Airtel, Millicom sign pact to combine Ghana ops
New Delhi: Telecom operator Bharti Airtel on Friday said it has signed an agreement with Millicom International Cellular to combine their operations in Ghana. “The companies have, through their respective subsidiaries, entered into an agreement for Tigo Ghana and Airtel Ghana to combine their operations in Ghana,” a statement said. As per the agreement, Airtel and Millicom will have equal ownership and governance rights in the combined entity, it added. The combined business will serve nearly 10 million customers, of which 5.6 million are data users.
CBEC asks tax officers to speed up GST migration
New Delhi: The Revenue Department has expressed serious concern over delay in migration of excise and service tax assessees to the new GST regime and asked field officers to complete the process by March 31. The CBEC, the apex policy-making body for indirect taxes, in a communication to the field formations has asked the Zonal Chief Commissioners to submit a weekly progress report beginning March 6.
IPO rush on SME platform; 36 cos line-up plans
New Delhi: looking to tap into the upbeat investor sentiment, as many as 36 SMEs have lined up initial public offers (IPOs) to fund business expansion and meet working capital requirements. The companies, which are planning to list on BSE's SME platform, are expected to float IPOs in the coming months. The exchange has already given go-ahead to 28 SMEs, while another eight have filed their draft offer documents with BSE and are awaiting for approval, as per the latest information.
BSE sets up new corp announcement filing system
Mumbai: leading stock exchange BSE has set up a new corporate announcement filing system (CAFS) to provide speedy, timely and accurate information on listed companies to investors as well as news agencies. The new system, which has been made operational since March 1, will disseminate information round the clock as well as provide a company's filing time and BSE dissemination time for users to verify the minimum delay between reporting and discourse.
ICICI Pru's Dynamic Plan outdoes all indices
Mumbai: One fund that has continued to be in the list of outperformers as against the NIFTY 50 index ever since the year 2008 is ICICI Prudential Dynamic Plan. The fund is an open-ended diversified flexi-cap opportunities fund which is structured with intent to benefit from the implied volatility in the markets. “The fund which was launched in October 2002 works on dynamic asset allocation strategy, booking profits from equities when valuations are high and buying equities when valuations are cheap. As a result, the fund has consistently outperformed its benchmark indices,” said the company release on Friday.
Nalco posts highest-ever 17% bauxite output
New Delhi: Navaratna public sector firm National Aluminium Company ltd (NAlCO) posted 16.8 per cent growth in bauxite production up to February 2017 with a volume of 65.6 lakh tonnes, the highest since its inception. “Similarly, the hydrate production at its refinery has also registered an increase of 6.8 per cent,” said a company statement.