Happy Media

Firstpost June 4, 2020 New Delhi:  Reliance Industries mega Rs 53,124 crore rights issue is the largest in the world by a non-financial issuer in the last 10 years, an analyst said. Oil-to-telecom conglomerate Reliance Industries Ltd's rights issue opened for the subscription of shareholders on 20 May 20 and will close on Wednesday. According to data from Dealogic, the issue is the biggest in the world by a non-financial issuer in the last 10 years. The only other non-financial issuer close to the issue size is $7.002 billion issue by Bayer AG in June 2018. Billionaire Mukesh Ambani's firm had on 30 April announced fund raising of Rs 53,125 crore by way of a 1:15 rights issue -- India's biggest and the first such issue by the firm in nearly three decades. One share will be offered for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for 30 April. The issue had been over-subscribed 1.1 times as of Monday, according to stock excha...

Business Standard Andy Mukherjee  The digital yuan can disrupt both traditional banking and the post-Bretton Woods system of floating exchange rates. So is China readying its own  Bitcoin?  Banish the thought.  It’s far bigger than that. Yes, just like any other cryptocurrency—or for that matter, cigarettes in prisoners-of-war camps—the upcoming digital  yuan  will be “tokenized” money. But the similarity ends there. The crypto yuan, which may be on offer as soon as 2020, will be fully backed by the central bank of the world’s second-largest economy, drawing its value from the Chinese state’s ability to impose taxes in perpetuity. Other national authorities are bound to embrace this powerful idea. Little is known about the digital  y uan  except that it’s been in the works for five years and Beijing is nearly ready to roll. The consensus is that the token will be a private blockchain, a peer-to-peer network for sharing informati...

Business Today India, Germany and Japan would continue to battle for the position of third-largest economy over the next 15 years, the CEBR report stated. India is expected to become the fourth largest economy by 2026 and the third largest by 2034, according to a report by UK-based Centre for Economics and Business Research (CEBR). The CEBR report states that India would surpass Germany to take on the mantle in 2026 and further topple Japan in 2034 to become the third largest economy.  The report stated that India would achieve its dream of reaching a gross domestic product (GDP) of $5 trillion by 2026. It has pegged the achievement a couple of years after the government's target. "India has decisively overtaken both France and the UK to become the world's fifth-largest economy in 2019. It is expected to overtake Germany to become fourth largest in 2026 and Japan to become the third largest in 2034," said CEBR in the report, titled 'World Economic...

The Telegraph Pranatharthi Commercials will buy close to 8,94,382 shares of Reliance Industries from the open market on the basis of the share swap ratio. Reliance Retail has been valued at Rs 2.7 lakh crore on the basis of a proposed share swap scheme for some of its shareholders.  Reliance Retail is a subsidiary of Reliance Retail Ventures Ltd (RRVL), which holds a 99.95 per cent stake, making Reliance Retail an indirect subsidiary of Reliance Industries Ltd (RIL). The rest of the holding in Reliance Retail — 0.05 per cent — is with certain specified shareholders According to the proposed scheme of arrangement, some shareholders of Reliance Retail will receive one share of Reliance Industries for every four shares held. Reliance Retail said it had given employee stock options in 2006 and 2007, and some of the employees received equity shares in Reliance Retail when they exercised their restricted stock units.  “The company has been receiving requests from the...

The Telegraph Data released by Prime Database showed the overall response from the public to IPOs during the year was good It was a disappointing year in terms of funds raised via initial public offerings (IPOs). Only 16 companies raised Rs 12,362 crore in 2019, a fall of 60 per cent from 2018 when the Street mopped up Rs 30,959 crore. While seven IPOs received a mega response of being subscribed more than 10 times (IRCTC at 109 times followed by Ujjivan Small Finance Bank 100 times and CSB Bank at 48 times), one issue was subscribed over three times. The balance seven were oversubscribed between one and three times. The decline in fund raising comes amid a slowdown in the economy with real GDP coming in at 4.5 per cent in the second quarter of this fiscal. Despite the good response received by some of the offerings, 47 firms looking to raise over Rs 51,000 crore allowed their SEBI approval to lapse. Data for the past five years show that in 2017, there were 36 IPOs...

Hindustan Times October 17, 2019 Investors can find no better place in the world than India that has a democracy loving and capitalist respecting environment, Union Finance Minister Nirmala Sitharaman has said. She also assured international investors at an interaction session at the IMF’s headquarters that the government was continuously working to bring reforms. “It (India) is one of the fastest growing (economies) even today. It has the best skilled manpower and a government that is continuously doing what is required in the name of reforms, above all democracy and rule of law,” Sitharaman said on Wednesday. Responding to a question on why investors should allocate funds for India, she said that even if the court system is a bit delayed, India is a transparent and open society. The rule of law works and there are a lot of reforms happening, even those to cut down delays, she said. “So you will not have anything better... democracy loving, capitalist respecting en...

FirstPost PTI October 10,2019 Moody's Investors Service on Thursday slashed its 2019-20 GDP growth forecast for India to 5.8 percent from 6.2 percent earlier, saying the economy was experiencing a pronounced slowdown which is partly related to long-lasting factors. The projection is lower than 6.1 percent that the Reserve Bank of India (RBI) had forecast just last week. Moody's attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation. "The drivers of the deceleration are multiple, mainly domestic and in part long-lasting," Moody's said in a report. It expected the growth to pick up to 6.6 percent in 2020-21 and to around 7 percent over the medium term. "Although we expect a moderate pick-up in real GDP growth and inflation in the next two years, we have revised down our projections for both. Compared with two years ago, the probabi...

Business Line October 10, 2019 By Lokeshwarri SK  The alarming growth in offshore rupee trading means the RBI will have less control over the currency. This must be arrested The alternative venues for foreign exchange trading that once lurked in the shadows are now beginning to take centre-stage and policymakers are now beginning to realise that this threat needs to be urgently tackled. Offshore trading in few currencies has burgeoned to such an extent that it is higher than the onshore trading volume. In a bid to contain the damage done by the offshore market for rupee, the RBI recently made two policy changes based on the recommendations of a task force headed by Usha Thorat. One, it has now allowed domestic banks to freely share foreign exchange rates with non-residents and, two, trading in rupee derivatives has now been allowed on International Financial Services Centres. It is, however, doubtful if the RBI’s measures will have any immediate impact. The cr...

Business Line KS Badri Narayanan October 07, 2019 Compensation formula should be worked out to assess the loss incurred by a trader due to a glitch Of late, trading glitches, especially on the NSE, have been hurting traders and investors big time. September 23 (Monday) was a crucial day for traders and investors, as the market witnessed record buying activity after Finance Minister Nirmala Sitharaman (on Friday) announced major measures to prop up the economy. However, on that day, brokers were hit by a trading glitch as stock prices and index levels were not updating on the terminals linked to the NSE. Some brokers could not see the updated NSE feeds or prices on their screens due to a ‘technical glitch’ with one of the service providers. ICICI Direct, in fact, tweeted to its customers saying ‘price feeds not coming from NSE due to technical issue at NSE end. Limit orders not going across all products. Please place limit price’. According to an NSE spokesperson, t...

Indian Express Georage Mathew October 07, 2019 Overall financial flows to the commercial sector have declined sharply, by around 88 percent, during the first six months of the current financial year amid the slowdown in the economy. According to the latest RBI data, the flow of funds from banks and non-banks to the commercial sector has been Rs 90,995 crore in 2019-20 so far (April to mid-September) as against Rs 7,36,087 crore in the same period last year. The commercial sector does not include farming, manufacturing and transportation. With the financial sector going through a turbulent phase, there was a reverse flow of Rs 1,25,600 crore from the commercial sector to non-deposit-taking NBFCs and deposit-taking NBFCs as against a flow of Rs 41,200 crore in the same period last year. Non-food credit flow from banks to the commercial sector also declined, from Rs 1,65,187 rore to a reverse flow of Rs 93,688 crore to the banks. Net issuance of commercial pa...