Companies and Markets

Companies & Markets

JSW, Vedanta, Tata in race to hold controlling stake in Monnet

There are many takers for the embattled Monnet Ispat Energy or MIEL. Sajjan Jindal-promoted JSW Steel, Anil Agarwal-controlled Vedanta Group and domestic steel major Tata Steel are among a host of steel companies and private equity firms that have entered the fray to take over controlling stake in the company.  

The corporate insolvency resolution professional (IRP) appointed for MIEL had called for expression of interest from interested buyers in September.
After its evaluation, it has now called for financial bids from eligible entities by November 27.

In year of structural reforms, 3.2% fiscal deficit could be tough: DEA Secy

Terming the current year as a ‘transition’ year for structural reforms, the finance ministry is keeping its fingers crossed on meeting the fiscal deficit target of 3.2 per cent amidst volatile oil prices, cut in taxation rates under GST and a huge impeding bank recapitalisation plan, but would try to stay on course in the medium term, a senior official has said.

CBEC chief asks FMCG cos for immediate revision in MRP

CBEC Chairperson Vanaja Sarna has written to FMCG companies asking them to immediately revise MRP on all products in line with the latest reduction in GST rates.

The Goods and Services Tax (GST) rate was reduced on 178 items including detergents, shampoos and beauty products, from 28 per cent to 18 per cent from November 15.

Tech Mahindra hopes to touch USD 5 billion in revenues in FY18

IT major Tech Mahindra today said it expects to outgrow  Nasscom's industry growth projection and may touch USD 5 billion mark in revenues during the current fiscal.

Noting that there is a skill gap among employees, C P Gurnani, Managing Director and CEO of Tech Mahindra, also said the company is geared up to reskill about 50,000 employees for the present and future requirements.

"We will beat the Nasscom projections. Tech Mahindra will beat Nasscom projections. Whatever Nasscom has projected 6-8 per cent, we should be higher than that.

Await buying opportunities

It was a super-volatile week on Dalal Street and the net change in the indices are indicative of it. The Sensex lost 554 points in the first three days and then gained 582 points to end the week with a net gain of 28.29 points, or 0.08 per cent at 33,342.80 points. Similarly, the Nifty lost 203 points, gained 165 points for a net weekly loss of 38.15 points, or 0.37 per cent, at 10,283.60 points.

More investors, more inflows seen from rating upgrade

Foreign portfolio investors’ allocation to the Indian market is likely surge in the coming months following the Moody’s upgrade of India’s sovereign rating. According to experts, inflows into domestic market through India-dedicated funds and emerging market funds are likely to go up, as the rating upgrade boosts the confidence of foreign investors on India’s fundamentals.

'Startup policy can make entrepreneurship more comprehensive'

Startup India and Make in India programmes can make entrepreneurship more comprehensive by channelising energy from all elements of the ecosystem, including from entrepreneurs to investors, Union Minister Piyush Goyal has said.

Betting on the huge potential of the startup policy, the railway and coal minister said it has made youth a job creator rather than a job seeker.

He was speaking at an event organised by the New Delhi Chapter of Entrepreneurs' Organisation yesterday.

NSE Algo case gets murkier as I-T raids ex-top executives

In a dramatic manoeuvre which began late on Wednesday and spilled over to Thursday, the Department of Income Tax began to ceaselessly raid the premises of former top bosses of the NSE, as also the brokers named in the controversial co-location issue. This move came a day after the new management of NSE submitted two separate audit reports on the misuse of co-location facility for algorithm (algo) or high frequency trading (HFT) which allowed preferential access to a select cartel of brokers colluding with exchange officials.