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.
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.
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.
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.
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.
The SEBI has asked the Finance Ministry to ease tax rules for stock trading and investments in mutual funds, to help give the equity market a boost. It has suggested lowering the securities transaction tax (STT) for stock trading and reducing the holding period for debt mutual funds to 12 months from 36 months for consideration of long-term capital gains.
ShopClues has deferred plans for a public listing of its shares to 2018, blaming the government’s scrapping of high-value banknotes for its decision. The company had said it would file for an IPO of its shares on Nasdaq by September 2017. It is now targeting the first quarter of 2018 for the IPO and will seek to raise funds meanwhile.
An SBI-led consortium of lenders filed a plea in the Supreme Court seeking to be included in the proceedings of the case involving Aircel, saying they would be severely affected if the telco is restrained from earning revenue using its 2G airwaves, which would impact repayment to creditors.
The CBI on Monday arrested at least 8 people, including former IDBI Bank chairman Yogesh Agarwal and former CFO of now defunct Kingfisher Airlines, A Raghunathan in connection with the allegedly fraudulent loan transaction of ₹950 crore between the company and the bank.
Uber India has appointed Pradeep Parameswaran, former CEO of cable firm DEN Networks, as the head of central operations, as it is looking to topple market leader Ola after exiting China last year.
Tuesday- 24th January 2017
Bharti Airtel’s Q3 net profit slumped 55% to ₹504 crore owing to free services offered by Reliance Jio and impact of demonetization.
Resignations at Flipkart continue as Ashish Agrawal and Hari Vasudev, both senior vice presidents engineering, have stepped down from their positions.
HCL posted a net profit of ₹2,070 crores for the Q3, an increase of 7.8% from a year earlier. Revenue rose to ₹11,814 crores, an increase of 14.2% on YoY basis.
Muthoot Microfin, a unit of Muthoot Pappachan Group, has raised ₹130 crore growth capital from US-based private equity fund Creation Investments Capital Management LLC as it plans to expand its network and reach across the country.
AirAsia India’s Chief Financial Officer Ankur Khanna, who was summoned by the Enforcement Directorate (ED) in connection to alleged financial wrongdoing at the airline under its earlier head, has resigned barely 10 months after joining the airline.
Wednesday- 25th January 2017
A Fidelity-managed mutual fund has cut dow its valuation of Flipkart shares by 36.1% at $52.13 per share. This will result in the valuation of India’s most valuable internet company at $5.56 billion.
Maruti Suzuki posted a 47.5% increase in net profits for Q3 at ₹1,744.50 crores owing to strong demand for higher-priced mid-segment models Baleno and Vitara Brezza.
BSE Ltd’s IPO for $182million has been oversubscribed by 51 times by the last day of the sale, helped by attractive valuations and expectations of robust growth for stocks in the coming years.
The National Highways Authority of India (NHAI) has raised ₹8,500 crores from Life Insurance Corporation of India (LIC) for 30 years at an interest rate of 7.22% per annum to construct bypasses on national highways and road expansion projects.
Thursday- 26th January 2017
Vodafone has given a contract worth up to $500 million to Nokia for 4G network deployment and expansion, covering 10 of the country’s 22 telecom zones.
TRAI issued a statement stating that the congestion level on Reliance Jio Infocomm’s network has improved as Idea Cellular and Vodafone are meeting the required norms and providing adequate points of interconnect (PoI) to the new entrant.
Moody’s Investors Service has downgraded Reliance Communications from B1 to B2 on fears that its debt levels and consequent leverage will remain high for the next six to nine months amid continuing financial pressures.
Friday- 27th January 2017
The RBI has turned down a plea by Election Commission to raise the weekly withdrawal limits for poll expenses. It was proposed to raise the limit to ₹2,00,000 per week to aid the candidates.
Vijay Mallya may be ousted as the chairman of United Breweries if he does not secure a stay from the Bombay High Court against the Securities and Exchange Board of India’s order barring him from accessing capital markets and holding any position as director in any of the listed companies.
ITC Ltd reported 5.7% jump in net profit at ₹2,646.73 crores for the third quarter, while revenue from operations grew by 4.7% at ₹13,569.97 crores, owing to continued pressure on the cigarette industry and the demonetization drive.
The market posted its highest weekly gains in eight months as strong Q3 results alleviated investor concerns over the impact of demonetization. Benchmark indices rose a little over 3.5% this week, their biggest weekly gains since May 2016.
PayPal has registered a notice of opposition with the registrar of trademarks over the similarities between their logo and that of PayTm. PayTm had filed its trademark application on July 18 and PayPal registered the complaint on the last day of 4-month timeframe.
Cyrus Mistry resigned from the six Tata Group companies and in a statement said that he plans to take the battle against Ratan Tata to the court.
Amazon has invested 2,010 crores in its Indian unit, making its largest single infusion in Indian unit so far. It takes the investment to over 7,000 crores.
RBI announced that deposits of over 5,000 can be made only once per account until December 30th. Further, the depositors will be asked to provide reasons for not depositing the amount earlier in front of two bank officials.
S Chand and Company has filed its draft red-herring prospectus with the Securities and Exchange Board of India and has initiated its 300 crore IPO to hit the market next year.
Tuesday-20th December 2016
Cyrus Mistry has filed a complaint in National Company Law Tribunal (NCLT) against Tata Sons board, its directors, Ratan Tata, two of the Tata Trusts and its trustees for oppressing minority shareholders and mismanagement and has asked to scrap the Tata Sons Board.
Amazon’s largest seller Cloudtail overtook the country’s largest department chain Shoppers Stop as it posted a 300% jump in the revenues to 4,591 crores, slightly higher that that of Shoppers Stop ie 4,582 crores.
International Finance Corporation (IFC), the investment arm of the World Bank has invested an amount of $15 million in online education company Byju’s. The funds are expected to expand the offerings across India.
Yatra Online, which owns and operates travel portal Yatra.com announced that it had completed its reverse merger and began its trading on Nasdaq.
Taro Pharmaceutical, the American unit of India’s Sun Pharmaceutical Industries, has been sued by it investors for making misleading statements on fixing the price of generic drugs in violation of US antitrust laws.
Wednesday- 21st December 2016
Tata Steel’s EGM regarding voting out the current independent director Nusli Wadia from the board over its continued support for former chairman Cyrus Mistry saw high support for Ratan Tata. The results of the voting are not officially out.
After an overwhelmingly negative response from bank officials and depositors over harassment for depositing old currency over 5,000 in bank accounts, the government has relaxed the rules as now questioning will be done only for non-KYC compliant accounts.
Reliance Communication is selling its 51% stake in its tower unit Reliance Infratel to Canada’s Brookfield Infrastructure for 11,000 crores. The proceeds are expected to be used to lower the debt burden.
Two investment companies- Cyrus Investments and Sterling Investment Corp have filed a petition with NCLT linked Tata Sons and Ratan Tata with the 22 crore fraud transactions in AirAsia.
Private equity fund, Advent International has invested for a 41% stake in unlisted financial services group, ASK Group for an amount of $350 million.
Thursday- 22nd December 2016
NCLT has refused to give any interim relief to the ousted Chairman of Tata Group, Cyrus Mistry and has asked him to back his allegations of oppression of minority shareholders and mismanagement.
Edelweiss Financial Services is planning to raise 600-750 crores through a public issue of its consumer lending unit, ECL Finance.
Rohit Thakur, Microsoft’s human resources head in India has resigned from his position and per the rumours in the industry, he is to soon join Accenture.
Sensex saw a bearish impact for the 7th consecutive session, making its largest losing streak since March 2015. Sensex fell 1% to 25,979 points while Nifty breached the 8,000 mark to reach 7,979 points.
Uber has gone past its Indian rivals such as Meru and Easycabs as its revenue has grown to 374 crores, while Meru reported the revenue of 323 crores and Easycabs reported 216 crores. Ola is yet to declare their numbers.
Friday- 23rd December 2016
At the EGM of Tata Chemicals held on Friday, more than 75% shareholders displayed their belief for Ratan Tata as they voted out the independent director Nusli Wadia. Bhaskar Bhat and S Padmanabhan were appointed as directors.
ONGC to pay an amount of $1.2 billion to Gujarat State Petroleum Corp for its 80% stake in Deen Dayal West field and six other finds in the KG Basin.
Airtel becomes the second company after Vodafone to drag TRAI to Telecom Tribunal after it found Jio’s free voice and data offer to be in compliance with rules on predatory pricing.
Wipro has agreed to pay an amount of $5 million to the US Securities and Exchange Commission as civil money penalty to end the six-year-old embezzlement investigation. Wipro has neither confirmed nor denied the accusations.