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The Dollar Business Bureau Bombay Stock Exchange (BSE) on Thursday announced it would transfer shares of 81 companies to the restricted trade category from November 8, as it aims to ensure market safety and safeguard the investors’ interest. The companies whose stocks will be moved into the restricted segment - T or XT group - include Accel Transmatic, Agio Paper & Industries, DCM Financial Services, Ducon Infratechnologies, Indo City Infotech, Uday Jewellery Industries and Women Networks. Under the BSE’s T or XT category, no speculative trading is permitted and also shares delivery and payment of consideration amount can become mandatory. In its circular, BSE has urged its trading members to take appropriate precaution. It said the trading in these 87 scrips as the ...

The Dollar Business Bureau In line with the industry’s earlier prediction following RBI Governor Raghuram Rajan’s surprise announcement of resignation bringing an end to his three-year term on September 4, foreign investors on Monday took out over Rs.3,700 crore from the Indian market, the highest single-day outflow so far during this financial year.   On the first trading session on Monday, foreign portfolio investors (FPIs) remained the major net sellers as they sold to the tune of Rs 2,837 crore in Indian markets on Monday's trade.  Life Insurance Corp. pumped in Rs.99 crore to buy shares of 6-7 bluechip firms. Its mutual funds also attracted heavy buyers with a net purchase of Rs. 459 crore worth-shares and debt securities worth Rs.1,215 crore during ...

The Dollar Business Bureau Havells India has acquired  a 51% stake in Promptec at an enterprise value of Rs.65 crore. This would ramp up its stake in Promptec Renewable Energy Solutions for an undisclosed amount, the electrical equipment firm said in a statement to BSE. According to it, Havells India has signed a tripartite agreement with its subsidiary Promptec Renewable Energy Solutions Pvt Ltd on Monday. Post-acquisition, the promoter-side of Promptec will continue to hold a 49% stake in the company. This marks the entry of Havells in the field of solar energy. As per the agreement, Havells India has decided to acquire a 70% stake in Promptec and the shareholders of Promptec. Currently, it owns 51% stake in the paid-up share ...

Sharath Chowdary With the changing dynamics  and increased volatility of exchange rates across the globe, currency prices fluctuate all the time and they are open to risk in the foreign exchange market just like any other financial market. While importing or exporting goods to other countries, the value of foreign currency may change and this may result in huge losses to companies.  Hedging is the best way to minimise the risk for trading companies and individual investors participating in the forex markets, Pratap Chandiramani, Head - Corporate Business (Currency Derivatives), Bombay Stock Exchange (BSE) told The Dollar Business. He was participating in a seminar on ‘Managing Currency and Commodity Risk’ organised by Karvy Stock Broking and Federation of Telangana and Andhra Pradesh Chambers ...

The Dollar Business Bureau Reliance Industries Ltd’s (RIL) indirectly fully-owned arm, Reliance Exploration & Production DMCC (REPDMCC), has signed an agreement to sell its entire interest of 76 percent in the Mauritius-incorporated GAPCO to Total Marketing and Services. REPDMCC has signed agreement with Total on May 30, 2016 for the sale of its entire 76 percent interest held by it in the GAPCO (Gulf Africa Petroleum Corporation), RIL said in a BSE filing on Tuesday. The proposed deal is subjected to approvals from regulatory bodies and other conditions that are applicable for such transactions, it added. GAPCO, a holding company, has operating arms in Kenya, Tanzania and Uganda, which are majorly involved in the imports of petroleum products. The company is also ...

The Dollar Business Bureau BGR Energy Systems has canceled a $246-million order to set up a 500 MW gas turbine power plant in Iraq for Al Nasiriya.  The company in its BSE filing said, “The company has now struck off a carryover contract value of $246 million from its order book." It has entered into an Engineering Procurement Construction (EPC) contract on October 13, 2013 which was valued at $246 million for the Al Nasiriya 500 MW Gas Turbine Power Plant project with the Ministry of Electricity, Iraq(MoE). According to the terms of the contract, the MoE has provided a Letter of Credit for 50 percent of the contract value in favor of BGR Energy. It has also issued a performance bond equal ...

The Dollar Business Bureau  Ballarpur Industries, which is in the process of selling 98.08% stake to Malaysia-based Sabah Forest Industries, at a staggering $500 million, will receive $50 million as an advance payment from Pandawa Sakti in early June. Pandawa Sakti will pay the balance amount to purchase Sabah Forest Industries (SFI) by June 30th. In a Bombay Stock Exchange (BSE) filing, Ballarpur Industries stated that the buyer will make an advance payment by June 3rd, and balance equity consideration that will complete the purchase will be paid by June 30th. In addition to the guaranteed $31.5 million, Pandawa Sakti is likely to provide another $17.5 million as an additional security by May 31st. Based on the formalities that are yet to be completed by ...

The Dollar Business Bureau GlaxoSmithKline, a British pharma company, on Wednesday, reported Rs.105.98 crore of standalone net profit for Q4 ended March 2016. The London-based company’s net profit for the corresponding period in FY15 stood at Rs.102.85 crore. Founded in 2000 with the merging of Glaxo Wellcome and SmithKline Beecham, it became the 6th largest pharma company in the world. In a filing to BSE, GlaxoSmithKline revealed that the revenue generated from operations of the company for the considered quarter stood at Rs.692.97 cr, which was an increase from Rs.618.06 crore of income generated for the reviewed period in FY15. The net profit of GSK in FY16 was Rs.375 cr, while it was Rs.471.65 crore for FY15. The standalone income was calculated at ...