Xiaomi prices Hong Kong IPO at bottom of range, raises $4.72 bn: Report

Xiaomi had been expected to raise up to $10 billion, split between Hong Kong and mainland China, but last week shelved the mainland offering until after listing in Hong Kong

China's Xiaomi Corp priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising $4.72 billion in the world's biggest tech float in four years, people close to the transaction said on Friday.

Xiaomi priced its share offering at HK$17 per share ($2.17), the bottom of a price range of HK$17 to HK$22, the people said. It is selling about 2.18 billion shares, one of the people said, making the IPO the largest in the technology sector since Alibaba Group Holding Ltd raised $25 billion in New York in 2014.

Xiaomi declined to comment on the IPO pricing. The people declined to be identified as the information was not public.

The pricing comes at a delicate time for Hong Kong's stock market, with the benchmark Hang Seng index falling 6.5 per cent this month and 4.8 per cent this year amid escalating trade tension between the US and Chinese governments.

The share sale is widely seen as a test of market sentiment for what is expected to be a packed second-half of the year in terms of IPOs in Hong Kong including offerings by China Tower, the world's largest mobile mast operator, and Meituan Dianping, a massive online food delivery-to-ticketing services platform.

ALSO READ: Alibaba's Jack Ma among three billionaires to grab a slice of Xiaomi's IPO

Several Chinese IPO candidates preparing to float in Hong Kong and New York could be met with cautious investors if tension persists between the world's two biggest economies, potentially dragging on capital raising amounts after a stellar first half.

China Tower has won approval in Hong Kong for an IPO that could raise up to $10 billion. Its listing timing will, however, depend somewhat on how well Xiaomi's deal is received, sources have told Reuters.

Xiaomi's IPO adds to the $6 billion of new listings so far in 2018 in Hong Kong and is set to be the first under the city's new exchange rules permitting dual-class shares common in the tech industry in an attempt to attract tech floats.

The firm lined up $548 million from seven cornerstone investors for its share sale including US chipmaker Qualcomm Inc and telecom service provider China Mobile Ltd.

Set up in 2010, Xiaomi doubled its smartphone shipments in 2017 to become the world's fourth-largest maker, according to Counterpoint Research, defying a global slowdown in handset sales. It also makes dozens of internet-connected home appliances and gadgets, including scooters, air purifiers and rice cookers.

Tata Steel to get 45% stake in Thyssenkrupp joint venture: Sources

The changes happened after Thyssenkrupp's activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split

Thyssenkrupp AG and Tata Steel Ltd. are closing in on a European steel joint venture after a last-minute change to the deal terms that won approval from Thyssenkrupp’s union.

In the revised deal, Thyssenkrupp will own about 55 per cent of the equity in the new company and Tata will have 45 per cent, according to people familiar with the matter. The changes happened after Thyssenkrupp’s activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split. The voting rights will be equally split.

The talks over the joint venture have dragged on for more than a year and faced opposition from labour representatives, as well as activist shareholders. Thyssenkrupp’s labour representatives said on Thursday they would vote in favour of the joint venture, paving the way for it to go through.

Elliott Management Corp. and Cevian had argued that the terms needed to be improved after a long slump in Tata’s European steel profits. The new agreement represents an increase of more than 600 million euros ($695 million) for Thyssenkrupp shareholders compared with the previous deal, said the people, who asked not to be identified because the details aren’t public.

Changes to the deal follow weeks of mounting pressure on Thyssenkrupp’s Chief Executive Officer Heinrich Hiesinger by activist shareholders and labour representatives to get a better deal after profits plunged at Tata’s European steel business.

Even though the union will approve the deal, Thyssenkrupp shouldn’t be "scrapped like a used car," said Wilhelm Segerath, chairman of the General Works Council and a member of Thyssenkrupp’s supervisory board.

Equity investors and labor unions are equally represented on Thyssenkrupp’s supervisory board, giving them both influence over the deal.

Under the new terms, Tata also agreed to pay for potential environmental risks at a coke oven of its Port Talbot plant in Wales and for investments, should it be necessary, the people said.

Check Market Price : Tata Steel Share Price

Vivo Nex S, Nex A with pop-up selfie camera to launch on July 19: Know more

Based on the APEX concept that the company showcased at the Mobile World Congress 2018, both Nex S and Nex A boast an all-screen front, dual rear cameras and a motorised pop-up selfie camera

Chinese smartphone manufacturer Vivo is gearing up to launch Vivo Nex S and Nex A in India on July 19. Based on the APEX concept that the company showcased at the Mobile World Congress 2018, both Nex S and Nex A boast an all-screen front, similar to the Xiaomi Mi Mix-series smartphones, dual rear cameras and a motorised pop-up selfie camera. The phones were recently launched in China at CNY 4,498 (around Rs 48,000) and CNY 3,898 (around Rs 40,000), respectively.

While both Vivo Nex S and Nex A are identical in terms of design, they are powered by a different breed of processors and have different RAM and storage configurations. The Vivo Nex S is a flagship phone powered by Qualcomm Snapdragon 845 system-on-chip (SoC), paired with 8GB of RAM. It comes in two storage variants -- 128GB or 256GB. The Vivo Nex A, on the other hand, is powered by Qualcomm Snapdragon 710 SoC, paired with 6GB of RAM and 128GB of internal storage.

ALSO READ: Vivo X21 review: A worthy mid-range flagship to challenge OnePlus dominance

Fingerprint sensor is another feature that gets different treatment in Vivo Nex S and Nex A. While the premium flagship gets Vivo’s in-display fingerprint scanner technology, which put the sensor under the screen, Nex A gets a regular fingerprint sensor mounted on the rear side of the smartphone.

Other than this, both the phones are identical in all other aspects. These phones sport 6.59-inch super AMOLED fullHD+ screen in 19.3:9 aspect ratio. There is no notch on top, but there is a small chin at the bottom, which is the only area not covered by display. To achieve the all-screen feat, the company has used vibrating screen speaker, which is claimed to work on-par with traditional earpiece set-up. The 8-megapixel front camera in both the phones is moved from the front to the top, as a mechanical pop-up unit that comes out from the chassis. The back of both the phones sports dual camera set-up, featuring a 12MP primary sensor of f/1.8 aperture paired with 5MP sensor of f/2.4 aperture.

Powering both the phones is a 4,000 mAh battery, and Android Oreo-based Funtouch 4.0 operating system infused with artificial intelligence utilities. Both the phones also feature Vivo’s personal digital assistant Jovi, which is capable of image identification, apps launch and voice commands.

Will Reliance Jio be able to hit 400 million subscriber target by 2020?

Jio is in a neck-and-neck battle with Airtel, which added a similar number of subscribers as Jio in the 15 months from February 2017 to April 2018

It took Reliance Jio just 170 days to hit the 100 million subscriber mark since its launch in September 2016.

But it took the company 15 months to grab the next 100 million, according to sources. Fighting a bitter battle with older telcos, the company reached the 200 million milestone in the middle of May this year. And, they are in a neck and neck battle with Bharti Airtel, which added a similar number of subscribers as Jio in the 15 months through a combination of new customer additions as well as the acquisition of rival telcos including Telenor (36 million) and Tata Teleservices (29 million, pending government nod).

Despite the bruising price war, the Vodafone-Idea combine also added 38 million customers during this period.

Clearly, all the big boys grabbed customers from the smaller players — Aircel, Reliance Communications, TTSL, and Sistema — whose share of the pie fell by half from 33 per cent in February 2017 to 16 per cent in April 2018. With Telenor already having joined Airtel and TTSL about to join, that percentage is likely to come down even more dramatically.

Also Read : Reliance Infrastructure Share Price

The reason for the longer haul for Jio to reach the next 100 million is simple, and that raises questions on whether they would be able to hit the 400 million target by 2020.

Older telcos, initially stumped by the Jio onslaught, are hitting back — matching tariffs and offering devices at similar prices as the Rs 1,500 feature phone of Jio. Also, the overall telecom market shrunk between February 2017 and April 2018, with 39 million lesser subscribers. This is a clear indication that the market has now matured and additional consumers will become a trickle.

Airtel saw its market share go up since the launch of Jio from 24 per cent to crossing 30 per cent in April end (after the Telenor acquisition). That share will go up further once the TTSL deal is cleared.

Vodafone, which had a 17.8 per cent market share when Jio launched in September 2016, had a market share of 19.74 per cent in April. Idea saw a sharp increase in its market share, up from 16.60 per cent in February 2017 to 19.27 per cent in April 2018, as it was able to grab a lot of 2G customers who were shifting from smaller incumbent players.

Lenders choose Tata Steel as preferred bidder for Bhushan Power & Steel

Tata Steel has already bagged Bhushan Steel, which has a capacity of 5.6 million tonnes

The committee of creditors (CoC) for Bhushan Power & Steel has decided on Tata Steel as the preferred bidder. The battle for Bhushan Power & Steel was closely fought between UK-based Liberty House, which submitted a late bid, and Tata Steel. People in the banking sector said that both bids were in close range initially.

"The difference was in the range of Rs 5-10 billion. Tata had offered around Rs 175 billion and Liberty Rs 180 billion as immediate upfront to financial creditors. But if you consider operational creditors, including employees, the Tata Steel bid looked slightly better. There is no standardised format to decide on what basis to select the bid," they said. Tata Steel's bid also has an additional capital infusion of Rs 75 billion. Subsequently, the CoC wanted comfort that Liberty House and Tata Steel can bring in the cash.

ALSO READ: Tata Steel Share Price : Live NSE/BSE Stock Price Today

"In the case of Liberty House, finances were not fully tied up and the CoC felt the Tata bid was better, as it was fully backed by financial arrangement. The matter has been referred accordingly to the tribunal, which has to take a call," said the people cited above. They added that in terms of track record, the CoC felt Tata Steel was a more established player. A Liberty House spokesperson said there was no information on the bid.

The matter was slated for hearing in the National Company Appellate Law Tribunal (NCLAT). Last week, Liberty had presented bank guarantees before the lenders. The NCLAT, where the matter is being heard, had asked the CoC to go ahead with the selection process and keep its decision in a sealed cover. The final decision would be subject to the outcome of the NCLAT verdict.

The CoC had filed an application seeking clarification in the process. Bhushan Power & Steel was a two-way race initially. Tata Steel and JSW Steel had submitted their bids within the deadline. However, Liberty House made a late bid. The CoC had rejected Liberty House's bid on grounds of late submission but the National Company Law Tribunal (NCLT) asked the CoC to consider it. Tata Steel had challenged the NCLT order in the NCLAT, but no stay on the proceedings was granted. If Tata Steel does bag Bhushan Power & Steel, it would likely make it the largest steel player in the domestic market.

Tata Steel has already bagged Bhushan Steel, which has a capacity of 5.6 million tonnes.

Tata Steel's capacity prior to the Bhushan Steel acquisition was around 13 million tonnes. Bhushan Power & Steel has a capacity of around 3 million tonnes and debt of around Rs 470 billion.

CAT 2018 exam to be held on 25 November: Here's all you need to know

After 2011, IIM-Calcutta will conduct the Common Aptitude Test for the entry into prestigious management institutes again this year.

Brace yourself, MBA aspirants. This year the Common Admission Test 2018 (CAT 2018) will held on November 25 (Sunday). IIM -Calcutta (IIM-C) is organising the test for entry into top management colleges. Professor Sumanta Basu is the CAT 2018 convener this year.

The exam will be computer-based mode and will be conducted at more than 140 centres across India. It will be divided into three sections: Verbal Ability and Reading Comprehension, Quantitative Ability and Data Interpretation and Logical Reasoning.

According to the CAT official website (CAT 2017), a detailed notification for the CAT 2018 examination is likely to be released in July/ August. The results are usually released in the second week of January.

Also Read : MARKETS LIVE: Indices trade flat, Nifty near 10,650 ahead of F&O expiry

CAT is one of the most prestigious management entrance exams -- the entrance to 20 IIM institutes and more than 100 other top business schools that include FMS, MDI, JBIMS, DMS, IIT Delhi and SPJIMR, among others.

According to Firstpost, Around 200,000 candidates take the exam every year for approximately 5000 seats in the IIMs. Candidates clearing the examination will be eligible for admission to management courses, including PGP, PGDM, PGPEM, EPGP, PGPBM, PGPEX, at various IIMs across the country.

Last year, the notification for CAT was released in the month of July. More than 231,000 candidates registered for the test and around 200,000 appeared for it. CAT2017 exam was conducted by the Indian Institute of Management (IIM)-Lucknow.

NDTV surges 20% as Sebi orders Vishvapradhan Commercial to make open offer

The stock is locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday.

Shares of NDTV are locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday, after the Securities and Exchange Board of India (Sebi) on Tuesday passed an order asking Vishvapradhan Commercial Pvt Ltd (VCPL) to make an open offer for the company.

Till 09:25 am; a combined 160,893 shares changed hands on the counter and there were pending buy orders for 462,932 shares on the BSE and NSE.

“The order noted that VCPL had acquired indirect control through a loan agreement in 2009, which would have necessitated an open offer at the time. The regulator has now asked for this open offer to be made with interest,” Business Standard reported.

Meanwhile, the Bombay High Court on Tuesday directed the Reserve Bank of India (RBI) to consider the compounding applications filed by news organisation NDTV in a case of alleged violation of the Foreign Exchange Management Act (FEMA).

“The Bombay High Court has today directed the Reserve Bank of India (RBI) to consider the compounding application(s) filed by the Company. The Court has ruled in favour of the writ petition number 2026/2017 filed by NDTV against the RBI and Enforcement Directorate,” NDTV said in a BSE filing on Tuesday.

“NDTV had approached the Bombay High Court against the RBI's refusal to consider its compounding applications in circumstances where the RBI was relying on the Enforcement Directorate's unsubstantiated allegations against NDTV. The Bombay High Court has today quashed the directive issued by the Enforcement Directorate to RBI which had prevented the compounding, “ it added.

Click here : New Delhi Television Share Price

Asus to launch Zenfone 5z with notch display, Qualcomm 845 SoC on July 4

Unveiled at the MWC 2018, Zenfone 5z was the first Android smartphone to sport an iPhone X-inspired notch and system-wide AI capabilities, along with a dual camera set-up on the rear

Asus, a Taiwanese electronics manufacturer, is gearing up to launch the Flipkart-exclusive Zenfone 5z in India on July 4. The e-commerce platform recently listed the teaser page, confirming the launch of premium smartphone in India.

Asus Zenfone 5z was first unveiled at the Mobile World Congress in February, alongside Zenfone 5. Both sport similar glass-metal-glass sandwich design and feature a dual camera set-up on the back. However, the processor, RAM and storage configurations set them apart.

In terms of features, the Zenfone 5z boasts 90 per cent screen-to-body ratio, thanks to its 6.2-inch fullHD+ screen covering almost the entire front. The 19:9 aspect ratio leaves just a small notch on top to accommodate an 8-megapixel camera, earpiece and sensors – just like in Apple iPhone X but smaller.

On the back, the smartphone sports a dual-camera set-up, which features 12MP and 8MP shooters.

Also Read : Market News, Share Market News, Stock Price

The primary 12MP sensor boasts f/1.8 aperture. and the 8MP sensor features 120-degree wide-angle lens. Both front and rear cameras are backed by AI for automatic scene selection and portrait photography, and machine learning to improve the output by learning usage patterns.

Zenfone 5z sports a 2.5D curved glass on the front and back, supported by a metal chassis. It is powered by a Qualcomm Snapdragon 845 system-on-chip (SoC), paired with 6GB RAM and a host of storage options starting from 64GB.

When unveiled, Zenfone 5z and Zenfone 5 were the first smartphones in the Android realm to feature iPhone X-inspired notch-based screen. They were also among the first generation devices to offer system-wide artificial intelligence-based utilities such as automatic scene selection and setting optimisations in camera, auto ringtone adjustments and optimal battery utilisation etc. However, both the notch-based screen and the native support for artificial intelligence have become a common proposition in smartphones.

Cochin Shipyard expects to double ship repair revenue to Rs 12 bn in 3 yrs

One of its major expansion projects is a Rs 17.99-bn drydock for building complex, technology-intensive large vessels

Cochin Shipyard Ltd its ongoing and upcoming expansion projects will help it free up more space for repairing large international vessels and double its revenue from ship repairing operations to Rs 12 billion in the next three years. The company, which is expanding its ship repairing capabilities to Mumbai and Kolkata, is also looking at setting up a facility in the Andaman Nicobar islands, said Cochin Shipyard CMD Madhu S Nair.

The plans include a Rs 9.70-billion International Ship Repair Facility (ISRF) in Kochi to increase the repair throughput by around 70 per cent and to equip the company for repairing an additional 80 vessels a year. It has also announced a geographical expansion to set up ship repair facilities in collaboration with the Mumbai Port Trust in Mumbai and another one in Kolkata in collaboration with the Kolkata Port Trust. Further, a joint venture with Hooghly Dock and Port Engineers Ltd, where it holds around 74 per cent stake, targeting construction and repair of inland water and coastal vessels is also expected to be operational soon.

"With the expansion, we will have a capacity to repair around 150 ships in Kochi, from the current around 80-100 ships depending upon their size. The Kochi facility can have more larger ships for repairing since the smaller ones can be moved to the ISRF," said Nair. At present, the Mumbai facility has a capacity for around 40 ships. Once it is revamped, it might have a greater capacity.

The expansion in Kochi would help the company add another Rs 3 billion in revenue in the second year of its operation. The Mumbai facility is expected to bring in around Rs 1.5-2 billion in 2.5 years, while the Kolkata facility, since it is a pilot project for inland ship repairing and shipbuilding, would bring in around Rs 300-400 million by that time.

"We are expecting our revenues from ship repairing to grow to around Rs 12 billion in the next three years. Last year, it was around Rs 6.23 billion and it was a growth from Rs 3.7 billion two years back," Nair added.

Another major expansion project is a Rs 17.99-billion new large drydock for construction of complex, technology-intensive large vessels such as LNG carriers, offshore drillships, and larger aircraft carriers, along with repairs of offshore rigs and semi-submersibles. Construction work of the plant and machinery has been awarded to Larsen & Toubro Ltd and the target of completion is June 2021.

See Live NSE/BSE Stock Price : Cochin Shipyard Share Price

Fortis Q4 loss widens to Rs 9.32 bn on impairment charges amid bidding war Edit

Net loss for the year-ago quarter was Rs 638 million

Fortis Healthcare Ltd, which is embroiled in a takeover battle that has drawn international bidders, on Wednesday said loss for the March quarter ballooned to Rs 9.32 billion ($136.3 million) hurt by impairment charges.

Fortis, which delayed reporting results for the quarter as it completed an internal probe, said the goodwill impairment charges and write-offs were related to inter-corporate deposits and advances.

Net loss for the year-ago quarter was Rs 638 million.

Fortis detailed the findings of its internal investigation and said it was in the process of taking "suitable legal measures" against former Executive Chairman Malvinder Singh to recover payments and company assets held by him.

Fortis has become the target of a bidding war by suitors seeking to get a share of a boom in India's private healthcare market. Its board is looking at bids from parties including Malaysia's IHH Healthcare Bhd and a consortium of Manipal Health Enterprises and private equity firm TPG Capital.

Despite the significant interest, no suitor has gone all out on the offer price mainly due to regulatory investigations into allegations that Fortis' founders, Malvinder Singh and Shivinder Singh, siphoned off funds from the company. They quit as directors in February but have denied any wrongdoing.

Fortis said it will appoint an external agency to investigate its internal controls and also evaluate its organisational structure, including the delegation of powers of the board.

($1 = Rs 68.3600)

Check Here Fortis Market Price : Fortis Malar Hospitals Share Price

Bharti Airtel announces senior leadership appointments for its B2B unit

Ajay Chitkara has been appointed as Director and CEO, Airtel Business to spearhead the domestic and global enterprise business as one unit

Country's top telecom operator Bharti Airtel ltd has announced senior leadership appointments for its B2B unit.

Ajay Chitkara has been appointed as Director and CEO, Airtel Business to spearhead the domestic and global enterprise business as one unit.

Chitkara will continue reporting to Gopal Vittal, MD and CEO, Bharti Airtel.

Airtel also announced the appointment of Pankaj Miglani as CEO - Global Business. Miglani will report to Ajay Chitkara. In his previous role, Miglani was CFO, Bharti Infratel and played a key role in the company's IPO in 2012.

Chitkara has been with Airtel since 2001 and is credited with building brand Airtel in the global wholesale segment. In his previous role as Director & CEO, Global Business and Nxtra, he was responsible for creating business strategies for Carriers, Global Enterprise and OTT segments, and implementing them globally through the regional teams. Under Chitkara's leadership, Global Business grew in topline to become a billion-dollar business, while EBIT margins jumped five-fold since 2013.

Pankaj Miglani, who is a Chartered Accountant, Cost Accountant and Company Secretary with over 25 years of experience, has earlier worked in Airtel for 10 years in various roles.

Gopal Vittal, MD & CEO (India and South Asia), Bharti Airtel said, "I am delighted at Ajay's appointment to lead Airtel's B2B business as an integrated entity, which will help us leverage our global reach and deep relationships in the enterprise segment. I am also pleased to welcome back Pankaj after his successful stint with Bharti Infratel."

Check Bharti Airtel Ltd Market Price : Bharti Airtel Share Price : Live NSE/BSE Stock Price Today

HDFC MF gets Sebi go-ahead for IPO after nearly two months on backburner

It will be entirely an offer for sale by promoter HDFC and UK's Standard Life, who currently hold 57% and 38% respectively

HDFC Mutual Fund has obtained a go-ahead to launch its initial public offering (IPO), two investment bankers handling the issue said.

“Sebi has issued final observation on the offer document. The company will have to respond to the market regulator,” said an investment banker, adding that the asset manager is looking to launch its IPO in the second or third week of July.

HDFC MF couldn’t be immediately reached for a confirmation.

The processing status of draft offer documents filed with Sebi, uploaded on June 22, featured names of 26 companies that are awaiting approval. The list didn't include the name of HDFC MF.

Among the companies awaiting a nod for their IPO include Lodha Developers, Mazagon Dock and Srei Equipment Finance. As per Sebi’s website, the IPO of Lodha Developers, country’s leading real estate company, has been “kept in abeyance for examination of past violations.”

According to an update on Sebi’s website on April 27, HDFC MF’s IPO was kept abeyance for past violations.

“Sebi needed clarity on some issues, which were provided to them,” said a banker.

Nomura, Kotak Mahindra Capital, Axis Capital, BofA Merrill Lynch, Citigroup, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan and Morgan Stanley are the investment banks handling HDFC MF’s IPO.

HDFC MF’s IPO will be the second by a domestic asset manager after Reliance Nippon MF. HDFC MF’s offering will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57 per cent and 38 per cent respectively. In the IPO, HDFC is selling 4 per cent and Standard Life is offloading 8 per cent stake. The IPO size is expected between Rs 35 billion and Rs 38 billion. The maiden offering could value the asset manager at Rs 307 billion.

HDFC MF currently manages assets worth over Rs 3 trillion making it the second-biggest fund house in the country after ICICI Prudential MF.

Check here : HDFC Bank Ltd Share Price.

Here's why India's life-saving plan for IDBI Bank makes no sense

It's hard to see how the transaction could bolster the reputation of any of India's three financial regulators

Rescuing a dying bank with taxpayers' money is often the only way to prevent a costlier contagion. But nursing a deposit-taking institution by tapping life-insurance premiums of policyholders? That's like allowing a localized infection to spread all over, hoping the natural immunity of an otherwise healthy body will help beat back the germs.

India's plan to sell a majority stake in IDBI Bank Ltd to Life Insurance Corp of India is not modern medicine. It's bureaucratic quackery. New Delhi hasn't found a genuine private-sector buyer for the ailing IDBI for more than two years. Hence, the stage is being cleared for state-owned LIC, the government’s preferred buyer of stuff nobody wants.

If LIC cares about its fiduciary responsibility to policyholders, it will pass this one up. But then, it can never say no to New Delhi. LIC already owns about 11 percent of IDBI, thanks to its previous participation in rescue missions. The new proposal is for it to take roughly half of the government’s 81 percent interest to become the majority shareholder. It could cost LIC around $3 billion to pay the government and top up IDBI’s capital for one year.

That's money down the drain.

At more than $8 billion, the bank’s gross nonperforming assets are nearing 28 percent of the total. If all IDBI’s distressed loans currently classified as standard assets have to be marked down, NPAs would rise to almost 36 percent, in India Ratings & Research Pvt.’s assessment.

Suppose NPAs do go up, but only to the halfway mark of 32 percent. The math is still stark: A 70 percent loss on 32 percent of the bank’s $29 billion loan book would translate to a $6.5 billion hit, of which only about $4 billion could be absorbed by existing loan-loss provisions. The remaining $2.5 billion would wipe out IDBI’s Tier 1 capital. Whatever price LIC pays for IDBI shares would be too much. Instead of buying from the government, LIC could purchase new stock in IDBI. However, that would dilute minority investors while generating zero cash for the government’s stretched budget.

It’s hard to see how the transaction could bolster the reputation of any of India’s three financial regulators.

Read more about : IDBI Bank LTD Market Price.

DU cut-off 2018: SRCC, Hindu and Hansraj College release their 1st cutoffs

SRCC has the highest cutoff for http://B.Com.(Hons) and B.A.(Hons) Economics at 97.75 per cent and 98.5 per cent respectively

A number of Delhi University (DU) colleges, including some of the major ones such as Sri Ram College of Commerce, Hansraj College and Hindu College, announced their first cut-off lists to undergraduate courses (UG) for 2018-2019 on Monday (18 June 2018).

The cut-off lists can be accessed on the official websites of respective colleges.

While SRCC has the highest cutoff for http://B.Com.(Hons) and B.A.(Hons) Economics at 97.75 per cent and 98.5 per cent respectively. The highest cutoff for B.A.(Hons) English has been released by Hindu College at 98 per cent.

The complete cutoff list for Sri Ram College of Commerce can be accessed here.

The second cut off for SRCC is expected to be released on 25 June 2018.

First Cut off list for Hansraj College: The North campus college has kept the cut off for B.A. (Hons) English at 97.25 while the cut off for B.A.(Hons) Economics is 98 per cent.

First Cutoff list for Kirori Mal College: Kirori Mal College has also released their first cutoff for a number of UG courses. The college has kept the cut for B.A. (Hons)English at 97 per cent. The cut off for B.A. (Hons) Pol. Science is 96.75 per cent.

First cut off list for Hindu College: One of the most sought after college of north campus, Hindu college has kept the cut off for B.A.(Hons) English and B.A. (Hons) Economics at 98 per cent.

According to a Press Trust of India report, more than 250,000 students registered for undergraduate courses in DU on its admission portal this year, an increase from last year. These students are applying for approximately 56,000 seats at 61 colleges. According to The Times of India, the initial study shows that the competition could be stiffer and higher than in 2017.

DU threw open its admission portal for aspirants of various undergraduate (UG) courses on May 15. The registration for the UG programmes ended at 11.59 pm last night.

According to a TOI report, in this year's DU admissions, the varsity will only release five cut-off lists. After the five lists are released, there will be a centralised counselling list, through which the university will try to fill the vacant seats.

Several media reports reported that principals of several colleges would be provided with an interface to evaluate cut-offs and decide whether to modify or make changes in the percentages fixed by the university.

Fifa World Cup 2018: Today's match schedule, live streaming info for Monday

Today's footabll matches are Sweden vs South Korea, Belgium vs Panama and Tunisia vs England

The Fifa World Cup 2018 is getting more excited with each passing day. The fifth day of the World Cup 2018 will see Belgium and England kicking off their respective campaigns in Russia.

Here's the matchday schedule list:

1st match: Sweden vs South Korea

When and where to watch:

Time: 5.30 PM

FIFA World Cup 2018 Sweden vs South Korea match will take place on Monday, June 18, 2018 at 5.30 PM

Sweden vs South Korea will be broadcast on Sony Ten 2, Sony Ten 2 HD, Sony ESPN, Sony ESPN HD in English Commentary and Sony Ten 3 and Sony 3 HD in Hindi Commentary.

Sweden vs South Korea match will be available for live streaming on Sony Liv. And Both Airtel and Jio would broadcast the FIFA World Cup 2018 matches for free to their respective subscribers.

Check out our live text coverage of Sweden vs South Korea match here

2nd match: Belgium vs Panama

When and where to watch:

Time: 8.30 PM

FIFA World Cup 2018 Belgium vs Panama match will take place on Monday, June 18, 2018 at 8.30 PM

Belgium vs Panama will be broadcast on Sony Ten 2, Sony Ten 2 HD, Sony ESPN, Sony ESPN HD in English Commentary and Sony Ten 3 and Sony 3 HD in Hindi Commentary.

Belgium vs Panama match will be available for live streaming on Sony Liv. And Both Airtel and Jio would broadcast the FIFA World Cup 2018 matches for free to their respective subscribers

3rd Match: Tunisia vs England

When and where to watch:

Time: 11.30 PM

FIFA World Cup 2018 Tunisia vs England match will take place on Monday, June 18, 2018 at 11.30 PM

FIFA World Cup 2018 Tunisia vs England will be broadcast on Sony Ten 2, Sony Ten 2 HD, Sony ESPN, Sony ESPN HD in English Commentary and Sony Ten 3 and Sony 3 HD in Hindi Commentary.

FIFA World Cup 2018 Tunisia vs England match will be available for live streaming on Sony Liv. And Both Airtel and Jio would broadcast the FIFA World Cup 2018 matches for free to their respective subscribers.

Go to our full coverage of FIFA World Cup 2018