Market begins recovery, DTA with Singapore revised, Holding SBNs Criminalised- Weekly Digest #28

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.

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.

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.

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.

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).

Source: The Economic Times
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