- Reliance communication announced merger with Aircel(owned by Maxis), to form a company with the countries second largest spectrum holding(after Airtel) and third largest user base.(After Airtel and Vodafone). Both partners will hold 50% of the merged entity and have equal representation on the board. According to company statements the deal will have capex and opex synergies of R20K cr. The deal announcement has been received well by the market with a 4% increase in the reliance communication stock.
- SEBI looks into Yes Bank’s botched QIP: SEBI to probe surge in Yes Bank scrip in the days leading to the QIP as well as the trading details of the last few months. Yes Bank’s stock had surged close to 100% from Jan this year. The firm had attempted a $1bn QIP earlier this month.
- India Inc plans to spend R20K cr on marketing, advertising and promotions this festive season, a 12% y-o-y increase.
- J.P. Morgan tops Wells Fargo as biggest US bank by market cap: Wells Fargo fell ~3% after the fake customer accounts incident.