Rakesh Jhunjhunwala and D-Mart promoter Radhakishan Damani to team up to bid for Binani Cement, as the race to acquire the company on the verge of bankruptcy intensifies.
Pantaloons Fashion Retail has appointed Sangeeta Pendurkar, former managing director at Kellogg India, as its chief executive, making her the first female CEO in the history of Aditya Birla Group.
Diesel prices soared to a record high while the petrol is at a 3-year high as international crude prices hover around $70 a barrel.
Sensex climbed 250 points to close at 34,843 points while the Nifty climbed 60 points to close at 10,741 points. The rise was led by gains in select index heavyweights such as HDFC and private banks
Tuesday- 16th January 2018
The Indian Rupee ended 1% lower to close at 64.04 against USD. This has been attributed to rising oil prices and worsening trade deficit.
HUL has received a notice from the Directorate General of Safeguards regarding anti-profiteering measures which have been designed to ensure that the companies are passing the benefits of lower GST to end consumers.
Online housekeeping services startups such as UrbanClap have approached the government seeking a leeway on GST, either in the form of a concessional rate or inclusion in the composition scheme to be in parity with offline players.
ICICI Lombard reported a 5.2% rise in Q2 earnings to ₹231.76 crore, up from ₹220.3 crore on YoY basis. This has been attributed to underwriting performance.
Wednesday- 17th January 2018
Sajjan Jindal’s JSW Group has emerged as the highest bidder for Binani Cement, exceeding submissions from Rakesh Jhunjhunwala and UltraTech. The bid has been at an estimated amount of ₹5,900 crore.
Mobile wallet company MobiKwik has reported a 16% increase in its losses for the year ended March 2017 at ₹132.8 crore from ₹114 crore. This has been attributed to muted revenue growth.
Price Waterhouse challenged a two-year ban imposed by Sebi over the Satyam Computer Services fraud on the grounds that the regulator doesn’t have jurisdiction.
Bitcoin fell to a six-week low as global cryptocurrency markets entered the second day of a sell-off. Bitcoin was down 12% to $9,936.69, while Ethereum plunged 16% to $884.68.
Thursday- 18th January 2018
The GST Council announced a significant revamp of the GST framework including rejig in the rates of 29 goods and changes to the taxation regime for 53 services. The council aims for a regime for businesses that will entail a single form or even just a supply invoice. It approved a definition for handicrafts and the designation of 40 items as handicrafts.
The Enforcement Directorate plans to sell unpledged shares owned by Vijay Mallya in United Breweries, to raise more than ₹4,000 crore, which is nearly half the amount owed by him.
ICICI Venture to acquire 14% stake in Chennai-based Go Fashion India for about ₹100 crore in what could be its first apparel retail investment in a decade.
The Sensex ended up 178.47 points at 35,260.29 after hitting an all-time high of 35,507.36 during the day. The Nifty ended up 28.45 points at 10,817 after hitting a record high of 10,887.50. The fall was due to profit booking on rising indices.
Friday- 19th January 2018
RIL reported a consolidated net profit for Q3 at ₹9,423 crore while turnover rose 30.5% to ₹1,09,905 crore. Reliance Jio Infocomm reported a net profit of ₹504 crore in the quarter.
Top lenders including State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions.
HCL Technologies reported a 6% jump in net profit at ₹2,194 crore for the Q3. It also reported a rise in revenues to ₹12,808 crore, an increase of 8.4%
ITC reported an increase net profit by 16.7% to ₹3,090.2 crore. This has been attributed to the general recovery of FMCG industry from the effects of GST rollout.
China’s e-commerce giant Alibaba to acquire a minority stake in logistics company XpressBees for an estimated amount of $100 million as it looks to break into Indian markets to compete with global rival Amazon, and homegrown rival Flipkart.
BoB failed to sell bad loans amounting to ₹2,300 crore due from Bhushan Steel and Essar Steel as the reserve price was above market rates and only overseas investors and private equity funds were allowed to bid.
SBI gave a new year gift to its borrowers as it lowered the base rate by 30 points to 8.65%. The move is expected to prevent rivals from poaching the existing customers.
SBI to initiate insolvency proceedings against at least a dozen defaulting companies including Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco and Jai Balaji after failing to recast their loans by the December 31 deadline.
Following the steps of IOB, Axis Bank to put its ₹2,000-crore loan to Bhushan Steel up for sale in the distressed-assets market. The bank may get as much as ₹1,200 crore.
Tuesday- 2nd January 2018
India’s largest retailer, Future Group is in talks with Snapdeal to acquire its logistics arm, Vulcan Express for about ₹50 crore in an all-cash deal.
Tata Technologies, a subsidiary of Tata Motors, suspended some of its employees for allegedly issuing forged letters of employment to 60 people.
The rupee hit its highest level against the dollar as it closed at 63.48 a dollar, up 0.31% from its previous closing.
Wednesday- 3rd January 2018
The RBI has ordered banks to recalibrate ATMs to ensure that more numbers of the ₹200 denomination note are dispensed to the public in a move to step up the supply of lower-denomination currency.
The RBI has ordered the banks not to initiate bankruptcy proceedings against Jaiprakash Associates. This comes amidst anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets.
South African Internet group Naspers has emerged as the frontrunner for an estimated $200 million investment in Swiggy. The investment is expected to increase the valuation of the food delivery venture to $650 million.
Online retailer Flipkart has infused approximately ₹1,632 crore into its logistics arm Ekart in an effort to further strengthen its delivery and warehousing capabilities.
Warburg Pincus India managing director Nitin Nayar has resigned from his position to launch his own investment fund with an expected corpus of $150-200 million, focusing on technology-related bets.
Thursday- 4th January 2018
India’s top seven Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, to approach the AAR for clarity regarding levy of GST on transactions relating to Bitcoins.
After receiving criticism over exorbitant salaries paid to top executives, Infosys has crafted a transparent compensation package for the new CEO, Salil Parekh. He will be eligible for a fixed salary of ₹6.5 crore and a variable pay of ₹9.75 crore, which is much lower than what his predecessor was offered, i.e. ₹70.4 crore.
As a part of the ₹500-crore pre-IPO fund raised by EtechAces, it has committed an amount of ₹200 crore for its subsidiary; the digital marketplace for loans, mutual funds and credit cards, Paisabazaar.
Idea Cellular to raise a total of ₹6,750 crore ahead of its merger with Vodafone India to pare debt and free up cash for expansion. The amount to be raised in two tranches, by raising ₹3,250 crore through preference shares in first and balance ₹3,500 crores through preference shares @₹99.50.
Friday- 5th January 2018
The rupee gained 0.06% to 63.37 per dollar to a near three-year record on Friday as overseas investments flooded into India amid global dollar weakness.
Executive Chairman of Religare Enterprises, S Lakshminarayanan, a retired IAS officer and independent director Kishori Udeshi, a former RBI deputy governor resigned from the board of the company.
Rohit Gothi, executive director of market operations at beverage maker Coca-Cola’s bottling partner has resigned from his position after the company announced a large-scale restructuring of its business, which would make some jobs redundant.
CDB has withdrawn its insolvency filing against RCom. However, Swedish gear maker Ericsson to its battle against the Anil Ambani-owned telecom operator to recover its dues of ₹1,150 crore.
As a reaction to Gujrat election results, the market was in a rollercoaster as it recovered after an initial tumble. The Sensex rose by 139 points to close at 33,602 points, while the Nifty gained 56 points to close at 10,389 points.
The road transport and highways ministry is seeking budget allocation of ₹5,000 crore for introducing government-owned electric bus fleets and building world-class bus ports across the country.
US candy maker Hershey Co said it would buy SkinnyPop popcorn maker Amplify Snack Brands in a deal valued at $1.6 billion. The move is expected to strengthen its position in the market.
Apple India’s head Sanjay Kaul has resigned from his position with immediate effect. This has come amidst Apple India reporting its slowest growth in India in 5 years.
Tuesday- 19th December 2017
Banks led by SBI have decided that the bidders for stressed assets in insolvency proceedings are required to disclose their source of funds and furnish a cheque for the bid amount to prove their bonafides.
Taxi aggregator Ola has bought Foodpanda India from its German parent Delivery Hero group in a stock deal valued at an estimated of $40 million. The company to further invest $200 million in the food ordering and delivery platform to combat its competition, UberEats.
Apple has appointed Michel Coulomb as the new head of India operations after the position was vacated by Sanjay Kaul.
Tata Steel initiated its brownfield expansion plan as its board approved raising ₹12,800 crore through a mega rights issue. The proceeds to be utilised for creating additional steel capacity of 5 million tonnes in Odisha.
HDFC’s BoD has approved a proposal to raise ₹ 3,000 crores by selling 5% equity shares to institutional investors. The proceeds to be utilised to maintain the stake in HDFC Bank and to foray into health insurance, affordable housing and stressed real estate.
Wednesday- 20th December 2017
India’s domestic car maker Maruti has overtaken Italian sports carmaker Ferrari as the world’s most expensive one in terms of price to earnings (P/E) multiple.
Haldiram has regained the top spot as the country’s largest snack company after more than two decades, surpassing PepsiCo in sales. This has been due to shifting in preference to packaged namkeen over western snacks.
Wipro received 341% higher response than the reserved number of equity shares in its buyback process. It had announced a buyback of up to 343.75 million fully paid-up equity shares at a price of ₹320 per share. It received applications for tendering 1,173.69 million equity shares.
Due to an unexpected surge in the price of Rcom shares by 45%, the short traders were left dazzled as they were forced to book losses. The reason for a sudden upsurge is unascertainable but could be due to possible insolvency proceedings. It closed at ₹17.27.
Thursday- 21st December 2017
The SEBI has revived a plan to make it mandatory for listed companies to disclose loan defaults as soon as they occur to stock exchanges.
Adani Transmission has entered a deal to acquire Anil Ambani-led Reliance Infrastructure’s power generation and distribution business in Mumbai in a deal valued at ₹13,251crore. The deal marks Adani Transmission’s entry into power distribution business.
HDFC has sold its realty brokerage business HDFC Realty and its digital real estate business HDFC Developers, to online classifieds player Quikr. The all-stock deal will see HDFC pick up around 3.5% stake in Quikr, valued at estimated ₹357 crore.
CDB is in advance talks to take up 70% in development of Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai. CDB had earlier been pushing for insolvency proceedings against RCom.
Shares of companies that were linked to the 2G scam jumped as much as 20% a special Central Bureau of Investigation court acquitted all key accused in the case. DB Realty ended in the 20% at ₹43.70. Sun TV Network ended up 4.5% at ₹982.10. Unitech ended up 11.9% at ₹7.92.
Friday- 22nd December 2017
The Reserve Bank of India advised banks to start insolvency proceedings against defaulting lenders without waiting for the regulator’s instructions. Prompt action by lenders will help realise the best value for stressed assets
SBI has initiated insolvency resolution proceeding against Ushdev International, a company which was part of the second list released by the RBI.
Shashi Arora, head of Airtel’s Payments Bank, has resigned amidst a week-old controversy where the Sunil Mittal-owned telco was hauled up by the authorities for opening payments bank accounts without requisite approvals and consent of customers.
Finance Ministry of India has confirmed that LIC’s proposed investment ₹1.5 lakh crore in the Indian Railways. Earlier, concerns were raised regarding that it would take LIC’s exposure to more than 25% of IRFC’s net worth.
Goldman in its year-end forecast predicted that India’s economic growth will touch the mark of 8% in FY19 as it expects the effects of demonetisation and GST to wear off due to the formalisation of the economy, strong global growth and recapitalisation of public sector banks.
PNB to raise over ₹1,324 crores by selling off its 6% stake in PNB Housing Finance in an OFS for ₹1,325 per share.
China Development Bank (CDB) has filed an insolvency petition against RCom in the bankruptcy court to recover $1.78 billion which amounts to 37% of its total secured debt.
Essar group sold its BPO business Aegis for about ₹2,000 crore to Capital Square Partners to raise funds to monetise assets and trim debt.
Tuesday- 28th November 2017
CPP Investment Board to acquire 15% stake in ReNew Power Ventures for $350 million making it the third largest investor in the company.
The Bharat 22 Exchange Traded Fund made a steady debut at 3.8% over the issue price. The ETF closed at ₹37.33 over its issue price of ₹35.97 a piece.
A group of promoters of defaulting companies have approached the SC against the move to prevent promoters of defaulting companies to buy back assets at discounted prices under IBC as it prevents them from settling dues of creditors.
SoftBank Group Corp is offering to purchase shares of Uber Technologies at a valuation of $48 billion, a 30% discount to its most recent valuation of $68.5 billion
Wednesday- 29th November 2017
The Insolvency and Bankruptcy Board of India (IBBI) to allow lenders to act against individuals, including promoters of companies, who have given personal guarantees to corporate loan defaulters by encashing their personal assets.
Jet Airways and Air France-KLM signed an agreement that will former an unrestricted access to Europe and North America. It is likely to reduce the scope of its existing partnership with Etihad Airways.
The Overseas Private Investment Corporation (OPIC), a financial institution of the US government, has proposed $1 billion investments in infrastructure and lending projects in India.
Thursday- 30th November 2017
Owing to fiscal deficit t readings for the April-October period and SBI’s move to raise bulk deposit rates, the stock market tumbled with the Sensex falling 453 points to 33,149 points while the Nifty fell 135 points to 10,227 points.
UIDAI has asked Airtel to explain its actions of allegedly opening bank accounts of its customers without their informed consent. The company has been given the deadline of December 4th to respond.
RCom said that majority of its lenders have decided to oppose CDB’s insolvency filing to recover its $1.78 billion debt. It is a=inviting the bank to have an open discussion regarding the debt.
Shares of tea producer McLeod Russel recovered 21% from its intraday low to touch a 52-week high of 248.30 after its promoter announced that he has sold 1 crore shares, representing 9.14% stake in the company to Nomura at ₹205.09.
IFCL has filed an insolvency petition against Reliance Naval and Engineering Ltd at NCLT Ahmedabad.
Friday- 1st December 2017
RIL chairman Mukesh Ambani, responded to Sunil Mittal blaming Reliance Jio Infocomm for the telecom industry’s woes by saying “there’s no need to cry so much.”
Japanese car maker Nissan Motor has initiated a lawsuit against India, seeking more than $750 million in supposedly tax incentives owed to it since 2015 by Tamil Nadu state government. However, the state has said that there has been no default and these are pressure techniques.
Harish Salve, one of India’s highest-paid lawyer to charge Re 1 to represent the Enforcement Directorate in a court case involving alleged money laundering by Sterling Biotech Ltd.
The stock market declined for the fourth consecutive session as investors brushed aside the strong GDP reading for the Q2. The Sensex dropped 316 points to 32,833 while the Nifty declined 105 points to 10,122 points.
CBEC Chairman, Vanaja Sarna has written to the biggest companies to ensure that the GST cut from 28% to 18% on 178 consumer products is passed on to the consumers.
Infibeam is in talks with Prem Watsa’s Fairfax Financial Holdings to sell a minority stake. The company is also considering strategic investment in and buyouts of retail chains that are using its platform to sell online.
Government bonds rallied the most in a year after the RBI on Friday scrapped plans to sell bonds in the open market to absorb excess liquidity.
Adani Ports & Special Economic Zone Ltd (APSEZ) announced the appointment of former AirAsia CEO Mrithyunjay Chandilya as Chief Executive Officer of their Logistics Business.
Lenders of debt-ridden Reliance Communications have approved the sale of real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield for ₹801 crores.
Tuesday- 21st November 2017
Apple has reduced margin for retailers from 6.5% to 4.5%, making it further frustrating for its dealers in India as they struggle to meet the demand of the flagship phone in India.
Paytm has picked up an equity stake in a digital loan startup CreditMate for ₹6 crores to help its customers access to credit to buy two-wheelers.
TRAI has proposed removing the 50% limit put for companies on holding spectrum within each band. The move is expected to encourage mergers and acquisitions and spectrum trading.Trai also suggested increasing the overall spectrum holding limit for companies to 35% from 25%.
A consumer court has ordered builder Amrapali to deposit over ₹10 crores as the compensation payable to the home buyers of its delayed Sapphire project in Noida
Citigroup sold more than 3.5 crore shares of L&T Finance Holdings (1.92%), for over ₹637 crore through an open market transaction.
Wednesday- 22nd November 2017
The government has sought to tighten the Insolvency and Bankruptcy Code to ensure that wilful defaulters and promoters of companies in loan default over an extended period of time won’t be able to get their hands back on assets during the resolution process.
Tiger Global Management to sell off its early shareholdings in Ola ($300 million) and Flipkart ($600-$700 million) for estimated $1 billion to Japan’s Soft-Bank.
Paytm’s parent company One97 Communications and its founder Vijay Shekhar Sharma have together invested ₹60 crores and ₹62 crore in Paytm Payments Bank, taking their total fund infusion to ₹400 crore.
NHAI has borrowed ₹5,000 crore from EPFO by selling long-tenure bonds to aid the government’s Bharatmala road project.
Shares of Future groups companies surged between 3% and 12% after the company announced that it plans to open 10,000 member-only Easyday Stores by 2022.
Thursday- 23rd November 2017
The president signed off on an ordinance amending the Insolvency and Bankruptcy Code to help prevent defaulters from bidding for their assets in resolution proceedings and regaining control at discounted prices. Now it is allowed only if they pay up dues to lenders before resolution plans are put in place.
The government has told consumer goods firms and industry stakeholders that new price tags on existing stocks should clearly show the difference that the recent cut in GST has made.
The Mittal family, promoters of Bharti Airtel, pledged ₹7,000 crore, 10% of its wealth, to support the Bharti Foundation, the Bharti Group’s philanthropic arm.
Friday- 24th November 2017
Standard & Poor’s retained its sovereign rating for India at BBB with a stable outlook. Its rival Moody last week lifted its rating for India by a notch after a gap of nearly 14 years.
The government appointed RBSA Advisors as valuation advisors on Air India, to advise them on the disinvestment of the national carrier. RBSA had advised both Air India and Indian Airlines during their merger in 2007.
Mahindra & Mahindra has entered into a partnership with Uber India to deploy electric vehicles in Delhi and Hyderabad from February 2018, and later expanding to other cities.
Satin Creditcare Network to raise ₹205 crore from private sector lender IndusInd Bank, as well as from existing overseas shareholders. The funds to be utilized to support growth.
Hi everyone. Sorry was away from the blog due to exams. But hoping to pick it back up. So here is the summary of this week’s news. Also, suggestions about what else content can be posted on this blog are most welcome.
Monday- 13th November 2017
Owing to the fiscal deficit for the year due to additional costs from rising crude and a possible dip in revenues due to revamp of GST, Nifty fell 96.80 points to close below 10,225 points while the Sensex closed at 33,033.56 points.
Coca-Cola, Dabur, Honda Motorcycle and Scooter India and Perfetti Van Melle suspended manufacturing operations in NCR after the National Green Tribunal (NGT) banned the industrial activity in and around New Delhi to curb intense smog conditions.
Insolvency and Bankruptcy Code proposed to be tweaked to ensure that the promoters don’t purchase back the bankrupt company’s assets at discounted prices.
Vodafone India and Idea Cellular have agreed to sell about 20,000 towers they directly own to a local arm of ATC for $1.2 billion. The proceeds are expected to be utilised for paring the debt of the merging entities.
General Insurance Corporation reported an increase 463% in net profits to ₹1,419 crore for Q2, owing to the underwriting profit of ₹757.3 crore earned during the quarter.
Tuesday- 14th November 2017
Vodafone has valued its 42% stake in Indus Towers, the largest telecom tower company in India, at $5 billion. The group CEO, Vittorio Colao said that competitive market and gradual tariff increase by Jio has shown positive signs.
US private equity giant KKR is in early talks with investors to sell its oldest India investment, Flextronics Software, now known as Aricent, for about $1.5 billion.
Amazon’s third capital infusion this year, ₹2,900 crore into Amazon Seller Services, making its single-biggest infusion this year. The rival Flipkart mopped up nearly $4 ₹26,180 crore in funding earlier.
Malvinder Mohan Singh stepped down from the post of non-executive chairman at Religare Enterprises. He has been replaced by S Lakshminarayanan, a retired IAS officer and chairman of Shriram Transport Finance.
Wholesale inflation hit a six-month high in October to 3.59%, driven by an increase in food and fuel prices. Retail inflation also hit a seven-month high of 3.58%.
Wednesday- 15th November 2017
The SEBI has attached all bank accounts, securities and mutual fund units held by Vijay Mallya-owned United Breweries Holdings corresponding to a default on payment of a penalty of ₹15 lakh imposed in 2015.
Fortis Healthcare to buy back the real estate assets that house its 14 existing hospitals from Religare Healthcare Trust for ₹4,650 crore, including ₹1,152 crore of debt. It also involves acquiring balance 49% stake in Fortis Hospotel from Singapore Exchange-listed business trust.
Daiichi Sankyo has approached the Delhi HC, seeking initiation of contempt of court proceedings against former Ranbaxy promoters Malvinder and Shivinder Singh for violating a previous order to maintain the status of their unpledged assets.
Paytm’s parent company One97 Communications has received $800 million from SoftBank in a private placement to SVF India Holdings (Cayman).
The market was in red for third consecutive day owing to worries about the effect of higher oil prices with Sensex declining 181 to 32,760, while the Nifty fell 68 points to 10,118.
Thursday- 16th November 2017
The RBI to come up with with a fresh list of around 50 loan accounts that are either under stress or close to being classified as NPAs. It will set a deadline for resolution for bankruptcy proceedings.
RIL to raise $1.8 billion through a combination of offshore bonds and syndicated loans with an aim to reduce its high-cost debt.
In a litigation case between United Spirits and United Breweries, USL has claimed a recovery of around ₹1,800 crore, including interest from Vijay Mallya’s holding company after it defaulted between 2010 and 2013.
CCI has given its approval for Airtel- Tata Tele merger which came as Bharti Airtel’s move to take over the wireless business of Tata Teleservices to boost its market share and 4G airwaves capacity.
The market bounced after a 3 day of decline with Nifty gaining 1% to close at 10,215 points and Sensex gained 346 points to 33,106 point swing to strong performances by RIL and Infosys.
Friday- 17th November 2017
HDFC Standard Life Insurance Company made a strong debut with shares being listed at ₹310, 6.9% up from the issue price of ₹290. It closed at ₹344.25, marking a rise of 18.7% against the issue.
The Rupee rose 1% to touch the mark of ₹64.62 per dollar amidst hopes of foreign inflows. However, it closed at ₹65.01 per dollar.
Aircel and RCom have accused larger rivals Bharti Airtel, Idea Cellular and Vodafone India of trying to poach subscribers through misleading campaigns.
Tata Sons, the investment holding company of the salt-to-software conglomerate, said it appointed Bhaskar Bhat and Saurabh Agrawal as its directors, raising the board strength to 11.
SEBI is examining the purchase of 8.9% stake credit rating firm CARE Ratings by CRISIL after the former complained that the transaction was an attempt at a potential hostile takeover.
The Bombay High court has put up debt-ridden Sahara Group’s Aamby Valley property at Lonavala for a public auction. The reserve price for the property is ₹37,392 crores.
NCLT admitted proposals for the merger between Aircel and Reliance Communications’ wireless business, as well as the RCom’s sale of its tower business to Canada’s Brookfield. RCom’s share price soared 19% to ₹24.
FIH Mobile, the Hong Kong-listed unit of Foxconn Technology Solutions has written down its $200 million investment in Jasper Infotech which operates Snapdeal to $40 million.
PB Balaji to succeed C Ramakrishnan as chief financial officer of Tata Motors with effect from November 2017.
Tuesday- 15th August 2017
The government has disallowed Reliance Industries and partners to recover $264 million of cost of developing KG-D6 fields for 2015-16 as the output from the field fell short of the target
Glory Entities and Twickenham Investment are selling 10 million shares of Genpact to public shareholders, diluting their combined shareholding from 35.1% to 29.9%
The process of hearing and disposing of bankruptcy cases at the Mumbai Chapter of the National Company Law Tribunal may quicken as it is likely to get 4 new judges and two benches, and support staff to handle the extra load.
Wednesday- 16th August 2017
The board of Tata Sons under N Chandrasekaran has ordered its group companies to scrap all business dealings with Cyrus and Shapoor Mistry’s SP Group. This is likely to put transactions worth crores at risk.
SoftBank Group Corp is in talks with Rivigo Services to invest at least $100 million in the surface -transport logistics provider. This could value the company at $1 billion.
Canteen Stores Department (CSD) has slapped an over ₹250 crore fine on United Spirits for violating a pricing agreement. United Spirits is alleged to have supplied products to the CSD at inflated prices.
Sanjay Chandra, the promoter of developer Unitech Ltd jailed in a cheating case, urged the Supreme Court to release him on bail for three months to mop up funds to pay back flat buyers. He was sent to jail in connection with a cheating case registered against them by flat-owners in a Gurgaon project.
The stock market extended its recovery for the second-straight session as the Sensex climbed to 31,770. while the Nifty reached 9,897 points as domestic institutions stepped up their purchases, helping absorb the selling by foreign investors.
Thursday- August 2017
Ahead of Infy’s board meeting, the stock jumped 4.5% to close at ₹1,021.15 as shareholders are expecting a buyback from the company.
Nasdaq-listed Ebix Inc. is set to buy the business of Wall Street Finance Ltd in a two-leg transaction for ₹47 crore. In the first leg, the company will acquire Wall Street Finance’s wholly-owned subsidiary Goldman Securities for ₹5.1 crore. Subsequently, the GSPL will buy out the international money transfer business of Wall Street Finance for ₹42.2 crore.
HDFC Life is likely to offload 15% of existing shares through its proposed initial public offering in the coming months. HDFC will sell 9.57% holding in the insurance firm while its partner Standard Life will sell 5.43%
Friday- August 2017
Vishal Sikka resigned as the CEO of Infosys as the Board alleges that the founder, NR Narayana Murthy bullied him into quitting. Chief operating officer UB Pravin Rao has been appointed interim MD and CEO. This news wiped out ₹22,000 crore mcap of the company.
Infosys shares touched a three-year low after the news of Sikka quitting the company. It slipped 13% to ₹923.10. Sensex plunged 271 points, to close at 31524.68, while the Nifty fell 66.75 points, to close at 9737.40.
Bharti Airtel and Vodafone India sparred with newcomer Reliance Jio Infocomm at an open house discussion over modalities of testing of a network. The incumbents said the users acquired for trial purposes should be restricted, not allowed to enroll for commercial services and not offered mobile number portability.