Micromax plans up to $500 million IPO

Micromax plans up to $500 million IPO Micromax, which entered the Indian handset market in 2008 with cheap large-screen phones, will sell a minority stake in its initial public offering of shares, the newspaper said, citing unnamed bankers and a company executive. The company has shortlisted Morgan Stanley and Goldman Sachs to manage the offering, the report said, adding that Micromax expects a valuation of 14 times its operating profit. Micromax did not immediately respond to Reuters' request for comment. The company told the Economic Times it did not comment on market speculation....

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Unknown 09:26  1 comment

IndiGo takes on Vistara, adds flights to Ahmedabad

IndiGo takes on Vistara, adds flights to Ahmedabad Tata-SIA joint venture airline Vistara, which is all set to take wings from Friday with flights connecting Delhi, Mumbai and Ahmedabad, is expected to take delivery of its third Airbus A-320 aircraft this week. Interestingly, the full service carrier’s launch coincides with the concluding day of the the Pravasi Bharatiya Divas celebrations scheduled to be held in Gujarat’s capital city Gandhinagar, near Ahmedabad, from January 7 to January 9. It will be followed by the seventh edition of the Vibrant Gujarat Global Investors Summit, taking...

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Unknown 09:23  No comment

Tackling black money: Sebi probes companies using GDR to round trip funds

Tackling black money: Sebi probes companies using GDR to round trip funds New Delhi: As a probe continues into misuse of stock markets for routing black money and tax evasion, the regulatory and other agencies suspect that GDR route is being used for bringing back suspected illicit funds stashed abroad. The modus-operandi, in cases currently under scanner, involves an intricate web of entities registered in various jurisdictions, including Switzerland, Hong Kong, Singapore, Mauritius, Dubai and Canada, for multi-layered transfers of funds before bringing them back to India. Sources said that the capital markets regulator...

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Unknown 09:21  No comment