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Feb 14, 2018 09:11 PM IST | Source:

News highlights of the day: South Africa's Parliament to hold motion of no-confidence in President Jacob Zuma tomorrow

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Feb 14, 07:55 PM (IST)

    DLF to sell commercial assets worth Rs 9,300 cr to JV with GIC

    Realty major DLF will sell completed rental assets and commercial land parcels worth about Rs 9,300 crore to its joint venture with Singapore's sovereign wealth fund GIC.

    In the joint venture firm DLF Cyber City Developers Ltd (DCCDL), DLF has 66.66 per cent stake while GIC holds the remaining 33.34 per cent. GIC acquired the stake in DCCDL in late December from DLF promoters for about Rs 9,000 crore.

    In an analyst presentation, DLF said it needs to pay about Rs 9,300 crore to DCCDL.

    "Payables to DCCDL Group to be settled via sale of certain yielding assets and land parcels earmarked for commercial use," it added.

  • Feb 14, 09:10 PM (IST)

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  • Feb 14, 08:47 PM (IST)
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  • Feb 14, 07:57 PM (IST)
  • Feb 14, 07:44 PM (IST)

    Aster DM Health IPO subscribed 45% on day 2

    The initial public offer of Aster DM Health was subscribed 45 percent on the second day of its public issue today, according to merchant bankers.

    The IPO, which aims to raise Rs 980 crore, received bids for over 1.62 crore shares against the total issue size of over 3.74 crore scrips.

    The portion reserved for institutional investors was subscribed 51 per cent, non-institutional category 24 percent and retail investors witnessed a subscription of 50 percent, the bankers said.

    The company had raised Rs 294 crore from anchor investors on Friday.

    The initial public offer (IPO) comprises fresh issue of equity shares worth up to Rs 725 crore and an offer for sale of up to 1,34,28,251 scrips by the company's promoter Union Investments.

  • Feb 14, 07:42 PM (IST)

    Nestle crosses Rs 10,000 crore sales mark in 2017

    Nestle India today said it crossed the Rs 10,000 crore sales mark in 2017, joining a select group of publicly listed FMCG companies in the country which have crossed the milestone.

    The company, which has been in India for 105 years, said it was able to achieve the feat last year despite having to "adapt to significant changes in the external environment". Commenting on the annual results, Nestle India CMD Suresh Narayanan said: "It is extremely pleasing that we ended 2017 on a strong note by reaching a historic milestone of over Rs 10,000 crore in revenue, in a year where we had to adapt to significant changes in the external environment".

    HUL and ITC are among the few listed FMCG companies which have annual sales of more than Rs 10,000 crore.

  • Feb 14, 07:21 PM (IST)

    Pakistan's anti-graft body asks authorities to impose travel ban on Sharif, his family

    Pakistan's anti-corruption watchdog today asked authorities to place ousted premier Nawaz Sharif, his daughter and son-in-law on the Exit Control List to prevent them from leaving the country.

    The National Accountability Bureau (NAB) sent a formal request to the ministry of interior. The interior ministry officials confirmed that NAB wrote that names of Sharif, his daughter Maryam Nawaz and son-in-law Capt (retd.) Muhammad Safdar should be put on the Exit Control List (ECL), which listed individuals not allowed to leave Pakistan.

  • Feb 14, 07:17 PM (IST)
  • Feb 14, 06:43 PM (IST)

     Assocham seeks fiscal sops, infra ecosystem for EVs

    Industry body Assocham on Wednesday suggested the government various measures, including fiscal incentives and convenient charging infrastructure for  electric vehicles, to promote growth of the sector.

    The chamber's report also called for a conducive policy environment for market creation, technology development and setting up of a vibrant manufacturing ecosystem for the vehicles. (PTI)

  • Feb 14, 06:27 PM (IST)

    File report on supply of treated sewage water: NGT to civic bodies

    The National Green Tribunal has directed the civic authorities to file an action taken report on making a pipeline operational to supply treated sewage water for gardening in a South Delhi colony.

    A bench headed by Justice SP Wangdi asked the Delhi Development Authority (DDA), South Delhi Municipal Corporation and the Delhi Jal Board (DJB) to make the pipeline functional in Vasant Kunj so that fresh water is not wasted.

    The green panel also directed the authorities to consider the suggestions of the applicant in the case and implement them expeditiously. (PTI)

  • Feb 14, 06:09 PM (IST)

    South Africa political crisis update | South African President Jacob Zuma has said that efforts to oust him are very 'very unfair', according to multiple news agencies. Zuma has also said that the ruling party has not given clear reasons for why he should resign.

    South African parliament has schedules a no-confidence motion against Zuma on Thursday, ruling party ANC has announced.

  • Feb 14, 05:48 PM (IST)

    Hailstorms: Maharashtra seeks Rs 200 crore in aid from Centre

    With hailstorms causing extensive damage to crops in Vidarbha and Marathwada regions earlier this week, the Maharashtra government has demanded Rs 200 crore from the Centre for providing aid to farmers. State Agriculture Minister Pandurang Fundkar said here that hailstorms have affected crops over two lakh hectares. (PTI)

  • Feb 14, 05:20 PM (IST)

     New NPA resolution framework long-term positive: Crisil report

    The Reserve Bank's revised framework for quicker and time-bound resolution of stressed assets is a long-term positive for banks, says a report.

    The report states that the new framework has the potential to bring about a big change in the approach of banks to monitor their exposures and resolution of non-performing assets (NPAs).

    "The streamlining of the NPA resolution process affords simplicity, timeliness and credibility, and is long-term positive for the banking sector," Krishnan Sitaraman, a senior director at Crisil, said in the report today. (PTI)

  • Feb 14, 04:47 PM (IST)

     Russia, China are developing 'destructive' space weapons, US intelligence warns

    Within the next few years, Moscow and Beijing could possess "destructive" weapons for use in a potential space conflict, US intelligence agencies warned in a report on Tuesday. The two United Nations Security Council members are pursuing "anti-satellite weapons as a means to reduce US and allied military effectiveness," the report said, reflecting input from organisations including the FBI, the CIA, and the National Security Agency.

    Anti-satellite weapons, which include ballistic missiles, are designed to damage space-based systems, reports CNBC. They are a major element of what is known as counterspace technology, or hardware and software that aim to hinder adversaries in outer space. "We assess that, if a future conflict were to occur involving Russia or China, either country would justify attacks against US and allied satellites as necessary to offset any perceived US military advantage derived from military, civil, or commercial space systems," the report said.

  • Feb 14, 04:38 PM (IST)
  • Feb 14, 04:37 PM (IST)

    Sun Pharma Q3 profit falls 75% YoY to Rs 365cr

    Sun Pharma's third quarter earnings disappointed analysts as profit fell sharply by 75% year-on-year to Rs 365.4 crore, dragged by tax expenses. Profit in year-ago period stood at Rs 1,471.82 crore.

    Revenue from operations slipped 16% to Rs 6,653.23 crore compared to Rs 7,925.11 crore in the year-ago period. The company has reported on-time expenses of Rs 513 crore on account of tax cut and jobs cut enacted in the US.

  • Feb 14, 04:29 PM (IST)

    GMR Infra Q3 net loss at Rs 566cr

    GMR Infrastructure reported a consolidated net loss of Rs 565.94 crore for the quarter ended December 31, 2017. The company had clocked a net profit of Rs 643.44 crore in the corresponding quarter of 2016-17, it said in a BSE filing.

    Total income from operations declined to Rs 2,295.83 crore during the quarter under review as against Rs 2,587.26 crore in the year-ago period. Total expenses declined to Rs 2,487.90 crore as against Rs 2,623.74 crore in the corresponding quarter a year ago.

  • Feb 14, 04:24 PM (IST)

    BHEL bags Rs 560cr order from NTPC

    Power equipment maker BHEL has bagged an order worth Rs 560 crore for supply and installation of the flue gas desulphurisation (FGD) system from NTPC for 2x490 MW National Capital Power Station (NCPS) at Dadri in Uttar Pradesh. The notification calls for installation of equipment to control various harmful emissions, both in existing as well as new thermal power plants.

  • Feb 14, 04:16 PM (IST)

    Grasim Industries Q3 net profit at Rs 787cr

    Aditya Birla Group firm Grasim Industries reported a consolidated net profit of Rs 786.87 crore for the quarter ended December 2017, mainly on account of higher expenses and loss from subsidiaries. The company had posted a net profit of Rs 952.33 crore during the October-December period of the previous fiscal, Grasim said in a regulatory filing.

    Total income during the quarter under review stood at Rs 15,523.75 crore. It was Rs 9,743.51 crore in the corresponding period in the previous fiscal. The company said figures for the period are not comparable due to merger of Aditya Birla Nuvo and acquisition of cement plants by its subsidiary UltraTech Cement from Jaiprakash Associates and Jaypee Cement Corporation last year.

  • Feb 14, 04:06 PM (IST)

    Euro zone production jumps more than expected in Dec as economy powers on

    Euro zone industrial production jumped more than expected in December, boosted by output of durable consumer goods and intermediate goods, underlining the fastest economic growth rate in a decade, data from the EU statistics office Eurostat showed.

    Eurostat said industrial production in the 19 countries sharing the euro rose 0.4% MoM for a 5.2% YoY gain. Economists polled by Reuters had expected a 0.2% monthly and a 4.2% annual rise. Overall in 2017, euro zone GDP rose 2.5%, Eurostat said, the fastest growth rate since a 3% rise in 2007.

  • Feb 14, 03:40 PM (IST)

    OVL offers to invest $6.2bn in Iranian gas field

    With negotiations stuck over pricing of natural gas, ONGC Videsh has offered to invest $6.2 billion in development of Iran's giant Farzad-B gas field in the Persian Gulf while leaving the marketing of gas to Tehran, reports PTI. OVL had last year made its 'best' offer to spend $11 billion in developing the Farzad-B field as well as in building the infrastructure to export the gas but Iran has deterred awarding the rights of the field to the Indian firm owing to differences over pricing of fuel.

    According to OVL, the upstream part is to cost $6.2 billion while another $5 billion will be required to build a liquefied natural gas (LNG) export facility. Sources said that while Iran believes the upstream investment should not be more than $5.5 billion, it wants India to buy all of the natural gas produced from the Persian Gulf block at a price equivalent to the rate Qatar charges for selling LNG to India under a long-term deal.

  • Feb 14, 03:25 PM (IST)

    Centre seeks report from CSL on blast on under repair ONGC ship

    The Centre has sought a report from Cochin Shipyard (CSL) on the explosion and fire on an under repair ONGC drill ship, which claimed five lives, reports PTI. Minister of State for Shipping Pon Radhakrishnan visited the shipyard this morning and took stock of the situation on board "Sagar Bhushan," a day after the ONGC ship was hit by the explosion while it was undergoing repair.

    "The Hon'ble Minister instructed CSL to conduct a thorough investigation and ascertain the root cause and report the details to Ministry of Shipping," a CSL statement said. Talking to reporters, the Minister said there was an explosion but there was no sign of fire inside the ship.

  • Feb 14, 03:19 PM (IST)

    PNB fraud case not out-of-control, says FinMin official

    The Finance Ministry sought to allay worries over the Rs 11,300-crore fraud case at Punjab National Bank, saying the case is not "out-of-control" and it is taking action in this respect, reports PTI. "I don’t think this is out of control or too big a worry at this point. That is my broad sense," Joint Secretary in Department of Financial Services Lok Rajan said on the sidelines of an event here.

    Earlier in the morning, PNB disclosed that it has detected some fraudulent transactions with financial implication of $1.771 billion (about Rs 11,334.4 crore) and the matter has been referred to law enforcement agencies for the recovery. Based on these transactions, other banks appear to have advanced money to these customers abroad, it said.

    In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is $1,771.69 million, it said. The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land.

    This is the second incidence in less than 10 days where a bank has been defrauded. On February 5, the CBI booked billionaire diamond merchant Nirav Modi, his wife, brother, and a business partner for allegedly cheating PNB of over Rs 280.70 crore during 2017.

  • Feb 14, 03:12 PM (IST)

    Idea Cellular board approves Rs 3,500cr QIP issue

    Telecom major Idea Cellular said its board has accorded final approval for issuing equity shares up to Rs 3,500 crore through the qualified institution placement (QIP) route. "The board of directors at its meeting today has accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors...," Idea Cellular said in a BSE filing.

    The board has authorised the Committee of Directors to decide on the timing, pricing and exact quantum of equity shares to be issued, it added. In January, the Board granted in-principle approval for the issuance and had formed a committee to evaluate and recommend to the Board the possible routes like rights issue, QIP or preferential issue.

  • Feb 14, 03:10 PM (IST)

    Here are the top headlines at 3 pm from Moneycontrol News' Anchal Pathak

  • Feb 14, 03:00 PM (IST)

    South African police raid Gupta home, pressure cranks up on Zuma

    Heavily armed South African police raided the luxury home of the Gupta family on Wednesday as part of a probe into allegations the three brothers had corrupt links with President Jacob Zuma, who has been ordered by the ruling ANC to quit as head of state, reports Reuters. The raid, which the state broadcaster said resulted in two arrests including one Gupta family member, came amid reports Zuma was preparing to tell South Africa he was stepping down after nine years in office dogged by scandal and economic stagnation.

  • Feb 14, 02:53 PM (IST)

     PE/VC investments at $3.5bn in Jan 2018: EY

    Private equity/venture capital investments worth $3.5 billion were announced in January, led by big ticket transactions. According to EY's private equity monthly deal tracker, January recorded almost double the value of investments witnessed during same month last year ($3.5 billion in January 2018 as against $1.2 billion in January 2017). Large value deals (over $100 million) continued to dominate the activity with the financial services sector leading the way, it said. Moreover, January also recorded 26 exits worth $970 million.

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