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Tuesday, July 10, 2018

Liberty House moves NCLAT, seeks info on bids from Bhushan Steel lenders
UK-based Liberty House today approached the National Company Law Appellate Tribunal (NCLAT) against the committee of creditors and resolution professional of Bhushan Power & Steel seeking information on the bid finalisation process of the firm. In its plea, Liberty House has alleged that lenders are not sharing any information or documents related to their meeting, which is being convened yesterday.  A two-member bench headed by Chairman Justice S J Mukhopadhaya has asked the lenders to address the grievances of Liberty House. The appellate tribunal has also directed to list Liberty House's plea on July 12, when the main matter related to Bhushan Power & Steel Ltd (BPSL) would come up for hearing. Earlier, lenders of BPSL had rejected the resolution plan submitted by Liberty House citing delay, following which the UK-based group had moved the National Company Law Tribunal (NCLT). The NCLT had on April 23 directed BPSL's lenders, led by PNB, to consider the bid submitted by Liberty House.

Kurlon targets 25-30% revenue growth in FY19
Mattress maker Kurlon said it is targeting a revenue growth of 25-30 per cent in the current fiscal year, on the back of healthy demand. The company had reported over Rs 1,000 crore revenues last year, according to Kurlon managing director Sudhakar Pai. "This year we should be able to grow anywhere between 25 and 30 per cent," Pai told PTI. The Bengaluru-based company claims to enjoy over 40 per cent market share in the organised mattress industry. The total mattress industry is pegged at Rs 6,000 crore,of which the organised segment accounts for 25 per cent. Pai said the company has the ability to grow at 40-50 per cent in this segment. Kurlon, which introduced sofas two to three years ago in its own stores, is embarking on a pan-India rollout for the same and expects the segment to capture at least 5 per cent market share in the Rs 12,000-crore industry in two years.

G20 nations impose 39 new trade-restrictive measures in 7 months: WTO
G20 members including India and the US have applied as many as 39 new trade-restrictive measures such as higher duties and taxes as also stricter customs procedures during seven months to mid-May, a WTO report has said. G20 is a group of developed and developing countries which also includes Australia, Brazil, China, France, UK, EU, Germany, Japan, Korea, Russia, South Africa and Turkey. The trade-restrictive measures in G20 economies have doubled compared to the previous review period, the report said. "This equates to an average of almost six restrictive measures per month, which is significantly higher than the three measures recorded during the previous review period," the World Trade Organisation said. WTO Director General Roberto Azevêdo said the marked increase in such measures among G20 economies should be of "real concern" to the international community.

DoT clears Idea-Vodafone merger with conditions
The telecom ministry (DoT) approved the merger of Vodafone India and Idea Cellular that will create the country's largest mobile services operator, an official source said. "DoT has cleared the Vodafone-Idea merger today. They will have to meet conditions for final approval,” the source told PTI.

The department has asked Idea Cellular to pay Rs 3,926 crore in cash for Vodafone spectrum and furnish a bank guarantee of Rs 3,342 crore, the source further said. The combined operations of Idea and Vodafone will create the country's largest telecom operator worth over USD 23 billion (or over Rs 1.5 lakh crore), with a 35 per cent market share and a subscriber base of around 430 million.

Sensex soars to 5-month high; Nifty tops 10,800-level on global cues
Market benchmark Sensex surged by around 277 points to close at more than five-month high of 35,934.72 on heavy buying in energy, capital goods, power and banking stocks following positive leads from global markets and a strengthening rupee. The broad-based NSE Nifty too went past the 10,800-mark as investors shifted focus on corporate earnings from trade tensions. The BSE Sensex rallied for the second day by rising 276.86 points or 0.78 per cent to settle at 35,934.72, the highest closing level since January 31, when it had closed at 35,965.02. The NSE Nifty ended 80.25 points or 0.74 per cent higher at 10,852.90. Asian markets mostly closed higher and European stock markets advanced in opening trade, tracking gains on Wall Street on Friday after a strong jobs data for June allayed fears of impact of the US-China trade dispute.

‘India Inc to post 12.8% revenue growth in Q1; highest in 3 yrs’
India Inc will deliver the highest quarterly revenue growth in three years at 12.8 per cent in the April-June period, but high oil prices will narrow profit margins by 0.20 per cent, a report said yesterday.

This would be the third consecutive quarter of double digit growth, but the jump in performance in the earlier two quarters could have been attributed to a low base on account of demonetisation and GST implementation slump, the research arm of domestic rating agency Crisil said. The estimates are based on an analysis of 350 companies excluding those in the banking, finance, insurance and oil sectors, which comprise over 50 per cent of the NSE, it said. Major listed companies will start reporting their results starting today.

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