HAL sets price band at Rs 1,215 to Rs 1,240

Hindustan Aeronautics (HAL) announced its long-awaited initial public offering (IPO) of shares worth Rs 4,229 crore, leading to divestment of 10 per cent Government of India stake in the 100 per cent government-owned defence air craft manufacturer, developer and service provider.

The IPO price band has been fixed at Rs 1,215 to Rs 1,240 per equity shares of face value of Rs 10 each.

The public offer opens on March 16 and closes on March 20.

NiMo fallout: RBI bars banks from issuing LoUs

Against the backdrop of the banking scam involving loans to diamond merchants, the Reserve Bank of India (RBI) on Tuesday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India’s biggest bank fraud running into thousands of crores.

Topsy-turvy ride for bank stocks since recap plan

It has been a roller-coaster ride for PSU banks ever since the government announced the recapitalisation plan on October 25 last year. State-owned lenders had recorded gains of 20 to 50 per cent that day.

India set to pip China in enterprise app software spends growth

India is set to outpace China in enterprise application software spending gro­w­th with a 19.8 per cent rise this year, compared with 18.9 per cent in China, says a report. However, in absol­ute terms, the total spending in India is projected to reach $2.5 billion, while that of China is expected to be higher at $5.1 billion, Gartner said in its report on Monday.

“China’s and India’s enterprise application software spending has grown at double-digit rates historically, and they will continue to be hot spots,” said Keith Guttridge, research director, Garner.

Big bounce day

The domestic market staged a strong bounce back on the back of firm global cues and short covering in the latter half of the trading session, taking the Sensex higher by 600 points and the Nifty up nearly two per cent to reclaim the 10,400 range.

After falling by 10 per cent from the all-time high levels over the past month, the rally in the market has come as a big relief to the investors.

Almost all the sectoral indices participated in the surprise up-move that was led by strong buying in index heavyweights ITC, HDFC and Reliance Industries.

Andhra Bank shares crash as charge sheet filed against ex-director

Shares of state-owned Andhra Bank fell over 15 per cent to hit a 15-year low after the Enforcement Directorate (ED) filed a charge sheet against a former director in a separate money laundering case.

The Andhra Bank stock closed at Rs 35.85, down 6.88 per cent on the BSE, its lowest after August 2003. The stock fell as much as 17.1 per cent intra-day.

Farmers' stir: Under-pressure Maha govt accepts demands

Under pressure from the opposition and ally Shiv Sena, the BJP-led Maharashtra government today accepted the demands of agitating farmers, including their right to till forest land, as thousands of agriculturists converged here in a sea of red.

In a major victory for the farmers who trekked 180 km from Nashik to here over six days under the blazing sun, some even barefooted, the state's Revenue Minister Chandrakant patil said their "all demands" are being accepted.

Farmer tsunami to hit Maha Vidhan Sabha today

With some 30,000 farmers, who have come walking all the way from Nashik, gearing up to protest outside the Vidhan Bhavan on Monday, Maharashtra Chief Minister Devendra Fadnavis has called a meeting of officials in the morning to discuss issues plaguing the state farmers.

Oil, fund flows, GST glitches key risks in 2018: Crisil

A Rise in oil prices, fluctuations in capital inflows from global financial developments, lingering GST-related glitches and below-normal monsoon are key risks to the Indian capital market and economy in the next nine months of 2018, according to rating agency Crisil’s India outlook report for 2018.

Sharper than expected rise in oil prices has been stated as the top risk India faces being heavily dependent on imported oil to steer its economy.

Rates on small savings schemes likely to go up in April

If you are planning to invest in any of the post office savings schemes offered by the Department of Posts, it would be wise to wait for a few weeks as the government is likely to raise the interest rates for the April quarter. Most of the small savings schemes offer income tax benefits under Section 80C while two of them, namely the Public Provident Fund (PPF) and the Sukanya Samriddhi Scheme (SSC), are tax free on maturity too, that is they enjoy Exempt Exempt Exempt status.