|Day's Range||936.00 - 962.50|
|52 Week Range||692.50 - 981.45|
|PE Ratio (TTM)||35.93|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
India has eased foreign direct investment norms in 15 major sectors, including mining, defence, civil aviation and broadcasting, the government said on Tuesday, in a bid to drum up investment and speed growth. The announcement came as Prime Minister Narendra Modi seeks to regain the political initiative after his Bharatiya Janata Party (BJP) suffered a humiliating defeat last Sunday in a state election that has reinvigorated opposition parties. "The crux of these reforms is to further ease, rationalise and simplify the process of foreign investments into the country and to put more and more FDI proposals on the automatic route, instead of the government route, where the time and energy of the investors are wasted," the government said in a statement.
India has simplified rules for foreign investment in companies by clubbing together different categories, Finance Minister Arun Jaitley said on Thursday, clearing the way for private sector banks to raise fresh capital. The move, flagged by Jaitley in his February budget, lifted shares in lenders like Yes Bank, Axis Bank and Kotak Mahindra Bank, which will find it easier to attract foreign capital up to a 74 percent cap.
Citigroup and HSBC are among five banks chosen to manage India's planned sale of a stake in state oil company Oil and Natural Gas Corp (ONGC), three sources with direct knowledge of the development said on Monday. UBS and Indian investment banks Kotak Investment Banking and ICICI Securities have also been mandated by the Indian finance ministry's disinvestment department, the sources told Reuters, speaking on condition of anonymity. The Indian government, which has a 68.94 percent stake in ONGC, is considering selling a 5 percent stake, worth about $3 billion at the current market price.