Short Stories: Your Monthly Business Wrap for September

Buch Under Fire

Sebi chairperson Madhabi Puri Buch continues to be in the news and for the wrong reasons. Last month a section of Sebi officers staged a protest alleging toxic work culture. This was followed by Congress targeting Buch. It claimed that a firm owned by Buch earned consultancy fees from listed companies leading to conflict of interest issues. Buch’s husband Dhaval also came under fire from Congress. Short seller Hindenburg Research joined the chorus in castigating Buch.

Fed Lowers Rates

The US Federal Reserve led by Jerome Powell cut interest rates by 50 basis points after more than four years. Lowering of rates will likely incentivise investors to borrow in the US and invest in India. It will also weaken the dollar against the rupee, affecting exporters adversely and importers positively.

Samsung Workers Protest

Hundreds of Samsung India Electronics workers have been protesting at the company’s Sriperumbudur plant in Tamil Nadu, demanding higher wages and better working conditions. Samsung has told workers at the facility that they will not be paid if the strike continues.

Telco Firms’ Troubles Mount

The Supreme Court nixed Vodafone Idea’s and Bharti Airtel’s petitions for re-computation of AGR. They were seeking relief in the SC verdict of 2019 which held that AGR includes their non-telecom revenue.

HFC Makes Stellar Debut

Bajaj Housing Finance shares made an impressive stock market debut on September 16 as the stock listed at Rs 150 per share, a premium of over 114% to the issue price of Rs 70. BHF hit a high of Rs 188.45 per share, on September 18 but has since tumbled.

Foreign Brands Woo India

France’s Carrefour, one of the world’s top retailers, is all set to re-enter the Indian market through a franchise agreement with the Dubai-based Apparel Group. It had exited India in 2014 after four years of operations. After announcing its exit in September 2021, automaker Ford is set to make a comeback by repurposing its Chennai plant for manufacturing vehicles for global markets. Meanwhile Harley-Davidson bikes are back on Indian roads.