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Piramal to sell healthcare insights, analytics business for $950 million Dhirendra Tripathi, Mint
Piramal Enterprises (PEL) on Friday informed the stock exchanges its fully-owned arm, PEL DRG Dutch HoldCo BV, would sell its healthcare insights and analytics business to NYSE-listed Clarivate Analytics Plc for $950 million. The deal includes $900 million on closing and $50 million to be received at the end of 12 months thereon.
Vodafone Idea may pay part of AGR dues to stay afloat Devina Sengupta & Anandita Singh Mankotia, Economic Times
Vodafone Idea (VIL) may offer the government a small part of its statutory dues by January 23 to ensure it doesn’t get a defaulter’s tag or incur the displeasure of the Supreme Court, and then seek some relief, in a bid to bring back the telecom company from the jaws of insolvency, three people familiar with the matter said. Simultaneously, the telco plans to seek an extension of the January 23 deadline from the Supreme Court.
Consumer strength lifts RIL Q3 net by 13.5% to record ₹11,640 cr Kalpana Pathak & Ashwin Ramarathinam, Mint
Reliance Industries Ltd (RIL) reported its highest ever quarterly net profit of ?11,640 crore in the December quarter, up 13.55% from ?10,251 crore in the year-ago period.
Sensex hits record high; Bharti Airtel, RIL lead gains Surajit Dasgupta, Mint
Shaking off a weak start, Indian markets edged higher today amid firm global equities. The Sensex rose 130 to 42,063.93, a new intra-day high. The broader Nifty rose 0.2% to 12,385.45. Telecom stocks were in focus today after the Supreme Court on Thursday dismissed the pleas of telecom majors, including Bharti Airtel and Vodafone Idea, seeking review of certain directions of the apex court on recovery of past dues amounting to ?1.47 lakh crore from telecom service providers.
Gold prices set for biggest weekly fall in two months Asha Sistla, Mint
Gold edged lower on Friday, on track to post its worst week in two months, as positive US economic data and optimism over an interim US-China trade deal boosted appetite for riskier assets and dented some of bullion's allure.
Budget 2020: Date, time and expectations from Modi government on income tax rate cut Nikhil Agarwal, Mint
Amid expectations of an income tax rate cut and other stimulus to boost demand as India's economy slows down, Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1. Powered by hopes of a favourable Budget, both the Sensex and Nifty have created fresh records in what seems like a pre-Budget rally in the share market.
Forensic audit finds no fraud, fund diversion at Reliance Home Finance Economic Times
Reliance Home Finance on Sunday said an independent forensic audit, mandated by lenders, has found no fraud, embezzlement or diversion and siphoning of funds in the company that is seeking debt resolution.
In a first, Delhi Development Authority sells CWG Village flats at 30% discount Faizan Haidar, Economic Times
The slowdown in the real estate industry has taken a toll on the Delhi Development Authority (DDA). For the first time, the authority has reduced flat rates by over 30%. Officials said that DDA was trying to sell about 120 premium flats in Commonwealth Games Village but was unable to do so due to high rates. About a decade ago, when the Commonwealth Games Village came up, some of the plush three-bedroom flats in the residential complex were sold for more than Rs 7 crore.
Infosys gains on Q3 earnings, clean chit on whistleblower complaint Pranati Deva, CNBC
Infosys shares rose 3.5 percent on Monday after the IT major reported a 23.7 percent year-on-year (YoY) jump in consolidated net profit, at Rs 4,457 crore, for the third quarter ended December 2019. In the corresponding quarter last year, the company posted a net profit of Rs 3,610 crore. CNBC-TV18 poll had predicted a profit of Rs 4,200 for the quarter under review.
Oil surges as Iran attacks Iraq base housing US troops Mint
Oil futures surged in New York after Iran said it started attacks on an Iraqi airbase that hosts U.S. troops. Spot gold also jumped. West Texas Intermediate crude jumped as much as 4.4% to $65.48 a barrel on the New York Mercantile Exchange after Iran’s state television reported the country started operation “Martyr Soleimani" at dawn with several rockets being fired at Ayn al-Asad base in Iraq.
Sensex surges 500 points as US-Iran tensions subside, SBI, ICICI Bank lead gains Surajit Dasgupta, Mint
Indian stock markets jumped sharply today as US-Iran tension appeared to subside. Benchmark index Sensex rallied nearly 500 points to 41,318 while the broader Nifty crossed 12,150 in early trade. The gains were broad-based as a slide in oil prices also boosted sentiment. Metal, banking and auto stocks led the gains. Some softness was seen in IT stocks due to firmness in the rupee.
Gold price: Yellow metal hits fresh record high as Iran attacks US forces Money Control
India Gold February futures hit a fresh record high on January 8 tracking gains in international spot prices which surged past $1,600 an ounce mark after Iran fired rockets at Iraqi airbase which hosts US forces that triggered risk-off sentiment.
Govt further opens up coal mining; allows non-coal cos to bid, removes end-use restriction Money Control
In a bid to attract investments and boost domestic coal production, the government on January 8 approved promulgation of an ordinance to open up coal mining in the country to non-coal companies while removing restrictions on end-use of the fuel.
Adani Ports to buy majority stake in Krishnapatnam Port for $1.89 billion Money Control
Adani Ports and Special Economic Zone (APSEZ) said on January 3 it would buy a 75 percent stake in Krishnapatnam Port Co Ltd (KPCL) for an enterprise value of 135.72 billion rupees ($1.89 billion).
Gangwal seeks to ease rules on shareholdings in IndiGo; EGM on 29 Jan Mint
One of the co-founders of Indian airline IndiGo is seeking to modify rules on the sale and purchase of shares by its main shareholders amid a bitter spat with his founding partner in the country's largest carrier.
Income tax department issues new 2020 calendar for taxpayers with all deadlines Nikhil Agarwal, Mint
The income tax department has issued a new calendar for the year 2020 having a list of all the important tax-related deadlines. Designed as the "File-it-yourself" calendar to help taxpayers file their income tax returns easily, the e-calendar maps your ITR filing journey.
Cyrus Mistry brought my group disrepute, says Ratan Tata in his SC plea Economic Times
Tata Sons’ chairman emeritus Ratan Tata filed a petition in the Supreme Court on Friday challenging the National Company Law Appellate Tribunal (NCLAT) order in favour of Cyrus Mistry, saying that the ruling was infirm and prejudicial to the interests of Tata Sons and its shareholders.
Railways announces fare hike effective from Jan 1 NewsMinute
On the New Year's eve, the railways announced fare hike across its network, excluding suburban trains, effective from January 1, 2020, according to an order issued on Tuesday. While suburban fares remain unchanged, ordinary non-AC, non-suburban fares were increased by 1 paise per km of journey.
Core sector contraction slows in November, eight infra industries’ growth 0% in Apr-Nov Kirtika Suneja, Economic Times
India’s core sector contracted for the fourth consecutive month in November but the pace of contraction slowed to 1.5% from 5.8% in October led by growth in output of fertilizer, cement and refinery products, raising expectations of industrial production moving into the positive territory.
Sensex starts new year on strong note, RIL leads gains Surajit Dasgupta, Mint
Indian markets move higher in early part of the first trading session of the year. The Sensex was up 170 points at 41,425 while the broader Nifty was 0.42% higher at 12,219. Banking, IT and metal stocks led the gains today. Among the Sensex stocks, L&T, RIL, IndusInd Bank, Bharti Airtel, Axis Bank, Tata Steel and ICICI Bank were up between 0.5% and 1%.
Tatas to seek urgent relief ahead of January 9 TCS board meeting Kala Vijayraghavan, Maulik Vyas & Anandi Chandrashekhar, Economic Times
Tata Sons will move the Supreme Court to seek early interim relief from the tribunal order reinstating Cyrus Mistry ahead of the TCS board meeting scheduled for January 9 to consider Q3 results. The holding company is likely to file an appeal on January 2 although a hearing is possible only when the SC opens on January 6 after the winter break, said people with knowledge of the matter.
JioMart: Ambani unveils Flipkart, Amazon competitor Deccan Herald
Reliance Industries Ltd. started testing its online shopping portal, moving a step closer to billionaire Mukesh Ambani’s goal of setting up a digital platform to take on e-commerce giant Inc. in India.
FM unveils ₹102 tn infra push to reignite growth Shreya Nandi, Mint
Finance minister Nirmala Sitharaman on Tuesday unveiled a plan to invest ?102 trillion over five years to develop social and economic infrastructure to boost India’s sagging growth.
SBI home loan EMIs to fall, bank cuts external benchmark based rate Surajit Dasgupta, Mint
State Bank of India (SBI), the country’s largest lender, today announced a reduction in its external benchmark based rate (EBR) by 25 bps to 7.80% per annum, from 8.05% per annum. The revision will come into effect from January 1, 2020. With this reduction, interest rate for existing home loan customers as well as MSME borrowers who have availed loans linked to external benchmark based rate would come down by 25 basis points.
Prince Pipes recovers to gain 6% after a weak debut; firm clears the air on Montana case Money Control
Prince Pipes and Fittings, the polymer pipes and fittings manufacturer, started the first trade on December 30 with a 10 percent discount to issue price. The stock opened at Rs 160 on the National Stock Exchange and BSE against final issue price of Rs 178 per share.
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