Category: Corporate

Shares of Zee Entertainment surged by 7% to ₹334.45 on Wednesday. This comes after the announcement by Zee’s MD and CEO Punit Goenka at an event that the company’s merger with Sony India is “in the final stages of stitching up”. Post the merger, 47.07% stake will be held by Zee’s shareholders, while Sony will hold 52.93% shares. The merger of the India businesses of both Zee and Sony was announced in September, with Sony holding the majority stake. “I certainly believe that consolidation is going to benefit the industry…

The government will introduce the Banking Laws (Amendment) Bill 2021 with the aim to privatise two public sector banks in the forthcoming winter session of Parliament. The winter session of the Parliament will commence from November 29. A total of 26 bills are scheduled to be introduced during the session, of which the proposed legislation is one of them. In order to privatise two public sector banks, amendments need to be made in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 as well as incidental amendments are…

Ingka Centres, part of the Ingka Group has announced a new project worth €400 million (Rs 3,500 crore), as part of which it has revealed plans for a new IKEA anchored mixed-use development in Gurgaon.  The company has said in a statement that the construction will start in early 2022. The new meeting place is expected to generate more than 2,500 jobs and will contribute to further growth of organised retail in India, according to Ingka Centres. It will also set the standard for the next generation of sustainable mixed-use…

The move is aimed at global energy markets, but also at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. Gas prices are at about $3.40 a gallon, more than double their price a year ago, according to the American Automobile Association. President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy-consuming nations, including China, India, and the United Kingdom. The move is aimed…

Union Minister for Road Transport and Highways  Shri Nitin Gadkari has said that National automobile Scrappage policy is mutual win-win policy for all the stakeholders. Inaugurating the  the Vehicle Scrapping and Recycling Facility set upby Maruti Suzuki Toyotsu India Private Limited (MSTI)at Noida today he said the policy aims at creating an ecosystem for phasing out unfit and polluting vehicles from the Indian roads and to  meet this objective state-of-the-art scrapping and recycling units are needed.  The Minister said the policy will help in increasing Automobile sales,provide employment,reduce import cost,generate…

In what apparently looks like a BharatPe vs Paytm war, founder Ashneer Grover has officially criticised Vijay Shekhar Sharma. To Sharma’s decision to “misprice” the fintech firm’s public offering, Grover said that this failed listing thus ends the frenzied cycle of IPOs in India. Paytm’s stocks continue to tank, following a debacle at the Bombay Stock Exchange. It saw the worst performance in recent history with share price going down 27 percent to Rs 1,560 from the issue price of Rs 2,150 apiece. Grover, whose firm recently got a small finance…

Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh, who is also Incharge Department of Pensions, today clarified and reiterated that Joint Bank Account is not mandatory for Spouse Pension. The Minister said, the government headed by Prime Minister Narendra Modi has always sought “ease of living” for all sections of society including the retirees and pensioners who are the nation’s assets with all their experience and long years of…

The 229th meeting of Central Board of Trustees (CBT), apex decision-making body of EPFO, was held today in New Delhi under the chairmanship of Shri Bhupender Yadav, Union Minister for Labour & Employment, Vice-chair Shri Rameswar Teli, Minister of State for Labour & Employment, co-vice chair Shri Sunil Barthwal, Secretary (Labour & Employment) and member secretary Shri Mukhmeet S. Bhatia, Central PF Commissioner, EPFO. The following key decisions were taken by Central Board, EPF: – The suggestion of the Chairman to constitute four sub-committees, comprising members of the Board from employees,…

Ant Group-backed ,Paytm’s 18,300-crore public issue got a decent 1.89 times subscription and the stock registered a fall of over 27 per cent from the issue price of ₹2,150. On the BSE, Paytm stock opened for trading at ₹ 1,955 and then ended the day at ₹1,564. This was greater than miner Coal India’s ₹15,000 crore offer a decade back. Paytm’s expensive valuations as the reason behind the fall in stock price on its first trading session. The interesting thing is Paytm has about 45x sales, and a market capitalisation of…

Shri Jyotiraditya M. Scindia, Union Minster of Civil Aviation has called for cooperation and support of all stakeholders, particularly States and UTs, in strengthening the Civil Aviation sector. Addressing the Conference of the ministers of Civil Aviation from States and UTs here today , Shri Scindia said that the sector contributes significantly to the economic development of the country but is probably the worst sufferer due to pandemic. He said that with the collective efforts, we can work for providing better passenger facilities, and strive for the sector’s expansion and…