India has moved a step closer to having a Singapore- or Dubai-like financial hub, with the Securities and Exchange Board of India (SEBI) approving a framework for international financial centres aimed primarily at reversing the export of India's financial markets. And, for the first time, SEBI board allowed listing and trading of municipal bonds, also referred to as 'muni' bonds, to aid the government's smart-city initiatives.
Indian banks will be able to convert debts of defaulting publicly traded borrowers into equity, the nation's capital market regulator said on Sunday, clearing the way for lenders that are struggling with a surge in bad-loan provisions to wrest management control of defaulters and also in some cases allow distressed firms to improve their cash flows by lowering interest costs.
The Union Ministry of Environment and Forest has issued an order revoking suspension of environmental clearances (ECs) to 72 iron ore mines in Goa, giving boost to the state's economy.
Short-term rates, typically in double digits in March, have this time remained below 10 per cent due to liquidity infusing steps by RBI). RBI has been actively infusing liquidity into the system through term repos.
Rural Electrification Corporation Limited (REC) has signed a memorandum of understanding with the Telangana State Generation Corporation (Genco) to provide a funding of Rs 240 Bn for the latter's power projects. These projects include 800 Mw at KTPS, 1,080 Mw at Bhadradri in Manugur of Khammam district and 4,400 Mw at Damaracherla in Nalgonda district, totaling 6,280 Mw.
YES Bank is going for a second round of infrastructure bonds to mop Rs 10 Bn, for projects in transport and energy. Its infrastructure portfolio has grown about fourfold in 33 months to Rs 103.4 in December 2014.
State Bank of India (SBI) is planning to cut its stake in its life-insurance venture with BNP Paribas Cardif, in a move that would raise the French partner's holding to 49 per cent, said people familiar with the matter.
Infosys plans to allocate a quarter of its $500-millionfund to invest in startups in Silicon Valley, Israel and India along with venture capital firms. Infosys has had discussions with about two dozen VC firms, including Andreessen Horowitz, for such investments.
Gujarat State Fertilizers & Chemicals Ltd (GSFC) has said that it has lined up an investment of Rs.150 bn to expand capacity over the next two years.
The global automaker Tata Motors said its board will meet next week to consider and approve details of the proposed Rs.75 bn rights issue, including fixing the issue price
New Delhi Municipal Corporation has deferred a decision on starting the process of auctioning the Taj Mahal Hotel, which means the Tatas' Indian Hotels Company may get yet another extension to continue operate the hotel for four to five months.
The Delhi high court on Friday restrained Indian firm Glenmark Pharmaceuticals from manufacturing, marketing or selling its antidiabetes drugs Zita and Zita-Met, saying it has "prima facie" infringed the patent of US drug major Merck Sharp and Dohme (MSD), said media reports.
UPL has acquired the remaining 27% stake that it did not own in the Brazilian joint venture subsidiary company UPL do Brasil.
US anti-trust regulator FTC has passed its final order settling charges that Sun Pharma's USD 4 billion deals to acquire Ranbaxy Laboratories could result in unfair business practices.
Bharti Airtel and Vodafone India's WiFi joint venture, Firefly Networks, is making strides in the country as it prepares to take on Reliance Jio, which is also finalising its WiFi strategy. Also, Bharti Airtel announced partnership with Amazon Web Services to offer its cloud computing services to customers in India.
SpiceJet is negotiating with its aircraft lessors, who have dragged it into litigation over default on rents, to resolve the issue amicably.
ITC is planning to enter the dairy sector next fiscal with a bouquet of value-added products such as ghee.
GIC Housing Finance is looking at raising Rs. 400 Cr in the next financial year through external borrowing.
Jindal Power and Balco's bids for coal blocks have not been accepted after the same were reexamined for outliers in the bidding pattern
Punjab National Bank gets shareholders’ nod to raise equity capital via QIP/FPO or any other mode.PNB to issue 4.42 Cr shares to govt on pref basis, issue price at Rs.196.8/share.
Bank of India to issue 2 Cr shares to LIC at Rs.283.50/share.
Germany reiterates Greece will only receive fresh funds to ease a cash crunch once its creditors approve a comprehensive list of reforms it has promised to present soon
China entrepreneur confidence index fell to 59.2% in the 1QCY15, down 1.8 percentage points from the previous quarter.
UK public sector net borrowing totalled GBP 6.9bn in February.
OECD estimates China's economy to grow around 7% in 2015 and 6.9% in 2016.
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