Monday- 21st November 2016
- Indian stock market wiped out all the gains it made this year after 8th consecutive bear-session. Nifty nears the critical 8,000 mark and Sensex has fallen below 26,000 points.
- With rupee touching its all time low, RBI has supposedly taken steps to avert the disaster further. The central bank sold dollars as the surplus liquidity.
- Shares of sugar companies continued to rise after the Uttar Pradesh government’s announcement of an 8.9% hike in state advised price (SAP) of sugarcane for the current crushing season.
- Carnation Hospitality is looking to expand its coffee outlet Barista by investing an amount of ₹100 crores for additional 50 outlets.
Tuesday-22nd November 2016
- Larsen & Toubro fired 14,000 of its employees in one of the biggest corporate retrenchment in recent times. This amounts to 11.2% of its total workforce. L&T said that the step was an attempt to “right-size“ its strength in the face of the business slowdown.
- Piramal Group’s financial services arm, Piramal Fund Management is looking to expand its base of services by offering flex lease rental discounting, taking forward the group’s diversification strategy.The target is ₹10,000 crores by the end of the next financial year.
- Vaccine manufacturing firm GreenSignal has withdrawn ₹112 crores IPO due to poor response from Qualified Institutional Investors.
Wednesday- 23rd November 2016
- Jan Dhan Accounts, which were opened initially to aid the poor by providing them bank accounts have seen a huge tune of deposits post demonetization. The deposits have swelled up to ₹21,000 crores since the announcement on 8th November.
- State Bank of India has lowered rates on bulk deposits between 125 and 190 basis points or bps across various maturities. This will lead to lower interest rates in the system.
- Digital payment provider company Paytm is launching a new feature on its mobile application that merchants can use to accept payments from credit and debit card holders obviating the need for a point-of-sale terminal.
- L&T Finance Holdings, the financial service arm of Larsen & Toubro, has appointed Kotak Investment Bank to sell its non-core portfolio which includes car financing, construction equipment, SME loans and others.
Thursday- 24th November 2016
- Despite aggressive efforts by the RBI to settle the decline in rupee by selling dollars, the rupee has plunged to its all-time low of 68.86 to a dollar.
- A day after launching its PoS (Point-of-Sale) services, Paytm has temporarily withdrawn the service amidst security concerns. The service will be relaunched with additional security.
- The union cabinet is understood to have approved amendments to the income-tax laws, which will tax the deposits of higher denomination value currency which is unaccounted at higher rates of 60%. This is significantly higher than the 45% rate which was provided in the Income Tax Declaration Scheme.
Friday- 25th November 2016
- The government is likely to introduce an amendment to the income tax act where voluntary unaccounted deposits in the bank will face 50% tax and a lock-in period of 4 years, where such deposits shall be frozen and cannot be used by the assessee.
- The board of Tata Steel has voted to appoint State Bank of India veteran OP Bhatt as an interim chairman after Cyrus Mistry was forced to vacate the spot.
- SpiceJet has reported a significant rise in net profit in the Q2 to ₹58.9 crore from the year earlier. This has been attributed to lower fuel prices, higher fares, increased capacity and reduced operational costs.
- Ashok Leyland has completed the acquisition of Nissan Motor Co.’s stake in three joint-ventures between the two companies-Ashok Leyland NissanVehicles Ltd, Nissan-Ashok Leyland Powertrain Ltd and Nissan-Ashok Leyland Technologies Ltd.
Source- The Economic Times