Companies and Markets

Companies & Markets

Asirvad to secure PE funding; aims for IPO, Rs 10,000 crore AUM

Asirvad Microfinance, the micro-lending subsidiary of Manappuram Finance, is going for a major capital infusion to achieve an AUM of Rs 10,000 crore by FY22. It is in talks with private equity firms to raise Rs 500-600 crore this year and by FY21 it plans to go for IPO.

Heading for low-single digit earnings growth

The moderation in demand growth seen across sectors, in tune with the expected deceleration in real GDP growth in the second half to 6.8 pr cent along with continued margin pressure, is likely to have impacted corporate performance in the third quarter. The impact of rising raw material costs and rupee depreciation in the quarter is expected to be visible in several sectors, says a report by Emkay Global Financial Services.

Sales growth is expected to slow to 11.6 per cent year-on-year against 13 per cent in Q2 and 16 per cent in Q1. Profit growth is

Strike hits banking services, violence in Bengal

The two-day strike by central trade unions evoked mixed response across the country Wednesday, as it entered its second day, with banking and transport services being affected partially and few incidents of violence seen in West Bengal. As many as 10 central trade unions, except Bharatiya Mazdoor Sangh, are protesting against the government's alleged anti-labour policies and unilateral labour reforms. They had given a call for a two-day Bharat Bandh on January 8 and 9.

Snapdeal lands in trouble for selling sex stimulant drug

The e-pharma industry had just got a breather from the court, that online sale of drugs has come once again under the scanner affecting the reputation of the industry.

The Karnataka government issued an order permitting authorities to initiate prosecution proceedings against Snapdeal and its seller for “unlawfully selling drugs”.

Rajat Monga tops list to head Yes Bank

In a sudden development, Rajesh Sud, former managing director and CEO of Max Life Insurance, one of the front-runners to head Yes Bank, has backed out from the race making Rajat Monga, senior group president of financial markets at the bank as the top contender for the post, sources told Financial Chronicle.

NMDC to buy back Rs 1k cr shares

The finance ministry has approved state-owned iron ore producer NMDC’s share buyback plan worth Rs 1,000 crore, an official said. The time line for the launch of the offer will be decided by the NMDC board.

“NMDC’s Rs 1,000 crore share buyback offer has been approved by the finance ministry,” the official said.

Sharp drop in Inflows to Equity MFs

Inflows into equity mutual funds saw a sharp drop in December to Rs 6,606 crore with high volatility in the equity market. The December inflows were much lower than November’s Rs 8,414 crore and almost Rs 10,000 crore less from the year-ago period, data released by the Association of Mutual Funds in India (Amfi) showed. In December 2017 inflows into equity mutual funds and ELSS schemes came to Rs 16,087 crore.

Volatility was high in December with the Sensex moving in the range of 34,426.29 and 36,554.99 during the month.

Post-death transfer of demat shares now requires physical documents

The Securities and Exchange Board of India (Sebi) has placed transfer of physical and demat shares on par in case of a security holder’s death. Transfer of dematerialised shares after the death of a shareholder will now have to follow the same procedure as in shares in physical form.

Steady quarter seen for IT majors

The IT sector is expected to report a steady quarter in this earnings season. Strong deal wins in the first half of the fiscal could partially offset the seasonal impact of furloughs, and the cross-currency headwind could be less severe than in the recent quarters, says a JM Financial results preview.