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.
China’s e-commerce giant Alibaba to acquire a minority stake in logistics company XpressBees for an estimated amount of $100 million as it looks to break into Indian markets to compete with global rival Amazon, and homegrown rival Flipkart.
BoB failed to sell bad loans amounting to ₹2,300 crore due from Bhushan Steel and Essar Steel as the reserve price was above market rates and only overseas investors and private equity funds were allowed to bid.
SBI gave a new year gift to its borrowers as it lowered the base rate by 30 points to 8.65%. The move is expected to prevent rivals from poaching the existing customers.
SBI to initiate insolvency proceedings against at least a dozen defaulting companies including Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco and Jai Balaji after failing to recast their loans by the December 31 deadline.
Following the steps of IOB, Axis Bank to put its ₹2,000-crore loan to Bhushan Steel up for sale in the distressed-assets market. The bank may get as much as ₹1,200 crore.
Tuesday- 2nd January 2018
India’s largest retailer, Future Group is in talks with Snapdeal to acquire its logistics arm, Vulcan Express for about ₹50 crore in an all-cash deal.
Tata Technologies, a subsidiary of Tata Motors, suspended some of its employees for allegedly issuing forged letters of employment to 60 people.
The rupee hit its highest level against the dollar as it closed at 63.48 a dollar, up 0.31% from its previous closing.
Wednesday- 3rd January 2018
The RBI has ordered banks to recalibrate ATMs to ensure that more numbers of the ₹200 denomination note are dispensed to the public in a move to step up the supply of lower-denomination currency.
The RBI has ordered the banks not to initiate bankruptcy proceedings against Jaiprakash Associates. This comes amidst anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets.
South African Internet group Naspers has emerged as the frontrunner for an estimated $200 million investment in Swiggy. The investment is expected to increase the valuation of the food delivery venture to $650 million.
Online retailer Flipkart has infused approximately ₹1,632 crore into its logistics arm Ekart in an effort to further strengthen its delivery and warehousing capabilities.
Warburg Pincus India managing director Nitin Nayar has resigned from his position to launch his own investment fund with an expected corpus of $150-200 million, focusing on technology-related bets.
Thursday- 4th January 2018
India’s top seven Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, to approach the AAR for clarity regarding levy of GST on transactions relating to Bitcoins.
After receiving criticism over exorbitant salaries paid to top executives, Infosys has crafted a transparent compensation package for the new CEO, Salil Parekh. He will be eligible for a fixed salary of ₹6.5 crore and a variable pay of ₹9.75 crore, which is much lower than what his predecessor was offered, i.e. ₹70.4 crore.
As a part of the ₹500-crore pre-IPO fund raised by EtechAces, it has committed an amount of ₹200 crore for its subsidiary; the digital marketplace for loans, mutual funds and credit cards, Paisabazaar.
Idea Cellular to raise a total of ₹6,750 crore ahead of its merger with Vodafone India to pare debt and free up cash for expansion. The amount to be raised in two tranches, by raising ₹3,250 crore through preference shares in first and balance ₹3,500 crores through preference shares @₹99.50.
Friday- 5th January 2018
The rupee gained 0.06% to 63.37 per dollar to a near three-year record on Friday as overseas investments flooded into India amid global dollar weakness.
Executive Chairman of Religare Enterprises, S Lakshminarayanan, a retired IAS officer and independent director Kishori Udeshi, a former RBI deputy governor resigned from the board of the company.
Rohit Gothi, executive director of market operations at beverage maker Coca-Cola’s bottling partner has resigned from his position after the company announced a large-scale restructuring of its business, which would make some jobs redundant.
CDB has withdrawn its insolvency filing against RCom. However, Swedish gear maker Ericsson to its battle against the Anil Ambani-owned telecom operator to recover its dues of ₹1,150 crore.
Serial entrepreneur C Sivasankaran is set to take the DoT to the Supreme Court in the wake of the 2G case acquittals, seeking ₹3,400 crore in damages that he lost after the apex court had cancelled 122 licences, including six of STel’s in 2012.
HDFC Ltd and its JV partner Standard Life Investments to raise ₹4,000 crore by selling a 10% stake in asset management company HDFC Mutual Fund.
SoftBank executive Lydia Jett, who recently stepped down as a director at Snapdeal, joined the board of Flipkart. This comes after the merger talks between the two e-commerce companies failed.
McDonald’s former JV partner Vikram Bakshi said in a statement that nearly all outlets of the fast-food chain in east India has been shut and several others in the north are on the verge of close down due to discontinuation of supplies by its logistics partner.
Tuesday- 26th December 2017
RCom to sell its telecom assets, including spectrum, towers and fibre, worth ₹25,000 crore by March 2018 to pre-pay lenders and exit the ongoing strategic debt restructuring programme. It announced it had reached an out-of-court settlement with CDB.
After RCom announced its plan to sell off its assets, its shares rose 31% to ₹21.33. The Sensex went past 34,000 points mark to close at 34,010.61 points. The Nifty ended up 38.50 points at 10,531.50.
Connaught Plaza Restaurants, a JV between Vikram Bakshi and McDonald’s to sue its logistics partner, Radhakrishna Foodland for abruptly halting supplies to its stores in North and Eastern areas due to alleged non-payment of dues. The requirement of a 30d notice was not met as per the CPR.
The insolvency professional supervising the Alok Industries bankruptcy process has called for fresh bids to resolve the ₹29,000-crore default to attract more bidders for the textile company.
SEBI has imposed a penalty on 63 Moons Technologies, formerly known as Financial Technologies, for failing to seek prior approval for the name change from stock exchanges.
Wednesday- 27th December 2017
The Aion Capital-JSW Steel consortium submitted a ₹3,500-crore resolution plan for bankrupt Monnet Ispat and Energy that involves paying ₹2,500 crore to lenders and an equity investment of ₹1,000 crore.
Lupin Ltd has dragged the Government of India to court, claiming the stock lying in its godowns could face double taxation when it’s sold due to GST regulations.
Japanese drug-maker Daiichi Sankyo has alerted regulatory bodies and the stock exchanges against any potential stake sale in the Fortis hospital chain by the promoters, the Singh brothers, saying such a transaction would violate a Supreme Court order.
The SEBI has asked Axis Bank to strengthen its internal processes and systems after the regulator noticed leakage of price-sensitive information relating to financial results on WhatsApp groups before they were officially announced.
Castex Technologies, a subsidiary of automotive component maker Amtek Auto with the debt of over ₹6,000 crore, has been led to the bankruptcy court by the SBI.
Thursday- 28th December 2017
Mukesh Ambani-led Reliance Jio Infocomm to buy the wireless assets of Anil Ambani’s debt-ridden RCom for about ₹24,000 crore, a deal that was signed on the 85th birth anniversary of Dhirubhai Ambani.
The RBI has turned down the requests from banks to extend the deadline of Dec 31 for restructuring the debt of companies on a second list of bad loan accounts that it had issued in August.
Asset manager Brookfield and Kotak Mahindra group have jointly bid for 2,200 megawatts of power assets belonging to Jaypee Power Ventures, The deal is expected to be valued at an estimated ₹3,500-4,000 crore.
McDonald’s India claimed that it has not been able to verify if its outlets operated by CPRL in North and East India are complying with applicable standards of the firm or not, further adding that these restaurants need to be closed immediately.
US buyout giant KKR & Co gets an RBI approval to fully own an Asset Restructure Company in India
Friday- 29th December 2017
The market closed 2017 on a high with the Sensex rising 209 points to close at 34,057 points while the Nifty rose 53 points to close at 10,531 points. Tata Motors, Axis Bank and Tata Consultancy Services logging gains of about 3% each.
Finance Minister Arun Jaitley said in a statement that loan defaulters can bid for an insolvent entity or its assets during bankruptcy proceedings after paying interest due and making bad loan accounts operational
RBI extended the deadline for fulfilling mobile wallets KYC norms from December 31 to February 28, giving much respite to the mobile wallet companies and users.
The Interim Resolution Professional has moved the NCLT against the ailing media house Deccan Chronicle Holdings’ for creating hurdles in the insolvency proceedings.
As a reaction to Gujrat election results, the market was in a rollercoaster as it recovered after an initial tumble. The Sensex rose by 139 points to close at 33,602 points, while the Nifty gained 56 points to close at 10,389 points.
The road transport and highways ministry is seeking budget allocation of ₹5,000 crore for introducing government-owned electric bus fleets and building world-class bus ports across the country.
US candy maker Hershey Co said it would buy SkinnyPop popcorn maker Amplify Snack Brands in a deal valued at $1.6 billion. The move is expected to strengthen its position in the market.
Apple India’s head Sanjay Kaul has resigned from his position with immediate effect. This has come amidst Apple India reporting its slowest growth in India in 5 years.
Tuesday- 19th December 2017
Banks led by SBI have decided that the bidders for stressed assets in insolvency proceedings are required to disclose their source of funds and furnish a cheque for the bid amount to prove their bonafides.
Taxi aggregator Ola has bought Foodpanda India from its German parent Delivery Hero group in a stock deal valued at an estimated of $40 million. The company to further invest $200 million in the food ordering and delivery platform to combat its competition, UberEats.
Apple has appointed Michel Coulomb as the new head of India operations after the position was vacated by Sanjay Kaul.
Tata Steel initiated its brownfield expansion plan as its board approved raising ₹12,800 crore through a mega rights issue. The proceeds to be utilised for creating additional steel capacity of 5 million tonnes in Odisha.
HDFC’s BoD has approved a proposal to raise ₹ 3,000 crores by selling 5% equity shares to institutional investors. The proceeds to be utilised to maintain the stake in HDFC Bank and to foray into health insurance, affordable housing and stressed real estate.
Wednesday- 20th December 2017
India’s domestic car maker Maruti has overtaken Italian sports carmaker Ferrari as the world’s most expensive one in terms of price to earnings (P/E) multiple.
Haldiram has regained the top spot as the country’s largest snack company after more than two decades, surpassing PepsiCo in sales. This has been due to shifting in preference to packaged namkeen over western snacks.
Wipro received 341% higher response than the reserved number of equity shares in its buyback process. It had announced a buyback of up to 343.75 million fully paid-up equity shares at a price of ₹320 per share. It received applications for tendering 1,173.69 million equity shares.
Due to an unexpected surge in the price of Rcom shares by 45%, the short traders were left dazzled as they were forced to book losses. The reason for a sudden upsurge is unascertainable but could be due to possible insolvency proceedings. It closed at ₹17.27.
Thursday- 21st December 2017
The SEBI has revived a plan to make it mandatory for listed companies to disclose loan defaults as soon as they occur to stock exchanges.
Adani Transmission has entered a deal to acquire Anil Ambani-led Reliance Infrastructure’s power generation and distribution business in Mumbai in a deal valued at ₹13,251crore. The deal marks Adani Transmission’s entry into power distribution business.
HDFC has sold its realty brokerage business HDFC Realty and its digital real estate business HDFC Developers, to online classifieds player Quikr. The all-stock deal will see HDFC pick up around 3.5% stake in Quikr, valued at estimated ₹357 crore.
CDB is in advance talks to take up 70% in development of Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai. CDB had earlier been pushing for insolvency proceedings against RCom.
Shares of companies that were linked to the 2G scam jumped as much as 20% a special Central Bureau of Investigation court acquitted all key accused in the case. DB Realty ended in the 20% at ₹43.70. Sun TV Network ended up 4.5% at ₹982.10. Unitech ended up 11.9% at ₹7.92.
Friday- 22nd December 2017
The Reserve Bank of India advised banks to start insolvency proceedings against defaulting lenders without waiting for the regulator’s instructions. Prompt action by lenders will help realise the best value for stressed assets
SBI has initiated insolvency resolution proceeding against Ushdev International, a company which was part of the second list released by the RBI.
Shashi Arora, head of Airtel’s Payments Bank, has resigned amidst a week-old controversy where the Sunil Mittal-owned telco was hauled up by the authorities for opening payments bank accounts without requisite approvals and consent of customers.
Ericsson has roped in senior counsel Darius Khambata to represent it in its insolvency petition against RCom at NCLT. Khambata is also representing CDB in its insolvency plea against the Rcom company to recover dues worth $1.78 billion
Simility, a provider fraud prevention solution, has secured $17.5 million in Accel-led series-B funding. The proceeds are to be utilised to fuel its expansion plans.
Owing to high investor expectation regarding BJP retaining majority in the crucial state of Gujrat, the market stayed on a positive note. The Sensex gained 205 points to close at 33,456 points while the Nifty rose 57 points to close at 10,322 points.
Tuesday- 12th December 2017
Consumer inflation touched a 15-month high in November at 4.88%, while industrial growth dropped to a 3-month low in October. This has been a blow for an economy recovering from effects of tax revamp and demonetisation.
A consortium of Aion Capital Partners and JSW emerged the strongest contender for acquiring Monnet Ispat and Energy Ltd. The latter was one of the 12 companies listed by the RBI for insolvency proceedings.
Private equity firm Warburg Pincus to acquire 20% stake in DTH arm of Bharti Group for an amount of $350 million. The proceeds are likely to be utilised to stay in competition with Reliance Jio.
Owing to oil prices climbing $65 per barrel, the market broke a 3-day bullish streak with the Sensex falling 228 points to 33228 points and the Nifty falling 82 points to 10240 points.
PNB raised an amount of ₹5,000 crore through QIP of equity shares issued @₹168 per share. The majority was subscribed by LIC.
Wednesday- 13th December 2017
E-retailer Flipkart has successfully completed its employee stock ownership repurchase plan worth over $100 million, making it the biggest such scheme in the Indian startup sector.
The board of Tata Communications has approved a proposal to transfer about 773 acres of surplus land to Hemisphere Properties India. This matter dates back to 2002 disinvestment of VSNL.
The SC stayed NCLT order directing the government to take over real estate firm Unitech. The Centre apologised for approaching the NCLT over a matter that was being dealt with by the SC,
The RBI has imposed a penalty of ₹3 crore on IndusInd Bank for breaching rules on income classification norms regarding non-performing loans and extension of non-fund based limits.
Thursday- 14th December 2017
Walt Disney has acquired a stake in 21st Century Fox for an amount of $52.4-billion. The deal will enable the former to land into the Indian entertainment sector by giving rights to some of the country’s biggest media properties such as IPL.
Cognizant said it was beginning a $300-million accelerated share repurchase programme as part of its plan to buy back $1.2 billion of shares in 2018.
CCI has approved the Chinese e-commerce giant Alibaba’s stake purchase in the grocery e-retailer BigBasket. Alibaba to acquire 33% stake for $300 million.
Friday- 15th December 2017
Import duty on various electronics raised by the government through a notification. The move has been made to promote the Make in India initiative and will prompt companies like Apple to favour local production.
The government has announced March 31, 2018, as the new deadline to link Aadhar number with phone numbers.
Real estate developer, Jaiprakash Associates, to sell all its five hospitality assets under the brand Jaypee Hotels and Resorts for an estimated amount of ₹2,500 crore.
The SC has given Jaypee Infratech time until January 25 to pay the last ₹125 crore instalment for distribution to homebuyers in its delayed projects. It has warned it of contempt of court action if it fails to meet the new deadline.
Tata Communications, the telecom arm of Tata Sons which looks into enterprise, cloud and security solutions, has earmarked a capital expenditure of $20-25 million for its overall cloud business for the coming year.
Online jewellery platform Bluestone Jewellery and Lifestyle’s losses widened to ₹96.89 crore in 2016-17 from ₹70.5 crore in the previous financial year owing to the effects of demonetisation.
After the USFDA validated its biosimilar cancer drug Trastuzumab and approved it for the US market, the shares of Biocon hit a one-year high at ₹514, rising over 15% in response to the news.
The Bombay HC has dismissed 63 Moons’ petition against a government order to merge its defunct subsidiary NSEL with itself in public interest. In response, the share price fell 5% to ₹131.10.
Tuesday- 5th December 2017
Google has picked up a minority stake in hyper-local concierge and delivery player Dunzo, its first direct investment in an Indian startup. It acquired 12% stake for $12million.
New York-based Och-Ziff Capital Management has sold its majority stake in Gurgaon-based real estate-focused research firm PropEquity, to the company’s CEO, Sameer Jasuja. The latter has bought 80% stake for an amount of $10-12 million.
Reliance Power has been granted debt financing and partial risk guarantees totalling $583 million for former’s liquefied natural gas terminal and a 750 MW LNG power plant being set up in Bangladesh.
Wednesday- 6th December 2017
The RBI kept interest rates unchanged, citing pressure on prices. It further bumped up inflation forecast for the rest of the fiscal year marginally.
Infosys has made application to SEBI to resolve allegations relating to poor corporate governance before its newly appointed chief executive officer Salil Parekh takes charge.
Alibaba is looking to invest an amount of $300m in BigBasket, to acquire more than one-third stake in the latter. This move is expected to raise the value of Bigbasket to $850m.
RCom said that it was negotiating a settlement with CDB, one of its largest creditors, regarding their insolvency petition. However, CDB sought to club its insolvency petition against RCom with other petitions seeking the same.
The RBI has capped debit card transaction fees as digital transactions were coming under threat from high fees after a burst of growth post demonetisation.
Thursday- 7th December 2017
Jet Airways reported a fall of 91% in Q2 results from ₹517 crore to ₹46.01 crore on YoY basis. Sales grew only 3% to ₹5,626.61crore.
Kotak Private Equity Group-backed Bharat Serum and Vaccines Limited are looking to raise an amount of ₹2,000 crore by offloading about 30% stake through IPO in the first quarter of FY19.
ICICI Bank, India’s largest private sector lender, plans to raise at least $500 million by selling dollar bonds to global institutional investors. The proceeds to be used to provide dollar funding to Indian companies abroad.
Friday- 8th December 2017
NCLT through an interim order has suspended the Unitech board for alleged mismanagement of funds and barred its directors from selling either personal or company assets. Centre to name 10 nominee directors for a government takeover of the property developer.
For those without Aadhar card, the deadline to link PAN and Aadhar has been extended to 31st March 2018. In other cases, deadline stands at 31st December.
The Delhi government has cancelled the licence of Max Hospital, Shalimar Bagh, a week after the hospital incorrectly declared a pair of newborn twins as dead.
Employee Union of state-run helicopter operator Pawan Hans, comprising of more than 3,000 employees is preparing a proposal to buy the government’s 51% stake which is on the block.
Future Supply Chain Solutions’ IPO was oversubscribed by the investors 7.5 times at its close. The IPO got bids for 5.13 crore shares against the total 68.49 lakh shares on offer. The issue was priced in the band of ₹660-664 per share.
Finance Ministry of India has confirmed that LIC’s proposed investment ₹1.5 lakh crore in the Indian Railways. Earlier, concerns were raised regarding that it would take LIC’s exposure to more than 25% of IRFC’s net worth.
Goldman in its year-end forecast predicted that India’s economic growth will touch the mark of 8% in FY19 as it expects the effects of demonetisation and GST to wear off due to the formalisation of the economy, strong global growth and recapitalisation of public sector banks.
PNB to raise over ₹1,324 crores by selling off its 6% stake in PNB Housing Finance in an OFS for ₹1,325 per share.
China Development Bank (CDB) has filed an insolvency petition against RCom in the bankruptcy court to recover $1.78 billion which amounts to 37% of its total secured debt.
Essar group sold its BPO business Aegis for about ₹2,000 crore to Capital Square Partners to raise funds to monetise assets and trim debt.
Tuesday- 28th November 2017
CPP Investment Board to acquire 15% stake in ReNew Power Ventures for $350 million making it the third largest investor in the company.
The Bharat 22 Exchange Traded Fund made a steady debut at 3.8% over the issue price. The ETF closed at ₹37.33 over its issue price of ₹35.97 a piece.
A group of promoters of defaulting companies have approached the SC against the move to prevent promoters of defaulting companies to buy back assets at discounted prices under IBC as it prevents them from settling dues of creditors.
SoftBank Group Corp is offering to purchase shares of Uber Technologies at a valuation of $48 billion, a 30% discount to its most recent valuation of $68.5 billion
Wednesday- 29th November 2017
The Insolvency and Bankruptcy Board of India (IBBI) to allow lenders to act against individuals, including promoters of companies, who have given personal guarantees to corporate loan defaulters by encashing their personal assets.
Jet Airways and Air France-KLM signed an agreement that will former an unrestricted access to Europe and North America. It is likely to reduce the scope of its existing partnership with Etihad Airways.
The Overseas Private Investment Corporation (OPIC), a financial institution of the US government, has proposed $1 billion investments in infrastructure and lending projects in India.
Thursday- 30th November 2017
Owing to fiscal deficit t readings for the April-October period and SBI’s move to raise bulk deposit rates, the stock market tumbled with the Sensex falling 453 points to 33,149 points while the Nifty fell 135 points to 10,227 points.
UIDAI has asked Airtel to explain its actions of allegedly opening bank accounts of its customers without their informed consent. The company has been given the deadline of December 4th to respond.
RCom said that majority of its lenders have decided to oppose CDB’s insolvency filing to recover its $1.78 billion debt. It is a=inviting the bank to have an open discussion regarding the debt.
Shares of tea producer McLeod Russel recovered 21% from its intraday low to touch a 52-week high of 248.30 after its promoter announced that he has sold 1 crore shares, representing 9.14% stake in the company to Nomura at ₹205.09.
IFCL has filed an insolvency petition against Reliance Naval and Engineering Ltd at NCLT Ahmedabad.
Friday- 1st December 2017
RIL chairman Mukesh Ambani, responded to Sunil Mittal blaming Reliance Jio Infocomm for the telecom industry’s woes by saying “there’s no need to cry so much.”
Japanese car maker Nissan Motor has initiated a lawsuit against India, seeking more than $750 million in supposedly tax incentives owed to it since 2015 by Tamil Nadu state government. However, the state has said that there has been no default and these are pressure techniques.
Harish Salve, one of India’s highest-paid lawyer to charge Re 1 to represent the Enforcement Directorate in a court case involving alleged money laundering by Sterling Biotech Ltd.
The stock market declined for the fourth consecutive session as investors brushed aside the strong GDP reading for the Q2. The Sensex dropped 316 points to 32,833 while the Nifty declined 105 points to 10,122 points.