Bids for troubled steelmaker Bhushan Steel will open today, marking the next round in the race that includes JSW Steel and Tata Steel. Employees of Bhushan Steel have also put in a bid and are reportedly backed by a private fund.The bids, which were submitted on February 3, will be opened in Deloitte's Gurgaon office. Deloitte's Vijaykumar V Iyer is the IRP (insolvency resolution professional) for Bhushan Steel."The bids will be opened in front of the representatives of the bidders. And then the bids will be sent to the Committee of Creditors (CoC). We don't expect an official statement today," said an executive from one of the bidding companies.Close Once the CoC admits the bids, the Committee will consider the resolution plans of the interested parties. related news McLaren looks to India to expand exotic car sales ahead of 2025 IPO After year of living dangerously, Fed expected to signal time to lie low India's fuel demand growth hits 23-month high in November … [Read more...] about Bhushan Steel bids to open today; JSW Steel, Tata Steel, Bhushan employees in fray
Hit the floor
The Congress severely criticised the passage of the Citizenship (Amendment) Bill by Parliament in party president Sonia Gandhi saying it marks a "dark day" in the constitutional history of India and is a "victory of narrow minded and bigoted forces" over the country's pluralism.The Citizenship (Amendment) Bill, which seeks to provide Indian citizenship to non-Muslim migrants from Pakistan, Bangladesh and Afghanistan, was passed by Rajya Sabha on Wednesday. Lok Sabha cleared the Bill on Monday.Several senior Congress leaders indicated that the party may move court against the Bill with Abhishek Singhvi saying that the legislation will be legally challenged in the near future as it is "highly suspect" in terms of constitutionality.Close Hitting out at Home Minister Amit Shah over his remarks in support of the Bill, senior Congress leader P Chidambaram told reporters, "The Home Minister says 130 crore people are supporting us, obviously he does not count Assam, Northeast and all other … [Read more...] about Citizenship bill’s passage marks ‘dark day’ in our constitutional history: Sonia Gandhi
Prakash Industries shares rose 5 percent in the early trade on December 12 after the company declared that its bid for the Bhaskarpara coal mine has been successful.The company had participated in the eighth tranche of coal blocks auction conducted by Coal Ministry and emerged as the highest bidder for the Bhaskarpara Coal Mine in Chhattisgarh, company said in the BSE release.The company on December 11, received a communication from the nominated authority i.e. Ministry of Coal, Government of India, declaring the company as the successful bidder for the coal mine.Close It is now required to execute the coal mine development and production agreement with the nominated authority, subsequent to which the vesting order will be issued to the company. related news D-Street Buzz: Metal stocks under pressure led by Hindalco; Sterlite Tech jumps 10%, YES Bank tanks Adani Transmission hits 52-week high on stake sale in a subsidiary IDBI Bank share price rises 3% as board … [Read more...] about Prakash Industries up 5% on winning bid for a coal mine
India's mutual fund space witnessed an interesting dichotomy in November.Net inflows into equity mutual funds (MFs), including closed-ended schemes, stood at a mere Rs 933 crore against Rs 6,015 crore in the previous month, latest data released by the Association of Mutual Funds in India (AMFI) shows.On the other hand, investment in equity funds through systematic investment plans (SIPs) saw a strong momentum at Rs 8,273 crore.Close The fall in equity MFs net inflow is primarily due to redemptions in value funds, multi-cap funds and sectoral funds. related news Market Headstart: Nifty likely to open higher on Fed status quo; Ujjivan Small Finance Bank eyed Bharat Bond ETF can help low-risk investors diversify with 10-20% allocation This multiplex stock jumped 47% in 2019 despite slump in consumer spending Overall, the mutual fund industry saw its total asset under management (AUM) hitting Rs 27 lakh crore as of November from Rs 23.59 lakh crore a year ago. That represents a … [Read more...] about Equity inflows drop but SIP figures at all-time high; what should you do?