Jio : COAI’s ‘Backdoor’ remark contempt of court
- Mukesh Ambani-led Reliance Jio today slammed the telecom lobby group COAI for calling the company a “back door operator”, saying the charge has already been rejected by the Supreme court and leveling such an allegation is “contempt of court.”
- “The press statement of COAI Director General Rajan S Mathews is surreptitious, defamatory, and an act of contempt of the orders of the Supreme Court of India and devoid of any merit.”
- “These regulations as exist today admittedly are skewed in favour of incumbent operators, giving them de facto and de jure control over COAI to promote their vested interests.”
Mumbai: wealthiest city in India
- India’s financial capital Mumbai, home to 45,000 millionaires and 28 billionaires, is the wealthiest city in the country with total wealth of USD 820 billion, says a report. Mumbai is followed by Delhi and Bengaluru at the second and third place respectively.
- While Delhi, home to 22,000 millionaires and 18 billionaires has total wealth of USD 450 billion, Bengaluru boasts of a total wealth of USD 320 billion. The city is home to 7,500 millionaires and 8 billionaires.
- As per the report, the total wealth held in the country amounts to USD 5.6 trillion. The country is home to 264,000 millionaires and 95 billionaires in total.The report defines ‘wealth’ as the net assets of a person. . The report excludes government funds from its figures.
India selling 7 % stake in Hcl
- India is selling a 7 percent stake in state-run Hindustan Copper Ltd in stock market deals over two days to Friday, potentially raising the government 4.02 billion rupees is $60.5 million.
- The government, which owns almost 90 percent of the miner, is selling 64.7 million shares, and has set a floor price of 62 rupees apiece, according to a regulatory filing.
- The sale is part of the government’s asset sale plan to raise funds to help plug its deficit. For the year to March 2017, it plans to raise 565 billion rupees from such sales.
CEO of Wells Fargo $41 Million in Fight
- Wells Fargo & Co. Chief Executive Officer John Stumpf, fighting to keep his job amid a national political furor, will forgo more than $41 million of stock and salary as the bank’s board investigates how employees opened legions of bogus accounts for customers.
- It’s a swift turn for one of the industry’s most exalted leaders, marking the biggest forfeiture of compensation from a major U.S bank chief since at least the 2008 financial crisis.
- But it may not be enough to spare Stumpf another lashing when he returns to Capitol Hill on Thursday. Last week, Senator Elizabeth Warren demanded he resign for “gutless leadership” after he blamed abuses on low-wage employees.
ICICI Pru made a market debut
- Shares of ICICI Prudential Life Insurance made a sluggish debut at bourses, falling 1.5 per cent, against the issue price of Rs 334. The price band was fixed at Rs 300-334 per share.
- The biggest initial public offering after Coal India, which had hit the capital market in 2010 to raise over Rs 15,000 crores. At the upper end, the offer is worth Rs 6,057 crores and was open to subscription during September 19-21.
- The stock listed at Rs 329, down 1.49 per cent over the issue price, on BSE. It later touched a day’s low of Rs 315.65, a slump of 5.49 per cent. At NSE, it debuted at Rs 330, down 1.19 per cent.The company commands a market valuation of Rs 46,023.66 crores.
Rupee good run continues, gains 3 paise
- Continuing its good run for the sixth day at a stretch, the rupee appreciated by 3 paise to 66.43 against the US dollar in early trade at the Interbank Foreign Exchange on continued selling of the greenback by exporters and banks amidst higher opening in the domestic equity market.
- Forex dealers :That besides persistent selling of the American currency by exporters and banks, the dollar’s weakness against peers overseas supported the rupee. .The Asian currencies were trading higher today.
- The Organisation of Export Producing Countries (OPEC), at its meeting in Algiers yesterday, had agreed to cap oil production for the first time since 2008, amid pressure from declining oil prices. OPEC leader Saudi Arabia also softened its stance against rival Iran which lifted global sentiments.
Pakistan avoiding Indian goods
- Pakistan suffered a loss of about $7 billion in 2014 by importing items from other countries at a higher cost instead of sourcing them from India, according to a study by the New Delhi-based Research and Information System for Developing Countries (RIS).The think-tank in the study, to be released this week, found out that the loss was substantial considering Pakistan’s GDP was only about $270 billion. Prime Minister Narendra Modi is slated to chair a meeting to review trade ties between India and Pakistan on Thursday.
- Significantly, the RIS study’s findings are in line with the theme of Modi’s recent speech at Kozhikode (Kerala), where he called upon the people of Pakistan to fight a war on unemployment, poverty and illiteracy.
Saksham gets govt nod for easy GST
- The Cabinet Committee on Economic Affairs has approved a Rs.2,256 crore outlay for ‘Project SAKSHAM’, an initiative under the Central Board of Excise and Customs (CBEC), to bolster the information technology network for the new GST regime that the government intends to roll out from April 2017.
- “CBEC’s IT systems need to integrate with the Goods & Services Tax Network (GSTN) for processing of registration, payment and returns data sent by GSTN systems to CBEC, as well as act as a front-end for other modules like audit, appeal and investigation.”
- “There is no overlap in the GST-related systems of CBEC and GSTN.”
IMF to disburse $102 million to Pakistan
- The International Monetary Fund (IMF) Executive Board on September 28 completed the 12 and final review of Pakistan’s three-year economic reform program supported by an Extended Fund Facility (EFF) arrangement. The Board’s decision enables the immediate disbursement of the final tranche in an amount equivalent to the SDR 73 million in the IMF currency or about $102.1 million.
- The go-ahead follows the approval on September 4, 2013, by the Executive Board of the 36-month extended arrangement under the EFF in the amount of SDR 4.393 billion (about $6.15 billion, or 216 per cent of Pakistan’s current quota at the IMF).
- IMF: “Despite the challenges it faces, Pakistan is a country with abundant potential, given its geographical location and its rich human and natural resources. The authorities’ program is expected to help the economy rebound, forstall a balance of payments crisis and rebuild reserves, reduce the fiscal deficit, and undertake comprehensive structural reforms to boost investment and growth.”
Wal-Mart in talks to buy stake in Flipkart
- US-based retail corporation Wal-Mart Stores Inc is in talks to buy a minority stake in Flipkart, two sources familiar with the matter said, as the world’s biggest retailer aims to get a slice of a fast-growing online retail market.
- One of the sources said the US retailer was looking to invest between $750 million and $1 billion in Flipkart, but the final value and size of the stake would depend on the outcome of talks about the e-tailer’s overall valuation.
- “With Amazon slowly taking a lead over the Indian players, all these unicorns including Flipkart and Snapdeal are out there in the market to raise funds. Companies like Wal-Mart would be more long-term investors, but there aren’t too many like them to write such big cheques.”
Oriental Bank of Commerce to raise Rs 500 crore via bonds
- Public-sector lender Oriental Bank of Commerce will raise Rs 500 crore on private placement by issuing bonds.
- “The bank intends to raise Tier 1 capital through private placement of Basel III compliant additional tier 1 bonds of Rs 10,00,000 each at par aggregating to Rs 500 crore,” Oriental Bank of Commerce said in a BSE filing.
- The proposed bonds issue has been rated as ‘A+’ by CARE ratings and ‘A+ (Hyb.) with Negative Outlook’ by ICRA.Shares of Oriental Bank of Commerce were trading 0.52 per cent lower at Rs 134.60 on BSE.
Eros International Jumps 5% On Tie-Up With UAE Firm
- Shares of Eros International Media rose by nearly 5 per cent today after the entertainment firm said it has tied up with UAE’s largest film distribution and exhibition network, Phars Film.Opening on a strong note, the stock gained 5.15 per cent to Rs 220.50 on BSE. At NSE, it jumped 4.38 per cent to Rs 219.
- Eros International Media yesterday announced its association with Phars Film.
The partnership allows the two companies to jointly co-produce Malayalam films and explore theatrical rights between themselves, the company said in a BSE filing.
- The deal licenses Eros to tap distribution of all Malayalam movies produced jointly in India while Phars Film will present the same overseas where it enjoys a dominant market share, it added.