Friday, September 04
Mumbai: A Securities and Exchange Board of India (Sebi) panel focused on primary market reforms is considering changes to the way in which promoters are defined for companies looking to launch initial public offerings (IPOs). The committee is proposing that companies must show the basis on which they have identified promoters in their draft offer documents, as the capital markets regulator increasingly deals with instances of several founders being labelled promoters despite not being in control, according to a discussion paper reviewed by ET. The matter came up for discussion last month at a meeting of Sebi's Primary Market Advisory Committee (PMAC), chaired by former banker Keki Mistry.125577225 Debate on Paper Likely It will likely be debated in upcoming meetings before Sebi releases
ET Intelligence Group: Shares of Federal Bank have risen 27% over the past three months, including a 9% gain in the past month. The BSE Bankex has gained 9% and 1%, respectively. The lender's outperformance has been driven by global investment giant Blackstone's plan to invest over ₹6,000 crore in the bank and the management's guidance of net interest margin expansion over the next two quarters amid rising focus on high-yield segments. The bank's board last month approved a preferential issue of warrants to raise ₹6,196.5 crore from Blackstone. As part of the transaction, about 27.3 crore warrants will be issued, each carrying the right to subscribe to one fully paid-up equity share of the bank. "The capital infusion would enable Federal Bank to not only pursue growth in its target seg
The Rashtriya Janata Dal (RJD) on Wednesday said former Bihar chief minister Rabri Devi, wife of its founding president Lalu Prasad, will not vacate the government bungalow she has been occupying for two decades.The party's state unit chief, Mangani Lal Mandal, made the remark a day after the state building construction department issued a notification directing Rabri Devi to shift to 39, Hardinge Road, which has been "earmarked" as the residence of the leader of the opposition in the legislative council.Talking to reporters, Mandal said 10, Circular Road, the bungalow situated right across the street from the Chief Minister's official residence 1, Anney Marg, "will not be vacated, come what may".He alleged that "the decision smacks of malice the ruling NDA harbours for our leader Lalu Pra
The U.S. Space Force has awarded about a half dozen small Golden Dome contracts to build competing missile defense prototypes, kicking off a race for future deals worth tens of billions of dollars, according to two sources briefed on the matter.The awards went to several companies including Northrop Grumman, True Anomaly, Lockheed Martin and Anduril, the sources said.The contracts mark a significant step forward in the Pentagon's efforts to track and destroy enemy missiles, and include prototypes of space-based interceptors and related systems. While Reuters could not determine the size of the contracts, a July Pentagon presentation seen by Reuters suggested awards for interceptor contracts would be about $120,000 each.The contracts have not yet been publicly announced, though a Space Forc
Mumbai: Valuations of two out of three sector indices that saw the strongest profit growth in the September quarter are the ones trading above long-term averages, according to a study by ETIG. Metals, consumer durables and oil & gas stood out in their earnings performance during the quarter, posting 24-40% profit surge from the previous year. In contrast, most of the other sectors either reported a modest increase in profits or saw a decline during the quarter, while their valuations, measured by Price to Earnings (PE) ratio, traded below their five- and 10-year averages. "The three sectors with the highest year-on-year growth in earnings - oil & gas, metals and consumer durables - are all cyclical, with durables relatively less so," said Vikas Gupta, CEO, OmniScience Capital. "As
Mumbai: Indian Continent Investment, a Sunil Mittal--led promoter entity--may offload nearly 0.56% stake in Bharti Airtel for about ₹7,200 crore through a block deal on the exchanges on Wednesday, according to news reports. The firm will sell 3.43 crore shares in the telecom operator. The deal may be executed at a floor price of ₹2,096.7 per share, a 3% discount to Tuesday's closing price of ₹2,161.6, the reports said. Bharti Airtel did not respond to ET's emailed queries as of press time. Promoters owned 50.27% of Bharti Airtel as of September 30. Indian Continent Investment held 1.48% in the company, while Bharti Telecom owned 40.47%. In August, Indian Continent Investment sold a 0.98% stake in Bharti Airtel in a block deal worth ₹11,227 crore. Bharti shares have gained 35.1% thi
Mumbai Promoter Kuldip Singh Rathee sold shares of ASK Automotive worth ₹373 crore in a bulk deal on NSE Tuesday. The promoter sold 78.85 lakh shares at ₹473 apiece. As of September 30, Kuldip Singh Rathee held 34.18% stake in the company and offloaded 4% of the company's total equity in the deal. SBI Mutual Fund was among the buyers in the deal. Shares of ASK Automotive declined 0.3% to close at ₹475.
