Modi govt seeks report from Karnataka, other states to extend ban on SIMI

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

Gadag, May 9: It is the month of April, and the season of mangoes is very much here. However, the mango farmers of Gadag are suffering huge losses amid the coronavirus lockdown due to the absence of transportation facilities along with several other issues that have been impacting their business adversely.

Speaking to media persons, Vishwanath Odugowdar, a mango farmer said, "Due to transportation problems we are not being able to export mangoes to different countries. We are trying to sell them in nearby markets."

"We are not in a situation to pack, transport and export the mangoes to different countries as we did earlier especially 
when it comes to Alphonso mangoes which is one of the most loved varieties. So, we are packing mangoes at our place. Somehow this year we have got very good quality of mangoes," he added.

Farmers here are incurring huge losses as mandis and markets across the country are shut while the transport of Alphonso mangoes has also come to a halt owing to the lockdown.

The small and medium scale farmers in places like Gadag, Dharwad, Bagalkote in north Karnataka have started packing the mangoes themselves in their farms in a bid to sell the fruit themselves.

Bengaluru, Apr 16: The lockdown in the wake ofthe coronavirus pandemic has turned out to be a deeply painful story for the Kannada film industry.

Schedules have gone awry following the stay-at-home curbs and operators in Sandalwood, as the industry is popularly known as, say about 100 films under production are affected.

They include big budget movies- 'Raja Veera Madakari Nayaka', 'Kotigobba 3', 'Robert' and 'Yuvaratna.'

Noted producer Rockline Venkatesh told P T I that the loss to the industry is to the tune of hundreds of crores of rupees.

In addition, it's a challenge for producers to secure the content of their movies from "piracy and leak" during long periods of time before their release, Venkatesh, who is Secretary of Karnataka Cine Artistes' Association, said.

A leading distributor said even after the lockdown is lifted and situation returns to normalcy, it remains a big question if investment in film business will pay off at all.

"People don't have money. We will know the impact when things become normal. Questions many ask if people will return to cinema halls like the way they did before or they prefer to stay away from crowd."

Venkatesh, who had also produced Rajinikanth-starrer 'Lingaa' and co-produced 'Bajrangi Bhaijaan' with Salman Khan in the lead role, said it would take at least one to one-and- half years for the industry to be back on its legs.

"That too if the government does hand-holding but if the industry faces a bad hit in terms of income tax and GST and other taxation, 80-90 per cent of the industry will face closure," he said.

"It does not matter if the government does not help the industry but they should not trouble us with things like IT and GST," Venkatesh, who is also a distributor and artiste, said.

A top director said people's "behaviour" towards movies is crucial for the industry's health in the post lockdown scenario.

"With people likely to shy away from going to malls, cinema theatres because of large gatherings there, it's going to be a long road to recovery for us", an industry insider said.

Striking a philosophical tone, Venkatesh said all that people worry now is to save their life and keep good health, adding, amassing money and wealth is the last thing on their mind.

Producers Soorappa Babu and Umesh Banakar, who is also Vice-President of the Karnataka Film Chamber of Commerce, told P T I that the industry has taken a huge hit.

Banakar said the loss to the industry due to the lockdown is at least Rs 1,000 crore.

"The coronavirus has affected the entire world. We don't know what to do; we just have to wait," Soorappa Babu, producer of Kiccha Sudeep-starrer 'Kotigobba 3', said.