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Business Standard

Govt approves sale of FSNL to Japan's Konoike Transport for Rs 320 cr

The government on Thursday approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore. Under the Steel Ministry, FSNL is a 100 per cent subsidiary of MSTC Ltd. The government had received two technically qualified financial bids for the company. The Alternative Mechanism, comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Steel Minister H. D. Kumaraswamy, have approved the highest bid amounting to Rs 320 crore of Konoike Transport Co Ltd for sale of 100 per cent equity shareholding of MSTC Ltd in FSNL along with transfer of management control, a finance ministry statement said. The 320 crore bid was higher than the reserve price of Rs 262 crore set by the government on the basis of valuation carried out by the Transaction Adviser and Asset Valuer. The strategic sale of FSNL received two technically qualified financial bids. The bid submitted by Konoike Transport Co. Ltd at Rs 320 cr

Business Standard

Global investor consortium lines up Rs 2,100 crore investment in SP Group

Engineering and construction major Shapoorji Pallonji group is gearing up to receive investments of over Rs 2,100 crore from a consortium of global investors led by Deutsche Bank, according to sources. The global investors are existing investors in the group's investment company Goswami Infratech, which is also one of the promoter companies of Afcons Infrastructure that is scheduled for Rs 7,000 crore IPO early next month. The group has also sought an extension of payments on non-convertible debentures of up to Rs 2,100 crore, which are due in September, till December this year. This development comes on the back of the SP Group lining up near-term repayments of nearly Rs 8,000 crore through identified liquidity events, including proceeds from the upcoming IPO Afcons Infrastructure and from the sale ports assets, a person aware of the development said. "A few global investors in Goswami Infratech Pvt Ltd have agreed in principle to further their investments in the SP Group company,

The Economic Times

Ajay Tyagi-led panel to suggest ways to split marketing and transport companies, end city gas monopoly

The Petroleum and Natural Gas Regulatory Board (PNGRB) has formed a committee to address key issues in the domestic natural gas sector. The panel, led by former Sebi chairman Ajay Tyagi, will recommend ways to separate gas transport and marketing activities and tackle monopolies in city gas distribution.

Business Standard

Macrotech Developers raises stake in 3 warehousing firms for Rs 239.56 cr

Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. in these firms for Rs 239.56 crore. The share acquisition in the three firms would help Macrotech Developers in increasing its rental income. In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard. It has increased its stake in "Digital Infrastructure Platform entities (Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd), in entirety at a consideration of Rs 239.56 crore, the filing added. The company's interest post the above acquisition in Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd would increase to 70 per cent, 66.67 per cent and 66.67 per cent, respectively, it added. Macrotech ...

The Economic Times

Radhakishan Damani sells 1 lakh shares in VST Industries for Rs 4.4 crore via block deal

Ace investor Radhakishan Damani has sold 1 lakh shares in VST Industries for Rs 4.4 crore via a block deal. The shares were sold at Rs 439.05 each, slightly above the previous closing price. Following this sale, Damani's stake in VST Industries has reduced to 2.82% from 3.47%.

Business Line

Suven Pharmaceuticals names Vivek Sharma as new Executive Chairman

Vivek was recognised as ‘Global CEO of the Year’ by CPhI Pharma Awards in 2015.

Business Standard

Infosys to help Posti spruce up customer experience, efficiency with AI

Indian IT services company Infosys on Thursday announced it is extending strategic collaboration with Posti to enable the delivery and logistics services provider in Finland, Sweden and the Baltics to enhance customer experience and operational efficiency. Infosys will adopt an AI-driven approach powered by Topaz, its AI-first offering using generative AI technologies, to empower Posti with operational efficiencies and service quality. Infosys Cobalt will leverage its Live Enterprise Application Management Platform (LEAP), a cloud-enabled platform, to provide NextGen Application Management Services for enterprises to drive their cloud journey, and enhance business productivity. "Infosys today announced it is extending its strategic collaboration with Posti, the leading delivery and logistics services provider in Finland, Sweden and the Baltics," the release said. Over the last five years through the collaboration, Infosys has helped Posti improve the resilience of IT systems, reduc

Business Standard

Jindal India plans to invest Rs 1,500 crore to expand production capacity

Jindal India, a downstream steel player, on Thursday announced its plans to invest Rs 1,500 crore to increase its annual production capacity to 1.6 million tonne. The expansion focuses on the production of coated flat products, pipes, and crash barriers, the company said in a statement. "Jindal India announces a capex spend of over Rs 1,500 crore to effect a strategic capacity expansion of 0.6 Million MT, a 60 per cent increase from its current capacity of 1 million metric tonne per annum," it said. The expansion is expected to be completed by the financial year 2025-26, while the production is slated to be started within the ongoing fiscal, it said. The increased focus on rapidly augmenting the nation's highway network with critical safety components such as crash barriers is a key area where Jindal India has been adding value, a company spokesperson said. Part of B C Jindal Group, Jindal India Limited is into manufacturing of colour-coated and galvanized steel sheets and coils,

Business Standard

Global tech body concerned over future after import mgmt scheme expires

ITI represents 80 technology firms around the world, including giants like Apple, Amazon, Google, Dell, Microsoft, and Tata Consultancy Services

The Economic Times

Market Trading Guide: Century Textiles, Jubilant Foodworks among 5 stock recommendations for Friday

Equity indices hit record highs following the Fed's larger-than-expected 50 basis point interest rate cut and indications of possible further reductions. The significant rate cut raised concerns about a global slowdown, leading to profit-taking in mid and small-cap stocks that are trading at premium valuations.

Business Standard

Revved up! Nykaa scales its same, next-day deliveries to 110 cities

Nykaa has expanded its supply chain network to 44 warehouses across India by FY24, up from 18 in FY21

Business Standard

Board of Suven Pharmaceuticals approves change in Executive Chairperson

At meeting held on 19 September 2024

The Economic Times

Changed oil market may help India extract better deals from suppliers

India's fuel consumption is rising while global demand weakens, affecting next year's crude purchase negotiations. The govt plans to pass benefits of a new oilfield law to winners of the ninth exploration licensing round. The volatile market may delay state-run companies from reducing consumer prices.

Mint

Govt okays Japan's Konoike Transport as strategic buyer of state-run Ferro Scrap

Konoike Transport Co. Ltd had bid ₹320 crore for taking over the Chhattisgarh-based mining and metals company with full management control. Ferro Scrap Nigam, a 100% subsidiary of MSTC was incorporated in 1979. It specialises in the recovery and processing of scrap from slag.

The Economic Times

Technical Breakout Stocks: Info Edge, PB Fintech and Bharti Airtel hit fresh record highs; what should investors do?

Info Edge, PB Fintech, and Bharti Airtel reached new record highs on Thursday, with Info Edge gaining over 1% and PB Fintech surging more than 4%. Bharti Airtel, however, retreated slightly after initially hitting a fresh peak.

Mint

Geopolitical risks loom large for global markets but India's growth drivers provide a buffer, says Jefferies' Chris Wood

While foreign investors remain wary due to high valuations, Wood believes India’s domestic fundamentals will help cushion its markets from global volatility.

The Economic Times

Govt approves sale of FSNL to Japan's Konoike Transport Co for Rs 320 cr

The government has approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese company Konoike Transport Co Ltd for Rs 320 crore. FSNL, a subsidiary of MSTC Ltd under the Steel Ministry, received two bids, with Konoike's being the highest. The sale includes 100 per cent equity shareholding and management control transfer.

The Economic Times

Suven Pharmaceuticals names Vivek Sharma as executive chairman

Suven Pharma, backed by Advent International, has appointed Vivek Sharma as the new executive chairman effective September 20. Sharma brings extensive experience in managing CDMO businesses and will focus on global expansion. The former chairman, Annaswamy Vaidheesh, transitions to vice-chair of Suven’s Advisory council.

The Economic Times

10th oil, gas block bidding round in 2025 on liberalised terms: Oil Ministry official

India plans to offer previously restricted 'no-go' areas for oil and gas exploration in the tenth round of bidding in early 2025. This follows expected amendments to the Oilfields Act, which will expand the definition of mineral oils and decriminalize certain offences, aiming to boost domestic production.

The Economic Times

Jindal India to invest Rs 1,500 crore to expand production capacity

Jindal India, a downstream steel player, plans to invest Rs 1,500 crore to boost its annual production capacity to 1.6 million tonnes. The expansion will focus on coated flat products, pipes, and crash barriers. Completion is expected by FY 2025-26, with production starting within the ongoing fiscal year.

CNBC TV18

Infosys extends collaboration with Posti by seven years for AI edge

The renewed partnership with Posti, which is the leading delivery and logistics provider across Finland, Sweden, and the Baltics, will focus on customer experience and operational efficiency by adopting an AI-first strategy via Infosys Topaz. Shares of Infosys Ltd ended at ₹1,894.15, up by ₹1.80, or 0.095%, on the BSE.

The Economic Times

Stock market update: Fertilisers stocks down as market rises

The 30-share BSE Sensex closed up 236.57 points at 83184.8

CNBC TV18

Japanese firm Konoike Transport wins ₹320-crore bid for MSTC arm Ferro Scrap Nigam

FSNL is a wholly-owned subsidiary of MSTC Ltd under the Ministry of Steel, while Konoike Transport is listed on the Tokyo Stock Exchange and has a longstanding presence in the steel industry. Shares of MSTC Ltd ended at ₹722.65, up by ₹10.55, or 1.48%, on the BSE.

Business Standard

Motisons Jewellers board OKs 1:10 stock split proposal

Motisons Jewellers said that its board had approved a proposal to split one equity share of the company having face value of Rs 10 each into ten equity shares with a face value of Re 1 each.

Mint

PI Industries Stock Check: Axis Securities says hold the stock; here's why

Stock Check: PI Industries received a 'hold' rating from Axis Securities, targeting ₹4,980, a 7% rise from ₹4,668.50. The firm focuses on new product development and operational efficiency to drive revenue growth amid current market conditions.

CNBC TV18

Bharti Airtel becomes 4th Indian company to achieve ₹10 lakh crore in market capitalisation

The stock of Bharti Airtel rallied more than 3% in Thursday’s trade, taking the year-to-date gains to 62%. In comparison, the benchmark Nifty has gained 17% during the same period.

Business Standard

Shadow lender IIFL Finance faces rating downgrade risk on gold loan ban

IIFL fell under regulatory scrutiny in March amid a crackdown on financial firms, when it was asked by RBI to stop disbursing new gold-backed lending following 'material supervisory concerns'

CNBC TV18

From SBI, Axis Bank, PNB and more, these banks have exposure to Vodafone Idea

In a jolt to telecom firms, the Supreme Court has dismissed a batch of pleas filed by companies, including Vodafone Idea and Bharti Airtel, seeking correction of alleged errors in the Adjusted Gross Revenue.

Business Standard

Shadow lender IIFL Finance faces rating downgrade risk on gold loan ban

IIFL fell under regulatory scrutiny in March amid a crackdown on financial firms, when it was asked by RBI to stop disbursing new gold-backed lending following 'material supervisory concerns'

Mint

ICICI Bank, Bharti Airtel, NTPC—Over 240 shares jump to 1-year peaks; Sensex, Nifty 50 hit record highs

Stocks at record high: As many as 241 stocks, including ICICI Bank, Bharti Airtel, NTPC and Britannia Industries, hit their fresh 52-week highs in intraday trade on BSE on Thursday, September 19.

Business Standard

Tactically cautious on India, Fed rate cut quantum a surprise: Chris Wood

If the US Federal Reserve (US Fed) rate cut is combined with a weaker dollar then the EMs (ex-China) should do well

Business Standard

Vodafone Idea Ltd leads losers in 'A' group

Indus Towers Ltd, Chambal Fertilisers & Chemicals Ltd, IIFL Finance Ltd and Nava Ltd are among the other losers in the BSE's 'A' group today, 19 September 2024.

The Economic Times

Dubai-based GXR acquires media rights to European football leagues for India

Galaxy Racer (GXR), a Dubai-based transmedia company, has secured media rights for LaLiga, Serie A, Ligue 1, and Ligue 2 in the Indian subcontinent starting from the 2024/25 season. The matches will be streamed live and free-to-air, enhancing fan engagement through GXR’s innovative Super App.

Mint

Multibagger jewellery stock Motisons Jewellers declares 1:10 stock split: Check record date, other details

Motisons Jewellers' shares dropped approximately 4% on September 19 following a 1:10 stock split announcement. The Board set November 9, 2024, as the Record Date for determining shareholder eligibility for the split, with the stock hitting a low of ₹268.

CNBC TV18

Stock Split: Motisons Jewellers, after a 50% surge in a month, will divide its shares

Record date for the stock split has been fixed as Saturday, November 9, 2024.

Business Standard

Veeram Securities Ltd leads losers in 'B' group

P N Gadgil Jewellers Ltd, Ecos (India) Mobility & Hospitality Ltd, Kriti Industries (India) Ltd and PTC India Ltd are among the other losers in the BSE's 'B' group today, 19 September 2024.

The Economic Times

HAL shares slump over 5% even amid overall bullish market sentiments

HAL Share Price: Shares of Hindustan Aeronautics Ltd fell over 5% despite strong market sentiments, following a significant Rs 26,000 crore defense deal. Analysts expect continued growth amid supply chain challenges.

The Economic Times

India plans oil, gas exploration licensing round in early 2025, source says

India plans to launch a new oil and gas exploration licensing round early next year, a source from the oil ministry said.

The Economic Times

Pritika Engineering buys 87,000 sq ft land to expand production capacity

Pritika Engineering Components Ltd has acquired 87,000 square feet of land in Hoshiarpur, Punjab to expand its production capacity. The company plans to invest Rs 49.50 crore in this expansion, funded through a planned fundraise. PECL is also exploring opportunities in the railways and defence sectors for additional revenue streams.

Business Line

Titan’s IRTH bag brand launches first retail store in Mumbai

IRTH has already established a strong presence in over 50 cities through large-format stores and aims to achieve a topline target of approximately ₹600 crore by 2027