QBiz: Alibaba Eyes Stake in Micromax, PSUs Float 70,000 Jobs

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Business
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(Photo: Reuters)

1.Home Financiers’ Biz Boomed in FY15 - TOI

A revival in economic sentiment, rising income levels of borrowers and cooling property prices have resulted in mortgage lenders reporting double-digit growth in disbursements.

Interest rates have been soft and real estate prices have moved up very marginally as compared to the level of increase in disposable incomes thereby making house buying more affordable.
– Managing Director of HDFC, Renu Sud Karnad, told the Times of India.

Read the rest of the Times of India article here.

2.India Inc Gets Bond Shock, Fund-Raising Plans go Awry - BS

Rising bond yields over the last two weeks have caused Indian companies to defer their fund-raising plans.

Due to the recent volatility of markets and upsurge in yields, companies are postponing their bond issuances. The appetite of investors has got impacted. GIC Housing Finance and SAIL postponed their issuances. Both were planning to raise three-year paper but they found the bid levels high for raising funds.
– said Ajay Manglunia, senior vice-president (fixed income), Edelweiss Securities, to Business Standard.

Read the rest of the Business Standard article here.

3.Forex Reserves Cross $350-billion Mark – BS

India’s foreign exchange reserves grew $7.26 billion for the week ended May 1, the sharpest rise since September 2007, according to the latest data released by the Reserve Bank of India. Total reserves were at an all-time high of $352 billion for the week ended May 1, 2015.

Read the rest of the Business Standard article here.

4.Alibaba Eyeing $1.2-bn Stake in Micromax to Propel Growth in India – FE

Alibaba Group Holding is in talks with India’s Micromax Informatics to buy an about 20% stake in the smartphone maker, helping the Chinese e-commerce giant expand in one of the world’s fastest growing markets for the devices, several people with direct knowledge of the matter said.

The deal, if completed, would see Alibaba investing as much as $1.2 billion in Micromax, the second-largest smartphone brand in India by sales, and would value the company at up to $6 billion, two of the people said.

India is the world’s third largest smartphone market and was the fastest growing in the Asia Pacific region in the third quarter of last year, according to industry research company International Data Corporation.

Read the rest of the Financial Express article here.

5.PNC Infratech’s IPO Sees Muted Opening – PTI

PNC Infratech’s up to Rs 488 crore initial public offer (IPO) saw muted investor response on the first day of the offer today.

The IPO received bids for 1,16,935 shares against the issue size of 90,60,197 shares, reflecting a subscription of 0.01 times, latest data available with the NSE showed. The Agra-based firm’s issue will close on May 12.

Read more here.

6.Stage Set for Roy’s Release as Sahara Cobbles up Rs 10,000 cr - DNA

The release of Sahara Group chief Subrata Roy became a possibility after the Supreme Court was informed on Friday that the bail bond amount of Rs 10,000 crore will be deposited with the Securities and Exchange Board of India (Sebi) next week.

Appearing for Roy, former law minister Kapil Sibal told the bench headed by T S Thakur that the bank guarantee format is ready and the Sebi has agreed to it.

Roy has been in jail since March 4, 2014 after he had failed to comply with the apex court’s direction to refund the money of the depositors who had invested money towards Sahara’s housing project.

Read the rest of the DNA article here.

7.PSUs Float 70,000 Job Openings in 2015, More to Come - HT

Riding high on Prime Minister Narendra Modi’s ‘Make in India’ initiative, public sector undertakings (PSUs) have floated over 70,000 job openings in the last four months and there are many more to come.

National Highway Authority of India, Bharat Heavy Electricals Ltd, Railway Recruitment Boards, among several other PSUs and banks, have doled out vacancies across functions.

Read the rest of the Hindustan Times article here.

8.DoT move led to Rs 3,367-crore gain for Reliance Jio Infocomm, says CAG  - ET

Reliance Jio Infocomm received “undue benefit” of Rs 3,367.29 crore because of the telecom department’s decision to allow the Mukesh Ambani-owned telco to offer voice services over the broadband spectrum it won in the 2010 4G auctions, the national auditor has said.

This migration, allowed at prices discovered in 2001, resulted in undue advantage of Rs 3,367.29 crore to Reliance Jio Infocomm (formerly Infotel).
– the CAG said in the report.

Read the rest of the Economic Times article here.

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