063

Five merchant bankers to monitor Govt’s 3% stake sale in IOC

The government has selected five merchant bankers – Goldman Sachs, Citigroup, Deutsche Equities, SBI Capital Markets and ICICI Securities – to manage its three per cent stake sale in Indian Oil Corporation (IOC), which could fetch about six thousand crore rupees to the exchequer.
A total of 10 merchant bankers had made turned up before the DIPAM yesterday, of them five were selected. The government currently holds 58.28 per cent stake in IOC. It plans to sell 3 per cent stake in the nation's largest oil retailer through an offer for sale. 

Rupee

Re surges by 9 paise against dollar

The rupee edged higher by 9 paise to 64 point 80 against the dollar in early trade today. Yesterday, the rupee had slumped by a whopping 34 paise to end at a fresh seven-week low of 64.89 against the American currency. 
Meanwhile, the benchmark BSE Sensex recovered 120.54 points to 30,485.79 in early trade.

091

Weak investments to restrain economic growth at 6.6 percent in Q4

New Delhi: Weak investment activity is likely to restrain economic growth at 6.6 per cent for the quarter ended March 2017, a rating agency report has said.
A Dun and Bradstreet report says, going forward, normal monsoon is expected to provide the requisite boost to demand, while transition to GST regime is likely to create some disruption and impact the short-term sales volume across businesses.

Air

Air India rolls out plans to auction properties to raise liquidity for airliner

New Delhi: Air India has decided to auction seven of its properties, as a part of its asset monetisation plan. The national carrier has mandated the auctioneer MSTC to put these properties under the hammer. According to the auction notice, Air India proposes to sell its exclusive properties in the form of land parcels/built-up flats located at prime location in Mumbai, Bengaluru and Thiruvananthapuram. This sale is likely to raise around Rs 80 crore.