A look at the headlines in the sector:
- Google to acquire part of HTC’s smartphone business for $1.1 billion: Under the deal, Google gets a non-exclusive licence for HTC’s intellectual property, and HTC will continue to run its remaining smartphone business.
- Yes Bank cuts 2,500 jobs as it moves to digitisation: The lender reduced its workforce by 10%, claiming it was part of their usual appraisal cycle.
- India growing ‘pretty robustly’, says World Bank president: Jim Yong Kim predicted a strong global growth this year.
- Narendra Modi asks cooperatives to venture into new businesses to help farmers double their income: The prime minister said there was a need for a system to ensure that farmers buy and sell at wholesale prices.
- Sensex and Nifty decline, rupee at two-month low after US Fed Reserve retains rate hike projection: The five stocks which fell the most on the BSE were Zee Entertainment, GAIL, Tata Motors (DVR), Indiabulls Housing Finance and HCL Technologies.
- Appellate tribunal allows Cyrus Mistry to pursue his charges against Tata Sons: For him, it has waived the rule that shareholders must own at least 10% of a firm’s shares to be able to file a plea alleging mismanagement and oppression.
- I-T Department raids Cafe Coffee Day owner VG Siddhartha after allegations of tax evasion: Officials are believed to be searching nearly 20 locations across Bengaluru, Mumbai, Chennai and Chikmagalur.
- Tata Steel signs deal with German firm ThyssenKrupp to merge European steel operations: The new joint venture entity is touted to become the second-largest steelmaker in Europe after ArcelorMittal.