SEBI move on Multi-cap Funds: Mandatory to invest 25% each in Large, Mid and Smallcap stocks
The market regulator, Securities and Exchange Board of India changed the minimum allocations in multi-cap funds to diversify investments, a move that is expected to drive funds from large cap companies to small and medium cap companies. The multi-cap schemes are now required to allocate at least 25% of the assets each in equity and equity-related instruments of large, mid and small-cap stocks.
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Canara Bank raises Rs 1,012 crore via Basel III bonds issue
Canara Bank reported that it has raised Rs 1,012 crore by issuing Basel III bonds The bank issued a total of 10,120 non-convertible, perpetual, taxable, subordinated, fully paid up, unsecured bonds carrying coupon rate of 8.30 percent. There were three allottees to this issue, the bank stated.
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SBI Cards offers customers to restructure their credit card payments into loans
SBI Cards is offering its customers to restructure their credit card payments into loans which have a comparatively lower interest rate. The company stated that the decision was made keeping in mind that interest on credit card balance is over 40 percent and any further delay in payment would only increase customer’s outstanding dues.
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Vi bags co-sponsorship rights for IPL 2020
Telecommunications company Vi, became the co-presenting sponsor of IPL 2020 along with the gaming company Dream 11. The announcement comes after the telecom company rebranded itself. The company did not disclose the amount paid for the sponsorship but the Title sponsorship rights were sold to Dream 11 for Rs 220 crore.
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Ascent Investment Holdings sold 10.45 percent equity stake in Amber Enterprises
Ascent Investment Holdings sold 10.45 percent stake in Amber Enterprises, the leading room air conditioners provider via open market transaction. It sold 9,86,646 equity shares in Amber at Rs 1,837.78 per share and 23,02,173 shares at Rs 1,835.14 per share. After the transaction, the holding of Ascent Investment Holdings stands at 10.47 percent compared to earlier 20.92 percent.
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India’s Industrial output contracts 10.4% in July
India’s industrial production contracted for the fifth month in a row in July, declining 10.4% from a year ago. After the recovery seen in May and June, the July numbers halted the recovery. In the first four months of FY21, India’s factory output shrank 29.2% compared with 3.5% growth in the year-ago period.
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Vedanta Seeks to Boost Funds for India Delisting By $600 Million
In its plan to delist in the public market, Vedanta ltd is in talks with banks for a further $600 million to finance the delisting of its Indian unit in May. Shareholders will be given the option to offer a price to tender their shares back to founder Anil Agarwal who’s seeking to simplify his investments.
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Airtel in talks with smartphone companies for low-cost 4G smartphones
Bharti Airtel is in discussions with various companies manufacturing smartphones in India to manufacture low-cost 4G devices. This move comes at a time when Jio and Google are planning for manufacturing of low-cost smartphones. Both operators are aiming to gain a market share of around 400 million mobile phone users who still use feature phones in India.
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Searches for sports related jobs grow 11% and postings decline by 25%
Searches for jobs related to sports went up by 11 per cent during August 2019 to August 2020 while postings for these jobs went down by 25 per cent in the period. Jobs like sports center manager, personal trainer and nutritionist rose over the year but the postings were not up to the demand. The report is published by global job site Indeed.
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Discoms’ liquidity package set for hike at Rs 1.2 lakh crore this month
The Rs 90,000-crore liquidity package for discoms to help them pay their dues till the month of March would soon be enhanced to Rs 1.2 lakh crore factoring in these utilities’ outstanding till June. Discoms are the electricity distribution company to the consumers and are facing a demand slump due to Covid-19 induced lockdown.
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