Public issue of LIC expected shortly, says Nirmala Sitharaman - Business Guardian
Connect with us

Industry & Commerce

Public issue of LIC expected shortly, says Nirmala Sitharaman

Published

on

Union Finance Minister Nirmala Sitharaman on Tuesday announced that Initial Public Offering (IPO) of Life Insurance Corporation of India (LIC) is expected shortly.

Presenting the Union Budget 2022-23 in Parliament Sitharaman said the strategic transfer of ownership of Air India has been completed towards implementation of the new Public Sector Enterprise policy.
“The strategic partner for NINL (NeelanchalIspat Nigam Limited) has been selected. The public issue of the LIC is expected shortly. Others too are in the process for 2022-23,” she said.

Later replying to a question at the post-budget press conference, Sitharaman said the IPO of LIC is likely in the current financial year. “In all probability, it is going to be held this year,” she said.

Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) said LIC is likely to file Draft Red Herring Prospectus with the market regulator SEBI in the next two weeks. (ANI)

 

The Daily Guardian is now on Telegram. Click here to join our channel (@thedailyguardian) and stay updated with the latest headlines.

For the latest news Download The Daily Guardian App.

Business

Greaves Cotton Limited announces Q2, FY24 earnings with standalone EBITDA of INR 64 crores

Published

on

Greaves Cotton Limited, one of India’s leading diversified engineering companies, has reported standalone revenues of Rs 459 Crores for the second quarter of fiscal year 2024. The Company has reported an improvement in standalone margins, with quarterly EBITDA at INR 64 crores, a growth of 42% over the first quarter of FY24.

The Company is making substantial progress with a strong and diversified strategy across various business sectors. Greaves Engineering has expanded its product portfolio to meet diverse market demands and drive significant export growth. Simultaneously, Excel Controlinkage is on an impressive growth trajectory, fueled by its commitment to tailored solutions and expanding into mechatronics and electronics. In the electric mobility sector, Greaves Electric Mobility maintains its position among the Top Five players in electric two-wheelers (E2W)* and achieved a significant milestone with its highest-ever quarterly sales in the electric three-wheeler (E3W) segment, marking a remarkable 75% increase from the first quarter of FY’24. Their recent announcement with the Greaves ELTRA 3W cargo vehicle launch reflects their dedication to innovation and market diversification.

Greaves Retail has made substantial progress in bolstering its market presence by expanding its multi-brand distribution network for two- and three-wheelers, offering a comprehensive range of spare parts. Additionally, Greaves Spares is expanding its distribution network in northern and eastern India, poised for increased domestic and international traction soon. These accomplishments showcase the Company’s commitment to innovation, market expansion, and sustainable mobility solutions.

Commenting on the Company’s Q2, FY24 performance, Mr Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton Limited, said, “We have made substantial strides in our journey towards becoming a full-stack ecosystem player focused on democratising sustainable mobility. Our diversified portfolio and fuel-agnostic strategy have played a pivotal role in our journey. Excel Controlinkage is demonstrating impressive growth and a significant increase in EBITDA. Furthermore, our acquisition of MLR contributes to our ongoing efforts to strengthen our presence in the 3-wheeler market, aligning with our goal of sustainable margin improvement.”

Ms. Akhila Balachandar, CFO, Greaves Cotton Limited, added, “We are pleased to announce that this quarter, standalone, we have delivered a robust performance with 23% y-o-y growth in revenues, 91% y-o-y growth in EBITDA along with improvement in the margins. We are confident that our strong foundation and unwavering commitment to excellence will sustain our success in the forthcoming quarters and the exciting future opportunities.”

Continue Reading

Industry & Commerce

Traders seek veggies from India

Published

on

By

In view of the skyrocketing prices of vegetables amid the ongoing floods and relentless monsoon rain across Pakistan, the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday demanded the government to give permission for vegetable import from India through Wagah border.

LCCI president Nauman Kabir urged the government to grant permission to import vegetables from India to control its prices.

“The recent floods have destroyed crops of tomato, onion, potato and other vegetables across the country,” he said, adding that the crisis is expected to prevail for the next three months. The vegetable crisis could further worsen in September, October and November, he added.

It will take a few days to transport vegetables from India to Pakistan via the Wagah border, Geo News reported. The grocery vendors are charging exorbitant prices from consumers amid the countrywide floods triggered by torrential rains.

The traders are making hefty profits at a time when the death toll from the relentless monsoon rains has exceeded the 1,100-mark and inflicting $10 billion loss on the country’s economy.

According to the details, tomato is being sold at 250 PKR per kg in the market while its official price is 190 PKR per kg.

Similarly, the vendors are selling onion at 300 PKR to 320 PKR per kg while the commodity’s rate was fixed at 290 PKR by the authorities, Geo News reported.

Potatoes are being sold at 120 PKR to 140 PKR per kg instead of its official rate of 100 PKR per kg.

Ginger’s official rate is 360 PKR per kg but it is available for 380 PKR per kg in the market.

Garlic is being sold at 250 PKR per kg while its official rate is 200 PKR per kg.

Continue Reading

Industry & Commerce

Bansal sells Flipkart stake worth $264 mn to Tencent

Published

on

By

Flipkart Co-founder Binny Bansal has sold his stake worth $264 million (more than Rs 2,000 crore) in the homegrown e-commerce platform to Chinese Internet giant Tencent, at a time when the neighbouring country has once again hardened its positions along the Indian border. The news about Bansal selling Flipkart stock to Tencent came at a time when US Secretary of Defense, Lloyd Austin, said on Saturday that China is hardening its positions along the Indian border. Addressing the Shangri-La Dialogue in Singapore, Austin said that China is taking aggressive and illegal approaches to the territories it claims in the South China Sea. “Further to the West, we see Beijing continuing to harden the position along the borders it shares with India,” he noted. Tencent bought Bansal’s stake, via its European subsidiary called Tencent Cloud Europe BV, in October last year, and now holds 0.72 per stake in Walmartowned Flipkart, according to media reports, which was later confirmed by reliable sources. Bansal now holds nearly 1.84 per cent stake in Flipkart. A query sent to Flipkart went unanswered. India and China have been engaged in a border dispute for nearly two years. India also banned several Chinese apps and Internet platforms in the aftermath of the tense border standoff in eastern Ladakh in May 2020. Army Chief General Manoj Pande said last month that China seems to lack the intention to find a resolution to the border dispute at the Line of Actual Control, stressing that Indian troops continue to hold important positions along the LAC. During an interaction with media persons, General Pande said, “Our guidance to them (troops deployed at LAC) is to be firm and resolute and prevent any attempt to alter the status quo.” Sachin and Binny Bansal, who received their B.Tech degree in computer science & engineering from IIT-D in 2005, built one of the largest e-commerce marketplaces in India. Sachin led Flipkart as its CEO from its inception in 2007 till 2015, and took over as the Executive Chairman in 2016. He is currently leading and mentoring the startup and internet ecosystem in India and is an angel investor in several technology startups. Binny served as the Chief Operating Officer of Flipkart till January 2016 before being promoted as its Chief Executive Officer. He exited Flipkart in November 2018, and became a prolific angel investor. Flipkart, Amazon, Reliance’s JioMart, and Tatabacked BigBasket have fired up India’s online retail market that is forecast to grow at a CAGR of 19.8 per cent to reach $85.5 billion by 2025, according to a report by Forrester.

Continue Reading

Industry & Commerce

‘Litmus test of good governance is ease of living’

Published

on

Union Minister of State for Science and Technology, Jitendra Singh on Monday said the ultimate objective and the litmus test of good governance is to bring the ease of living in the lives of common citizens. Talking about the essence of good governance, Singh said, “Sometimes it seems that effective administration is the good governance, but as I think, it looks that sometimes zero government is also good governance.” He was speaking at the launching event of the first edition of the annual report “Madhya Pradesh Sushashan and Development Report (MPSDR) 2022” on Monday evening. Madhya Pradesh Chief Minister Shivraj Singh Chouhan launched the report which has been prepared by the Atal Bihari Vajpayee Institute of Good Governance and Policy Analysis. Speaking on the occasion, Singh said as soon as the BJP government came into power in 2014, Prime Minister Narendra Modi gave us the mantra of “maximum governance and minimum government”. He added that working on the same mantra, we (Union government) have repealed around 1,500 irrelevant laws in last eight years. “Recently, we have started reaching out to the District Governance Index. Some states have implemented this. In Madhya Pradesh, the work is still going on and we will take help of this report to identify the index,” Singh said. Lauding the report, the Union Minister said Chouhan has made the state a role model from “Bimaru Rajya”. Launching the report, the Chief Minister said Madhya Pradesh is the fastest growing state of the country with a growth rate of 19.70 per cent. The state contribution in Indian economy has increased from 2.6 to 3.6 per cent, Chouhan added. “We are working under the guidance of the Prime Minister. We used to be called a Bimaru state, if we see the journey of 15 years, Madhya Pradesh has become a developing state out of Bimaru state,” the Madhya Pradesh Chief Minister said addressing the gathering on Monday evening

Continue Reading

Industry & Commerce

Airtel to buy Voda’s 4.7% stake at R2.3K cr

Published

on

Telecom major Bharti Airtel on Friday said that it will acquire a 4.7 per cent stake in Indus Towers from Vodafone Group for about Rs 2,388 crore, according to a company filing. The transaction will be executed at a price of Rs 187.88 per share, it added. ‘’…pursuant to the above referred agreement dated February 25, 2022 entered inter alia into between certain affiliates of Vodafone Group Plc (including Euro Pacific Securities), the company and Nettle, the transaction shall be executed at Rs 187.88 per share basis the agreed price formula in the agreement, aggregating to Rs 23,880.62 million,’’ Airtel said in a regulatory filing.

This will be upon fulfillment of all conditions precedents as agreed by the parties under the agreement, it added. Airtel said agreement pertained to acquisition of about 4.7 per cent equity in Indus Towers by the company and/or Nettle Infrastructure Investments, a wholly-owned subsidiary, from Vodafone Group affiliate, Euro Pacific Securities. On February 25, Bharti Airtel had said it has signed an agreement to buy Vodafone’s 4.7 per cent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing its dues towards the mobile tower company. Indus Towers, formerly Bharti Infratel, provides passive telecom infrastructure.

It deploys, owns and manages telecom towers and communication structures for various mobile operators. The company’s portfolio of over 1,84,748 telecom towers makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles. Indus Towers caters to all wireless telecommunication service providers in India. Shares of Bharti Airtel on Friday closed 0.69 per cent lower at Rs 711.25 apiece on BSE. Earlier today, Airtel had stated that it has prepaid Rs 8,815 crore to the Department of Telecom (DoT) to clear deferred liabilities towards spectrum acquired in auction in 2015. The company said that the prepayment is for instalments that were due in FY2027 and FY2028

Continue Reading

Industry & Commerce

ANIL AMBANI RESIGNS AS DIRECTOR OF RPOWER, RINFRA

Rahul Sarin is appointed as Additional Director in capacity of Independent Director on company boards

Published

on

Reliance Group Chairman Anil Ambani has stepped down as director of Reliance Power and Reliance Infrastructure, following the Securities and Exchange Board of India’s (SEBI) order restraining him from trading in securities or being associated with any listed companies. The development came a month after market regulator SEBI barred Reliance Home Finance, industrialist Anil Ambani, and three other individuals from the securities market for allegedly siphoning off funds from Reliance Home Finance Ltd (RHFL). In February 2022, the regulator had passed t h e o r d e r against Anil Ambani, the younger brother of billionaire Mukesh Ambani, and three other individuals — Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah. “Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” Reliance Power said in a BSE filing after market hours on Friday. Similarly, Reliance Infrastructure also informed the exchange about the resignation of Anil Ambani. “Anil D. Ambani, non-executive director, steps down from the Board of Reliance Infrastructure in compliance of SEBI interim order,” it said in a filing to the BSE. “The board of directors of the company unanimously reposed full trust in Ambani’s leadership and invaluable contribution t o st e e r i n g the company through great financial challenges and towards being potentially debt free in the course of the coming financial year,” RPower and RInfra said in their releases. “The board looks forward to an early closure of the matter and inviting Ambani back to provide his vision and leadership to the company in the interest of all stakeholders,” they further added. Reliance Group companies also highlighted that Reliance Infrastructure has created immense value for its around 8 lakh shareholders in the last one year, with the stock price increasing from a low of ₹32 to a high of ₹150, registering a growth of 469%. Similarly, the share price of Reliance Power surged from a low of ₹4 to a high of ₹19, delivering 375% returns to its 36 lakh shareholders in the past one year

Continue Reading

Trending