Thursday, March 12
India’s air pollution is adding another threat to company profits along with impacts on public health, with a sweep of companies pointing to the effects of pollution-related disruptions in the country’s most recent earnings season.Executives and analysts focused on sectors from developers to retail have flagged negative consequences after several cities, including Delhi and Mumbai, grappled with construction halts and reduced footfall over November and December.“It’s not unreasonable to think of it as being a meaningful drag on the economy,” said David Smith, senior investment director at Aberdeen Investments, which holds Indian equities. The issue can spread across “lost production days for real estate and manufacturing, lost retail demand, sick days and the broader cost of he
Shares of PSU Bharat Heavy Electricals (BHEL) fell around 5% to Rs 259.3 on Wednesday morning after the government launched an Offer for Sale (OFS) to sell up to 5% stake in the company to raise around Rs 4,422 crore. The floor price for the OFS has been fixed at Rs 254 per share, which is at a discount of 8% to Tuesday's closing price of Rs 276.05.Under the offer, the Centre will first sell a 3% stake, with an option to sell an additional 2% if the issue is oversubscribed.The offer opened for subscription on Wednesday for non-retail investors, while retail investors can place their bids on Thursday.If fully subscribed at the floor price, the sale of 17.41 crore shares, or 5% stake, would fetch the government Rs 4,422 crore.The base issue size comprises over 10.44 crore shares, or 3% stake
