Viral Acharya’s exit from Reserve Bank takes away a key voice of dissent

• Deputy governor Acharya was one of the dissenters in Feb and Apr monetary policy meetings
• The exit before Acharya’s term ends has rekindled concerns over RBI’s independence

Sebi board to tighten rules on share pledging

• The idea is to cover all innovative structures and methods used by promoters, says a source
• As of today 38,531 million shares are pledged across 790 listed firms and about 46.03% of these are promoter pledges

Making of Azim Premji: The Philanthropist

The inside story of how Wipro’s founder meticulously put in place the plan to give away his fortune to charity

India, US nearing industrial security pact for defence tech transfers

• A draft of the agreement called Industrial Security Annex will go up before the Union cabinet for approval in the next few weeks
• Lockheed Martin and Boeing are both in the race for a deal estimated at over $15 billion to supply the Indian Air Force with 114 fighter planes to replace its ageing fleet of Mig 21 jets

Jet Airways creditors asked to submit claims by 4 July

• The airline owes over ₹8,500 crore to a consortium of 26 banks led by State Bank
• The resolution professional for Jet Airways has invited claims from all creditors to the grounded airline

L&T moves closer to Mindtree takeover after Nalanda Capital stake buy

• Larsen and Toubro's stake rises to 46%
• Nalanda’s stake purchase takes L&T closer to its target

RBI plans for transferring excess reserves opposed and delayed

• Sources say Finance Secretary Subhash Chandra Garg is in favour of higher transfer
• Deputy Governor Viral Acharya, whose resignation was only disclosed on Monday, had also defended the RBI's excess reserves

Huawei says ready to sign ‘no back door’ pact with India

• Huawei India CEO Jay Chen says it also encourages other original equipment manufacturers to sign this kind of pact with the govt and telecom operators
• Chen says Huawei wants a level playing field in India

At 8 mn, Jio adds the most subscribers in April; Airtel loses the most at 3.3 mn

• Mobile phone customer base grew by 490,000 subscribers to 1.16 billion in April, says a TRAI report
• State-run BSNL was the only other gainer with over 0.2 million new subscribers taking its total tally to around 115.9 million

Number of wilful defaulters in nationalised banks up 60% to 8,582 in 5 years

• Recovery of ₹7,654 crore has been done from wilful defaulters' accounts during the last five financial years, the FM said
• The minister was replying to a question whether the cases of wilful defaulters of banks have increased during the last five years

IndiaMart IPO off to strong start: Key things to know before you invest

• IndiaMart is the first company to test IPO market under Modi 2.0
• At the upper end of the price band, IndiaMart offer is expected to raise about ₹475 crore

Changing to batteries will not reduce one iota of pollution: Venu Srinivasan

• This is not like Aadhaar, not a software and print cards, TVS Motor Co Chairman & Managing Director Venu Srinivasan said
• Bajaj Auto Managing Director Rajiv Bajaj added that 100% transition is completely uncalled for

Donald Trump imposes new U.S. sanctions on Iran, including supreme leader

• Donald Trump also said the sanctions would have been imposed regardless of the incident over the drone
• The Trump administration wants to force Tehran to open talks on its nuclear and missile programmes and its activities in the region

SRF: Robust growth in specialty chemicals biz yields good crop for now

• The backward integration, wide product portfolio in fluorochemicals are giving SRF a competitive advantage
• Revenues and net profit surged 35% and 39%, respectively, in FY19

For this serial entrepreneur, travel sparks business ideas

Jaypore’s Shilpa Sharma says travel has steered her into interesting meetings and entrepreneurship opportunities

CIL’s relaxed production target still looks stiff

• It took the company three years to increase production from around 500 mt in FY16 to 606 mt in FY19
• To meet its FY25 target, annual incremental production would need to be almost twice that rate at 66 mt a year

Illicit money outflows average 10% of GDP: Parliamentary panel

• The finding was part of a report by The Parliamentary Standing Committee on Finance
• The sectors where unaccounted income is found to be highest included real estate, mining, pharmaceuticals, tobacco industry, film industry, educational institutes

RBI Deputy Governor Viral Acharya resigns

• RBI Deputy Governor Viral Acharya resigns six months before his term ends, according to a report
• Viral Acharya is returning to the New York University Stern School of Business in August, says the report

Opinion | Our premature push for electric vehicles

The government should reconsider its rush to get India to adapt to a mode of transport whose  overall  benefits  to  Earth  are  unclear.  Let the market  disrupt  the  auto  sector  on  its  own

IPO long-term strategy, currently focused on driving e-commerce growth: Flipkart

• The statement comes amid reports that Flipkart is looking at tapping into the US equity market by 2022
• An IPO has always been part of Flipkart's ambitions and long-term strategy but right now, we don't have a time frame on that, a Flipkart spokesperson said

8 Maruti Suzuki models among top 10 best selling cars in India

• Maruti Swift was the best-selling model last month clocking 17,039 units
• Maruti Dzire sold 16,196 units last month, occupying the third position

IndiGo Mumbai-Jaipur flight makes emergency landing after oil leak

• The number of passenger on board the aircraft could not be immediately known
• During the cruise at 31,000 ft, the flight crew after noticing tank fuel quantity getting reduced

Filling Iran oil gap in India: US supplies outshine Middle East crude

• India bought about 184,000 barrels per day oil from US over Nov 2018 to May 2019, compared with about 40,000 bpd in the year-ago period
• Donald Trump's administration renewed sanctions against Iran last year over its nuclear programme

Will digitization cause the next financial crisis?

Digitization and militarization may aggravate the underlying structural conditions behind the Great Depression of 2008 and trigger a similarly dire crisis, says study

Rupee closes near two-week high

• So far this year, the rupee has fallen 0.2% against the US greenback
• The 10-year bond yield was at 6.846%, compared with Friday's close of 6.856%

MEA proposed manufacture of e-passports on priority: Jaishankar

• Jaishankar said the partnership between MEA and Department of Posts is a wonderful example of the best practice in citizen-centric governance
• He said optimal use of the technology should be made along with the tools provided by the government's initiatives under Digital India

Have NDA’s tax reforms been counterproductive?

With tax revenue collections falling short of budget estimates, there is a need for the govt to reconsider its ambitious targets and reform the tax system

Bitcoin prices cross $11,000 with another big surge

• The largest cryptocurrency had a furious run higher in late 2017
• Bitcoin surged 13% gain from late Friday that put it at the highest levels since March 2018

Sebi to allow IPOs by tech companies with superior voting right shares

• The new norms are particularly aimed at helping new technology companies with asset light business model
• It has been suggested that the DVRs should currently be restricted to only new technology firms that are yet to get listed

Evaluating selling entire 20% stake in Shriram Capital: Piramal Enterprises

• The company had earlier this month sold its entire holding of 10% holding in Shriram Transport Finance Co Ltd for ₹2,300 crore
• In April this year, Piramal Enterprises had announced its intention to exit from investments in Shriram and optimally redeploy capital for strategic growth in its own financial services business

Laser-guided bomb system for Mirage-2000 was done for Kargil War: IAF Chief

• To accelerate the modification of the aircraft, its integration with targeting pods and 1000-pound laser guided bombs were done in a record time
• Dhanoa asserted said deploying Mirage-2000 jets and air support to ground forces turned the tide of the 1999 war in favour of India

I-T Dept issues notices in 380 cases of undisclosed foreign assets of ₹12k cr

• In a written reply to a question in the Lok Sabha, FM Nirmala Sitharaman said prosecution has been launched in 68 cases
• As per data, the Department has conducted searches on 983 groups and seized ₹1,584 crore in 2018-19, up from 582 cases involving seizure amount of ₹993 crore in 2017-18 fiscal

Gupta weddings over, Auli stares at quintals of waste

• Over 220 quintal waste had been collected from the wedding site between Sunday and Monday noon
• The Municipality officials said they would be able to completely clean the site only by 30 June

Dormant PF account will earn interest till the holder attains retirement age

After 36 months have passed since the last active contribution in a PF account, it gets categorised as dormant account

Binny Bansal sells ₹531 crore Flipkart shares to Walmart

• Binny Bansal's equity shares sold $76 million worth of his shares in Flipkart to Walmart's Luxembourg entity FIT Holdings SARL
• Walmart increased its equity holding in Flipkart by buying 5,39,912 shares

Shahid Kapoor’s ‘Kabir Singh’ to clock ₹68 crore on opening weekend

• Kabir Singh became the third highest opening day earner of the year
• The other big winner this weekend is Punjabi film Shadaa

TCS hikes stake to 66% in Japanese JV with $32.6 million investment

• The current governance of operations and management will remain unchanged by the share acquisition
• The joint venture was established in July 2014

After Dubai, UrbanClap arrives in Abu Dhabi

• With the launch in Abu Dhabi, UrbanClap now provides its services across 10 cities in India and 2 cities in the UAE
• UrbanClap aims to grow its UAE business two times (month-on-month)

Logistics sector to add 149,000 new jobs in April-September: Report

• Finding was part of the TeamLease Services' biannual 'Employment Outlook' report
• The sector is forecast to witness 14.19% job growth with railways, waterways, air freight and warehousing recruiting the most

From Yagna to drywashing cars, how Chennai is battling water crisis

• Hyundai Motor has asked its customers to 'dry wash' cars
• Cognizant has installed special nozzles in washbasin taps that lowers water consumption by 80%

Yes Bank co-founder Rana Kapoor's family plans mortgage unit sale

• Rana Kapoor's family could consider selling a majority stake in the mortgage finance unit
• It has reached out to several private equity firms to gauge their interest

Who took my money: The builder or wealth adviser?

• The Karvy incident highlights why you should be wary of privately-placed products
• Investors should read the documents, fine print of financial products carefully, especially in privately-placed products where regulatory control is lower