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Anand Mahindra to become non-executive chairman, M&M board approves transition

The board has approved the transition of Anand Mahindra’s role from chairman to non-executive chairman The board of Mahindra & Mahindra (M&M) has approved the transition of Anand Mahindra’s role from chairman to non-executive chairman, the automajor said in a statement. Pawan Goenka has been re-designated as the managing director and CEO up to November …

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US offers China tariff rate cut; announcement possibly ‘imminent’

US President Donald Trump and Chinese President Xi Jinping have been embroiled in a 17-month trade war that has slowed global growth The United States is due to impose tariffs on almost $160 billion of Chinese imports such as video game consoles, computer monitors and toys on 15 Dec. WASHINGTON/BEIJING : The United States has offered …

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RBI keeps rates unchanged, FY20 growth forecast cut to 5% from 6.1%

This is the first pause after five consecutive rate cuts this year. Prior to this, the Monetary Policy Committee (MPC) lowered the repo rate by 135 basis points between February-October 2019. The Reserve Bank of India (RBI), on December 5, left the repo rate unchanged in its December policy review while maintaining the accommodative stance …

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Cipla leads race for Wockhardt’s business divisions

Pharma industry veteran Dr Yusuf Hamied-led drugmaker Cipla, which posted a turnaround in its domestic business in Q2 FY20, has emerged as front-runner to acquire select business segments of Wockhardt, sources told Moneycontrol. Cipla is in pole position currently and is leading the race to buy a clutch of Wockhardt’s business divisions, which have been put on …

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SBI Cards files IPO papers with SEBI, plans to raise Rs 8,000-9,500 cr

Out of total offer for sale, SBI will sell up to 3,72,93,371 equity shares and CA Rover up to 9,32,33,427 equity shares through IPO. SBI Cards and Payment Services, the second-largest credit card provider in India, has filed draft red herring prospectus with capital market regulator Securities and Exchange Board of India (SEBI) on November …

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Ujjivan Small Finance Bank IPO to open on December 2, price band set at Rs 36-37 per share

The bank in its RHP said proceeds of the fresh issue would be utilised towards augmenting its Tier – 1 capital base to meet future requirements, and issue expenses. Ujjivan Small Finance Bank on November 27 has decided to launch its initial public offering on December 2, 2019. The bank after consultation with merchant bankers …

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