In an unprecedented move, the Mumbai bench of the income tax appellate tribunal (ITAT) has retracted the critical remarks it made on Cyrus Mistry in its recent order that restored the tax-exempt status of the three key Tata Trusts. In a major moral victory for the past chairman of Tata Group who was unceremoniously sacked … Read more
Gautam Adani has a knack for surviving crisis. He was held for ransom more than two decades ago and in 2008 was among the hostages of Mumbai’s Taj Mahal Palace hotel during the terror attacks that killed more than 160 people. Since then, his business acumen and ability to overcome obstacles have propelled him to … Read more
Investors have shifted into cyclical assets lately as COVID-19 vaccines are on the way and the economy gets set to recover. But Morgan Stanley’s Mike Wilson is warning that valuations are getting too high, and that a near-term pullback may in the cards. He laid out four strategies to still find returns in cyclicals. Visit … Read more
The popular momentum trade that involves buying market winners and selling losers suffered its largest one-day outflow in over three decades last week Monday. This dramatic shift marked a departure from stocks geared towards working from home, and reflected investors’ excitement about an effective vaccine. But Peter Tchir, the head of macro strategy at Academy … Read more
The Shapoorji Pallonji group has sent a notice to the board of Tata Sons challenging its move to block the Mistry family as minority shareholders from pledging their shares to raise resources and threatened to seek damages individually and collectively from the directors. The notice has sought an explanation from the board members, particularly the … Read more
The investment firms have progressed to the final round of bidding for India’s Piramal Glass, the people said, asking not to be identified as the information is private. Billionaire Ajay Piramal’s conglomerate is seeking a valuation of $1 billion for the unit from the sale, the people said. Piramal could name a winner as soon … Read more
