Monday- 14th August 2017
- SEBI is examining the purchase of 8.9% stake credit rating firm CARE Ratings by CRISIL after the former complained that the transaction was an attempt at a potential hostile takeover.
- The Bombay High court has put up debt-ridden Sahara Group’s Aamby Valley property at Lonavala for a public auction. The reserve price for the property is ₹37,392 crores.
- NCLT admitted proposals for the merger between Aircel and Reliance Communications’ wireless business, as well as the RCom’s sale of its tower business to Canada’s Brookfield. RCom’s share price soared 19% to ₹24.
- FIH Mobile, the Hong Kong-listed unit of Foxconn Technology Solutions has written down its $200 million investment in Jasper Infotech which operates Snapdeal to $40 million.
- PB Balaji to succeed C Ramakrishnan as chief financial officer of Tata Motors with effect from November 2017.
Tuesday- 15th August 2017
- The government has disallowed Reliance Industries and partners to recover $264 million of cost of developing KG-D6 fields for 2015-16 as the output from the field fell short of the target
- Glory Entities and Twickenham Investment are selling 10 million shares of Genpact to public shareholders, diluting their combined shareholding from 35.1% to 29.9%
- The process of hearing and disposing of bankruptcy cases at the Mumbai Chapter of the National Company Law Tribunal may quicken as it is likely to get 4 new judges and two benches, and support staff to handle the extra load.
Wednesday- 16th August 2017
- The board of Tata Sons under N Chandrasekaran has ordered its group companies to scrap all business dealings with Cyrus and Shapoor Mistry’s SP Group. This is likely to put transactions worth crores at risk.
- SoftBank Group Corp is in talks with Rivigo Services to invest at least $100 million in the surface -transport logistics provider. This could value the company at $1 billion.
- Canteen Stores Department (CSD) has slapped an over ₹250 crore fine on United Spirits for violating a pricing agreement. United Spirits is alleged to have supplied products to the CSD at inflated prices.
- Sanjay Chandra, the promoter of developer Unitech Ltd jailed in a cheating case, urged the Supreme Court to release him on bail for three months to mop up funds to pay back flat buyers. He was sent to jail in connection with a cheating case registered against them by flat-owners in a Gurgaon project.
- The stock market extended its recovery for the second-straight session as the Sensex climbed to 31,770. while the Nifty reached 9,897 points as domestic institutions stepped up their purchases, helping absorb the selling by foreign investors.
Thursday- August 2017
- Ahead of Infy’s board meeting, the stock jumped 4.5% to close at ₹1,021.15 as shareholders are expecting a buyback from the company.
- Nasdaq-listed Ebix Inc. is set to buy the business of Wall Street Finance Ltd in a two-leg transaction for ₹47 crore. In the first leg, the company will acquire Wall Street Finance’s wholly-owned subsidiary Goldman Securities for ₹5.1 crore. Subsequently, the GSPL will buy out the international money transfer business of Wall Street Finance for ₹42.2 crore.
- HDFC Life is likely to offload 15% of existing shares through its proposed initial public offering in the coming months. HDFC will sell 9.57% holding in the insurance firm while its partner Standard Life will sell 5.43%
Friday- August 2017
- Vishal Sikka resigned as the CEO of Infosys as the Board alleges that the founder, NR Narayana Murthy bullied him into quitting. Chief operating officer UB Pravin Rao has been appointed interim MD and CEO. This news wiped out ₹22,000 crore mcap of the company.
- Infosys shares touched a three-year low after the news of Sikka quitting the company. It slipped 13% to ₹923.10. Sensex plunged 271 points, to close at 31524.68, while the Nifty fell 66.75 points, to close at 9737.40.
- Bharti Airtel and Vodafone India sparred with newcomer Reliance Jio Infocomm at an open house discussion over modalities of testing of a network. The incumbents said the users acquired for trial purposes should be restricted, not allowed to enroll for commercial services and not offered mobile number portability.
Source: The Economic Times