REC IPO subscribed 1.62 times within one hr
According to the latest data available on the BSE, the IPO receive bids for over 25.27 crore shares at 1100 hrs, as against 15.61 crore shares on offer.
By HT Correspondent | PTI, Mumbai
UPDATED ON FEB 19, 2008 12:11 PM IST
The initial public offer of Rural Electrification Corporation, a state-run power sector lender, got subscribed 1.62 times of the issue size within one hour of the start of book building process on Tuesday.
According to the latest data available on the Bombay Stock Exchange, the IPO received bids for over 25.27 crore shares at 1100 hrs, as against 15.61 crore shares on offer.
REC is looking to raise about Rs 1,640 crore through sale of equity shares in a price band of Rs 90-105.
According to investment bankers associated with the offer, the issue saw robust demand right from the beginning this morning and was fully subscribed within 27 minutes.
The book building process is scheduled to close on February 22. The issue constitutes about 18.18 per cent of the fully diluted post-issue capital of REC.
The mini-ratna company also aims to increase the annual disbursement to Rs 1,00,000-1,20,000 crore over the next five years to garner 20 per cent market share in power sector financing, whose size has been pegged at Rs 6,00,000 crore in the 11th plan period.
The company is the third power PSU to bring out an IPO after PFC and PGCIL, which got listed last year.
India's forex reserves increase by USD 689 million to USD 584.55 billion: RBI
PTI, Mumbai
PUBLISHED ON MAR 05, 2021 06:14 PM IST
The reserves, which have been steadily increasing over the last few months, had touched an all-time high at USD 590.185 billion for the week ended January 29.
OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr
PTI, New Delhi
PUBLISHED ON MAR 05, 2021 05:51 PM IST
India had purchased 16.71 million barrels of crude in April-May, 2020 and filled all the three Strategic Petroleum Reserves created at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka.
Tax cut should be joint call of Centre, states: Sitharaman on high fuel prices
PTI, New Delhi
UPDATED ON MAR 05, 2021 05:46 PM IST
Taxes on petrol and diesel make up for about 56 per cent of the record high diesel rates.
Germany to pay nuclear operators 2.4 billion euros for plant closures
Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 05, 2021 04:41 PM IST
The Frankfurter Allgemeine Zeitung daily had reported on Thursday that a sum of 2.4 billion euros will be made available from the general budget, citing government sources.
SoftBank strategy chief Katsunori Sago plans exit after just three Years
Posted by Harshit Sabarwal | Bloomberg
PUBLISHED ON MAR 05, 2021 04:23 PM IST
The 53-year-old is a key member of founder Masayoshi Son’s inner circle and something of a celebrity in Japan’s world of finance. Prior to joining SoftBank, Sago spent more than two decades at Goldman Sachs Group Inc., rising to become vice chairman of its operations in the country.
Maharashtra economy to register negative 8% growth in 2020-21: Economic survey
PUBLISHED ON MAR 05, 2021 04:19 PM IST
Industry and services sector were the worst hit by Covid-19 pandemic at a negative growth of 11.3% and 9% respectively, according to the state’s economic survey tabled in the state legislature by finance minister Ajit Pawar on Friday
Utkarsh Small Finance Bank files for IPO, plans to raise ₹1,350 million
By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
PUBLISHED ON MAR 05, 2021 04:07 PM IST
The Utkarsh CoreInvest Limited is the promoter and ICICI Securities, IIFL Securities, Kotak Investment Banking are the book-running managers of the offer.
Microsoft’s $10 billion Pentagon deal at risk amid Amazon fight
Posted by Harshit Sabarwal | Bloomberg
PUBLISHED ON MAR 05, 2021 03:59 PM IST
The US Defense Department said it will reconsider the controversial procurement if a federal judge declines to dismiss Amazon.com Inc.’s allegations that former President Donald Trump’s meddling cost the company the winner-take-all contract.
Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 pts
PTI, Mumbai
UPDATED ON MAR 05, 2021 04:13 PM IST
- Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 points
Amazon's 'Tandav' row puts Bollywood, global streaming giants on edge
Reuters, Mumbai
PUBLISHED ON MAR 05, 2021 02:51 PM IST
- Companies like Amazon's Prime Video and Netflix are inspecting planned shows and scripts, with some even deleting scenes that could be controversial, five Bollywood directors and producers, and two industry sources said.
Asian LNG prices edge higher on Indian, Chinese demand
Reuters
PUBLISHED ON MAR 05, 2021 02:44 PM IST
The average LNG price for April delivery into Northeast Asia was estimated at about $5.70 per million British thermal units (mmBtu), up about 10 cents from the previous week, sources said.
Oil soars to near 14-month high as OPEC+ extends output cuts into April
Reuters
PUBLISHED ON MAR 05, 2021 02:22 PM IST
Brent crude futures for May rose to as high as $68 a barrel on Friday, a level not seen since Jan. 8, 2020. The contract was up $1.09, or 1.6%, to $67.83 a barrel at 0730 GMT, and was on track for a near 3% gain in the week.
I-T Dept detects unaccounted income of ₹175 crore during Tamil Nadu raids
By Divya Chandrababu, Hindustan Times, Chennai
UPDATED ON MAR 05, 2021 11:31 AM IST
- Income tax officials have also seized ₹3 crore cash during raids on two groups of civil contractors in Tamil Nadu
Sensex slumps over 440 points, Nifty slips below 15,000 in early trade
By hindustantimes.com, Mumbai
UPDATED ON MAR 05, 2021 09:54 AM IST
The BSE gauge Sensex was trading at 50,405.99, showing a drop of 440.09 points or 0.87 per cent in the opening session.
Case to get petrol, diesel under the ambit of GST
By Roshan Kishore, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 07:35 AM IST
- At a time when petrol and diesel prices are at an all-time high, and taxes have a bigger component in the retail price than the base price of the fuels, it is worth revisiting the debate