Bajaj Finance today authorised the opening of QIP (qualified institutional placement) of equity shares. The Bajaj group financial services company has set a floor price in respect of aforesaid QIP at Rs 1,771.9 per equity share. Shares of Bajaj Finance hit a day’s high of Rs 1,814.05 before closing down 0.64% at Rs 1,787.5 on BSE today ahead of the QIP announcement. The company further said that it may offer a discount of not more than 5% on the floor price set for QIP. Earlier in July 2017, the company’s board of directors has approved to raise Rs 4,500 crore through a qualified institutional placement.
Bajaj Finance has proposed the QIP (qualified institutional placement) of equity shares of face value Rs 2 today under a provision of chapter 8 of Securities and Exchange Board of India. Bajaj Finance said that the subsequent approval accorded by the board of directors of the company at its meeting held on 19 July 2017 and the special resolution passed by the shareholders of the company by way of postal ballot on 24 August 2017 has passed authorising of opening of QIP today, 5 September, and approving its floor price of Rs 1,771.9 per equity share.
The company will consider and approve issue price including a discount, if any, for the equity shares to be allotted to qualified institutional buyers pursuant to the QIP in a meeting of a special committee of the board of directors to be held on or after 8 September, company said in an exchange filing.
In a recent shuffling last week, India Index Services and Products Ltd (IISL) which is an arm of the National Stock Exchange (NSE) announced as part of its periodic review that Bajaj Finance along with Hindustan Petroleum Corporation Ltd, and UPL Ltd would be included in Nifty index with effect from 29 September 2017. Following this, the scrips of ACC, Bank of Baroda, Tata Power and Tata Motors DVR will be removed from the broader Indian benchmark index Nifty 50.
Bajaj Finance Limited is a subsidiary of Bajaj Finserv, which is a non-banking financial company. The financial services company deals in consumer finance, SME and commercial lending, and wealth management.
Honda has plans to be India’s largest 2-wheeler manufacturer by 2020, which possibly explains their two pronged attacks on the Indian market, with products like Africa Twin to win over the more premium segments of the market. While products like the Navi and their new Cliq scooter have been specifically designed to attack the segment bottom-up, it leaves Honda with their mid-segment, which starts with bikes like the Dream Neo and the CD100, both of which are dated re-renders of an old product. The problem continues all the way up to the Hornet which is the only new(ish) bike in their portfolio. As the Indian consumer matures and starts wanting more premium products, older and dated products seem less likely to succeed. Meanwhile, the Activa continues to be the backbone of the company's sales in India have sold more than a crore and a half vehicles since its launch last year.
Which is why Honda’s offerings at the Auto Expo next year will make clear Honda’s agenda for the next two years. While our sources at Honda reveal that talks are still on for finalising the machines, they will ultimately showcase these products at the 2018 Indian Auto Expo. Here is our theory of products, that we think Honda will bring to the table based on their renewed strategy and some fleeting inputs from a source close to the developments.
The Honda Scoopy is an automatic scooter that was also spotted on test alongside the Grom at around the same time. Now the Scoopy uses Honda’s much acclaimed 110cc motor (of Activa fame) and makes 8bhp and 9 Nm of torque from it’s fuel-injected motor. The Scoopy’s premium-retro styling might make it a good competitor to offerings like the Vespa and the Aprilia SR150 but most of this is speculation at this stage. However, this is one product we’d definitely put our money on for the Expo.
Honda 150SS and 150R
Earlier this year Honda showcased the 150 SS Racer concept, and after an intense response from the consumer they fast tracked it for production and the result is the CB150R ExMotion that was showcased on Monday in Bangkok. The ExMotion is Honda’s take on a modern cafe racer with the qualities of a sports bike. It combines practicality and adds a modern premium touch, which aligns perfectly with what we think Honda’s future strategy is in the Indian market. Add to that it’s fast track development and easy to source 150cc motor, we think this could be one of Honda’s offerings at the Expo
Now Honda broke the internet with video from the CES, with their self-balancing bike concept. Now Honda has not decided which bikes it will give this cutting edge technology too, but it seems like something that would be terribly useful on the almost half ton Honda Goldwing. Now while we don’t know when or whether the technology will make it to India, grapevine has it that Honda officials are trying to bring the concept to India to showcase at the Auto Expo. We assume that this will be more to improve the brand's visibility at Expo than anything else, but we are still excited to see this cutting edge technology in the flesh.
Bharat Sanchar Nigam Limited (BSNL) has launched a new data plan at Rs 429, which will provide unlimited voice calls and 1GB data per day to its prepaid subscribers for a period of 90 days. As per NDTV report, BSNL said,”This plan will give free voice (local/STD) on any network and 90 GB data (1 GB per day) for 90 days on pan-India basis.” It added, that however, the plan will not be available in the Kerala circle. RK Mittal, Director (Consumer Mobility), BSNL board, said,”This voice and data centric plan is available for Rs. 429, that is, Rs. 143 per month which gives unlimited voice (local/STD) on any net and 90 GB data (at 1 GB per day) for 90 days, which is the most competitive plan in present market scenario.” The plan comes after the announcement of Reliance Jio’s and Airtel’s Rs 399 plans which offered unlimited free calls with 1 GB data per day for 84 days.
Amidst the heightened competition in the telecom market, BSNL had also announced Rs 444 plan which offered 360 GB of 3G/2G data for the prepaid customers. The company also provided 4GB of data per day under the special tariff voucher (STV).
Ever since the launch of Reliance Jio last year in September, other operators have been trying to come up with aggressive offers to tackle the freebies that Jio has been providing its users.
As per NDTV report, the government had recently postponed a decision to sell a stake in BSNL as falling profits and market share booming in the handphone sector dim the prospects of a successful sale. Chief Executive
Apple will launch the iPhone 8 on September 12 and according to latest reports, its price in India could cross a whopping Rs 1,00,000. Apple will host an event next Tuesday and it is highly expected that it will roll out a few iPhones and the premium version may be called iPhone 8 or iPhone X. The tech giant is going to bring some amazing new features and it may include face recognition software and wireless charging, according to speculations. But, with the amazing new specifications, the 2017 iPhone may come at some amazing prices. According to Benjamin Geskin, the Apple iPhone 8 will be priced at $1199 for the 512GB variant. Meanwhile, the 256GB model could be priced at $1099 and the 64GB version may come at $999. Geskin is a popular journalist who is known to leak information related to Apple devices.
Geskin had tweeted the expected prices of the Apple iPhone 8, citing sources in the company. Before him, another famous tipster John Grubber had said that the price of the 10th anniversary iPhone could cross $1200. We cannot vouch for the authenticity of the information and we can only find out when the company launches the device next week. Meanwhile, if the reports are true, we can compare it to the pricing strategy applied to the iPhone 7. The previous Apple device was launched at $649. In Indian currency, it roughly translates to around Rs 42,000. However, when Apple launched the iPhone 7 in India, it priced it at Rs 60,000. So, the conversion rate was Rs 60 thousand divided by 649, that is Rs 92.50. If we multiply this value with the current expected prices now, the prices will start at Rs 92,000 and could go upto Rs 1,11,000 which is a huge amount even by most premium smartphone standards.
7th Pay Commission report: It seems another good news is coming for government employees. Reportedly, Narendra Modi government is planning to raise the minimum salary of Central government employees. The government may hike the minimum salary to Rs 21,000, as per a report in OneIndia. As of now, the minimum salary of Central government employees is Rs 18,000. However, the demand is to hike the minimum pay to Rs 25,000, the One India report adds.
Earlier, in a bonanza to 48 lakh central government employees, the Union Cabinet on June 28 had approved recommendations of 7th Central Pay Commission with 34 modifications. The increased allowances came into effect from July 1, 2017 and were based on the recommendations of the Committee on Allowances (CoA).
Finance Minister Arun Jaitley had said the modifications are based on suggestions made by the CoA in its report submitted to the Finance Minister on April 27, and the Empowered Committee of Secretaries set up to screen the recommendations of the 7th Pay Commission.
The 7th Pay Commission suggested the abolition of 53 allowances. Of these, the government decided not to do away with 12 allowances.
Also, the Pay Commission had recommended the reduction in the HRA rates to 24 per cent for X, 16 per cent for Y and 8 per cent for Z category of cities
India and China's decision to have a "forward-looking" discussion at the bilateral meeting between the heads of the two governments during the 9th BRICS Summit underlines the growing need for policy realignment in a rapidly changing world.
Both India and China, as Chinese premier Xi Jinping reaffirmed, need "healthy and stable" relations in a world where the US influence is waning rapidly, leading to new geopolitical concerns in Asia and Europe.
Beijing, it is evident from the BRICS declaration on terrorism, has realised it doesn't gain anything from alienating India at a time when China is busy asserting its role as a global power and an alternate to the US. India, on its part, has realised that not making China unhappy will serve New Delhi's interest because of changing global equations.
To understand why China is becoming an important geo-political player, we need to take a step back to look at the ongoing battle of words between the US and its ally South Korea amid the standoff with Pyongyang.
Two days ago, President of the US Donald Trump stumped everyone by criticising South Korea for engaging with North Korea. His verbal attack on Seoul came within hours of North Korea claiming a successful test of hydrogen bomb, which it is now threatening to use against the US.
According to CNN, Trump's aides say the President has grown frustrated by what he regards as a soft stance toward North Korea by President Moon Jae-in, who has pressed for negotiations with Pyongyang in an attempt to tamp down rapidly heightening tensions.
Seoul has been a US ally ever since its creation. It has stood by Washington through various crises. So, why is Seoul suddenly in Trump's line of fire? Why is it advocating a "soft stance" towards North Korea in spite of the fact that Pyongyang almost seems to be begging for war with the US and its allies in east Asia?
One of the reasons, of course, is domestic politics. President Moon Jae-in came to power in May on the promise of speaking with North Korea and dealing with corruption. So, he has his domestic constituency to address. But, the other reason is also compelling: South Korea's desire to not annoy China, Pyongyang's only friend in the region.
As The Guardian writes, Seoul is advocating dialogue because its people have realised China is the emergent hegemonic force in the Pacific. "The unipolar world is being replaced with a chaotic system in which China and Russia are creating weak local polarities. Working out whose polar attraction will shape your region in the 21st century is not hard if you live on the Korean peninsula," the newspaper argues.
In short, everyone is noticing the growing influence of China in a world where the US is weakening.
That India is coming to terms with the impending chaos was evident in its handling of the Doka La crisis. Though it stood up to China and took timely action by blocking construction of road by Beijing through the Doka La plateau, India avoided shrill rhetoric and did not go out of its way to humiliate or challenge China (in spite of shrill warnings from the state-controlled media of its neighbour). Instead, India kept its focus on dialogue through diplomatic channels. It realised that even though US is tilting towards New Delhi, it is in India's interest to strike the right balance in an emerging multi-polar world.
Peaceful resolution of the border stand-off and the latest bilateral talks between the two countries during the BRICS Summit shows how the two countries have adjusted to the new realities instead of sticking to conventional positions. By accommodating India's concerns on terrorism, China has indicated it realises the importance of a stable and healthy neighbourhood. India, on its part, has come to terms with China's ambitions of filling up the vacuum created by a receding US.
This new evidence of pragmatism, as opposed to ideologies dictated by the past, is a welcome development. India and China benefit from mutual respect and peace in many ways. China benefits from a stable and democratic neighbour that is a major consumer of its products and, thus, a major contributor to its trade. Annoying India makes little political or business sense.
India, meanwhile, can go about the task of building its economy without bothering about a hostile neighbour with a huge military and financial muscle. Keeping China in the good books also helps India to hedge it bets in a world where there could soon be multiple powers competing for political, strategic and business partners
Following a near-flawless demolition of Pakistan in their campaign opener, India will eye another dominant performance to seal a semi-final berth when they take on Sri Lanka in the ICC Champions Trophy in London on Thursday.
Having pulverised Pakistan by 124 runs, India will start as overwhelming favourites against Sri Lanka, who looked in total disarray during their 96-run defeat at the hands of South Africa.
The only worry is the fickle London weather, with forecasts of 40 percent chance of heavy rainfall.
Contrasting performances aside, the sheer difference in quality also puts India a few notches ahead of the cricketers from the island nation.
On paper, the two sides are a total mismatch.
While India ticked almost all the boxes in their victory against Pakistan, the Sri Lankans, in their opening fixture, played like minnows.
Defending champions India have a formidable batting line-up, which is being backed very well by a potent bowling attack.
And therein lay the problem with Sri Lanka, a side that is going through a rebuilding phase for the longest time now.
To make matters worse, the form and fitness of regular captain Angelo Mathews is a cause for concern, while senior opener Upul Tharanga's two-match suspension has added insult to injury.
It's two years since both Mahela Jayawardene and Kumar Sangakkara quit ODIs post the 2015 World Cup but Sri Lanka have not been able to single out even a couple of players, who can show steely resolve.
The likes of Dinesh Chandimal or Chamara Kapugedara have been around for some time but both have been guilty of not realising their full potential till date.
No wonder Sangakkara, in his column for the ICC, has made it clear that Sri Lanka need to show aggression against India while conceding that it may not be easy for them.
For India, playing Sri Lanka before facing South Africa (on June 11) is an advantage as they can go into the final group league game with a free mind.
Rohit Sharma hitting a 91 on comeback is a reassurance while Shikhar Dhawan's positive approach will keep the 'Men in Blue' in good stead.
Skipper Virat Kohli has over the years been Sri Lanka's nemesis and the 81 not out against Pakistan, is just the tonic he needed before taking on the likes of Lasith Malinga, Suranga Lakmal and Nuwan Pradeep.
Yuvraj Singh was in vintage form at the Edgbaston and a placid Oval pitch will only help get a few more runs under his belt.
Hardik Pandya's power hitting at No 7 and his ability to chip in with quick wickets makes this Indian side more intimidating.The only thing that Virat Kohli would want now is Mahendra Singh Dhoni getting some batting time before the big game against South Africa.
Kohli promoting Pandya ahead of Dhoni is an indication that the skipper is looking to use his former captain more as an accumulator -- in Javed Miandad mould who would rotate strike, frustrate bowlers and launch a furious counter-attack after getting his eye in.
India's bowling unit has been sharp off late. Bhuvneshwar Kumar's controlled swing bowling, Umesh Yadav's fiery pace backed by Jasprit Bumrah's overs at the death has troubled the oppositions.
Such has been the quality that bowlers of Mohammed Shami and Ravichandran Ashwin's calibre are warming the benches.
It is unlikely that Kohli would tinker with the winning combination although one feels for Ashwin, who is India's strike bowler in the red-ball format.
For Sri Lanka, this is a do-or-die match where a lot will depend on how well skipper Mathews plays and the kind of performance Malinga gives while bowling first up.
If the duo fails, one can be sure that Sri Lanka will meet Pakistan's fate against this current India side.
India: Virat Kohli (captain), Shikhar Dhawan, Rohit Sharma, Yuvraj Singh, Mahendra Singh Dhoni (wk), Kedar Jadhav, Hardik Pandya, Ravindra Jadeja, Jasprit Bumrah, Umesh Yadav, Bhuvneshwar Kumar, Mohammed Shami, Ravichandran Ashwin, Ajinkya Rahane, Dinesh Karthik
Sri Lanka: Angelo Mathews, Upul Tharanga, Dinesh Chandimal, Niroshan Dickewalla, Chamara Kapugedara, Kusal Mendis, Kusal Perera, Thisara Perera, Sekkuge Prasanna, Nuwan Pradeep, Suranga Lakmal, Lakshan Sandakan, Lasith Malinga, Asela Gunaratne, Nuwan Kulasekara.
State Bank of IndiaBSE 0.89 %, the country’s largest bank has tied up with online classifieds portal magicbricks.com, to conduct joint marketing activites and help rejuvenate the real estate sector.
To kick start the MOU, SBI and Magicbricks are launching the “Seal the Deal” campaign. Under Seal The Deal, SBI and Magicbricks will be hosting a mega online property show for SBI Approved Projects. This will be the first housing carnival in the industry at this scale.
“SBI and Times Group share a strong legacy and relationship. Seal The Deal will provide home seekers a greater value proposition. Customers seek a lot of comfort with SBI Approved Projects,” said Rajnish Kumar, Managing Director (National Banking), SBI
Seal The Deal will showcase SBI Approved Projects on the Magicbricks platform. Builders are expected to provide great deals for the same which will in turn provide the much needed fillip to the real estate sector.
Magicbricks has been in this business since a decade. We understand this business. Seal The Deal is a mega event and SBIs strength and reach will only magnify the impact further,” said Sudhir Pai, chief executive, Magicbricks