1.World Eco May Be Slipping Into 1930s Depression Problems: Rajan - PTI
RBI Governor Raghuram Rajan has asked central banks from across the world to define “new rules of the game” as he warned that the global economy may be slipping into problems similar to the Great Depression of the 1930s.
Rajan, who has been warning against competitive monetary policy easing by central banks, however, said the situation is different in India where RBI still needs to bring down lending rates to spur investments.
He expressed concern that the world may be slipping into the kind of problems of the depression of the 1930s and an international consensus was needed to be built over time.
2.Coffee Day Files for Rs 1,150 cr IPO - TOI
The country’s largest coffee retail chain Cafe Coffee Day’s parent company, Coffee Day Enterprises, has filed a draft prospectus with market regulator Sebi for raising Rs 1,150 crore in an initial public offering (IPO). The company plans to list within a couple of months of Sebi’s approval and proposes to list its shares on both the BSE and the NSE.
The coffee chain has more than 1,500 outlets and increasingly faces competition from the likes of Starbucks, which entered the country in partnership with the Tata Group, and McDonald’s franchise Hardcastle Restaurants’ McCafes.
3.ITC’s YC Deveshwar Offloaded 90% Stake During FY14-15 - ET
YC Deveshwar, the long-serving chairman of cigarette to consumer goods conglomerate sold more than 90% of his shares in the company in the last fiscal year, the most he has sold in a single year in the nearly two decades he has held the company’s reins.
The transactions took place between November and February in various tranches, according to information contained in the company’s just released annual report. The weighted average share price during this period was Rs 366.
This windfall is in addition to Deveshwar’s total remuneration of Rs 13.85 crore during the last fiscal year, which includes salary, perquisites and other benefits and performance bonus. His remuneration too rose more than 22% year-on-year in 2014/15.
He may have used a significant portion of the share sale proceeds to pay off a loan taken for the purchase of a bungalow in Delhi’s posh Golf Links area two years ago for an estimated Rs 85 crore.
4.Aditya Puri Continues To Be the Highest Paid Bank CEO - BS
Aditya Puri, the Managing Director of HDFC Bank, continues to be the highest paid bank chief in the country.
In FY15, Puri earned a salary of Rs 7.39 crore compared to Rs 6.07 crore last year, up 21.74%.
Puri’s current term was supposed to come to an end in October this year. However, the board has extended Puri’s tenure for five more years. The move comes after Reserve Bank of India (RBI) increased the maximum age limit for private bank chiefs to 70 in September last year.
In FY15, Chanda Kochhar, MD and Chief Executive Officer of ICICI Bank, the largest private sector lender in the country, drew a salary Rs 5.85 crore,
5.Manpasand Beverages IPO Subscribed 1.4 Times - BS
The Rs 400-crore initial public offering (IPO) of equity in Manpasand Beverages has received 1.4 times the subscription, thanks to strong demand from institutional investors.
The 7.6 million shares on offer of Gujarat-based Manpasand, maker of the Mango Sip drink, got a total of 10.533 million bids. The bulk of these was in the qualified institutional buyer category, subscribed twofold. The retail category was subscribed 1.1 times, while the segment meant for wealthy individuals remained under-subscribed at 0.4 times.
Manpasand had priced its IPO between Rs 290 and Rs 320 a share. The fruit drinks company plans to use nearly half its IPO proceeds to set up a new manufacturing facility in Haryana and modernise the existing ones at Vadodara and Varanasi. About Rs 100 crore is to go for repayment of debt.
6.Intuit Lays Off 90-Odd Workers In India - BS
Intuit India, the Indian arm of Nasdaq-listed financial software maker Intuit, is said to have dismissed around 100 employees, both staffers and contractual employees, as part of a global restructuring.
Those affected, according to sources, primarily belonged to the go-to-market team which was headed by Nikhil Arora, its vice-president and managing director for India. He is said to have quit. He had joined in September 2011.
The changes we’ve made unfortunately did include 80 contingent workers overall. All will receive separation packages and are eligible to look for another position with the company.
– Intuit.
.jpg?auto=format%2Ccompress&fmt=webp&width=720)
7.IndiGo To File Prospectus for $400 mn Float Next Week - Reuters
India’s biggest airline IndiGo is set to file a prospectus next week for a domestic stock market listing, which is expected to raise as much as $400 million, according to three sources with knowledge of the matter.
IndiGo, owned by hospitality and travel company InterGlobe Enterprises, is aiming to win approval from India’s market regulator in August, before hitting the market later in the year, one of the sources said.
The timing of the market debut will, however, depend on market conditions, the source said.
8.Mumbai Airport Operator To List On Bourses, Eyes Rs 3,000 cr
Diversified group GVK Power & Infrastructure plans to raise more than Rs 3,000 crore by listing its airports arm. GVK group is the developer of the Mumbai and Bangalore airports.
Sources said the group is looking to come out with an initial public offering of its airports arm, GVK Airport Developers Ltd. Through the listing, it aims to raise over Rs 3,000 crore, they added.
GVK Power & Infrastructure reported a consolidated net loss of Rs 834.68 crore in the year ended March 2015.
9.Govt To Infuse Additional Rs 11,500 cr In PSU Banks In FY16 – PTI
Government is likely to infuse additional $1.8 billion (about Rs 11,500 crore) in public sector banks this fiscal over and above $ 1.2 billion earmarked in the Budget, Finance Secretary Rajiv Mehrishi said on Friday.
“Will put additional $ 1.8 billion in PSU banks apart from $ 1.2 billion budgeted this year,” he told reporters here. The government has earmarked Rs 7,940 crore in the Budget for recapitalisation of PSU banks for the current fiscal. According to an estimate, public sector banks would need an additional capital of Rs 2.40 lakh crore by 2018 to meet the Basel III capital adequacy norms.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)