The new management at Spandana has also hired an independent agency to probe into issues concerning the IT system and operations of Criss Financial – a gold loan subsidiary of it, hinting that there is a suspicion of wrongdoings.
The ready-to-cook, ready-to-mix and staples categories have higher margins compared with packaged commodities, but low penetration from branded players.
Retail investors, who bought an unprecedented amount of shares in Paytm’s parent One 97 Communications Ltd., have seen more than 35% of their value wiped out in just two trading sessions. Further losses may be in store if the stock slumps from its Monday closing price of 1,359.6 rupees to the 1,200 rupees predicted by Macquarie Group Ltd.
Twin Star Holdings and Vedanta Netherlands Investments BV, the promoter companies of Vedanta, will be purchasing around 170 million shares at an offer price of Rs 350 per share.
As Paytm’s shares went into freefall in the early hours of trading on Monday, many took to social media to vent. Others, however, went online looking for someone to blame.
​​The strategic partnership is coming at a time when experts believe that the stressed asset situation in India will get more complicated. Indian banks are likely to see a rise in gross non-performing assets (NPA) to 8-9% of total lending at the end of this fiscal year from 7.5% last year, rating agency CRISIL said in October.
The Gurugram-based company had filed its draft IPO papers for a Rs 1,900 crore IPO in July, which was approved by market regulator Securities and Exchange Board of India (Sebi) in October.
The Reserve Bank of India (RBI) has detailed a draft scheme for the merger of sick Punjab and Maharashtra Cooperative (PMC) Bank with the newly-formed Unity Small Finance Bank Ltd (USFB), more than two years after PMC was put under restrictions on account of fraud that led to a steep deterioration in the networth of the bank.
The NCDs have been assigned ‘CRISIL AA/Stable’ rating and will be listed on BSE Limited’s wholesale debt market. The proceeds will be utilised to refinance its existing debt resulting in interest savings and marks DCCDL’s foray into the listed debt capital market and widening its investor base.
In another transaction, Ipca Laboratories bought 1.05 million shares of Lyka Labs at Rs. 123 per share through a bulk deal on the BSE.
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