Tag: Startup

Idea Cellular plans to raise Rs 500 cr through NCDs

Idea Cellular plans to raise Rs 500 cr through NCDs

13/02/2017 13:02

Mobile operator Idea Cellular said that it plans to raise Rs 500 crore through issuance of non-convertible debentures on private placement basis.

“…the company is proposing to issue Unsecured Redeemable Non Convertible Debentures amounting to Rs 500 crore on private placement basis,” Idea Cellular said in a BSE filing.

The debentures, having a tenure of five years, will carry a coupon rate of 8.03 per cent per annum, it said.

Meanwhile, shares of the company were trading at 106.25 apiece, down 3.72 per cent from the previous close at 13:07 hours on BSE.

White metal up on overseas cues

21/12/2016 16:02

Silver futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal as the greenback edged slightly lower from its 14-year highs, which it touched recently.

Besides, US Fed Chair Janet Yellen’s optimistic remarks on the US labour market, strengthened the possibility of further rate hikes next year, restricted gains at silver futures.

Precious metal is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets, while boosting the dollar, in which it is priced.

At the MCX, silver futures for March 2017 contract is trading at Rs 39,487 per kg, up by 0.15 per cent, after opening at Rs 39,605, against a previous close of Rs 39,426. It touched the intra-day high of Rs 39,763 (at 16:02 hours).

Vedanta pays over $2 bn in royalties, taxes to India in FY16

Vedanta pays over $2 bn in royalties, taxes to India in FY16

03/10/2016 14:25

Mining giant Vedanta Resources has paid more than USD 2 billion (over Rs 13,300 crore) in taxes, royalties, licence fees and other payments to India in the last financial year ended March 2016, reported PTI.

In total, the firm led by billionaire Anil Agrawal has paid about USD 2.18 billion in taxes, royalties, licence fees and other payments to countries where it does business, most of which was paid to India (around USD 2.11 billion) in 2015-16.

The London-listed firm has paid around USD 1.53 billion to India in taxes, royalties, licence fees and other payments for its cash-rich arm oil firm Cairn India, while it has paid close to USD 530 million for the zinc miner Hindustan Zinc Ltd (HZL) in the last fiscal, it said in a regulatory filing.

Similarly, the diversified mining conglomerate paid more than USD 54 million for Vedanta Copper in India.

After India, Vedanta Resources made the highest payments to Zambia (USD 53.28 million in royalties). It operates the Konkola Copper mines in the African nation, reported PTI.

Zambia was followed by Ireland (USD 2.83 million in royalties), Namibia (USD 2.65 million in taxes and royalties), South Africa (USD 2.37 million in taxes and royalties) and the US (USD 1.42 million in taxes).

Vedanta Resources operated the Lisheen Zinc mines in Ireland where mining activity concluded in November last year, whereas in Namibia it operates the Skorpion Zinc mine.

In South Africa, the company produces zinc and lead concentrate at the Black Mountain Mining site.

As per regulations, UK companies in the mining sector are required to publicly disclose payments made to governments in countries where they undertake such operations. The disclosure includes payments made in excess of USD 130,000 for the year ended March 31, 2016, Vedanta said.

BSE SME platform expects 30 IPOs in 3 months

BSE SME platform expects 30 IPOs in 3 months

09/05/2016 01:36

Leading stock exchange BSE said that it is expecting 30 initial public offerings (IPOs) on its small and medium-sized enterprises (SME) platform in next three months, as per the media reports.

This is on top of 17 SMEs that already got listed in this year.

“The IPO pipeline is good, which shows that confidence among the companies. We are expecting 30 SME IPOs in the next three months,” BSE MD and CEO Ashishkumar Chauhan said, quoted PTI.

He was speaking on the sidelines of a seminar on ‘Is the corporate sector over-regulated?’, organised by an industry body.

Listing will help these companies enter and finally to graduate on to the mainboard.

These companies belong to a wide range of sectors, like logistics services, media, automotive components, infrastructure and hospitality, among others.

BSE had launched SME platforms in March 2012 to provide opportunity to such firms to raise capital for growth and expansion. Since then a total of 136 companies got listed on its SME segment and 18 of these firms have migrated to the main board platform.

RBI expected to cut rates by 25 bps: BofA-ML

RBI expected to cut rates by 25 bps: BofA-ML

29/03/2016 14:31

A report has said that India’s retail inflation for March is expected to be around 5 per cent and the Reserve Bank is likely to cut its key rate by 25 basis points each at its policy reviews on April 5 as well as in August.

According to Bank of America Merrill Lynch (BofA-ML), its inflation indicator is tracking March CPI inflation at 5 per cent, slightly lower than February’s 5.2 per cent.

Commenting on the issue, a BofA-ML Official told the media, “We continue to expect the RBI to cut rates 25 bps on April 5 and in August.”

The declining inflation and negative industrial outlook have strengthened the case for RBI cutting interest rate in its first bi-monthly monetary policy for 2016-17 on April 5.

RBI Governor Raghuram Rajan on February 2, left the key interest rate unchanged citing inflation risks and growth concerns.

FPIs inject Rs 11k cr in stock markets in March

21/03/2016 14:44

Overseas investors are raising their bets on Indian market as they have pumped in over Rs 11,000 crore into the domestic equities so far this month on continued hopes that the RBI would bring down the monetary policy rate.

However, they pulled out Rs 1,027 crore from the debt markets during the period under review.

Foreign Portfolio Investors (FPIs) have turned net buyers of equities in March after pulling out a massive Rs 16,648 crore from the market in the previous two months.

Inflows accelerated on expectations that Reserve Bank would reciprocate to the government’s commitment to fiscal prudence with a rate cut sooner than later, market analysts said.

In addition, a sign of recovery in global market has raised optimism among market participants, they added.

According to the data available with depositories, FPIs invested Rs 11,166 crore in equities during March 1-18, while Rs 1,026 crore was withdrawn from the debt market in the same period, leading to a net inflow of Rs 10,140 crore (USD 1.5 billion).

Prior to that, FPIs had pulled out Rs 11,126 crore from equities in January and Rs 5,521 crore in February on account of continuous fall in crude prices and fears of a global slowdown.

Infibeam’s Rs 450-crore IPO to hit markets today

Infibeam’s Rs 450-crore IPO to hit markets today

21/03/2016 00:48

Infibeam Incorporation will hit the capital markets today to mop-up Rs 450 crore through an initial share plan, becoming the first e-commerce firm to tap the initial public offer (IPO) route, said the media report.

The company has fixed the price band at Rs 360-432 per equity share for the IPO. The initial share-sale programme will conclude on March 23.

According to the Draft Red Herring Prospectus, Gujarat-based Infibeam plans to come out with public issue of equity shares worth up to Rs 450 crore.

The issue is being managed by SBI Capital Markets and Elara Capital India.

FDI in India up 29 pct after ‘Make in India’ launch: Min

FDI in India up 29 pct after ‘Make in India’ launch: Min

17/03/2016 10:15

The Indian Government has said that Foreign Direct Investment in the country has increased by 29 per cent for the 15-month period ended December last year after the launch of ‘Make in India’ initiative.

As per reports, the initiative aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation.

Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, “FDI inflow has increased 29 per cent during October 2014 to December 2015 (15 months after ‘Make in India’) compared to the 15 months period prior to the launch of this initiative.”

“During April-January 2016, the government has received 424 FDI proposals. Out these, 285 proposals have been disposed of,” he added.

The Minister further added that foreign investment in business to customer (B2C) e-commerce activities had been “opened in a calibrated manner” and entity was permitted to undertake retail trading through e-commerce under certain circumstances.

GSM mobile operators add 72.5 lakh subscribers in Feb: COAI

GSM mobile operators add 72.5 lakh subscribers in Feb: COAI

16/03/2016 14:51

GSM mobile operators added 72.5 lakh subscribers in February, taking their overall user base to 76.87 crore, industry body COAI said.

The GSM subscriber base stood at 76.14 crore in January, Cellular Operators Association of India (COAI) said.

Bharti Airtel led the pack with maximum subscribers joining its network in the reported period. The company added 29 lakh customers to take its total user base to 24.86 crore with 32.35 per cent market share at the end of February.

Vodafone, the country’s second largest mobile operator, added 20.34 lakh subscribers to take its overall base to 19.67 crore with 25.59 per cent market share, reported PTI.

Idea Cellular subscriber base increased by 14.63 lakh to take its overall base to 17.46 crore, with a market share of 22.72 per cent.

Aircel added 6.10 lakh subscribers and its base increased to 8.66 crore, whereas Telenor added 2.50 lakh customers to take its base to 5.16 crore at the end of February.

State-run MTNL, which offers services in Delhi and Mumbai, witnessed a growth of 10,704 subscribers, taking its overall base to 35.47 lakh.

However, Videocon Telecom lost 17,917 subscribers during the period and its base decreased to 67.27 lakh.

GSM subscriber figures of BSNL, Tata Teleservices and Reliance Communications were not shared, said the media report.

Michelin ties up with Snapdeal to sell tyres online

Michelin ties up with Snapdeal to sell tyres online

15/03/2016 16:51

Michelin India announced that it has joined together with Snapdeal, the online marketplace for the purpose of selling its products via the e-commerce platform.

Commenting on this, Michelin India Commercial Director Mohan Kumar said, “Snapdeal with its large subscriber base and pan India reach has been an obvious choice. We believe this new channel will augment our existing distribution and enable our dealers with a parallel sales pipeline.”

As per the scope of the partnership, consumers can place an order online via Snapdeal to purchase Michelin tyres from an authorised dealer.

Moreover, they can also request for fitment at a time and place of their choice.

The company said, “The consumer has the option of same day free fitment, as well as access to exclusive offers on services like alignment and balancing.”

Snapdeal Vice President, (Omni Channel) Badal Malick said, “Our recently launched omni channel platform Janus will deliver the convenience of online product discovery and offline installation services at the nearest location.”