Saturday, August 29
New Delhi: India on Tuesday raised legal and systemic issues at the World Trade Organization (WTO) against the China-led proposal for an 'investment facilitation for development agreement', which seeks to put in place a pre-investment review or appeal system through an independent body to screen all investments.New Delhi said that discussion on any aspect concerning trade and investment continues to remain out of bounds within the WTO framework as it is not a trade agreement, and the organisation needs to ensure that plurilateral agreements remain an exception and do not become a norm.India's concerns assume significance as ahead of the 14th ministerial conference of the WTO next year, a group of more than 120 WTO members want to bring the proposal through Annexure 4 of the organisation un
British insurer Prudential said on Thursday it has sold a 4.5% stake in ICICI Prudential Asset Management for 49 billion rupees (about $545 million) ahead of the Indian fund manager's $1.2 billion IPO that opens on Friday. The fund house is a joint venture between ICICI Bank, India's second-largest private lender, which holds 51%, and Prudential, which owns the rest. Abu Dhabi Investment Authority, the family offices of Azim Premji and Rakesh Jhunjhunwala, and Indian insurers including SBI Life, HDFC Life and Go Digit General Insurance bought the shares from Prudential. ICICI Bank also bought shares worth 21.40 billion rupees. ICICI Prudential Asset Management will not issue any new shares at the IPO where only Prudential will sell a 10% stake. The stock is expected to list on exchanges on
Shares of Kaynes Technology India rose as much as 4% to a day’s high of Rs 4,033 on Thursday, rebounding after a steep 10% slide in the previous session, to help cap a brutal 40% fall in a month. The bounce comes partly on the back of oversold technicals, but sentiment was also supported by Nomura’s Buy rating on the stock despite the brokerage sharply cutting its target price to Rs 5,455 from Rs 8,478. Even after the revision, the new target implies an upside of about 40% from current levels.The recent 40% correction has largely stemmed from concerns around accounting and collection issues in the smart meters segment. Nomura, however, emphasised that these reflect “reporting and execution issues” rather than corporate governance lapses. The brokerage trimmed revenue estimates by 5
Kalpataru Projects International Ltd (KPIL) on Wednesday said the company, along with its international subsidiaries, has secured new orders worth about Rs 2,003 crore. These include new orders in the Buildings and Factories (B&F) business in India, as well as in the Power Transmission & Distribution (T&D) in India and overseas market, a company statement said. Manish Mohnot, MD & CEO, KPIL, said, "The orders in the B&F business have strengthened our portfolio in the residential and hospital projects and further improved our leadership in the B&F market in India . Additionally, the new orders in the T&D business reflects our expanding footprint in the India and overseas T&D market. With these order wins, our YTD (year to date) order intake stands around Rs 1
