RCom surges 45% after NCLT adjourns hearing of insolvency petition
Posted on 20th December 2017 |
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| Reliance Communications (RCom) rose as much as 45% in intra-day trade today after the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communicationsto early next month after a group of the telecom operator's lenders sought time to consider converting the company's loans into equity. The adjourned date comes as a breather for RCom as if the tribunal had accepted the insolvency petitions before December 28, by when the lenders need to decide on converting their RCom debt into equity, the process would have ended. RCom, which has shut its wireless business, started its strategic debt restructuring on June 2. Other ADAG stocks including Reliance Capital (up 6%), Reliance Power (up 6%) and Reliance Infrastructure (up 5%) also gained on the news. Earlier last month, China Development Bank had filed an insolvency case against the telecom company. CDB, a lender to RCom, has filed the suit with the National Company Law Tribunal (NCLT) in Mumbai under the Insolvency and Bankruptcy Code (IBC). RCom, which is reeling under a Rs 45,000-crore debt, owes about Rs 7,500 crore to CDB. With interest, this increases to about Rs 9,000 crore. This makes CDB the first lender to file insolvency proceedings against billionaire Anil Ambani-controlled RCom. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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