A look at headlines in the sector right now:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.