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.
SEBI has presented at least half a dozen angel firms with notices within one and a half month, asking them to spell out details of their fund-raising business and explain whether they operate within the contours of the securities market law.
InCred Finance, backed by former Deutsche Bank co-CEO Anshu Jain, is competing with US private equity giant Warburg Pincus and Aion Capital for a controlling stake in Catholic Syrian Bank
SoftBank founder Masayoshi Son said that the Tokyo-headquartered conglomerate remains “engaged“ with Flipkart, despite its recent failed attempts to acquire Snapdeal.
The SEBI has given approval to the merger between Idea Cellular and Vodafone India subjected to the regulator’s ongoing probe and approvals from public shareholders and the NCLT.
Tuesday- 8th August 2017
Sensex declined 0.8% to 32,014 points and nifty declined by 0.78% to 9,978 points as SEBI announced that investigations will be launched against 331 suspected shell companies and that trading will be severely restricted in those that are listed.
Trai to begin a consultation process to address the issues of ownership, privacy and security of data which flows through the network of telcos. At the end of the process, Trai will issue recommendations to the telecom department which will take a final decision on implementation.
Bharti Airtel has raised ₹2,570 crore by selling 3.65% stake in its tower unit to a clutch of global investors, including Fidelity International. The proceeds to be used to pare debt and stay aggressive in the price war.
Wednesday- 9th August 2017
Tata Motors posted a 42% increase in first-quarter consolidated net profit to ₹3,200 crores owing to one time gain on account of changes to the automaker’s pension benefit plans masking a poor operational performance.
Reliance Communications to hold its board meeting on 12th August 2017 to review matters regarding the proposed merger with Aircel and look into the conversion of debt to equity shares.
Jindal Steel and Power reported a 33% increase in consolidated operating profit on a YoY basis to ₹1,350 crores owing to strong performance of power division.
State-run lender Bank of India has recalled a ₹306-crore loan given to HDIL subsidiary Privilege Power and Infrastructure. This comes after Union Bank dragged group firm Guruashish Construction to the NCLT.
Thursday- 10th August 2017
SoftBank has bought a fifth of India’s most valuable startup -Flipkart -for an amount of $2.5 billion, in a deal that marks the biggest private investment in the country’s consumer technology sector.
Midcap and smallcap stocks fell the most in nine months as sentiments soured due to escalating geopolitical tensions between the US and North Korea. Sensex closed at 31,531 points and Nifty closed at 9,820 points.
Gopal Vittal, MD and CEO (India & South Asia) of Bharti Airtel sold 1.21 lakh shares in the telco to a promoter firm for around ₹5 crore at ₹416.05 per share.
The Reserve Bank of India (RBI) slashed the surplus it transfers to the government by more than half amid speculation that government’s demonetization move imposed a cost on the regulator. It would transfer ₹30,659 crore to the treasury, down from ₹65,876 crore a year earlier.
Friday- 11th August 2017
Amidst escalating tensions between US and North Korea, the market took a fall for the 5th consecutive day. The Sensex ended down 317.74 points, or 1%, at 31,213.59 and the Nifty lost 109.45 points, or 1.1%, to close at 9,710.80.
Tata Steel signed an agreement on segregating the company’s UK business from its pension scheme. This can possibly lead to a merger with ThyssenKrupp AG of Germany.
Hike Messenger has acquired Creo, a Bengaluru-based technology startup for an undisclosed amount.
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.
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.
Price cuts by companies and tax concessions for ITC helped investors confidence as Sensex claimed 31,000-mark to close at 31,221 and Nifty jumped beyond 9,600-mark to close at 9,615.
Munjals-owned Hero MotoCorp has decided to put a complete halt on royalty payments to its former joint venture partner Honda. It will now use its in-house R&D unit, CIT in Jaipur for all technological purposes.
Tata Chemicals sold last of its Indian Operations at Haldia, West Bengal, as it looks forward towards exiting fertiliser business to focus on on consumer and inorganic chemicals.
Byju’s, the ed tech company, has acquired TutorVista and Edurite from UK-based Pearson. It will help Byju’s to expand international research and creating a diverse product portfolio.
Online movie and event ticketing platform BookMyShow has acquired Mumbai-based local food and restaurant recommendation engine Burrp for ₹6.7 lakh in an all-cash deal. It was acquired by Network18 in 2009 for ₹4.25 crores.
Tuesday- 4th July 2017
The Jasper Infotech has rejected Flipkart’s initial offer of around $800-$900 million for its online marketplace Snapdeal. However, the talks are still expected to continue.
The government has issued a statement clarifying that manufacturers and retailers can stamp new prices on their preGST stock of goods and sell them until end September.
Chief Justice of India JS Khehar has asked the government to consider another window for people who have not been able to deposit old notes due to genuine reasons.
The Delhi High Court has ordered Malvinder and Shivinder Singh to respond to Daiichi Sankyo’s application alleging they had violated court orders by selling their stake in Fortis Healthcare in the open market through their holding companies.
NCLT has given the go-ahead to banks to initiate insolvency proceedings against Jyoti Structures, making it the first among the 12 companies identified by the Reserve Bank of India for bankruptcy proceedings.
Wednesday- 5th July 2017
Bharti Airtel likely to sell a controlling stake in arm Bharti Infratel and to utilise the proceeds to pay off $14 billion debt and help in network expansion.
In response to Supreme Court’s observation that the government should provide another window for the exchange of demonetised currency, the officials have said that they will consider the proposition but feel that opening such window will defeat the purpose of the radical change.
After a fresh investment of ₹1,680 crores, online marketplace giant has crossed $2billion mark in its investment in the Indian arm. The total funding is now $2.1 billion. Amazon has committed to $5billion investment in India.
Anil Ambani-owned Reliance Communications has accused Mukesh Ambani-owned Reliance Jio’s free offers as one of the causes of the financial stress of the telecom industry.
Shares of IDFC and IDFC Bank rose about 10% each on speculation that IDFC Bank may announce a large acquisition shortly. IDFC Bank gained 9.97% to close at ₹62.30 while IDFC rose 10.11% to end at ₹60.45.
Thursday- 6th July 2017
The Tata Group and Bharti Enterprises are in talks to form an alliance involving their telecom, overseas cable and enterprise services, and direct-to-home TV businesses.
IDFC and Shriram Group are in talks to combine all or some of their businesses that could straddle traditional banking, consumer lending and truck financing. It will also provide billionaire Ajay Piramal with an entry into a highly regulated industry.
Amazon has infused another amount of ₹341 crores into its Indian subsidiary Amazon Wholesale. This will take the total capital infused to ₹756 crores.
Founders of IndiGo, Rakesh Gangwal and Rahul Bhatia have clarified that their primary interest in Air India is in the carrier’s international operations that include the low-cost Air India Express.
Friday- 7th July 2017
Axis Bank has emerged as the frontrunner for acquiring digital payments platform owned by e-commerce marketplace Snapdeal, Freecharge. The deal is expected to be valued around $20-$40million.
A Bengaluru court has ordered the attachment of property belonging to former AirAsia India CEO Mittu Chandilya following a complaint filed by the airline that accused him of fund diversion.
Japanese major Tokio Marine has hiked its stake in non-life insurance venture IFFCO-Tokio to 49% by acquiring additional shares in the company for ₹2,530 crore.
RBL Bank has raised an amount of ₹1,680 crores by selling shares to existing investors at a slight discount to the bank’s closing price of ₹527 on Friday at ₹515 per share.
The government has relaxed GST provisions for e-commerce as it has deferred provision that required e-commerce players such as Amazon and Flipkart to deduct tax on payments made to their vendors and small businesses that sell through these e-commerce platforms don’t have to register themselves immediately.
SBI has mandated Alvarez & Marsal to act as interim resolution professional to reorganise Ruias-owned Essar Steel that defaulted on ₹4,000 crores. PwC, EY and Deloitte have also been hired to handle insolvency proceedings.
Apple CEO Tim Cook has reportedly told the Prime Minister that Apple had started production of iPhone SE in Bengaluru last month, during a meeting with American business leaders in Washington on Sunday.
Tuesday- 27th June 2017
After RBI announced banks to have hefty provisions for proceedings under the bankruptcy code, major tumble in prices of the banks’ stocks was observed. The Nifty PSU Bank dipped 3.4% to 3,328 points, its one month low.
Vivo won the sponsorship of IPL for the next five years by bidding a record-breaking sum of ₹2,199 crores. The base price was ₹120 crore per season.
Coca-Cola is shutting down its biggest analytics, technical and innovation centre in India which is located in Pune. This comes as a part of a restructuring to head towards a leaner organisation.
To comply with the RBI norms, RIL is seeking shareholders’ approval for a limit on non-promoter investors’ holding to 5%.
Wednesday- 28th June 2017
Banks to lobby RBI to relax its strict provisioning norms for accounts referred to the country’s bankruptcy courts. Banks feel it will hamper heir ability to find buyers at a good price.
The cabinet has cleared formation of a panel under the Finance Minister Arun Jaitely to decide on the extent to which Air India would be privatised and process to be followed for the same.
The internal conflict between Connaught Plaza Restaurants, a local joint venture between Vikram Bakshi and the US-headquartered McDonald’s took an ugly turn as with the CPRL board deciding to shut down 43 out of 55 restaurants in Delhi.
Zomato India reported a 34% decline in loss from ₹590 crores to ₹389 crores owing to a strategy that excluded self-fulfilled deliveries. It has enabled the startup to be valued at more than $1 billion.
Japanese drugmaker Daiichi Sankyo has moved to NCLT to stop former Ranbaxy promoters, Singh brothers from splitting hospital and diagnostics businesses of Fortis Healthcare. Daiichi has claimed that demerger will make the recovery from Singh brothers more difficult.
Thursday- 29th May 2017
IndiGo has expressed its interests in buying a stake in debt-laden Air India after the cabinet approved a proposal to dilute state ownership in the company.
As a part of changes in the Legal Metrology (Packaged Commodities) Rules, 2011, w.e.f. January 1, 2018, companies will be forbidden from selling the same product at different MRPs at locations such as restaurants and airports.
Credit-rating agency Crisil has acquired a 8.9% stake in in local rival Credit Analysis & Research which can potentially lead to acquiring the company. Crisil purchased 26.22 lakh shares at ₹1659.79 per share in a deal valued at ₹435.26 crores.
Ministry of Corporate Affairs has amended the Legal Metrology (Packaged Commodities) Rules, 2011 to make it compulsory for e-commerce companies to declare expiry dates and maximum retail prices of packaged consumer products online.
Friday- 30th May 2017
CDSL made a stellar debut in the market, with shares listed at 67.7% premium at ₹250, over the issue price of ₹149. The share price surged further and closed at ₹260.70.
ICICI bank to raise an amount of ₹25,000 crores by issuing securities on a private placement basis. the proceeds are to be utilised for increasing lending operations.
The Competition Commission of India has approved Bharti Airtel’s acquisition of Videocon Telecom and Aircel Ltd’s airwaves
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.