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Thursday, October 20, 2016

Govt to sell 15% in NBCC today; eyes Rs 2,200 cr
Government will today sell 15% stake in state-owned construction company NBCC at a floor price of Rs 246.50 a share to raise about Rs 2,200 crore. The two-day offer for sale (OFS) will open for institutional investors and will be followed by retail sales on Friday. The floor price for the sale has been fixed at Rs 246.50 per share, a 2.6% discount to yesterday's closing price of Rs 253 on BSE, official sources said. Government holds 90% in the company, which has a market capitalisation of Rs 15,180 crore.

Indian Angel Network partners IBM to bolster startup ecosystem
Tech giant IBM and Indian Angel Network (IAN) have partnered for technology innovations in starttups where IAN portfolio companies and members will work with IBM to build thought leadership by leveraging design thinking workshops and IBM IX Studios programme. They will also gain a chance to explore new dimensions of next-gen technologies like Cloud, Cognitive, Analytics, IoT and Mobility, IAN said in a statement here. "IAN and its portfolio companies has been associated with IBM in the past and this partnership has helped nurture high growth startups. We believe this synergistic partnership will breed innovative technologies and grow global footprint companies from India," said Padmaja Ruparel, Co-founder, president IAN.

Sebi extends stock exchange infra to investment advisors
Markets regulator Sebi yesterday allowed investment advisors to use the infrastructure of the stock exchanges for sale and purchase of mutual fund units, a move that will broaden the reach of the platform. They can utilise the exchanges' infrastructure for purchase and sale of mutual fund units directly from asset management companies on behalf of their clients, the capital markets watchdog said in a circular. The Securities and Exchange Board of India (Sebi), in October 2013, had permitted mutual fund distributors to transact in MF units using the stock exchange mechanism.

Future Consumer launches oats brand 'Kosh'
Kishore Biyani-led Future Group's food arm Future Consumer Enterprise has launched its oats brand 'Kosh' and eyeing a revenue of Rs 200-300 crore in the next 2-3 years. The home-grown retail giant, which is targeting a revenue of Rs 20,000 crore from the food and consumer business by 2021, expects 'Kosh' to be a Rs 1,000-crore brand by then. It also anticipates FY17 top-line to be around Rs 4,000 crore. "Oats is an area where we have been working for the last one-and-a-half years. We have set up a Rs 85 crore joint venture manufacturing facility in Sri Lanka. This is one of our bigger brand launches. We are expecting a huge business coming out of it in the next 2-3 years," Future Group Chief Executive Officer Kishore Biyani said.

39th Jamnalal Bajaj Awards to be presented on Nov 7th
The annual Jamnalal Bajaj Foundation Awards, scheduled on 7th November, 2016 felicitates achievers in the fields of humanitarian activities and Gandhian constructive programme. These awards are presented every year in honor of the birth anniversary of Shri Jamnalal Bajaj and to globally propagate his ideals. This year the function would be graced by the presence of Chief Guest Mr. Arun Jaitley. The acclaimed winners will be felicitated at a special function in Jamshed Bhabha Theatre in Mumbai.

UltraTech Cement Q2 net profit up 25% at Rs 613.64 cr
UltraTech Cement has reported a 25% growth in consolidated net profit at Rs 613.64 crore for the quarter ended September 30, 2016 on the back of lower expenses. The flagship firm of the Aditya Birla Group had clocked a consolidated net profit of Rs 490.59 crore in the year-ago period, it said in a filing to BSE. However, the consolidated total income from operations declined to Rs 6,508.62 crore over Rs 6,669.45 crore in the corresponding period last fiscal.

RFID tech can help airline industry save over $3 bn: SITA-IATA
Global deployment of RFID technology to track passenger baggage in real-time can help air transport industry save more than USD 3 billion over the next 7 years, a report by SITA-IATA said yesterday. IT solutions provider SITA and the International Air Transport Association (IATA) said in their report that RFID technology-based tracking can reduce the number of mishandled bags by up to 25% by 2022, given its high rates of efficiency.

ItzCash eyes Rs 60cr from corporate gifts this festive season
Digital payments company ItzCash is eyeing Rs 60 crore turnover from corporate gifting segment this festive season. "This year has been particularly buoyant with the bountiful monsoons and the positive market sentiments which is all set to realign the gifting landscape in the corporate world," ItzCash Chief Growth Officer Bhavik Vasa said in a statement issued here. The company is targeting a turnover of Rs 350 crore this fiscal at a growth of 100%.

Power Grid Corp awards Sterling and Wilson multi state projects
Power Grid Corporation of India Ltd (PGCIL) has awarded Sterling and Wilson a multi-states substation project. "PGCIL...Has recently awarded Sterling and Wilson – India's leading turnkey MEP and EPC player, with the project of extension of 400kV and 132kV substations including transformers and reactors under the North Eastern Region (NER) of India's Strengthening Scheme-IV & VII spread over five states," a statement said.

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Aries (Mar 21 - Apr 20)You will succeed at work much against every odd. Proceed with caution as far as associates are concerned. It would not be a good idea to share your plans and aspirations with colleagues who may not be your sincere well wishers. Eventually everyone wants to get ahead in life. Love life is full of excitement, but you should guard against flirtations, which could cause problems in love relationship.
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