Category: India Market News

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Indigo Paints IPO oversubscribed within hours on first day: All you need to know

The initial public offering (IPO) of Sequoia Capital-backed Indigo Paints opened for subscription earlier today and was oversubscribed within a few hours itself. So far, the issue was subscribed over 1.89 times by the end of first day of bidding. It received a demand for 1,04,67,410 shares across both the stock exchanges against 55,18,402 shares on offer. Indigo Paints manufactures a range of decorative paints and has an...

Weak reform implementation, financial sector woes could lower India’s medium-term growth: Fitc …

NEW DELHI: Fitch Ratings on Wednesday said India's medium-term growth potential is at around 6.5 per cent but weak implementation of reforms, combined with continued financial sector problems, could lower its potential. It said the revival of the reform agenda is among the Indian government's policy responses to the COVID-19 pandemic shock. "If implemented effectively, we believe these reforms may help to support India's medium-term growth and partially...

Lower operating cost helps HDFC AMC register 5% growth in Q3 profit

HDFC Asset Management Company net profit increased five per cent to ₹369 crore against ₹352 crore logged in the same period last year, mainly on the lower cost of operations.Revenue was down eight per cent at ₹482 crore (₹525 crore). Total expense incurred in the quarter was down 11 per cent at ₹112 crore (₹126 crore).The fund house has appointed Navneet Munot as Managing Director and CEO.The asset...

Retail inflation for farm, rural workers eases in December on lower food prices

Retail inflation for farm and rural workers eased to 3.25 per cent and 3.34 per cent, respectively, in December, mainly due to lower prices of certain food items. "Point to point rate of inflation based on the CPI-AL (Consumer Price Index-Agricultural Labourers and CPI-RL (rural labourers) decreased to 3.25 per cent and 3.34 per cent in December 2020 from 6 per cent and 5.86 per cent respectively in...

Indigo Paints raises ₹348 crore from 25 anchor investors

Sequoia Capital-backed Indigo Paints Ltd, now the fifth largest in the country in decorative paint industry, has raised ₹348 crore from 25 anchor investors, including the Government of Singapore Investment Corporation (GIC).Of the total 23.35 lakh shares, GIC bought 4.9 per cent of the shares for ₹16.99 crore, while Fidelity was allotted 4 per cent of the shares for ₹13.99 crore. Goldman Sachs, Nomura, Government Pension Fund Global,...

Alstom bags €106-m contract for signalling systems from NCRTC

Alstom has won a €106-million contract from the National Capital Region Transport Corporation to design, supply and install the signalling, train control and telecommunication system of the 82.15-km Delhi–Ghaziabad–Meerut Regional Rapid Transit System Corridor, the company stated.NCRTC is a joint venture between the Government of India and the Delhi, Haryana, Rajasthan and Uttar Pradesh governments. It is implementing RRTS, a first-of-its-kind semi-highspeed rail line with a maximum speed...

CBIC calls for ‘disciplinary’ action in case of appeal dismissed on account of late filing

The Central Board of Indirect Taxes & Customs (CBIC) has asked its supervising officials to take disciplinary action in case an appeal is dismissed by the courts due to delay in filing the appeal. It has also called for following prescribed timeline ‘strictly’ when filing appeal at various judicial forums.The CBIC is the apex policy making body at the Centre for indirect taxes.A circular sent to all Principal...

Cabinet approves ₹5,282-cr investment for 850-MW Ratle Hydro Electric project

The Union Cabinet on Wednesday gave its approval for ₹5,281.94-crore investment in the 850-MW Ratle Hydro Electric (HE) Project located on river Chenab, in Kishtwar district of Jammu and Kashmir. The investment will be made by a new joint venture company (JVC) to be incorporated between National Hydroelectric Power Corporation (NHPC) and Jammu & Kashmir State Power Development Corporation Ltd (JKSPDC) with equity contribution of 51 per cent...

Gold loans power up Federal Bank’s Q3, but stress seems under control

Kerala-headquartered Federal Bank Ltd’s December quarter metrics ticked all the right boxes and investors rewarded the performance by driving up shares on Wednesday. The private sector lender showed the benefits of a recovering economy and a bounce-back in retail loans. Operating profit for the quarter grew at a healthy 29% to ₹963 crore as core interest income increased by 24%. Retail loans and loans to small businesses showed...

How Biden plans to roll back Trump’s immigration rules

NEW DELHI: US President-elect Joe Biden is set to issue several measures on Wednesday aimed at rolling back some of the restrictive immigration policies put in place by his predecessor President Donald Trump. Some reversals will be immediate while other policies will take much longer to unravel. Immigration reform and 'dreamers' Biden plans to immediately propose an immigration bill, officials told reporters on Tuesday. He will propose an...

Tech View: Nifty’s back-to-back bullish candles suggest a bottom is in place

NEW DELHI: Nifty50 jumped on Wednesday and formed a bullish candle on the daily chart, for a second time in two days. Analysts said the fast retracement of the last leg of the fall is hinting that a short-term bottom is in place, and the index has resumed its rally after a brief halt. They expect the index to drift towards the 11,750-800 zone in the coming days....

Sensex and Nifty soar to record highs amid global rally

Benchmark BSE Sensex rose by 393 points on Wednesday following gains in IT, energy and auto stocks amid strong global cues on hopes of fresh stimulus measures by the incoming US administration. The 30-share Sensex advanced by 393.83 or 0.80 per cent to close at its fresh record of 49,792.12. The broader NSE Nifty jumped 123.55 points or 0.85 per cent to settle at a lifetime high of...
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