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For The First Time In History
No end to trouble in sight for Kings XI
Rs 8,700 cr support for PSU banks
Merger of telecom circles on cards
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Punjab, Grewalz tie up to boost farm tourism
J&K Bank opens industrial finance branch in Samba
Vodafone ties up with Nokia, Ericsson for 3G services
Adani in talks with CIL to develop Oz mines
Coal India IPO ‘attractively priced’
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For The First Time In History
New Delhi, October 13 As per data available with the Securities and Exchange Board of India, foreign institutional investors (FIIs) have made net purchases of domestic equities worth Rs 1,00,574.20 crore till date this year.
Going by the pace of foreign fund inflows, analysts are bullish about the continuation of the trend in the near term, given that the country is one of the hottest destinations for investment by overseas fund houses. FII investment of Rs 1,00,574.20 crore so far this year is the maximum garnered by the domestic market in a single year. Last year, FIIs were net purchasers of shares worth Rs 83,423 crore. During the same year, the stock market benchmark Sensex had recorded a gain of over 80 per cent. FII inflows are primarily responsible for the surge in the domestic equity market. FIIs have been pumping funds into emerging markets like India on account of their strong growth prospects and fundamentally sound companies. Indian bourses picked up significant momentum during the second quarter of the current fiscal, driven by FII inflows. This helped the stock market breaking out of the tight range it was confined to in the previous three quarters. Analysts believe the government's plans to disinvest in public sector companies, including Coal India Ltd, will give more investment opportunities to FIIs. "India is well on the path of reverting to its high-growth orbit in the current uncertain global environment. Thus, India will continue to attract global fund inflows, driven by its resilient domestic economy," brokerage firm Angel Broking said in a note. In its biggest one-day gain in five months, the stock market benchmark Sensex today zoomed by a whopping 484 points to a 33-month high of 20,687 on record inflows from foreign funds and a firm overseas trend. — PTI
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No end to trouble in sight for Kings XI
Chandigarh, October 13 Highly placed sources informed The Tribune that the team had been part financed by Yes Bank, which had reportedly lent Rs 62.50 crore to the team in 2008. The sources said though the bank was certain of the recovery, it was concerned about safeguarding its financial interests in the wake of the termination of the agreement. Its main concern was that who amongst the co-owners would pay interest as well as the principal amount. However, officials of KPH Dreams (owner of Kings XI Punjab) rubbished these concerns saying they were taking a legal recourse against the BCCI for unceremoniously terminating the agreement. “The team will not be scrapped as we have full faith in the law of the land. We will honour all financial commitments,” said a senior official of the company on the condition of anonymity. The team is co-owned by the scion of Bombay Dyeing group Ness Wadia, actor Preity Zinta, Karan Paul of Apeejay Group and Mohit Burman. Earlier, just before the IPL controversy broke out, some of the promoters were keen on selling their stake in the team. Reportedly, discussions were also held with a top business house for the stake sale. Meanwhile, the Central Excise Department, which had slapped a notice on KPH Dreams for the payment of Rs 5.38 crore as service tax, too, is keen on nailing the team at the earliest. The final hearing to decide the company’s tax liability is scheduled for October 27. It may be noted that the department has already held two hearings on the issue. Though the company maintained on both occasions that it was not supposed to pay tax, Excise officials say the final tax liability will be determined after taking into account the arguments put forth by the company officials. Banks on tenterhooks too
The bankers who have financed the team are now on tenterhooks. Though Yes Bank is certain of recovery, it is concerned about safeguarding its financial interests in the wake of the termination of the agreement. Its main concern is that who among the co-owners will pay interest as well as the principal amount. |
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Rs 8,700 cr support for PSU banks
New Delhi, October 13 "The next tranche of the capital infusion in the banks will be to raise the government's holding in the public sector banks to certain level, which is being worked out," Department of Financial Services Secretary R Gopalan said on the sidelines of Orient Grameen Swarojgar Card launch by Oriental Bank of Commerce here. "So that at time when we are not in a position to fund them through budgetary resources, they will be in position to go to the market and raise resources to beef up their Tier I position," he said. The government was also conscious of Basel III requirement where addition Tier I capital had been prescribed, he added. The government will look at those banks where government's holding was at minimum at 51 per cent. In the first tranche, the government had approved capital infusion of Rs 6,211 crore in the five public sector banks announced in June this year. Finance Minister Pranab Mukherjee in his budget speech this year announced that the government planned a capital support of Rs 15,000 crore to public sector banks during the current fiscal to ensure that these entities could attain a minimum 8 per cent tier-I capital by March 31, 2011. As much as Rs 8,789 crore would be part of second tranche. There are six public sector banks - Bank of Baroda, Oriental Bank of Commerce, Andhra Bank, Dena Bank, IDBI Bank and Vijaya Bank where the government holding is less than 55 per cent. The Centre's holding in Bank of Baroda stands at 53.8 per cent, Oriental Bank of Commerce at 51.1 per cent while in case of Andhra Bank, it is 51.6 per cent. In IDBI Bank, Dena Bank and Vijaya Bank, the government holding is 52.7 per cent, 51.2 per cent and 53.9 per cent, respectively. When asked if the government had taken any decision on the State Bank of India's proposal of Rs 20,000 crore rights issue, Gopalan said, "We are still examining the issue." —
PTI |
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Merger of telecom circles on cards
New Delhi, October 13 As per the recommendations of a core team of the Telecom Ministry, "There could be either one service area covering the entire country, or there could be four zones each covering a particular region." The core team was constituted by the Department of Telecom to give recommendations on strategic issues related to licensing matters. In its draft report, the team recommended that "there should be an option to merge certain service areas." Roaming services allow cellphone users to continuously make and receive calls while travelling outside the geographical constraints of their home network by using a visited network.
— PTI |
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Punjab, Grewalz tie up to boost farm tourism
Ludhiana, October 13 He said, the farm houses provided a clean environment with modern facilities to the tourists. Farm stay experience introduced travellers to real “Punjabi” hospitality, with fine “home cooked” meals, farm activities and the opportunity to meet families from the outback and country regions of Punjab. Javed Grewal, executive director, Grewal Hotels, while talking to The Tribune, said, "We are very optimistic about this concept and are obliged by the Punjab Tourism which will in return boost our enthusiasm”. He disclosed that besides marketing this concept on the national level, it had been marketing it at global level also at WTM London-2009 and ITB Berlin-2010 and got very good response from countries like the UK, Canada, Czech Republic etc. He said they had tied up with some of the farm houses like Gary Farms, Patiala; Jagat Farm, Zira; Jyani Farms, Ferozepur; The Retreat, Kurali; The Fort, Bharatgarh; Mickey’s Fish Farm, Chamkaur Sahib, and were coordinating to provide best to the guests. He further said the guests could participate in village games such as wrestling, kite flying and rides on bullock carts, etc. The visit to important monuments and historical sites within close proximity through guided tours organised by each farm owners would be a part of their farming activities and the tourists would gain knowledge on organic farming, floriculture, horticulture, natural health management, animal breeding like cattle, goats, poultry, horse breeding and much more, he added.
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J&K Bank opens industrial finance branch in Samba
Jammu, October 13 The branch was inaugurated by chairman and chief executive officer Mushtaq Ahmad at a function here today. The function was attended by the district development Commissioner, Samba, Mubarak Singh, executive president of J&K Bank Ajit Singh, president and secretary of the bank Parvez Ahmad, zonal head, Jammu (Central), Madan Gupta, and a number of customers of the bank. A chemical industrial unit was sanctioned Rs 11 crore and the sanction letter was given to the unit holder. Making a fervent appeal to young entrepreneurs of the state to come forward with innovative ideas and viable proposals, Mushtaq assured them that J&K Bank would always help them with finances and other possible support. Earlier, District Development Commissioner Mubarak Singh hailed the contribution of the J&K Bank for giving a boost to the industrial sector of the state. |
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Vodafone ties up with Nokia, Ericsson for 3G services
New Delhi, October 13 Vodafone will utilise the latest HSPA technology
to deliver new services like video telephony, mobile broadband, mobile TV and others. |
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Adani in talks with CIL to develop Oz mines
New Delhi, October 13 "Talks have opened up between an Adani Group firm and Coal India Ltd. The Adani Group is seeking to rope in CIL for development of coal assets it recently bought in Australia for Rs 12,600 crore. There could be an equity partnership as well," a market source privy to the development said. Another industry source said the talks were at a very initial stage and any decision could only be taken after the completion of the CIL's mega IPO which is to commence on October 18, and end on October 21.
— PTI |
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Coal India IPO ‘attractively priced’
Mumbai, October 13 "The Coal India IPO has been priced attractively. This will ensure inflow of money into the Indian market, especially from FIIs. The IPO will act as a catalyst to bring more FII investment into the market," ICICI Prudential Asset Management Company's deputy managing director Nilesh Shah said on the sidelines of an event here today. The issue will also bring back retail investors, he said. "Similar to the Maruti Suzuki IPO, the Coal India IPO will also attract more investors to India. The market will be driven by flows from FIIs in the coming years," he said. According to another expert, investors would like to have exposure to Coal India's unique business. "The IPO is reasonably priced. Investors would like to have exposure to the company's unique business as it enjoys a monopoly status today," Bajaj Allianz's chief investment officer Sashi Krishnan said. Birla Sun Life Insurance Company's chief investment officer Vikram Kotak also said the offer was "not costly" and the market was seeing huge investments coming in. All the three companies are planning to invest in the IPO. "We have not yet finalised our plans for investment but we are looking at the possibility," Krishnan said. — PTI
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In a bid to attract the attention of tourists and provide them a glimpse of rural life, the Punjab Tourism has tied up with A’ Hotel by
Grewalz. Punjab Tourism Minister Hira Singh Gabaria said A’ Hotel offered farm tourism for experiencing rural / farm life of Punjab. Farm owner acted as both hosts and guides to the visiting tourists.
