Billionaire investor Rakesh Jhunjhunwala might shelve a plan to invest $25 million in Yes Bank due to uncertainty over the lender's capital raising plans, BusinessLine reports.The owner of Rare Enterprises had planned to invest $25 million in the private sector lender through his wife Rekha Jhunjhunwala's family office, the report said.Moneycontrol could not independently verify the story.Close Jhunjhunwala is expected to release a formal letter regarding the investment on December 10, the report stated."The logic behind not subscribing to Yes Bank's preferential allotment by Jhunjhunwala is that it is higher than the prevailing market price. There is also a lock-in period," a source told the newspaper, adding that the market veteran can instead buy shares at a lower price in the open market without a lock-in period.Yes Bank's shares closed at Rs 56.2 on the BSE on December 9, and the preferential offer is priced at Rs 78. At 09:38 hours, the counter was … [Read more...] about Rakesh Jhunjhunwala may withdraw plan to invest $25mn in Yes Bank; stock down over 3%
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The US-China trade war, sluggish global economy and a prolonged subdued demand took the sheen of steel in recent times but brokerages and experts are now seeing a glint of revival in the sector.In a report on December 6, Edelweiss Securities said that the US-China trade war had not curbed steel trade in Asia. Besides, China’s production rate had likely peaked and the construction demand in the first half of the calendar year 2020 could even surpass the estimates.Also, low raw material prices are helping maintain the margins in China. All these factors augur well for steel manufacturers, as a stable market balance in China is critical for them.Close "Apprehensions of China upsetting the steel applecart are overdone due to limited capacity increase (38mt) through to calendar year 2023 and steady growth in construction and infrastructure segments, which is 52 percent of demand," said Edelweiss Securities. related news 'Investors with long-term horizon can look at … [Read more...] about Signs of recovery and hope; are steel manufacturers finally ready to shine?