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ET Intelligence Group: Kusumgar, an engineered fabrics manufacturer, plans to raise ₹650 crore through an offer for sale. The promoter group’s stake will fall to 75.4% from 90.1% post listing. The company develops customised fabric solutions for aerospace and defence, industrial, automotive, and outdoor lifestyle applications. The company benefits from strong profitability, with operating margin…
Mumbai: Rich investors eyeing a debt-oriented portfolio with higher returns and better tax efficiency are considering niche plans offered by mutual funds and the newly created specialised investment funds. These structures bundle together high-yielding debt, equity arbitrage, REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) among other securities that boost returns while minimising…
Asian equities edged lower as technology shares remained under pressure, with Samsung Electronics Co. declining after its earnings report. The MSCI Asia Pacific Index fell 0.3%, with decliners narrowly outnumbering gainers. Technology stocks led the losses, with Samsung falling over 5% even after quarterly profit surged 19-fold. The Kospi Index retreated 3.5%, while SK Hynix…
Brokerages initiated coverage on Kirloskar Oil Engines, Union Bank of India, APL Apollo Tubes with ‘buy’ ratings. Their price targets imply returns of 16% to 24% based on Monday’s closing price. KIRLOSKAR OIL ENGINES BROKERAGE: JEFFERIES Price Target: Rs 2,815 CMP: Rs 2,266.10 Upside: 24% Niche product play in a consolidated genset industry, which has…
NEW DELHI: Fitch on Friday said it has withdrawn the ratings on Reliance Capital as the company has decided to stop participating in the agency’s rating process. “The ratings have been withdrawn as Reliance Capital has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to provide ratings…
Mumbai: Temasek-backed Manipal Health Enterprises has secured approval from the Securities and Exchange Board of India (Sebi) to move ahead with its proposed initial public offering, as per an update on the regulator’s website. It had filed draft papers in March to raise up to $1.2 billion (around ₹10,000 crore). The IPO will include a…
The stocks of DB Realty and Unitech rose after top executives of these companies were granted bail in the 2G scam case. The DB Realty stock has risen 40%, while Unitech gained 4%. However, some of the intrinsic problems which plague these companies, and uncertainty over the outcome of the 2G scam case may prevent…
MUMBAI: Alfa Laval (India), a subsidiary of Sweden-based Alfa Laval Corporate AB, today said its parent firm has raised the delisting offer price to Rs 2,850 a share. In a filing with the BSE, Alfa Laval India said its parent company increased the delisting offer price after “considering the prevailing market conditions and with a…
PORTHCURNO (ENGLAND): Newly discovered documents have revealed the first telegraph messages and joy when England was linked for the first time with India on 23 June, 1870, via thousands of km of cables laid painstakingly below the seas, reducing time from months to minutes. The sylvan Porthcurno valley in Cornwall, located on the Atlantic coast…
WASHINGTON: An elephant figurine, made up of artificial pearls and semi-precious stones, which was gifted by the then Indian Home Minister Lal Krishna Advani to US Secretary of State Colin Powell in 2002, has made its way to the State Department exhibition hall. “Secretary Colin Powell received this gift from Indian Minister of Home Affairs…