Google takes down Paytm from Play Store for violating its gambling policies
Google pulled down payment app Paytm from its Play Store for allegedly violating the company’s gaming policy. Paytm assured its user by officially communicating that all the money in the Paytm Wallet is completely safe and the app will be working as normal, only the app is temporarily unavailable for new downloads or updates.
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Apple to launch its first online store in India on September 23
Apple Inc announced that it will roll out its own online shop in India next Wednesday, taking advantage of a 2019 legislation that significantly eased norms for single-brand retailers to sell directly to Indian consumers through physical and online channels. Apple will be one of the few foreign companies to open its webstore in the country prior to rolling out any company-owned physical outlet.
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Angel Broking to open its Initial Public Offering (IPO) on September 22
Brokerage firm, Angel Broking is planning to launch its Initial Public Offering (IPO) worth Rs 600 crore on September 22. The price band has been fixed at Rs 305-306 per share. The initial public offering consists of equity shares of the company aggregating up to Rs 600 crore which is a mix of fresh issue and offer for sale of Rs 300 crore each. In this month, already two IPOs have been closed, Happiest Minds Technologies Ltd and Route Mobile.
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Three legislations pertaining to the agriculture sector were cleared by the Lower House of the Parliament
To accelerate growth in the agricultural sector, The government passed three legislations during the monsoon session of the parliament.T he legislations areThe Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020; The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 and The Essential Commodities (Amendment) Bill, which was passed earlier in the week. It is important to note that Minister of Food Processing Industries and the only SAD representative in the Modi government, Harsimrat Kaur Badal, resigned from the Union Cabinet, protesting against the bills.
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BYJU’S buys virtual simulation platform LabInApp
Edtech start-up BYJU’s announced that it acquired lab-like virtual simulation platform, LabInApp for an undisclosed amount. This announcement comes within a month of acquiring WhiteHat Jr, Indian edtech decacorn. The company will utilise this acquisition to improve offerings and capabilities for the K-12 segment.
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Chemcon Speciality Chemicals IPO to open on September 21, price band at Rs 338-340
Amongst floods of IPO announcements for September, Manufacturer of speciality chemicals Chemcon Speciality Chemicals Limited announced its Initial Public Offering to launch on September 21 with a fixed price band at Rs 338-340 per share for its initial public offering (IPO). The three-day share sale will be open for subscription during 21-23 September. The issue is reported to have a fixed minimum bid lot at 44 equity shares or in multiples thereof.
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HDFC Bank sued in the US over alleged false statements
US-based Rosen Law Firm and Schall Law Firm have filed a class action lawsuit against HDFC Bank for losses suffered by some investors because of alleged false and misleading statements by the lender. It is also reported that another law-firm Pomerantz LLP, has announced a class action lawsuit against alleged “materially false and misleading” statements regarding the Bank’s business, operational and compliance policies. The first two lawsuits are related to failing to report it’s improper internal controls on vehicle loans.
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Global index services provider, FTSE to rebalance the weightages on Indian stocks
As a part of rebalancing its Global Equity Index Asia Pacific, FTSE added more Indian stocks and increased weightage on existing Indian stocks in its index. As a result, Foreign funds could pump in about $800 million into Indian stocks and the biggest beneficiary of the rebalancing is the private sector lender ICICI Bank. The proposed changes will take effect from September 21. Bharti Airtel, Reliance Industries and Infosys are likely to see outflows of Rs 933 crore, Rs 500 crore, Rs 250 crore, respectively.
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Ather Energy planning to install 100 charging stations by 2021
Electric Vehicle maker Ather Energy is looking to install close to 200 charging points over the next few years, of which over 100 will come up by early 2021. Important point to note here is that Hero MotoCorp had announced to acquire a majority stake in the startup, earlier this month. The company is optimistic about the demand and said that it has gone to pre-covid levels in Bengaluru.
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Mindtree promoters sold a portion of their stake in the company
Former promoters Krishnakumar Natarajan and Subroto Bagchi sold Mindtree equity shares worth more than Rs 200 crore via open market. Krishnakumar Natarajan sold 1.7 million equity shares, amounting to Rs 207 crore and Subroto Bagchi sold 264,154 shares worth Rs 32.84 crore. However, the company’s share price rose 0.29 percent to Rs 1,278.
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