Business

What Is The Response To IRFC IPO?

KFin Technologies Private Limited could finalise the allotment of shares in IRFC IPO today. The said company is managing the allotment and refund of IRFC shares. Investors can check the website of the said company to get more information on allotment of shares. The information will also be available on BSE website. Listing of shares could go on January 29.

IRFC IPO

Indian Railway Finance Corporation (IRFC) opened its IPO on January 18 and closed on January 20 after receiving bids for 4,35,22,57,225 shares against 1,24,75,05,993 shares on offer. The subscription ratio of the retail individual investors segment, Qualified Institutional Buyers category and non-institutional investors was 3.66 times, 3.78 times and 2.67 times respectively. The IPO was offered at ₹25-26 per share and the IRFC raised about ₹1,400 crore from anchor investors ahead of the IPO.

The government wants to bring its shareholding in IRFC to 86.4% from 100% with the IPO that was subscribed nearly 3.5 times. The total IPO is of 178.20 crore shares and it comprises a fresh issue of 118.80 crore shares and sale of 59.40 crore shares. The government expects raising a capital of ₹1,544 … Read the rest

Get Rs. 2 Lakh Accidental Cover At Rs. 12 Under PMSBY

Pradhan Mantri Suraksha Bima Yojna (PMSBY) is offering accidental insurance at Rs. 12 to the poor and low-income group people. The security cover is for one year but it can be renewed every year. Run by government of India, the scheme covers accidental death and disability.

Low cost PMSBY

People aged between 18-70 years of age with savings accounts can take advantage of this insurance scheme. The scheme covers accidental death including murder and disability. But temporary and partial disabilities aren’t covered under the insurance.

Highlights of PMSBY

• Rs. 2 lakh insurance for death due to accident and permanent total disability. Rs. 1 lakh for permanent partial disability.

• Permanent disability could be loss of a limb or vision in both eyes or even in one eye.

• The insured persons are allowed to quit the scheme at any time they want.

• Like other insurance policies, PMSBY also allows the nominee or the next of the kin of the deceased to collect the insurance amount.

• The insurance cover is provided at a much lower cost in comparison to other insurance policies.

Read the rest

Fresh Funds For Ambani Led Jio

Jio Platforms Ltd. received another financial stimulus of $873 million from General Atlantic that invested in Airbnb Inc. and Uber Technologies Inc. It has taken a 1.3% stake in the digital services business of billionaire Mukesh Ambani, Reliance Industries Ltd.

More dollars for billionaire Ambani

The latest stimulus from the US based private equity fund General Atlantic increased the enterprise value of Reliance Industries Ltd. The company now values Rs. 5.16 trillion ($68 billion). And the total transaction raised by Jio is increased to almost $9 billion. It includes stakes bought by Facebook Inc., Silver Lake and Vista Equity Partners.

Jio plans to broaden its e-commerce drive using its 400 million mobile phone subscribers that is a vast customer market from retail to education and payments. Akash Ambani, director of Reliance Jio, and Chairman Mukesh Ambani’s son said that he was delighted that a renowned global investor like General Atlantic was partnering with Jio in their journey to digitally empower India and Indians.

Ambani will make payments

Mukesh Ambani will pay more than $20 billion of net debt at Reliance with this fund. He … Read the rest

Booze To Cost 70% More In Delhi From Today

Delhi government decided to add a 70% corona tax on liquor sale. The tax will be applied to the MRP (maximum retail price) of each bottle. The decision was taken on Monday and it will be implemented from Tuesday. The government wants to increase its revenue with liquor sale.

70% on liquor sale in Delhi

The Delhi CM Arvind Kejriwal chaired a cabinet meeting on Monday morning to discuss ways to harvest liquor sale to boost revenue of the state that is down by more than 100% in comparison to last year. Delhi’s revenue in April 2019 was Rs. 3,500 crore but it plunged to Rs. 300 crore in April 2020.

The CM discussed the corona tax model with his cabinet colleagues and ordered charging 70% for per bottle from the buyers. After the renewed price, a bottle that costs Rs. 1,000 on MRP will now cost Rs. 1,700 due to the tax. The additional tax will help boost the revenue in the coming days.

Liquor sale in Delhi

Delhi government has authorized agencies to sell liquor in the capital. These agencies are DTTDC, DSIDC, DSCSC and DCCWS. And they … Read the rest

E-retailers Want To Take Part In Joint Fight Against COVID-19

E-commerce giants Amazon and Flipkart again put the case for sale of non-essential goods and asked for permission to sell the items that have become essentials over a prolonged period. Also, the ecommerce companies promised to make deliveries while following the lockdown conditions of social distancing.

Amazon delivery

It said that ecommerce offered the safest way for sellers/retailers to serve the needs of citizens while ensuring social distancing. Amazon was committed to keep citizens safe and that e-commerce can play a crucial role in the joint fight against the pandemic said the company. It further maintained it can help in fight against coronavirus by starting supply of goods.

Flipkart delivery

The ecommerce company said that it can help in easing the burden of piled up inventory of MSMEs with quick delivery of products to consumers in a safe and secure manner. Also, it promised maintaining social distancing norms while making online deliveries to consumers.

Government on ecommerce deliveries

The government has allowed sale of essential goods that include pharmaceuticals and medical equipment through ecommerce platforms but it has put a ban on sale of non-essential goods by e-retailers. The delivery … Read the rest

What Are Local Shops On Amazon?

Local Shop on Amazon is new initiative by Amazon. The programme is launched to scale the business by starting selling goods directly from local shops. But the real objective is to get an edge over Reliance’s JioMart and Walmart-owned Flipkart.

Amazon’s new programme

The US e-commerce giant has promised to invest Rs. 10 crores in its “Local Shop on Amazon” programme. The company has already started the project with over 5,000 traditional retailers. The programme will provide the convenience of ordering goods online and scalability to offline retailers.

The pilot project has been kicked off in over 100 cities including big metros and Tier-1 and Tier-2 cities like Ahmedabad, Coimbatore, Faridabad, Hyderabad, Indore, Jaipur, Lucknow, Pune, Saharanpur and Surat. The sellers participating in the project include automotive, books, furniture, home décor, jewellery, kitchen appliances, sports and toys.

Traditional retailers are included in the programme with a condition that is to have a robust delivery mechanism of same day or the next day. Amazon wants the retailers to use pin-code delivery system to ease the burden from its delivery fleet. The shopkeepers are provided “Amazon Delivery … Read the rest