Companies and Markets

Companies & Markets

BSE ties up commodity warehousing and delivery

Gearing up to launch commodity derivatives transactions on its platform, the BSE has tied up with Sohan Lal Commodity Management (SLCM) for supporting its agri-commodities trading.

SLCM will provide warehousing, assaying services, crop management services to the bourse in the storage of various food grains, pulses and other agro-based commodities at various places, said a joint release by the two companies.

 “This agreement with SLCM is part of BSE’s preparation to launch commodity derivatives transactions in its bourses,” the release said.

DoT to clear Airtel-Telenor deal sans guarantee

The Department of Telecommunications (DoT) may have to clear the Airtel-Telenor deal without insisting on the disputed bank guarantee of Rs 1,700 crore after the Supreme Court on Wednesday dismissed a government petition challenging a telecom tribunal order directing it to clear Bharti Airtel’s acquisition of Telenor India.

ReNew Power files for Rs 2.6k cr public issue

ReNew Power has filed a draft red herring prospectus (DRHP) with Sebi for an initial public offer (IPO) of equity shares comprising a fresh issue of equity shares aggregating up to Rs 2,600 crore and an offer for sale of 94,377,109 equity shares by existing private equity investors.

According to persons closely working with the merchant bankers, the IPO will be the largest in the renewable energy space of around $1 billion.

External agency to review monthly performance of PSBs

The finance ministry will soon appoint an external agency to review the monthly performance of public sector banks (PSBs). The objective is to carry forward the reforms agenda of responsive and responsible banking. It also aims at prudential and clean lending.

Bansals are billionaires once again

The Bansals of Flipkart are once again billionaires, thanks to the $16 billion investment Walmart has made to pick up 77 per cent stake in the company. 

Sachin Bansal and Binny Bansal, the founders of Flipkart, became the first internet billionaires from India in 2015 when Flipkart raised $700 million at a valuation of $15 billion. Forbes Magazine had then estimated their fortunes to be worth roughly $1.3 billion each.

Rupee, bonds tumble as US pulls out of Iran nuclear deal

India’s benchmark 10-year bond yield jumped on Wednesday after the US president Donald Trump pulled out of the Iran nuclear deal. Crude oil prices jumped to 42-month highs as Trump’s move sparked worries about fresh tension in West Asia and uncertainty over global oil supplies.

The yield on the benchmark debt maturing in 2028 shot up 13 basis points to 7.71 per cent from 7.58 per cent. Bond yields and prices move in opposite direction.

M&A street buzzes with $17.2b deals in Q1

The M&A street is buzzing with activity driven by consolidation and diversification by Indian companies as the first quarter of 2018 cracked 516 deals worth $17.19 billion. 

The quarter witnessed two deals of over $1 billion, amounting to 65 per cent of the total activity. The energy sector contributed most to deal value with the acquisition of a stake in HPCL by ONGC. It was followed by the financial and IT sector. IT sector, however, had the biggest share of the volume pie with 67 deals, according to an SKP Business Consulting report.

Federal Bank, Ageas await right price to sell IDBI Federal stake

Federal Bank and Belgian life insurer Ageas are not in a hurry to sell their stake in IDBI Federal Life Insurance and would take a call on the stake sale based on the price quoted. A decision on the successful bidder is expected by the month-end.

“Selling the stake is one option and continuing with the new partner who acquires IDBI Bank’s stake is another. In the case of IDBI, there is pressure on raising funds. But others will take a call looking at the price quoted by the bidder,” sources privy to the development said. 

Felt toothless, so skipped ICICI board meet: Govt

Trying to justify its nominee not attending the ICICI Bank board meeting on Monday, the government on Tuesday said it feared rejection of its nominee’s questions on corporate governance by the private bank’s board.

The government said it would wait for the investigative agencies to come to a conclusion on the allegations the bank chairman and management are facing before acting on the issues, while declining to take any stand.