Companies and Markets

Companies & Markets

SBI set to own 15% of Jet Airways

State Bank of India is likely to own 15 per cent of Jet Airways after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday, citing agencies.

Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board.

Jet’s lenders could end up owning as much as 30 per cent while its shareholder Etihad Airways could see its stake go up to more than 40 per cent from 24 per cent at present.

MFs anxious about Rs 8K cr Zee group exposure; side pocketing may help

Though the Essel Group has managed the lenders to avert a defaulter tag for now, the mutual fund houses linked with the group are virtually in a ‘shock’ mode. While the sharp fall in the stock prices of group companies dented the net asset values, or NAVs, of equity funds holding these scrips last Friday, fear is looming large among leading fund houses that the crisis might spread to their debt funds as well.

NCLT rejects Ruias offer on Essar Steel

In a big blow to promoters of Essar Steel, the Ahmedabad bench of the National Company Law Tribunal has rejected the settlement offer given by the Ruia family to take back control of the insolvent entity. The development could further delay resolution process as the matter may once again land in a higher court and the Supreme Court for directions.

Bearish patterns emerge

The market fell sharply as huge selling emerged in frontline stocks as the Sensex plunged 368.84 points or 1.02 per cent to settle at 35,656.70, its lowest closing level since January 3. The Nifty 50 fell 119 points, or 1.10 per cent, to settle at 10,661

The BSE Mid-Cap Index fell 1.84 per cent while the Small-Cap lost 1.99 per cent. Among sector indices on the BSE, Basic Materials (down 2.09 per cent), Healthcare index (-2.08 per cent) and Bankex (-1.86 per cent) underperformed the Sensex.

Jindal Stainless seeks duty cuts on raw material imports

Jindal stainless Ltd., the stainless steel maker, expects the Union government to impose higher duty on imports from FTA countries and cut duty on raw materials which is not available in India, as these bottlenecks hurt business substantially.

Abhyuday Jindal, Managing Director, Jindal stainless, in an exclusive interaction with TickerNews, explained the problems of having no import duty on steel from FTA countries due to which Indians traders are losing jobs and loss of revenue.

Vedanta Resources to invest $1.6b in South Africa

In a move to deepen engagement in the African nation, the world’s leading diversified natural resources firm Vedanta Resources is planning to invest about $1.6 billion in South Africa for mining minerals.

Vedanta chairman Anil Agarwal, who was part of a business delegation accompanying South African President Cyril Ramaphosa to India, said Vedanta Resources has already invested $400 million in South Africa and is outlining more investments to produce minerals like zinc.

BoI Q3 net loss widens to Rs 4,738 cr; NPA provisions jump two-fold

State-owned Bank of India on Monday reported widening of its net loss to Rs 4,737.56 crore in the third quarter ended December 2018, hit by nearly two-fold jump in provisioning for bad loans.

Its net loss was Rs 2,341.20 crore in the October-December period of 2017-18.

Total income of the bank, however, rose to Rs 11,839.53 crore during the reported quarter of 2018-19, as against Rs 10,376.03 crore in the same period a year ago.

Real estate seeks industry status

The real estate industry has been facing some rough weather given the tough demand environment, which got aggravated further with the recent NBFC crisis. While the industry undertakes measures to revive demand, a much-needed impetus from the Union Budget will go a long way in helping turnaround the fortunes of the sector. Considering the current set of challenges, here are a series of recommendations that we believe will help the cause of real estate sector in general and housing demand in particular.

Digital economy will hit a drastic slow down if cybersecurity issues are not addressed: warn experts at WEF

Cyber security was one of the prominent topics discussed at the recently concluded World Economic Forum at Davos.

As per a document released at the World Economic Forum (WEF), cyber attacks are increasing in volume, the threat landscape continues to expand, there is greater sophistication and attacker savviness and they are affecting an ever-greater number of individuals, institutions, enterprises and governments  round the globe.

Zee group shares see selling pressure

The Zee group stocks reeled under selling pressure despite the Subhash Chandra-led Essel Group on Sunday saying it has "arrived at an understanding" with its lenders not to declare it a defaulter following the steep fall in the share prices of listed entities such as Zee Entertainment Enterprises (ZEEL) and Dish TV.

On Monday, the ZEEL stock rose 14.29 per cent to Rs 365 in early trade compared to its previous close of 319.35 on the BSE and closed 17.24 per cent higher at Rs 373.30. On Friday, ZEEL plunged 26.43 per cent on the BSE.

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