A look at headlines in the sector right now:

  1. Short-term pains of demonetisation might outweigh uncertain long-term gains, says Fitch Ratings: The currency ban was a ‘one-off event’, and those who operate in the shadow economy will still be able to use the new notes, the agency said.
  2. In another shake up, Flipkart replaces Binny Bansal with Kalyan Krishnamurthy as CEO: Co-founder Sachin Bansal will continue to remain the executive chairman of the e-commerce company.
  3. Yahoo will rename part of the company not being sold to Verizon: CEO Marissa Mayer and five other directors will resign from the board after the sale.
  4. Proposal to approve Rs 2,000 note reportedly made in May 2016, no talk of demonetisation then, says RBI: The apex bank has also said that the decision to ban Rs 500 and Rs 1,000 notes was proposed by the Centre, and not by them.
  5. Ratan Tata had asked Cyrus Mistry to resign after ‘no signs of improvement’ under his chairmanship: In a 204-page affidavit filed at the National Company Law Tribunal, Tata Sons said Mistry was ousted after a chain of events that led to a trust deficit.
  6. Over Rs 3 lakh crore of tax-evaded income deposited during 50-day demonetisation window: An Income-Tax Department official told PTI that the data was being verified and notices would be sent to suspected tax evaders.
  7. Sensex climbs 173 points, Nifty ends over 8,200 mark: Oil and gas, auto, PSU and banking stocks saw the highest gains on the BSE index.
  8. Narendra Modi inaugurates BSE’s new international exchange in Gujarat: The Bombay Stock Exchange is planning to invest Rs 500 crore for trading and clearing at the exchange.