HDFC Standard Life Insurance has elevated its executive director and chief financial officer, Vibha Padalkar (in pic), to the post of managing director and chief executive officer for a period of three years, effective from Wednesday. Her appointment came after the current MD and CEO, Amitabh Chaudhry, resigned on September 8 to join Axis Bank as MD and CEO for a period of three years, effective January 1, 2019.
Companies and Markets
Companies & Markets
To bolster its evidence-gathering mechanism, watchdog Sebi is considering seeking powers from the government to intercept calls and electronic communications of those suspected of serious economic offences like insider trading.
Acting on recommendations made by a high-powered committee on fair market conduct, the capital markets regulator has prepared a proposal for its board to seek these powers by making necessary amendments in the concerned laws and regulations, a senior official said.
The government on Wednesday approved fiscal incentives to attract investments and technology in raising oil and gas production from ageing fields, which will unlock an estimated Rs 50 lakh crore of hydrocarbons in the next 20 years, oil minister Dharmendra Pradhan said.
The government will charge half of the Rs 4,500 per tonne cess levied on oil produced from nominated fields of state-owned ONGC and Rajasthan block of private sector Vedanta through enhanced oil recovery (EOR) and improved oil recovery (IOR) projects.
Corporate India's merger and acquisition activity fell to an eight-month low in August with 33 deals aggregating to $0.6 billion, largely owing to the absence of big ticket transactions, says a Grant Thornton report.
According to the latest Deal Tracker report, on a year-on-year basis, the deal values dropped 32 per cent, while there was also a fall of 31 per cent in terms of number of transactions.
The market bounced back after the selloff over the past two trading days. The BSE Sensex surged 304 points, or 0.81 per cent, to settle at 37,717, while the Nifty 50 Index rose 82.40 points, or 0.73 per cent, to settle at 11,369.90. The board market also witnessed buying interest, with the BSE Mid-cap Index rising 0.52 per cent, while the Small-cap Index fell 0.27 per cent.
A day after the reports that ArcelorMittal has given an ultimatum to the lenders of Essar Steel to clear its bid, the steel and mining major on Wednesday assailed the order of National Company Law Appellate Tribunal (NCLAT) asking it to pay Rs 7,000 crore to become eligible bidder. The LN Mittal-promoted group, in the Supreme Court, said that it had already divested its shares in the firms Uttam Galva Steel and KSS Pet-ron, whose bad loans were directed to be paid by it.
Reports of an economic review meeting to be chaired by the prime minister over the weekend helped the rupee make a dramatic recovery during the end of the trading hours on Wednesday, closing the session at 72.19 against the dollar.
In addition, a strong intervention by the central bank and exporters selling dollars helped the rupee to appreciate, said dealers.
Market regulator Sebi has intensified its probe into the NSEL scam of thousands of crores of rupees.
The market continued facing intense selling pressure with the Sensex plunging 509.04 points, or 1.34 per cent, to settle at 37,413. The Nifty 50 Index fell 150.60 points, or 1.32 per cent, to settle at 11,287. The Mid- and Small-cap stocks also faced huge sell off with the BSE Mid-cap Index going down by 1.36 per cent, and Small-cap Index falling 1.37 per cent.
The Supreme Court will hear today an ArcelorMittal plea challenging the NCLAT order that asked it to pay by Tuesday Rs 7,000 crore to become eligible to bid for Essar Steel.
A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud said, "We will hear the matter tomorrow (Wednesday)".
The matter came up before the apex court on Tuesday, a day after steel tycoon L N Mittal-promoted group made a bid of Rs 42,000 crore for Essar Steel.