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Another Resolution Under Bankruptcy Code et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 5, 2018 1:06 PM 1 min read
Editorial

End of Day Wrap-up (Tuesday / June 05, 2018) #Vedanta #Electrosteel #NPA #badloan #debt #IBC #India #FDI #Vodafone #Starbucks #Transfin

Editor's comment: Vedanta offers INR5,300cr to acquire Electrosteel Steel, marking the 2nd resolution under the new bankruptcy law, post Tata Steel's acquisition of Bhushan Steel for INR36,400cr.

 

Domestic IT firms offer less than 10% wage hike, driven by muted growth due to shifting business models and increased onsite costs. Lower attrition level is another factor responsible for lower pay hike.

 

India's service sector shrinks for the 1st time in 3 months as Services PMI fell to 49.6 in May from April's 51.4. A level below 50 indicates contraction.

 

Government of India expected to announce a package of INR8,000cr to bail out the sugar sector, in addition to financial assistance of INR5.5 per quintal of sugarcane, cumulating to INR1,500cr.

 

Department of Telecom approves Idea's proposal to increase FDI limit to 100% to enable its merger with Vodafone India. Merger expected to complete in first half of this year.

 

Howard Schultz steps down as Chairman of Starbucks Corp, fuelling speculation that he may run for political office.