Sensex closed at a record high of 31,311 points and Nifty at 9,657 points as RBI asked lenders to start bankruptcy proceedings against big defaulters. It has raised the hopes of a speedy resolution to the bad loans issue.
The Income tax department has demanded all dividends due to Cairn Energy Plc from Cairn India (Vedanta Ltd) against part of the ₹10,247-crore tax levied on the company due to the retrospective amendment.
Mercedez-Benz has named Piyush Arora, present head of manufacturing at its Pune plant as the person-in-charge for its South-East operations.
Volkswagen has named Steffen Knapp as the director as the director of Volkswagen Passenger Cars India. He succeeds Michael Mayer, who is now head of sales and marketing for VW China.
IDBI bank took bankruptcy proceedings against Lanco Infratech as it took the resolution to the insolvency courts. The stock tanked by 20% after this news.
Tuesday- 20th June 2017
ABB, the Swedish-Swiss multinational, is in discussions with Larsen & Toubro to acquire its electrical and automation division. The deal is to be expected to be valued at ₹14,000-18,000 crores.
Reliance Communications, under the pressure from its lenders, has put its property monetization exercise on fast-track and is targeting an overall 80% (₹45,000 crores) by December 2017.
Adani Ports and Special Economic Zone plans to raise at least $500 million through overseas bond sales. The amount to be utilised for refinancing some current loans and fund expansion.
Wednesday- 21st June 2017
The SEBI eased rules on the restructuring of distressed companies, making it easier for banks to sell them off. Sebi also tightened the rules for participatory to clamp down on possible misuse of the instrument.
The government has given banks, post offices and district central cooperative banks a month’s time to deposit any demonetised currency still in their possession.
The Tata Group plans to buy the stake of debt-ridden Air India. It plans to acquire 51% stake in the carrier company. Interestingly, Air India was founded 85 years ago by Tata Group.
The government sold its 2.5% stake in L&T to state-run entities, including SBI and LIC, for about ₹4,200 crore.
With bids cumulating at ₹62,500 crores, CDSL’s IPO oversubscribed by 170 times. It has set the subscription record in the history of D-street. QIP subscribed 149 times while the HNI was subscribed at 563 times.
Thursday- 22nd May 2017
SBI has been authorised to refer Essar Steel, Bhushan Steel and Electrosteel to the bankruptcy court. This has raised the possibility that some of these companies could be merged in an effort to return them to health.
Integrated Healthcare Holdings of Malaysia has abandoned its pursuit of Fortis Healthcare and SRL Diagnostics, thus dampening the efforts of its promoters to reduce their debt by selling off their healthcare assets.
Reliance Industries and partner BP have withdrawn the gas price-related arbitration against the government. This will enable the companies to claim the premium price for output from deep-sea fields.
Rural Electrification Corp plans to raise $300 million by selling bonds to overseas investors. The proceedings to be utilised to finance environment-friendly projects.
Friday- 23rd May 2017
PNB has been given green signal to begin bankruptcy proceedings against Bhushan Power and Steel. It is one of the largest defaulters among the 12 companies identified by the RBI.
Wall Street Journal reported that the British drinks giant Diageo were aware that the United Spirits Ltd management, led by Vijay Mallya, had diverted money to the nearly-bankrupt Kingfisher Airlines before it took over the Bengaluru-based spirits firm.
Fortis stock plunged by 13% to ₹172.30 following IHH Healthcare’s decision to back out of a deal to buy a controlling stake.
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.
Kalyan Krishnamurthy has been named the new chief executive of Flipkart while co-founder BinnyBansal has moved to the position of group CEO. Krishnamurthy was a former executive in the New-York based investment firm,
New York Life Insurance Company has picked up a 22.51% stake for ₹121 crores in Max-Ventures and Industries Limited. The company will invest the proceeds in education and real estate, the focus areas for its future businesses.
Mondelez International has agreed to pay $13 million in civil penalties without admitting or denying charges. It was accused of bribing the government officials for obtaining licences and approvals.
Rockman Industries, the auto component arm of Hero Group, has acquired a majority stake in Moldex Composites at a valuation of ₹100 crore.
To compete with private banks for market share in the digital banking, SBI has waived off the merchant discount rate (MDR) to businesses with a turnover of less than ₹20 lakhs till the end of the calendar year.
Tuesday-10th January 2017
News Corp-backed real estate website PropTiger has merged with Housing.com in an all-stock deal. This will create country’s largest digital platforms for property listing through a digital platform.
A day after Kalyan Krishnamurthy was appointed as CEO of Flipkart, three top-level executives are leaving the company. Saikiran Krishnamurthy, who headed the e-tailer supply chain unit Ekart; senior vice president Surojit Chatterjee, who headed product and chief marketing officer Samardeep Subandh are leaving the company.
IndusInd Bank reported a 29%increase in the net profit for the third quarter at ₹751 crores, shrugging off the demonetization worries.
ICICI Prudential Life Insurance and general insurer ICICI Lombard have bought a 12% stake in fledgeling payments bank Fino Paytech for ₹150 crores.
Marissa Mayer along with5 other directors to leave Yahoo! after the closing of the deal with Verizon Communications. Yahoo Inc to be renamed as Altaba Inc.
Wednesday- 11th January 2017
Snapdeal has appointed online real estate firm Housing.com’s CEO Jason Kothari as its chief strategy and investment officer.
IDFC Alternatives, the private equity arm of IDFC group, has raised $100 million from domestic institutional investors and large family offices towards the first close of its fourth fund.
Japanese drugmaker Daiichi Sankyo has shut down its India research division as its now plans to focus the research on cancer treatment.
Oil marketing company BPCL on raised an amount of $600 million by selling 10-year dollar bonds to investors in Asia and Europe. NTPC is planning a similar sale in few weeks.
Thursday- 12th January 2017
Natarajan Chandrasekaran, CEO of Tata Consultancy Services, was handed over the position of chairman of Tata Sons. He will take over the position from the interim chairman, Ratan Tata.
Tata Consultancy Services (TCS) reported a 2.9% increase in the profits for Q3. It reported revenue of $4.38 billion and a net profit of $1 billion.
The rupee, owing to spectacular recovery surged by 24 paise to end at a week high of 68.08. This has been due to rally in domestic equity as well as along with the weakening of dollar after US President-elect Donald Trump’s press conference.
Adani Ports has raised an amount of $500 million by selling bonds to overseas investors. The amount is to be used to refinance its existing debt.
Friday- 13th January 2017
Tata Consultancy Services dropped almost 4% due to a shuffle in its management after its CEO, Natrajan Chandrasekaran was appointed as the chairman of Tata Sons. It nullified all the optimism investors gathered after Q3 results.
HDFC Ergo General Insurance Company raised an amount ₹350crores by the issue of non-convertible debentures through investors like Ergo, General Insurance Corporation and Life Insurance Corporation.
Reliance to invest ₹3,000 crores in Reliance Jio, to expand its coverage and capacity. This will take the total investment in the telecom venture to ₹2 lakh crores.
Environment ministry under Anil Dave gave a red flag to the ₹50,000crore proposal from ArcelorMittal for a mining project in the dense Saranda forest area of Jharkhand.
eBay India reported a three times rise in the sales in 2015-16 to 392 crores. However, its loss widened from 172 crores to 262 crores this year despite various cost-cutting measures.
Godrej Nature’s Basket has initiated its process of shutting all the eight stores it operated in NCR. It has already closed two stores and will be closing remaining in the coming weeks.
Sensex slipped below Brexit Day low, to attain its 7-month low by closing at 25,807 points. Nifty closed at 7,908 points.
Tuesday-27th December 2016
Tata Sons accused Cyrus Mistry of passing on confidential information to Cyrus Investments and Sterling Investment Corporation as such information has been included in their petition against Tata Sons before NCLT.
After Finance Minister Arun Jaitley’s remarks about possible low tax regime in future, Sensex gained 406 points to reach 26,213 points and Nifty reclaimed the 8,000 mark by reaching 8,032 points.
Central Depository Services Limited (CDSL) has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to 3.52 crore shares.
Panasonic Corp will invest $256 million in Elon Musk’s Tesla Motors to make photovoltaic (PV) cells and modules, deepening a partnership of the two companies.
Wednesday- 28th December 2016
The Cabinet approved the ordinance of extinguishing RBI’s liability towards old 500 and 1,000 notes. Also, a penalty for holding such notes will be imposed on those holding such currency in excess of ten units combined after 31st March 2017.
ICICI Bank and Twitter announced a partnership which will enable digital customer care support features for the bank, benefiting millions of its customers with direct online response to their queries and feedback in real-time.
The National Stock Exchange (NSE) has filed an application for an initial public offering. The size of the IPO is expected to be around 10,000 crores and will be the third largest IPO in the last six years.
Real Estate firm Vatika has raised an amount of 495 crores as term debt for supporting the growth plans of its hospitality arm, Vatika Hotels.
Thursday- 29th December 2016
Digital payments and financial services company instantPay has raised an amount of $3-5 million from Singapore-based investors RB Investments and Kaleden Holdings.
Tata Sons sent a legal notice to former chairman Cyrus Mistry to return all confidential information he has in his possession and declare in writing that none of it had been shared with Shapoorji Pallonji Group companies, family members and affiliates.
Marico chairman, Harsh Mariwala, an independent board director of L&T Finance bought 46,000 shares from open market. L&T Finance has gained over 26% in this sluggish year.
Friday- 30th December 2016
IDBI bank slashed interest rates by announcing a 40bps cut to 9.30% for three-year loans. State Bank of Travancore slashed benchmark lending rate by up to 0.3% and other banks are expected to follow a similar path.
RBI relaxed the daily ATM withdrawal limit to 4,500 from earlier 2,500. However, bank withdrawal limit per week stands at 24,000.
India has amended its 2-decade old tax treaty with Singapore that will allow it to tax capital gains on investments from Singapore. Recently, STAs were amended with Cyprus and Mauritius too, plugging round-tripping of funds
Prime Minister Narendra Modi launched a mobile app for the Unified Payment Interface (UPI) across different banks and financial institutions, called BHIM (Bharat Interface for Mobile).
Malvinder and Shivinder Singh are in negotiations with private equity group TPG Capital to sell a 26% share in Fortis Healthcare, the country’s second-largest private hospital chain. The current market cap of Fortis Healthcare is INR 7,909 crore.
Tata Industries removed Cyrus Mistry as director after a shareholder’s meeting. This is expected to be followed by similar voting in other group companies.
Indian Oil Corp announced that from Tuesday, consumers will get an assured 0.75% cashback on cashless payment for fuel from state-owned outlets. The cashback will be credited within 3 working days.
Online B2B commerce company OfBusiness has raised an amount of INR 75 crores in a round of funding led by Zodius Technology Opportunities Fund. This takes the total capital raised by the venture to INR 110 crores.
Tuesday-13th December 2016
Shareholders of Tata Consultancy Services voted in favour of the removal of Cyrus Mistry as the director on Tuesday. 93% votes were in favour of removal while only 7% voted against the proposition.
Chinese smartphone maker Nubia is looking to invest $100 million in India over the period of next five years to expand its operations in India.
DLF is looking to split the sale of its rental commercial property arm between US private equity major Blackstone Group and Singapore’s sovereign wealth fund GIC, each getting a 20% stake. Total sale is expected to fetch INR 12,000 crores.
Retail inflation fell to a two-year low in November owing to cash shortage following demonetization. It fell from 4.2% in October to 3.63% in November.
Wednesday- 14th December 2016
Shareholders of Tata Teleservices voted to remove Cyrus Mistry as a director from the company. This is the third straight day where Cyrus Mistry was voted out as a director.
VK Sharma, acting chief of LIC of India has been officially appointed as chairman and MD of LIC of India for five years after the Cabinet’s Appointments Committee recommended his candidature.
Nusli Wadia has sent a letter to the shareholders of Tata Motors regarding his removal as an independent director for his “totally independent” decision of backing the former chief, Cyrus Mistry.
Amazon launched its Prime Video service in India along with 241 other countries. In India, it comes at no extra cost for existing Amazon Prime subscribers. Introductory price is INR 500 for a year and later as INR 1,000 for a year.
Coal India’s stock corrected to INR 292.25 on Wednesday as many brokers slashed their target prices after a weak Q2 was reported by the company.
Thursday- 15th December 2016
Nusli Wadia has filed an INR 3,000 crore defamation suit against Ratan Tata and Tata Sons for the accusations imposed against him in public statements to shareholders.
Renowned Investor Rakesh Jhunjhunwala has invested in Mandhana Retail Ventures to acquire a 12.74% stake in the company. It holds the licence to manufacture Being Human’s merchandise.
Axis Bank has suspended its 24 employees and is now examining over 50 accounts under suspicion after some of its branches were investigated by Government agencies for suspicious transactions in the wake of demonetization.
Telenor is in talks with Idea Cellular for the sale of former’s India’s business to the latter. Telenor has marked down the value of its India unit significantly throughout the year.
Indraprastha Gas shares hit an all-time high of INR 911.17 per share after traders were bullish on this stock and brokers raised their target price.
Friday- 16th December 2016
The government has offered a final window for income declaration under Pradhan Mantri Garib Kalyan Yojana 2016, which will start from December 17, 2016, to 31st March 2017. The assessee will be charged 50% tax and 25% declared income will compulsorily be deposited into a non-interest account of Pradhan Mantri Garib Kalyan Deposit Scheme with the lock-in of 4 years.
The government is proposing an equalisation levy on the revenues of cloud computing companies and content providers from next financial year. This will be known as Google tax and companies like IBM, Microsoft, Amazon Web Services will fall under it.
CBI has filed a case against 15 people from Delhi after PayTm accused them of duping the mobile payment platform for INR 6.15 lakh for over 2 years.
Reserve Bank of India has reduced merchant discount rates for card payments below INR 2,000. It has also instructed banks to not levy charges on transactions up to INR 1,000 through USSD, IMPS or UPI. This comes as a welcome move in an economy facing aftermaths of demonetization.