Bharat Dynamics crashes 14% as govt. divests stake
Retail buyers get ₹20 discount in OFS
Shares of public sector undertaking Bharat Dynamics Ltd. plunged 13.9% to ₹331.15 a share on the BSE as the Union government began the process of divesting a further 15% stake in the PSU through an offer-for-sale (OFS) at a floor price of ₹330 per share.
Prior to the OFS, which will continue on Wednesday, the government had an 87.75% stake.
The company went public in May 2018 at an offer price of ₹428.
Aligned to OFS price
“The current market price of [₹331.15] is aligned to the OFS price. The drop in stock price was bound to happen, as the OFS is coming at a discount to CMP,” said Arjun Mahajan, head-Institutional at Reliance Securities.
He said though the stock was still trading at a discount to its IPO price, the recent government push to increase on increasing domestic defence procurement, higher localisation, and focus on lean cost structure would drive revenue growth for the PSU.
“Additionally, the recent stand-off between India and China on the border further makes a compelling argument for make in India and focus on defence capabilities build up. Thus, this offer for sale is a good opportunity to look at the stock,” he said.“For the retail investor, there is a further discount of ₹20 and thus it may be worth considering. Defence is a focus sector and such opportunities should be considered for investors who have a long-term investment horizon,” added Mr. Mahajan.
McConnell’s GOP coronavirus relief package details revealed
Kudlow: We’ve had a spectacular economic recovery
White House economic adviser Larry Kudlow reacts to positive jobs numbers in wake of coronavirus pandemic.
Senate Majority Leader Mitch McConnell will unveil a new stimulus proposal that builds on previous stimulus actions but also includes significant liability protection amid the COVID-19 pandemic.
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FOX Business has obtained a memo circulated among GOP political advisers — a memo that lays out the main aspects of the bill, including liability protection, a continuation of some federal unemployment benefits, additional small business funding, assistance to the postal service, and educational and child care support.
Senate GOP Targeted Relief Package Summary 9-8-2020 by FOX Business on Scribd
At the heart of the memo is what McConnell has put at the heart of the plan: liability protection. Businesses have been worried they will be slammed with personal injury lawsuits if they reopen and employees contract COVID-19 on the job. This federal protection is expected to allow business owners to reopen with greater certainty they won't be on the hook for coronavirus-related liability.
An official for McConnell’s office declined to comment on the memo but referred us to a statement the senator made earlier in the day highlighting the efforts the GOP has made to get relief to Americans.
House Majority Leader Nancy Pelosi declined to comment.
Trump reverses Obama bid to prevent racism in US housing
Removal of rule that sought to end racial segregation and discrimination in country’s housing appears to be election campaign strategy.
Effective from Tuesday, the Trump administration is replacing an Obama-era rule that sought to end racial segregation and discrimination in American housing.
President Trump says the rollback of the rule, which forced cities to report on housing discrimination in their communities, is to give local governments more freedom from federal regulations.
But the move also fits neatly into Trump’s campaign strategy that ties race to the safety of suburban communities.
Al Jazeera’s Heidi Zhou-Castro has the story.
Myanmar's Aung San Suu Kyi launches election campaign
Country’s leader has kicked off her governing party’s campaign – before November’s general election.
Myanmar’s leader Aung San Suu Kyi has kicked off her governing party’s campaign – before November’s general election.
It is likely there could be a delay because of a recent rise in coronavirus cases.
The election commission is set to decide whether the vote will still go ahead as planned.
Al Jazeera’s Florence Looi reports.
Donald Trump Won’t Like What Joe Biden Said About His Physical Fitness
Joe Biden really ramped up the insults toward President Donald Trump on Labor Day ― with the emphasis on ramps.
It happened while the Democratic presidential nominee was being interviewed by Harrisburg ABC affiliate WHTM and was asked his response to a suggestion by the Trump campaign and the president’s supporters that Biden has lost a step.
Biden seemed prepared for the question and immediately turned the tables on the president.
“Look at how he steps and look at how I step,” Biden replied.
Biden then noted the president has had some challenging physical encounters with ramps such as when he gave a graduation speech at West Point military academy earlier this year and walked down the ramp awkwardly.
He then asked voters to notice the difference between how he and the president handle slightly inverted surfaces.
“Watch how I run up ramps and he stumbles down ramps. OK? Come on,” Biden said.
The former vice president then said the health of a presidential candidate is a “legitimate question.”
As of Tuesday afternoon, Trump hadn’t tweeted a response.
However, Twitter users had their own thoughts.