BSE closes points 3818 up on August 13

first_imgBSE closes points 38.18 up on August 1339K views00:00 / 00:00- 00:00:0000:00BSE closes points 38.18 up on August 1339K viewsBusinessNew Delhi, August 13 (ANI): Trading at the Bombay Stock Exchange today closed 38.18 points up to stand at 25,918.95. At the National Stock Exchange the Nifty closed 12.50 points up to stand at 7,739.55. Eicher Motors and Nestle India were among the top gainers of Group A with an increase of 10.66% and 5.31% along with Apollo Hospitals Enterprise Ltd. and Coromandel International Ltd. with an increase of 4.70% and 3.66% respectively, while the top losers of Group A include Unitech and Engineers India with a decrease of 17.14% and 13.89% along with Jaiprakash Associates Ltd. and Indiabulls Real Estate Ltd. with a decrease of 9.16% and 8.48% at the close of the markets. The Auto sector is up 13.30 points at 16,255.99 while the banking sector is down 170.67 points at 17,066.96 and the reality sector is down 97.99 points at 1,777.75. The Indian currency is up 0.29% at Rs 61.25 per dollar.Ventuno Web Player 4.50New Delhi, August 13 (ANI): Trading at the Bombay Stock Exchange today closed 38.18 points up to stand at 25,918.95. At the National Stock Exchange the Nifty closed 12.50 points up to stand at 7,739.55. Eicher Motors and Nestle India were among the top gainers of Group A with an increase of 10.66% and 5.31% along with Apollo Hospitals Enterprise Ltd. and Coromandel International Ltd. with an increase of 4.70% and 3.66% respectively, while the top losers of Group A include Unitech and Engineers India with a decrease of 17.14% and 13.89% along with Jaiprakash Associates Ltd. and Indiabulls Real Estate Ltd. with a decrease of 9.16% and 8.48% at the close of the markets. The Auto sector is up 13.30 points at 16,255.99 while the banking sector is down 170.67 points at 17,066.96 and the reality sector is down 97.99 points at 1,777.75. The Indian currency is up 0.29% at Rs 61.25 per dollar.last_img read more

Reliance Infra to exit road business may sell entire portfolio to ease

first_imgReliance Infrastructure is nearing a deal to sell all of its road projects to Canada-based Brookfield Asset Management firm. The sale is a part of the company’s strategy to restructure its heavy debt by exiting from capital intensive businesses like road construction.The deal, estimated to be Rs. 8000 crore, had reached an exclusive negotiation phase, and a definitive sale agreement could possibly be signed in August, sources told the Economic Times.Anil Ambani-led Reliance Infrastructure is also one of the National Highway Authority of India’s (NHAI) biggest concessionaire with concession period ranging from 18 to 30 years. With 11 road projects spanning 1,000 km across India’s seven key states, the projects also encompass cities like New Delhi, Bangalore, Jaipur, Agra, Gurgaon, Pune and others mostly located on high traffic urban corridors.The news daily noted that the ADAG’s infra business had invested around Rs. 7,500 crore to Rs. 8,000 crore on the complete road assets.The company’s road business earned Rs. 653 crore in revenue in 2016 and is slated to touch Rs. 900 crore in 2017 when all the 11 projects complete a year of operation. Though all its road assets are revenue generating at present, the company sits on Rs. 5,000 crore debt. Estimated investments for the entire portfolio of roads is between Rs. 7,500 crore to Rs. 8,000 crore.For Brookfield, the assets are worthy investments as they fall under its core sectors of property, infrastructure, power and private equity. The company’s India head noted that “the assets themselves are not stressed, but are world class. They just happen to belong to businesses that are stressed” in India.With the sale of road business, Reliance Infra’s standalone debt is expected to ease, helping the company focus on high return of equity areas like defence manufacturing and engineering, procurement and construction (EPC) businesses.As of March 31, the company’s standalone debt was Rs.15,500 crore, while its consolidated debt was Rs. 25,000 crore.last_img read more

EC to announce Khulna Gazipur polls schedule 31 Mar

first_img.The election commission (EC) will declare the schedule of Gazipur and Khulna city corporation elections on 31 March.The decision was taken at a meeting of the commission on Monday, said EC secretary Helaluddin Ahmed while speaking to journalists.Replying to a question, the EC secretary said the commission would use Electronic Voting Machine (EVM) in different local government elections.Based on the voters’ feedback, they will decide if the EVM will be used in the national election, he added.UNB adds: The five-year tenure of Gazipur City Corporation will end on 4 September while that of Khulna on 25 September.The EC has a legal obligation to complete the election to Gazipur between 8 March and 4 September and that to Khulna between 30 March and 25 September.The EC secretary said the commission meeting discussed elections to five cities — Rajshahi, Khulna, Barisal, Sylhet and Gazipur — and decided to arrange elections to the cities following the dates of the maiden meetings of elected representatives of those cities.He said the EC will declare polls schedules for Gazipur and Khulna cities taking the final decision in this regard on 31 March.Helaluddin, however, said the EC may not announce election schedule for three remaining city corporations — Rajshahi, Barisal and Sylhet — on 31 March.last_img read more