1) Tech Mahindra - Satyam merger approved
The Boards of Directors of Tech Mahindra and Satyam Computer Services Ltd in their respective meetings Wednesday approved a proposal to merge Mahindra Satyam with Tech Mahindra. The new entity will likely retain the Mahindra name. The merger process is expected to take six to nine months. (Read More)
Shares of Tech Mahindra Ltd rose as much as 5.5 per cent on the Bombay Stock Exchange. Mahindra Satyam too rose 4.6 per cent, while the benchmark Sensex closed 1.65 per cent higher. (Read More)
2) Uninor moves Supreme Court, seeks 2G spectrum auction by June 2
The India unit of Norway's Telenor ASA has filed an application with India's top court asking it to direct the government to conduct 2G spectrum auction by June 2, said Sigve Brekke, head of Telenor's Asian operations, on Wednesday. (Read More)
Unitech is reported to have consented Tuesday to sell its 33 per cent stake in telecom company Uninor to its joint venture partner Telenor during a Company Law Board hearing. (Read More)
3) Markets regain momentum, rise again
Indian markets changed tracks mid-session to close with strong gains Wednesday. The BSE Sensex rose 285.53 points or 1.65 per cent to 17,601.71 while the broader Nifty index advanced 90 points to 5,364.95. (Read More)
Buying momentum returned to markets after four straight days of weakness. IT stocks too ended higher after days of weakness. (Read More)
Also read: 5 reasons why Bata shares are rising post Budget
4) Tata's JLR finalizes joint venture with China's Chery Auto
Jaguar Land Rover (JLR) has finalised a joint venture agreement with Chery Automobile Co to manufacture and sell vehicles in China, the two companies said, as the luxury British brands look for further growth in the world's largest car market.
But the deal is just one step in a complex process. (Read More)
However, shares in automaker Tata Motors continued their fall for a fourth straight session on margin worries at its luxury car unit JLR. There have been reports of major discounts offered by rival luxury car brands in China, which has led to worries over JLR sales. (Read More)
5) Rupee hits two-week low
The Indian rupee fell to its weakest level in two weeks on Wednesday, despite upbeat sentiment in local stocks and speculation about dollar sales by the central bank to shore up the domestic currency. (Read More)
The rupee ended at 50.66/67 to the dollar, close to its low of 50.68, a level last seen on March 7, and weaker than Tuesday's close of 50.39/40.
6) SBI shareholders approve capital infusion
The country's largest lender State Bank of India (SBI) said its shareholders have approved a Rs 7,900 crore capital infusion by the government. It is also offering home loan borrowers to switch to lower interest rates. (Read More)
7) Government refunds Vodafone tax with interest
Within hours of Supreme Court dismissing the review petition in the Vodafone's tax case, the Indian government on Tuesday refunded about Rs 2,500 crore plus four per cent interest to the firm. A Vodafone spokesman confirmed the development. (Read More)
8) Will Infosys stop offering guidance?
Over the past few days, analysts have been speculating about the possibility that Infosys, India’s second largest exporter of software services, could do away with its quarterly guidance policy. They believe that the company could settle for putting out an annual guidance for profit and revenue growth going forward against the practice of indicating it each quarter. (Read More)
9) Census 2012 soothes what Budget 2012 hurts
Consumption accounts for close to 70 per cent of India’s gross domestic product or GDP. Finance minister Pranab Mukherjee hiked excise duty and service tax by 2 per cent in the budget for all companies. This makes products costlier as companies would pass on high costs to consumers. It could also slow down sales growth. Yet, over the past one week the BSE FMCG index rose 4 per cent while the BSE Sensex is down 2.8 per cent. Here’s why.
10) Angry birds to go the Disney way?
Angry Birds maker Rovio is teaming up with a major US retail chain to sell its merchandise, and plans to open themed activity parks in Britain. It wants to continue to expand its presence beyond mobile games to establish a Disney-style brand. (Read More)