Bank of India approves Rs 3,000 cr QIP, sets floor price at Rs 66.19 per share

2016年7月26日 0 Comments

State-owned Bank of India on Wednesday approved the launch of QIP, aimed at raising Rs 3,000 crore equity capital to fund business growth and meet regulatory compliance. The capital issue committee of the bank at its meeting approved and adopted the preliminary placement document cum application form for the issue and authorised the opening of the issue on Wednesday (August 25, 2021), Bank of India said in a regulatory filing. The lender has set the floor price for the qualified institutional placement (QIP) at Rs 66.19 per equity share. It held a non-deal roadshow from August 10-23 to woo investors, in which as many as 26 entities participated, including Yes Bank, IDFC Bank, HDFC Treasury, ICICI Prudential Life, Edelweiss, SBI Life, Mirae, Kotak Life, Federal Bank, Marshal Wace and Polunin. The bank said it may offer a discount of not more than 5 per cent on the floor price to the subscribers of the issue. The next meeting of the capital issue committee of the bank will be held on August 30 to consider and determine the issue price of shares to be allotted under the QIP, the bank said. The bank aims to fuel its regular business growth, apart from deploying capital for improving the technical platform, co-lending digital operations, tie-ups with fintech companies, and synchronization of tech platform with overseas and domestic operations. Also, the government With the issuance of equity shares through the QIP, the promoter This will help the bank meet the regulatory compliance with Sebi guidelines of maintaining minimum public shareholding will be ensured. The scrip of the bank closed at Rs 64.90 apiece on BSE, up 2.04 per cent from the previous close.

Forex reserves drop by USD 2.47 bn to USD 616.895 bn

2016年7月26日 0 Comments

The countrys foreign exchange reserves declined by USD 2.47 billion to reach USD 616.895 billion in the week ended August 20, RBI data showed on Friday. In the previous week ended August 13, 2021, the reserves had declined by USD 2.099 billion to USD 619.365 billion. The forex kitty had touched a lifetime high of USD 621.464 billion in the week ended August 6, 2021. In the reporting week, the decrease in the reserves was due to a drop in the foreign currency assets (FCAs), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI). FCAs declined by USD 3.365 billion to USD 573.009 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves were up by USD 913 million to USD 37.249 billion in the reporting week, the data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 3 million at USD 1.541 billion. The countrys reserve position with the IMF slipped by USD 15 million to USD 5.096 billion.

DoT makes use of imported components in 25 telecom products eligible for public procurement

2016年7月26日 0 Comments

The Department of Telecom (DoT) has issued a list of 25 telecom product segments, including satellite phones, broadband equipment, optical fibre cable etc, which will qualify as local products even if they use imported components for domestic manufacturing. The notification enables companies making telecom products to import components in public procurement projects of Bharatnet, BSNL, Railways etc in compliance with Public Procurement (preference to Make in India) order, 2017. .it is hereby clarified that if printed circuit board assembly (PCBA) and testing from imported\/domestically manufactured parts and components using surface mount technology process is done in India then imported\/domestically manufactured parts and components will be qualified for the purpose of local content, the notification dated August 31 said. Foreign vendors Nokia, Ericsson, Cisco etc in the past have demanded that they should be treated at par with domestic telecom gear makers. This shall be reviewed when the semiconductor fab (electronic chip plant) in India is operational, the notification said. As on date, all electronic and telecom device makers import electronic chips that are used in their product. Tata Group has shown interest in setting up a semiconductor plant. The list of 25 telecom products include broadband modem, routers, core network routers, broadband equipment, mobile antennas etc.

Google Play Store removes eight fake cryptocurrency mining apps for tricking users, says Trend Micro

2016年7月19日 0 Comments

Google Play Store: As many as eight deceptive cryptocurrency mining apps have been removed from Google Play Store on account of tricking users. The apps were discovered to be fake and they tricked users into watching advertisements, according to security firm Trend Micro. The apps were posing as cryptocurrency cloud mining apps allowing users to earn cryptocurrency by investing in a cloud-mining operation. However, the apps, according to Trend Micro, were tracking users into watching ads, paying an average monthly fee of $15 or about Rs 1,100 for subscription services and paying for Also read | Tech tools: Making digital journeys fast, secure and future-proof It also named the eight apps that were removed – Bitcoin Miner Two of these apps even required users to purchase them from the Play Store in order to install them, mostly because users are more likely to trust apps that require to be paid for at the time of installation. While Crypto Holic required users to pay $12.99 or about Rs 960 in order to download it, Daily Bitcoin Rewards cost $5.99 or about Rs 450. The apps did not have any cryptocurrency mining behaviour, as per the security firm, and only carried out bogus mining activity through a local mining simulation module that included a counter and some random functions. These apps, however, had in-app billing systems through which they asked users to pay for increased mining capabilities, charging anything between $14.99 (or about Rs 1,111) and a whopping $189.99 or about Rs 14,000. Moreover, one of the apps – MineBit Pro – even listed in its terms of use that it was merely an educational simulation\/game that would help users learn more about the crypto money ecosystem, adding that any refund for purchase of virtual goods was not guaranteed. Though these eight apps are said to have been removed from the Google Play Store, Trend Micro is concerned about the fact that keywords like cloud mining in the Play Store lead to listing of many apps that could be of the same type, with some having over 1 lakh downloads.

BrahMos missile soon to be manufactured in UP Defence Corridor

2016年7月19日 0 Comments

The state of the art On Tuesday a delegation of BrahMos Aerospace led by CEO and MD Dr Sudhir Kumar Misra had met with the Chief Minister Yogi Adityanath of Uttar Pradesh (UP). The company has also sent a letter to UPEIDA CEO and additional chief secretary (home) Awanish Awasthi seeking around 200 acre of land for the project in the UP Defence Corridor. More than 500 engineers and technical people are expected to get direct employment in the BrahMos Production Center, which according to an official statement from the UP State government will be built by investing Rs 300 crores. Also, another 5,000 people will get indirect employment and 10,000 thousand people will get work through the production center. The land for the Indo-Russian joint venture company BrahMos Aerospace is expected to be allotted in Lucknow mode and the work on the production centre is likely to start soon. Around 100 BrahMos missiles are planned to be built at the center where RD will also be done. With BrahMos Production Center on the anvil, several other defence companies will go to the state, says the official statement. According to the note, in the Aligarh node, 19 companies which are related to the defence sector, have been allotted land, and among them there are two companies which are investing around Rs 581 crore to make drones. These companies of Aligarh node will help in creating employment opportunities for thousands of people by investing Rs 1245 crore. With investments made in the Jhansi, Lucknow, and Aligarh nodes, in the UP Defence Corridor, the state in the field of Defence Product Manufacturing will move towards becoming self reliant.

Kangana Ranaut’s ‘Thalaivii’ to hit screens on Sep 10; check the brand new movie poster here!

2016年7月19日 0 Comments

Thalaivii: The most awaited film-Kangana Ranaut-starrer Jayalalithaa biopic Thalaivii is all set to release finally. The release date of the movie was delayed due to covids second wave. The makers of the movie shared a brand new poster on Monday while also announcing the release date of the film Thalaivii which will hit theatres on September 10 this year. Bollywood Queen Kangana Ranaut also shared the news with fans on her social media. Sharing the new poster of the film on photo sharing app Instagram, Kangana wrote that the story of this iconic personality should only be witnessed on the big screen. The post has so far garnered 1,96,443 likes followed by some 1,632 comments in one day. View this post on Instagram A post shared by Kangana Ranaut (@kanganaranaut) The actress recently shared the pictures celebrating Raksha Bandhan while shooting for her upcoming film Tejas. She posted a picture three days ago wearing the air force uniform for the first day of her shoot. In the movie Thalaiva, the actor will be seen in various avatars as the late chief minister of Tamil Nadu J. Jayalalithaa. The movie also stars actor Arvind Swami who will be seen as the former chief minister of Tamil Nadu CM MG Ramachandran (MGR). Actors such as Bhagyashree, Nassar and Madhu among others will also be seen in prominent roles . About J. Jayalalithaa Kangana Ranaut is playing the role of Jayalalithaa who was a politician and actress who six times became the Chief Minister of Tamil Nadu. Jayalalithaa made her mark in politics and prior to her political stint, she was a well known actress who catapulted into politics after winning elections, as the chief minister of Tamil Nadu. She remained in power as CM for more than fourteen years between 1991 and 2016. She had also appeared in 140 films-Tamil, Telugu and Kannada between 1961 and 1980.

We are informing global investors about huge market opportunity in India: Sumant Sinha, Chairman & MD, ReNew Power

2016年7月19日 0 Comments

ReNew Power recently became the first Indian renewable energy company to publicly list in the United States through a special purpose acquisition company. The $610 million in cash it received from the IPO will be added to its existing cash balance. The company had earlier told analysts that it aims to own more than 18 GW of renewable energy assets by FY25 and raise annual revenue to more than $1,950 million from the current level of $699 million. Sumant Sinha, chairman and managing director of ReNew Power, tells Anupam Chatterjee how the company plans to gain from the public listing. Edited excerpts. How does the listing change the way funds will be accessed from now on? The $610 million cash raised from the IPO will be infused as equity in the company. Since the listing began with a market capitalisation of $4.5 billion, it will possibly help us raise capital easily and we also hope to lower finance cost in the long run. The green bonds will be continued for debt financing. Till now, the company has been raising via marquee global equity investors, green bonds, domestic project financing and funding from overseas credit institutions. To meet the target of having more than 18 GW by FY25, how much greenfield capacity does ReNew plan to build? How much can be added through acquisition of operational projects? We are open to thoughts and ideas. We have not firmed a concrete plan yet about what would be the composition of the generation asset portfolio by the end of FY25. We currently own about 10 GW of assets, including the 5.7 GW which are currently operational. The remaining capacity needed for the 18-plus GW FY25 target will be a balance of organic and inorganic growth, but we have not determined yet in what ratio that would be. We have recently acquired a 99 MW hydroelectric project in Uttarakhand, which can serve as a storage capacity to a small extent. Will funds from the listing be used for building further backward integration capacity of the upcoming manufacturing facility to include polysilicon and wafers? As of now, we will go ahead with the initial plan of setting up the 2 GW module and cell manufacturing facility. Going forward, we will evaluate if we will integrate backward to manufacture polysilicon and wafer. With the government floating the draft renewable energy open access rules, is there a possibility of the company focusing its attention more on this consumer segment? ReNew has about 450 MW of projects with around 150 large corporate customers. The commercial and industrial segment will definitely become a larger consumer category going forward. We will also gradually put additional focus on this segment as the market picks up. Will you be also evaluating entry into future growth areas such as green hydrogen that are congruous to you existing business profile? The government has big plans for green hydrogen and we are keeping a track on the developments. We are examining the possibilities and we will take a call on that at the opportune moment. Being the first Indian renewable energy firm to get listed on Nasdaq, what kind of reactions are you getting from the global investor community? Investors here are not very aware of the current state of the renewable energy sector in India. We are informing them about the huge market opportunity in India, and how the government policies are supportive to promote renewable energy in the country.

Home loan Vs Mortgage loan: Which one should you opt for? Find out

2016年7月19日 0 Comments

When it comes to home loans, there are various classifications. Depending on what the borrower wants to do with the home loan money, a separate category of home loans needs to be chosen. For instance, there are home loan, home renovation loan, home extension loan, top-up home loan, loan against property, plot loan, construction loan, home loan balance transfer, non-residential premises loan, loan against commercial property and mortgage loan, among others. Some of these loans are add-on loans that can be opted with a primary loan. For instance, both home loans and mortgage loans are secured loans that offer additional top-up loan facilities, balance transfer services and so on, depending on the total loan amount that a borrower is eligible for. One might require a loan for a variety of reasons, but with the different home loan products available in the market today, experts say potential borrowers easily get confused with one another. One such confusing type of loan is home loan and mortgage loan. While a home loan is used to finance the purchase or construction of a home, a mortgage loan, on the other hand, comes with no restrictions on how the borrower plans to use the loan amount. Simply put, when purchasing or building a new house, one needs to take a home loan, whereas a mortgage loan is taken by a borrower for a property that he\/she already owns. Both the loans might sound similar but they are significantly different. Home Loans The purpose of a home loan is only for the construction of a new home or the purchase of a property that is ready for the borrower to move in. With a home loan, the loan-to-value ratio is high. The borrower can get a loan of up to 90 per cent of the propertys market value. The interest rate of home loans is lower in comparison to mortgage loans. The processing fee of a home loan typically ranges from 0.8 per cent to 1.2 per cent of the loan value. The repayment tenure of a home loan is one of the longest that is offered to the borrower, up to 30 years. Mortgage loans With mortgage loans, the borrower is at the liberty to use the money any way he\/she wants. There is no restriction on how the loan money can be used. The borrower can use the money towards any home-related expenses or fulfil any personal needs. Unlike home loans, the loan-to-value ratio with mortgage loans is comparatively low. One can get a loan of up to 60 to 70 per cent of the propertys market value under this loan option. The interest rate charged on mortgage loans normally ranges 1 to 3 per cent points higher than home loans. Compared to home loans, the processing fee of mortgage loans is also higher. Lenders usually charge around 1.5 per cent of the loan value as a processing fee. The repayment tenure of mortgage loans is generally offered up to 15 years. Borrowers also get the top-up facility, wherein one can get extra funding on the existing loans, usually with no extra paperwork.

Global markets: Asia stocks in cautious mood, dollar near 1-month lows

2016年7月19日 0 Comments

Asian share markets were in a cautious mood on Thursday as concerns grew over the Chinese economy after a run of soft data, while the risk of a sub par U.S. payrolls report kept the dollar on the defensive. A raft of manufacturing surveys suggested supply bottlenecks were tightening again with eight of nine Asian countries reporting longer delivery times. The spread of the Delta variant amid still-low vaccination rates in many ASEAN economies and Chinas zero-tolerance Covid strategy has prompted governments to impose restrictions and order factory\/port closures, warned analysts at Nomura.Input shortages and low inventories will likely lead to production cuts and delayed shipments in Q3.The uncertainty kept Chinese blue chips flat, though speculation of more fiscal stimulus offered some support.MSCIs broadest index of Asia-Pacific shares outside Japan edged up 0.2% to a five-week high, helped by buying for the new quarter. Japans Nikkei added 0.1%, while South Korea fell 0.6%.Nasdaq futures and SP 500 futures were barely changed, while EUROSTOXX 50 futures eased 0.2% and FTSE futures 0.1%.Wall Street has been preoccupied with second guessing U.S. August payrolls, due out on Friday, with the task made all the more uncertain by a disappointing reading on ADP private payrolls but a solid ISM survey of manufacturing. Median forecasts are for a strong rise of 750,000 jobs, but they range from 375,000 to 1.02 million with the ADP report prompting speculation the risks are to the downside.Yet a soft number could be positive for risk assets since it would lessen pressure for an early tapering from the Federal Reserve. A print closer to 400k rather than 800k effectively means that the Feds condition of further substantial progress in the labour market will take longer to materialise, thus delaying the tapering decision from September to November, said Rodrigo Catril, a senior FX strategist at NAB.Bad news in the labour market are good news for risk assets given the punchbowl will remain well liquefied for a bit longer. ECB HAWKS SOUND OFF Amid the jobs chatter, 10-year Treasury yields eased back to 1.30% and away from the recent top of 1.375%, while the U.S. dollar index touched a one-month low.The euro also reached its highest since early August at $1.1856 and was last holding steady at $1.1840.The single currency was aided by hawkish comments from Bundesbank President Jens Weidmann who cautioned against inflation risks and called for a slowdown in bond buying by the European Central Bank. In contrast, the Bank of Japan shows no sign of tapering its massive purchases as the country remains mired in a decades-long battle with deflation.That kept the dollar firm at 110.00 yen and comfortably within the tight 108.71 to 110.79 range that has lasted for the past two months. Commodities would likely benefit from any delay in Fed tapering, helping underpin gold at $1,813 an ounce but short of resistance around $1,823.Oil prices eased after OPEC+ agreed to stick to a policy of adding 400,000 barrels per day a month to the market, though it also defied pressure for an even larger increase. Ignoring calls from the White House for further barrel increases, we think that OPEC+ will stay on this current course unless there is a clear deterioration in the demand outlook, said analysts at RBC Capital Markets in a note.Moreover, we reiterate that if there is a price bias for the majority of the OPEC+ membership, it is to the upside given the high fiscal breakevens of member states.Brent slipped 52 cents to $71.07 a barrel, while U.S. crude lost 59 cents to $68.00.

Redmi 10 Prime with MediaTek Helio G88, 50MP quad cameras launched in India: Specs, price, other details

2016年7月19日 0 Comments

Xiaomi launched the Redmi 10 Prime budget smartphone in India on Friday. This is a follow-up to the Redmi 9 Prime. On paper, the Redmi 10 Prime appears to be a It has a fast 90Hz display, a capable MediaTek Helio G88 system-on-chip, 50MP quad camera setup and a ginormous 6,000mAh battery. Having said that, the Redmi The Redmi Note 10 for context is currently selling for Rs 13,999 post a recent price hike. The Redmi 9 Prime was launched at a price of Rs 9,999. Also Read | Mi Notebook Ultra: First look at Xiaomi Alongside the Redmi 10 Prime, Xiaomi is also launching the Redmi 10 Prime India price, availability The Redmi 10 Prime India price starts at Rs 12,499 for a version with 4GB RAM and 64GB storage. The top-end version of the phone with 6GB RAM and 128GB storage will set you back by Rs 14,499. The phone will be sold via Amazon, Mi.com, Mi Home, and Mi Studio Stores starting from September 7. HDFC credit card users will be eligible for additional discounts of up to Rs 750 on purchasing the Redmi 10 Prime. Redmi 10 Prime specs and features The Redmi 10 Prime has an all-plastic body with a side-mounted fingerprint reader. The phone will come in black, blue and white colour options. The phone in question has a 6.5-inch 1080p+ IPS LCD display with a 90Hz The screen is protected by Corning Gorilla Glass 3. Under the hood, the Redmi 10 Prime has an 8-core MediaTek Helio G88 SoC paired with up to 6GB LPDDRX4 RAM and 128GB storage. The phone supports This means the 6GB RAM version of the phone can theoretically extend to 8GB (the 4GB RAM version can extend to 5GB similarly). The Redmi 10 Prime also supports expandable storage. Software inside the phone is MIUI 12.5 based on Android 11. For photography, the Redmi 10 Prime packs a quad camera setup on the rear with a 50MP primary sensor (this is unspecified) with f aperture lens paired with an 8MP ultra-wide-angle and two 2MP sensors, one for macros and another for portraits. The Redmi 10 Prime is further backed by a 6,000mAh battery with 18W fast charging and 9W reverse charging turning the phone into a portable power bank to charge other devices. Rounding off the package are dual speakers, 3.5mm headphone jack, IR blaster and what Xiaomi is calling a Also Read | Mi Smart Band 6 unboxing and first look: Design, specs, features, and everything to know