China’s e-commerce giant Alibaba to acquire a minority stake in logistics company XpressBees for an estimated amount of $100 million as it looks to break into Indian markets to compete with global rival Amazon, and homegrown rival Flipkart.
BoB failed to sell bad loans amounting to ₹2,300 crore due from Bhushan Steel and Essar Steel as the reserve price was above market rates and only overseas investors and private equity funds were allowed to bid.
SBI gave a new year gift to its borrowers as it lowered the base rate by 30 points to 8.65%. The move is expected to prevent rivals from poaching the existing customers.
SBI to initiate insolvency proceedings against at least a dozen defaulting companies including Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco and Jai Balaji after failing to recast their loans by the December 31 deadline.
Following the steps of IOB, Axis Bank to put its ₹2,000-crore loan to Bhushan Steel up for sale in the distressed-assets market. The bank may get as much as ₹1,200 crore.
Tuesday- 2nd January 2018
India’s largest retailer, Future Group is in talks with Snapdeal to acquire its logistics arm, Vulcan Express for about ₹50 crore in an all-cash deal.
Tata Technologies, a subsidiary of Tata Motors, suspended some of its employees for allegedly issuing forged letters of employment to 60 people.
The rupee hit its highest level against the dollar as it closed at 63.48 a dollar, up 0.31% from its previous closing.
Wednesday- 3rd January 2018
The RBI has ordered banks to recalibrate ATMs to ensure that more numbers of the ₹200 denomination note are dispensed to the public in a move to step up the supply of lower-denomination currency.
The RBI has ordered the banks not to initiate bankruptcy proceedings against Jaiprakash Associates. This comes amidst anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets.
South African Internet group Naspers has emerged as the frontrunner for an estimated $200 million investment in Swiggy. The investment is expected to increase the valuation of the food delivery venture to $650 million.
Online retailer Flipkart has infused approximately ₹1,632 crore into its logistics arm Ekart in an effort to further strengthen its delivery and warehousing capabilities.
Warburg Pincus India managing director Nitin Nayar has resigned from his position to launch his own investment fund with an expected corpus of $150-200 million, focusing on technology-related bets.
Thursday- 4th January 2018
India’s top seven Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, to approach the AAR for clarity regarding levy of GST on transactions relating to Bitcoins.
After receiving criticism over exorbitant salaries paid to top executives, Infosys has crafted a transparent compensation package for the new CEO, Salil Parekh. He will be eligible for a fixed salary of ₹6.5 crore and a variable pay of ₹9.75 crore, which is much lower than what his predecessor was offered, i.e. ₹70.4 crore.
As a part of the ₹500-crore pre-IPO fund raised by EtechAces, it has committed an amount of ₹200 crore for its subsidiary; the digital marketplace for loans, mutual funds and credit cards, Paisabazaar.
Idea Cellular to raise a total of ₹6,750 crore ahead of its merger with Vodafone India to pare debt and free up cash for expansion. The amount to be raised in two tranches, by raising ₹3,250 crore through preference shares in first and balance ₹3,500 crores through preference shares @₹99.50.
Friday- 5th January 2018
The rupee gained 0.06% to 63.37 per dollar to a near three-year record on Friday as overseas investments flooded into India amid global dollar weakness.
Executive Chairman of Religare Enterprises, S Lakshminarayanan, a retired IAS officer and independent director Kishori Udeshi, a former RBI deputy governor resigned from the board of the company.
Rohit Gothi, executive director of market operations at beverage maker Coca-Cola’s bottling partner has resigned from his position after the company announced a large-scale restructuring of its business, which would make some jobs redundant.
CDB has withdrawn its insolvency filing against RCom. However, Swedish gear maker Ericsson to its battle against the Anil Ambani-owned telecom operator to recover its dues of ₹1,150 crore.
Ericsson has roped in senior counsel Darius Khambata to represent it in its insolvency petition against RCom at NCLT. Khambata is also representing CDB in its insolvency plea against the Rcom company to recover dues worth $1.78 billion
Simility, a provider fraud prevention solution, has secured $17.5 million in Accel-led series-B funding. The proceeds are to be utilised to fuel its expansion plans.
Owing to high investor expectation regarding BJP retaining majority in the crucial state of Gujrat, the market stayed on a positive note. The Sensex gained 205 points to close at 33,456 points while the Nifty rose 57 points to close at 10,322 points.
Tuesday- 12th December 2017
Consumer inflation touched a 15-month high in November at 4.88%, while industrial growth dropped to a 3-month low in October. This has been a blow for an economy recovering from effects of tax revamp and demonetisation.
A consortium of Aion Capital Partners and JSW emerged the strongest contender for acquiring Monnet Ispat and Energy Ltd. The latter was one of the 12 companies listed by the RBI for insolvency proceedings.
Private equity firm Warburg Pincus to acquire 20% stake in DTH arm of Bharti Group for an amount of $350 million. The proceeds are likely to be utilised to stay in competition with Reliance Jio.
Owing to oil prices climbing $65 per barrel, the market broke a 3-day bullish streak with the Sensex falling 228 points to 33228 points and the Nifty falling 82 points to 10240 points.
PNB raised an amount of ₹5,000 crore through QIP of equity shares issued @₹168 per share. The majority was subscribed by LIC.
Wednesday- 13th December 2017
E-retailer Flipkart has successfully completed its employee stock ownership repurchase plan worth over $100 million, making it the biggest such scheme in the Indian startup sector.
The board of Tata Communications has approved a proposal to transfer about 773 acres of surplus land to Hemisphere Properties India. This matter dates back to 2002 disinvestment of VSNL.
The SC stayed NCLT order directing the government to take over real estate firm Unitech. The Centre apologised for approaching the NCLT over a matter that was being dealt with by the SC,
The RBI has imposed a penalty of ₹3 crore on IndusInd Bank for breaching rules on income classification norms regarding non-performing loans and extension of non-fund based limits.
Thursday- 14th December 2017
Walt Disney has acquired a stake in 21st Century Fox for an amount of $52.4-billion. The deal will enable the former to land into the Indian entertainment sector by giving rights to some of the country’s biggest media properties such as IPL.
Cognizant said it was beginning a $300-million accelerated share repurchase programme as part of its plan to buy back $1.2 billion of shares in 2018.
CCI has approved the Chinese e-commerce giant Alibaba’s stake purchase in the grocery e-retailer BigBasket. Alibaba to acquire 33% stake for $300 million.
Friday- 15th December 2017
Import duty on various electronics raised by the government through a notification. The move has been made to promote the Make in India initiative and will prompt companies like Apple to favour local production.
The government has announced March 31, 2018, as the new deadline to link Aadhar number with phone numbers.
Real estate developer, Jaiprakash Associates, to sell all its five hospitality assets under the brand Jaypee Hotels and Resorts for an estimated amount of ₹2,500 crore.
The SC has given Jaypee Infratech time until January 25 to pay the last ₹125 crore instalment for distribution to homebuyers in its delayed projects. It has warned it of contempt of court action if it fails to meet the new deadline.
Hi everyone. Sorry was away from the blog due to exams. But hoping to pick it back up. So here is the summary of this week’s news. Also, suggestions about what else content can be posted on this blog are most welcome.
Monday- 13th November 2017
Owing to the fiscal deficit for the year due to additional costs from rising crude and a possible dip in revenues due to revamp of GST, Nifty fell 96.80 points to close below 10,225 points while the Sensex closed at 33,033.56 points.
Coca-Cola, Dabur, Honda Motorcycle and Scooter India and Perfetti Van Melle suspended manufacturing operations in NCR after the National Green Tribunal (NGT) banned the industrial activity in and around New Delhi to curb intense smog conditions.
Insolvency and Bankruptcy Code proposed to be tweaked to ensure that the promoters don’t purchase back the bankrupt company’s assets at discounted prices.
Vodafone India and Idea Cellular have agreed to sell about 20,000 towers they directly own to a local arm of ATC for $1.2 billion. The proceeds are expected to be utilised for paring the debt of the merging entities.
General Insurance Corporation reported an increase 463% in net profits to ₹1,419 crore for Q2, owing to the underwriting profit of ₹757.3 crore earned during the quarter.
Tuesday- 14th November 2017
Vodafone has valued its 42% stake in Indus Towers, the largest telecom tower company in India, at $5 billion. The group CEO, Vittorio Colao said that competitive market and gradual tariff increase by Jio has shown positive signs.
US private equity giant KKR is in early talks with investors to sell its oldest India investment, Flextronics Software, now known as Aricent, for about $1.5 billion.
Amazon’s third capital infusion this year, ₹2,900 crore into Amazon Seller Services, making its single-biggest infusion this year. The rival Flipkart mopped up nearly $4 ₹26,180 crore in funding earlier.
Malvinder Mohan Singh stepped down from the post of non-executive chairman at Religare Enterprises. He has been replaced by S Lakshminarayanan, a retired IAS officer and chairman of Shriram Transport Finance.
Wholesale inflation hit a six-month high in October to 3.59%, driven by an increase in food and fuel prices. Retail inflation also hit a seven-month high of 3.58%.
Wednesday- 15th November 2017
The SEBI has attached all bank accounts, securities and mutual fund units held by Vijay Mallya-owned United Breweries Holdings corresponding to a default on payment of a penalty of ₹15 lakh imposed in 2015.
Fortis Healthcare to buy back the real estate assets that house its 14 existing hospitals from Religare Healthcare Trust for ₹4,650 crore, including ₹1,152 crore of debt. It also involves acquiring balance 49% stake in Fortis Hospotel from Singapore Exchange-listed business trust.
Daiichi Sankyo has approached the Delhi HC, seeking initiation of contempt of court proceedings against former Ranbaxy promoters Malvinder and Shivinder Singh for violating a previous order to maintain the status of their unpledged assets.
Paytm’s parent company One97 Communications has received $800 million from SoftBank in a private placement to SVF India Holdings (Cayman).
The market was in red for third consecutive day owing to worries about the effect of higher oil prices with Sensex declining 181 to 32,760, while the Nifty fell 68 points to 10,118.
Thursday- 16th November 2017
The RBI to come up with with a fresh list of around 50 loan accounts that are either under stress or close to being classified as NPAs. It will set a deadline for resolution for bankruptcy proceedings.
RIL to raise $1.8 billion through a combination of offshore bonds and syndicated loans with an aim to reduce its high-cost debt.
In a litigation case between United Spirits and United Breweries, USL has claimed a recovery of around ₹1,800 crore, including interest from Vijay Mallya’s holding company after it defaulted between 2010 and 2013.
CCI has given its approval for Airtel- Tata Tele merger which came as Bharti Airtel’s move to take over the wireless business of Tata Teleservices to boost its market share and 4G airwaves capacity.
The market bounced after a 3 day of decline with Nifty gaining 1% to close at 10,215 points and Sensex gained 346 points to 33,106 point swing to strong performances by RIL and Infosys.
Friday- 17th November 2017
HDFC Standard Life Insurance Company made a strong debut with shares being listed at ₹310, 6.9% up from the issue price of ₹290. It closed at ₹344.25, marking a rise of 18.7% against the issue.
The Rupee rose 1% to touch the mark of ₹64.62 per dollar amidst hopes of foreign inflows. However, it closed at ₹65.01 per dollar.
Aircel and RCom have accused larger rivals Bharti Airtel, Idea Cellular and Vodafone India of trying to poach subscribers through misleading campaigns.
Tata Sons, the investment holding company of the salt-to-software conglomerate, said it appointed Bhaskar Bhat and Saurabh Agrawal as its directors, raising the board strength to 11.
Diageo plc to hold back the remaining $35 million of the $75 million it had agreed to pay Vijay Mallya as part of a settlement. It will now seek to recover dues from him.
The Gujrat HC has quashed Essar Steel’s plea against the RBI directive asking lenders to initiate bankruptcy proceedings against the company. The HC observed that RBi was in its legal power to take such steps.
The government has ordered Reliance Industries, Shell and ONGC to pay a combined $3 billion in penalty following an arbitration award in the Panna Mukta Tapti (PMT) oil field dispute that went in favour of the government
HDFC has scrapped its plans for the merger with Max Life after nearly a year of negotiations and has instead hired Morgan Stanley and Credit Suisse to raise ₹10,000 crore through IPO.
Reliance Industries crossed the ₹5 lakh crore mark in valuation after the share price climber to ₹1,551 per share amidst hopes that new tariff plans will help recover Jio’s losses.
Tuesday- 18th July 2017
Reliance Industries and Shell India have challenged the government decision to demand $3 billion from the contractors of Panna, Mukta and Tapti fields stating that the action is premature as the legal process has not been completed.
Sensex fell 364 points while nifty fell by 89 points as ITC took lead in the fall of indices. Due to the government increasing taxes on the cigarettes under GST, ITC was down by 12.6% to ₹284.60
India’s leading clean-energy company Greenko raised $1 billion in an overseas debt sale, making it Asia’s largest green bond offer to date, and the world’s largest high-yield corporate issue by a closely held company.
The NCLT on Tuesday admitted insolvency proceedings against textile company Alok Industries, which owes about ₹23,000 crores to a consortium of lenders. The plea was made by SBI in order to recover its ₹3,772 crores to the company.
Wednesday- 19th July 2017
The cabinet has approved the sale of the government’s entire 51% stake in Hindustan Petroleum Corp Ltd to ONGC in order to create a state-run integrated oil major that can compete with private and foreign players.
HDFC Life, a joint venture between mortgage lender HDFC and UK-based Standard Life, has applied to IRDA for an IPO after proposed merger with Max Life failed to actuate.
Indian media conglomerate Zee Entertainment Enterprises is in advanced talks to buy 9X Media, which owns a clutch of Hindi and regional music channels. The deal is expected to be valued at around ₹200 crores.
Thursday- 20th July 2017
RIL’s consolidated net profit rose 28% to ₹9,108 crore in the June quarter owing to its core refining business. The turnover grew 26.7% to ₹90,537 crores.
Reliance Jio Infocomm plans to raise ₹20,000 crore through a rights issue of optionally convertible preference shares (OCPS) to shareholders as it prepares for expansion in the market.
Finance Minister Arun Jaitley to head a panel to oversee and speed up the acquisition of Hindustan Petroleum Corporation by ONGC.
Zee Media Corporation is in advanced discussions to acquire Business Broadcast News, an Anil Ambani-owned company that operates English business news channel BTVi in a deal estimated to be valued at ₹100 crores.
Kotak Mahindra Q1 rose 23% to ₹912.7 crores owing to growth in all businesses, from retail to treasury to corporate lending.
Friday- 21st July 2017
Reliance unveiled a 4G feature phone aimed at attracting millions of low-spending users for a refundable security of ₹1,500 and announced 1:1 bonus issue and a dividend of ₹13 per share. The stock rose to its highest in a decade to ₹1586.20
State-run Hindustan Petroleum Corp may acquire two subsidiaries of ONGC. which are Mangalore Refinery and Petrochemicals (MRPL) and ONGC Petro Additions (OPaL) before ONGC takes over HPCL.
The Delhi High court has asked CJ International Hotels to pay an amount of ₹500 crores NDMC or vacate the land on which it currently operates Le Meridien Hotel, located on Windsor Place, Janpath.
Wipro’s stock gained 6.5% to close at ₹286.40 after the company announced a buyback of shares worth ₹11 crores.
A senior official of the Finance Ministry said that after SBI merger, the government is looking to adopt a similar roadmap for other state-run lenders such as PNB and BoB including raising fresh capital and restructuring policies.
Citi has pointed out to the Finance Ministry that global banks and funds are taking advantage of India’s treaty with France to escape tax and effectively Paris is replacing Mauritius as Tax Haven.
NCLT has refused to grant a waiver to Cyrus Mistry’s family firms on the minimum shareholding requirement to petition against Tata Sons as they had alleged oppression of the minority shareholders.
The SC has directed the Bombay HC liquidator to begin the process of selling the Sahara Group’s Aamby Valley project following the company’s failure to pay ₹37,000 crore in dues to the SEBI. It has also asked group chairman Subrata Roy to appear in court in person and explain the failure to pay the due amount.
Daiichi Sankyo has objected to Religare Enterprises’ decision to sell its stake in Religare Health Insurance as it violates a Delhi High Court order in its legal tussle against former Ranbaxy promoters Malvinder and Shivinder Singh.
Tuesday- 18th April 2017
Vijay Mallya was arrested on behalf of Indian authorities by British police and received bail from a lower court in London the same day. However, this will begin the extradition process.
Tata Steel is planning to write a cheque of £520 million to its UK pensioners as a one-time settlement under a rarely used scheme, called the Regulated Apportionment Arrangement (RAA). The process is used to separate an employer from its pension scheme in circumstances where the employer would otherwise become insolvent.
Japanese company SoftBank Corp is considering an investment in Paytm owner One97 Communications for a 20% stake in the parent company. This could up the valuation of the company to $7 billion.
RIL briefly surged past TCS to top the list of most valuable companies listed in India as it surged 1% early during the session. However, later due to sell-offs it could not retain its position as the share price tumbled by 1.48%. At the end of the session, m-cap of RIL was at ₹4.45 lakh crore and TCS at ₹4.54 lakh crore.
Wednesday- 19th April 2017
After raising equity capital from marquee institutional investors, Aditya Birla flagship Hindalco has decided to pay off ₹6,800 crore to its lenders. This would be the largest loan prepayment to domestic banks by a corporate in India.
Holachef has raised $5 million in its Series B round led by existing investor Kalaari Capital. SIDBI Venture Capital and India Quotient also participated. This now values the company at ₹143 crores.
Yes Bank posted a net profit of ₹914.1 crore for the Q4, up from last quarter’s ₹702.11 crore on YoY basis.
Book publisher S Chand & Co is looking to raise ₹728 crore through an IPO which will open on April 26. The price band will be at ₹660-₹670 and lot size of 22 shares.
Thursday- 20th April 2017
Wipro Sacks 600 employees after a rigorous appraisal process. Wipro said it undertakes a rigorous performance appraisal process on a regular basis to align its workforce with the business objectives, strategic priorities of the organisation, and requirements of its clients.
Flipkart has tightened return policy for several popular items sold on its platform as now return policy will not be applicable to electronics among other products. Only exchange policy will be applicable to them. This move is expected to cut costs but alienate customers.
The SC has allowed New Delhi Municipal Council (NDMC) to invite bids for the Taj Mahal Hotel situated in Delhi. If Indian Hotels will not be able to match the highest bid, then it will have to vacate the property within 6 months.
Conduent Inc has filed a lawsuit against outsourcing major Cognizant Technology Solutions alleging breach of contract and fraud action in a court in the state of New York. It seeks to recover damages of over $150 million.
Friday-21st April 2017
A research note, a part of Federal Reserve System’s series of International Financial Discussion Papers (IFDP)has estimated that implementation of GST will boost the economy’s GDP by up to 4.2%, or ₹6.5 lakh crore.
Cyrus Mistry has appealed the NCLT’s order this week dismissing his petition against Tata Sons to the appellate authority.
HDFC reported a Q4 profit of ₹3,990 crores, up from last year’s ₹3,374 crores on YoY basis. This has been attributed to exploit of digital technology to reach out to customers.
The National Company Law Tribunal said that the Mistry family’s firms aren’t qualified to file a petition alleging mismanagement of Tata Sons and oppression of minority shareholders. A shareholder needs a stake of at least 10% to file a petition in NCLT.
Delhi HC told former Ranbaxy promoters Malvinder and Shivinder Singh that they will have to seek its permission before selling any of their unencumbered assets. This comes after Daichi moved to HC for blocking of the sale of assets till their penalty is paid by Singh Brothers.
Television broadcaster Star India has picked up a minority stake in Bengaluru-based media-tech startup Zapr Media Labs for an estimated value of $8 million.
Punjab National Bank is looking to sell an around 7% stake in mortgage lender PNB Housing Finance which will, in turn, raise an amount of estimated ₹1,200 crores.
Tuesday- 7th March 2017
Jasper Infotech, the owner of Snapdeal, is in negotiations with SoftBank Corp, its biggest shareholder, to raise an amount of $100-150 million. However, this can lead to a reduction in value of company below $3 billion.
Brookfield Asset Management is in talks with lenders Jaiprakash Power Ventures to acquire the firm’s three power plants. The deal is estimated to be valued at ₹4,500-5,000 crores
Reliance Capital has sold its share in One97 Communications, the parent company of digital payments provider Paytm to China’s Alibaba in a deal estimated ₹275 crore. The return was 2650% from the investment.
Ahead of exit polls, Sensex slipped off its 2-year high to end a tad below the 29,000 mark. Nifty slipped to 8,947 points.
Wednesday- 7th March 2017
RBI has opposed a pact between the Tata Group and NTT Docomo aimed at resolving a two-year-old dispute between the two over the enforcement of a $1.17-billion arbitral award as it would amount to transfer of shares and was hence illegal.
Westinghouse conveyed its decision of proceeding with the plan to build six nuclear reactors in Andhra Pradesh in partnership with Larsen & Toubro to the Indian government at a recent meeting in Delhi after Toshiba Corp., the US company’s Japanese parent, to quit the business of setting up atomic power stations.
Axis Bank is withdrawing credit limits it had sanctioned to several merchants on online marketplace Snapdeal as Snapdeal finding itself victim to the competition in Indian marketplace against Flipkart and amazon and is struggling to raise fresh capital.
Hewlett Packard Enterprise has acquired San Jose-based Nimble Storage for $1.09 billion. Nimble Storage is listed as Nasdaq and founded by Varun Mehta and Umesh Maheshwari.
Uday Kotak has sold 2.76 crore shares from his personal stake in Kotak Mahindra Bank in two separate block deals to Canadian pension fund managers, Caisse de Depot et Placement du Quebec and Canada Pension Plan Investment Board (CPPIB) at ₹817 per share.
Thursday- 8th March 2017
India has incorporated a new definition of `agriculturalist’ in the goods and services tax law to enable select farm items to be brought under the tax net nationwide. Registered buyers will have to pay GST on such goods on reverse charge basis.\
Debt-laden GVK Group faces a threat of its assets being auctioned off for the first time as it has defaulted on repayment of overdue debts.
Over 396 million equity shares of Reliance Industries (RIL), representing about 12.2% equity stake, changed hands on the BSE through three block deals. RIL closed at ₹1,287.35, down by ₹4.55 or 0.35% from its previous closing of ₹1,291.9 on the BSE.
Friday-9th March 2017
The index of industrial production (IIP) rose 2.7% in January on YoY basis. It had shown negative progress since demonetisation.
Retail chain DMart’s owner Avenue Supermarts’ IPO saw a historical mark as it roped in nearly ₹2 lakh crore. The 1,870-crore offer was oversubscribed 105.93 times and is behind Adani Ports’ oversubscription of 115 times.
Public sector lender Canara Bank sold 13.45% stake in its mortgage unit Can Fin Homes to Singapore-government backed Caladium Investment for ₹753.77 crore.
ITAT has ordered UK’s Cairn Energy Plc to pay ₹10,000 crore capital gains tax on the transfer of ownership from Cairn UK Holdings to Cairn India.
Infosys denied allegations made in an anonymous letter to SEBI accusing members of Infosys management having prior investments in Panaya.
TCS announced a buyback of ₹16,000 crores shares. 56 million shares will be bought back for a value ₹2,850 per share, which is equal to 3% of all equity shares. This caused a 4% surge in the share price.
NCLT said that it will decide about the maintainability of the petitions filed by two Cyrus family owned companies against the removal of Cyrus Mistry until 6th March 2017. If petitions are held maintainable, hearing to start from 7th March.
The Supreme Court has ordered Unitech to pay interest @14% p.a. on the amount deposited by buyers due to delay in completion Vistas project in Gurgaon.
Tuesday- 21st February 2017
India’s Tata Motors and German’s VW are said to be in advanced stage of finalising a partnership. The details are yet unknown.
Mukesh Ambani announced that Reliance Jio to charge from its customers from April 1, 2017. However, the calls to remain free even after 1st April. The data will be charged at nominal rates of ₹303 per month for 1GB data daily.
The Supreme Court of Singapore has disallowed senior advocate Harish Salve from appearing before it on behalf of corporate sellers of Ranbaxy in its ongoing case against Daiichi. Ranbaxy is seeking to bar the award to $500 million.
After a TV channel reported that ICICI Bank, HDFC Bank, IndusInd Bank and Kotak Mahindra Bank have approached the government with informal merger proposals with the Axis Bank, the shares of the latter rose up to 5%. However, Axis CEO, Shikha Sharma denied any such plans.
Wednesday- 22nd February 2017
SoftBank is looking to invest in the proposed entity to be formed by the Vodafone- Idea merger. They are likely to pick a 15-20% stake in the new telecom company.
To conserve cash and cutting costs, co-founders of Snapdeal, Kunal Bahl and Rohit Bansal have announced that they will forego their salaries from immediate effect.
FPIs can hold the shares of HDFC Bank they bought on Friday even after the stock exchange notification to stop buying mid-way through the trading session till the Reserve Bank of India (RBI) asks them to offload them.
Bharti Airtel bought a stake in Fintech Company Seynse Technologies at over ₹100 crores to enhance its financial operations platform and Airtel Payments Bank.
Thursday- 23rd February 2017
Telenor India sold its Indian Business unit to Bharti Airtel, which help the latter to enhance its 4G airwaves to survive the competition against Reliance Jio.
Infosys is seeking the shareholders’ approval for amendment in its AoA for a buyback of its shares from the market, mimicing its rival’s move.
The government’s sale of its 5% stake in Bharat Electronics was lapped up by retail investors who put in bids for 3.67 times the shares reserved for them. Overall the issue was subscribed 5.3 times, which will, in turn help the government to raise ₹1,670 crores.
Nifty hit the 52-week high of 8,982 points during the session. However, it closed marginally lower at 8,939 points.
Friday-24th February 2017
Apple has informed the government that it plans to establish a network of partners including contract manufacturers and suppliers to initiate its production in India.
The National Pharmaceutical Pricing Authority (NPPA) has sent show cause notices to hospitals across the country, asking them to respond to allegations that they are charging patients higher prices on cardiac stents than allowed.
The Central Board of Direct Taxes, has issued a circular clarifying that the provisions relating to the place of effective management (POEM) will apply to companies with over ₹50-crore turnover.