Month: July 2019

Bhushan Power & Steel fraud: After PNB, Allahabad Bank reports misappropriation of funds

Source: financialexpress.com Days after Punjab National Bank (PNB) announced the detection of the Rs 3,805 crore fraud by Bhushan Power & Steel Ltd (BPSL), another public sector lender Allahabad Bank has reported misappropriation of funds by the private firm. Days after Punjab National Bank (PNB) announced the detection of the Rs 3,805 crore fraud by

PSP Investments ties up with ADIA & NIIF to invest in GVK Airport Holdings Ltd

Source: economictimes.indiatimes.com Canada’s Public Sector Pension Investment Board (PSP Investments) is joining forces with the Abu Dhabi Investment Authority-National Investment and Infrastructure Fund consortium to buy 49% of GVK Airport Holdings Ltd for about Rs 6,000 crore, people directly involved in the deal said.  The deal will ringfence the business from Gautam Adani’s possible bid

Stock corner: ‘Buy’ Ashok Leyland, revenue growth was strong in FY19

Source: financialexpress.com Ashok Leyland reported strong revenue growth in FY2019 led by strong volume growth in the domestic M&HCV and LCV markets. However, Ebitda margin declined due to intense competition and high discounting. The company generated negative free cash flow due to high working capital requirements. However, we expect the MHCV industry to grow at

Nifty losses over 2%, Pharma sector outperforms

Source: indiainfoline.com After witnessing a fantastic Thursday rally amid short-covering, Friday saw profit booking once again dragging the indices to close the week in the red. Markets ended lower despite the US indices hitting all-time highs. For the week, the Infra index plunged 3.7%, Bank Nifty declined 2.8%, FMCG and Energy index were down 2.5%