Disney plans majority stake in India's UTV Software
After the allotment and on successful completion of the offer, Disney's stake in the Indian firm would rise to 51.6 per cent, it said, from 14.85 per cent currently.
By HT Correspondent | Reuters, Mumbai
UPDATED ON FEB 18, 2008 11:16 AM IST
A unit of Walt Disney Co and the founders of India's UTV Software Communications Ltd have made an open offer to buy another 20 per cent in the Indian media firm, an advertisement in the
Business Standard
showed on February 18.
The open offer for 7.75 million shares at 860.79 rupees each would follow a proposed allotment of 9.35 million shares at the same price to Disney, the advertisement said.
After the allotment and on successful completion of the offer, Disney's stake in the Indian firm would rise to 51.6 per cent, it said, from 14.85 per cent currently.
UTV's founders' would also receive warrants for 4.5 million shares at the same price prior to the open offer, the advertisement said.
On completion of the offer, Disney and the founders together would own 83.7 per cent of the firm, the advertisement said, adding the the two parties said they did not intend to delist UTV Software.
The open and closing dates of the offer were not given in the notice.
At 0459 GMT, UTV shares were down 3.5 per cent at 832 rupees.
(Reporting by Jasudha Kirpalani, Editing by John Mair)
Rupee surges 24 paise to 73.31 against US dollar in early trade
PTI, Mumbai
PUBLISHED ON MAR 02, 2021 10:56 AM IST
At the interbank forex market, the local unit opened at 73.32 against the US dollar, then inched higher to 73.31 against the greenback, registering a rise of 24 paise over its previous close.
Privatisation: Govt gets multiple bids for Shipping corporation of India's
PTI
PUBLISHED ON MAR 02, 2021 10:51 AM IST
The Cabinet had in November last year given an in-principle approval for strategic divestment of Shipping Corp and Container Corp of India Ltd. However, the plans were delayed due to the pandemic.
Disinvestment: BPCL to sell Numaligarh Refinery stake for ₹9,876 cr
PTI
PUBLISHED ON MAR 02, 2021 10:40 AM IST
In keeping with the Assam Peace Accord, the government had decided to keep Numaligarh Refinery Ltd (NRL) in the public sector. As part of this, BPCL was to sell its entire 61.65 per cent stake to state-owned firms.
Global food prices in January at highest since 2014: Key points
By HT Correspondent| Edited by Sameer
PUBLISHED ON MAR 02, 2021 10:39 AM IST
Higher food prices could complicate the country’s nascent economic recovery, analysts said. Higher international prices of food commodities are spurring India’s food exports, but they will make India’s food imports costlier
Indian shares extend gains as lenders, IT stocks advance
Posted by Prashasti Singh | Reuters, Bengaluru
UPDATED ON MAR 02, 2021 09:52 AM IST
The NSE Nifty 50 index rose 0.8% to 14,880.10 by 0355 GMT, about 120 points short of the 15,000 level that it last touched on Feb. 25.
Japan cuts investments on plant, equipment, casts doubt on strength of economy
Reuters, Tokyo
PUBLISHED ON MAR 02, 2021 08:06 AM IST
Weakness in capital expenditure is likely to worry policymakers counting on private-sector investment to help the world's third-largest economy decisively shake off the health crisis.
Auto sales enter fast lane with double-digit growth
By Malyaban Ghosh, Livemint, New Delhi
PUBLISHED ON MAR 02, 2021 07:07 AM IST
Commercial vehicles too posted better sales in line with a pickup in manufacturing and infrastructure activity, according to sales data issued by individual automakers on Monday.
Glitch probe on at HDFC Securities; Zerodha faces snag
By Nasrin Sultana, Livemint, Mumbai
PUBLISHED ON MAR 02, 2021 07:03 AM IST
The brokerage firms that faced a temporary technical issue in early trade on Monday are HDFC Securities, Angel Broking, and discount brokerage firm Zerodha.
GST revenue hits ₹1 Lakh-crore for 5th month
By Rajeev Jayaswal
PUBLISHED ON MAR 02, 2021 07:00 AM IST
The February collection is 7.3% higher than ₹1,05,361 crore collected in the same month last year, the last month before businesses took a hit on account of Covid-induced lockdown.
Manufacturing activity remained strong in February
By Asit Ranjan Mishra, Livemint, New Delhi
PUBLISHED ON MAR 02, 2021 06:57 AM IST
Data released by analytics firm IHS Markit on Monday showed Purchasing Managers’ Index (PMI) for the manufacturing sector fell marginally to 57.5 in February from 57.7 in January.
Urban jobless rate falls below 7% for the first time in 2 years
By Prashant K Nanda, Livemint, New Delhi
PUBLISHED ON MAR 02, 2021 06:47 AM IST
Urban joblessness fell to 6.99% in February from 8.08% in January, according to the Centre for Monitoring Indian Economy (CMIE), mirroring the gradual revival of the economy.
Record global food prices benefit Indian farmers, but stoke inflation fears
By Zia Haq, New Delhi
PUBLISHED ON MAR 02, 2021 04:09 AM IST
Food and Agriculture Organisation's (FAO’s) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 113.3 points in January 2021, 4.7 points ( or 4.3%) higher than in December 2020, according to the UN agency.
Telcos place bids worth ₹77,000 crores for 4G spectrum
By Ishita Guha, Livemint, New Delhi
PUBLISHED ON MAR 02, 2021 12:36 AM IST
The department of telecommunications (DoT) aims to raise at least ₹3.92 trillion in the auction of 2,308.8 MHz of spectrum. The auction will continue on Tuesday, the minister told reporters.
New WTO chief pushes for vaccine access, fisheries deal
Posted by Harshit Sabarwal | AP
PUBLISHED ON MAR 01, 2021 11:41 PM IST
Director-General Ngozi Okonjo-Iweala, a Nigerian economist and former government minister, donned a mask and doled out welcoming elbow bumps as she took up her job at WTO headquarters on the banks of Lake Geneva.
US manufacturing activity hits three-year high; cost pressures accelerating
Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 01, 2021 11:28 PM IST
The acceleration reported by the Institute for Supply Management (ISM) on Monday was despite a global semiconductor chip shortage, which has hurt production at automobile plants.