Sunil Bharti Mittal called on global carriers to pool spectrum in entities that could be run by third-party network operators. This could help drive down costs in the financially stressed sector.
Vikas Gupta, the former CEO of Cello Writing Group of Companies, has been appointed as the CEO of ITC’s Wills Lifestyle and John Players stores.
Logistics company Delhivery is in talks with private equity major The Carlyle Group and Chinese conglomerate Fosun to raise fresh funding of about $100 million, which could raise the valuation of the company to $700 million.
LIC of India plans to pick a 5% stake in the India’s biggest engineering company Larsen & Toubro (L&T) for ₹6,500 crores at market prices.
Reliance Industries’ market capitalisation crossed the mark of ₹4,00,000 crores
Tuesday- 28th February 2017
India achieved the GDP Growth target of 7% for the October-December 2017 quarter as it shrugged off the worries of the impact of demonetization. It’s now forecast to achieve 7.1% growth in the year to March.
Tata Sons and NTT Docomo proposed a joint resolution to the Delhi High Court on settling a dispute over the $1.17 billion due to the Japanese telco for exiting their joint venture. They said they will not oppose the intervention of RBI accept court’s decision.
A Morgan Stanley MF has marked down Flipkart’s valuation to about $5.37 billion. It was valued at $15.2 billion in July 2015.
Hitachi Payment Services is likely to face a liability claim of ₹10 crores for a security breach in their systems which compromised 3.2 billion debit cards last year. Banks have filed compensation for amount stolen and bank expenses incurred thereon.
Wednesday- 1st March 2017
KP Singha & Family, plan to sell their 40% stake in DLF Cyber City Developers Ltd (DCCDL) to GIC of Singapore to help repay debt. The transaction will be valued at an estimate of ₹12,000 crores.
Multiple corporate players including DBS Bank, Reliance Jio and Chinese mobile handset manufacturer Vivo are in the race to grab sponsorship rights of the Indian cricket team for the next five years. BCCI is expected to raise a minimum ₹538.3 crores from the auction.
Shares of Maruti Suzuki reached the price of ₹5,921 per share as they inch closer to the ₹6,000 mark. Current market capitalisation is ₹1.8 lakh crores which can soon reach the mark of ₹2 lakh crore.
Avenue Supermarts, the owner of supermarket chain D-Mart, has set the price band of its ₹1,870-crore initial public offering at ₹295-299 per share.
Thursday- 2nd March 2017
Alibaba to invest $177 million to increase its holding in Paytm Mall. This brings Alibaba closer to compete in Indian market against Amazon and Flipkart.
LeEco has fired 85% of staff from its Indian unit and allow 2 leadership exits, as the company possibly aims towards exiting the country. This comes four months after Chinese billionaire Jia Yueting acknowledged his company LeEco was fast running out of cash.
NDMC announced the auction of Taj Mansingh Hotel. It also cancelled Le Meridien Hotel’s licence over dues of ₹523 crore.
Hindalco Industries launched a $500 million share sale to institutional investors. The floor price per share will be ₹184.45 per share. The proceeds to be used to reduce debt.
Friday-3rd March 2017
A group of sellers have approached the Competition Commission of India alleging that Flipkart’s WS Retail and Amazon’s Cloudtail indulge in predatory pricing and discounting when selling their private label products. This hampers the growth of other small sellers.
Hindalco raised an amount of $500 million through its QIP. The issue was subscribed over 3 times as investment offers were made for over 1.5billion.
Online marketplace Snapdeal is in talks with US online payment system PayPal to sell Freecharge. The deal has been valued at approximate $500 million.
Amidst rift between Apollo Hospitals and Malaysia’s IHH Healthcare, the latter sold its 6% stake in Apollo Hospitals, out of total 10.85% stake for ₹1,070 crores. The share price stumbled to 5.3% to ₹1,246.
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.
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.
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.
Vodafone Group and Idea Cellular confirmed that they are in initial talks to merge the two entities, which will biggest consolidation in Indian Telecom History in a cashless deal. Both entities to hold equal rights in the new entity. Idea shot up 26% to ₹97.95 after the announcement.
Jaguar Land Rover has suspended its plans to manufacture SUVs in India as feasibility study didn’t favour the project.
District Court in Delhi has turned down an appeal by Sweden’s IKEA against Bengaluru-based consulting company Aikya Global for using a phonetically similar name.
HDFC reported a 12% rise in its Q3 results, with its profit increasing from ₹1,521 crores to ₹1,701 crores on YoY basis. This has been attributed to growth from non-individual loans.
Tech Mahindra posted a 14% increase in net profit to ₹856 crores for Q3 at ₹856 crores owing to “the strong deal wins”.
Tuesday- 31st January 2017
The government said that it had identified 18 lakh accounts where substantial cash deposits took place post demonetization and they will be required to divulge the source. This comes as a part of the tax department’s Operation Clean Money Swachh Dhan Abhiyan initiative.
Honda announced that it is recalling around 41.580 cars over the issues of the faulty airbag inflators. This has been Hinda’s fourth recall during the period of last 2 years.
The possible merger of Idea and Vodafone along with the strong impact of Jio in the market caused Bharti Infratel’s Share to dip to its52 week low of ₹283.10.
ICICI Bank posted a 19% drop in net profit for the Q3 at ₹2,442 crores owing to slow loan growth rate.
Wednesday- 1st February 2017
Finance Minister Arun Jaitley presented the Union Budget 2017, highlights of which can be found here.
The market responded positively to the presentation of the Union Budget, as the Sensex surged nearly 486 points to close at 28,141 and the Nifty gained 155 points to 8,716.40. Both indices closed at their highest levels since October 25. Bank Nifty rose 2.6%.
Due to incentives to affordable housing in the budget, shares of housing companies such as Ashiana Housing, Puravankara surged up to 19%, while companies like Gruh Finance and DHFL, which provide loans to affordable housing, rose up to 8%.
Thursday- 2nd February 2017
The world’s largest e-commerce company, Alibaba is leading an investment round between ₹1,350crores and 1,700 crores in the online retail marketplace of PayTm. This will ensure formal entry of Alibaba in the Indian market to compete with Amazon and Flipkart.
Amazon has applied to the government of India to invest $500 million in a wholly owned venture in India to stock locally produced food items and sell them online.
Vodafone Group’s CEO Vittorio Colao said in a statement that the proposed merger between Vodafone India and Idea Cellular should not be looked upon as Vodafone’s exit from the market but a move against the competitive threat posed by Reliance Jio Infocomm.
A special CBI court has acquitted Dayanidhi Maran and Sun TV promoter Kalanithi Maran in a case involving bribery allegations.
TRAI said Reliance Jio’s second promotional offer. Happy New Year offer is not an extension of its previous welcome offer and has passed the same opinion to Telecom Disputes Settlement Appellate Tribunal (TDSAT). Airtel and Idea had alleged that it was an extension of free offer hence not allowable.
Friday- 3rd February 2017
BSE made a record-setting debut in the market at 32.8% premium over the issue price of ₹806 at ₹1085 and reached the day’s high of ₹1,200. It closed at ₹1,070.55
The Supreme Court has refused to let Aircel go off the hook regarding corruption allegations as T Ananda Krishnan failed to appear for the hearing. This further casts doubt on proposed merger of Reliance Communications with Aircel.
Reliance Jio Infocomm and PayTm received notices from the Government over the use of Prime Minister Narendra Modi’s photographs on their advertisements and they have been asked if they had obtained prior approval regarding the same.
Managing Director and CEO of IFDC, Vikram Limaye is set to become the new MD & CEO of the National Stock Exchange.
After a clean chit was issued to the company’s founder, Sun TV network soared 25% to ₹699, its 52-week high.
The Union Budget 2017 was set to be a historic budget even before its presentation as
It was the first time that the Railway Budget was not separately presented but incorporated into the Union Budget only.
As a standard practice, the Budget has been introduced on the last day of the month of February every year (except for budget in the year of the elections). However, this time the budget was presented on the first day of the month of February.
The session started with paying respects to the late External Affairs Minister E Ahamed who passed away overnight. After some havoc, the Finance Minister Arun Jaitley presented the budget, highlights of which are as follows-
Agricultural and Rural areas
Agricultural Credit takeoff of ₹10 lakh crore in the budget.
A long-term irrigation fund at NABARD by investing ₹40,000 crores.
Dairy Processing Infra Fund of ₹8,000 crores in 3 years.
Fasal Bima Yojna to be increased from 30% to 40%
Assistance up to ₹75 lakh for cleaning and packing agricultural produce.
Highest ever allocation to MNREGA at ₹48,000 crores.
100% electrification of rural areas by May 2018
₹27,000 crore allocated for Pradhan Mantri Gram Sadak Yojna.
For senior citizens, Aadhar based health cards to be issued.
1.5 lakh health sub-centres to be converted to Health Wellness Centres.
AIIMS to be set up in Jharkhand and Gujrat.
Affordable housing to be given infrastructure status, which will effectively allow cheaper funding for affordable housing.
Transport Sector to be allocated ₹2,41,000 crores.
Infrastructure allocation at ₹3,96,135 crores.
Allocation for National Highways at ₹64,000 crores.
The total amount allocated for railways will be ₹1,31,000 crores for next FY.
A safety fund to be created of ₹1,00,000 crores.
25 Station re-development contracts to be awarded.
500 stations to be made disabled-friendly.
A new Metro Rail policy to be announced for easy financing and implementation.
Service Charge on ticket booking on IRCTC withdrawn.
The Foreign Investment Promotion Board to be abolished and a new framework to be created.
Railways Companies such as IRCON and IRCTC to get listed.
Bank Recapitalisation to stay at ₹10,000 crores.
Two new schemes for promotion of BHIM app.
AADHAR pay to be launched shortly.
Strengthen the legislative framework to freeze assets of economic offenders who flee the country.
Target Fiscal deficit at 3.2% and revenue deficit at 2.1%.
Cash Transactions over ₹3,00,000 not to be allowed.
Holding period for Long Term Capital Gains tax on immovable property from three years to two years.
The base year for indexation for LTCG to be 2001 instead of 1981.
Carryforward of MAT credit for 15 years instead of 10 years.
Corporate Tax rates for MSMEs with revenue not more than ₹50 crores to be reduced to 25%
Slab rate for income between ₹2,50,000 and ₹5,00,000 to be reduced to 5%.
Surcharge of 10% for those having a total income of ₹50 lakh to ₹100 lakh. This is in addition to 12% surcharge on income above ₹1 crore.
Maximum cash donations to political parties from a single source which will be exempt from tax have been reduced from ₹20,000 to ₹2,000.
Presumptive Taxation at 6% for assessees having only cashless transactions.
Cash expenditure exceeding ₹10,000 shall be disallowed.
Single page ITR for assessees having income up to ₹5,00,000
TDS on commission to insurance agents at 5% abolished.
Foreign Portfolio Investors (Category I and II) exempt from indirect transfer provisions.
Domestic Transfer Pricing to be limited to cases where one of the entity enjoys specified profit linked deductions.
Threshold limit for Tax Audit raised to ₹2,00,00,000.
Threshold limit for maintenance of books of accounts raised to ₹25,00,000 turnover or ₹2,50,000 income.
For profit linked income-tax exemption for promoters of affordable housing, carpet area should be 30/60 sqm instead of built up area. The period for completion has been extended to 5years.
No reform in the existing structures of Indirect Taxation as they are to be replaced by GST soon.
Swayam Platform for students having over 350 free courses.
Centralised Defense Travel System for defense personnel, where tickets can be booked without the hassles of queues.
Scheme for senior citizens to ensure 8% returns.
Allocation of ₹10,000 crores for providing high-speed internet under Bharat Net Project.
This list only covers items covered in the speech and not in the annexure.
The above points are only key highlights, not covering all aspects of the budget.
The SEBI has asked the Finance Ministry to ease tax rules for stock trading and investments in mutual funds, to help give the equity market a boost. It has suggested lowering the securities transaction tax (STT) for stock trading and reducing the holding period for debt mutual funds to 12 months from 36 months for consideration of long-term capital gains.
ShopClues has deferred plans for a public listing of its shares to 2018, blaming the government’s scrapping of high-value banknotes for its decision. The company had said it would file for an IPO of its shares on Nasdaq by September 2017. It is now targeting the first quarter of 2018 for the IPO and will seek to raise funds meanwhile.
An SBI-led consortium of lenders filed a plea in the Supreme Court seeking to be included in the proceedings of the case involving Aircel, saying they would be severely affected if the telco is restrained from earning revenue using its 2G airwaves, which would impact repayment to creditors.
The CBI on Monday arrested at least 8 people, including former IDBI Bank chairman Yogesh Agarwal and former CFO of now defunct Kingfisher Airlines, A Raghunathan in connection with the allegedly fraudulent loan transaction of ₹950 crore between the company and the bank.
Uber India has appointed Pradeep Parameswaran, former CEO of cable firm DEN Networks, as the head of central operations, as it is looking to topple market leader Ola after exiting China last year.
Tuesday- 24th January 2017
Bharti Airtel’s Q3 net profit slumped 55% to ₹504 crore owing to free services offered by Reliance Jio and impact of demonetization.
Resignations at Flipkart continue as Ashish Agrawal and Hari Vasudev, both senior vice presidents engineering, have stepped down from their positions.
HCL posted a net profit of ₹2,070 crores for the Q3, an increase of 7.8% from a year earlier. Revenue rose to ₹11,814 crores, an increase of 14.2% on YoY basis.
Muthoot Microfin, a unit of Muthoot Pappachan Group, has raised ₹130 crore growth capital from US-based private equity fund Creation Investments Capital Management LLC as it plans to expand its network and reach across the country.
AirAsia India’s Chief Financial Officer Ankur Khanna, who was summoned by the Enforcement Directorate (ED) in connection to alleged financial wrongdoing at the airline under its earlier head, has resigned barely 10 months after joining the airline.
Wednesday- 25th January 2017
A Fidelity-managed mutual fund has cut dow its valuation of Flipkart shares by 36.1% at $52.13 per share. This will result in the valuation of India’s most valuable internet company at $5.56 billion.
Maruti Suzuki posted a 47.5% increase in net profits for Q3 at ₹1,744.50 crores owing to strong demand for higher-priced mid-segment models Baleno and Vitara Brezza.
BSE Ltd’s IPO for $182million has been oversubscribed by 51 times by the last day of the sale, helped by attractive valuations and expectations of robust growth for stocks in the coming years.
The National Highways Authority of India (NHAI) has raised ₹8,500 crores from Life Insurance Corporation of India (LIC) for 30 years at an interest rate of 7.22% per annum to construct bypasses on national highways and road expansion projects.
Thursday- 26th January 2017
Vodafone has given a contract worth up to $500 million to Nokia for 4G network deployment and expansion, covering 10 of the country’s 22 telecom zones.
TRAI issued a statement stating that the congestion level on Reliance Jio Infocomm’s network has improved as Idea Cellular and Vodafone are meeting the required norms and providing adequate points of interconnect (PoI) to the new entrant.
Moody’s Investors Service has downgraded Reliance Communications from B1 to B2 on fears that its debt levels and consequent leverage will remain high for the next six to nine months amid continuing financial pressures.
Friday- 27th January 2017
The RBI has turned down a plea by Election Commission to raise the weekly withdrawal limits for poll expenses. It was proposed to raise the limit to ₹2,00,000 per week to aid the candidates.
Vijay Mallya may be ousted as the chairman of United Breweries if he does not secure a stay from the Bombay High Court against the Securities and Exchange Board of India’s order barring him from accessing capital markets and holding any position as director in any of the listed companies.
ITC Ltd reported 5.7% jump in net profit at ₹2,646.73 crores for the third quarter, while revenue from operations grew by 4.7% at ₹13,569.97 crores, owing to continued pressure on the cigarette industry and the demonetization drive.
The market posted its highest weekly gains in eight months as strong Q3 results alleviated investor concerns over the impact of demonetization. Benchmark indices rose a little over 3.5% this week, their biggest weekly gains since May 2016.