Tag Archives: Reliance

Cryptocurrencies double fiasco, Jio enters profit, GST rejig- Weekly Digest #60

Monday- 15th January 2018

  • 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.

 

Source: The Economic Times
Image

Advertisements

SBI cuts lending rate, Rupee hits a 3-year high, CDB withdraws insolvency proceedings against RCom- Weekly Digest #59

Monday- 1st January 2018

  • 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.

 

Source: The Economic Times
Image

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
Image

Reliance Jio new 4G device, Wipro buyback, $3billion fine to RIL, Shell and ONGC- Weekly Digest #48

Monday- 17th July 2017

  • 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.

 

Source: The Economic Times
Image

TCS buybacks, Update on Jio, AXIS merger rumours- Weekly Digest #36

Monday- 20th February 2017

  • 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.

Source: The Economic Times
Image

 

US Election Jitters, Government fines RIL, Air Asia accused- Weekly Digest #21

Monday- 31st October 2016

  • After allegations by the ousted Tata Sons chairman, Cyrus Mistry, regarding irregular personal expense claims and certain company charges in AirAsia India, the airline owned by Tata Sons and Malaysia’s AirAsia Bhd, AirAsia India said it will take strict action against anyone found guilty in the ongoing probe.
  • Ap per latest data released by SEBI, Mutual funds have pumped in over INR 8,000 crores in equity markets this month, taking the total investment to more than INR 21,000 crores so far in the current fiscal.
  • Brickwork Ratings has revised outlook of Tata Steel to negative while revising the ratings of its NCDs worth INR 6,500 crores. It has cited the reason as  “heightened management risk” following the release of Cyrus Mistry.
  • Halfway through the Fy 2016-17, the government has run up a fiscal deficit of 83.9% of the full-year budget estimate. This has been largely on account of  lower non-tax revenue growth.

 

Tuesday-1st November 2016

  • Airtel has entered into a deal with Nokia to acquire and implement voice-over-LTE (VoLTE) calling technology which may be launched within this year. The deal has been valued at $60 million.
  • Passenger vehicle sales in the local market are estimated to have expanded 5% in October, a pace which has been considered healthy by the industry.
  • Enterprise software maker Freshdesk has raised $55 million in a new round of funding led by Sequoia Capital India, along with existing investor, Accel Partners.
  • Twitter India Head Rishi Jaitly announced his exit after a 4-year tenure as the head. Jaitly said he is quitting for “a personal civic calling“ in Chicago.

 

Wednesday- 2nd November 2016

  • Indian stocks slumped on Wednesday concerning the tightly contested US presidential elections. Earlier the market had perceived Clinton as ahead in the race. However, latest polls showed a different image, causing a volatility in the market which led to Sensex slipping by 350 points.
  • S&P Global ratings have ruled out an upgrade on India’s rating for the next 2 years. It is still stable on its `BBB-‘ long-term and `A-3’ short-term sovereign credit ratings.
  • Bajaj Auto, India’s second-largest motorcycle maker is likely to reach 2.4 million units in sales in FY17, on the back of strong double-digit sales during the festive season.

 

Thursday- 3rd November 2016

  • India finalized a four tier Goods and Services tax structure, with slabs being 5%, 12%, 18% and 28%. The rate for precious metals such as gold has not been decided yet and it will be the 5th rate, apart from the four mentioned above.
  • The Specified Undertaking of the Unit Trust of India (SUUTI) has initiated  the sale of government’s stakes in various companies by selling 3% stake in Larsen &Toubro worth INR 4,000 crore. The sale will be held by block deal on Friday.
  • Housing Development Finance Corp (HDFC) and ICICI Bank reduced their home loan rates by 15 basis points each. SBI had announced rate cuts the previous day.
  • Since its second quarter results on October 21, Mindtree has witnessed 11% fall in 9 trading sessions, reaching a 52 week low of INR 425.
  • Bharti Airtel is set to receive $129 million from Zain Telecom to settle the Indian telco’s claims around litigation in Nigeria and other tax matters.

 

Friday- 4th November 2016

  • The government has asked Reliance Industries to pay about INR 10,000 crores for pumping out gas that flowed through field owned by ONGC. It has been given one month’s time to respond.
  • After a positive start, GST council has failed to reach a unanimous decision on the distribution of administrative power between center and state. The council is to meet again on 20th November to sort out the issue.
  • Heightened nervousness around the outcome of the US Presidential election outcome next week dragged down Sensex by 156 points to 27,274 points. Nifty ended at 8,434.
  • Following the news that US authorities could file charges against generic drug makers on suspicion of price collusion, shares of domestic pharma companies stumbled. Sun Pharmaceutical shed 7.41% to end at INR 652.

 

Source: The Economic Times

Image

Surgical Strike’s Impact, RIL all time high, ICICI Prud Life weak debut: Weekly Digest #16

Monday- 26th September 2016

  • The world’s biggest retailer Walmart Stores is exploring an equity partnership with Flipkart to take on common rival Amazon in India. The companies are engaged in early talks and a meeting is scheduled this week.
  • Godrej Consumer Products has filed a case against former managing director Arumugham Mahendran in the Bombay High Court, accusing him of breach of trust by misusing classified information for his insecticide business that will compete with Godrej brands Good Knight and Hit.
  • Zomato has acquired logistics technology startup Sparse Labs, as it looks to improve the delivery experience for consumers. The financial details of the transaction were not disclosed.
  • Shares of Reliance Industries (RIL) hit a seven-year high on the National Stock Exchange on Monday at INR 1,129.Experts said the rally is not over yet.

 

Tuesday-27th September 2016

  • A decade after the Ambani brothers split, Reliance Communications (RCom) Chairman Anil Ambani announced that his telecom company has “virtually“ merged with Reliance Jio Infocomm, owned by elder brother Mukesh.
  • Air India’s turnaround -announced by Prime Minister Narendra Modi in his Independence Day Speech -seems unlikely, as the national carrier has reported operating loss of INR 246 crore during the first quarter of the current fiscal.
  • State-run Coal India plans to repurchase 1.7%, or INR 10.89 crore shares in the mining company at INR 335 each. Of the total shares it is aiming to buy back, 15% has been earmarked for purchase from small shareholders.

 

Wednesday- 28th September 2016

  • Exactly a year after strengthening regulation of the 13-year-old commodity derivatives market, the Securities and Exchange Board of India (Sebi) has taken the first steps towards its growth by allowing exchanges like MCX and NCDEX to launch options in commodities.
  • MRF became only the third company in the country’s stock market history to break past the INR 50,000 per share mark on Wednesday as an all-around rally in tyre stocks helped the Chennai-based firm to outperform the Sensex and Nifty in 2016.
  • The Union Cabinet has approved strategic disinvestment of Bharat Pumps and Compressors and closure of Hindustan Cable.
  • The Cabinet has approved an INR 2,256-crore makeover of the IT  backbone for indirect taxes in anticipation of the Goods and Services Tax.

 

Thursday- 29th September 2016

  • Following a surgical strike by India in the PoK, benchmark indices dropped by 1.6% -their biggest single-day fall in three months. The rupee also weakened 0.6% to INR 66.86 against the dollar.
  • Unocoin, a Bengaluru-based Bitcoin startup, has raised $1.5 million in a funding round from Blume Ventures, Mumbai Angels and ah! Ventures along with international investors such as Digital Currency Group, Boost VC, Bank to the Future and FundersClub.
  • Amidst a selloff trend in Indian equity markets, NSE-listed Jubilant Life Sciences has raised $300 million through a sale of unsecured bonds by its pharmaceuticals arm in Singapore, according to people directly familiar with the details of the offering.
  • Shares of ICICI Prudential Life Insurance Company extended their losses and ended 11% down at Rs 297.65 after debuting at a discount to its issue price on Thursday. The issue price was INR 334 per share.

 

Friday- 30th September 2016

  • The Goods and Services Tax (GST) Council approved draft rules for the proposed levy and agreed to a refund mechanism for central and state tax holidays that will continue under the new GST regime. India’s biggest indirect tax reform is set to roll out by April 1 next year.
  • The Directorate General of Civil Aviation has allowed use and in-flight charging of Samsung’s Galaxy Note 7 manufactured after September 15 after the ban was put on the same following incidents of the battery getting blasted while it was charging.
  • Stepping up action in the Rs 5,600-crore NSEL money laundering case, the Enforcement Directorate today attached assets worth INR 1,170 crore of Financial Technologies India Ltd (FTIL).
  • State oil firms have raised the price of petrol by 28 paise and cut that of diesel by 6 paise.The new prices will be effective Saturday, Indian Oil Corp said in a statement.

 

Source: The Economic Times

Image