News update on 26th October,2107

No need for shareholder nod if NCLT clears resolution plan

According to the IBC, once the resolution professional places the approved plan before the NCLT, a call is taken on whether it can be implemented or not

https://goo.gl/kGR9qW

Govt bank stocks on fire after recapitalisation plan

An index of state-owned banks rallied an unprecedented 30 per cent — the biggest single-day spurt ever — and the benchmark indices climbed to record highs on Wednesday, reacting to the Cabinet nod a day earlier to Rs 2.11-lakh-crore bank recapitalisation plan and Rs 6.92-lakh-crore highway construction project.

https://goo.gl/d9pXi1

MobiKwik to invest Rs 400 cr for KYC compliance over 5 years

Mobile wallet, MobiKwik announced the company’s plans to invest Rs. 400 crores over a period of five years in KYC. The company will be investing Rs.100 crores in doing KYC for 2 crore users within the next 12 months.

https://goo.gl/rxrhW5

Tech giants are paying huge salaries for scarce AI talent

Silicon Valley’s start-ups have always had a recruiting advantage over the industry’s giants: Take a chance on us and we’ll give you an ownership stake that could make you rich if the company is successful.Now the tech industry’s race to embrace artificial intelligence (AI) may render that advantage moot — at least for the few prospective employees who know a lot about AI.

https://goo.gl/apiQNf

 Sovereign funds new anchors for IPOs

What’s common between the IPOs of Eris Lifesciences, ICICI Lombard, SBI Life Insurance and Security & Intelligence Services (India) is The Abu Dhabi Investment Authority (ADIA) was the common anchor investor in all these IPOs, which were also some of the biggest issues this year. ADIA is not alone. Sovereign wealth funds and pension funds have emerged as the top anchor investors in Initial Public Offerings (IPOs) this year.  Take top 10 IPOs by size this year (see table), three to four out of top 10 anchor investors in these issues were sovereign wealth funds such ..

https://goo.gl/hWnpq9