Companies & Sectors
Reliance to provide Rs4,000 crore funding for buying Network18
RIL's Independent Media Trust would use the Rs4,000 crore funding for  acquisition  of  control in Network18 group
 
Reliance Industries Ltd said its board approved funding of up to Rs4,000 crore to Independent Media Trust (IMT), of which the company is the sole beneficiary, for buying control in Network 18 Media & Investments Ltd (“NW18”), including its subsidiary TV18 Broadcast Ltd (TV18). Further to the acquisition, RIL said, an open offer would be made.
 
"IMT would use the funds to acquire control over NW18 and TV18 resulting in ownership of about 78% in NW18 and 9% in TV18 and to acquire shares tendered in the Open Offers," RIL said in a statement.
 
RIL said, this acquisition will differentiate its 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties. This suite includes In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.ccom, Bookmyshow.com and the broadcast channels include Colors, CNN IBN, CNBC TV18, IBN7, CNBC Awaaz. 
 

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COMMENTS

Madhur Aggarwal

3 years ago

Not good for india s Journalism

Rajdeep and Raghav behl are planning to quit .!!!!!!

PM Modi asks ministers to set 100-day agenda
In the context of his 10-point vision, PM Modi has emphasised that the most important aspect that need to be focussed on are efficient governance, delivery and implementation of schemes and programmes
 
 
Prime Minister Narendra Modi on Thursday asked his cabinet colleagues to set a 100-day agenda with focus on efficient governance, delivery and implementation of programmes.
 
The directives were given by Modi at a Cabinet meeting in the context of his 10-point vision which includes increasing investment, completing infrastructure projects in time-bound manner and exploiting the natural resources to the country's benefit.
 
Here is the 10-point agenda for good governance (Source NitiCentral.com)
1. Building confidence in bureaucracy
2. Welcome innovative ideas
3. Education, health, water to be priorities
4. Transparency in Government
5. Setting up a mechanism for inter-Ministerial issues
6. People oriented system in place
7. Economical concerns to be addressed
8. Reforms in infrastructure
9. Policies to be implemented in time-bound manner
10. Stability and sustained ability in Government policies
 
Believing that the progress of states is crucial for the country's development, he also instructed the ministers to give priority to the issues brought forth by the state governments as also the members of Parliament (MPs).
 
To send out a similar message across the country, Modi is likely to address the nation, possibly after the brief Parliament session that would be convened from 4th to 11th June during which President Pranab Mukherjee will address the joint sitting outlining the government's agenda.
 
"The Prime Minister issued guidelines to the Ministers at the Cabinet meeting... He asked the ministers to set a timetable for the first 100 days listing the priorities," said Parliamentary Affairs Minister M Venkaiah Naidu.
 
Modi emphasised that the "most important" aspect that need to be focussed on are efficient governance, delivery and implementation of schemes and programmes, Naidu said while briefing the media on the meeting.
 
While focussing on these aspects, the government will take forward on priority basis the issues pending from the previous government.
 
He asked the Cabinet ministers to take Ministers of State along and give them "proper" work so that they feel involved.

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Sensex, Nifty book highest loss in three and half months: Thursday closing report
Nifty may bounce back a little but will remain within the current range
 
Indian indices opened Thursday marginally lower, but soon started marching lower and recorded their highest daily percentage loss since 13th February. 
 
The BSE 30-share Sensex opened at 24,523 while NSE 50-share Nifty opened at 7,317. Immediately after hitting a high at 24,528 and 7,325, both the Sensex and Nifty headed lower to hit a low at 24,207 and 7,224, respectively. After hitting a six day low since 21 May 2014, the Sensex closed at 24,234 (down 322 points or 1.31%) while the Nifty closed at 7,236 (down 94 points or 1.28%). On the day of expiry of May 2014 expiry of futures & options (F&O),  NSE recorded a volume of 126.27 crore shares. India VIX fell 4.94% to close at 16.6900.
 
Except for Media (0.65%), Pharma (0.24%), PSU Bank (0.13%) and Auto (0.01%) all the other indices on the NSE closed in the negative. The top five losers were IT (3.35%), CPSE (1.75%), Service (1.75%), Infra (1.46%) and PSE (1.41%).
 
Of the 50 stocks on the Nifty, 14 ended in the green. The top five gainers were Hindalco (1.66%), Dr Reddy (1.42%), NTPC (0.99%), M&M (0.98%) and Sun Pharma (0.76%). The top five losers were Infosys (3.43%), Jindal Steel (3.37%), Ambuja Cements (3.05%), HCL Technologies (2.92%) and IDFC (2.89%).
Of the 1,593 companies on the NSE, 648 companies closed in the green, 900 closed in the red while 45 closed flat.
 
The prime minister Narendra Modi has unveiled top 10 policy priorities of the government on Thursday which included infrastructure and investment reforms. He has also asked his ministers to set 100-day agenda and ensure time-bound delivery. The newly named principal secretary in the prime minister's office Nripendra Misra said in a newspaper interview that the policy priorities would focus on overcoming delays to major infrastructure projects and addressing why India has become a coal importer.
 
Hindalco Industries posted a growth in it March 2014 quarter topline but its bottom line did not register a rise. However, the stock was the top gainer (1.43%) in the Sensex 30 pack.
 
Infosys (7.81%) came out to be the top loser in the Sensex 30 stock and also the ‘A’ group on the BSE. BG Srinivas, president and member of the board has conveyed his intention to resign from the services of the company. The Board has accepted his resignation and has decided to relieve BG Srinivas from his responsibilities effective June 10, 2014.Been for a long time with the company BG Srinivas was overseeing most of Infosys' client-facing functions.
 
After reporting a good March 2014 quarter results and the board of directors of the company declaring a dividend of Rs 3.23 (323%) per equity share of Re 1 each for the FY13-14, Amara Raja came as the top gainer (5.80%) in the ‘A’ group on the BSE.
 
US indices closed in the negative on Wednesday.
 
Asian indices had a mixed performance. Straits Times (0.88%) was the top gainer while Shanghai Composite (0.47%) was the top loser.
 
European indices were showing mixed performance while US Futures were trading marginally higher.

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