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Hindustan Labs, RK Steel get Sebi nod to launch IPOs

Indian pharmaceutical firm Hindustan Laboratories has received observations from capital markets regulator Sebi, clearing a key step toward its proposed initial public offering (IPO). The IPO comprises a total issue size of up to 14.1 million equity shares with a face value of Rs 10 each. This includes a fresh issue of up to 5 million shares and an offer for sale (OFS) of up to 9.1 million shares by existing shareholders.According to the filing, the company intends to use the net proceeds from the fresh issue primarily to fund its working capital requirements and for general corporate purposes.Hindustan Laboratories operates in the generic pharmaceuticals segment, focusing on the large-scale manufacturing and supply of affordable medicines. Its portfolio mainly consists of generic formulations, drugs whose patents have expired and are typically priced lower than branded alternatives, making them widely accessible.The company’s business model is largely business-to-government (B2G), wit...
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Govt caps spend for pending schemes

New Delhi: The finance ministry has capped front-loading of expenditure under central sector schemes and sponsored schemes (CSS) that have the appraisal and approval pending for continuation under the 16th Finance Commission cycle.Allocation to these will be restricted to the first two quarters in this financial year, said officials.The move was initiated after many ministries were not able to complete the mandatory appraisal of schemes by the March 31 deadline.Also Read: RBI launches 3 key surveys for monetary policy inputThe Centre has allowed such schemes to continue on an interim basis till September 30, or until fresh approval is obtained as part of an interim funding arrangement.130617011In an official communication sent last month, the Department of Expenditure (DoE), under the finance ministry, asked ministries to complete the appraisal process before September.The department will relook at the scheme-wise allocations in September based on continuation, restructuring or consoli...
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Fincantieri eyes India tie-ups for naval platforms

from Economic Times https://ift.tt/PgOdpDx
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Financial inclusion 2.0 roadmap up for review

New Delhi: The finance ministry will review the progress of financial inclusion with banks and stakeholders this week as it firms up the roadmap for Financial Inclusion 2.0. It will also assess the performance of existing schemes, including the Atal Pension Yojana, amid demands to expand coverage under insurance and pension programmes, said officials."There have been demands to increase the coverage amount under the Jan Suraksha schemes, including Atal Pension Yojana. The review will take into account the progress made in these schemes and other parameters, including timely settlement of claims," said one of the officials, who did not wish to be identified.In the past, the government has received suggestions to increase the insurance cover under life and accident insurance policies, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana, to ₹5 lakh from the existing ₹2 lakh. "There was also a proposal to increase the guaranteed pension amount in ...
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Govt floats mega fertiliser tender

New Delhi: India has issued a global tender for complex fertilisers-50 million tonnes of NPK (nitrogen, phosphorus and potassium) and 35 MT of ammonium sulphate-to bolster the reserves of two key soil nutrients ahead of the main planting season which begins in June.The tender has been issued by Rashtriya Chemicals and Fertilizers (RCF), one of the three importers. The shipment is expected by May 31 at the east coast of India.Ammonium sulphate is assuming increasing importance in Indian agriculture, as the government is planning to market it as a better alternative source of nitrogen to partially substitute for urea. The government recently brought it under the fertiliser subsidy scheme from this rabi season. The idea is to subsidise it a little to increase its demand.While 90% of NPK fertilisers are produced locally, India does not have the critical raw materials such as gas and potash required for domestic manufacturing, making the country heavily dependent on imports. from Economic...
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WB polls: Soren, Tejashwi, Kejriwal back Mamata

from Economic Times https://ift.tt/JXuISDA
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Sitharaman bats for unified KYC, asks Sebi lead

Mumbai: Finance minister Nirmala Sitharaman on Saturday called for a unified know-your-customer (KYC) system across the financial sector to eliminate repeated verification for users, and urged the Securities and Exchange Board of India (Sebi) to lead the effort."It is a shared responsibility of all stakeholders to ensure that no citizen has to repeat the same verification journey across multiple financial products and platforms," Sitaraman said at an event to mark the markets regulator's 38th Foundation Day here."We need a seamless, secure and portable KYC experience across the financial sector," she said.Also Read: Tell us what you need to invest more: FM Sitharaman to India IncThe current fragmented KYC framework imposes unnecessary friction on users, the minister said, stressing the need for urgent reform through digitisation and common standards across regulators.Sebi is well-placed to drive convergence given its scale and digital infrastructure, she said.Si...
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