The qualified institutional quota (QIB) of the IPO received a good response from institutional buyers led by Life Insurance Corporation (LIC), bailing out the IPO. QIB portion was oversubscribed 2.25 times with the buyers putting Rs 12,770 crore against the reserved portion of Rs 5,680 crore
Employment prospects have been the biggest cause of worry for respondents, with sentiment plunging further into the pessimistic zone; the outlook on employment has also weakened in the last two rounds.
RBI Governor Urjit Patel said with the combined fiscal deficit of the Centre and state governments in the region of over 6 per cent of the GDP, the “national fiscal stance can hardly be described as tight”.
Dinesh Kumar Khara, managing director, State Bank of India (SBI), said that the bank had engaged with the subsidiaries with the help of an internet site wherein they were allowed to share any of their concerns. And those concerns were addressed.
According to analysts, a major reason for the long queue for the IPOs is the sustained rally on the stock market. Foreign investors and domestic mutual funds have been pumping money into the secondary markets.
Earlier this year, Fairfax’s proposed deal to acquire a 51 per cent stake in Kerala-based Catholic Syrian Bank fell through over differences in valuation. Fairfax was founded in 1985 by the present chairman and chief executive officer V Prem Watsa.
Among financial institutions, LIC's wilful defaults came down from Rs 1,304 crore in March 2016 to Rs 1,034 crore by March 2017 and IFCI's rose from Rs 1,069 crore to Rs 1,274 crore during the year ended March 2017.
After Vishal Sikka’s appointment on the Infosys board, the company has had one extra-ordinary general meeting (in which Sikka was appointed), three annual general meetings and has approached shareholders five times through a postal ballot.
This is the second high profile exit of a well-known CEO of a top business group in the last 12 months. The sacking of Cyrus Mistry as Tata Sons Chairman last year had also raised corporate issues with Ratan Tata questioning many decisions of Mistry. Infosys CEO Vishal Sikka's resignation came through even before the dust had settled on Mistry's sacking.
For the year 2015-16, the RBI board had approved the transfer of surplus amounting to Rs 65,876 crore to the government. In the previous year, the Central bank had paid Rs 65,896 crore to the government, which came as a boon to the government in covering the deficit.
The EPFO, which has a corpus of close to Rs 10 lakh crore, decided last month to pump in Rs 22,500 crore in exchange traded funds in 2017-18 following approval from its central board of trustees to increase the equity investment from 10 per cent to 15 per cent.
Enlisting the growth barriers, the report explained that currently the regulations are prescriptive and rule-based, and often there is carping on ‘market not mature’ and ‘data not adequate’. Private players reported underwriting losses of Rs 2,500 crore in FY 2017.
The 10-year benchmark government securities (G-Sec) yield has fallen by around 25 bps since the beginning of FY 2018 to 6.42 per cent, which has partly raised the likelihood of a rate cut by the MPC next week.
The Nifty, which has been steadily gaining ground over the last one year amid high liquidity, rose 44.90 points to reach an all-time high of 10,011.30 points crossing its previous intra-day high of 9,982.05 yesterday. However, it fell quickly after valuation concerns.
News of the launch pushed share prices of RIL’s rivals down on the stock exchange. Bharti Airtel shares fell by 2.05 per cent Rs 153 a month and Idea Cellular by 3.11 per cent while RIL shares soared 3.76 per cent during the day.
More than half of education loans were taken by applicants in southern states, which have also reported most defaults. Students from Tamil Nadu and Kerala are in the forefront of taking loans, said an official of a nationalised bank.