Monday- 18th June 2018
- ICICI Bank CEO, Chanda Kochhar to proceed on leave to facilitate an independent investigation into charges of favouritism and impropriety. The group’s life insurance head, Sandeep Bakhshi will assume the responsibilities meanwhile.
- HUL has filed a caveat petition in the Mumbai HC against Emami, anticipating the rival to approach the court against an HUL regarding advertisement that takes a shot at Emami’s Fair and Handsome. Emami said it is evaluating the latest television commercial for HUL’s Men’s Fair and Lovely brand and “will take all necessary action as deemed fit”
- In a letter to RBI, Payments Council of India has asked to delay implementation of its stringent customer verification rules until mobile wallet providers are allowed to access the Aadhaar database for user authentication.
- Workspace solutions provider IndiQube has raised ₹100 crore in a WestBridge Capital-led funding round to fuel its expansion plan. The capital will be used for expansion to new cities, for increasing team size, brand building, and for technology.
- After a report of top management reshuffle, ICICI Bank shares rose as much as 4%. The shares of the bank ended at ₹293.20, up 3.86%.
Tuesday- 19th June 2018
- Due to escalation of trade dispute between the US and China, the financial market tumbled. Sensex fell 262 points to close at 35,287 points while Nifty dropped 89 points to close at 10,710 points.
- India’s top shipbuilder Larsen and Toubro has sought the Niti Aayog’s intervention againts government’s proposal to move a ₹60,000-crore project to build submarines to the public sector. L&T is asking that it be reserved for the private industry as per the original plans.
- Amazon India has brought changes to its seller fees as it looks to take on Flipkart in several categories. The global ecommerce company has lowered seller fees in categories such as furniture and luggage where Flipkart has sharpened its focus, as both look to get aggressive in these categories.
- Uber has appointed Pradeep Parameswaran as new President of India and South Asia, the company said in a statement. This comes after Amit Jain was elevated to head the Asia Pacific region for Uber in May this year.
- IIFL Holdings’ wealth management arm has raised ₹745.71 crore by selling 5.1% stake to various investors. After the transaction, IIFL Holdings will own 51.11% of its wealth management arm on a fully diluted basis
Wednesday- 20th June 2018
- Bank of Maharashtra’s CEO, Ravindra Marathe has ben arrested for allegedly colluding with real estate developer DS Kulkarni to divert money and cheat shareholders. Sushil Muhnot, the bank’s former CMD, was also nabbed from Jaipur.
- Celebrity chef Sanjeev Kapoor-promoted appliances brand Wonderchef has raised ₹70 crore from Amicus Capital Partners which valued the firm at ₹700 crore.
- Russia’s Sistema JSFC has fully sold its 10% stake in Reliance Communications in multiple tranches, becoming the latest foreign operator to exit the troubled Indian telecom market, having lost about $4 billion on its investments.
- Adani Wilmar, the highest bidder acquire debt-laden Ruchi Soya, has secured ₹4,000-crore credit line from Standard Chartered and DBS to finance its likely acquisition of the country’s largest edible oil maker.
Thursday- 21st June 2018
- The Indian Banks’ Association has condemned the spate of chargesheets and arrests of bankers by investigative agencies and has called an emergency meeting to discuss the alleged high-handedness of the investigative agencies.
- The SEBI okayed a revamp of IPO norms and a governance framework for stock exchanges and depositories. It also signalled moves to bring chartered accountants and company secretaries under its ambit. The board eased and updated IPO rules to bring them in line with current laws and market structure.
- India to raise duties on 29 products from the US, striking back against Trump’s move to impose higher tariffs on Indian steel and aluminium exports amid a global trade war that’s broken out as President Donald Trump seeks to combat what he perceives as unfair terms. The duties to take effect from August 4.
- Online food-delivery startup Swiggy has raised $210 million in its latest round of funding with Russian billionaire Yuri Milner’s DST Global and existing backer Naspers leading a $210-million round in the firm. The round values Swiggy at $1.3 billion.
- HCL Technologies has signed a five-year $500 million global IT infrastructure and application services deal with Nokia as the latter consolidates its vendors and streamlines its outsourced IT management services.
Friday- 22nd June 2018
- ICICI Bank said that an internal investigation of 31 loan accounts involving ₹6,082 crore, following a whistleblower complaint over incorrect asset classification.
- The IBA has suggested setting up of an independent committee and to include a RBI official as a part of the panel to scrutinise charges against bankers. The association is also contemplating buying insurance to ensure indemnity against charges by investigating agencies and protect against indiscriminate arrest of bankers.
- Reliance Industries in partnership with JM Financial ARC is set to take over bankrupt Alok Industries at less than a third of the total loan value, with 72% of the lenders voting in favour of the deal. The partnership had offered ₹5,050 crore in the second round, translatimg into an 83% haircut on dues of ₹29,500 crore.
- The ED has moved a special Mumbai court to be allowed to confiscate ₹12,500-crore worth of assets of Vijay Mallya and to have him declared a ‘fugitive offender’.
Source: The Economic Times