News Wrap: Bharti Airtel- Vodafone Deal; Ukraine-Russia War Impact On Semiconductors Supply; NSE Scam: The Mysterious Yogi's Identity Revealed & More...
February 23, 2022:
Indian benchmark indices Sensex and Nifty50 rose nearly 2.5%.
The 30-Scrip BSE Sensex ended 1,328.61 points or 2.44% higher at 55,858.52.
The NSE Nifty plunged 410.45 points or 2.53% to close at 16,658.40.
All sectoral indices closed in the green territory, with reality, media, PSU bank, metal indices increasing 4-6%.
BSE midcap rose 4.07% & smallcap climbed 4.17%.
Top Stocks On Encome.io Dashboard:
News Wrap:
Bharti Airtel Agrees To Buy 4.7% Stake In Indus Towers From Vodafone
Bharti Airtel has agreed to acquire a 4.7 percent stake in Indus Towers from Vodafone Plc.
The principal condition +of the deal is that the amount paid shall be introduced to Vodafone as fresh equity in Vodafone Idea Limited and simultaneously remitted to Indus Towers to settle VIL’s outstanding debts.
Vodafone Plc offloaded a 2.4 percent stake in Indus Towers to Bharti Airtel via a block deal on the exchanges. Before that, Vodafone Plc owned a 28 percent stake in Indus tower company while Bharti Airtel held a 42 percent stake.
"We believe this transaction allows Airtel to secure continued strong provision of services from Indus Towers, protects and enhances Airtel’s value in Indus Towers, enables it to receive rich dividends and also paves the way for subsequent financial consolidation of Indus Towers in Airtel," Bharti Airtel said.
Ukraine-Russia War:
Industry Experts Concern About Global Chip Shortage As Russia-Ukraine Tensions Sees No Ease
The supply of semiconductors is likely to face more strong headwinds as the ongoing tussle between Russia and Ukraine seems to have no solution in sight. Both the countries play a key role in exporting raw materials use in the manufacturing of various chipsets, industry players said.
According to the latest US Commerce Department report on the semiconductor supply chain, the worldwide chip shortfall will last through the end of 2022, and maybe even 2023.
Russia and Ukraine are important suppliers of raw materials needed in the production of chipsets and semiconductors, such as palladium, which is used in memory and sensor chips, and neon gas, which is used to etch circuit designs.
Industry experts said that black swan events, such as the ongoing Ukraine-Russia war have more potential to dent the supply chains, impacting chip capacity and resulting in a rise in chip prices.
'Himalayan Yogi' In Market Manipulation Case Is None Other Than ‘Anand Subramanian’: Sources
The layers of mysteries behind the infamous "Himalayan yogi" appear to peel off one by one.
In the latest development to the NSE scam, the former NSE Group Chief Operating Officer -- Anand Subramanian-- has been identified as the “ Himalayan Yogi”, a mysterious entity who allegedly played a key role in manipulating Ex-National Stock Exchange (NSE) chief Chitra Ramkrishna’s decisions.
The Central Bureau of Investigation ( CBI) arrested him on Feb 25, 2022.
An email Id appeared as a clue to reach the real “Himalayan Yogi”, said CBI. The agency said it has supporting evidence that Anand Subramanian created the mail id: rigyajursama@outlook.com.
Chitra Ramakrishna exchanged confidential information concerning NSE from her mail id rchitra@icloud.com to rigyajursama@outlook.com between 2013 and 2016, informed CBI sources.
According to reports, many of these emails were also sent to Anand Subramanian's second email address. According to the sources, screenshots of these emails were acquired from Subramanian's email addresses.
Subramanian joined NSE as Chief Strategic Adviser in 2013 and then was promoted as Group Operating Officer in 2015 by Chitra Ramkrishna at a whopping pay cheque of Rs 4.21 crore. In 2016, he quit NSE over allegations of irregularities.
Chitra Ramkrishna is under inquiry for allegedly sharing sensitive information with the "yogi", who now believes to be her aide.
More To Know:
Bharat Forge and its subsidiary, BF Industrial Solutions (BFISL) agreed to acquire a 100% stake of Coimbatore-based JS Autocast Foundry India for an undisclosed amount.
LIC IPO: February 28, has been set as the last date for linking the policy with the PAN card for LIC policyholders.
SEBI has extended the deadline to May 1, for the implementation of the swing pricing mechanism for mutual fund schemes, to discourage large investors from sudden redemptions.
The Supreme Court of India has asked the government to clear its stand on the legality aspect of cryptocurrency trade involving Bitcoin or any other such currencies.
Jio Platforms invests $15 million to buy a 25% equity stake (on a fully diluted basis) in Two Platforms Inc, an artificial reality firm. Two Platforms will help Jio speed up its adoption of technology such as AI, metaverse and mixed reality.
Moody's Investors Service revises India’s GDP growth forecast for the current calendar year to 9.5 percent from 7 percent on the back of stronger-than-expected economic recovery from the nationwide lockdown of 2020 and the second wave of the COVID-19 infection in 2021.
The GDP growth forecast for 2023 remains the same at 5.5 percent.
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