New Delhi:
Tata Group's expected investment of 300 crores in home finance business, Reliance Jio Infocomm's participation in mega spectrum auction and the stock markets trading levels make up our top three business stories on September 15.
1. Tata Group to invest Rs 300 crores in home finance business
The Tata Group is quite bullish on its home finance business after witnessing a rapid growth in the sector in the last seven years. The corporate conglomerate has big aspirations of getting into the league of market leaders like Housing Development Finance Corporation (HDFC) in the next decade.
As per the reports published in leading financial dailies, the $103-billion group will invest another Rs 300 crore through its subsidiary Tata Capital after already pumping in Rs 200 crore by subscribing convertible preference shares so far this fiscal year. The group has invested a total of Rs 700 crore in the home loan company until August. "We plan to become another HDFC. That's our goal," said R Vaithianathan, managing director at Tata Capital Housing Finance.
Also Read: Tata Group to invest Rs 300 crores in home finance business
2. Mega Spectrum Auction: Reliance Jio Infocomm set to participate
As per reports in leading financial dailies earlier in the day, India's biggest spectrum auction scheduled to begin October 1 shall witness Reliance Jio Infocomm participate with six other major telecom operators which include Bharti Airtel, Vodafone and Idea Cellular in the bidding process.
As per government officials, Reliance Communications, Aircel and Tata Teleservices also submitted their applications and earnest money deposit, which represents their intent to bid. Norwegian telecom operator Telenor was the only notable absentee from the application process on September 13, which was the last date of submitting their application.
Also Read: Mega Spectrum Auction: Reliance Jio Infocomm set to participate
3. Stock Markets remain flat, Pharma and FMCG sectors gain
The BSE Sensex closed at 28,413, ending with a gain of 41 points. The BSE Sensex opened at 28,398 touched an intra-day high of 28,444 and low of 28,311. The NSE Nifty breached the 8700 mark to close at 8,749. The NSE Nifty opened at 8,744 hitting a high of 8,752 and low of 8,704.35.
As per financial analyst, the benchmark Sensex and Nifty indices have been trading pretty flat as investors had a cautious outlook ahead of the policy meetings of the Bank of Japan and US Federal Reserve. Bank of Japan and the Fed policy review will be held on 20-21 September.
Also Read: Stock Markets remain flat, Pharma and FMCG sectors gain
