BackMint Evening Digest: Tata Group stock, fine on Flipkart, and more
Ahead of market opening, read top business news, equity market precursors, and economic and banking news updates from India and across the world for 17 August, 2022.
PremiumTata Group stock hits record high, enters top 100 most valued companies list
Shares of Trent surged to hit an all-time high level of ₹1,479 apiece on the BSE in Wednesday's trading session with its market capitalisation crossing the ₹50,000 crore mark and entering the list of top 100 companies by market capitalization. Read here
Mutual funds make most buying in Zomato shares in July. Should you invest?
As per ICICI Direct's data, in July, the market value of Zomato across AMCs climbed strongly to ₹1,343 crore compared to ₹963 crore in June month. There was a huge buying in Zomato shares to the tune of 28.71 crore shares in July compared to 17.89 shares in June this year. Read here
Consumer protection watchdog slaps ₹1 lakh fine on Flipkart
CCPA has directed Flipkart to notify consumers of all 598 pressure cookers sold on its platform, recall the items and reimburse their prices to the consumers and submit a compliance report within 45 days. Read here
Bharti Airtel pays ₹8312.4 cr upfront to clear four years of 5G auction dues
Telecom major Bharti Airtel has made an upfront payment of ₹8,312.4 crore to the telecom department towards dues for spectrum bought in recent auctions. Read here
IDFC First Bank to offer banking, fundraising solutions to startups, investors
IDFC First Bank on Wednesday signed an MoU with an early-stage platform for investors and founders, LetsVenture to explore synergies and support the startup ecosystem by offering curated products and solutions to startup founders and investors. Read here
MINT MORNING DIGEST
KKR sells Max stake in PE’s largest exit
KKR and Co. Inc. on Tuesday sold its entire stake in hospital chain Max Healthcare Institute Ltd for around ₹9,400 crore, marking the private equity giant’s largest exit from an Indian firm. Read More Here.
Amul, Mother Dairy to hike milk prices by ₹2 per litre from today
Milks prices are set to increase from today as leading milk suppliers Amul and Mother Dairy has announced a price hike of ₹2 per litre on account of rising input costs. Read More Here.
Maharashtra announces 3% DA hike govt employees
The dearness allowance (DA) for government employees in Maharashtra has increased by 3%, according to a statement from the Chief Minister's Office on August 16. It stated that the choice was made during a cabinet meeting presided over by Chief Minister Eknath Shinde. It stated that the new DA would take effect in August itself. According to the CMO statement, the dearness allowance has been increased to 34% of the basic pay. Read More Here.
Adani Logistics to buy Navkar’s inland container depot in Gujarat for ₹835 cr
aAdani Logistics Ltd (ALL), a unit of Adani Ports and Special Economic Zone Ltd, on Tuesday said it has signed a definitive agreement to acquire an inland container depot (ICD) from Navkar Corporation Ltd for an enterprise value of ₹835 crore. Read More Here.
SpiceJet, Maran agree on mediation
The Supreme Court on Tuesday said it would consider a joint request for mediation between SpiceJet Ltd and Kalanithi Maran to settle a protracted share transfer dispute. Read More Here.
Making sense of SoftBank’s long road to redemption
Even the biggest are fallible. Last week laid bare the many vulnerabilities of the two SoftBank Vision Funds (SVFs). The biggest and boldest riders in technology investing, with a total portfolio of $154 billion, lost about $17 billion in the June-ended quarter. In doing so, they revealed their inherent fragility to weak public and currency markets, and the travails of investing in technology businesses. Read More Here.
MSCI India bucks trend, outdoes emerging markets
Thanks to the rebound in Indian stock markets since June, the MSCI India index is now negatively correlated with the broader MSCI Emerging Markets (EM) index for 20 months, setting it on course for the longest such stretch since it was created in 1993. Read More Here.
Railways to revamp its reservation system to weed out ‘malafide users’
Once considered the most stressful aspect of a train journey, the three-decade-old passenger reservation system of the Indian Railways is set for another revamp that could see the weeding out of “malafide users" gaming the system with fake IDs. Read More Here.
Elon Musk is buying Manchester United
Elon Musk has declared that he is purchasing Manchester United Plc, a British football team. In a series of tweets, the Tesla CEO asserted that he backed both the right and left halves of the Democratic and Republican parties. Musk is a frequent Twitter user who has a history of trolling the media and making jokes about them. The media pays great attention to what he says. Read More Here.
Ikea operator to invest over ₹7,000 cr in India
Ingka Centres, part of Sweden’s Ingka Group which also runs Ikea retail stores, said on Tuesday that it will invest €900 million (about ₹7,266 crore) to build two mega shopping centres in the Delhi-NCR. Read More Here.
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