Hello, readers. I hope you are doing fine. I would like to apologise for the absence for over five weeks. It was due to medical necessities. I hope this will not repeat anytime soon.
Monday- 12th June 2017
GST council lowers rate on 66 household and other essential items such as Cashew nuts, insulins, cutlery, printer and others and raised the threshold for the scheme as it inches closer towards July 1 deadline.
As per the Finance Minister Arun Jaitley, RBI is drawing up a list of debtors with bad loans that need to be resolved under the Insolvency and Bankruptcy Code.
Anticipated acquisition of Snapdeal by Flipkart will have to deal with RBI on Foreign Exchange to protect the interests of the shareholders. Issuance of shares by Flipkart Singapore to Indian shareholders of Snapdeal would need a specific permission from RBI.
Catholic Syrian Bank has proposed a 51% stake sale to Canada’s Fairfax Financial Holdings Ltd at ₹160 per share. The proposed deal will value the company at ₹1,300 crores.
Tuesday-13th June 2017
RBI issued a statement that under new Insolvency and Bankruptcy code, 12 accounts totalling about 25% of the current gross NPAs of the banking system would qualify for immediate reference under the Insolvency and Bankruptcy Court.
CBEC has stated that import of 4G equipment by Indian telecom firms doesn’t fall within the purview of the global Information Technology Agreement and hence won’t be exempted from the customs duty.
The Broadband India Forum has written a letter to IT and telecom secretary Aruna Sundararajan that India could attract serious legal challenges and retaliatory action from key Asean countries if it decides to slap customs duty on imported handsets. However, Indian Cellular Association’s president, Pankaj Mohindroo said that government is elected not for Asean but to serve the people, and industry, in India.
Ola raises an amount of $50 million from New York-based investment firm Tekne Capital Management. This pushes the value of the company to $3.65 billion.
Wednesday- 14th June 2017
Tata Sons is considering a forensic audit of last year’s purchase of Welspun Renewables Energy for ₹9,249 crore by Tata Power Ltd because of concerns over corporate governance, allegedly inflated valuations and the unusual swiftness in execution.
The union cabinet approved the Financial Resolution and Deposit Insurance Bill, 2017. This will complete the country’s bankruptcy framework after it’s passed by parliament.
Competition Commission of India has imposed a penalty of ₹87 crores on Hyundai as it imposed arrangements upon its dealers that resulted in resale price maintenance -a deal not to sell a product below a specified price -in the sale of passenger cars manufactured by it. This is in contravention to the Competition Act.
Anil Ambani has voluntarily given up all his salary and commission until March 2018 from debt-laden and loss-making telecom arm, Reliance Communications.
Thursday- 15th June 2017
RIL and BP to invest an amount of ₹40,000 crores in the Krishna-Godavari Basin to produce 30-35 million cubic metres a day of gas.
India is close to imposing a 10% basic customs duty on smartphones. The decision is expected to be announced shortly before the rollout of the GST.
A Warburg Pincus affiliate to invest $360 million for a 43% stake in Tata Technologies Limited. 30% stake will be acquired from Tata Motors and 13% stake from Tata Capital.
A consortium of 24 lenders, led by the SBI to sell a majority stake in Adhunik Power & Natural Resources to Edelweiss Group. The lenders will receive cash upfront on sale of distressed assets.
Friday- 16th June 2017
The government has made it mandatory to furnish aadhaar along with PAN to enable bank opening and any financial transaction over ₹50,000.
Airtel, Vodafone and Idea have claimed that Jio’s claims for losses due to debt are false and loss has been incurred due to high government fees as well as the newcomer’s free offers.
Optical network equipment manufacturer Tejas Networks’ IPO to raise an amount of ₹776 crores ended as the issue was subscribed 1.9 times. The offer was priced at ₹250-257 per share.
Amazon to acquire Whole Foods Market Inc for $13.7 billion. However, Whole Foods’ founder John Mackey will continue to run the business.
Ola reported a consolidated PBT of ₹2,313 crores for FY 16 in comparison to FY 15 loss of ₹796 crores. This has been attributed to heavy spending to maintain market leadership against Uber.
Xander Group to acquire 100% interest in Shriram’s Gateway SEZ in Chennai for $190 million. This is the largest private equity buyout so far in India’s real estate sector.
SBI has cut deposit rates by up to 50 basis points for maturities above two years. however, it has retained the 7.40% on one-year deposits for senior citizens.
Tuesday-2nd May 2017
PepsiCo to roll out Pepsi Black, a zero-sugar cola in cans, to counter Coke Zero, reflecting the shifting consumer preference towards less sugary drinks in India.
China Development Bank has objected to the $6billion merger of debt-ridden telecom operators RCom and Aircel even as regulators including the Competition Commission of India have signed off on the deal. The assets transferred are offered as security to Chinese Bank and thus they seek a lender’s meeting.
Infosys said that it would hire 10,000 US workers over the next two years as Indian IT industry looks to mitigate the impact of the tighter work visa rules.
SIPs in MFs rose to an all-time high of ₹4,200 crores in the month of April 2017.
Promoters of HDFC Life and Max Life have extended the deadline for the merger of the two life insurers by a year to June 2018 because the sector regulator has yet to give its nod for the proposed deal.
Wednesday- 3rd May 2017
The cabinet cleared the NPA resolution package that includes an ordinance to empower the RBI to more effectively deal with bad assets. It also approved a new policy to boost consumption of locally produced steel and modifications to recommendations of the Seventh Central Pay Commission with respect to pensioners.
Private Equity Investors TPG and General Atlantic (GA) have joined forces in a bid to acquire a controlling stake in Fortis Healthcare. This also involves the purchase of the diagnostics arm SRL.
Ratan Tata’s venture fund RNT Capital Advisors and US hedge fund Falcon Edge have invested an amount of $100 million in Ola in exchange of shares of the company at ₹13,521 each.
Brinton Pharmaceuticals has raised an amount of $4 million from Tata Capital Healthcare Fund, as the firm looks to enter into newer areas such paediatrics and gynaecology and expand its international operations.
ICICI posted 3 times rise in net profit for Q4 on the YoY basis at ₹2,025 crores from last year’s ₹702 crores. It announced a dividend of ₹2.5 per share and a bonus share for every 10 shares.
Thursday- 4th May 2017
The Nifty closed at an all-time high while the Sensex ended above the 30,000 mark, a day after ICICI Bank posted times increase in its profits and cabinet approved NPA resolution. Sensex closed at 30,126 points and nifty closed at 9,360 points.
India urged the UK to expedite extradition of Vijay Mallya and other fugitives besides raising the issue of visa-related difficulties faced by Indian students and skilled professionals at the maiden home secretary-level talks.
Patanjali reported a revenue of ₹10,561 crores for FY17, making it the second largest FMCG player, behind HUL.
Facebook has tied up with Bharti Airtel to deploy 20,000 Wi-Fi hotspots across the country to offer affordable internet services through the social networking major’s Express WiFi service over the next few months.
Friday-5th May 2017
Sachin Tendulkar and Pepsico are coming together to produce a raft of nutrition-focused food products and beverages through a new firm, Liquefy Innovations LLP.
Cement giant LafargeHolcim has initiated a process that could lead to the union of its Indian operations ACC and Ambuja Cement.
Sensex and Nifty fell over 1% as banks reversed previous day’s gains. Nifty ended at 9,285 points and the Sensex at29,859 points.
Reliance Industries reported a 12.3% increase in quarterly net profit to ₹8,046 crores owing to robust petrochemical and refining margin. Jio reported a net loss for the six months as ₹22.50 crores.
Owing to strong cues from French presidential elections, the Sensex rose 290.5 points to close at 29,656 points while Nifty gained 98points to reclaim 9,200 level.
The shareholders Reliance Communications and Aircel approved the merger of the mobile businesses of their companies to form the India’s fourth largest telecommunication company.
Tuesday- 18th April 2017
Owing to French Presidential elections and Trump’s indicating tax rate cuts, Sensex rose to 29,943.24 points and Nifty crossed the 9,300 mark, touchingits all time high.
Welspun India’s fourth quarter profit fell 21.5% to ₹153.8 crores as it is still recovering from Target’s exit due to its fake Egyptian cotton sheets.
Following feud between Cyrus Mystry and TATA sons, a director with seats in Tata and Wadia Group companies decided to step down from the latter. Cyrus Mistry’s brother, Shapoor Mistry stepped down from the board of Tata-owned Indian Hotels.
The Lodha Group, a Mumbai-based property developer, may acquire as much as 15% of projects company, Vascon Engineers, seeking to tap into the expanding demand for affordable housing in India.
NTPC and HPCL-Mittal Energy have raised money through ₹2,400 crores Masala Bond sales to overseas investors.
Wednesday- 19th April 2017
Rupee surged to its strongest in 20 months s dollars flooded into local equities and bonds, prompting RBI to intervene to limit gains, which erode the profitability of exporters. The rupee touched 63.93 before being pulled back to 64.11 at close.
The Sensex closed above 30,000 mark for the first time, mirroring optimism in the US markets where Nasdaq Composite crossed 6,000 for the first time. Nifty closed at a fresh all time high of 9,352 points.
Sebi has approved introduction of options contracts in the commodities market. Details to be worked out in due course.
Thursday- 20th April 2017
One 97 Communications, owner of online payments provider Paytm, is set to raise over ₹12,000 crore SoftBank. This will value the company at around $9 billion and provide a 20% stake to SoftBank.
Maruti Suzuki India Limited reported a 16%increase in its Q4 net profits to ₹1,709 crores owing to higher sales of premium models such as Baleno and Brezza.
HDFC bank hit record high Market Cap of ₹4 lakh crore as it reached the intraday high of ₹1,572 before closing at 1,567.
Friday-21st April 2017
The Delhi High Court allowed Tata Sons to pay NTT Docomo a $1.18 billion arbitration award despite RBI protesting against the same. RBI was protetsing on the ground that it amounted to transfer of shares resulting in violation of law.
Amazon’s founder Jeff Bezos said that he is grateful for Indian Customers to make Amazon India the country’s most popular Web marketplace with a promise that he’ll keep investing in Indian business of Amazon.
Paytm Ecommerce has appointed SAIF Partner’s Ravi Adusumalli and four employees from investor Alibaba on the board of directors, according to filings made with the MCA.
Kotak Mahindra Bank to buy entire 26% stake held by Old Mutual plc, in Kotak Mahindra Old Mutual Life Insurance for ₹1,292 crores, valuing the company at ₹4,672 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.
Religare Enterprises Ltd (REL) is selling its entire 80% stake in Religare Health Insurance Co (RHI) to private equity firm True North. This values the health insurance company at ₹1,300 crores.
Flipkart to buy Indian arm of its rival eBay and has announced the funding for the same for ₹9,000 crores.
Ruptub Solutions, which owns and operates budget hotel chain Treebo, has delisted all its properties from the MakeMyTrip and Ibibo platforms. The reason has been cited as higher commission charged by these platforms.
Tuesday- 11th April 2017
Reliance Jio Infocomm unveiled a new plan for mobile phone subscribers, offering three months of freebies besides 1 GB data a day for a one-time recharge of `309 and above. It has been criticized by Bharti Airtel as it deems it to be extension of its Happy New Year Plan.
HackerEarth has raised a $4.5 million in Series-A investment round led by DHI Group, owner of US-based career site Dice. The startup plans to use the money to grow in the space of innovation management, strengthen its product team, and expand its business internationally.
The National Bank for Agriculture and Rural Development (Nabard) plans to raise ₹50,000 crore in the current fiscal, ₹10,000 crore higher than the previous year, as it wants to achieve the government’s target of lending ₹10 lakh crore for agriculture.
Anil Aggarwal has announced the merger of Cairn India with Vedanta has been completed. The merged company would preserve the “Cairn“ brand.
Wednesday- 12th April 2017
The Securities and Exchange Board of India (SEBI) plans to make it mandatory for companies raising less than ₹500 crore through IPO to appoint a monitoring agency to keep track of the use of funds.
Technology company Mindtree has notified stock exchanges that its executive chairman Krishnakumar Natarajan has informed the company that he inadvertently violated its insider trading programme as his portfolio management services company bought 240 equity shares of the company without informing him.
The Cabinet Committee on Economic Affairs gave its go ahead to list 11 central public sector enterprises (CPSEs), which include five railway entities and a defence company. The government will reduce its stake in these firms by up to 25%.
Following rising military tension in the Middle East and the Korean peninsula, the Sensex lost 145 points to close at 29,643 and Nifty ended lower by 33.55 points at 9,203.45 after cracking below 9,200.
Qualcomm announced that it was asked to refund Canada’s BlackBerry $814.9 million in an arbitration over royalties for certain past sales.
Thursday- 13th April 2017
Tata Trust Trustees along with five others have filed a (PIL) in the Bombay HC against the union government, IRDAI and five state-run life insurance companies for investing in tobacco companies including ITC and VST Industries as they contradict the anti-tobacco stance of the government of India.
Infosys said it would pay shareholders up to ₹13,000 crore, through dividends and share buybacks in FY18. Despite this, Infosys fell 3.86%, pulling down the stock of rivals Tata Consultancy Services and Wipro as investors expect the gloom to spread. Infosys fell as much as 4.31% before closing at ₹931.40.
Bharti Airtel has approached the telecom tribunal against Reliance Jio Infocomm, asking it to restrain Jio from providing free services, including those offered under its `Summer Surprise’ offer that was withdrawn on order from the sector regulator.
Federal Bank is planning to sell up to 26% stake in its non-bank finance unit, Fedbank Financial Services, to private equity firms to raise ₹400-500 crore
Ola has raised an amount of ₹1,675 crores in fresh funding from Japanese telecom and internet major SoftBank Corp.
Friday-14th April 2017
The Income Tax Department has identified more than 60,000 persons under the second phase of Operation Clean Money launched on Friday to detect the generation of black money after demonetization.
Prime Minister Narendra Modi launched the BHIM-Aadhaar platform, a biometric-based indigenous payment solution will enable real-time bank-to-bank money transfers even for those without a phone and at no additional cost.
The government may dismantle the PPP Approval Committee (PPPAC), the finance ministry committee that approves public-private partnership (PPP) projects, and hand over that duty to Niti Aayog.
Ram Vilas Paswan, minister of consumer affairs, food and public distribution said that there is no such thing as service charge and if it is being charged by restaurants, it is wrong. He also said that an advisory has been issued in this regard and sent to PMO.
No Major news as the market was closed on the occasion of Holi.
Tuesday- 14th March 2017
Nifty hit an all-time high of 9,112.75 points in response to BJP’s decisive win the state of UP. It ended lower at 9,087 points.
RBI intervened in the currency market to hamper profit booking from BJP’s electoral showing and limiting a spike in the rupee. The Rupee surged to a 16-month high of 65.82 against the dollar.
USFDA has lifted the ban on Sun Pharma’s Mohali Facility. The ban had been imposed for violation of good manufacturing practices.
RBI has told the Delhi HC that it will look into the request by Tata Sons’ “request for approval“ to pay NTT Docomo a $1.17 billion arbitral award. RBI had objected against the same as it amounted to transfer of shares.
Wednesday- 15th March 2017
US-based eBay and China’s Tencent are frontrunners for raising the fund of up to $1.5billion for Flipkart. The transaction may lead to Indian arm of eBay a part of the Flipkart.
RBI has intensified efforts to control the surge in rupee as it asked banks about open positions to send a clear signal that it’s reaching the end of its tolerance limit for speculative activity.
The National Consumer Disputes Redressal Commission has directed the realty firm Supertech Limited to pay over INR 55 lakh to a homebuyer for not giving possession of a flat in the stipulated time.
RBI stayed with its decision to block the payment of $1.17 billion by Tata Sons to NTT Docomo. The decision on whether RBI’s objections are maintainable is yet to be decided upon by the Delhi HC.
SEBI has approved the merger of Reliance Communication with Aircel. This saw a positive reaction from the market as Reliance Communication’s shares rose by 5%.
Thursday- 16th March 2017
Anil Agarwal, founder of Vedanta Resources Plc made a bid for 13% of British mining giant Anglo American Plc for $2.4 billion. The investment to be made from his personal investment firm, Volcan Investments.
Digital wallet maker Paytm has launched its payments services in Canada, marking its entry into an overseas market for the first time. It has tied up with local banks to accept all payment instruments.
Airtel scrapped its plans to sell a controlling stake in Bharti Infratel and has instead sold 21.63% share of the company. Bharti Airtel’s shares slipped more than 1% in reaction.
Friday-17th March 2017
Volcan Investments launched a $2.4 billion convertible bond issue on to fund its planned acquisition of about 13% in commodities giant Anglo American Plc, rival to his Vedanta Resources.
Vertex Ventures, a member of Temasek Holdings, is set to close fundraising for its next fund focused on Southeast Asia, including India, with a target size of $150-180 million.
Shares of ITC, India’s largest cigarette company, gained 4.9% after the GST Council capped the proposed cess on non-merit goods such as tobacco products. The share reached the intraday high of INR 289.
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.