Tag Archives: RBI

McDonald’s in trouble again, RCom enters an awaited resolution, Mobile Wallets KYC extended- Weekly Digest #58

Monday- 25th December 2017

  • 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.

 

Source: The Economic Times
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Unitech faces the axe of NCLT, MAX Hospital loses its license, RBI keeps rates unchanged- Weekly Digest #55

Monday- 4th December 2017

  • 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.

 

Source: The Economic Times

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GST negative impacts, RBI cuts rate, Rupee touches 2-year high- Weekly Digest #49

Monday- 31st July 2017

  • 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.

 

Source: The Economic Times
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Sensex hits 30K, Delhi HC turns down RBI, RCom-Aircel Merger – Weekly Digest #42

Monday- 24th April 2017

  • Reliance Industries reported a 12.3% increase in quarterly net profit to ₹8,046 crores owing to robust petrochemical and refining margin. Jio reported a net loss for the six months as ₹22.50 crores.
  • Owing to strong cues from French presidential elections, the Sensex rose 290.5 points to close at 29,656 points while Nifty gained 98points to reclaim 9,200 level.
  • The shareholders Reliance Communications and Aircel approved the merger of the mobile businesses of their companies to form the India’s fourth largest telecommunication company.

 

Tuesday- 18th April 2017

  • Owing to French Presidential elections and Trump’s indicating tax rate cuts, Sensex rose to 29,943.24 points and Nifty crossed the 9,300 mark, touchingits all time high.
  • Welspun India’s fourth quarter profit fell 21.5% to ₹153.8 crores as it is still recovering from Target’s exit due to its fake Egyptian cotton sheets.
  • Following feud between Cyrus Mystry and TATA sons, a director with seats in Tata and Wadia Group companies decided to step down from the latter. Cyrus Mistry’s brother, Shapoor Mistry stepped down from the board of Tata-owned Indian Hotels.
  • The Lodha Group, a Mumbai-based property developer, may acquire as much as 15% of projects company, Vascon Engineers, seeking to tap into the expanding demand for affordable housing in India.
  • NTPC and HPCL-Mittal Energy have raised money through ₹2,400 crores Masala Bond sales to overseas investors.

 

Wednesday- 19th April 2017

  • Rupee surged to its strongest in 20 months s dollars flooded into local equities and bonds, prompting RBI to intervene to limit gains, which erode the profitability of exporters. The rupee touched 63.93 before being pulled back to 64.11 at close.
  • The Sensex closed above 30,000 mark for the first time, mirroring optimism in the US markets where Nasdaq Composite crossed 6,000 for the first time. Nifty closed at a fresh all time high of 9,352 points.
  • Sebi has approved introduction of options contracts in the commodities market. Details to be worked out in due course.

 

Thursday- 20th April 2017

  • One 97 Communications, owner of online payments provider Paytm, is set to raise over ₹12,000 crore SoftBank. This will value the company at around $9 billion and provide a 20% stake to SoftBank.
  • Maruti Suzuki India Limited reported a 16%increase in its Q4 net profits to ₹1,709 crores owing to higher sales of premium models such as Baleno and Brezza.
  • HDFC bank hit record high Market Cap of ₹4 lakh crore as it reached the intraday high of ₹1,572 before closing at 1,567.

 

Friday-21st April 2017

  • The Delhi High Court allowed Tata Sons to pay NTT Docomo a $1.18 billion arbitration award despite RBI protesting against the same. RBI was protetsing on the ground that it amounted to transfer of shares resulting in violation of law.
  • Amazon’s founder Jeff Bezos said that he is grateful for Indian Customers to make Amazon India the country’s most popular Web marketplace with a promise that he’ll keep investing in Indian business of Amazon.
  • Paytm Ecommerce has appointed SAIF Partner’s Ravi Adusumalli and four employees from investor Alibaba on the board of directors, according to filings made with the MCA.
  • Kotak Mahindra Bank to buy entire 26% stake held by Old Mutual plc, in Kotak Mahindra Old Mutual Life Insurance for ₹1,292 crores, valuing the company at ₹4,672 crores.

 

Source: The Economic Times

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RBI controls rupee price, Vedanta invests in Rival, RBI upholds objections against Tata Sons- Weekly Digest #39

Monday- 13th March 2017

  • No Major news as the market was closed on the occasion of Holi.

 

Tuesday- 14th March 2017

  • Nifty hit an all-time high of 9,112.75 points in response to BJP’s decisive win the state of UP. It ended lower at 9,087 points.
  • RBI intervened in the currency market to hamper profit booking from BJP’s electoral showing and limiting a spike in the rupee. The Rupee surged to a 16-month high of 65.82 against the dollar.
  • USFDA has lifted the ban on Sun Pharma’s Mohali Facility. The ban had been imposed for violation of good manufacturing practices.
  • RBI has told the Delhi HC that it will look into the request by Tata Sons’ “request for approval“ to pay NTT Docomo a $1.17 billion arbitral award. RBI had objected against the same as it amounted to transfer of shares.

 

Wednesday- 15th March 2017

  • US-based eBay and China’s Tencent are frontrunners for raising the fund of up to $1.5billion for Flipkart. The transaction may lead to Indian arm of eBay a part of the Flipkart.
  •  RBI has intensified efforts to control the surge in rupee as it asked banks about open positions to send a clear signal that it’s reaching the end of its tolerance limit for speculative activity.
  • The National Consumer Disputes Redressal Commission has directed the realty firm Supertech Limited to pay over INR 55 lakh to a homebuyer for not giving possession of a flat in the stipulated time.
  • RBI stayed with its decision to block the payment of $1.17 billion by Tata Sons to NTT Docomo. The decision on whether RBI’s objections are maintainable is yet to be decided upon by the Delhi HC.
  • SEBI has approved the merger of Reliance Communication with Aircel. This saw a positive reaction from the market as Reliance Communication’s shares rose by 5%.

 

Thursday- 16th March 2017

  • Anil Agarwal, founder of Vedanta Resources Plc made a bid for 13% of British mining giant Anglo American Plc for $2.4 billion. The investment to be made from his personal investment firm, Volcan Investments.
  • Digital wallet maker Paytm has launched its payments services in Canada, marking its entry into an overseas market for the first time. It has tied up with local banks to accept all payment instruments.
  • Airtel scrapped its plans to sell a controlling stake in Bharti Infratel and has instead sold 21.63% share of the company. Bharti Airtel’s shares slipped more than 1% in reaction.

 

Friday-17th March 2017

  • Volcan Investments launched a $2.4 billion convertible bond issue on to fund its planned acquisition of about 13% in commodities giant Anglo American Plc, rival to his Vedanta Resources.
  • Vertex Ventures, a member of Temasek Holdings, is set to close fundraising for its next fund focused on Southeast Asia, including India, with a target size of $150-180 million.
  • Shares of ITC, India’s largest cigarette company, gained 4.9% after the GST Council capped the proposed cess on non-merit goods such as tobacco products. The share reached the intraday high of INR 289.

 

Source: The Economic Times

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FIIs invest in HDFC, Tata Motors shocking Quarter, SBI merger approved- Weekly Digest #35

Monday- 13th February 2017

  • Infosys CEO, Vishal Sikka, denied the involvement of any wrongdoing in the $200 million acquisition of Panaya, saying that the company has been a victim of malicious rumours.
  • GIC of Singapore is in talks with promoters of DLF Limited, KP Singh and his family to acquire their 40% stake in DLF Cyber City Developers Limited for a value of ₹12,000 crores.
  • DSP Blackrock Microcap, a small capital mutual fund, has decided to stop fresh inflows after February 17. Earlier, lump sum investments had been restricted to ₹1,00,000 per person.
  • Motherson Sumi Systems reported a Q3 profit of ₹416 crores, a 34% increase on a year-to-year basis.

 

Tuesday- 14th February 2017

  • Infosys chairman R Seshasayee informed the investors about his talks with the founders of the company which was aimed at ensuring that the dispute did not spill over media.
  • Vodafone India has awarded a 4G contract to Swedish gear maker, Ericsson for UP West, Rajasthan, Odisha, North East and Assam telecom zones for a value of $300 million.
  • Tata Motors posted a Q3 profit of ₹112 crores, down by 96% from last year’s profit. This has been attributed to demonetization, lower wholesale volumes at Jaguar Land Rover and higher expenses.
  • Telecom Regulatory Authority of India (Trai) has directed Videocon Telecom to continue its mobile services operations in Punjab and maintain the quality of service until the time its licence is operational or valid, rejecting the telco’s decision to shut services from February 15.

 

Wednesday- 15th February 2017

  • The Cabinet approved a proposal to merge the five subsidiaries of State Bank of India with the parent. This will enhance dominance of India’s largest bank as combined entity will have over 23,000 branches all over the country.
  • Private equity firm Warburg Pincus is in advanced negotiations to acquire a significant minority stake of up to 40% in Tata Technologies for around ₹2,300 crores
  • Shares of Intellect Design Arena fell up to 12% on Wednesday to touch a 52-week low after investor Rakesh Jhunjhunwala and his wife Rekha sold more than 42 lakh shares in the company through bulk deals.

 

Thursday- 16th February 2017

  • TCS announced that it is considering a buyback of its shares next week. This move comes after rival Cognizant adopted similar policies. TCShad $5.69 billion in cash and cash equivalents and investments on its books as of December 31 last year.
  • Havells India is in talks with Llyod Electronics to acquire the latter’s consumer durables business for a value of ₹1200-1500 crores.
  • Housing mortgage company Indiabulls Housing Finance and oil marketing major Indian Oil Corporation will replace BHEL and Idea Cellular in NSE’s benchmark index Nifty. The changes will come into effect on March 31, 2017.

 

Friday-17th February 2017

  • Foreign Investors invested an amount of ₹8043 crores in HDFC Bank as RBI lifted FII investment restrictions on HDFC Bank. The stock rose to ₹1,450 but slipped later on as RBI clamped down FII buying as it cannot exceed 74% as per the rules framed on this behalf.
  • UK’s Vodafone Groups is seeking help from Marten Pieters, the former CEO of its Indian arm to stir up the process of Vodafone and Idea merger.
  • Hindalco is planning to raise funds through qualified institutional placement (QIP) to raise ₹3,500 crore. Hindalco postponed its capital raising plans at the last minute in July-August 2014 due to poor market sentiment.
  • Sensex and Nifty closed at 28,469 and 8,822 respectively, hitting their 5 months high due to strong FII in HDFC Bank.

 

Source: The Economic Times
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Infosys’ internal conflicts, RBI’s neutral stance, Withdrawal Limits update- Weekly Digest #34

Monday- 6th February 2017

  • Tata Sons removed former chairman Cyrus Mistry from its board, marking the end of another phase in the months-long battle. The motion received 80% assent.
  • Telecom Commission has questioned TRAI over methods and basis of charging the penalty of ₹3050 crores on Airtel, Idea and Vodafone for failing to provide adequate points of connection to Jio Infocomm. Question have been raised over TRAI’s authority to issue such penalties.
  • Snapdeal’s head of corporate development Abhishek Kumar has resigned from his position, adding to the struggles of e-retailer to reduce its expenses and raise money.

 

Tuesday- 7th February 2017

  • Govenrnment raised an amiunt of ₹6,700 crores by selling 2% stake in ITC as it moves closer towards its goal of raising funds through disinvestment.
  • Tata Steel posted a above the expecataions profit of ₹232 crores for Q3, as it reclaims its status of a profit making entity. It has been attributed to a strong performance in the home market.
  • AisAsia India has appointed former Tata Power executive as its CFO. This is indicative of enhancement of involvement of its Indian paent company in the operations.
  • ITC surpassed RIL and HDFC in terms of market capitalisation to reach the number 2 stop. The current leader in market capitalisation is TCS. ITC closed at an all time high of ₹277.10.
  • The Sensex slipped over 104 points and the Nifty slipped below the 8,800mark, pulled down by rate-sensitive banking, realty and other stocks ahead of the RBI monetary policy.

 

Wednesday- 8th February 2017

  • RBI kept the repo rate unchanged at 6.25%, adopting a neutral stance third time in a row. This came as a surprising move as rate cut would have helped economy to reciver from aftermaths of demonetization.
  • The withdrawal limits on bank accounts are to be removed from 13th March 2017. To be raised to ₹50,000 from 20th Februaruy 2017
  • United Breweries has issued a notice to to Vijay Malya, asking him to step down as the chairman after SEBI barred him from holding any key managerial position in any company in India.
  • Trouble at Infosys as internal management conflicts arising over salary package of its CEO, Vishal Sikka. This has resulted in conflicts between the management and the promoters of the company.

 

Thursday- 9th February 2017

  • Ola’s biggest hire, former CFO of Infosys, Rajiv Goel, has quit the comapny as the company is witnessing another top management churn. Raghuvesh Sarup, CMO of the comapny has also resigned from his position.
  • India handed over to the UK an extradition request for absconding businessman Vijay Mallya who is facing cases of loan default and other financial irregularities.
  • Shares of Indraprastha Gas (IGL) touched their 52-week high after the company reported a 37% jump in net profit for the third quarter ended December attributing to higher sales volumes and realisations. The share price touched ₹1026.

 

Friday-10th February 2017

  • After co-founder Narayan Murthy raised concerns over declining governance standards, Infosys’ board members closed ranks behind non-executive chairman R Seshasayee in a strong show of support.
  • The government appointed Ajay Tyagi, a senior bureaucrat at the Finance Ministry to head the SEBI by replacing UK Sinha, whose term will end on 1st March 2017.
  • SBI posted a 134% rise in net profit for Q3 to ₹2610 crores owing to healthy fees and trading profits.
  • Tata Power Company has appointed N Chandrasekaran as chairman and additional director of the company.

 

Source: The Econmic Times
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