Silver Lake to invest in Reliance Retail?
American private equity investor Silver Lake is in talks to invest $1 billion in Mukesh Ambani-led Reliance Retail. The retail arm of Reliance Industries is looking to sell 10% of its stakes in new shares. A few months back, Silver Lake invested Rs 5,655 crore in Jio. Last week, Reliance agreed to buy retail assets of Future Group – Future Retail for $3.4 billion.
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Route Mobile IPO open on 9th September 2020
Communication service (CPaaS) provider Route Mobile will be launching its initial public offer (IPO) on 9th September 2020 to raise Rs 600 crore. The funds raised will be used to repay the borrowings, buy fixed assets and for other strategic purposes. Minimum bid lot is determined to be 40 equity shares. Price issue band for the IPO will be Rs 345 – 350 per share.
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SBI revises MCLR-linked frequency to 6 months
India’s biggest bank State Bank of India’s marginal cost of funds based lending rate (MCLR) linked retail loan’s reset frequency was 1-year. Now, it has been changed to 6 months. This means any change in the repo rate by the RBI will be transmitted earlier to the borrowers. This facility will be applied to the new loans issued.
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Japan to pay companies moving away from China
The Japanese government will be offering subsidies to their companies which decide to move out of China and settle into other ASEAN countries like India and Bangladesh. The Ministry of Economy, Trade and Industry (METI) is rolling out this scheme so that their manufacturing units can diversify the location of its plants. Japan has kept aside 23.5 billion yen this fiscal year for companies following this scheme.
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Government looking into Auto Industry’s demand for temporary GST cut
Mr. Prakash Javdekar, Minister of Heavy Industries and Public Enterprises, assured that the government is examining automobile industry’s recommendation for a reduction in GST rates by 10% across all the categories of vehicles in the industry. Also, the Government is ready with an incentive-based vehicle scrappage policy and an announcement will be made in coming days.
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L&T’s Defence arm bags government contract for supply of Pinaka Weapons Systems
Construction giant L&T on Friday, reported that its defence arm has received orders from the Indian Ministry of Defence (MoD) for the supply of Four regiments of Pinaka Weapon Systems. The exact amount is not clarified by the company but the contract falls under the significant category, which ranges between Rs 1000 – 2500 crore.
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RBI revises Priority Sector Lending Guidelines
Priority Sector Loans refer to loans that banks need to mandatorily lend to economically weaker sections of the society. Categories added in this priority sector are bank finance to start-up up to Rs 50 crore, loans to farmers for installations of solar power plants and loans for setting up Compressed Biogas. Also, a higher credit limit has been specified for Farmers Producers Organisations (FPO)/ Farmers Producers Companies (FPCs) undertaking farming with assured marketing of their produce at a predetermined price.
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M&M to acquire additional 9.12% stake in Carnot Technologies Pvt Ltd
Mahindra & Mahindra to acquire an additional 9.12% stake for about Rs 12 crore in its associate firm Carnot Technologies Pvt Ltd, which provides products and services related to internet connected devices for monitoring performance of vehicles. Currently, the company holds about 6.48% of stake in the firm and post the completion of the transaction, M&M will hold approximately 15.60% overall stake in the firm.
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Paytm reported a 10% revenue growth in FY20
Financial services major, Paytm reported a 10 percent year-on-year growth in revenue to Rs 3,629 crore in FY 2020, from Rs 3,319 crore in FY 2019. The net loss for the period trimmed by 40% compared to last year, it was reported at Rs 2500 crore as opposed to consolidated net loss of Rs 4,217 crore last year. The numbers were at a consolidated level for all the services at One97 Communications.
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ITC AGM 2020 updates
ITC Limited’s 109th AGM happened today under the chairmanship of Sanjiv Puri. Non-cigarette segment revenue rose to 60% to Rs 31,00 crore during the year. ITC Ltd has recorded a Gross Revenue of Rs 46,300 crore and PBT of Rs 19300 crore for FY20. To meet the increasing demand ITC launched over 40 first-to-market products and their variants.
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