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The corporate affairs ministry ordered a probe after RoC found that the company allegedly diverted Rs 1,000 crore and also failed to pay Rs 150 crore in interest. The Ministry of Corporate Affairs (MCA) has ordered the Serious Fraud Investigation Office (SFIO) to investigate the charges of cheating and diversion of funds amounting to more than Rs 1,000 crore by Bilcare Ltd, a company in which ace Investor Rakesh Jhunjhunwala recently invested. Bilcare was in the news recently after Jhunjhunwala made Rs 13 lakh daily from the stock in 69 sessions since March 23, 2020. The Registrar of Companies (RoC) has already conducted one round of inquiry against the Pune-based company and submitted a report to the ministry. “The RoC found that the company, in the last six years, has accepted deposits from public/shareholders amounting to about Rs 350 crore and failed to pay interest amount to the tune of about Rs 150 crore as on March 31, 2019, to thousands of deposit hol...

ITC's plan to distribute around 80-85 percent of its earnings as dividends in the medium term is a positive for valuation -Results above Street expectation -FMCG excluding cigarettes saw double digit growth with higher margins -Market share increased in most categories -Hotel and paper business hit due to lockdown -Valuation inexpensive, higher dividend payout to support valuation ----------------------------- ITC’s  (CMP: Rs195.45;) quarterly results were above Street expectations. Cigarette volumes have declined by around 35 to 40 percent as against expectations of a  decline of 30-35 percent.  A shut down of manufacturing operations in April, along with a price hike of around 8 to 10 percent in order to mitigate the increase in taxation, led to some volume decline. Revenues shrank by 21 percent year on year on the back of a decline of 92 percent in the hotel segment, 33 percent in the paper business and 30 percent in cigarettes. Fast Moving Consumer Goods (FM...

The scope of the mandate includes advising the Centre on the modalities of the IPO and the timing, and arriving at an optimal capital structure. The government has picked Edelweiss Financial Services Ltd and Deloitte as the two pre-initial public offer (IPO) transaction advisors for the listing of the country’s biggest insurer – Life Insurance Corporation of India (LIC), whose public offer is expected to be the largest ever in the history of the domestic capital markets, two individuals told  Moneycontrol on condition of anonymity. The scope of the mandate includes advising the Centre on the modalities of the IPO and the timing, arriving at an optimal capital structure, preparing restated consolidated financial statements for the past three years for LIC and its subsidiaries,  structuring the transaction amongst other aspects. Edelweiss Financial Services and Deloitte were unavailable for immediate comment. On June 19, 2020, the Department of Investment and Public Asset ...

Agrawal has bought 34,68,572 equity shares in Infibeam at Rs 74.85 per share, the bulk deals data available on the National Stock Exchange showed. Infibeam Avenues share price jumped over 3 percent intraday on July 28 after investor Ravi Omprakash Agrawal acquired an additional half a percent stake in e-commerce technology platforms company Infibeam Avenues on July 27 via open market transaction. Agrawal has bought 34,68,572 equity shares in Infibeam at Rs 74.85 per share, the bulk deals data available on the National Stock Exchange showed. Agrawal had 2,49,22,255 equity shares (representing 3.75 percent of total paid-up equity capital of Infibeam) in Infibeam as of June 2020. With this transaction, his shareholding increased to over 4 percent. The stock price has surged over 62 percent in the last 3 months and was trading at Rs 76.75, up Rs 2.60, or 3.51 percent at 09:46 hours. It has touched a 52-week high of Rs 77.85. The stock also touched the upper circuit of Rs 77....

Puri has been the managing director of the bank since September 1994 which makes him the longest serving MD at a private bank. As law requires bankers to retire at 70, his 26-year tenure at the bank will end in October. The news of Aditya Puri, managing director of HDFC Bank, selling his major stake in the bank grabbed headlines. As per the FY20 annual report of the bank, Puri held around 77.96 lakh shares of HDFC Bank translating to 0.14 percent stake in the bank as at end-March ’20, of which he sold  74.2 lakh shares for around Rs 840 crore. After the reported transaction, Puri’s holding in HDFC Bank stands reduced to 376,000 shares. Puri has been the managing director (MD) of the bank since September 1994 which makes him the longest-serving MD at a private bank. As the law requires bankers to retire at 70, his 26-year tenure at the bank will end in October. Senior management of banks selling the stocks granted to them through employee stock option plans (ESOP) isn’t new...