Air India ties up with PNB, IndusInd for Rs 3,250cr loan

Air India has tied up with public sector lender Punjab National Bank and private lender IndusInd to secure loans to the tune of over Rs 3,000 crore for meeting working capital requirements. The airline expects the two banks to disburse the amount by next week, a source close to the development said.

Earlier this month, the disinvestment-bound Air India had floated tenders for availing government guarantee backed INR short-term loans totalling up to Rs 3,250 crore in the first phase to meet its urgent working capital.

Market slides for 7th day, Sensex closes at 3-month low

Fortunes soured for stocks for the seventh day in a row as the Sensex on Wednesday plunged a sharp 440 points to close at an over three-month low, triggered by a weakening rupee on concerns that foreign capital will move out sooner than later after Fed Chair Janet Yellen’s comments.

NBFCs may gain on SME, retail sector growth

Manappuram Finance, L&T Finance Holdings, Bajaj Finserve, others are set to gain traction as growth opportunities provided by formalisation of Indian economy, particularly in retail and small-medium enterprises (SMEs) space, will remain strong.

The expectations are already building in NBFCs valuation, which though appear to be stretched but still have some steam left. They provided strong return this year so far, clocking gains in the range of 30-124 per cent while Nifty returned 20.5 per cent, on strong earnings prospect in rural area.

Sebi to allow MFs, PMS in commex derivatives shortly

To help deepen commodities market, the Securities and Exchange Board (Sebi) is planning to allow mutual funds (MFs) and portfolio management service providers in commodity derivatives within the next six months. MFs are expected to get regulatory assent to launch products with commodities as underlying assets.

 Experts said logistics, storage facilities and valuations would be a big challenge if such products get launched beyond the precious metals lot of gold, silver and platinum.

Godrej Agrovet IPO to open for subscription on October 4

Godrej Agrovet, the agri-business arm of the Godrej Group, on Tuesday announced its Rs 1,177 crore initial public offering in the price band of Rs 450 to Rs 460 per equity share of face value of Rs 10 each. The IPO will open for bidding on October 4 and close on October 6, 2017.

Godrej Agrovet is a diversified, research and development focused agri-business company with operations across five business verticals viz. animal feed, crop protection, oil palm, dairy and poultry and processed foods.

Markets end in red for sixth day as FPIs look the other way

Stocks today cut a sorry figure for the sixth straight day on growing risk aversion as benchmarks found it a tough ask to get over the pessimism set off by foreign institutional selling and the Korean impasse.

Investors rushed back to the refuge of safe havens, with the Sensex ending at a fresh one-month low of 31,599.76 -- down 26.87 points, or 0.08 per cent.

The barometer had lost 797.13 points for the past five sessions on the trot due to unimpressive global cues and relentless foreign capital outflows.

TV Today share surges as Kotak Mahindra Int’l buys close to 1%

Led by TV Today Network, select television stocks are on a rising-spree. TV Today, NDTV and Sun TV Network have jumped 10-70 per cent over the last one-month.

TV Today, whose bouquet includes Aaj Tak and IndiaToday, gained 15.05 per cent on BSE to close at Rs 413.10 per share on Monday. Kotak Mahindra International bought 4.25 lakh shares of TV Today, amounting to 0.75 per cent stake in the company, at Rs 392.21 apiece in a block deal. This triggered a buying spree in TV Today shares, brokers said. Over the last one-month TV Today has risen by an astonishing 69.76 per cent.

Playing with value of rupee can be ruinous

The government has been nudging the Reserve Bank of India (RBI) to allow rupee depreciation. The Centre wants a weaker rupee so that exporters, who have been hit hard by a strong domestic currency, get a boost. The central bank’s intervention in the forex market with this objective has, however, invited strong criticism from economists.

Stock indices close at 1-month low on global flux

The cup of woes for stocks brim- med over to the fifth day as the Sensex closed at almost a month low by plunging 296 points while the Nifty languished below 9,900, as global uncertainties roiled the scene amid foreign capital exit.

Germany remained in a state of flux though Chancellor Angela Merkel won a fourth term, but has to contend with an uneasy coalition to form the next government. Asia’s shares were a pale shadow of their former selves, which made investors here toe the line. Europe did not offer a promising picture either.