PNB fraud accused Nirav Modi. (HT)
Mindtree promoters have opposed L&T hostile takeover bid. (Mint)
Mindtree promoters have opposed L&T hostile takeover bid. (Mint)

Mindtree defers decision on share buyback amid L&T takeover bid

  • Mindtree says its board considered a share buyback proposal but decided to discuss it at a future date
  • Larsen and Toubro (L&T) made a hostile takeover bid to buy up to 66% stake in Mindtree for around 10,800 crore

The Blackstone-Embassy REIT plans to raise  ₹4,750 crore in the IPO by issuing units in a price band of  ₹299-300 apiece. (Mint)
The Blackstone-Embassy REIT plans to raise 4,750 crore in the IPO by issuing units in a price band of 299-300 apiece. (Mint)

India's first REIT has been fully subscribed

  • As of 1pm on Wednesday, the Blackstone-Embassy REIT IPO was subscribed 102%
  • Institutional investors subscribed to 119% of the shares alloted for them in the Embassy REIT IPO, retail subscription stood at 81%

Vodafone Idea is India's largest telecom firm by subscribers. (Reuters)
Vodafone Idea is India's largest telecom firm by subscribers. (Reuters)

Vodafone Idea's $3.6 billion rights issue to cause massive dilution

  • Vodafone Idea shareholders will be able to buy 87 shares for every 38 shares held for an issue price of 12.50 apiece, a 60% discount
  • The rights issue will increase the number of Vodafone Idea shares by 229%, diluting it to 28.74 billion outstanding shares

The Mate X looks stellar not just because it’s well designed, but because it’s just so new.
Etihad currently holds 24% stake in Jet Airways (Reuters)
Mark to Market
View All
Suzuki will also produce its Baleno, Vitara Brezza, Ciaz, and Ertiga models for Toyota to sell in Africa.
Suzuki will also produce its Baleno, Vitara Brezza, Ciaz, and Ertiga models for Toyota to sell in Africa.

After Baleno, Maruti Suzuki Ciaz, Ertiga to be sold as Toyota in India

  • Toyota, Suzuki also plan to produce electric vehicles and compact cars for each other to compete better in the auto industry
  • Toyota is helping Suzuki to develop and market electric cars in India, while Suzuki helps Toyota increase its presence here

ArcelorMittal has offered to pay Essar Steel creditors  ₹42,000 crore and plans an equity infusion of  ₹8,000 crore into the bankrupt company.
ArcelorMittal has offered to pay Essar Steel creditors 42,000 crore and plans an equity infusion of 8,000 crore into the bankrupt company.

ArcelorMittal-Essar Steel case: NCLAT calls for rework of payout of dues

  • NCLAT tells Essar Steel's RP to call a fresh meeting of creditors to discuss distribution of funds coming in from ArcelorMittal
  • NCLAT upholds in 'letter and spirit' NCLT Ahmedabad's 8 March order, which approved ArcelorMittal offer for Essar Steel

If L&T can pull off the Mindtree takeover, it stands to gain from higher scale in some key verticals, which will give access to some clients and projects, which L&T Infotech couldn’t target on its own. (Vipul Sharma/Mint)
If L&T can pull off the Mindtree takeover, it stands to gain from higher scale in some key verticals, which will give access to some clients and projects, which L&T Infotech couldn’t target on its own. (Vipul Sharma/Mint)

L&T storms Mindtree gates, but its own investors feel the heat

  • Larsen and Toubro's (L&T's) hostile takeover provides a nice exit window for Mindtree investors at 980/share
  • The worry is for L&T investors, since the engineering conglomerate is increasing exposure to non-core businesses

SpiceJet and IndiGo are expected to gain financially amid a Jet Airways crisis that refuses to abate. (Ramesh Pathania/Mint)
SpiceJet and IndiGo are expected to gain financially amid a Jet Airways crisis that refuses to abate. (Ramesh Pathania/Mint)

SpiceJet, IndiGo shares surge at the expense of Jet Airways

  • SpiceJet shares rise 16.38% to 91.65 apiece on the BSE while IndiGo shares gain 7.3% to end the day at 1,422.80
  • Investors are betting that SpiceJet and IndiGo will gain financially amid a Jet Airways crisis that refuses to abate

Elections 2019
View All
Reliance Jio led the market with 28.94 crore broadband subscribers. (Pradeep Gaur/Mint)
Reliance Jio led the market with 28.94 crore broadband subscribers. (Pradeep Gaur/Mint)

India's telecom subscribers base crosses 120 crore: Trai data 

  • Reliance Jio dominated growth by adding over 93 lakh new mobile customers
  • The net increase of telecom subscriber in January was 59 lakh, compared to over 1 crore subscribers added by the three players

We must make a distinction between what’s designed to incite and what some folk get incited by. 
We must make a distinction between what’s designed to incite and what some folk get incited by. 

If you ban PUBG, why not cricket as well?

It makes no sense to deprive people of a particular game’s thrills on vague allegations of its bad influence. Arbitrary bans reveal a lack of clarity on the principles of governance 

Poster of 'Mard Ko Dard Nahi Hota'
Darryl told stories to readers not aware of all the facts but who were willing to listen. (Facebook)
Shatrughan Sinha, the BJP MP from Patna, had been making his displeasure with the BJP top leadership amply clear ever since Modi outsmarted his mentor, L. K. Advani, to seize control of the party. (Amal KS/Hindustan Times)
Shatrughan Sinha, the BJP MP from Patna, had been making his displeasure with the BJP top leadership amply clear ever since Modi outsmarted his mentor, L. K. Advani, to seize control of the party. (Amal KS/Hindustan Times)

Has the BJP got the better of dissident Shatrughan Sinha?

The game of nerves that Sinha and his party have been playing over who snaps ties first is finally headed for a climax

Encouraged by consistently high growth and profits over the previous decade, Unilever increased its stake in HUL in 2013 from 52.5% to 67.3%, with a  ₹29,000-crore open offer,
Encouraged by consistently high growth and profits over the previous decade, Unilever increased its stake in HUL in 2013 from 52.5% to 67.3%, with a 29,000-crore open offer,

Unilever should move its global head office to India

The move would meet a crucial criterion for such a choice, which is to be closer to the firm’s end users 

Thyssenkrupp confirmed it remains confident that the transaction, which will create Europe's second-largest steelmaker. (Bloomberg)
About 43% of the Gen-Z (19- to 22-year-olds) and 45% of younger millennials (23- to 29-year-olds) think it is 'somewhat' to 'extremely' easy to find a job nowadays. (HT)
About 43% of the Gen-Z (19- to 22-year-olds) and 45% of younger millennials (23- to 29-year-olds) think it is 'somewhat' to 'extremely' easy to find a job nowadays. (HT)

Optimism about jobs rises among India's youth: Survey

Perceptions about employment prospects are changing among urban youth, but a majority are still dissatisfied with the job market, shows a Mint-YouGov survey

Sensex, Nifty end flat after a seven-day rally

  • IT stocks among top gainers; auto, banking stocks drag
  • PNB shares gain after Nirav Modi's arrest

A Jet Airways Boeing 737 MAX 8 aircraft. (Reuters)
A Jet Airways Boeing 737 MAX 8 aircraft. (Reuters)

Govt looks at providing Jet Airways' unused airport slots to other airlines

  • Civil Aviation Secretary said the ministry would discuss with Jet Airways about its requirements, including how many slots are being used
  • Cash-strapped Jet Airways, which is looking to raise fresh funds, has grounded at least 47 planes due to non-payment of lease rental

AirPods have been a hit with consumers since their 2016 debut, and anticipation has built for a followup product.
Jewellery designer is at the centre of the $2 billion PNB fraud that came to light in February 2018. (HT)
Britain's Prime Minister Theresa May. (AFP )
Britain's Prime Minister Theresa May. (AFP )

Theresa May asks for delay of Brexit until 30 June

  • May has written to European Council President Donald Tusk to ask for a delay until 30 June
  • EU leaders are expected to discuss May's request for a Brexit delay at a summit in Brussels on Thursday and Friday

A Nirav Modi showroom is pictured in New Delhi. (Reuters)
Year to date, DIIs have sold Indian equities worth  ₹8,666.92 crore. Data shows DIIs were net buyers only in January ( ₹2,146.87 crore) while they sold  ₹565.89 crore in February.  (Paras Jain/Mint)
Year to date, DIIs have sold Indian equities worth 8,666.92 crore. Data shows DIIs were net buyers only in January ( 2,146.87 crore) while they sold 565.89 crore in February. (Paras Jain/Mint)

DII inflows slip to a three-year low in March amid FII pickup

  • Indian mutual funds and insurance firms that had so far offset FII outflows turned net sellers of 10,247.9 crore in March
  • The selling, the worst in 36 months, may be an attempt by DIIs to raise cash, expecting volatility ahead of Elections 2019

Etihad Airways CEO Tony Douglas has also asked SBI to consider buying Etihad’s 50.1% stake in Jet Privilege, the frequent flyer programme of Jet Airways. (Bloomberg)
Etihad Airways CEO Tony Douglas has also asked SBI to consider buying Etihad’s 50.1% stake in Jet Privilege, the frequent flyer programme of Jet Airways. (Bloomberg)

Etihad offers to sell its entire stake in Jet Airways to SBI

  • Etihad Airways CEO Tony Douglas met SBI chairman Rajnish Kumar in Mumbai on 18 March to discuss Jet Airways bailout plan
  • He asked SBI to buy Etihad’s 24% stake at 150 per share, or about 400 crore for the full stake

Mindtree founders want the glory and value of public markets, but, at the same time, don’t want to cede control. Here's where dual-class shares can come into play. (Mint)
Mindtree founders want the glory and value of public markets, but, at the same time, don’t want to cede control. Here's where dual-class shares can come into play. (Mint)

Opinion | L&T-Mindtree deal makes a case for dual-class shares in India

Dual-class shares can spell boon for companies, like in the case of Google and Facebook. A lack thereof can result in a Flipkart-type situation

Goa chief minister Pramod Sawant (PTI)
Opinion
View All
Stock markets globally have been roiled by ongoing concerns surrounding the US-China trade war for over a year. (Reuters)
Stock markets globally have been roiled by ongoing concerns surrounding the US-China trade war for over a year. (Reuters)

It’s China slowdown, not the trade war, investors see as the bigger risk

  • About a third of investors polled said that slower growth in China is their biggest concern
  • The survey also found that equity allocation has fallen 3 percentage points month-on-month to just 3% net overweight, the lowest since September 2016

An operator would need to pay at least  ₹9,840 crore to buy 5G spectrum on a pan-India basis as the regulator has suggested it
An operator would need to pay at least 9,840 crore to buy 5G spectrum on a pan-India basis as the regulator has suggested it "should be put to auction in the block size of 20 MHz." (Reuters)

Trai says telecom firms were consulted on 5G reserve price

  • TRAI chairman R.S. Sharma said the operators were consulted over the 5G base price and the govt has not sought any further review on it so far
  • Experts say TRAI's suggested base price of 492 crore per unit of 3500 MHz 5G spectrum is much higher than 65 crore per unit in Korea

Larsen and Toubro's CEO S.N. Subrahmanyan and CFO R. Shankar Raman. (Aniruddha Chowdhury/Mint)
Manu Jain, vice-president at Xiaomi Corp. and managing director of Xiaomi India. (Reuters)
Out of India’s millennial population of 450 million 300 million live in rural areas, making up 36% of the rural population. (Abhijit Bhatlekar/Mint)
Out of India’s millennial population of 450 million 300 million live in rural areas, making up 36% of the rural population. (Abhijit Bhatlekar/Mint)

Millennials in Rural India shaping consumption patterns in the hinterland

  • Millennials in Rural India could influence $220 billion worth of annual spending, with $177 of this being discretionary
  • Migration to urban areas and deeper internet penetration are fueling aspirations of rural millennials in India

 (AP)
Bill Gates. (AP)
 (Reuters)
(Reuters)

Instagram moves into e-commerce with shopping button

  • Tapping the checkout button will allow shoppers to select options such as size or color and then pay for items without leaving the Instagram app
  • Information entered for an initial purchase will be stored for future use, according to Instagram

Sony has already rolled out its own streaming service PlayStation Now, which was released in 2014.  (Reuters)
Sony has already rolled out its own streaming service PlayStation Now, which was released in 2014.  (Reuters)

Nintendo, Sony shares fall after Google unveils a gaming service

  • Nintendo dropped as much as 4.6% and Sony declined 4.5%
  •  Stadia lets developers put games on a streaming platform that will allow players to access the action through the web

 (iStock)
(iStock)

Opinion | Who is afraid of a junk bond mutual fund product?

Sebi needs to find a way to mark credit risk in every debt fund for the retail investors

Out of all the lip products, lipsticks have the highest penetration in India as they are used by the masses. (Mint)
Out of all the lip products, lipsticks have the highest penetration in India as they are used by the masses. (Mint)

Small packs are now a thing of beauty in cosmetics industry

  • Maybelline New York, MAC Cosmetics and Nykaa have embraced the 'sachet concept' to disrupt the cosmetics market
  • Smaller beauty product packs bring down prices, increase sales by reaching out to a wider customer base

Goa governor Mridula Sinha (right) administers the oath of office to chief minister Pramod Sawant at Raj Bhavan in Panjim on Tuesday.pti
The Mindtree board is scheduled to meet today to consider a share buyback, a move that could push up the acquisition cost for L&T. (Mint)
The Mindtree board is scheduled to meet today to consider a share buyback, a move that could push up the acquisition cost for L&T. (Mint)

L&T declares its ‘love’ but Mindtree unmoved

  • Mindtree founders in Bengaluru claim support of large investors, implying stiff opposition to L&T's hostile takeover bid
  • Meanwhile in Mumbai, Larsen and Toubro has two immediate goals: raise its stake to 26% and get a representative on Mindtree’s board

Netflix CEO Reed Hastings says he’s optimistic about the upcoming Netflix India Original 'Delhi Crime'. (Reuters)
Netflix CEO Reed Hastings says he’s optimistic about the upcoming Netflix India Original 'Delhi Crime'. (Reuters)

Netflix bets on stories with local voice but global appeal

  • Netflix says India is one of the markets that has taken to content from across borders, in diverse languages and genres
  • That said, finding stories that resonate with audiences globally with an inherent authentic local voice is at the heart of Netflix’s strategy

FreeCharge co-founder Kunal Shah’s second venture, Cred, incentivizes credit card payments with reward points. (Mint)
FreeCharge co-founder Kunal Shah’s second venture, Cred, incentivizes credit card payments with reward points. (Mint)

Fintech startup Cred in talks to raise $100 million in fresh funding

  • Cred founder Kunal Shah is looking to raise the funds at a valuation of $300 million, unprecedented for the four month-old startup
  • There is immense in-bound interest to invest in Cred even though the company recently raised money and is only four months old

Embassy Office Parks REIT, backed by Blackstone and Bengaluru's Embassy Group, is India’s first real estate investment trust (REIT). (Mint)
Embassy Office Parks REIT, backed by Blackstone and Bengaluru's Embassy Group, is India’s first real estate investment trust (REIT). (Mint)

Blackstone-Embassy REIT IPO sees 47% subscription on Day 2

  • Institutional investors subscribe to 59% of the shares alloted for them in the Embassy REIT IPO, retail subscription stands 32%
  • The Blackstone-Embassy REIT IPO plans to raise 4,750 crore by issuing units in a price band of 299-300 apiece

Larger firms have longer, highly complex and legally sound privacy policies but, ironically, are more likely to breach data privacy laws. (iStock)
Larger firms have longer, highly complex and legally sound privacy policies but, ironically, are more likely to breach data privacy laws. (iStock)

How privacy policies vary by size of the company

  • Privacy policies vary considerably in terms of text—even within industries, an analysis involving 4,000 US companies shows
  • They are also highly unreadable—requiring at least a college degree to fully comprehend the average privacy policy