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Delhi, Edition:March 26, 2017
"If there were ever to be another Ajit and you could swap me for him, don't hesitate.Make the trade!"
Warren Buffett talking about Ajit Jain, widely believed to be a strong contender to succeed the billionaire investor at Berkshire Hathaway, in his annual letter to shareholders. Jain runs Berkshire Hathaway Reinsurance Group, the largest contributor to Berkshire's value.
Wockhardt FDA trouble
Wockhardt shares fell as much as 5 per cent on March 2 after the company said the US Food and Drug Administration had issued a warning letter to its step-down subsidiary Morton Grove Pharmaceuticals Inc. The company did not give the reasons for the warning.
In a setback to the Taj Group of Hotels, the New Delhi Municipal Corporation Ltd (nmdc)has decided to go ahead with an open auction of its hotel on Mansingh Road in the heart of Delhi. The property, whose lease has expired, is currently managed by Indian Hotels Company. The Taj Group has already challenged the auction in the Supreme Court. In the last hearing, the court had asked the NDMC to reconsider its decision.
Rs 47,342.8 crore
This is the rise in the market value of RIL between February 21, when it announced a tariff plan for Jio services, and March 1. Its market cap has now crossed the Rs 4 lakh crore mark.
Tata Sons and NTT Docomo are close to resolving their two-year-old dispute over the $1.17 billion due to the Japanese company for exiting Tata Teleservices. The two have proposed a resolution to the Delhi High Court and filed a joint petition in the court that they will not oppose the Reserve Bank of India's intervention, leaving the resolution in the hands of the court.
Infy may line up for buyback
After Tata Consultancy Services, Infosys may also announce a share buyback, its first ever. The company has sought shareholders' approval to revise its Articles of Association to possibly include a provision for a buyback.
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