BUSINESS
Sony unhappy with Zee developments, merger may unravel
The lawyers on both sides, Shardul Shroff representing Sony Pictures Entertainment India and Economic Law Practice for Zee will be busy in the next few days as the unravelling of one of the expected biggest entertainment media mergers takes place. Whether this will lead to Damages for Reps and Warranties Breaches remains a matter of conjecture?
Chairman Emeritus and MD of large listed company diverted public money: SEBI reply to SAT in Zee matter
"In the instant case, we have a situation before us where the Chairman Emeritus and the Managing Director and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons," SEBI said in its reply to SAT.
The market rally appears to be sustainable this time around
The highs made on BSESENSEX were at 63,384.58 points while it was 18,826 points on NIFTY. The levels on the December 1, 2022 were at 63,284.19 points and 18,812.50 points respectively. It is worth noting and highlighting that on March 20, 2023, markets had bottomed out at 57,084.91 points and 16,828.35 points.
RBI maintains a pause on rates in step with global markets - it helps
The Reserve Bank of India (RBI) earlier this month decided to maintain a pause on key policy rates for the second time in a row. While in April when the RBI had first paused the repo rates, real estate firms' shares had enjoyed good growth, mainly owing to positive sentiments among homebuyers, as the decision meant EMIs.
Solid Q4 results, return of FIIs, improving macros drive market's record surge
The market indices -- NSE's Nifty and the Sensex of the BSE -- are nearing their 52-week high points.vThe Nifty of the NSE on Friday opened at 18,723.30 and touched a high of 18,864.70. The 52-week high point was 18,887.60. Similarly, the Sensex of BSE opened at 62,960.73, touched a high of 63,520.36.
State polls may make markets nervous: Dhiraj Relli, MD & CEO, HDFC Securities
The upward trajectory is owing to a combination of factors such as good FY23Q4 corporate results, foreign institutional investors (FIIs), and also due to the domestic investor interest. "However, the markets may start getting nervous ahead of the next round of state elections due in November/December," he told IANS in an interview.
With new lifetime highs expect heightened volatility
BSESENSEX gained 758.95 points or 1.21 per cent to close at 63,384.58 points while NIFTY gained 262.60 points or 1.41 per cent to close at 18,826.00 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.65 per cent, 1.78 per cent and 1.88 per cent respectively. BSEMIDCAP gained 2.95 per cent.
Pakistan receives $1 billion loan from China
The Pakistan government also expects to refinance another commercial loan of $300 million from China in the near future, The Express Tribune reported. Finance Minister Ishaq Dar had announced that Pakistan would receive a $1 billion Chinese commercial loan within 72 hours. Islamabad had repaid this loan in advance after reaching a new agreement with Beijing.
UK regulator gives nod to Amazon's $1.7bn iRobot acquisition
The Competition and Markets Authority (CMA) found that iRobot's market position in the supply of robot vacuum cleaners in the UK is modest and that it already faces several significant rivals. "On this basis, the CMA considered that the loss of potential competition from Amazon wouldn't have a substantial impact on market outcomes," it said in a statement.
Domestic airlines witness 36.10% increase in passenger count
According to traffic data shared by various airlines, in May 2022, the passenger count stood at 114.67 lakh, and in May 2023, it rose to 132.41 lakh, indicating a month-on-month growth of 15.24 per cent. Furthermore, the overall passenger number in May 2023 increased by 3.26 lakh (2.52 per cent) compared to April 2023.
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