Mumbai

States’ fiscal deficit falls 25% in FY18

Thirteen states have reported an average 25 per cent decline in their fiscal deficit primarily due to a contraction in capital outlay, even though their revenue has gone up by 7.5 per cent in the financial year to March 2018, says a report.

Just 1% growth in premium for pvt insurers in Apr-May

For private life insurers, financial year 2018-19 started on a flat note as they recorded a mere one per cent growth in individual new business premium in the first couple of months.

Private life insurers underwrote an individual adjusted first year premium of Rs 3,458 crore in April and May this year compared to Rs 3,408 crore in corresponding period of last year, according to monthly data released by Life Insurance Council. The new business premium in the previous year had witnessed strong growth on account of demonetisation-related inflows.

Bharat 22 ETF to raise Rs 8,400 cr from new issue

After announcing a Rs 466-rore Rites IPO this week, the government is looking to raise Rs 8,400 crore through Bharat 22 ETF Further Fund Offer (FFO), which is being managed by ICICI Prudential Asset Management Company.

Bharat 22 ETF FFO to raise Rs 6,000 crore, with a green-shoe option to retain Rs 2,400 crore more, opens on June 19 and closes on June 22.

The ETF received good response last year when it was launched.

Pharma stocks see turn in fortune

Brokerages are getting bullish on pharmaceutical stocks after the recent rally and have raised price targets of bluechip pharma stocks. They expect pharma earnings to grow 22 per cent year-on-year in the current financial year, thanks to easing US FDA restrictions, moderation in price fall and product launches lined up for the upcoming quarters.

India has just a decade to become a developed nation: SBI

India has only one decade to change its status into a developed country and will ne­ed to focus on education, failing which the much-hai­led ‘demographic dividend’ will turn into a disadvantage, a report said on Wednesday.

If India is not able to get its act together, it will never be able to go into the developed group of nations, the report by the research wing of country’s largest lender SBI warned.

SBI CMD’s salary is too little compared to HDFC Bank MD’s

State Bank of India (SBI), one of the world’s 50 largest banks, pays a pittance to its top management personnel when compared to salaries earned by their counterparts in top private banks.

SBI chairman and managing director Rajnish Kumar drew a gross salary of Rs 14.25 lakh for six months since taking over as the bank chief in 2017-18. Kumar was elevated to the post on October 7, 2017. His remuneration as SBI chief consisted of basic salary of Rs 13.48 lakh and a dearness allowance of Rs 73,968 and other component of Rs 3,000, according to SBI annual report for 2017-18.

TCS plans another share buyback; shares up 2.43%

Shares of Tata Consultancy Services TCS), India’s largest company by market capitalisation, jumped by almost 3 per cent on Wednesday after the company informed stock exchanges that its board will consider share buyback on June 15.

TCS shares finally settled the day at Rs 1,824.20 on BSE, 2.43 per cent higher than its previous close. Its market capitalisation soared by around Rs 17,000 crore to Rs 6.98 lakh crore from 6.81 lakh crore a day earlier.

Artificial intelligence can bridge rich-poor divide: Fadnavis

Dismissing the fear of unemployment due to artificial intelligence (AI), Maharashtra chief minister Devendra Fadnavis has said AI would create more jobs and help in bridging the gap between the rich and the poor. “On the contrary, it will create even more jobs and not just that, it will repair and solve ma-ny problems. Artificial intelligence has the power to bridge the gap between the rich and the poor,” he said at a panel discussion on Governance and Artificial Intelligence with Vice Premier of Quebec Dominique Anglade in Montreal.

Rites sets IPO price band at Rs 180-185

The initial public offering of Rites, a state-owned company under the ministry of railways, will open on June 20.

Rites, which provides transport infrastructure consultancy and quality assurance services in India and abroad, proposes to raise Rs 466 crore by divesting 12.6 per cent stake in a price band of Rs 180-185 per share of Rs 10 face value. Retail investors and employees will be offered a discount of Rs 6 per equity share.

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