Infosys’ internal conflicts, RBI’s neutral stance, Withdrawal Limits update- Weekly Digest #34

Monday- 6th February 2017

  • Tata Sons removed former chairman Cyrus Mistry from its board, marking the end of another phase in the months-long battle. The motion received 80% assent.
  • Telecom Commission has questioned TRAI over methods and basis of charging the penalty of ₹3050 crores on Airtel, Idea and Vodafone for failing to provide adequate points of connection to Jio Infocomm. Question have been raised over TRAI’s authority to issue such penalties.
  • Snapdeal’s head of corporate development Abhishek Kumar has resigned from his position, adding to the struggles of e-retailer to reduce its expenses and raise money.

 

Tuesday- 7th February 2017

  • Govenrnment raised an amiunt of ₹6,700 crores by selling 2% stake in ITC as it moves closer towards its goal of raising funds through disinvestment.
  • Tata Steel posted a above the expecataions profit of ₹232 crores for Q3, as it reclaims its status of a profit making entity. It has been attributed to a strong performance in the home market.
  • AisAsia India has appointed former Tata Power executive as its CFO. This is indicative of enhancement of involvement of its Indian paent company in the operations.
  • ITC surpassed RIL and HDFC in terms of market capitalisation to reach the number 2 stop. The current leader in market capitalisation is TCS. ITC closed at an all time high of ₹277.10.
  • The Sensex slipped over 104 points and the Nifty slipped below the 8,800mark, pulled down by rate-sensitive banking, realty and other stocks ahead of the RBI monetary policy.

 

Wednesday- 8th February 2017

  • RBI kept the repo rate unchanged at 6.25%, adopting a neutral stance third time in a row. This came as a surprising move as rate cut would have helped economy to reciver from aftermaths of demonetization.
  • The withdrawal limits on bank accounts are to be removed from 13th March 2017. To be raised to ₹50,000 from 20th Februaruy 2017
  • United Breweries has issued a notice to to Vijay Malya, asking him to step down as the chairman after SEBI barred him from holding any key managerial position in any company in India.
  • Trouble at Infosys as internal management conflicts arising over salary package of its CEO, Vishal Sikka. This has resulted in conflicts between the management and the promoters of the company.

 

Thursday- 9th February 2017

  • Ola’s biggest hire, former CFO of Infosys, Rajiv Goel, has quit the comapny as the company is witnessing another top management churn. Raghuvesh Sarup, CMO of the comapny has also resigned from his position.
  • India handed over to the UK an extradition request for absconding businessman Vijay Mallya who is facing cases of loan default and other financial irregularities.
  • Shares of Indraprastha Gas (IGL) touched their 52-week high after the company reported a 37% jump in net profit for the third quarter ended December attributing to higher sales volumes and realisations. The share price touched ₹1026.

 

Friday-10th February 2017

  • After co-founder Narayan Murthy raised concerns over declining governance standards, Infosys’ board members closed ranks behind non-executive chairman R Seshasayee in a strong show of support.
  • The government appointed Ajay Tyagi, a senior bureaucrat at the Finance Ministry to head the SEBI by replacing UK Sinha, whose term will end on 1st March 2017.
  • SBI posted a 134% rise in net profit for Q3 to ₹2610 crores owing to healthy fees and trading profits.
  • Tata Power Company has appointed N Chandrasekaran as chairman and additional director of the company.

 

Source: The Econmic Times
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