By the end of July, the S&P 500 had risen almost 30% off its October lows
Posts in category Business Standard
Markets show China needs stimulus ‘bazooka’ to bring back investors (28-08-2023)
The price action illustrated once again how China’s efforts to boost its markets are struggling in the face of economic worries
Hindenburg case: Sebi probe faults Adani group on disclosure rules (28-08-2023)
The ports-to-power conglomerate had denied wrongdoing in January
Sebi notifies stricter delisting rules for non-convertible debt securities (28-08-2023)
With an aim to protect investors’ interest, Sebi has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily.
Under the new rule, the listed entity will have to obtain permission from all holders of non-convertible debt securities within 15 working days of receiving the notification of delisting.
The present rule allows entities to delist by giving a prior intimation to the stock exchange about the meeting of the board of directors, where the proposal for a voluntary delisting is considered.
Unlike equity, wherein approval by a threshold majority is sufficient for approval of delisting, in the new framework, approval of 100 per cent of the debt security holders has been mandated for delisting of debt securities.
This is because, unlike equity which is a perpetual instrument, listed debt securities have a finite term to maturity.
In its notification issued
Embassy Office Parks REIT raises Rs 500 cr via debentures to refinance debt (28-08-2023)
Embassy Office Parks REIT on Monday said it has raised Rs 500 crore through issue of debentures to refinance its existing debt.
In a regulatory filing, the company informed that the Debenture Committee of the Board of Directors of the manager has approved the allotment of 50,000 non-convertible debentures (NCDs) with a face value of Rs 1 lakh on a private placement basis.
On August 23, the company announced plans to raise Rs 1,000 crore through issue of NCDs in two tranches.
The tenure of the NCDs is 60 months from the deemed date of allotment, with a coupon rate of 8.10 per cent per annum payable on a quarterly basis to the debenture holders.
These NCDs are proposed to be listed on the Wholesale Debt Market Segment of the BSE Limited.
Embassy Office Parks REIT has reported a 9 per cent increase in net operating income to Rs 737.6 crore for the first quarter of this fiscal year and declared a distribution of Rs 510 crore to the unitholders. Net operating income (NOI) stood at Rs 6
Rupee settles on flat note, up 1 paisa at 82.63 against US dollar (28-08-2023)
The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 82.63 against the US dollar, as the support from positive domestic equities was negated by rising American currency and recovery in crude oil prices.
Forex traders said the Indian rupee witnessed modest gains on Monday on positive domestic equities. However, rising US dollars and recovery in crude oil prices capped sharp gains.
At the interbank foreign exchange, the domestic unit opened at 82.58 and finally settled for the day at 82.63 against the American currency.
During the day, the rupee witnessed an intra-day high of 82.52 and a low of 82.65 against the greenback.
On Friday, the rupee declined by 8 paise to settle at 82.64 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent higher at 104.07.
The US dollar gained on somewhat hawkish comments from the Fed Chair Jerome Powell at the Jackson Hole
JK Lakshmi Cement’s proposal to increase inter corporate limit rejected (28-08-2023)
Shareholders of JK Lakshmi Cement Ltd (JKLC) have rejected a special resolution for increasing inter corporate transaction limit to Rs 10,000 crore.
The special resolution, which sought shareholders’ approval for increasing the limit under section 186 of the Companies Act 2013 for making investments, giving loans, providing guarantees, etc – could get only 71.10 per cent of the total votes polled at the AGM held on August 24, 2023, said the scrutinizer’s report uploaded by JKLC on stock exchanges.
Although 28.90 per cent of the votes were polled against the proposal through video conferencing, the Companies Act mandates that a special resolution has to be passed by a super majority, which refers to at least 75 per cent of the members voting in favour of it.
As the special resolution received less than the required votes of the total votes polled, it was rejected.
The said proposal was opposed by proxy advisory firm IiAS who had recommended voting against the proposal.
“The maximum
LT Foods, KRBL, Chaman Lal, GRM slide up to 6% on basmati rice export curbs (28-08-2023)
KRBL, GRM Overseas and Chaman Lal Setia, meanwhile, dropped over 3 per cent, 4 per cent and 6 per cent, respectively, to their respective intra-day lows
RailTel Corporation surges 12% on heavy volumes; stock nears record high (28-08-2023)
A combined 22.3 million equity shares, representing 7.3 per cent of total equity of RailTel, changed hands on the NSE and BSE till12:17 PM
Stock of this metering solutions provider zooms over 200% in 3 months (28-08-2023)
Genus Power anticipates a robust surge in order volumes to continue during the forthcoming quarters of fiscal year 2024.