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New date for GST rollout to be known in April
It is official. The much-anticipated Goods and Services Tax (GST), which will replace most of the indirect taxes levied by the Centre and states, will not be introduced from the targeted date of April 1.

Sensex off day's high
The Sensex has come off from the day"s high and is now at 17,203, up 71 points. The NSE Nifty is at 5,106, up 15 points.

News of the day

Mfg slows down in Aug, domestic demand drives growth: PMI
The growth in domestic manufacturing sector slowed down in August though the domestic demand continued to drive recovery despite lower margins. The HSBC Market Manufacturing Purchasing Managers Index (PMI), a seasonally adjusted headline index designed to measure the overall health of the manufacturing sector, stood at 53.2 last month down from 55.4 in July.
Public Relations

Sobha Developers raises Rs 527 cr through QIP

Construction firm Sobha Developers today said it has raised Rs 526.89 crore through qualified institutional placement (QIP) by allotting over 2.51 crore equity shares of Rs 10 each. - HDIL raises Rs 1,688 cr from Fidelity, Blackstone - Emami raises Rs300cr from QIP issue - Shree Renuka Sugars raises Rs 506 cr via QIP issue - Hindalco plans to raise Rs 2,400 cr via QIP - Emami raises Rs 310 crore through QIP issue - S Kumars to raise Rs 1,000 cr to fund expansion plans The committee of board of directors took a decision to this effect at its meeting held on Friday, Sobha Developers said in a filing with the Bombay Stock Exchange. The committee allotted 25,162,135 equity shares at a price of Rs 209.40 per share to qualified institutional buyers aggregating Rs 526.89 crore under the Sebi guidelines, it said. The share price of Rs 209.40 included a premium of Rs 199.40 as per the Sebi rules under qualified institutions placement, it said. The QIP issue is apparently aimed at raising fresh capital and bring down its debt burden. The company has an accumulated debt close to Rs 1,850 crore. Sobha Developers, having land bank of around 3,000 acres, is reportedly actively considering various measures to reduce debt burden. A year ago, valuations of realty companies soared based on their land bank assets. Now, realtors are looking at various options to cut debt burdens and meet capital requirements for operations with realty prices falling and buying sentiments turning negative. Shares of the company closed at Rs 225.65, up 0.94 per cent from its previous close on the BSE.


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