Browse by
Month
Date

Business Current Events


Shanghvi Announces Closure of Sun Pharma-Ranbaxy Merger Deal

Dilip Shanghvi (Managing Director of largest drug maker of India, Sun Pharmaceutical Industries) told media about completion of Sun Pharma’s merger with Ranbaxy Laboratories. While making the announcement of deal completion, Shanghvi said that integration with Ranbaxi will deliver synergies worth Rs. 1,500 crore or $250 million in the coming 3 years. Closure of the deal has led to creation of an entity whose market value is Rs.2.5 trillion and combined annual revenue of around Rs.30,000 crore. The deal closure announcement was done after it received approvals from multiple authorities and financial watchdogs in both India and the USA.

Sensex and Nifty Plunges by Over 300 and 80 Points by Afternoon Today

Downward movement of Indian bourses continued for the seventh day today as Sensex and Nifty plunged by more than 300 points and 80 points respectively till afternoon. At 12.38pm IST, BSE Sensex was down by 327.22 points (trading at 27784.61) and NSE CNX Nifty was down by 82.30 points (trading at 8448.50). Both are moving towards their 150 days Simple Moving Averages (27,750.53 at Sensex and 8,341.53 at Nifty). Sensex and Nifty opened (27,937.62 and 8,474.95 respectively) below previous close (28,111.83 and 8,530.80 respectively). Top losers at Sensex are HDFC, Infosys, Sesa Sterlite, Coal India, and others.

ED Arrests Chairman of Rose Valley Group of Companies

Enforcement Directorate yesterday arrested Gautam Kundu, Chairman of Rose Valley Group of Companies, on allegedly duping people throughout India of around Rs. 15,484 crore, six times higher than that of Saradha Group ponzi scam. Kundu, one of the few owners of Rolls-Royce cars in India, was arrested by ED while he was summoned for questioning on his firm’s involvement in ponzi scam. Rose Valley group’s 2,631 bank accounts having Rs 295 crore were earlier attached by ED under stringent PMLA provisions. Available reports say that Gautam Kundu had floated twenty seven companies for operating chit funds, among which only six are active.   

Indian Bourses Remain Choppy

Though Indian bourses today opened with marginal optimism, it quickly withered out. While NSE CNX Nifty opened at 8,568.90 (above previous close of 8,542.95), BSE Sensex opened at 28,216.09 (above previous close of 28,161.72). At 9.25am IST, Sensex was up by 45 points and Nifty by 20 points. At 1.15pm IST, CNX Nifty was trading at 8534.40 (down by 8.55 points) and Sensex was trading at 28153.32 (down by 8.40 points). While S&P BSE AUTO, S&P BSE BANKEX, BANK NIFTY, S&P BSE FMCG, S&P BSE HEALTHCARE, and CNX Midcap are trading comfortably in green, 9 other indices were trading in the red.  

Twitter CEO Meets Indian PM; NaMo Launches Twitter Samvad

Dick Costolo, CEO of Twitter In., met Indian Prime Minister Narendra Modi yesterday and launched Twitter Samvad in collaboration with Government of India. It was launched by the Indian PM himself. The new facility will help users get real time tweets from different government offices (including PMO) as SMSes. After meeting Modi, the Twitter CEO told media that the new initiative is built for catering needs of the largest democracy of the world and is based on Indian technological innovation. Costolo said that it is a part of Digital India initiative and it is going to help people to be conversant with government’s initiatives on a real time basis.

Ratan Tata Extends his Social Impact Sector Portfolio with Investment in Grameen Capital India

After making small personal investments in online consumer ventures Snapdeal, Bluestone, CarDekho, Urban Ladder, and Paytm, septuagenarian Tata Group Chairman emeritus Ratan Tata bought minority stake in a non-banking financial company called Grameen Capital India. The other major players who invested in debt vehicle of the NBFC, focusing on affordable education and affordable health, include Amit Patni and Arihant Patni (promoters of Patni Group), Vikram Gandhi (ex-Credit Suisse investment banker), and Shrinivas Demo (promoter of Dempo group). In a statement, Grameen Capital India said that the company intends to raising around Rs 50 crore or $10 million in the initial round.

Jaguar Land Rover India's Range Rover Evoque SUV, Assembled in India, to be Available From April 2015

Reports say that Jaguar Land Rover India, highly profitable section of Tata Motors, has decided to assemble Range Rover Evoque SUV in the manufacturing facility of Pune, India. Rohit Suri, President of Jaguar Land Rover India, has said that indigenous assembly of the premier sports utility vehicle will help the company cater to a wider target audience that craved for a SUV from Jaguar Land Rover brand. Per company statement, pre-Octroi ex-showroom price of Range Rover Evoque will be anything from Rs. 48.73 lakh to Rs. 56.21 lakh and will be available in India from early-April.   

BSE Sensex and NSE Nifty End in Red After Early Rally

After BSE Sensex increased by 263.3 points (reaching intraday high of 28,455.32) and Nifty by 76.85 points (reaching intraday high of 8,627.75) today from previous close, both the bourses closed in red. While Sensex fell by -0.11 per cent or 30.30 points to close at 28161.72 points, CNX Nifty fell by 0.09 per cent or 7.95 point to close at 8542.95. While 1,717 stocks declined 1,087 gained, making the overall market breadth at BSE negative. 0.4 to 0.6 per cent fall have been witnessed in BSE Midcap and Smallcap indices too.

Indian Bourses Oscillating Between Red and Green

Market is oscillating between red and green, right from the morning. In the early hours of trade, while Nifty was down by 2 points, Sensex was up by 9 points. Market remained choppy till afternoon. At 12.44 pm IST, while NSE CNX Nifty was up by 10.55 points (trading at 8581.45 points), BSE Sensex was up by 38.16 points (trading at 28299.24 points). While S&P BSE AUTO, S&P BSE CAPITAL GOODS, and S&P BSE HEALTHCARE were in the green, most of the other Indian Indices including BSE IT, Smallcap, Midcap, and Bankex were in the red.

JSPL Stock Tumble Down as Government Cancels its 3 Coal Auction Bids

With start of trade today, Jindal Steel & Power witnessed significant fall in its price after reports surfaced that Union Government has cancelled highest bids of the company during Coal Block auction. The three blocks for which the bids of Jindal Steel are cancelled are Tara, Gare Palma IV/2, and Gare Palma IV/3. During early morning trade, JSPL stock price nosedived to Rs. 142, fall of 14 per cent. The stock opened at Rs. 151.00, much lower than previous close of Rs. 164.95. At 1.12pm IST, JSPL was trading at 151.65, a fall of 8.06 per cent, at BSE.     

Serious Difference of Opinion Surfaces Between RBI and Finance Ministry; FM assures "No Disconnect"

Available reports say that serious difference of opinions emerged between the Finance Ministry and apex bank of India regarding the issue of taking decision on key monetary policy and setting up of interest rate. With biggest regulatory shake-up on the cards for the first time in last eighty years, Union Finance Minister Arun Jaitley assured that “there is no disconnect” between the two parties. Reports claim that till amendment of existing RBI Act, all monetary policy and interest rate decisions will be undertaken by the RBI Governor. FM told media that details of the proposed committee will be decided eventually.

New Norms for International Financial Centres Set by SEBI

During a board meeting yesterday, SEBI (Securities and Exchange Board of India) has approved guidelines for governing IFSC (International Financial Service Centres). Per available information, Ahmedabad's GIFT City (Gujarat International Finance Tec-City) is going to be the first such centre in India. UK Sinha, Chairman of SEBI, said that the new IFSC norms will help in creating vibrant capital market activities in those centres. Per available information, a subsidiary can be built by either an Indian or foreign stock exchange. BSE and NSE - are reportedly willing to set up international exchanges in GIFT City.

AirAsia dedicates fourth aircraft to JRD Tata

AirAsia India's fourth aircraft 'The Pioneer' has a visual theme dedicated to JRD Tata. A livery has an image of JRD Tata with his aircraft Pussy Moth that he flew on October 15, 1932. JRD Tata is the one who created an aviation department in Tata in July 1932 and started an un-subsidized flights between Madras (Chennai) and Karachi via Bombay. He dreamt of Air India. Mittu Chandilya, CEO, AirAsia India added that this is the best way to celebrate the growth of Air Asia.

Government rejects four blocks giving major blow to Jindal Steel and Balco

The government today has canceled bids for four coal blocks auctioned in recent coal block auction. This rejection gave a major blow to Jindal Steel & Power and Balco. Though the bid was the highest in their individual auction but it was low as compared to the winning bids for other blocks and this is the reason of this rejection. The ministry probed nine blocks and immediately gave the designation "outliers” to low bid blocks. Coal and Power Minister Piyush Goyal said that government will take the final decision on these rejected bids.

Kaya Kalp Constituted to Recommend Suggestions for Turnaround of Railway; Ratan Tata to Head New Council

Suresh Prabhu, Union Railway Minister, has told media that Railway ministry has decided to constitute a council named ‘Kaya Kalp’ that will be headed by noted industrialist and Chairman Emeritus of Tata Group - Ratan Tata. Per available information, Kaya Kalp will have to recommend new and innovative processes and methods to transform and improve Railways. The council will also have representatives of the railway workers - General Secretary of All Indian Railwaymen's Federation (AIRF) Shiv Gopal Mishra and General Secretary of National Federation of Indian Railwaymen (NFIR) M Raghavaiah. Railway minister said that more members will be included in coming days.

Nifty Plunges below Psychologically Significant 8600 Level

Weak global cues coupled with poor showing by major global indices made the Indian bourses hover in the red today. Major selling is witnessed in all the sectors, making the indices fall deeper in red. Both the Indian bourses opened marginally below previous close. At 12.26pm IST, NSE CNX Nifty was down by 51.80 points (trading at 8582.85) and BSE Sensex was down by 158.44 points (trading at 28311.23). It needs special mention that Nifty broke the psychologically significant 8600 resistance level, leading to speculation of further plunge in the coming days if it can’t recover the 8600 level by day-end.  

India to Buy Petroleum from Iraq's Basra Oil to Fill in Strategic Petroleum Reserve

Reports say India is all set to buy petroleum from Iraq to fill in India’s first SPR or Strategic Petroleum Reserve. Sources in finance ministry say that the ministry has already sanctioned around $383 million or Rs. 24 billion fund from revised budget estimates of ongoing financial year to buy from Iraq’s Basra Oil. It is reported that Hindustan Petroleum Corp Ltd and Indian Oil Corporation have already being asked by Oil Ministry to get 8 million barrels of Basra Oil (to be delivered by two VLCCs or Very Large Crude Carriers), which are scheduled to arrive in May-June 2015.



Telecom Spectrum Auction Fetches Rs. 1.08 Lakh Crore till Wednesday

Spectrum auction at the end of thirteenth day has fetched government Rs. 1.08 lakh crore and that’s too from just 89 per cent of the airwaves (2G as well as 3G) put on sales on a provisional basis. However, 3G spectrum airwaves (900 Mhz and 2100 Mhz bands) didn’t witness bidding from any telecom operator yesterday. With sixth round of spectrum auction ending yesterday, most bids were placed for two bands to be used for 4G services - 800 MHz and 1800 MHz. Per available information, twenty nine licenses spread over eighteen service areas are going to expire in 2015-16.

With US Fed Rate to Stay Low, Indian Bourses Witness Rally of Stocks

Indian bourses today reacted jubilantly as US Fed decided not to increase its crucial Fed rate in haste. Both BSE Sensex and NSE CNX Nifty opened with enough premium on previous close, after witnessing a rather choppy market yesterday. At 10.34am IST, CNX Nifty was 1.01 per cent or 88 points above previous close of 8,685.90 (trading at 8773.90) and BSE Sensex was up by 1.09 per cent or 311.15 points to previous close of 28,622.12 (trading at 28933.27). While Sensex reached an intraday high of 28,978.74 points, Nifty reached an intraday high of 8,788.20.

Indian Market Treads Cautiously Before US Fed comes Out with Policy Statement

Market is treading cautiously as United States Federal Reserve is expected to come out with its policy statement by day-end after two days Fed meeting ends today. Though both the Indian bourses opened marginally above previous close, it quickly went into the red. At 9:50am IST, NSE Nifty was down 33 points and BSE Sensex was down by 108 points. At 11.03am IST, CNX Nifty was trading at 8695.50 (down by 27.80 points) and Sensex was trading at 28644.52 (down by 91.86 points). The top 5 gainers at NSE at 11.03am IST were Jindal Steel, Zee Limited, Sesa Sterlite Limited, IndusInd Bank, and IDFC.