Good Morning! News 19.8.2014 1. Just when the overseas investors seemed to have lost steam, domestic investors have provided the much-needed liquidity to the markets, helping them climb fresh all-time highs. 2. A consortium of lenders headed by Punjab National Bank (PNB) has decided to conduct a forensic audit of debt-laden steel maker, Bhushan Steel, and appoint three nominee directors on the company’s board. The forensic audit, to be carried out by an external audit firm, is aimed at checking if there was a diversion of funds and if the loans were used for the purpose those were extended. Life Insurance Corporation, ICICI Bank and PNB will each nominate a member on Bhushan Steel’s board. 3. Bajaj Group has exited Force Motors through a series of share sales, cashing in on an 83 per cent appreciation in the stock in three months. 4. The government on Monday cancelled the much-awaited meeting between the foreign secretaries of India and Pakistan to lay out the way ahead for bilateral ties. The decision came after that country’s High Commissioner Abdul Basit decided to go ahead with meeting some Kashmiri separatist leaders, despite the foreign secretary “warning” him not to do so. 5. Heading towards a goal of 40 million tonnes a year capacity, JSW Steel, the country’s third largest maker of the product, announced a deal with Welspun Enterprise to acquire all of Welspun Maxsteel for Rs 1,000 crore. 6. Reliance Industries Ltd, India’s biggest private sector company by revenue, plans to invest $2 billion (around Rs.12,000 crore) in its three shale assets in the US, betting big on the potential of extracting natural gas and oil from the sedimentary rock formations.
Posted on: Tue, 19 Aug 2014 04:04:38 +0000
Trending Topics
Recently Viewed Topics
© 2015