Mistrys eye huge windfall, set Rs 1.8-trillion price tag for exit
The Shapoorji Pallonji (SP) group has valued its stake in Tata Sons at close to Rs 1.78 trillion. The valuation is based on the current value of Tata Sons' shares in group listed companies such as Tata Consultancy Services (TCS), Titan Company, Tata Motors, and unlisted subsidiaries including Tata Capital and Tata AIA Life Insurance. Read More
Shapoorji Pallonji Group agrees to exit Tata Sons, calls for separation
In an attempt to end the long-standing and bitter dispute with the Tata group, the SP group, owned by the billionaire Mistry family, on Tuesday told the Supreme Court (SC) that it would exit Tata Sons, provided an early, fair, and equitable solution was reached. In a late evening statement, the Mistry family said a separation from the Tata group was necessary due to the potential impact the ongoing litigation could have on livelihoods and the economy. Read More
Murugappa family votes to keep Valli Arunachalam out of holding co board
The shareholders of Ambadi Investments (AIL), the holding company (holdco) of the Rs 38,100-crore Murugappa Group, have voted against the induction of 59-year-old Valli Arunachalam, the eldest daughter of former executive chairman M V Murugappan, into its board. Read More
Sebi to prescribe stress tests, liquid holdings for debt mutual funds
The Securities and Exchange Board of India (Sebi) on Tuesday said it would tweak norms for debt MFs to improve liquidity and help schemes meet redemption requests at a short notice. The guidelines could mandate all debt schemes to hold a certain percentage of their portfolios in liquid assets and conduct regular stress tests to assess their liquidity profile. Read More
HMD unsure of making dent in India's coronavirus syringe market
India could soon find itself on the horns, let’s make that needles, of a dilemma as it sets out to buy the millions of syringes it will need for the coronavirus vaccine. More than half the auto disposable syringes bought by the government — 300 million syringes per annum — for mass immunisation programmes for other diseases are imported from China because they are inexpensive. Read More
Blue Dart to hike average shipment price by over 9% from January 1
Logistics services provider Blue Dart on Tuesday announced a 9.6 per cent hike in its average shipment price from January next year to offset higher costs. The price increase, however, will not be applicable to customers signing up with the company between October 1 and December 31, 2020, Blue Dart Express said in a release. Read More
Trai chief calls for creating shareable telecom infra in buildings
Making provisions for telecom comes as an afterthought post construction of buildings - unlike power, water and other utilities - leading to connectivity issues and RWAs must allow all players to create shareable infrastructure for easy plug and play, a top TRAI official said on Tuesday. Read More
I-T department puts in place safeguard measures for e-assessment
Addressing fears that the faceless assessment process may lead to a rise in ad hoc additions in demand by tax officers due to a gap in understanding or inadequate submissions, the income tax department has put in place in-built safeguard mechanisms. Read More
Refiners likely to add only a fourth of targeted petrol pumps in India
November 2018, the three oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) – had come out with an advertisement floating tenders for 78,493 petrol pumps across the country. This move, which came just before the polls, was pitched as a step to create over one million jobs. However, according to executives, the number of new pumps to be added would be significantly less. Read More
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