byfintooSeptember 28, 2020
1. NEWS CAPSULES:
- UK’s Vodafone Group Plc. has won an international arbitration against the Indian government over retrospective tax demand of ₹20,000 crore, in the Permanent Court of Arbitration in The Hague which has ruled that the Indian government’s imposition of a tax liability on Vodafone is in breach of the investment treaty agreement of ‘fair and equitable’ treatment, between India and the Netherlands.
- The Reserve Bank Of India on Sunday Approved the formation of a three-member committee of directors to temporarily run the struggling Lakshmi Vilas Bank Ltd after shareholders voted out seven directors, including managing director and chief executive S. Sundar.
- Donald Trump had paid no income taxes at all in 10 of the previous 15 years – largely because he reported losing much more money than he made. He paid $750 in federal income taxes the year he won the presidency.
- Homebred smartphone maker Lava and listed contract manufacturer Dixon have both applied for the government’s production-linked incentive (PLI) Scheme.
2. IPO UPDATE:
a. UTI Asset Management Company Ltd. IPO:
- It Manages 153 mutual fund schemes, is the second-largest AMC in India in terms of AUM and 8TH Largest in terms of QAAUM.
- The Management Fees from domestic mutual fund account for 72.7% of the total income of the company.
- Is in the Industry for more than 55 years.
- Has four stakeholders namely SBI, LIC, PNB & BOB each of which has Government of India as a majority Stakeholder
- UTI AMC’s Market Share has declined consistently over the past years having an adverse impact on the business, financial condition and results of operations.
- A substantial portion of UTI’s domestic mutual fund QAAUM is concentrated in few schemes.
b. Mazagon Dock Shipbuilders Ltd. IPO:
- India’s Leading public sector defense shipyard company.
- World Class Infrastructure facilities.
- Strategic location at Mumbai on the west coast of India.
- Strong Order book and financial position.
- The President of India acting through the Ministry of Defense, GOI is the promoter of the company.
c. Likhita Infrastructure Ltd. IPO:
- The company is engaged in providing oil & gas pipelines, city gas distribution projects, Cross-Country Pipeline Projects, and operations and maintenance services as well.
- 20+ years of existence having presence across 16+ States and 2 Union Territories.
- Strong Client Base
- Efficient Business Model and Strong Project Execution Capabilities.
- Revenue and Profits have been growing YOY for the past 3 years.- No Listed Companies in India which are engaged in the same line of business.