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QBiz: 22 MFs Part of Jio’s Fundraise; Rupee Likely to Appreciate

A quick wrap of top business stories.

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1. 22 MFs Participated in Reliance Jio’s ₹1,500 Crore Fundraise via NCDs

As many as 22 mutual funds took part in Reliance Jio Infocomm Ltd’s (RJio) latest fundraise of ₹1,500 crore through private placement of non-convertible debentures (NCDs), said two people with knowledge of the development.

“Reliance Jio has raised ₹1,500 crore which would be used to expand its operations in the GigaFiber segment,” one of the two people cited above said. The NCDs bear a coupon rate of 8.70% per annum and would be redeemable in July 2021, the person said.

Reliance Jio did not respond to an email query for comment until press time.

Reliance Jio’s parent Reliance Industries Ltd (RIL) has approval from its shareholders to raise as much as ₹20,000 crore through NCDs.

(Source: Livemint)

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2. SEBI Mulls ‘Approver’ Clause to Aid in Probes

SEBI is likely to introduce the concept of an ‘approver’ for offenders in securities market who could help the regulator blow the lid off a major fraud or scam. An offender can expect to get a less-serious charge or a lenient sentence in exchange for vital information that could help crack the case.

A committee headed by former Supreme Court judge AR Dave has recommended that the Securities and Exchange Board of India introduce a ‘confidentiality clause’ in settlement of cases. This will culminate in a variant of the ‘approver’ concept, which is in place in the US, and also employed by Indian agencies such as the CBI, legal experts told Business Line. Such a scheme by SEBI could go a long way in aiding the regulator crack major scams at stock exchanges or other corporate frauds.

(Source: The Hindu Business Line)

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3. After Brilliant Disinvestment Year, Government Sets Ball Rolling for Stake Sale in These 2 Companies

The government on Wednesday, 22 August set the ball rolling for further selling of its stake in NBCC and HUDCO, in addition to an initial public offering (IPO) of the power sector company NEEPCO. The Department of Investment and Public Asset Management (DIPAM) in the finance ministry has invited separate bids from merchant bankers for the three issues, according to public notices.

The DIPAM has proposed to sell additional 10 percent stake each in construction major NBCC and housing finance company HUDCO, according to the notices. The government currently holds 73.75 percent stake in NBCC and 89.81 percent in HUDCO.

(Source: Financial Express)

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4. Saudi Arabia Calls off Aramco Listing: Sources

Saudi Arabia has called off both the domestic and international stock listing of state oil giant Aramco, billed as the biggest such deal in history, four senior industry sources said on Wednesday, 22 August.

The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a "strategic stake" in local petrochemicals maker Saudi Basic Industries Corp, two of the sources said.

"The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way – first delay then calling off," a Saudi source familiar with the IPO plans said.

(Source: The Economic Times)

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5. Rupee Likely to Appreciate Following Relief Rally in Asian Markets

The rupee, which has seen a severe battering of late, is expected to appreciate thanks to the relief rally seen in most Asian emerging markets as well as positive capital inflows, say experts. The rupee ended below the 70-mark against the US dollar for the first time ever on 16 August on strong demand for the greenback amid the ongoing Turkish crisis.

The rupee has been on a downtrend amid global uncertainties and concerns over inflation. But it has seen some appreciation in the last few days.

“INR appreciated as the relief rally is seen in most Asian Emerging markets currencies post fresh talks between the US and China and fading away of Turkish crisis,” Epic Research CEO Mustafa Nadeem said. The INR appreciated by more than half a percent as Bearish bets on USD mounted.

(Source: The Hindu Business Line)

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6. SBI Expects Q1 GDP Growth at 7.7%

India’s GDP is expected to grow by 7.7% in the April-June quarter on the back of pick up in leading indicators like cement production, sale of vehicles and bank credit, a report by SBI said.

SBI has based its assessment on its Composite Leading Indicator (CLI), which takes into account 18 major macro-economic indicators.

“The CLI is signalling that the economic activity for Q1 FY19 has picked up substantially and the GVA (Gross Value Added) growth would be 7.6%,” it said in its research report ‘Ecowrap’. However, the headline GVA is being possibly pulled down by a weak agriculture growth, it added.

(Source: Livemint)

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7. US Federal Reserve Suggests Interest Rate Hike Could Come Soon

US central bankers discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the Federal Reserve’s last policy meeting showed on Wednesday.

The Federal has been raising rates gradually since 2015 and policymakers are now concerned the economy is so strong that inflation could rise persistently above the central bank’s 2 percent target.

Federal officials at the 31 July 31-1 August policy meeting held rates steady, but their discussion left clear they are considering another rate hike soon. The Fed has raised rates twice this year.

(Source: Financial Express)

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8. Wall Street Poised to Mark Longest-Ever 'Bull Market'

Wall Street was poised Wednesday, 22 August, to observe the longest-ever "bull market," a run that began amid extraordinary crisis-era monetary policy and which experts think could persist at least a while longer.

The record will be set at Wednesday's close when the S&P 500 ends its 3,453rd straight session without a drop of 20 percent from its peak.

It comes amid signs the US economy has accelerated this year after a long period of slow but steady growth. Experts say trade wars and higher interest rates are among potential threats to the persistence of the bull run.

(Source: The Economic Times)

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9. Alinz, Petrocard Tie up to Make Portable Petrol Pumps in India

Alinz Portable Petrol Pumps said on Wednesday that it has tied up with Czech firm Petrocard to set up four manufacturing units in India to make machines for such pumps at an investment of ₹1,600 crore.

The concept of portable petrol pumps is new to India, which has been approved by the Ministry of Petroleum and Natural Gas, Alinz managing director Inderjeet Pruthi told reporters in Delhi.

The approval was given by the ministry on 10 August, he added. “We would soon be able see an unmanned fuelling station where we, on our own can refuel our vehicle making digital payment,” Pruthi said.

(Source: Livemint)

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Topics:  Business   finance   Rupee 

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