is in talks with Electronics Mart India, a consumer durables retail chain, for a possible acquisition. Electronics Mart operates 60 stores in South India with 1,200 employees on its roll. According to a source close to the development, talks are underway on the valuation of the chain, and the ask price is Rs 3,000 crore. Read More
Markets in 'deep hole' as growth fears escalate; Sensex falls 1,115 points
The BSE Sensex posted its biggest single-day fall in four months after investor sentiment turned sour on the Federal Reserve’s dire assessment of the US economy and rising Covid-19 infections forcing many countries to re-enforce restrictions. The Sensex plunged 1,115 points, or 3 per cent, to end at 36,554, its lowest close since July 10 and the biggest drop since May 18. Read More
Partial relief for firms as govt extends IBC suspension for three months
The central government has extended the suspension on initiating insolvency and bankruptcy proceedings against firms for three more months till December 24, a notification from the corporate affairs ministry said. The exemption was introduced through an Ordinance in June, suspending insolvency proceedings against any default arising for at least a six month period starting from March 25. Read More
Harley Davidson to quit India, take $75 million in restructuring cost
Iconic US motorcycle manufacturer Harley-Davidson, Inc. (Harley) will discontinue its sales and manufacturing operations in India. The move is seen as part of its global restructuring initiative, under which it plans to exit international markets, where volumes and profitability have been elusive. Read More
No need for 5G trials in India to test the technology, says Nokia
Telecom gear maker Nokia, which provides equipment for leading Indian telcos, says there is no need for 5G trials in India to test the technology, as it is now well established and in operation in many parts of the world. According to the Global Mobile Suppliers Association, over 96 operators have launched commercial retail 5G services and 397 operators are investing in 5G networks. Read More
Investment in IndusInd Bank stocks a value bet, but tread with caution
The prolonged correction in banking stocks has tempted investors to look at underperformers. IndusInd Bank, despite its massive recovery from its all-time low of Rs 235 a share, is one such candidate thanks to its 65 per cent year-to-date underperformance. Trading below its book value (0.9x its FY22 estimated earnings), analysts at Nomura, UBS, and CLSA are positive, primarily for its beaten-down valuation. Read More
Reliance Jio adds 4.4 mn users, Vodafone Idea down by 4.8 mn in June
Reliance Jio continued to race ahead in subscriber addition, while Vodafone Idea (Vi) lost a significant user base in June, the latest data from the Telecom Regulatory Authority of India (Trai) shows. While Jio added 4.4 million, Vi slipped by 4.8 million subscribers. Bharti Airtel’s drop was lower at 1.1 million users. Read More
RBI scraps Rs 10,000-crore OMO, plans to conduct Operation Twist
The Reserve Bank of India (RBI) on Thursday refused to go ahead with its planned bond purchase from the secondary market, even as it received more than six times the bid for its Rs 10,000-crore open market operation (OMO). Instead, the central bank announced a special OMO of Rs 10,000 crore, to be conducted on October 1, where it would simultaneously buy and sell bonds to keep system liquidity intact. Read More
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