ET NOW daily dose for October 22: Top 5 stories of the day!
Here's a look at the top 5 news stories that made headlines today.
by Ankit Gohel · Times Now · JoinKey Highlights
- Reliance Industries meets Q2 estimates
- RBI diktat for NBFCs
- Nykaa IPO to open on October 28
Reliance Industries Meets Q2 Estimates
Reliance Industries posted a consolidated net profit at Rs 15,479 cr for the quarter ended September 2021, a growth of 46% YoY, beating street expectations. The oil-to-telecom conglomerate reported consolidated revenue from operations at Rs 1.74 lakh against the estimates of Rs 1.6 lakh cr. Its O2C business also reported in-line estimates results as the revenue was at Rs 1.2 lakh cr vs estimates of Rs 1.1 lakh cr.
RBI Diktat For NBFCs
A Reserve Bank of India (RBI) issued a revised regulatory framework for non-banking financial companies (NBFCs) which caps their IPO financing at Rs 1 crore per borrower. The new rules will come into effect from April 1, 2022. “There shall be a ceiling of Rs 1 crore per borrower for financing subscription to Initial Public Offer (IPO). NBFCs can fix more conservative limits,” RBI said in a notification. Experts believe the new rules could hit the primary market segment in a big way and could impact HNIs who apply for shares in a public issue.
Nykaa IPO To Open On October 28
The initial public offer (IPO) of FSN E-Commerce Ventures, a digital platform that runs Nykaa and Nykaa Fashion, will open for subscription on October 28 and end on November 1. Nykaa, the omnichannel retailer of beauty and wellness products in India, has fixed the price band for the issue at Rs 1,085-1,125 per share. The company plans to raise Rs 5,351.92 at the higher price band. The IPO comprises a fresh issue of Rs 630 crore and an offer for sale (OFS) of 4.197 crore equity shares by the promoters and investors.
ET NOW Exclusive: SpiceXpress Fund Raise Likely To Be Done In 3 Months
Spicejet is in talks with global investors and private equity funds to raise money for its cargo arm SpiceXpress and the fundraising is likely to be completed in the next 3 months, sources told ET NOW’s Sameer Dixit. SpiceXpress had demerged from Spicejet as an individual entity in September 2021. As per experts, SpiceXpress valuation is around Rs 2,200-2,400 cr.
Expect Huge Investment In Domestic E&P Sector: Oil Minister
Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri said that the government was trying to bring private domestic companies on board to bid jointly with PSUs for crude oil, reported ET NOW’s Prakash Priyadarshi. “Almost 29 CEOs from global oil & gas companies met PM Modi a few days back and we are expecting a lot of investment in the domestic E&P sector. OPEC's own projection for the year 2022 says oil supply will be higher than demand,” the minister said. The private players are very enthusiastic, which may bring down costs, Puri added.
Meanwhile, Petroleum Secretary Tarun Kapoor believes there is a possibility for a further increase in domestic natural gas prices. “Domestic natural gas prices have gone up for October to March-2022 period. There is a possibility for further increase. ONGC has requested to derive a new formula for APM gas We think this is not required as prices are eventually going up,” Kapoor said.