PNB shares gain as its housing finance arm gets Sebi approval to raise Rs 2,500 crore through IPO

For the quarter ended June 30, 2016, Punjab National Bank reported 57.49 per cent drop in net profit at Rs 306.36 crore against Rs 720.71 crore in the corresponding quarter a year ago. (Photo: Reuters) Punjab National Bank (PNB) shares advanced as much as 1.91 per cent on Friday after its housing finance arm, PNB Housing Finance, received the approval from capital markets regulator Securities Exchange Board of India (Sebi) to raise Rs 2500 crore through an initial public offering. At 12.21 pm, shares of Punjab National Bank were trading 1.34 per cent up at Rs 139.80. The scrip opened the day at Rs 138.55 and had touched a high and low of Rs 141.20 and Rs 138.55, respectively, in trade so far. PNB Housing Finance had filed IPO papers with Sebi in July. The markets regulator issued its final…

Why PM Narendra Modi must beware of the breathtaking Arthakranti tax Though the demonetisation of the 500- and 1,000-rupee notes is widely credited to the Pune-based Arthakranti Prathishthan, the think-tank seems to be distancing itself from the move. (PTI) Though the demonetisation of the 500- and 1,000-rupee notes is widely credited to the Pune-based Arthakranti Prathishthan, the think-tank seems to be distancing itself from the move. A ticker on the think-tank’s website says banning notes will not help curb black money and, in an interview to The Economic Times, its founder Anil Bokil has said ‘this is not what we had proposed’—and while saying the government has ‘lost the transition plot completely’, Bokil makes a pitch for his big plan, to scrap all taxes and to replace them with a banking transaction tax. A volunteer...

After demonetisation, Maharashtra orange traders limping back to business Last week fruit prices dropped by nearly 40-50%, prompting farmers in Amravati to throw their produce on the streets. After 8-10 days of stupor due to the demonetisation move of the government, orange growers and traders in Nagpur and Amravati regions of Maharashtra have started limping back into business. Last week fruit prices dropped by nearly 40-50%, prompting farmers in Amravati to throw their produce on the streets. After a gap of nearly 10 days some traders have come forward offering cheque payments to farmers, Sridhar Thakre, MD, MahaOrange said. For the first few days, no one knew what was happening and they did not know how to tackle the problem, he said. Last year was pretty bad for farmers who were forced to sell their produce at throwaway...

Dow opens at record high after Trump’s surprise victory The Donald Trump rally spread to a fourth day on Monday morning. The Dow Jones industrial average opened at a record high, driven by financial stocks, after the index capped off its best week since 2011 following Trump’s unexpected victory in the presidential election on Nov. 8. The Dow was up in each of the three days since the Trump victory.Since Trump’s triumph last Tuesday, investors have been betting on his campaign promises to simplify regulation in the health and financial sectors and boost spending on infrastructure. The Dow rose 2.2 percent to its highest level since 2008. Goldman Sachs and JPMorgan provided the biggest boost to both the SP 500 and the Dow. The Nasdaq Composite was little changed, weighed down by tech giants Apple, Facebook and Microsoft. Stock markets...

AIG may move European headquarters to another EU country due to Brexit U.S. insurer AIG (AIG.N) may move its European headquarters from London to another European Union country due to Britain's vote to leave the EU, the head of the AIG's European and UK operations said on Tuesday."At a certain point in time you have to pull the trigger in the absence of any clarity on where negotiations are going with the transition period," Anthony Baldwin, AIG chief executive AIG Europe and chief executive UK told the Association of British Insurers' conference.Asked whether he could take a decision to move the London head office to elsewhere in the EU in the coming year, he replied, "Yes, we might take that decision."Baldwin said AIG has experience of moving operations after shifting its European head...

EU offers Greece near-term debt relief, demands more reforms Athens: Euro-area finance ministers agreed to measures that will help ease Greece’s debt burden, while insisting that the government of Prime Minister Alexis Tsipras adopt "serious” reforms that will ensure the nation maintains a proper fiscal record after the end of its current bailout.Finance ministers from the currency bloc meeting in Brussels clinched steps that could cumulatively reduce Greece’s debt by 20 percentage points relative to gross domestic product through 2060, Klaus Regling, managing director of the European Stability Mechanism (ESM), said on Monday. The measures include easing the repayment schedule of bailout loans, waiving a coupon penalty that would amount to about 200 million euros ($215 million) and swapping debt to mitigate interest rate risk.A very good result for Greece "was that the short-term measures...

Biotech group Actelion, Johnson & Johnson confirm deal talks U.S. healthcare group Johnson Johnson (JJ) (JNJ.N) and biotech group Actelion (ATLN.S) confirmed they are in talks after media reports about a potential deal sent the Swiss company's stock to a record high.Shares in Actelion had jumped as much as 19 percent on the reports that a takeover may be brewing for the fast-growing biotechnology group."Actelion confirmed today that it has been approached by Johnson Johnson about a possible transaction. There can be no certainty that a transaction will result," Actelion said in a brief statement.Johnson Johnson called the talks "preliminary discussions" and said it would not comment further "unless and until it is appropriate to do so, or a formal agreement has been reached".The Swiss lung disease specialist...

The Changing Holiday Shopping Landscape According to the National Retail Federation, sales during the 2016 holiday season are expected to increase by 3.6%. Despite election rhetoric, consumers are in the best shape they have been since the Great Recession with wage increases of 2.8% and unemployment declining to 4.9%. Also many are using holiday shopping as a way to cure or leverage post-election feelings. Online retailers are likely to gain most of the benefit with a 15% increase forecast over last year. This comes at the expense of bricks and mortar retailers whose sales are expected to decline by 3 to 4% this holiday shopping season. Why online shopping is growing There are numerous factors why online shopping is eating into traditional retail sales. Perhaps the biggest three factors are (1) online...