000 shares on the same terms and conditions to cover overallotments resulting from the offering.

Digimarc Corporation expects to receive net proceeds of approximately USD 34,572,500, after the underwriting discount and estimated offering expenses, but excluding any exercise of the underwriter’s overallotment option. The offering is expected to close on August 10, 2016, subject to customary closing conditions.

Needham & Company and Cowen and Company are acting as joint book-running managers for the offering. Craig-Hallum Capital Group and B. Riley & Co. are acting as co-managers of the offering.

Agri production on rise despite fall in cultivable area: Govt

Agri production on rise despite fall in cultivable area: Govt

02/08/2016 14:51

The government has said that the agricultural production has been increasing even though cultivable area has seen a marginal decline.

Agriculture Minister Radha Mohan Singh told the Lok Sabha that state governments have to take suitable measures to check diversion of agricultural land for non-agricultural purposes while Centre is taking steps to increase the cultivable area, reported PTI.

“Despite marginal decline in the cultivable area, the agricultural production in the country has been increasing except in the years affected by drought, floods and other natural calamities,” Singh said during Question Hour.

The average area under cultivation declined to 181.713 million hectares in 2013-14 compared to 182.209 million hectares during the period from 2007-08 to 2011-12, according to official data, said the PTI report.

As per Agriculture Census data for 2010-11, the average size of operational holding of land has declined from 1.33 hectares in 2000-01 to 1.15 hectares in 2010-11.

According to him, various crop development schemes and programmes are being implemented to boost agricultural production and productivity of agricultural crops.

Among others, the government is implementing the National Mission for Sustainable Agriculture (NMSA) to prevent soil erosion and land degradation.

“Under this Mission, all type of land including waste land/barren land are developed with suitable need-based soil and water conservation measures and partly such degraded lands developed are put to agriculture uses,” the Minister said.

Silver bulls take control

Silver bulls take control

02/08/2016 16:01

Silver futures jumped by more than 1 per cent during evening trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend overseas as a weaker dollar bolstered the lure for the bullion as an alternative asset.

Weaker dollar makes the precious metal cheaper for those holding other currencies, thus boosting silver demand.

Further, soft US economic data raised speculation that the US Federal Reserve may hold off further tightening of interest rates in the near-term, bolstering the lure for silver as a store of value. The gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, indicating slowing factory expansion.

At the MCX, silver futures for September 2016 contract is trading at Rs 48,334 per kg, up by 1.29 per cent, after opening at Rs 47,679, against a previous close of Rs 47,717. It touched the intra-day high of Rs 48,350 (at 15:57 hours).

RBL Bank gets Sebi’s approval for IPO

RBL Bank gets Sebi’s approval for IPO

02/08/2016 12:40

RBL Bank has received SEBI’s approval for its long-pending IPO for which it had filed draft papers nearly a year ago, said the media report.

The bank, which had filed draft papers with SEBI in June last year, seeking approval to float IPO, received clearance from the regulator on July 27, according to the latest update.

The Securities and Exchange Board of India (SEBI) withheld approval to RBL’s IPO as the regulator was examining past violation by the private sector lender, reported PTI.

RBL’s IPO plans was hanging in balance for a long time due to the outstanding cases.

The approval comes after SEBI settled an outstanding case against the lender for alleged violation of disclosure norms with regard to an earlier issuance of shares to select investors for over Rs 600 crore.

The settlement involved payment of Rs 47.6 lakh towards ‘monetary settlement charges’, as also a commitment by the bank that it would give an exit opportunity in its IPO to the investors to whom shares were issued earlier in rights issues, said the PTI report.

As per the draft papers, the IPO comprises fresh issue of equity shares worth Rs 1,100 crore and offer for sale of up to 17,568,408 scrips by existing shareholders including Beacon India Private Equity Fund and GPE (India) Ltd.

RBL Bank had reportedly raised Rs 488 crore in a pre-IPO round of fund raising last year.

The proceeds of the IPO would be used to shore-up the equity capital base, to meet future capital requirements and to ensure compliance with Basel III and other Reserve Bank’s guidelines.

According to RBL Bank (formerly Ratnakar Bank Ltd), the listing of equity shares will enhance the visibility and brand name among existing and potential customers.

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India and Morgan Stanley India Company are the global coordinators, while HDFC Bank, ICICI Securities, IDFC Securities, IIFL Holdings and SBI Capital Markets are the book running lead managers of the issue.

Oil drops on renewed global glut fears

Oil drops on renewed global glut fears

15/07/2016 11:08

Crude oil futures fell during morning trade in the domestic market on Friday as investors and speculators exited positions in the energy commodity as analysts warned that international crude prices may slip back below USD 40 per barrel as consumption drops and halted supplies return to the market.

However, the losses in the fuel were curbed by better-than-expected Chinese Q2 economic growth of 6.7 per cent, year on year, and data showing that China, the world’s second largest consumer of oil, processed a record amount of crude on a daily basis in the first half of 2016.

At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,041 per barrel, down by 0.16 per cent, after opening at Rs 3,042, against a previous close of Rs 3,046. It touched the intra-day low of Rs 3,038. (At 11:04 AM).

White metal drops 0.12% on weak global cues

White metal drops 0.12% on weak global cues

15/07/2016 10:36

Following gold, silver futures were trading lower during the morning trade in the domestic market on Friday as speculators remained on the sidelines tracking weak cues from overseas.

Further, decline in silver prices at the futures trade was largely inline with a weak trend in precious metals in global markets.

At the MCX, Silver futures for September 2016 contract is trading at Rs 47,450 per 10 grams, down by 0.12 per cent, after opening at Rs 47,416, against a previous close of Rs 47,509. It touched the intra-day low of Rs 47,375 (At 10:23 hours).

Quess Corp’s IPO oversubscribed 144.5 times

Quess Corp’s IPO oversubscribed 144.5 times

04/07/2016 12:53

The maiden public offering of Quess Corp, India’s leading integrated business services provider, was a massive success, with the Rs 400-crore issue receiving subscription of a whopping 144.5 times, making it the country’s highest subscribed IPO in nine years, media reports said.

According to data from the National Stock Exchange (NSE) website, the staffing firm’s initial share issue received bids for a total of 102.54 crore shares on the final day of bidding on Friday.

The category set aside for qualified institutional buyers (QIBs) was oversubscribed 59.03 times and retail investors’ portion witnessed an oversubscription of 34.08 times, reported PTI. Non-institutional investors’ portion was covered 392.21 per cent.

NSE to file draft papers for domestic listing by Jan 2017

NSE to file draft papers for domestic listing by Jan 2017

28/06/2016 12:55

Ending speculation about its listing plans, top stock exchange NSE said it has decided to get listed in India as well as abroad and will file draft papers with Sebi for domestic listing by January 2017, reported PTI.

It will further file for overseas listing by April 2017.

The exchange, which has been pitching hard for either self-listing or direct supervision by Sebi and not by a rival exchange, said in a statement that its board of directors “has expressed desire to file the draft red herring prospectus latest by January 2017, after addressing restructuring needs and regulatory requirements for listing”.

“The board also advised the NSE management to file for overseas listing by April 2017,” the exchange said.

“Further, to accelerate the listing procedures, the board has re-constituted the current listing committee as an empowered sub-committee of the board,” NSE said.

“The said committee will take decisions within a stipulated timeline.”

The decisions related to listing were taken during the last meeting of the board of directors on June 23, 2016.

NSE has been facing intense pressure from its shareholders to go public and had formed a listing committee to expedite the listing process and seek support for self-listing. The exchange has reportedly approached the government and Sebi to bring in norms for self-listing.

Regulations of the Securities and Exchange Board of India (Sebi) do not provide for self-listing of a stock exchange and the market watchdog has so far said no to considering the matter.

Meanwhile, NSE is also looking into restructuring its business wherein it plans to create a separate entity for non-regulated portfolio.

The exchange’s closest competitor, BSE, has already begun its IPO process and is likely to file papers with Sebi soon.