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NEW DELHI: Riding on the Rs 1.3 lakh crore in aggregate fund raising in the last few weeks, Reliance Industries is expected to repay its entire reported net debt even if the Saudi Aramco deal is delayed, a brokerage report said.The company, controlled by billionaire Mukesh Ambani, has sold minority stakes in its digital arm to Facebook and private equity firms such as Silver Lake, Vista Equity, KKR and General Atlantic to raise a cumulative Rs 78,562 crore. Also, the company is raising Rs 53,125 crore through a rights issue."We analysed RIL's balance sheet following the recent deal-making. Having raised, on aggregate, Rs 1.3 lakh crore in equity over the past month, we expect the company to repay its entire reported net debt of Rs 1.6 lakh crore in 2020-21, even if the Aramco deal is delayed," Edelweiss said in a research report on the company.Adjusted net debt, however, at Rs 2.57 lakh crore is higher and would take longer to repay."That said, we expect concerns on ...

New Delhi: The Council for the Indian School Certificate Examinations (CISCE) has allowed students to appear for the pending board exams from the city they are in at present and has also given an option to candidates to take up the exam later during compartmental tests, according to officials. The exams, which were postponed in view of a nationwide lockdown imposed to contain the spread of COVID-19, have been scheduled from July 1 to 14. However, many students have moved to different locations after the lockdown came into effect on March 25. "We have received requests from schools and parents for a change in the candidate's exam centre. To ensure that students who are not present in the district where their school is located, the candidates have been allowed to appear for the remaining examinations from an exam centre located in a CISCE affiliated school in the location they are in," said Gerry Arathoon, chief executive and secretary, CISCE. Students who are unable to app...

NEW DELHI: The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appoi...

NEW DELHI: The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appoi...

NEW DELHI: A low pressure area formed over Arabian sea and Lakshadweep is likely to intensify further into a cyclonic storm and reach coastal states of Maharashtra and Gujarat next week, the Indian Meteorological Department (IMD) said on Sunday.Sunitha Devi, in charge of cyclones at IMD, said, "A low pressure area has formed over southeast and adjoining east central Arabian sea and Lakshadweep area. It is very likely to concentrate into a depression during the next 24 hours and intensify further into a cyclonic storm during subsequent 24 hours."She added, "It is likely to move nearly northwards and reach near north Maharashtra and Gujarat coasts by 3rd June."A low pressure area and a depression are the first two levels on the IMD's eight-category scale used to classify cyclones based on their intensity.The weather bureau said that the sea condition will be very rough and advised fishermen not to venture into the sea till June 4.It has forecast heavy to very heav...

New Delhi: Japanese two-wheeler major Yamaha has said that complete closure of economic activities should have been reviewed carefully in a large country like India and a proper road map should have been planned to handle the coronavirus pandemic in the country. The company, which has three plants in the country, said saving human lives is the top priority for any nation but economic activities should not be shut completely. "We must remember that India is one of the world's largest economy and is also the world's largest two-wheeler market. Complete closure of economic activities in this market as well as other markets in the world has led to a massive depression, the worst since Great Depression in 1920s. The recovery period from such depression will take a long time," Yamaha Motor India Chairman Motofumi Shitara told in an interview. A nationwide lockdown was imposed in the country on March 25 in order to prevent the spread of coronavirus. The lockdown is still in ...

NEW DELHI: The domestic equity market ended the truncated week gone by on a strong note in complete defiance of the negative cues in the form of a spike in Covid-19 patient counts, US-China tensions and a grim outlook for the domestic economy.The consensus market view is that the rally seen in domestic stocks last week is not sustainable. Some of the Dalal Street mavens expressed the same view on Twitter over the week.Independent market expert Sandip Sabharwal said the stock market is rallying in the hope that companies will do well, the recovery will be strong and earnings will come back rapidly. “If that were the case, why are all industrialists, fund managers, economists asking for a ‘real’ fiscal stimulus,” he asked.#StockMarkets think that Cos doing well,recovery will be strong & earnings will come back rapidlyThen why all Ind… https://t.co/5OIctI2enZ— sandip sabharwal (@sandipsabharwal) 1590681048000The downturn in the economy is likely to stay here for a while, Sabharwal sai...