businessfortnight

Mumbai / Ahmedabad,  January , 2019: Ahmedabad Municipal Corporation (AMC), the civic governing body of the city of Ahmedabad today  embarked on a new journey getting its Municipal Bonds listed on the Debt Securities platform of the National Stock Exchange of India Ltd (NSE), leading stock exchange of India  today . NSE lists Ahmedabad Municipal Corporation Bonds The Municipal Bonds of the Ahmedabad Municipal Corporation have earned the distinction of receiving the largest amount of bid for any municipal corporation on any Exchange platform. The issue of INR 200 cr recorded a subscription of INR 1,085 cr from 19 institutions. The issue proceeds will be utilized towards the Central government scheme – AMRUT MISSION for Urban Development. Ahmedabad Municipal Corporation received an overwhelming response with an oversubscription of 5.42 times. On the development of the Debt Capital Market, NSE has demonstrated its commitment and now has become the preferred choice amongst...

The pharmaceutical industry welcomed the government order to constitute a standing committee headed by NITI Aayog to recommend the National Pharmaceutical Pricing Authority (NPPA) in regulating prices of medicines. “This would neither favour the industry nor encourage the growth of the industry nothing of that sort, but it brings balance to decision making (on price control), and not leave the industry to one individual (NPPA Chairman),” said DG Shah, Secretary General of Indian Pharmaceutical Alliance (IPA), that represent 20 of the country’s biggest homegrown drug makers. Indian pharmaceutical industry was rattled by the decision of former NPPA chairman Bhupendra Singh, who used special powers conferred under Paragraph 19 of the Drug Price Control Order (DPCO) 2013, to slash prices of hundreds of drug formulations, which were not part of National List of Essential Medicines (NLEM). Shah said that Paragraph 19 was supposed to be used only under extra ordinary circumstances. Several d...

NEW DELHI:  The Union government on Monday formed a committee housed in its think tank NITI A ayog to recommend medicines for price control, diluting the central role of the National Pharmaceuticals Pricing Authority (NPPA) in setting drug prices. Currently, NPPA functions as an autonomous body regulating prices of medicines and health products such as stents under the National List of Essential Medicines (NLEM), besides monitoring prices of those that are not on the list. The new order also ends the existing mechanism in which drugs declared essential would automatically come under price control. From now, the NITI Aayog committee will decide which drugs should be under price control. Drug price regulator’s wings clipped A 21 January order from the ministry of chemicals and fertilizers announced the formation of a standing committee on affordable medicines and health products (SCAMHP) led by member (health), NITI Aayog, and including the chief economic adviser in ...

Indian shares rose today but ended off day’s high, supported by strong gains in heavyweight Reliance Industries. Benchmark index Sensex ended 192 points higher at 36,578 though at its day’s high it had risen to36,701. On the NSE, the Nifty50 index settled 0.50% higher at 10,961. Oil-to-retail conglomerate Reliance Industries 4.4% in its second session of gains after reporting record quarterly numbers. Other top gainers in the Sensex 30 pack included Kotak Mahindra Bank, Sun Pharma, and Bajaj Finance. IT stocks TCS and Infosys were also among the gainers. Sun Pharma, which had tumbled over 14% last week on reports of a fresh whistleblower complaint, rose 2%. Sensex rises nearly 200 points, led by RIL “The market momentum has continued into this week,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. “Stocks, especially heavyweights, have gained on the back of last week’s good quarterly numbers, and that has buoyed the sentiment.” SBI, Bajaj Auto, Power G...

Mumbai, January 18, 2019: IIFL Holdings Limited said, its subsidiary, India Infoline Finance Limited (IIFL Finance), a leading Non-Banking Financial Company, will open a public issue of bonds on January 22, 2019, to raise up to Rs. 2,000 crore , for the purpose of business growth and expansion. The UK-based CDC Group backed IIFL Finance will issue secured and unsecured redeemable non-convertible debentures (NCDs), aggregating to Rs 250 crore, with a green-shoe option to retain over-subscription up to Rs 1,750 crore (aggregating to a total of Rs 2,000 crore). The IIFL Bonds offer highest yield of 10.50% p.a. for Individual and Other categories, and 10.35% for Institutional category, for tenor of 120 months with frequency of monthly and annual payment. The other tenors offered are for 39 and 60 months. IIFL Financeto raise up to Rs. 2,000 crore via Bonds CRISIL has rated the instrument as AA/Stable, which indicates that the instruments are considered to have a high degree of safety f...

Extending gains for the second session, the BSE benchmark Sensex today rose over 100 points after the government said that the country’s trade deficit had narrowed to a 10-month low. The 30-share index jumped 122.14 points, or 0.34 per cent, to 36,440.47 in early trade. Similarly, the NSE Nifty reclaimed the 10,900 mark by rising 33.75 points, or 0.31 per cent, to 10,920.55. Sensex edges higher; RIL, ICICI Bank lead gains On Tuesday, the Sensex had settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80. In morning session on Wednesday, the biggest gainers in the Sensex pack included IndusInd Bank, NTPC, SBI, Reliance Industries, ICICI Bank, Vedanta, Axis Bank, Tata Steel, PowerGrid, ONGC and Infosys, rising up to 1.35 per cent. ITC, TCS, Hero MotoCorp, HCL Tech, HUL and Sun Pharma were among the top losers, shedding up to 0.66 per cent. According to traders, despite weakness in glob...

Crude oil’s rally is starting to sweep away the pessimists. After starting 2019 on a cautious tone, hedge funds last week slashed bets on falling Brent crude prices to the lowest level since mid-November, as they looked to get out the way of a recovery that pushed oil back into a bull market. Wagers on increasing prices climbed the most in a month. The global benchmark surged last week, as the U.S. and China made progress in trade talks and Saudi Arabia reaffirmed its commitment to head off a supply glut. Money managers have turned alternately bullish and bearish on the rally in recent weeks, but the evidence for a sustained move higher is getting harder to ignore, said Mark Waggoner, president of Oregon brokerage Excel Futures Inc. Oil bears get out of the way as crude’s rebound takes hold “Just having another positive week is going to be huge for a lot of people’s psyches, after we got so beat up last year,” Waggoner said by telephone. “I think you’re going to see more of t...