BUSINESS
Goenka's latest swipe at Zomato fuels debate on bumper IPO despite losses
The much-anticipated initial public offering (IPO) of Zomato was subscribed over 38 times by the end of the final day of the issue on Friday. According to data on the BSE website, qualified institutional buyers (QIB) subscribed 51.79 times of their earmarked portion. The portion of the non-institutional investors was subscribed 32.96 times. Further, retail investors subscribed 7.45 times of the portion allocated to them.
Shareholder agreement for development of Noida Int'l Airport inked
"The shareholder agreement marks another important milestone for the Noida International Airport project and the much-awaited aviation infrastructure in the NCR and in Uttar Pradesh," an official statement said. Besides, the statement said that jointly committed, ZAIA and the UP government are developing the Noida International Airport as an upcoming world-class airport.
GST payable only on profit earned from resale of gold jewellery
The ruling was made in reference to the application filed by Aadhya Gold Pvt Ltd seeking clarity whether goods and services tax (GST) is to be paid only on the difference between the selling price and purchase price as stipulated under Rule 32(5) of CGST Rules, 2017, if the applicant purchases used or second-hand gold jewellery from individuals.
Several factors still hinder monetary transmission to bank rates: RBI
The RBI Bulletin for July 2021 noted that the central bank has made several attempts to improve the effectiveness of monetary transmission by refining the process of interest rates setting by banks. In response to the cumulative reduction of policy repo rate by 250 basis points, the one year median marginal cost of funds-based lending rate of SCBs declined 155 bps during February 2019 to June 2021.
RIL's retail business likely to grow 3x in next 3-5 years
Digital or new commerce continues to scale up and contributes 10 per cent of sales, it said. It further said that, RIL's recently announced clean energy business may well be create a valuation of about $36 billion. It said clean energy has the potential to be value accretive if Reliance can pull it off. Reliance recently announced a plan to invest $10 billion in a new energy business over the next 3 years.
FPIs pull out Rs 4,515 cr from Indian equities so far in July
Analysts said, the concerns over the 'Delta' variant of Covid-19 and rising oil prices have weighed in on the investor sentiments. The sell-off comes after FPIs were net buyers of Indian equities in June. Last month, FPIs made a net investment of Rs 17,215 crore in the equities segment. With the net selling in July so far, the net FPI investment in 2021 stands at Rs 55,829 crore, backed by robust investment in January-March.
Franklin Templeton complies with conditions prescribed in SAT order
In a letter to investors, Sanjay Sapre, the President, Franklin Templeton Asset Management (India) Pvt. Ltd. said: "The restriction on launching any new debt schemes for a period of two years shall remain stayed during the pendency of the appeal. We have complied with the conditions prescribed in the SAT order and the matter is listed on August 30, 2021, for further hearing."
OMCs pause petrol, diesel price hike on Sunday
In the national capital, petrol was sold for Rs 101.84 per litre, while diesel was also sold at the unchanged price of Rs 89.87 a litre. On Saturday, petrol price was increased by 30 paise, while diesel was kept unchanged. In the city of Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price was at Rs 107.83 per litre on Sunday.
Record broker defaults cause crippling losses to investors
This is the highest number of broker defaults in the past 20 years. Until then, there were 18 broker defaults on the National Stock Exchange (NSE). If the brokers have a membership of the Bombay Stock Exchange (BSE), they are suspended by that exchange too. Ten more brokers have been defaulted or been expelled by the NSE between December 2020 and July 2021.
Higher competition in road sector can impact quality: Ind-Ra
Ind-Ra said that increased competition in the road sector in FY21, resulting from the National Highways Authority of India's (NHAI) initiative to reduce prequalification requirements, may ultimately lead to a moderation in the quality of roads. "Along with higher order inflows, the sector has also witnessed an increase in competition, resulting in lower-than-expected bid prices," the agency said in a report.
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