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RBI will buy govt bonds worth Rs. 15000 cr through Open Market Operations (OMO) this week to infuse liquidity in the markets.
Public sector oil companies are aggressively looking at overseas assets, says Minister for Oil & Gas, Dharmendra Pradhan. Oil PSUs will invest Rs 8,000 crore in this fiscal on capital expenditure.
SEBI tightened rules on issue of participatory notes (P-notes) to bring in more transparency and curb misuse of the investment route used by foreign investors not registered in India. SEBI also made it mandatory for the top 500 listed companies to have a policy for declaring dividends to investors.
The promoters of VRL Logistics are planning to start a regional airline. Company chairperson Vijay Sankeshwar and managing director Anand Sankeshwar would set up a separate company to launch the airline.
Piramal Fund Management (PFM), part of Piramal Enterprises, has invested Rs 425 crore in the Lodha Azzuro residential project in Mumbai’s Parel area to fund its construction.
SpiceJet, the country’s second-largest low-cost airline, reported a quarterly profit of Rs 73 crore for the January to March period, thanks to low fuel prices. This is a fifth straight profitable quarter for SpiceJet. For the whole year, its net profit stood at Rs 407 crore, against the loss of Rs 687 crore last financial year. The airline has decided to use Rs 173 crore as a one-time expense to upgrade its fleet.
Global credit rating agency, Moody’s Investors Service, on Friday said that the merger idea mooted by State Bank of India (SBI) of six banks with itself would cost around Rs 16.6 billion ($250 million) and will have limited impact on its credit metrics.The agency also said the opposition to the merger by the employee unions also poses considerable risk that potential synergies of the merger may not materialise.
Cairn India has extended the repayment period of its $1.25-billion loan to its group company by two years.Cairn India Holdings Limited (CIHL), an overseas subsidiary of Cairn India Limited, has decided to extend maturity of the loan of $1.25 billion, which was given for a term of two years in May, 2014, to THL Zinc Limited (TZL), an overseas subsidiary of Vedanta Limited, for a further period of two years.
Four years after acquiring Fidelity Mutual Fund in March 2012, L&T Finance Holdings is considering exiting the mutual fund space. The non-banking finance company of engineering behemoth L&T operates the country’s 14th biggest Asset Management Company with asset size of nearly Rs. 26000 cr.
Equity mutual funds witnessed an inflow of Rs 4,438 crore in April, making it the highest in five months, primarily on account of strong retail participation. The inflow comes after seeing a pull out of Rs 1,370 crore from such funds in March. Prior to that, moderation in inflow was seen in the preceding three months mainly due to volatile equity markets.Equity schemes received funds to the tune of Rs 3,644 crore, Rs 2,914 crore and Rs 2,522 crore in December, January and February, respectively. According to the data from Association of Mutual Funds in India (Amfi), equity funds, which also include equity-linked saving schemes (ELSS) saw net inflow of Rs 4,438 crore last month.
Showing a growing traction for mutual funds among investors, the number of folios have grown by over 59 lakh last fiscal, primarily on account of robust contribution from smaller towns. This follows an addition of 22 lakh folios or investors’ accounts in the preceding financial year (2014-15). According to the Securities and Exchange Board of India (Sebi) data on investor accounts with 43 fund houses, the number of folios jumped to a record 4,76,63,024 last month from 4,1,740,206 at March-end, a gain of 59.23 lakh.
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