Debt-laden Bhushan Steel’s stock rises 16% on JSW takeover reports
Bhushan Steel shares rose 16 per cent during intra-day trade on the Bombay Stock Exchange (BSE) on Tuesday, with punters betting that JSW Steel had submitted a higher bid for the company, compared to the Tatas. The stock, however, gave up some gains and finally ended up 14 per cent at Rs 50.85 on the BSE. JSW Steel’s bid document, which ran into 500 pages, was opened at Deloitte’s Gurugram office along with two others from Tata Steel and employees of Bhushan Steel.
884 firms under Govt lens over money laundering
As many as 884 companies are under the scanner in various money laundering cases, and assets worth over Rs 5,000 crore have been attached following probes initiated under the Prevention of Money Laundering Act (PMLA), Union Minister P P Chaudhary said on Tuesday. However, he said that not a single company has been deregistered on charges of money laundering. As per inputs supplied by the Finance Ministry, “884 companies are under investigation in various money laundering cases,” the Minister of State for Corporate Affairs said in a written reply to the upper house of Parliament, the Rajya Sabha.
World stock sell-off runs to $4 trn; bond yields off multi-yr highs
World stock markets nosedived for a fourth day running on Tuesday, having seen $4 trillion wiped off from what just eight days ago had been record high values. Europe’s main bourses were down around 2 percent, leaving investors with little option but to seek traditional refuges such as gold and one of the initial triggers for the selloff – benchmark government bonds.
All eyes on RBI policy review meet; rates likely to remain unchanged
All eyes are on Reserve Bank of India (RBI)’s monetary policy committee (MPC) meeting today where the apex bank will decide key policy rates. Based on a Zee Business poll, RBI is likely to keep interest rates unchanged keeping in mind the upside risks of inflation. According to a poll conducted by Zee Business, majority of the respondent said the apex bank will keep repo rate, the rate at which the central bank lends to banks, unchanged at 6%. However, 85% of the respondent said that RBI’s commentary will be hawkish. About 60% respondents said that RBI’s inflation target, which is currently at 4.7% for Q4FY18, will not go up, while 40% think the target may increase.
ICICI Securities gets Sebi’s nod for IPO
ICICI Securities, a subsidiary of private sector lender ICICI Bank, has received markets regulator Sebi’s go-ahead to raise an estimated Rs 3,000-Rs 4,000 crore through an initial public offering. The company had filed its draft papers with Securities and Exchange Board of India (Sebi) in December and received ‘observations’ from the regulator on February 2, as per the latest update with the markets watchdog. The ‘observations’ are very important to any company for launching public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.