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.
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.
Ericsson has roped in senior counsel Darius Khambata to represent it in its insolvency petition against RCom at NCLT. Khambata is also representing CDB in its insolvency plea against the Rcom company to recover dues worth $1.78 billion
Simility, a provider fraud prevention solution, has secured $17.5 million in Accel-led series-B funding. The proceeds are to be utilised to fuel its expansion plans.
Owing to high investor expectation regarding BJP retaining majority in the crucial state of Gujrat, the market stayed on a positive note. The Sensex gained 205 points to close at 33,456 points while the Nifty rose 57 points to close at 10,322 points.
Tuesday- 12th December 2017
Consumer inflation touched a 15-month high in November at 4.88%, while industrial growth dropped to a 3-month low in October. This has been a blow for an economy recovering from effects of tax revamp and demonetisation.
A consortium of Aion Capital Partners and JSW emerged the strongest contender for acquiring Monnet Ispat and Energy Ltd. The latter was one of the 12 companies listed by the RBI for insolvency proceedings.
Private equity firm Warburg Pincus to acquire 20% stake in DTH arm of Bharti Group for an amount of $350 million. The proceeds are likely to be utilised to stay in competition with Reliance Jio.
Owing to oil prices climbing $65 per barrel, the market broke a 3-day bullish streak with the Sensex falling 228 points to 33228 points and the Nifty falling 82 points to 10240 points.
PNB raised an amount of ₹5,000 crore through QIP of equity shares issued @₹168 per share. The majority was subscribed by LIC.
Wednesday- 13th December 2017
E-retailer Flipkart has successfully completed its employee stock ownership repurchase plan worth over $100 million, making it the biggest such scheme in the Indian startup sector.
The board of Tata Communications has approved a proposal to transfer about 773 acres of surplus land to Hemisphere Properties India. This matter dates back to 2002 disinvestment of VSNL.
The SC stayed NCLT order directing the government to take over real estate firm Unitech. The Centre apologised for approaching the NCLT over a matter that was being dealt with by the SC,
The RBI has imposed a penalty of ₹3 crore on IndusInd Bank for breaching rules on income classification norms regarding non-performing loans and extension of non-fund based limits.
Thursday- 14th December 2017
Walt Disney has acquired a stake in 21st Century Fox for an amount of $52.4-billion. The deal will enable the former to land into the Indian entertainment sector by giving rights to some of the country’s biggest media properties such as IPL.
Cognizant said it was beginning a $300-million accelerated share repurchase programme as part of its plan to buy back $1.2 billion of shares in 2018.
CCI has approved the Chinese e-commerce giant Alibaba’s stake purchase in the grocery e-retailer BigBasket. Alibaba to acquire 33% stake for $300 million.
Friday- 15th December 2017
Import duty on various electronics raised by the government through a notification. The move has been made to promote the Make in India initiative and will prompt companies like Apple to favour local production.
The government has announced March 31, 2018, as the new deadline to link Aadhar number with phone numbers.
Real estate developer, Jaiprakash Associates, to sell all its five hospitality assets under the brand Jaypee Hotels and Resorts for an estimated amount of ₹2,500 crore.
The SC has given Jaypee Infratech time until January 25 to pay the last ₹125 crore instalment for distribution to homebuyers in its delayed projects. It has warned it of contempt of court action if it fails to meet the new deadline.
Tata Communications, the telecom arm of Tata Sons which looks into enterprise, cloud and security solutions, has earmarked a capital expenditure of $20-25 million for its overall cloud business for the coming year.
Online jewellery platform Bluestone Jewellery and Lifestyle’s losses widened to ₹96.89 crore in 2016-17 from ₹70.5 crore in the previous financial year owing to the effects of demonetisation.
After the USFDA validated its biosimilar cancer drug Trastuzumab and approved it for the US market, the shares of Biocon hit a one-year high at ₹514, rising over 15% in response to the news.
The Bombay HC has dismissed 63 Moons’ petition against a government order to merge its defunct subsidiary NSEL with itself in public interest. In response, the share price fell 5% to ₹131.10.
Tuesday- 5th December 2017
Google has picked up a minority stake in hyper-local concierge and delivery player Dunzo, its first direct investment in an Indian startup. It acquired 12% stake for $12million.
New York-based Och-Ziff Capital Management has sold its majority stake in Gurgaon-based real estate-focused research firm PropEquity, to the company’s CEO, Sameer Jasuja. The latter has bought 80% stake for an amount of $10-12 million.
Reliance Power has been granted debt financing and partial risk guarantees totalling $583 million for former’s liquefied natural gas terminal and a 750 MW LNG power plant being set up in Bangladesh.
Wednesday- 6th December 2017
The RBI kept interest rates unchanged, citing pressure on prices. It further bumped up inflation forecast for the rest of the fiscal year marginally.
Infosys has made application to SEBI to resolve allegations relating to poor corporate governance before its newly appointed chief executive officer Salil Parekh takes charge.
Alibaba is looking to invest an amount of $300m in BigBasket, to acquire more than one-third stake in the latter. This move is expected to raise the value of Bigbasket to $850m.
RCom said that it was negotiating a settlement with CDB, one of its largest creditors, regarding their insolvency petition. However, CDB sought to club its insolvency petition against RCom with other petitions seeking the same.
The RBI has capped debit card transaction fees as digital transactions were coming under threat from high fees after a burst of growth post demonetisation.
Thursday- 7th December 2017
Jet Airways reported a fall of 91% in Q2 results from ₹517 crore to ₹46.01 crore on YoY basis. Sales grew only 3% to ₹5,626.61crore.
Kotak Private Equity Group-backed Bharat Serum and Vaccines Limited are looking to raise an amount of ₹2,000 crore by offloading about 30% stake through IPO in the first quarter of FY19.
ICICI Bank, India’s largest private sector lender, plans to raise at least $500 million by selling dollar bonds to global institutional investors. The proceeds to be used to provide dollar funding to Indian companies abroad.
Friday- 8th December 2017
NCLT through an interim order has suspended the Unitech board for alleged mismanagement of funds and barred its directors from selling either personal or company assets. Centre to name 10 nominee directors for a government takeover of the property developer.
For those without Aadhar card, the deadline to link PAN and Aadhar has been extended to 31st March 2018. In other cases, deadline stands at 31st December.
The Delhi government has cancelled the licence of Max Hospital, Shalimar Bagh, a week after the hospital incorrectly declared a pair of newborn twins as dead.
Employee Union of state-run helicopter operator Pawan Hans, comprising of more than 3,000 employees is preparing a proposal to buy the government’s 51% stake which is on the block.
Future Supply Chain Solutions’ IPO was oversubscribed by the investors 7.5 times at its close. The IPO got bids for 5.13 crore shares against the total 68.49 lakh shares on offer. The issue was priced in the band of ₹660-664 per share.
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.