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.
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.
Diageo plc to hold back the remaining $35 million of the $75 million it had agreed to pay Vijay Mallya as part of a settlement. It will now seek to recover dues from him.
The Gujrat HC has quashed Essar Steel’s plea against the RBI directive asking lenders to initiate bankruptcy proceedings against the company. The HC observed that RBi was in its legal power to take such steps.
The government has ordered Reliance Industries, Shell and ONGC to pay a combined $3 billion in penalty following an arbitration award in the Panna Mukta Tapti (PMT) oil field dispute that went in favour of the government
HDFC has scrapped its plans for the merger with Max Life after nearly a year of negotiations and has instead hired Morgan Stanley and Credit Suisse to raise ₹10,000 crore through IPO.
Reliance Industries crossed the ₹5 lakh crore mark in valuation after the share price climber to ₹1,551 per share amidst hopes that new tariff plans will help recover Jio’s losses.
Tuesday- 18th July 2017
Reliance Industries and Shell India have challenged the government decision to demand $3 billion from the contractors of Panna, Mukta and Tapti fields stating that the action is premature as the legal process has not been completed.
Sensex fell 364 points while nifty fell by 89 points as ITC took lead in the fall of indices. Due to the government increasing taxes on the cigarettes under GST, ITC was down by 12.6% to ₹284.60
India’s leading clean-energy company Greenko raised $1 billion in an overseas debt sale, making it Asia’s largest green bond offer to date, and the world’s largest high-yield corporate issue by a closely held company.
The NCLT on Tuesday admitted insolvency proceedings against textile company Alok Industries, which owes about ₹23,000 crores to a consortium of lenders. The plea was made by SBI in order to recover its ₹3,772 crores to the company.
Wednesday- 19th July 2017
The cabinet has approved the sale of the government’s entire 51% stake in Hindustan Petroleum Corp Ltd to ONGC in order to create a state-run integrated oil major that can compete with private and foreign players.
HDFC Life, a joint venture between mortgage lender HDFC and UK-based Standard Life, has applied to IRDA for an IPO after proposed merger with Max Life failed to actuate.
Indian media conglomerate Zee Entertainment Enterprises is in advanced talks to buy 9X Media, which owns a clutch of Hindi and regional music channels. The deal is expected to be valued at around ₹200 crores.
Thursday- 20th July 2017
RIL’s consolidated net profit rose 28% to ₹9,108 crore in the June quarter owing to its core refining business. The turnover grew 26.7% to ₹90,537 crores.
Reliance Jio Infocomm plans to raise ₹20,000 crore through a rights issue of optionally convertible preference shares (OCPS) to shareholders as it prepares for expansion in the market.
Finance Minister Arun Jaitley to head a panel to oversee and speed up the acquisition of Hindustan Petroleum Corporation by ONGC.
Zee Media Corporation is in advanced discussions to acquire Business Broadcast News, an Anil Ambani-owned company that operates English business news channel BTVi in a deal estimated to be valued at ₹100 crores.
Kotak Mahindra Q1 rose 23% to ₹912.7 crores owing to growth in all businesses, from retail to treasury to corporate lending.
Friday- 21st July 2017
Reliance unveiled a 4G feature phone aimed at attracting millions of low-spending users for a refundable security of ₹1,500 and announced 1:1 bonus issue and a dividend of ₹13 per share. The stock rose to its highest in a decade to ₹1586.20
State-run Hindustan Petroleum Corp may acquire two subsidiaries of ONGC. which are Mangalore Refinery and Petrochemicals (MRPL) and ONGC Petro Additions (OPaL) before ONGC takes over HPCL.
The Delhi High court has asked CJ International Hotels to pay an amount of ₹500 crores NDMC or vacate the land on which it currently operates Le Meridien Hotel, located on Windsor Place, Janpath.
Wipro’s stock gained 6.5% to close at ₹286.40 after the company announced a buyback of shares worth ₹11 crores.
Infosys denied allegations made in an anonymous letter to SEBI accusing members of Infosys management having prior investments in Panaya.
TCS announced a buyback of ₹16,000 crores shares. 56 million shares will be bought back for a value ₹2,850 per share, which is equal to 3% of all equity shares. This caused a 4% surge in the share price.
NCLT said that it will decide about the maintainability of the petitions filed by two Cyrus family owned companies against the removal of Cyrus Mistry until 6th March 2017. If petitions are held maintainable, hearing to start from 7th March.
The Supreme Court has ordered Unitech to pay interest @14% p.a. on the amount deposited by buyers due to delay in completion Vistas project in Gurgaon.
Tuesday- 21st February 2017
India’s Tata Motors and German’s VW are said to be in advanced stage of finalising a partnership. The details are yet unknown.
Mukesh Ambani announced that Reliance Jio to charge from its customers from April 1, 2017. However, the calls to remain free even after 1st April. The data will be charged at nominal rates of ₹303 per month for 1GB data daily.
The Supreme Court of Singapore has disallowed senior advocate Harish Salve from appearing before it on behalf of corporate sellers of Ranbaxy in its ongoing case against Daiichi. Ranbaxy is seeking to bar the award to $500 million.
After a TV channel reported that ICICI Bank, HDFC Bank, IndusInd Bank and Kotak Mahindra Bank have approached the government with informal merger proposals with the Axis Bank, the shares of the latter rose up to 5%. However, Axis CEO, Shikha Sharma denied any such plans.
Wednesday- 22nd February 2017
SoftBank is looking to invest in the proposed entity to be formed by the Vodafone- Idea merger. They are likely to pick a 15-20% stake in the new telecom company.
To conserve cash and cutting costs, co-founders of Snapdeal, Kunal Bahl and Rohit Bansal have announced that they will forego their salaries from immediate effect.
FPIs can hold the shares of HDFC Bank they bought on Friday even after the stock exchange notification to stop buying mid-way through the trading session till the Reserve Bank of India (RBI) asks them to offload them.
Bharti Airtel bought a stake in Fintech Company Seynse Technologies at over ₹100 crores to enhance its financial operations platform and Airtel Payments Bank.
Thursday- 23rd February 2017
Telenor India sold its Indian Business unit to Bharti Airtel, which help the latter to enhance its 4G airwaves to survive the competition against Reliance Jio.
Infosys is seeking the shareholders’ approval for amendment in its AoA for a buyback of its shares from the market, mimicing its rival’s move.
The government’s sale of its 5% stake in Bharat Electronics was lapped up by retail investors who put in bids for 3.67 times the shares reserved for them. Overall the issue was subscribed 5.3 times, which will, in turn help the government to raise ₹1,670 crores.
Nifty hit the 52-week high of 8,982 points during the session. However, it closed marginally lower at 8,939 points.
Friday-24th February 2017
Apple has informed the government that it plans to establish a network of partners including contract manufacturers and suppliers to initiate its production in India.
The National Pharmaceutical Pricing Authority (NPPA) has sent show cause notices to hospitals across the country, asking them to respond to allegations that they are charging patients higher prices on cardiac stents than allowed.
The Central Board of Direct Taxes, has issued a circular clarifying that the provisions relating to the place of effective management (POEM) will apply to companies with over ₹50-crore turnover.
Reliance Jio Infocomm announced that its subscriber has crossed the mark of 16 million customers within a month, making this a world record. It has surpassed the likes of Facebook, Whatsapp, and Skype in the pace of growth.
Primal Enterprise has entered into a deal with Janssen Pharmaceutica to acquire five injectable anesthesia and pain management products for a value of $175 million.
Samsung electronics has halted the production and distribution of Galaxy Note 7 after there were reported incidents of fire hazard in the replacement devices too. This has been the company’s worst recall situation.
Industrial output contracted 0.7% in August, marking decline second month in a row. It has been attributed mainly to a sharp decline in capital goods and muted mining activity because of the monsoon. Capital goods declined by 22.2%
Tuesday-11th October 2016
Paytm will spin off its marketplace business next month, a top company source said, setting the stage for China’s Alibaba to establish a direct presence in the hotly competitive Indian online retail space.
Since scrapping off the flagship device of Samsung, Galaxy Note 7, Samsung share price plunged 8% in the market, causing the company to lose the valuation by $18.8 billion.
The investigation wing of the income-tax department has slapped notices on at least five persons in Mumbai, asking them to disclose details of their offshore companies and financial structures in four tax havens -Jersey , Guernsey , Isle of Man and British Virgin Islands.
Wednesday- 12th October 2016
Russian energy giant Rosneft PJSC and global commodities trader Trafigura Group Pte have acquired 49% and 24% stake respectively in Essar Oil refinery, effectively leaving about 10% stake for the promoters, Shashi and Ravi Ruia.
French car maker Renault’s best-selling small car Kwid hit a bump has the company has recalled more than half the cars sold in India so far to carry out a preemptive and voluntary inspection.
Subhash Chandra-promoted Zee Entertainment Enterprises has entered into a deal to acquire Anil Ambani-owned Reliance Broadcast Networks for a value of INR 1,872 crores.
Stepping up investments on projects, state-owned BSNL will pump in about Rs 2,500 crore during the second half of this fiscal in various projects such as the expansion of wifi hotspots, installation of mobile towers and strengthen core network.
Thursday- 13th October 2016
Tata Consultancy Services’ Q2 revenue grew at its slowest rate in over a decade and missed already-low expectations. Shares of TCS closed 1.95% lower at INR 2,334 on the National Stock Exchange before the results were announced.
An influential section of the government is pushing for an additional investment of INR 60,000 crores in the infrastructure. Roads, railways and rural electrification will be among the main beneficiaries.
ICICI bank has raised an amount of INR 4,000 crores via an issue of 7-year infra bonds. The move comes amid hopes of better credit growth during the busy season from October to March. The interest rate being 9.75% on such bonds.
PNB Housing Finance has received capital markets regulator Sebi’s go ahead to raise INR 2,500 crore through an initial public offering.
Friday- 14th October 2016
Anil Ambani-led Reliance Communications has entered into a deal with Canada’s Brookfield Infrastructure Group to sell a majority stake in the Anil Ambani company’s tower for INR 11,000 crores. Amount to be used to bring down debt. This caused a rise of 2.5% in the stock.
Infosys’ Q2 results saw revenue beating the market expectations but the company cut its full-year target for the second time this year. This caused a 2.5% decline in the share price of the company.
Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors and a potential kingpin in the industry.
To acquire the UK and Irish business of Israeli generics maker Teva, last remaining contenders are two local companies, namely Aurobindo and Intas. Both the companies have submitted an offer of near $1 billion. The decision to be taken in a next few weeks.
Niti Aayog Vice-Chairman Arvind Panagariya has said in a statement that India’s economic growth will accelerate to 8% in the current fiscal year, owing to good monsoon policy reforms and PM Narendra Modi’s focus on implementation at the grassroots level.
Taiwanese company MediaTek is looking to invest an amount of INR 400 crores into India’s One97 Communications, which runs mobile payment and e-commerce platform Paytm. Its current capital is INR 2,000 crores, with leading investors being Alibaba, Alipay and SAIF partners.
DHFL has raised record sum on a single day by selling bonds through public issue. The subscription was opened for allotment for INR 10,000 crores bonds. The Issue was subscribed for INR 12,645 crores, setting a record for a private entity.
Indian Oil Corporation has reported a 25% in its net profit for the quarter ended June at INR 8,269 crore, attributed to increased inventory gain and expansion in petrochemicals margin. The bonus of one share for every share held was announced too.
Tuesday-30th August 2016
Stocks rallied on Tuesday as Sensex hits its 13 months high, while the Nifty hits its 16 months high. The total market capitalization of companies listed on BSE crossed INR 110 lakh crore to set a new record high. Maruti Suzuki and Bajaj Auto scaled lifetime highs.
E-commerce firms, including Urban Ladder, Zivame, FabAlley, and Yepme, are looking to convert themselves into a single brand retailer, taking benefits of the amendment brought in single-brand retail policy to allow foreign-funded retailers to sell in physical as well as online stores.
Mumbai-based online fashion rental portal Flyrobe raised an amount of INR 35 crores in its second round of funding. Funding was led by IDG ventures, with the participation of Tokyo-based Gree Ventures and existing investor Sequoia India.
Apple Inc was ordered to repay a record 13 billion euros plus interest after the EU said Ireland illegally slashed the iPhone maker’s tax bill by ‘selective tax treatment’. Both Apple and Irish Government are looking to challenge the decision, which can lead to a dispute with the US.
Wednesday- 31st August 2016
An official panel has ruled that Reliance Industries has made unjust gains by pumping natural gas that flowed from ONGC’s adjoining block but a proper inquiry is needed to ascertain if both companies knew about the connectivity of reservoirs and chose to conceal the information for years.
The Competition Commission of India has fined 11 cement companies of India and their lobby group Cement Manufacturer’s Association (CMA) INR 6,714 crores for alleged cartelization. The lobby group of these manufacturers guilty of facilitating price collusion.
India experienced the slowest Quarter 1 growth in 5 years at 7.1%. This has been attributed to sluggish investments and farm output. However, the government is still confident to achieve the fiscal target of 8% for the year.
Sony Pictures Networks India (SPN) will acquire Ten Sports for INR 2,600 crore from Subhash Chandrarun Zee Entertainment Enterprises (ZEE). ZEE had paid $107 million to acquire Ten Sports from Dubai-based Abdul Rahman Bukhatir’s Taj Group.
RBL Bank made a stellar debut in the market, listing at INR 274.20, at a premium of near 22% from the issue price. The stock closed at INR 299.95 and hit the Intraday high of INR 305.50.
Thursday- 1st September 2016
Mukesh Ambani announced the much anticipated launch of Reliance Jio Infocomm’s services on Thursday, stating that the telecom will launch the services from 5th September. It plans to revolutionise the telecom industry by offering free calls and data at one fifth of the prevailing rates. All services to be free til 31st December 2016.
During the 45 minute launch of services of Reliance Jio, Bharti Airtel, Indea Cellular Services, and Reliance Communications slumped, as capitalisation of Bharti Airtel plunged by INR 9,800 crores and Idea Cellular’s by INR 2,450 crores. Reliance Communications slumped 7% intraday.
Indian handset maker Lava has inked a joint venture with Easy Group, to sell its products in the markets of Egypt.The companies signed a memorandum of understanding (MoU) that will enable Lava to start exporting its products to Egypt, while Easy Group will provide necessary support to promote and distribute products in the country.
Realty developer Lodha Group has raised debt of INR 2,320 crore from Piramal Fund Management. The amount has been raised for a portfolio of projects in south and central Mumbai, including the World Towers.
With a brewing price war in the telecom industry, industry insiders and analysts predicting Bharti Airtel, Vodafone and Idea Cellular to slash their rates to respond to the enticing tariffs that Reliance Jio Infocomm is offering.
Friday- 2nd September 2016
Faulty battery is causing explosions in Galaxy Note 7, causing Samsung to recall all its models and launch a replacement program for the faulty models. Sales will be halted in the 10 countries in which it has been launched.
Launch of Reliance Jio and its strategy for free calls and cheap data will cause telecos to revise their strategy for the upcoming auction. They are expected to take more aggresive approach towards the auction to stay in competeion with price strategies of Jio.
The Tata Group filed an objection in the Delhi High Court to prevent enforcement of an international arbitration award in favour of Japan’s DoCoMo. This move is expected to reignite feud between the already sour realtions between the two companies.