Rakesh Jhunjhunwala and D-Mart promoter Radhakishan Damani to team up to bid for Binani Cement, as the race to acquire the company on the verge of bankruptcy intensifies.
Pantaloons Fashion Retail has appointed Sangeeta Pendurkar, former managing director at Kellogg India, as its chief executive, making her the first female CEO in the history of Aditya Birla Group.
Diesel prices soared to a record high while the petrol is at a 3-year high as international crude prices hover around $70 a barrel.
Sensex climbed 250 points to close at 34,843 points while the Nifty climbed 60 points to close at 10,741 points. The rise was led by gains in select index heavyweights such as HDFC and private banks
Tuesday- 16th January 2018
The Indian Rupee ended 1% lower to close at 64.04 against USD. This has been attributed to rising oil prices and worsening trade deficit.
HUL has received a notice from the Directorate General of Safeguards regarding anti-profiteering measures which have been designed to ensure that the companies are passing the benefits of lower GST to end consumers.
Online housekeeping services startups such as UrbanClap have approached the government seeking a leeway on GST, either in the form of a concessional rate or inclusion in the composition scheme to be in parity with offline players.
ICICI Lombard reported a 5.2% rise in Q2 earnings to ₹231.76 crore, up from ₹220.3 crore on YoY basis. This has been attributed to underwriting performance.
Wednesday- 17th January 2018
Sajjan Jindal’s JSW Group has emerged as the highest bidder for Binani Cement, exceeding submissions from Rakesh Jhunjhunwala and UltraTech. The bid has been at an estimated amount of ₹5,900 crore.
Mobile wallet company MobiKwik has reported a 16% increase in its losses for the year ended March 2017 at ₹132.8 crore from ₹114 crore. This has been attributed to muted revenue growth.
Price Waterhouse challenged a two-year ban imposed by Sebi over the Satyam Computer Services fraud on the grounds that the regulator doesn’t have jurisdiction.
Bitcoin fell to a six-week low as global cryptocurrency markets entered the second day of a sell-off. Bitcoin was down 12% to $9,936.69, while Ethereum plunged 16% to $884.68.
Thursday- 18th January 2018
The GST Council announced a significant revamp of the GST framework including rejig in the rates of 29 goods and changes to the taxation regime for 53 services. The council aims for a regime for businesses that will entail a single form or even just a supply invoice. It approved a definition for handicrafts and the designation of 40 items as handicrafts.
The Enforcement Directorate plans to sell unpledged shares owned by Vijay Mallya in United Breweries, to raise more than ₹4,000 crore, which is nearly half the amount owed by him.
ICICI Venture to acquire 14% stake in Chennai-based Go Fashion India for about ₹100 crore in what could be its first apparel retail investment in a decade.
The Sensex ended up 178.47 points at 35,260.29 after hitting an all-time high of 35,507.36 during the day. The Nifty ended up 28.45 points at 10,817 after hitting a record high of 10,887.50. The fall was due to profit booking on rising indices.
Friday- 19th January 2018
RIL reported a consolidated net profit for Q3 at ₹9,423 crore while turnover rose 30.5% to ₹1,09,905 crore. Reliance Jio Infocomm reported a net profit of ₹504 crore in the quarter.
Top lenders including State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions.
HCL Technologies reported a 6% jump in net profit at ₹2,194 crore for the Q3. It also reported a rise in revenues to ₹12,808 crore, an increase of 8.4%
ITC reported an increase net profit by 16.7% to ₹3,090.2 crore. This has been attributed to the general recovery of FMCG industry from the effects of GST rollout.
CBEC Chairman, Vanaja Sarna has written to the biggest companies to ensure that the GST cut from 28% to 18% on 178 consumer products is passed on to the consumers.
Infibeam is in talks with Prem Watsa’s Fairfax Financial Holdings to sell a minority stake. The company is also considering strategic investment in and buyouts of retail chains that are using its platform to sell online.
Government bonds rallied the most in a year after the RBI on Friday scrapped plans to sell bonds in the open market to absorb excess liquidity.
Adani Ports & Special Economic Zone Ltd (APSEZ) announced the appointment of former AirAsia CEO Mrithyunjay Chandilya as Chief Executive Officer of their Logistics Business.
Lenders of debt-ridden Reliance Communications have approved the sale of real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield for ₹801 crores.
Tuesday- 21st November 2017
Apple has reduced margin for retailers from 6.5% to 4.5%, making it further frustrating for its dealers in India as they struggle to meet the demand of the flagship phone in India.
Paytm has picked up an equity stake in a digital loan startup CreditMate for ₹6 crores to help its customers access to credit to buy two-wheelers.
TRAI has proposed removing the 50% limit put for companies on holding spectrum within each band. The move is expected to encourage mergers and acquisitions and spectrum trading.Trai also suggested increasing the overall spectrum holding limit for companies to 35% from 25%.
A consumer court has ordered builder Amrapali to deposit over ₹10 crores as the compensation payable to the home buyers of its delayed Sapphire project in Noida
Citigroup sold more than 3.5 crore shares of L&T Finance Holdings (1.92%), for over ₹637 crore through an open market transaction.
Wednesday- 22nd November 2017
The government has sought to tighten the Insolvency and Bankruptcy Code to ensure that wilful defaulters and promoters of companies in loan default over an extended period of time won’t be able to get their hands back on assets during the resolution process.
Tiger Global Management to sell off its early shareholdings in Ola ($300 million) and Flipkart ($600-$700 million) for estimated $1 billion to Japan’s Soft-Bank.
Paytm’s parent company One97 Communications and its founder Vijay Shekhar Sharma have together invested ₹60 crores and ₹62 crore in Paytm Payments Bank, taking their total fund infusion to ₹400 crore.
NHAI has borrowed ₹5,000 crore from EPFO by selling long-tenure bonds to aid the government’s Bharatmala road project.
Shares of Future groups companies surged between 3% and 12% after the company announced that it plans to open 10,000 member-only Easyday Stores by 2022.
Thursday- 23rd November 2017
The president signed off on an ordinance amending the Insolvency and Bankruptcy Code to help prevent defaulters from bidding for their assets in resolution proceedings and regaining control at discounted prices. Now it is allowed only if they pay up dues to lenders before resolution plans are put in place.
The government has told consumer goods firms and industry stakeholders that new price tags on existing stocks should clearly show the difference that the recent cut in GST has made.
The Mittal family, promoters of Bharti Airtel, pledged ₹7,000 crore, 10% of its wealth, to support the Bharti Foundation, the Bharti Group’s philanthropic arm.
Friday- 24th November 2017
Standard & Poor’s retained its sovereign rating for India at BBB with a stable outlook. Its rival Moody last week lifted its rating for India by a notch after a gap of nearly 14 years.
The government appointed RBSA Advisors as valuation advisors on Air India, to advise them on the disinvestment of the national carrier. RBSA had advised both Air India and Indian Airlines during their merger in 2007.
Mahindra & Mahindra has entered into a partnership with Uber India to deploy electric vehicles in Delhi and Hyderabad from February 2018, and later expanding to other cities.
Satin Creditcare Network to raise ₹205 crore from private sector lender IndusInd Bank, as well as from existing overseas shareholders. The funds to be utilized to support growth.
After many weeks of uncertainty, the HDFC Life Insurance-Max merger plans have been called off. The parties were unable to obtain required approvals from the regulatory authorities.
Jasper Infotech has called off proposed sale to Flipkart, seven months after the discussions were initiated by its largest investor Softbank. Snapdeal to follow an ‘independent path’ onwards.
State Bank of India on Monday cut the interest rate on savings bank accounts by 50 basis points to 3.5% on balance of ₹1 crore and below, after over 6 years of status quo.
BSE’s Sensex gained 205 points, or 0.6%, to close at 32,514. The NSE Nifty ended at 10,077.10, up 0.63%, or 63 points, over the previous close. The gain was led by SBI which rose over 4.5% after shedding savings bank interest rate.
Tuesday- 1st August 2017
Manufacturing took a hit in July, due largely to the rollout of GST at the beginning of the month, plummeting to its lowest in more than eight years. The Nikkei India Manufacturing Purchasing Manager’s Index (PMI) slowed to 47.9 in July, its lowest since February 2009, compared with 50.9 in June.
After the announcement of major layoff to cut down 80% of its employee strength in the company, Snapdeal on Tuesday witnessed exit from many senior members. Vice-president product, Pradeep Desai; vice-president, engineering, Viraj Chatterjee and head of IT, Gaurav Gupta are first few to exit the company.
Benchmark share indices closed at fresh record highs on Tuesday ahead of the Reserve Bank of India’s monetary policy decision. The Nifty ended up 38 points or 0.4% at 10,115 after scaling a lifetime high of 10,128.6. The BSE Sensex closed at 32,575, up 60.23 points or 0.2%, after hitting a record high of 32,632.
The rupee racked up strong gains to end at a fresh two and-a-half month high of 64.07 against the dollar, appreciating by 12 paise on heavy dollar selling amid expectations of a rate cut by the Reserve Bank.
Wednesday- 2nd August 2017
The RBI cut the key interest rate by a quarter point to 6%. It hasn’t changed its stance as it would remain on guard as price pressures may return in the wake of a house rent allowance payout and the July 1 rollout of the GST.
To gradually reduce subsidy on Kerosene, the government has asked state oil companies to keep raising prices of subsidised kerosene by 25 paise every fortnight until the subsidy is eliminated. The aim is to attract investment from private companies which were hesitant due to excessive controls, controversies and untargeted subsidies.
Early investors in Snapdeal such as Nexus Venture Partners and Kenneth Glass have come out in support of the online marketplace’s decision to terminate its merger talks with larger rival Flipkart and move forward as an independent entity.
Global alternative asset management fund Brookfield, American Tower Corp, and local infrastructure fund IDFC Project Equity Infra have separately bid for the 11,000 individual towers of Vodafone India, valued at $600 m.
The rupee hit a two-year high to close at 63.70 after exporters sold their foreign-currency receivables on expectations that positive real interest rates would induce further buying of Indian debt assets by overseas funds.
Thursday- 3rd August 2017
The Nikkei India Services PMI Business Activity Index plunged from June’s eight-month high of 53.1 to all time low since September 2013 at 45.9 in July amidst the GST worries.
After the RBI held to its neutral stance, Public sector bank shares dragged down the Nifty to 10,013 and the Sensex 32,273 points. The Bank Nifty index fell 1.52% as State Bank of India and ICICI Bank fell more than 2% each to ₹300.50 and ₹295.70 respectively.
An SBI-led consortium of lenders has ordered a forensic audit of Videocon Industries’ accounts. The move is preliminary to the start of debt restructuring after Videocon defaulted on loans worth ₹43,000 crore.
The ₹1,468-crore initial public offering of Cochin Shipyard ended on a strong note as The offer received bids for 258.69 crore shares compared to 3.39 crore shares offered, being oversubscribed by 76 times.
Friday- 4th August 2017
The government announced a new exchange-traded fund (ETF), Bharat-22, comprising of 22 scrips including blue chips such as ONGC, IOC and SBI and stake in private companies it holds through SUUTI.
The Sebi has mandated listed companies to inform stock exchanges if they default on interest or loan repayments to banks and financial institutions within one working day.
The government has announced that from 1st October, death certificates will need to have the person’s Aadhaar number “for the purpose of establishing the identity of the deceased.”
JSW Steel is in advanced talks with a distressed fund jointly floated by Piramal Enterprises and Bain Capital Credit to bid for Bhushan Steel. Bhushan Steel has been admitted to bankruptcy courts for revival.
Vedanta Resources announced raising $1 billion through a bond sale, the proceeds of which would largely be used to refinance expensive debt.
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.
The government is expected to roll out GST by 1st July 2017 as it finally reached an agreement between Centre and State over administration issues. 90% of assessees with turnover up to ₹1.5 crore will be scrutinised by state and balance 10% by Centre. Remaining assessments will be in 50:50 ratio.
ATM withdrawal limit per card has been raised to ₹10,000 per day from the earlier ₹4,500 per day.
Daiichi Sankyo has moved in Delhi HC to block former Ranbaxy Lab promoters Malvinder and Shivinder Singh from selling their stake in Fortis Healthcare. Singapore Tribunal had ordered Singh Brothers to pay ₹2,562 crores for concealing information at Ranbaxy and Daiichi fears that sale will dilute the assets earmarked for recovery of the penalty.
Reliance Industries’ Q3 profits rose to 3.6% to ₹7,506 crores. This has been attributable to its booming petrochemicals business. Consolidated turnover grew 16% to ₹84,189 crores.
Tuesday- 17th January 2017
Former Tata Sons chairman Cyrus Mistry has opposed the appointment of Natarajan Chandrasekaran as his successor. He has called the appointment as illegal and might get involve in another legal tussle against the Tata Sons.
Mutual fund investor T Rowe Price has slashed the valuation of Flipkart by 4% to $9.9 billion. The latest move pegs Flipkart’s valuation per share at $93.15 at the end of December quarter, from $96.29 during the September quarter.
Videocon Telecom, one of the smallest telcos in India, will shut down operations in the Punjab circle from February 15, bringing to an end its mobile services in the country.
Reliance Industries (RIL) has written down ₹39,570 crores of investments in its Krishna Godavari Basin D6 block and US shale gas assets attributing it to change in accounting policy. Earlier it was valuation was done at full cost method. However, new Ind-As allows valuation at only successful efforts method which led to the devaluation.
SBI has raised an amount of $500 million by selling 5-year bonds to investors in Asia and Europe. The bond will yield @ 3.30%.
Wednesday- 18th January 2017
A consortium of lenders led by State Bank of India has made an application to SC to leave Aircel out of the corruption case against the telecom operator’s promoter as nearly ₹30,000 crore debt will become irrecoverable if the licence is cancelled.
RBI Governer Urjit Patel told the parliamentary standing committee on finance that new currency worth ₹9.2 lakh crore had been pumped into the economy and cash crunch was no longer an issue. However, it was not specified when the restrictions on withdrawals will be lifted.
Bharti Airtel appointed Raj Pudipeddi as director of consumer business and chief marketing officer for its India operations. The position was lying vacant after Srini Gopalan had resigned from the position.
Idea cellular has filed a plea against TRAI for allowing Reliance Jio Infocomm’s Happy New Year offer as it hampers the competitiveness in the market. Airtel had filed a similar complaint last year.
Thursday- 19th January 2017
KKR & Co, which ended its partnership with TVS Logistics three months ago, has offered a long-term structured credit partnership with the promoters of TVS Logistics. The loan amount of ₹400 crore will be utilised to buy shares from PE investors.
Saama Capital, a venture capital firm that has invested in startups such as Paytm and Snapdeal, has made a final close for its third fund at $58 million. With this, the corpus of the Bengaluru and Silicon Valley-based VC firm will reach nearly $140 million.
Myntra’s largest seller Vector E-Commerce posted a 40% jump in revenue at ₹1,747 crore for the fiscal year ended March 2016. However, the seller also posted a loss of ₹8.7 crores due to deep discounts and expansion.
Friday- 20th January 2017
Motherson Sumi Systems Ltd has agreed to acquire Finnish wiring harness maker PKC Group for an amount of ₹4150 crores. This is expected to be one of the biggest buyouts by an Indian auto parts maker.
The Competition Commission of India has approved the proposed merger of online travel firm MakeMyTrip’s Indian travel business with rival Ibibo Group, owned by South African media conglomerate Naspers.
Mahindra & Mahindra (M&M) announced an acquisition of Hisarlar Makina Sanayi ve Ticaret Anonim irketi (Hisarlar), a farm equipment company based in Turkey for $19 million.
China’s taxi service, Didi Chuxing, to acquire the China operations of its rival Uber. The battle to outperform other had cost both the companies over billion dollars and hence the decision came as a shock. Uber now aims to focus on other emerging markets such as India.
RBI encouraging Non-Banking Finance Companies to convert themselves into fully-fledged banks. Thus application for the formation of banks can be applied anytime, as opposed to earlier norms where there were specific windows of time to apply.
Adidas India has received approval from the government for bringing in FDI in retail through its existing retail unit. The company plans to open 30-35 company-owned retail stores across large cities by 2020.
Tuesday- 2nd August 2016
Toyota Motors will hold back the launch of Lexus and Daihatsu brand in India. The decision comes due to the regulatory uncertainty regarding the automobile industry. Once the diesel vehicle ban is cleared upon, the company may move forward with its plans.
ViniCosmetics, the maker of the deodorant Fogg, has decided upon selling its minor stake in the company to a private equity firm to raise over Rs 600 crores. The deal could be finalized in a month or two
Freecharge to launch a financial products marketplace and lending platform by the end of this year. This moves come after Freecharge took over the Capital Asset Programme run by Snapdeal, to provide capital loans to registered sellers.
Wednesday- 3rd August 2016
Marking a historic day in Indirect taxation reforms, as Rajya Sabha cleared the GST bill on Wednesday. Finance Minister Arun Jaitley is confident that the GST will be in place by the starting of next fiscal year.
In a last minute surprise, Baring Asia placed a counter bid for ICICI Home Finance. This has thrown a roadblock in the way of TGP, which was all set to acquire ICICI Home Finance earlier as this has caused an increase in the valuation of ICICI Home Finance.
After HDFC, NTPC becomes the second company to issue Masala Bonds. The company intends to raise an amount of Rs 2,000 crores by the issue of bonds, which yield an interest of 7.48%. Blackrock, Government of Singapore and bluebay are among the buyers.
Sensex saw a fall of 284 points on Wednesday after GST bill was passed as investors booked profits caused by much-awaited tax reform. Investors now await what the fine print entails.
The issue of DHFL’s retail inflation-linked bonds saw a record Rs19,000 crores bids on the first day, setting a record for a private issuer on the opening day of the sale. This amount is 5 times the upper end of the issue.
Thursday- 4th August 2016
Future Group’s Big Bazar to tie up with Paytm to expand its presence in e-commerce. Big bazar and Easyday will be likely to be the anchor stores on the Paytm and be its largest collector once the deal is made.
Due to payment issue with its lessors of planes, southern regional carrier Air Costa canceled all of its flights on Wednesday. In a statement issued by its Vice President of Marketing, Kavi Chaurasia, the operations are to be resumed from the next day and that there was no issue of salaries.
To prevent another Sardha like scam, where people are lured by scam investment opportunities,leaving them poorer, SEBI and RBI have launched a website, ‘www.sachet.rbi.org.in’ to check the registration of an entity with the regulator.
Friday- 5th August 2016
Under the Monetary Policy framework, India has adopted an inflation target of 4% for next five years. Upper tolerance level will be 6%, while the lower limit will be 2%, as finalized in consultations with RBI governor Raghuram Rajan.
India is likely to impose an anti-dumping duty on imports of cold-rolled steel from four countries- China, Japan, Korea, and Ukraine.
Axis Bank to tie up digital payment platform Freecharge to develop and launch its own Unified Payment Interface app. The app will be named as Axis Pay App.
Under its Portfolio Investment Scheme, Reserve Bank has allowed foreign investors to raise their stake in Hindustan Petroleum Corp to up yo 40%. The existing limit applicable is only 24%.
Yahoo! has entered into a deal with Verizon to sell its web business for a consideration of $4.8 billion. The consideration will constitute an all-cash based transaction. Yahoo will be integrated with Verizon’s AOL.
Telecom Commission fixed the weighted average spectrum usage charges (SUC) at a minimum of 3% of the revenue. This could effectively raise the user charges for Jio and Aircel.
Amongst the hopes of a new GST regime, Nifty hits its 15-month high, above 8,600 points, while Sensex crossed the mark of 28,000.
Online fashion retailer Myntra has decided to remove over 200 low selling brands. The aim is to focus on larger brands with high value.
Tuesday- 26th July 2016
Flipkart’s fashion e-retail arm, Myntra, pipped the rivals Snapdeal and Future Group to acquire Jabong for the value of $70 million in an all-cash deal. This has helped them to create India’s largest online fashion retailing portal.
Amtek Auto to expand its asset sale plans to include additional overseas assets, effectively reducing its debts. The news resulted in a jump of share price to Rs 51.60, a rise of 7.5%.
Tata sons to deposit an amount of Rs 7,840 crores to Delhi High Court regarding the arbitration for breach of contract with DoCoMo. Tata had failed to find a buyer or buyback the Japan company’s stake in Tata teleservices.
Maruti Suzuki reported a rise of 23% in net profits at Rs 1,486 crores for the Q1. However, the share price saw a fall of 1.44%, to Rs 4,485.25 at the day’s close.
Wednesday- 27th July 2016
In a significant development in indirect taxation reforms, the Union Cabinet accepted the Congress’s demand for scrapping of interstate tax and incorporating suggestions by other states. It will be taken up in Rajya Sabha next week.
In a deal, first of its kind, China’s Fosun Pharmaceutical to acquire the stake of 84% in Hyderabad-based Gland Pharma. The deal is estimated to be for $1.4 billion, and will be the first instance of FDI by China in Indian manufacturing asset.
Airtel Q1’s net profit dropped significantly for the financial year, by a margin of 31% to Rs 1,462 crores. This has been attributed to higher interest costs and forex loss.
DoCoMo has decided to escalate its dispute with TATA to RBI, PMO, and Finance Ministry, in a hope to pursue a payment of $1.17 billion, which they claim is owed by Tata due to the breach of contract.
SBI to refinance the debt of Rs 28,000 crores to the emerging entity from the merger of Reliance Communications and Aircel. The merger is expected to be announced and finalised by the next month. The maturity period is expected to be increased to 20 years.
Thursday- 28th July 2016
Tata Sons has an another window of 21 days to prevent DoCoMo from taking over the Tata’s assets in the UK. Tata’s UK assets may be attached by the Japanese company for recovery of $1.17 billion it won in an arbitration recently.
The Canadian company, Brookfield, is looking to make a major move in the buyout of Indian toll road and highways sector by acquiring Anil Ambani’s Reliance Infrastructure, for a value of Rs 8,000 crores.
Flipkart has issued an offer to underperforming employees to either resign or accept the severance pay and leave the e-retail giant. This move is expected to affect 800-1,000 employees.
In an attempt to boost its cloud-based services strategy, Oracle is looking to acquire NetSuite in $9.3 billion deal. The offer has been made in cash, by the purchase of equity at a premium of 19%, ie $109 per share.
Friday- 28th July 2016
PSU bank employees went on a countrywide strike in protest against the merger of SBI bank with its associates, among other issues. 80,000 branches were affected pan India. This was led by The United Forum of Banks Union.
Due date to file the Income Tax Return for Individuals not obligated to get audited has been extended from the standard 31st July to the 5th of August. This has been decided with according to bank strikes and disturbance in Kashmir.
Jeff Bezos, CEO of online retailer Amazon, became the third richest person in the world, surpassing Warren Buffet. He has now a net worth of $66.5 billion.