Monday- 26th June 2017
- 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
Source: The Economic Times