Current Affairs Business

  The Reserve Bank of India has rejected the merger proposal of Indiabulls Housing Finance and Lakshmi Vilas Bank. RBI has rejected the application for voluntary amalgamation of Indiabulls Housing Finance Ltd. and Indiabulls Commercial Credit Ltd. with the Lakshmi Vilas Bank Ltd. The merger was crucial for Lakshmi Vilas Bank as it is now under the prompt corrective action framework of the RBI due to a high level of bad loans and insufficient capital.
Source: The Hindu

  Reliance Mutual Fund has been renamed as “Nippon India Mutual Fund“. The organization was renamed following the purchase of 75% stake in Reliance Nippon Life Asset Management by Nippon Life Insurance. Nippon India Mutual Fund has become the largest foreign-owned Asset Management Company in India. Sundeep Sikka will continue to lead company as the CEO.
Source: The Hindu

  Infosys has been selected as the main supplier to deliver Volvo Cars’ digital transformation services for its enterprise digital commercial operations applications and products. Infosys will offer next generation application services leveraging its global delivery model (GDM), agile delivery, automation and other service optimisation levers to deliver effective service operations. Based on the Scale Agile Framework (SAFe), Infosys will enable transformation of application management and application development deliveries to a 100% agile operating model.
Source: The Hindu

  Securities and Exchange Board of India has imposed a penalty of over Rs 22 crore on Aurobindo Pharma and its promoters. They have been penalised for violating insider trading norms. The regulator had conducted an investigation into the trading in the scrip of Aurobindo Pharma Ltd. SEBI found that these entities purchased shares while in possession of the UPSI pertaining to Aurobindo, and made unlawful gains from having purchased its shares at a lower price before the publication of the unpublished price sensitive information (UPSI).
Source: The Hindu

  Wipro Consumer Care and Lighting has launched “Wipro Consumer Care–Ventures”, a startup venture fund to invest in startups in the consumer brands space. The venture will focus on companies with a differentiated approach where both parties can learn by leveraging their strengths and add value to each other. Wipro Consumer Care & Lighting is a $1 billion plus arm of Wipro Enterprises, and is among the fastest growing fast moving consumer goods (FMCG) businesses in India.
Source: The Live Mint

  The Securities and Exchange Board of India has announced a new mechanism to reward insider trading informants to uncover insider trading cases. The reward would be 10 per cent of the money collected, subject to a maximum amount of Rs 1 crore. These benefits would only be available to individuals and corporates. This is not applicable for professionals like auditors who are duty-bound to report any wrongdoing. The above announcement is a part of the detailed set of rules for the new ‘Informant Mechanism’ under Prohibition of Insider Trading Regulations that has been approved by the SEBI board. SEBI will also establish an Office of Informant Protection, which will be responsible for the receipt, registration and processing of the disclosure form and also for ascertaining its authenticity.
Source: The Hindu

  Bengaluru based Housing startup “Grexter Living” which is a co-living provider, has acquired i2Stay. It has also taken over some built-to-suit projects which i2stay has been working on. Post the acquisition, CEO of i2stay, Rajasekhar Gowreneni, will join Grexter Living as the managing partner for South India.
Source: The Economic Times

  Securities and Exchange Board of India has approved Singapore Stock Exchange and National Stock Exchange of India Ltd to operate jointly in Gujarat International Finance Tec-City, Gandhinagar. The two entities will create a new platform for trading called NSE International Financial Service Centre (IFSC)-SGX Connect. The new platform will allow trading in Nifty index derivatives, as well as single-stock derivatives of Nifty’s 50 constituent.
Source: The Live Mint

  Microsoft has acquired data privacy, governance service firm BlueTalon. BlueTalon helps enterprises set policies for how their employees can access their data. BlueTalon works with leading Fortune 100 companies to eliminate data security blind spots and gain visibility and control of data.
Source: The Times Now

  Apple has announced the acquisition of chip-maker Intel”s smartphone modem business for $1 billion. This agreement enables to focus on developing technology for the 5G network while retaining critical intellectual property and modem technology. Intel had been working on a chipset for the iPhone maker, with the chip expected to be part of iPhones by 2020.
Source: The DD News


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