1:30 pm Fund plans:
Future Enterprise is looking to monetise in each of the next five years at least one investment in the Kishore Biyani-led Future Group firms to realise Rs 10,000 crore. The company currently has investments in Future Supply Chain Solutions, Future Consumer Enterprise, Future Generali India Insurance Co, Future Generali India Life Insurance Co, Future Lifestyle Fashions, Apollo & Goldmohur Mills and Staples. The investments together are valued at present Rs 4,345 crore and are likely to be worth Rs 10,160 crore in the next 3-5 years, FEL said in an investor presentation.
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The market is slipping away once again as European market drag lower. The Sensex is down 233.37 points or 0.9 percent at 25539.16, and the Nifty down 63.15 points or 0.8 percent at 7824.65. About 832 shares have advanced, 1459 shares declined, and 157 shares are unchanged.
BHEL, ITC, Dr Reddy’s Labs, SBI and ICICI Bank are major losers in the Sensex while Axis Bank, Maruti, NTPC and Asian Paints are top gainers.
European stocks opened mixed as traders become cautious after Asia markets gave up much of their early gains overnight and oil prices drifted slightly lower.
Claiming that “India had lost face” globally due its taxation policy, Nandita Parker, Managing Partner of Karma Capital, attacked the amendment of the Mauritius agreement, saying it was an impediment to foreign investment.
Parker told CNBC-TV18 in an interview that the lack of clarity with respect to p-notes and GAAR would be an overhang for the market going forward.
Further, she added that the government should take action to remove operational difficulties in the taxation procedure and bring them in line with global standards.