Category Archives: Weekly Digest

SBI cuts lending rate, Rupee hits a 3-year high, CDB withdraws insolvency proceedings against RCom- Weekly Digest #59

Monday- 1st January 2018

  • 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.

 

Source: The Economic Times
Image

Advertisements

Bankruptcy proceedings, TATA Group to acquire Air India, IHH withdraws from Fortis- Weekly Digest #45

Monday- 19th June 2017

  • Sensex closed at a record high of 31,311 points and Nifty at 9,657 points as RBI asked lenders to start bankruptcy proceedings against big defaulters. It has raised the hopes of a speedy resolution to the bad loans issue.
  • The Income tax department has demanded all dividends due to Cairn Energy Plc from Cairn India (Vedanta Ltd) against part of the ₹10,247-crore tax levied on the company due to the retrospective amendment.
  • Mercedez-Benz has named Piyush Arora, present head of manufacturing at its Pune plant as the person-in-charge for its South-East operations.
  • Volkswagen has named Steffen Knapp as the director as the director of Volkswagen Passenger Cars India. He succeeds Michael Mayer, who is now head of sales and marketing for VW China.
  • IDBI bank took bankruptcy proceedings against Lanco Infratech as it took the resolution to the insolvency courts. The stock tanked by 20% after this news.

 

Tuesday- 20th June 2017

  • ABB, the Swedish-Swiss multinational, is in discussions with Larsen & Toubro to acquire its electrical and automation division. The deal is to be expected to be valued at ₹14,000-18,000 crores.
  • Reliance Communications, under the pressure from its lenders, has put its property monetization exercise on fast-track and is targeting an overall 80% (₹45,000 crores) by December 2017.
  • Adani Ports and Special Economic Zone plans to raise at least $500 million through overseas bond sales. The amount to be utilised for refinancing some current loans and fund expansion.

 

Wednesday- 21st June 2017

  • The SEBI eased rules on the restructuring of distressed companies, making it easier for banks to sell them off. Sebi also tightened the rules for participatory to clamp down on possible misuse of the instrument.
  • The government has given banks, post offices and district central cooperative banks a month’s time to deposit any demonetised currency still in their possession.
  • The Tata Group plans to buy the stake of debt-ridden Air India. It plans to acquire 51% stake in the carrier company. Interestingly, Air India was founded 85 years ago by Tata Group.
  • The government sold its 2.5% stake in L&T to state-run entities, including SBI and LIC, for about ₹4,200 crore.
  • With bids cumulating at ₹62,500 crores, CDSL’s IPO oversubscribed by 170 times. It has set the subscription record in the history of D-street. QIP subscribed 149 times while the HNI was subscribed at 563 times.

 

Thursday- 22nd May 2017

  • SBI has been authorised to refer Essar Steel, Bhushan Steel and Electrosteel to the bankruptcy court. This has raised the possibility that some of these companies could be merged in an effort to return them to health.
  • Integrated Healthcare Holdings of Malaysia has abandoned its pursuit of Fortis Healthcare and SRL Diagnostics, thus dampening the efforts of its promoters to reduce their debt by selling off their healthcare assets.
  • Reliance Industries and partner BP have withdrawn the gas price-related arbitration against the government. This will enable the companies to claim the premium price for output from deep-sea fields.
  • Rural Electrification Corp plans to raise $300 million by selling bonds to overseas investors. The proceedings to be utilised to finance environment-friendly projects.

 

Friday- 23rd May 2017

  • PNB has been given green signal to begin bankruptcy proceedings against Bhushan Power and Steel. It is one of the largest defaulters among the 12 companies identified by the RBI.
  • Wall Street Journal reported that the British drinks giant Diageo were aware that the United Spirits Ltd management, led by Vijay Mallya, had diverted money to the nearly-bankrupt Kingfisher Airlines before it took over the Bengaluru-based spirits firm.
  • Fortis stock plunged by 13% to ₹172.30 following IHH Healthcare’s decision to back out of a deal to buy a controlling stake.

 

Source: The Economic Times
Image

Wipro lays off staff, Mallya Arrest and Release, Mistry’s woes continue- Weekly Digest #41

Monday- 17th April 2017

  • 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.

 

Source: The Economic Times

Image

DMart’s Historic IPO, Reliance’s Capital Gains, Delhi HC blocks Assets Sale- Weekly Digest #38

Monday- 6th March 2017

  • 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.

 

Source: The Economic Times

Image

TCS buybacks, Update on Jio, AXIS merger rumours- Weekly Digest #36

Monday- 20th February 2017

  • 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.

Source: The Economic Times
Image

 

FIIs invest in HDFC, Tata Motors shocking Quarter, SBI merger approved- Weekly Digest #35

Monday- 13th February 2017

  • Infosys CEO, Vishal Sikka, denied the involvement of any wrongdoing in the $200 million acquisition of Panaya, saying that the company has been a victim of malicious rumours.
  • GIC of Singapore is in talks with promoters of DLF Limited, KP Singh and his family to acquire their 40% stake in DLF Cyber City Developers Limited for a value of ₹12,000 crores.
  • DSP Blackrock Microcap, a small capital mutual fund, has decided to stop fresh inflows after February 17. Earlier, lump sum investments had been restricted to ₹1,00,000 per person.
  • Motherson Sumi Systems reported a Q3 profit of ₹416 crores, a 34% increase on a year-to-year basis.

 

Tuesday- 14th February 2017

  • Infosys chairman R Seshasayee informed the investors about his talks with the founders of the company which was aimed at ensuring that the dispute did not spill over media.
  • Vodafone India has awarded a 4G contract to Swedish gear maker, Ericsson for UP West, Rajasthan, Odisha, North East and Assam telecom zones for a value of $300 million.
  • Tata Motors posted a Q3 profit of ₹112 crores, down by 96% from last year’s profit. This has been attributed to demonetization, lower wholesale volumes at Jaguar Land Rover and higher expenses.
  • Telecom Regulatory Authority of India (Trai) has directed Videocon Telecom to continue its mobile services operations in Punjab and maintain the quality of service until the time its licence is operational or valid, rejecting the telco’s decision to shut services from February 15.

 

Wednesday- 15th February 2017

  • The Cabinet approved a proposal to merge the five subsidiaries of State Bank of India with the parent. This will enhance dominance of India’s largest bank as combined entity will have over 23,000 branches all over the country.
  • Private equity firm Warburg Pincus is in advanced negotiations to acquire a significant minority stake of up to 40% in Tata Technologies for around ₹2,300 crores
  • Shares of Intellect Design Arena fell up to 12% on Wednesday to touch a 52-week low after investor Rakesh Jhunjhunwala and his wife Rekha sold more than 42 lakh shares in the company through bulk deals.

 

Thursday- 16th February 2017

  • TCS announced that it is considering a buyback of its shares next week. This move comes after rival Cognizant adopted similar policies. TCShad $5.69 billion in cash and cash equivalents and investments on its books as of December 31 last year.
  • Havells India is in talks with Llyod Electronics to acquire the latter’s consumer durables business for a value of ₹1200-1500 crores.
  • Housing mortgage company Indiabulls Housing Finance and oil marketing major Indian Oil Corporation will replace BHEL and Idea Cellular in NSE’s benchmark index Nifty. The changes will come into effect on March 31, 2017.

 

Friday-17th February 2017

  • Foreign Investors invested an amount of ₹8043 crores in HDFC Bank as RBI lifted FII investment restrictions on HDFC Bank. The stock rose to ₹1,450 but slipped later on as RBI clamped down FII buying as it cannot exceed 74% as per the rules framed on this behalf.
  • UK’s Vodafone Groups is seeking help from Marten Pieters, the former CEO of its Indian arm to stir up the process of Vodafone and Idea merger.
  • Hindalco is planning to raise funds through qualified institutional placement (QIP) to raise ₹3,500 crore. Hindalco postponed its capital raising plans at the last minute in July-August 2014 due to poor market sentiment.
  • Sensex and Nifty closed at 28,469 and 8,822 respectively, hitting their 5 months high due to strong FII in HDFC Bank.

 

Source: The Economic Times
Image

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
Image