Monday- 14th November 2016
- IRDA (Insurance Regulatory and Development Authority) has raised its concerns over proposed merger of Max Financial Services and Max Life into HDFC Life as it may not be in the lines with the act. The Insurance Act does not permit the merger between an insurance company and a financial services company.
- The Indian unit of Walmart posted a 7% rise in revenue and narrowed losses in consumer goods market that saw decade low sales growth. Loss declined to ₹140.4 crores. Sales grew 34%, from ₹2,991 crores to ₹3,997 crores.
- Tata Motors’ independent directors are backing Cyrus Mistry and his strategy and that of the management. The statement was drafted by Nasser Munjee and was endorsed by every independent director.
Tuesday-15th November 2016
- Tata Global Beverages sacked Cyrus Mistry as chairman of the company. However, the decision was declared illegal by the former chairman. Harish Bhat will be the new chairman.
- A group of foreign institutional investors (FIIs) in Tata Steel have written to its independent directors raising concerns about cross holdings between the steel company and Tata Group firms.
- India’s stock market plunged after overseas investors went on a selling spree amongst higher aversion to riskier assets and also due to the demonetization scheme .
- Shares of listed jewellery companies hit their 52-week lows on Tuesday. This has been due to the government’s decision to curb black money by regulating the gold market.
Wednesday- 16th November 2016
- Massive deposits in the bank accounts by people holding old ₹500 and ₹1,000 currency has lead to a decline in the interest rates. State Bank of India (SBI) reduced rates on deposits from one year to 455 days to 6.90%.
- The Sensex gave up its initial gains and ended marginally lower, pulled down by consumer durables, healthcare and metal counters following a bout of fag-end profit booking; while the Nifty managed to close above the 8,100-mark. Sensex ended at 26,298 and Nifty at 8,111
- Snapchat has filed for an initial public offering, which could make it the biggest US stock market debut since 2014. It will be valued at $20 billion to $25 billion.
Thursday- 17th November 2016
- TCS has called for a shareholder meet on December 13th to oust the former chairman Cyrus Mistry. Tata Sons is expected to take a similar decision, by calling an EGM to sack the former chairman.
- Banks across the country are scrambling to meet the demand for the new currency as well as continuously changing regulations of the demonetization. Various limits have been changed and restrictions gave been imposed and bank officials are finding it difficult to orient themselves according to them.
- Raghav Chandra, chairman of the National Highways Authority of India (NHAI), announced Paytm has won the contracts for automatic toll collections at highways in various states. Now users will be able to pay tolls through their Paytm wallets.
Friday- 18th November 2016
- The Income-Tax department has asked two Tata Trusts to explain investments flagged by Parliament’s Public Accounts Committee. It is also reconsidering the tax exemptions claimed by the trusts.
- Near 700 petrol pumps in rural areas started dispensing cash to ease the pressure on the banking sector to exchange the currency. However, the daily limit of ₹1 lakh will only be able to meet the needs of 50 customers.
- The Karnataka High Court on Friday ordered winding up of bankrupt businessman Vijay Mallya’s defunct carrier Kingfisher Airlines, paving way for an official liquidator to take charge of assets and books.
- Indian market ended weak on Friday, with benchmark indices falling for the 4th straight week. this has been due to continuous selling in the market and fears amongst demonetization scheme.
- The rupee declines to a 9-month low against US dollar. It closed at 68.14, its weakest since 29th February 2016 .
Source- The Economic Times