A look at the headlines in the sector:

  1. Google to acquire part of HTC’s smartphone business for $1.1 billion: Under the deal, Google gets a non-exclusive licence for HTC’s intellectual property, and HTC will continue to run its remaining smartphone business.  
  2. Yes Bank cuts 2,500 jobs as it moves to digitisation: The lender reduced its workforce by 10%, claiming it was part of their usual appraisal cycle.  
  3. India growing ‘pretty robustly’, says World Bank president: Jim Yong Kim predicted a strong global growth this year.
  4. Narendra Modi asks cooperatives to venture into new businesses to help farmers double their income: The prime minister said there was a need for a system to ensure that farmers buy and sell at wholesale prices.  
  5. Sensex and Nifty decline, rupee at two-month low after US Fed Reserve retains rate hike projection: The five stocks which fell the most on the BSE were Zee Entertainment, GAIL, Tata Motors (DVR), Indiabulls Housing Finance and HCL Technologies. 
  6. Appellate tribunal allows Cyrus Mistry to pursue his charges against Tata Sons: For him, it has waived the rule that shareholders must own at least 10% of a firm’s shares to be able to file a plea alleging mismanagement and oppression.  
  7. I-T Department raids Cafe Coffee Day owner VG Siddhartha after allegations of tax evasion: Officials are believed to be searching nearly 20 locations across Bengaluru, Mumbai, Chennai and Chikmagalur.  
  8. Tata Steel signs deal with German firm ThyssenKrupp to merge European steel operations: The new joint venture entity is touted to become the second-largest steelmaker in Europe after ArcelorMittal.