Paushak: Minting Money in a Niche Business
Paushak, controlled by the Amin family of Vadodara which also controls Alembic Pharma, operates in a niche product area, phosgene. There are only a few companies in India that have the technical expertise to manufacture these chemicals. Some of the major players across the globe that are into phosgene-based products are: BASF, BayerCrop Science, Dow Chemical, PPG Industries, DuPont and...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • Nifty, Sensex Lacks Upward Momentum - Weekly closing report
    We had mentioned in last week’s closing report that Nifty, Sensex were range-bound. The major indices of the Indian stock markets rallied and closed with gains over previous Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
     
     
    On Monday, the major indices of the Indian stock markets were volatile and closed with losses. On the NSE, there were 732 advances, 1,044 declines and 327 unchanged. In a major development, Deputy Reserve Bank of India Governor Viral Acharya resigned six months before the scheduled end of his term. Oil and Natural Gas Corporation may buy Rs5,615 crore worth of compulsorily convertible debentures (CCDs) of ONGC Petro additions Ltd (OPaL) after failing to find an equity investor for its petrochemicals arm, according to media sources. The planned tranche of CCDs issued in 2016 is part of a Rs7,286-crore CCD programme of OPal, a joint venture between ONGC (49.4%), GAIL (India) Ltd ( 49.2%), and Gujarat State Petroleum Corp. Ltd (1.4%). OPaL used the proceeds to partially finance project expenditures and repay loans.
     
    Glenmark Pharmaceuticals was issued a Complete Response Letter (CRL) by the US health regulator USFDA regarding the new drug application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), Nasal Spray. The US FDA cited deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients (API) and in manufacturing facilities. 
     
    On Tuesday, the major indices rallied. On the NSE, there were 911 advances, 834 declines and 346 unchanged. Reliance Industries (RIL) plans to raise $1.85 billion from overseas lenders to finance its capital expenditure. The funds are likely to be infused into its telecom unit, Jio, to bolster broadband and e-commerce play ahead of a potential entry into 5G mobile telephony services in future. Piramal Enterprises is now exploring the sale of its entire stake in Shriram Capital to raise growth capital for its financial services vertical. 
     
    Last week, Piramal had divested its entire stake in asset financing firm Shriram Transport Finance Company for approximately Rs 2,305 crore. State-owned specialised financial institution IFCI Ltd hopes to receive about Rs3,000 crore during the current fiscal by selling stake in the National Stock Exchange (NSE), Clearing Corporation of India Ltd (CCIL) and Stock Holding Corporation of India Ltd (SHCIL).
     
    On Wednesday, the major indices closed with gains. On the NSE, there were 1,039 advances, 697 declines and 349 unchanged. Cash-strapped Reliance Infrastructure Ltd (RInfra) will construct a 17.17 km-long Versova-Bandra Sea Link (VBSL) at a cost of Rs7,000 crore. The project to be developed by RInfra in partnership with Italy's Astaldi S.p.A. - was awarded on June 24 and shall be commissioned within the next five years. Vedanta Group may scrap its $10 billion plan to set up a plant that will manufacture LCD screens. The project may be shelved due to failure to obtain subsidies under the Modified Special Incentive Package Scheme (M-SIPS). The electronics and IT ministry declined the subsidy as the required conditions were not met. The Enforcement Directorate on Wednesday said it has attached properties worth Rs9,778 crore of Sterling Biotech in its investigation into a money laundering case against the pharmaceutical company and others involving domestic and offshore branches of Indian banks in 2004-12. 
     
    On Thursday, the indices ended flat. On the NSE, there were 1,014 advances, 743 declines and 332 unchanged. Reliance Infrastructure will complete the sale of its entire stake in the Delhi-Agra Toll Roadway to Singapore-based Cube Highways by August-end 2019. The sale would reduce the firms debt by over 25% to less than Rs5,000 crore. Larsen & Toubro (L&T) Hydrocarbon Engineering won twin orders from Oil & Natural Gas Corporation (ONGC) for work in the western offshore basin. The contracts awarded are for the development of Heera Panna block and Mumbai High South field of western offshore basin near Mumbai, L&T said in a BSE filing. The company said the orders fall under "large" category which ranges between Rs2,500 crore and Rs5,000 crore as per its classification of contracts.
     
    On Friday, the indices suffered a correction. On the NSE, there were 831 advances, 918 declines and 340 unchanged. DHFL scrip slipped over 8% after the company postponed the declaration of its financial results for the March quarter. In a regulatory filing, the company said that owing to "certain unforeseen operational engagements", including non-availability of a few directors on the date of the board meeting, the financial results for the March quarter had been postponed to July 13, 2019. 
     
    The State Bank of India on Friday revealed the names of 10 new big-ticket firms from the pharmaceuticals, gems and jewellery and power sectors and also their top officials as it declared them 'wilful defaulters'. Mostly based in Mumbai, the outstanding from these loan defaulters are pegged at nearly 1,500 crores, and they have been served repeated reminders to clear their borrowings. The SBI has warned them all of the legal action if they fail to repay their dues with interest and other charges within the next 15 days. 
     
    Bharti Airtel on Friday began phasing out its 3G network in the country, starting with Kolkata. However, Airtel will continue to provide 2G services in the city. The company said it has reframed the 900 MHz band spectrum being used for 3G to further strengthen its 4G network. Airtel is deploying L900 technology in the 900 MHz band to complement its 4G services in the 2300 Mhz and 1800 Mhz bands. 
     
  • User

    COMMENTS

    RAMACHANDRAN THARKABHUSHANAM

    2 months ago

    It is surprising to read that ten big ticket defaulters owed only rs.1500 crores , on an avarage of rs. 150 crores/ per firm. What do you categorise the firms which owe more than rs. 1000 crs. ?

    REPLY

    DEBASHIS SATYENDRA BASU

    In Reply to RAMACHANDRAN THARKABHUSHANAM 2 months ago

    This is a new list of wilful defaulters.

    Weekly Moneylife Indices & Sector Trends
    INDIAN MARKET TRENDS
    For the period 21 June 2019 to 27 June 2019, ML Mega-cap Index, ML Mid-cap Index and ML Large-cap Index rose 1.26%, 1.24% and 1.10%, respectively. Both, the Sensex and the NIFTY rose 1%. ML Micro-cap Index and ML Small-cap Index rose 0.92% and 0.55%, respectively.
     
     
    FUND FLOWS
    Foreigners: Foreign institutional investors were net buyers of...
    Premium Content
    Monthly Digital Access

    Subscribe

    Already A Subscriber?
    Login
    Yearly Digital Access

    Subscribe

    Moneylife Magazine Subscriber or MAS member?
    Login

    Yearly Subscriber Login

    Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)