Price cuts by companies and tax concessions for ITC helped investors confidence as Sensex claimed 31,000-mark to close at 31,221 and Nifty jumped beyond 9,600-mark to close at 9,615.
Munjals-owned Hero MotoCorp has decided to put a complete halt on royalty payments to its former joint venture partner Honda. It will now use its in-house R&D unit, CIT in Jaipur for all technological purposes.
Tata Chemicals sold last of its Indian Operations at Haldia, West Bengal, as it looks forward towards exiting fertiliser business to focus on on consumer and inorganic chemicals.
Byju’s, the ed tech company, has acquired TutorVista and Edurite from UK-based Pearson. It will help Byju’s to expand international research and creating a diverse product portfolio.
Online movie and event ticketing platform BookMyShow has acquired Mumbai-based local food and restaurant recommendation engine Burrp for ₹6.7 lakh in an all-cash deal. It was acquired by Network18 in 2009 for ₹4.25 crores.
Tuesday- 4th July 2017
The Jasper Infotech has rejected Flipkart’s initial offer of around $800-$900 million for its online marketplace Snapdeal. However, the talks are still expected to continue.
The government has issued a statement clarifying that manufacturers and retailers can stamp new prices on their preGST stock of goods and sell them until end September.
Chief Justice of India JS Khehar has asked the government to consider another window for people who have not been able to deposit old notes due to genuine reasons.
The Delhi High Court has ordered Malvinder and Shivinder Singh to respond to Daiichi Sankyo’s application alleging they had violated court orders by selling their stake in Fortis Healthcare in the open market through their holding companies.
NCLT has given the go-ahead to banks to initiate insolvency proceedings against Jyoti Structures, making it the first among the 12 companies identified by the Reserve Bank of India for bankruptcy proceedings.
Wednesday- 5th July 2017
Bharti Airtel likely to sell a controlling stake in arm Bharti Infratel and to utilise the proceeds to pay off $14 billion debt and help in network expansion.
In response to Supreme Court’s observation that the government should provide another window for the exchange of demonetised currency, the officials have said that they will consider the proposition but feel that opening such window will defeat the purpose of the radical change.
After a fresh investment of ₹1,680 crores, online marketplace giant has crossed $2billion mark in its investment in the Indian arm. The total funding is now $2.1 billion. Amazon has committed to $5billion investment in India.
Anil Ambani-owned Reliance Communications has accused Mukesh Ambani-owned Reliance Jio’s free offers as one of the causes of the financial stress of the telecom industry.
Shares of IDFC and IDFC Bank rose about 10% each on speculation that IDFC Bank may announce a large acquisition shortly. IDFC Bank gained 9.97% to close at ₹62.30 while IDFC rose 10.11% to end at ₹60.45.
Thursday- 6th July 2017
The Tata Group and Bharti Enterprises are in talks to form an alliance involving their telecom, overseas cable and enterprise services, and direct-to-home TV businesses.
IDFC and Shriram Group are in talks to combine all or some of their businesses that could straddle traditional banking, consumer lending and truck financing. It will also provide billionaire Ajay Piramal with an entry into a highly regulated industry.
Amazon has infused another amount of ₹341 crores into its Indian subsidiary Amazon Wholesale. This will take the total capital infused to ₹756 crores.
Founders of IndiGo, Rakesh Gangwal and Rahul Bhatia have clarified that their primary interest in Air India is in the carrier’s international operations that include the low-cost Air India Express.
Friday- 7th July 2017
Axis Bank has emerged as the frontrunner for acquiring digital payments platform owned by e-commerce marketplace Snapdeal, Freecharge. The deal is expected to be valued around $20-$40million.
A Bengaluru court has ordered the attachment of property belonging to former AirAsia India CEO Mittu Chandilya following a complaint filed by the airline that accused him of fund diversion.
Japanese major Tokio Marine has hiked its stake in non-life insurance venture IFFCO-Tokio to 49% by acquiring additional shares in the company for ₹2,530 crore.
RBL Bank has raised an amount of ₹1,680 crores by selling shares to existing investors at a slight discount to the bank’s closing price of ₹527 on Friday at ₹515 per share.
PayPal has registered a notice of opposition with the registrar of trademarks over the similarities between their logo and that of PayTm. PayTm had filed its trademark application on July 18 and PayPal registered the complaint on the last day of 4-month timeframe.
Cyrus Mistry resigned from the six Tata Group companies and in a statement said that he plans to take the battle against Ratan Tata to the court.
Amazon has invested 2,010 crores in its Indian unit, making its largest single infusion in Indian unit so far. It takes the investment to over 7,000 crores.
RBI announced that deposits of over 5,000 can be made only once per account until December 30th. Further, the depositors will be asked to provide reasons for not depositing the amount earlier in front of two bank officials.
S Chand and Company has filed its draft red-herring prospectus with the Securities and Exchange Board of India and has initiated its 300 crore IPO to hit the market next year.
Tuesday-20th December 2016
Cyrus Mistry has filed a complaint in National Company Law Tribunal (NCLT) against Tata Sons board, its directors, Ratan Tata, two of the Tata Trusts and its trustees for oppressing minority shareholders and mismanagement and has asked to scrap the Tata Sons Board.
Amazon’s largest seller Cloudtail overtook the country’s largest department chain Shoppers Stop as it posted a 300% jump in the revenues to 4,591 crores, slightly higher that that of Shoppers Stop ie 4,582 crores.
International Finance Corporation (IFC), the investment arm of the World Bank has invested an amount of $15 million in online education company Byju’s. The funds are expected to expand the offerings across India.
Yatra Online, which owns and operates travel portal Yatra.com announced that it had completed its reverse merger and began its trading on Nasdaq.
Taro Pharmaceutical, the American unit of India’s Sun Pharmaceutical Industries, has been sued by it investors for making misleading statements on fixing the price of generic drugs in violation of US antitrust laws.
Wednesday- 21st December 2016
Tata Steel’s EGM regarding voting out the current independent director Nusli Wadia from the board over its continued support for former chairman Cyrus Mistry saw high support for Ratan Tata. The results of the voting are not officially out.
After an overwhelmingly negative response from bank officials and depositors over harassment for depositing old currency over 5,000 in bank accounts, the government has relaxed the rules as now questioning will be done only for non-KYC compliant accounts.
Reliance Communication is selling its 51% stake in its tower unit Reliance Infratel to Canada’s Brookfield Infrastructure for 11,000 crores. The proceeds are expected to be used to lower the debt burden.
Two investment companies- Cyrus Investments and Sterling Investment Corp have filed a petition with NCLT linked Tata Sons and Ratan Tata with the 22 crore fraud transactions in AirAsia.
Private equity fund, Advent International has invested for a 41% stake in unlisted financial services group, ASK Group for an amount of $350 million.
Thursday- 22nd December 2016
NCLT has refused to give any interim relief to the ousted Chairman of Tata Group, Cyrus Mistry and has asked him to back his allegations of oppression of minority shareholders and mismanagement.
Edelweiss Financial Services is planning to raise 600-750 crores through a public issue of its consumer lending unit, ECL Finance.
Rohit Thakur, Microsoft’s human resources head in India has resigned from his position and per the rumours in the industry, he is to soon join Accenture.
Sensex saw a bearish impact for the 7th consecutive session, making its largest losing streak since March 2015. Sensex fell 1% to 25,979 points while Nifty breached the 8,000 mark to reach 7,979 points.
Uber has gone past its Indian rivals such as Meru and Easycabs as its revenue has grown to 374 crores, while Meru reported the revenue of 323 crores and Easycabs reported 216 crores. Ola is yet to declare their numbers.
Friday- 23rd December 2016
At the EGM of Tata Chemicals held on Friday, more than 75% shareholders displayed their belief for Ratan Tata as they voted out the independent director Nusli Wadia. Bhaskar Bhat and S Padmanabhan were appointed as directors.
ONGC to pay an amount of $1.2 billion to Gujarat State Petroleum Corp for its 80% stake in Deen Dayal West field and six other finds in the KG Basin.
Airtel becomes the second company after Vodafone to drag TRAI to Telecom Tribunal after it found Jio’s free voice and data offer to be in compliance with rules on predatory pricing.
Wipro has agreed to pay an amount of $5 million to the US Securities and Exchange Commission as civil money penalty to end the six-year-old embezzlement investigation. Wipro has neither confirmed nor denied the accusations.