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RBI Governor Shaktikanta Das on Sunday announced that he has tested positive for coronavirus, stating that he is asymptomatic. "[I] will continue to work from isolation. Work in RBI will go on normally. I am in touch with all [Deputy Governors] and other officers through VC and telephone," he wrote on Twitter.
short by Arshiya Chopra / 07:05 pm on 25 Oct
Ant Group to raise $34.5 billion in world's biggest IPO
short by Pragya Swastik / on 26 Oct 2020,Monday
Chinese fintech company Ant Group, an affiliate company of billionaire Jack Ma-led Alibaba Group, is set to raise $34.5 billion in its IPO in the coming weeks. It'll be the world's largest IPO, surpassing Saudi Aramco's IPO where the oil company raised over $29 billion. Ant Group shares have been listed on stock exchanges in Hong Kong and Shanghai.
short by Pragya Swastik / 06:10 pm on 26 Oct
Sensex crashes over 600 points, Nifty trades below 11,800-mark
short by Pragya Swastik / on 26 Oct 2020,Monday
The benchmark BSE Sensex tanked over 600 points and was trading at 40,074, while the Nifty 50 index was trading below the 11,800-mark on Monday during the intra-day trade. At one point, the Sensex plunged more than 700 points and slipped below the 40,000-mark. The dip comes as sell-off intensified across major sectors.
short by Pragya Swastik / 03:05 pm on 26 Oct
Sensex tanks 540 points to end at 40,145, Nifty settles below 11,800
short by Pragya Swastik / on 26 Oct 2020,Monday
The benchmark BSE index Sensex plunged 540 points to close at 40,145.50 on Monday while the Nifty shed 162 points to settle at 11,767.75. Metals and auto indices shed the most during the trade amid a sell-off and subdued global cues. Reliance Industries ended 3.7% lower, registering its biggest single-day drop in three months.
short by Pragya Swastik / 04:02 pm on 26 Oct
Singer-songwriter Ananya Birla, who is the daughter of billionaire Kumar Mangalam Birla, has accused a US restaurant named 'Scopa Italian Roots' of being racist to her and her family. "This restaurant literally threw my family and I, out of their premises. So racist. So sad," the 26-year-old tweeted. She also accused a waiter of being "extremely rude" to her mother.
short by Pragya Swastik / 08:21 pm on 25 Oct
Samsung Chairman Lee Kun-hee dies at 78
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
Chairman of South Korea's biggest conglomerate Samsung, Lee Kun-hee died on Sunday at 78, six years after he was hospitalised for a heart attack. Lee inherited the chairmanship in 1987 and made Samsung one of the largest producers of smartphones under his leadership. Since the heart attack, his son Samsung Electronics Vice Chairman Lee Jae-yong had been at the helm.
short by Rishabh Bhatnagar / 08:40 am on 25 Oct
Amazon received interim relief as Kishore Biyani-led Future Group was told not to proceed with Mukesh Ambani's Reliance Retail deal for now by Singapore-based arbitration panel, ET Now reported. In August, Reliance Retail announced it'll buy Future Group's retail, wholesale & logistics business for ₹24,713 crore. Amazon accused Future Group of breaching non-compete clause in Future Coupons pact.
short by Pragya Swastik / 09:25 pm on 25 Oct
Will acquire Future Group without any delay: Reliance Retail
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Reliance Retail issued a statement saying it will acquire Future Group "without any delay" after a Singapore arbitrator asked to put a hold on the deal, ruling in favour of Amazon. The Mukesh Ambani-led venture said it entered the deal "under proper legal advice and the rights and obligations are fully enforceable under Indian Law."
short by Rishabh Bhatnagar / 09:59 am on 26 Oct
London court rejects Nirav Modi's bail application for 7th time
short by Sakshita Khosla / on 26 Oct 2020,Monday
A London court on Monday rejected the bail application filed by PNB fraud-accused Nirav Modi, making this the seventh such rejection by courts in the UK. The fugitive diamantaire, who is wanted in connection with the ₹13,500 crore fraud case, was arrested in London on 19 March, 2019. His seventh bail application came before the Westminster court on Monday.
short by Sakshita Khosla / 09:23 pm on 26 Oct
Why are Middle East countries calling for a boycott of French products?
short by Pragya Swastik / on 26 Oct 2020,Monday
Middle East countries are boycotting French goods after French President Emmanuel Macron said, "Islam is a religion that's in crisis all over the world", and vowed not to "give up cartoons" depicting Prophet Muhammad. Macron's comments came after the beheading of a teacher for showing cartoons of Prophet Muhammad during a class. Caricatures of Prophet Muhammad are forbidden in Islam.
short by Pragya Swastik / 03:45 pm on 26 Oct
Reliance Industries rolls back salary cuts, offers bonus: Report
short by Pragya Swastik / on 25 Oct 2020,Sunday
Mukesh Ambani-led Reliance Industries is rolling back salary cuts of hydrocarbons division employees, PTI reported. RIL is also offering a performance bonus that was deferred after the business was hit by coronavirus lockdown. An advance of 30% of the variable pay from next year's salary to employees as a goodwill gesture for working during COVID-19 pandemic is also being offered.
short by Pragya Swastik / 10:10 pm on 25 Oct
ICICI Bank shuts down operations in Sri Lanka
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
ICICI Bank on Saturday said it has shut its operations in Sri Lanka after getting approval from the country's monetary authority. Reports of the bank, alongside Axis Bank shutting operations first emerged in January this year. "The licence issued to the bank to carry on banking business in Sri Lanka is cancelled with effect from October 23, 2020,” said ICICI.
short by Rishabh Bhatnagar / 09:52 am on 25 Oct
The US' Securities and Exchange Commission (SEC) awarded a whistleblower more than $114 million (over ₹841 crore), its highest reward for information that led to a successful crackdown. The whistleblower was awarded approximately $52 million for aiding the SEC and approximately $62 million for helping another unidentified agency with a related enforcement action.
short by Nandini Sinha / 07:00 am on 25 Oct
Kotak Mahindra Bank exploring takeover of IndusInd Bank: Report
short by Pragya Swastik / on 25 Oct 2020,Sunday
Asia's richest banker Uday Kotak's Kotak Mahindra Bank is exploring takeover of IndusInd Bank in an all-stock deal, Bloomberg reported. If the deal goes through, it would create India's eighth-largest financial firm by assets. The report said Uday Kotak and Hinduja family held initial talks over the proposal, however, IndusInd Bank denied the report and called it "malicious and untrue".
short by Pragya Swastik / 11:16 pm on 25 Oct
Tech Mahindra to buy stake worth $3 mn in US startup VitalTech
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
Pune-based IT major Tech Mahindra said its US subsidiary will buy a minority 6.03% stake worth $3 million in US-based VitalTech. "The transaction will strengthen Tech Mahindra's existing healthcare IT services business and help its healthcare customers in their digital transformation journey," said Tech Mahindra. The Texas-based startup provides digital health and telemedicine platforms.
short by Rishabh Bhatnagar / 04:37 pm on 25 Oct
COVID-19 has pushed back India's luxury car market by 5-7 yrs: Audi
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
Audi India Head Balbir Singh Dhillon said COVID-19 has hit hard India's luxury car market, taking it back by five to seven years. He added that it will take around three years to reach 2014-2015 levels. Dhillon added "even last year was a degrowth year", with the top five luxury carmakers selling 35,500 units, down from 40,340 in 2018.
short by Rishabh Bhatnagar / 12:16 pm on 25 Oct
E-comm made business cheaper, easier for startups: Marico's Harsh Mariwala
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Harsh Mariwala, Founder and Chairman of Marico, which owns Saffola and Parachute, said the emergence of digital marketing and e-commerce has made business easier for startups. He said firms can now prototype its products easily and use cheaper modes of marketing. "We have seen a whole host of new entrepreneurs entering the market," he added.
short by Rishabh Bhatnagar / 01:30 pm on 26 Oct
BSE, ICCI sign MoU to help SMEs, startups list on the exchange
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
BSE, formerly known as Bombay Stock Exchange and Inventivepreneur Chamber of Commerce and Industries (ICCI) on Saturday signed an MoU to support small and medium enterprises (SMEs) and startups list on the exchange. ICCI will help these enterprises with evaluations, industry connections and acceleration funds among others. It will also sensitise the investor network about listed SMEs and startups.
short by Rishabh Bhatnagar / 10:30 am on 25 Oct
Aurobindo Pharma to sell its US unit for $550 million
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Aurobindo Pharma on Monday said it will sell Natrol, a unit of its US subsidiary, to private equity firm New Mountain Capital for $550 million. The Hyderabad-based firm said the transaction is expected to close by January 2021. Aurobindo's Managing Director added that proceeds from Natrol's sale will be used to reduce debt and other new strategic initiatives.
short by Rishabh Bhatnagar / 02:57 pm on 26 Oct
Double FY21 capex spend to ₹2 lakh crore: PMO to 13 oil CPSEs
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
The Prime Minister's office (PMO) has directed 13 petroleum-sector Central Public Sector Enterprises (CPSEs) to double their capital expenditure to ₹2 lakh crore in FY21. They have also been directed to scale it up further to ₹3 lakh crore in FY22. This comes despite the companies meeting less than a third of yearly targets in the first half.
short by Rishabh Bhatnagar / 03:37 pm on 26 Oct
COVID-19 has created problem on the loan book: YES Bank CEO
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
YES Bank CEO Prashant Kumar said the COVID-19 outbreak has “created a problem” on the loan book, despite progress on fixing governance and fundraising challenges. Kumar, who was appointed CEO after the bank's fall, said the market wasn't sure of the rot in the loan book and that he's having "good sleep" after the bank's considerable turnaround.
short by Rishabh Bhatnagar / 01:25 pm on 25 Oct
India has potential to shape global agenda: WEF Founder
short by Rishabh Bhatnagar / on 25 Oct 2020,Sunday
World Economic Forum (WEF) Founder and Chairman Klaus Schwab said "with its demographic advantage and extensive diversity, India has the power to shape the global agenda and define our collective future." He also commended India's early policy response to COVID-19, but added that it couldn't help millions of informal workers being put "in a state of extreme insecurity".
short by Rishabh Bhatnagar / 02:09 pm on 25 Oct
Dunkin' Donuts parent firm plans partial sale to US' Inspire Brands
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Dunkin' Brands Group, the parent company of Dunkin' Donuts and Baskin Robbins, said it has held preliminary discussions to be acquired by multi-brand restaurant company Inspire Brands. The deal could take the group private at a share price of around $106.5, reported New York Times. Inspire Brands operates US-based restaurants such as Arby's and Jimmy John's.
short by Rishabh Bhatnagar / 08:58 am on 26 Oct
Coca-Cola European offers to buy Aus unit Coca-Cola Amatil for $6.6 bn
short by Rishabh Bhatnagar / on 26 Oct 2020,Monday
Australian bottler Coca-Cola Amatil said on Monday that Coca-Cola European Partners has offered to buy its business for $6.58 billion. The deal, which would be Australia's biggest of the year, values Amatil at a 19% premium to where its shares traded last week. Coca-Cola Amatil has diversified into whiskey, rum, beer and ground coffee, beyond the flagship fizzy drinks.
short by Rishabh Bhatnagar / 12:31 pm on 26 Oct
Vedanta board approves interim dividend of ₹9.50 per share
short by Kiran Khatri / on 24 Oct 2020,Saturday
The Vedanta board has approved its first interim dividend of ₹9.50 per share for 2020-21 amounting to ₹3,500 crore. The record date for the dividend has been set as October 31. On October 10, Vedanta's voluntary delisting offer failed at the reverse book building stage. Earlier, Vedanta Group firm Hindustan Zinc (HZL) declared its highest interim dividend in 12 years.
short by Kiran Khatri / 10:42 pm on 24 Oct
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