Monday- 17th July 2017
- 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.
Source: The Economic Times