From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
Employees of public sector general insurance (PSGI) companies are observing nationwide one-day strike on Wednesday to protest against intended privatisation of state-owned insurers. The Joint Front of Trade Unions in PSGI companies met on Monday and decided to protest against the decision of the government to privatise PSGI companies. The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said. Employees of all four PSGI companies are participating in the day-long strike, he said.
Fintech unicorn Razorpay has raised $375 million in the Series F round of funding at a $7.5-billion valuation, making it India's second-most valuable start-up in this space, after Paytm. The company valuation has surged over seven times in 15 months, helping it push Walmart-owned digital payments firm PhonePe to the third spot on the country's most-valuable fintech list. Razorpay's latest round of fundraising was led by Lone Pine Capital, Alkeon Capital, and TCV.
US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale. Both Flipkart and payment app PhonePe continue to do well, Walmart International president and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. "We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna. However, she noted that there is no specific timeline for the IPO.
Digital payments and financial services firm Paytm is likely to allocate shares at the upper price band of Rs 2,150 apiece on November 16 after market regulator SEBI's approval which is expected to come on Monday, sources aware of the development said. Earlier the allocation was expected to take place on Monday and the Paytm Money app also displayed the same.
Analysts say large issue sizes and high prices were key reasons for the poor response to IPOs of other public sector insurance entities. The high share price meant small investors did not foresee any listing gain
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Come October, life insurers may have to tighten their underwriting standards further for retail term plans at the behest of one of the largest reinsurers in the Indian insurance market, Munich Re. According to a source aware of the development, "Munich Re has been studying long-term mortality trends for the past few years, and has suggested some tightening in the underwriting process." "As far as financial underwriting is concerned, the reinsurer has suggested that insurers should ask for additional documents. "For example, apart from income proof, they can ask for bank statements of the prospective customer before issuing policies," added the source.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
US firms are seeking Indian engineers to work on technologies similar to their global counterparts
Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd (RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round.
The deal will give India's largest conglomerate indirect stakes in seven airports in India and abroad.
Approaches Morgan Stanley, GIC and Blackstone
Debt-ridden firm Reliance Capital on Monday objected to the proposed 33.12 per cent stake sale of Prime Focus Ltd (PFL) by Credit Suisse to PFL's promoter group at Rs 44.15 per share. Anil Ambani's Reliance Group company Reliance Capital in a statement termed the proposed transaction as a blatant abuse of the purported rights by Credit Suisse under certain lending agreements with the RCAP Group. However, Reliance Capital did not share the details of the "blatant abuse of the purported rights".
Nearly half of the investments by various US-based investors have been made in Reliance subsidiary Jio.
While the first wave of moving work to India was driven by cost considerations, increasingly companies are banking on local talent to add value to their business by jointly developing products and solutions.
The recent ruling by the Authority of Advance Rulings making back-office services provided by a company to global firms taxable under GST, has sent shockwaves through the information technology and business process outsourcing industry.
Following suggestion from Minister for Roads Nitin Gadkari, Centre seeks ideas from IRDAI and General Insurance Council on feasibility of providing insurance cover for retrenchment.
The judge orally observed that the obtaining of this kind of benefit by any such nominee-director raised an important question of morality and, equally, of law.
The Centre plans to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction.
Welcome to the era of too many investors chasing a limited number of commercial real estate deals.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
RInfra's plan to lease out headquarters property may face legal hurdle. Moreover, PE players with balance sheets that can take on Reliance Centre Office in Santacruz would be limited and include a handful of players such as Blackstone group, GIC, Brookfield Asset Management and Maplewood Investments.
Swiss cement maker Holcim, which had made an open offer to pick up 36.20 per cent shares of ACC, would also buy out the stakeholding of US-based AIG and GIC of Singapore in Ambuja Cement India Limited
A sector-wise analysis shows that a total of five PE transactions in the energy and natural resources sector led the value chart.
Foreign investment firms, especially private equity, are jittery about the Indian market as uncertainty continues to shroud the energy sector.
In the year 2020 to date, these funds deployed capital worth a record $14.8 billion in India, which is nearly three times more than what they have put in China - $4.5 billion.
ADP, Inc., one of the largest service providers in the HR and human capital space seeks talented freshers in India
In a departure from the past, when IHCL adopted the organic route for entering markets like London and New York, this time around the expansion will be acquisition-led.
Raghavendra Kamath reports on what ails India's real estate sector.
HR experts estimate that up to 70 per cent companies in the manufacturing and services space including sectors like auto components, edutech and construction equipment are looking to restore the salary cuts over the next couple of months.
The British pharma and consumer products maker had announced the open offer in November last year to raise its stake in its subsidiary to 75 per cent from 43.16 per cent at present.
Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect.
While proposals for covers in volatile markets aren't denied, premiums are much higher - by as much as 100-600%
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'This is happening regardless of the Budget.'
Billionaire Mukesh Ambani-run Reliance Industries Ltd's retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore. PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
The main concern among industry and market experts is that the governance in these companies needs to be strengthened and the focus on social insurance has to come down.
Apart from the Adani group, the Tata group, the Hinduja group, Indigo and a New York-based fund, Interups, are expected to submit EoIs.
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