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Markets open on high: Telecom sector gets a boost from Govt.
Stock Market Live: The Indian market opens higher on Thursday following gains in Asian peers amid mixed global cues. At 7:15 am, the SGX Nifty was trading 65.00 points or 0.43 percent higher at 15,261.00, indicating a positive start for the Sensex and Nifty50.
China shares rise on return from holiday, profit-taking hits other markets
Chinese shares rose on Thursday during the first trading session after the week-long Lunar New Year holiday amid renewed optimism for an acceleration in global growth, but other Asian markets were hit by profit-taking. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15 percent but was still close to an all-time high. Shares in China rose 0.77 percent. Australian stocks erased gains to trade 0.05 percent lower, while Japan’s Nikkei was unchanged. E-mini futures for the S&P 500 fell 0.04 percent. Yields on two-year Treasuries hit a record low and the 10-year yield extended a pullback from a one-year high as a bond market sell-off started to fade.
Airtel to buy back 20% stake in Bharti Telemedia from Warburg Pincus for Rs 3,126 cr
Bharti Airtel on Wednesday said it will acquire 20 per cent stake in its DTH arm Bharti Telemedia from an affiliate of Warburg Pincus for about Rs 3,126 crore. The Warburg Pincus affiliate had acquired 20 per cent equity stake in Bharti Telemedia in 2018 after the announcement of the deal in December 2017. The transaction will be discharged primarily via issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and and up to Rs 1,037.8 crore in cash, Bharti Airtel said in a statement.
Rs 10,570 crore tax dispute: Cairn CEO to meet top finance ministry officials today
As top team of Cairn Plc will be calling upon union finance ministry, all eyes are on how the Narendra Modi government and the company look at the years old tax dispute. Sources privy to the developments told CNBC-TV18 that finance secretary Ajay Bhushan Pandey and top income tax department officials are likely to be part of the meeting scheduled to take place on Thursday with Simon Thomson, CEO of Cairn Plc. According to multiple people familiar with the development, both India and Cairn will be sitting with an open mind to see a possible solution outside the legal options when they meet tomorrow.
Sebi board approves relaxing minimum public offer norms, other measures
Markets regulator Sebi on Wednesday approved a slew of proposals, including relaxing minimum public offer requirements and amending norms for portfolio managers. Besides, the watchdog cleared repealing of Sebi (Underwriters) Regulations, 1993 and amendments to the Sebi (Merchant Bankers) Regulations, 1992 and the SEBI (Stock Brokers) Regulations, 1992. Continuing efforts to further the ease of doing business in the country, the watchdog’s board also gave its nod for merger of Sebi (Regulatory Fee on Stock Exchanges) Regulations, 2006 with Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018, according to a release.
Govt clears PLI scheme for telecom equipment; here’s what it means for the sector
In a bid to boost manufacturing in India, the Union Cabinet has cleared the way for a production-linked incentive (PLI) scheme for the telecom equipment sector to the tune of Rs 12,200 crore.
Announcing the scheme, Telecom Minister Ravi Shankar Prasad said that the government expects an incremental production of over Rs 2.4 lakh crore in the telecom equipment sector. This includes nearly Rs 2 lakh crore in exports along with 40,000 new jobs. Government is also expecting Rs 17,000 crore in tax revenue.
Detailing the contours of the scheme, Telecom Secretary Anshu Prakash said, “We have Rs 12,195 crore. We will be issuing the guidelines and inviting applications and the base year will be 2019-2020 because that was a normal year. From April 1 applications will be invited.”
Prakash said that the applications will be reviewed by a committee. The committee will examine the commitments of investments made.
“For MSME, the minimum incremental investment will be Rs 10 crore and for non-MSME, which are the bigger companies, the minimum incremental investment will be Rs 100 crore. Once the investment is made, we will calculate the incentive which will be available. This will be spread over 5 years,” he explained in an interview to CNBC-TV18.
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