Top 10 biz headlines: Patanjali's bid for Ruchi, Ericsson-RCom case, & more

Sebi bars NSE from securities market for 6 months in co-location case

The Securities and Exchange Board of India (Sebi) on Tuesday directed the National Stock Exchange (NSE) to disgorge Rs 625 crore, along with interest at 12 per cent per annum since 2014, for lapses at its co-location (colo) facility, which allowed unfair access to certain brokers. The regulator also barred the exchange for a period of six months from accessing the securities market. Read on...

Anil Ambani firms hit new lows after ratings downgrade of financial arms

The Anil Ambani group’s all seven listed firms were under heavy selling pressure on Tuesday — two touched new all-time lows — after its financial arms, Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL), were downgraded to ‘below investment grade’ by CARE Ratings. Read on...

YES Bank stock tanks 29% on weak Q4 results, rating downgrades

YES Bank’s March 2019 quarter results, announced last Friday after the market hours, gave a jolt to the Street on Tuesday. Given the bank’s first-ever quarterly loss, of more than Rs 1,500 crore, on the back of higher provisioning and management commentary, the scrip plunged over 29 per cent on Tuesday and topped the BSE’s losers’ list. Read on...

Patanjali Ayurved's Rs 4,325-crore bid for Ruchi Soya gets lenders nod

The country's leading packaged consumer goods major, Patanjali Ayurved, won the approval to take over edible oil firm Ruchi Soya on Tuesday. The committee of creditors (CoC) of the debt-laden firm voted in favour of Patanjali Ayurved’s Rs 4,350-crore bid. Read on...

M&M pulls the plug on India's 1st e-car over flagging sales, safety norms

Mahindra Electric Mobility, the electric vehicle arm of Mahindra & Mahindra (M&M), has discontinued the production of the e2oPlus, the four-door hatchback based on the Reva platform, for the domestic market amid flagging sales and tightening safety regulations, said people aware of the development, marking the end of the road for India’s first electric car model. Mahindra produced the last unit of the e2oPlus on March 31. Read on...

India's core sector growth rises 4.7% in March, most in five months

The core sector of the economy recorded 4.7 per cent growth in March, the highest in five months, with impressive recoveries in the refinery products segment. Cement production, too, improved rapidly last month.With this, the annual core sector growth for FY19 was 4.3 per cent, the same as the previous year. Read on...

Setback for Ericsson as NCLAT lets RCom withdraw plea against insolvency

The National Company Law Appellate Tribunal (NCLAT) on Tuesday allowed debt-ridden Reliance Communications (RCom) to withdraw its petition challenging the National Company Law Tribunal (NCLT) Mumbai’s decision to initiate insolvency against it. RCom moved the application to withdraw its plea after the company board on February 1 decided that it would file for insolvency as all attempts to revive it had been unsuccessful. Read on...

J&J to pay around Rs 2-crore compensation to faulty hip transplant patients

Central Drugs Standard Control Organisation (CDSCO) on Tuesday asked Johnson and Johnson Pvt. Ltd (J&J) to pay over Rs one crore and Rs 90 lakh, respectively, to two patients who suffered from faulty hip implants made by the company. According to a news report in the LiveMint, a central expert committee that studied the cases recommended payment to the two individuals, both from Uttar Pradesh.

Airtel likely to have regained top spot by revenue market share: Analysts

Bharti Airtel is likely to have regained its top position by revenue market share (RMS) in the March quarter, according to a news report in the Economic Times, signalling that the reign of Vodafone Idea Ltd (VIL) at the top by this measure may have lasted less than eight months.

PepsiCo row: RSS-affiliate bats for farmers’ seed rights

In light of the ongoing tussle between Gujarat’s potato growers and PepsiCo India Holdings Pvt Ltd, RSS-affiliate farmers’ body Bhartiya Kisan Sangh (BKS) has asked the government to legally establish farmers rights over seeds to prevent a repeat. The Gujarat unit of the farmers’ body on Tuesday demanded that farmers rights over seeds should be established legally, irrespective of the crop, across the country, according to a news report in the Hindu Businessline.