1. Sebi Relaxes Startup Listing Norms - TOI
Aiming to give a boost to India’s already buzzing startup space, market regulator Sebi on Tuesday made it easier for entrepreneur-driven new companies to list on stock exchange platforms with easier listing, shareholding and disclosure norms. The new rules are intended to attract startups to list in the country rather than looking for funds from a foreign bourse.
There is a huge demand from startups to list on Indian bourses to raise funds.
– U K Sinha, Chairman, SEBI
The Sebi board also allowed paperless IPO process which will halve the time for listing of new companies to six days after closure of their maiden offer to go public.
2. Six New Changes Included In the Revised ITR Forms - PTI
The Income Tax department has notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16. The Finance Ministry published the gazette order on Tuesday. Here are six things that you need to know about the new ITR forms.
•Taxpayers and other entities can now file their Income Tax Returns (ITR) till August 31.
• ITR-2A – to be filled by those individuals and HUFs whose income is not from a business or by way of capital gains and do not hold foreign assets – only asks for the passport number of the tax-filer, with the words “if available”.
3. Hamied’s Nephew Kamil Quits Cipla - ET
Cipla has been going through a spell of turmoil of late, with several changes at the top. And now, Kamil Hamied has quit Cipla, surprising those who had expected him to take a leadership role at India’s third largest drug company.
A few months ago, Cipla founder YK Hamied had referred to nephew Kamil (33) and his sister Samina Vaziralli (38) as family members who would carry on the family tradition.
They are the future of the company , at least from the promoters side. They are not only bright, their thinking is like my thinking - very national minded, what is best in India’s interest
–YK Hamied, Cipla
A Cipla spokesperson said Kamil was leaving to pursue his own interests and sought to downplay suggestion that there might have been any disaffection on his part. The spokesperson pointed out that Kamil had backed the move to bring in professional managers to run the drug maker.
4. RIL, ONGC, SBI, BHEL, L&T Could Be Out of Sensex In 10 Years: Ambit Capital – BS
Index heavyweights stocks like Reliance Industries (RIL), ONGC, Larsen & Toubro (L&T), State Bank of India (SBI) and BHEL are among 15 stocks that could see an exit from S&P BSE Sensex over the next decade, suggests a June 2015 study co-authored by Saurabh Mukherjea, CEO - Institutional equities at Ambit Capital titled ‘The Sensex in 2025’
The current economic-political environment, Ambit says, will usher in an era of change which will drive Sensex churn higher driven by Prime Minister Narendra Modi’s resets to the Indian economy.
As a precedent, the report cites a few stocks like Aditya Birla Nuvo, Bombay Dyeing, Century Textiles, Future Polyester, Hindustan Motors and Premier, Mukand Limited, Ballarpur Industries, Bharat Forge, Cummins India, Siemens and Voltas. These stocks were ejected in the 1990s when the Sensex churn peaked in the four years following the reforms launched by PV Narasimha Rao’s government with Manmohan Singh as Finance Minister.
5. Cash-strapped Unitech Now Struggling to Pay Salaries - ET
Some employees of Unitech have alleged that the struggling real estate developer has not paid salaries on time and also delayed depositing tax deducted at source (TDS) and provident fund (PF) with the authorities amid a sharp slowdown in home sales in its home market of Gurgaon. The allegations come alongside complaints by homebuyers about massive delays in delivery of several projects. Two investors also told Economic Times that the company has defaulted over its repayments to individuals who had subscribed to its fixed deposit scheme.
However, Ajay Chandra, MD, Unitech, while conceding that there was some delay in payment of compensation in the past one year or so, said the company has addressed the issue in most cases.
6. Investors Lose Big Money on Rate Cut Bets - ET
It’s a wager gone wrong. Rich savvy investors, who bet big on a fall in interest rates through derivatives in the last few months, have ended up losing money with the Reserve Bank of India keeping the market guessing on its monetary easing plans.These investors had built long positions in interest rate futures in anticipation of a series of rate cuts between October last year and March this year
HNIs (high networth investors) have lost a lot of money investing in IRF. Their call that rates would drop significantly in the first half of this year has gone bad. Almost of all of them who had open (IRF) positions have lost money.
– Kamlesh Rao, CEO of Kotak Securities to ET
7. Govt May Infuse Rs 19k cr Into PSU Banks in FY16 -BS
The government is likely to take the bank investment company (BIC) route - an omnibus holding company model proposed by the P J Nayak committee set up to review governance in banks - to meet the capital infusion requirement in public sector banks (PSBs).
Finance Secretary Rajiv Mehrishi, in the US with Finance Minister Arun Jaitley to promote investment in India, told a private news channel on Monday that the government would infuse Rs 19,000 crore in banks this financial year, adding the amount could double next financial year.
The planned capital infusion into state lenders, which account for more than 70 per cent of all outstanding bank loans, is more than double the Budget estimate for this financial year.
8. Manpasand Beverages Raises Rs 180 cr In Pre IPO Placement - FE
The Vadodara-based FMCG company allotted 56.25 lakh shares to 11 anchor investors at a price of Rs 320 apiece, it said in a stock exchange announcement.
The institutions that bid shares in the anchor book included Birla Sun Life Insurance, ICICI Prudential Life Insurance, BNP Paribas and Goldman Sachs India Fund, among others. The company has set a price band of Rs 290-320 per share and aims to raise Rs 400 crore through the IPO that opens on Wednesday and closes on Friday.
Manpasand Beverages has not fixed the number of shares it will issue as it will depend on the issue price it finalises after the IPO closes.
This is the eight IPO of calendar 2015. Seven firms — UFO Moviez India, MEP Infrastructure Developers, Inox Wind, Adlabs Entertainment, Ortel Communications, PNC Infratech and VRL Logistics — have raised a total of R3,449.1 crore so far this year, data from Prime Database showed.
9. India Emerges As Third Largest FDI Source for U.K. - Hindu
India has emerged as the third largest source of Foreign Direct Investment (FDI) for United Kingdom (UK) after United States (US) and France in terms of number of projects.
According to a recent report released by UK Trade and Industry (UKTI), the U.S. remained the largest source of inward investment, with a total of 564 projects in 2014-15, followed by France (124 projects) and India (122 projects).
During the year, investment from India increased by 65 per cent. This resulted in creation of 7,730 jobs as well as protection of 1,620 jobs.
The key sectors where Indian companies invested include healthcare, agri-tech, food and drink.
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