- Reliance Communications Ltd: The debt-ridden mobile services provider on Sunday said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors, and asked them to cooperate in the ongoing corporate insolvency resolution process. In a BSE filing, RCom said its Committee of Creditors (CoC) had met on November 20. The filing stated that the resignations of the directors of RCom have not been accepted and they are advised to continue to perform their duties and responsibilities as the directors of Rcom and provide all cooperation to resolution professional in the corporate insolvency resolution process. Ambani along with four directors -- Ryna Karani, Chhaya Virani, Manjari Kacker and Suresh Rangachar -- had resigned from the company earlier this month.
- Yes Bank: The Reserve Bank of India has asked Yes Bank Ltd to re-examine the “fit and proper" status of the lender’s audit committee chairman Uttam Prakash Agarwal after it was found that he had failed to disclose details of criminal cases filed against him, media reports suggested. Yes Bank received a whistleblower complaint questioning Agarwal’s fit and proper status in November 2018, soon after he was appointed as an independent director during the tenure of co-founder and former managing director Rana Kapoor. Under RBI’s fit and proper criteria, directors on bank boards have to disclose several details, including if there are any criminal proceedings “pending or commenced or resulting in conviction in the past against the director".
- Steel Authority of India (SAIL): SAIL is awaiting a response from ArcelorMittal regarding setting up a joint high-end automotive steel plant in India for which its board had given a go-ahead about two years ago, a top company official of the state-run steel major said. SAIL chairman A K Chaudhary said this while replying to a question related to the progress in talks with ArcelorMittal for setting up a joint venture (JV). In December 2017, Steel Authority of India Ltd (SAIL) board had approved a proposal to enter into a JV with global steel giant ArcelorMittal for manufacturing high-end automotive steel. The definitive agreement in this regard, the company had said, will be finalised in due course subject to financial viability.
- Westlife Development Ltd: Food regulator FSSAI has slapped a show-cause notice on McDonald's for disparaging freshly cooked food and vegetables in its advertisements to promote fast food. In its notice, the FSSAI referred to a full-page advertisement by McDonald's in newspapers earlier this month that had said, "Stuck with Ghiya-Tori (bottle gourd-sponge gourd) Again? Make the 1+1 Combo you love".The food sector watchdog issued a show-cause notice to Hardcastle Restaurants and Connaught Plaza Restaurants Ltd - the franchise that operates McDonald's fastfood chain in India - seeking response on why action should not be initiated against them, a statement by the FSSAI said. WDL through its subsidiary Hardcastle Restaurants Pvt. Ltd. holds the master franchise for McDonald's in western India and South India.
- S&P BSE Sensex reshuffle: Tata Motors, Tata Motors with differential voting right (DVR), Yes Bank and Vedanta will be dropped from the BSE’s benchmark Sensex. In their places, UltraTech Cement, Titan Co Ltd and Nestle India will be added in the index, Asia Index, a joint venture between S&P Dow Jones Indices and the BSE, said in a statement on Friday. The changes will be effective from Monday, December 25, 2019, Asia Index said. Apart from these, changes have been made in several indices including S&P BSE 500, S&P BSE 200 and S&P BSE 100.
- NBCC Ltd: Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm. P&A Law Offices, which represents and advises 9 registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorized representative of homebuyers in a committee of creditors (CoC). While negotiating with the NBCC, homebuyers have asked their representative Verma to ensure claim for delayed compensation and no escalation charges.
- Bharti Airtel, Vodafone-Idea Ltd: The telecom operators along with 2 others Friday filed a petition with the Supreme Court to review its 24 October judgement, ordering telecom companies to pay over Rs92,000cr in dues and interest to the department of telecommunications (DoT) in a 14yr long case. The matter pertained to the DoT’s claim that telecom companies had underreported their revenues, paying less levies to the government. As per the court order, the telcos have to clear the dues within three months, i.e. January 24. However, in a respite to the telecom operators, the Union Cabinet last week approved a two-year moratorium on payment of pending spectrum dues.
- IDBI Bank: Muthoot Finance, the country's largest gold financing company, on Friday said it has entered into an agreement to acquire IDBI Bank's mutual fund unit, marking its entry into mutual fund asset management space. Muthoot Finance, in an exchange filing, on Friday post market hours said it has agreed to acquire IDBI Asset Management Ltd and IDBI MF Trustee Company or a total consideration of Rs215cr. The company said the transaction is expected to be completed by end of February 2020, subjected to requisite approval from the regulators including Securities and Exchange Board of India. ICICI Securities acted as the advisors to IDBI Bank.
- Unichem Labs Ltd: The drugmaker announced that it has received ANDA (abbreviated new drug application) approval for its Atenolol tablets (25/50/100 mg) from United States Food and Drug Administration (USFDA). The drug is generic version of Tenormin tablets of Alvogen Malta Operations and is used for the treatment of hypertension, to lower blood pressure. The product will be commercialized from Unichem's Ghaziabad plant. The announcement was made post market hours on Friday.
- Power Grid Corporation Ltd: PGCIL said it was declared as the successful bidder in two intra-state transmission system projects of Uttar Pradesh under tariff-based competitive bidding (TBCB). PGCIL will construct 765/400/220 kilovolt (kV) GIS substations in Meerut and Rampur; and 400/220/132 kV GIS substations in Simbhaoli and Sambhal with associated transmission lines. The projects are to be established under BOOM (build, own, operate and maintain) basis. The company received letters of intent for the projects on 22 November 2019. The announcement was made after market hours Friday.
The major stock indices rallied Friday after a volatile week. The Dow Jones Industrial Average jumped slightly over 109.32 points or 0.39%, to close at 27,875.62. The S&P 500 rose 6.75 points, or 0.22%, to finish at 3,110.29, and the Nasdaq Composite rose 13.67 points, or 0.16%, to close at 8,519.88.
US equities edged higher after President Donald Trump signalled an imminent trade deal with China. Trump told news agencies that a trade deal with China was "potentially very close", adding to optimism from remarks by President Xi Jinping that Beijing wanted to work out an initial agreement. Reports earlier in the week had indicated that a truce could be delayed to 2020.