In an effort to make REITS and InvITs more attractive to investors, markets regulator Sebi has notified relaxed rules that allow these trusts to raise funds by issuing debt securities. The relaxed norms apply to Real Estate Investment Trusts (REITS) and Infrastructure Investment Trusts (InvITs) listed on stock exchanges.
Shares of Sun Pharmaceutical Industries soared nearly 7 per cent on Wednesday after the US health regulator accepted a new drug application (NDA) for dry eye solution filed by the company's wholly owned subsidiary.
Acceptance of NDA is a key milestone for a new drug being developed by a company. The data gathered during the animal studies and human clinical trials of an Investigational New Drug (IND) become part of the NDA. The Sun Pharma stock surged 6.89 per cent to end at Rs 577.70 on the BSE. Intra-day, it soared 9.16 per cent to Rs 590.
The Reserve Bank of India is expected to go in for a policy rate cut of 25 bps in April next year to signal lower lending rates, which are key to the economic recovery, says a report.
According to global financial services major Bank of America Merrill Lynch (BofAML), inflation risks are “overdone” and though CPI inflation is likely to be 5.2 per cent in December 2017, it would cool down to around 4.5 per cent in the first half of 2018.
The Enforcement Directorate (ED) has attached fresh assets, valued at over Rs 177 crore, in the money-laundering case involving National Spot Exchange (NSEL).
In an official statement, the economic intelligence and probe agency said that it has issued a provisional order for attachment of “10 immovable properties having market value of Rs 177.33 crore under the Prevention of Money Laundering Act in case of NSEL.”
“The said properties are controlled by Surender Gupta of Ms PD Agro Processors and Ms Dunar Foods, a major defaulter of NSEL,” it said.
The government has allowed state-run companies in power, steel and cement sectors to carve out captive coalmines from their end-use plants, while transacting merger and acquisition (M&A) deals. The government is looking to facilitate consolidation in the debt-ridden industry hit hard by lower prices and sluggish demand conditions.
The government on Wednesday slashed interest rates on small savings schemes, including NSC and PPF, by 0.2 percentage point for the January-March period from the rates applicable in the previous quarter.
The move is expected to prompt banks to lower deposit rates.
At the same time, investments in the five-year Senior Citizens Savings Scheme have been retained at 8.3 per cent. The interest rate on the senior citizens’ scheme is paid quarterly.
The government has set the ball rolling for creation of the National Financial Reporting Authority (NFRA).
The move has been necessitated after the role of some accounting professionals in helping business entities hide black money, came to light.
It is aimed at tightening the screws on chartered accountants (CAs) to ensure stricter discipline in the premier accounting body, Institute of Chartered Accounts for India (ICAI). The new regulator is expected to have more powers in containing rogue CAs.
An aggressive opposition on Wednesday forced two adjournments in the Rajya Sabha protesting the controversial remarks made by Union minister Anantkumar Hegde on secularism and changing the Constitution, even as the government distanced itself from the issue.
“Members have expressed concerns to which we would like to emphasise that the government is committed to the Constitution. The minister has given a statement but we do not subscribe to those views,” minister of state for parliamentary affairs Vijay Goel said during the question hour in a bid to assuage the Opposition.
Toyota Kirloskar Motor (TKM) expects its sales to grow by 8-9 per cent next year riding on its best sellers, Fortuner and Innova Crysta, along with a renewed focus on premium sedan Corolla.
The company, a joint venture between the Japanese auto major and the Kirloskar group, also plans to come up with a marketing plan to push sales of Camry Hybrid.
Markets regulator Sebi today imposed a total penalty of Rs 5.60 lakh on Eduexel Infotainment and one Vinod Dugar for disclosure lapses.
According to two separate orders, Sebi has levied a fine of Rs 3 lakh on the firm for violating PIT (Prohibition of Insider Trading) Regulations and Rs 2.60 lakh on Dugar for breaching SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
The Sebi orders have come following investigations in the shares of Eduexel Infotainment Ltd (EIL) during the period from January to December, 2014.