Aramco slips9%,nowbelowIPOprice · 2020-03-11 · Aramco shares closed 9.1 per cent lower at 30...

NEW DELHI | MONDAY, 9 MARCH 2020 COMPANIES 3 . < 3 Infosys employees arrested for taking bribe from taxpayers PRESS TRUST OF INDIA Bengaluru, 8 March Three Infosys employees attached to the Income Tax department’s Centralised Processing Centre in Bengal- uru, were arrested for allegedly taking bribes from taxpayers for speedy processing of their refund, police said on Sunday. According to police, the key accused among the three was attached to the CPC’s data division and had demanded and collected money through his friends from some major taxpayers with whom he had contact over phone for processing their I-T refund claims at the earliest. He would allegedly charge them four per cent of the refund money as his commission, they added. Recently, one of the taxpayers refused to pay the money and shared the audio recording of his conversation with the accused with Income Tax officials who held an internal enquiry and then approached the police. The Electronics City police have registered a case of cheating and criminal breach of trust against them. The police suspected the trio might have made about ~15 lakh so far as commission from taxpayers. Aramco slips 9%, now below IPO price REUTERS Dubai, 8 March Shares of Saudi state oil company Aramco slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December, after Organization of the Petroleum Exporting Countries’ (Opec’s) pact with Russia to restrict oil supplies fell apart. Aramco shares closed 9.1 per cent lower at 30 riyals ($8.00), their sharpest one day percentage fall, and below the IPO price of 32 riyals. The Saudi market closed 8.3 per cent lower. Aramco’s record IPO in December gave it a market capitalisation of $1.7 trillion, making it the world's most valuable company. The deal was the culmina- tion of Crown Prince Mohammed bin Salman’s efforts to open up the energy giant to outside investors and raise funds to help diversify the economy away from oil. But buyers of the shares were largely Saudi retail and institutional investors as the deal found little interest beyond the Gulf. The stock hit an intraday high of 38.70 riyals on its sec- ond day of trading, but has eased since then. The shares have fallen more nearly 15 per cent since the start of the year amid con- cerns the coronavirus out- break will slow oil demand from China and hurt the global economy. Oil prices have also slumped, and fell further on Friday after a three-year pact between Opec and Russia aimed at supporting the market ended in acrimony when Moscow refused to back deeper production cuts. Opec responded by removing all limits on its own production. “Aramco is under pressure because of the failure of the deal,” said Marie Salem, head of institutions at Daman Securities. Aramco’s record IPO in December gave it a market capitalisation of $1.7 trillion, making it the world’s most valuable firm Sharesdown15%sincestartoftheyear; latestcrashcomesafterthree-yearpact betweenOpec&Russiaendedinacrimony Realty and infra drove buyouts in ’19: Report RAGHAVENDRA KAMATH Mumbai, 8 March The buyout deals in real estate and infrastructure sec- tors were 2.5 times of other asset classes, said a new report by audit and consult- ing firm EY and the Indian Venture Capital & Private Equity Association (IVCA.) In 2019 , buyouts in real estate and infra were $11.6 billion while in other assets it stood at $4.6 billion. “While consistent growth in buyouts has been a major driver of the overall growth of PE/VC investments for the past three years , there was a slight difference in nature of the deals in 2019. Unlike in 2017 and 2018, where the growth in buyout activities was in traditional PE/VC asset class, 2019 saw growth in infrastructure and real estate asset classes,” it said. In 2019, 59 per cent of total value of investments in real estate was buyouts, it said. In 2019, investments in real estate went up by 33 per cent at $6.1 billion. “A large portion of them were buyout deals which is a significant divergence from the earlier trend, where a large number of investments in real estate sector were credit investments,” the report said. According to the report, buyouts in real estate have risen from 0.4 per cent in 2015 to 3.6 per cent in real estate deals. Asian oil traders are bracing for another round of hefty price falls on Monday in key benchmarks Brent and Dubai after the world's top exporter Saudi Arabia slashed prices, reigniting a market share battle among key producers. Global price marker Brent dived more than 9% on Friday to $45.27 a barrel, its biggest single day loss in 11 years. Late on Saturday, Saudi Arabia slashed its official selling price (OSP) for April for all its crude grades to all destinations. The producer also planned to raise in April its production to more than 10 million barrels per day (bpd) for the first time since May 2019. A trader with a North Asian refiner said the ‘crazy’ price cuts could lead Brent to test $40 a barrel soon. REUTERS Oil traders brace for another round of hefty price decline Deals were worth 2.5 times other asset classes ](fh! L Tc^TN\[ Qf0! L BK?BE?DBDB b$%/ [+0%h! "+. 0$! /f(! +" %))+2fg(! ,.+,!.05 :_V))+2fg(! ].+,!.05‘ !0f%(/ )!*0%+*! 1*!. P+(1)* [+@Q +" 0$! 0fg(!> $!.!%* g!(+3; %/ $!.!g5 #%2!* 0+ 0$! ,1g(%h %* #!*!.f( f* %* ,f.0%h1(f. 0+ 0$! g+..+3!.:/;A)+.0#f#+.:/;A#1.f*0+.:/;A 0$!%. 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Aramco slips9%,nowbelowIPOprice · 2020-03-11 · Aramco shares closed 9.1 per cent lower at 30...

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