Business Roundup: Here are today's top 5 Business news
Here are today's top 5 business news. While TCS board announced it will discuss a possible buyback of shares on June 15 which triggered a nearly 3% price jump in its shares today, SEBI said it's considering to allow direct overseas listing of Indian companies. Besides that, the brand value of IPL jumped to $5.3 billion after the game's 11th season. Here's more.
Brand value of IPL jumps by 37% to Rs. 35,800cr
The brand value of the Indian Premier League (IPL) has increased 37% to worth $5.3 billion (Rs. 35,800cr), according to business valuation consultancy Brand Finance's 2018 report. Valuing $65 million (Rs. 439cr), 2018 IPL winner Chennai Super Kings has been ranked as the most valuable IPL franchise brand. Kings XI Punjab with a brand valuation of $40 million (Rs. 270cr) was ranked last.
SEBI mulling on allowing overseas listing of Indian companies
SEBI is considering to allow Indian companies to get directly listed on overseas exchanges. Currently, Indian companies need to float American Depository Receipts or Global Depository Receipts to get listed abroad. SEBI, which had so far not allowed direct listing over the fears of outflow of capital, said that it is now considering the proposal in the light of internationalization of the capital markets
TCS share grew 2.8% on intraday trade over buyback proposal
Shares of India's largest software services firm, Tata Consultancy Services (TCS) registered a 2.8% jump in its price in morning trade on Wednesday, after its board of directors announced a meeting on Friday to discuss the proposal on buyback of shares. The buyback can reportedly go to the extent of Rs. 10,000 crore. Buybacks generally result in improved earnings per share.
Bharat-22 ETF's follow-on offer to open on June 19
The government will open the second part of Bharat-22 Exchange Traded Fund (ETF) for anchor investors on June 19 and for retail and other institutional investors on June 20. The open-ended mutual fund scheme which is comprised of shares of 22 companies will help the government in raising up to Rs. 8,400cr from the markets. The follow-on offer will remain open till June 22.
CBIC extends the IGST refund fortnight till June 16
The Central Board of Indirect Taxes and Customs (CBIC) has extended its fortnight drive to settle Integrated Goods and Service Tax (IGST) refund claims of exporters by two days, till June 16. The drive, which was started on May 31, has till now processed refunds worth Rs 143.87cr. You can settle your IGST refund claim by contacting your jurisdictional Deputy/Assistant Commissioner of Customs.
