Monday- 25th July 2016
- Yahoo! has entered into a deal with Verizon to sell its web business for a consideration of $4.8 billion. The consideration will constitute an all-cash based transaction. Yahoo will be integrated with Verizon’s AOL.
- Telecom Commission fixed the weighted average spectrum usage charges (SUC) at a minimum of 3% of the revenue. This could effectively raise the user charges for Jio and Aircel.
- Amongst the hopes of a new GST regime, Nifty hits its 15-month high, above 8,600 points, while Sensex crossed the mark of 28,000.
- Online fashion retailer Myntra has decided to remove over 200 low selling brands. The aim is to focus on larger brands with high value.
Tuesday- 26th July 2016
- Flipkart’s fashion e-retail arm, Myntra, pipped the rivals Snapdeal and Future Group to acquire Jabong for the value of $70 million in an all-cash deal. This has helped them to create India’s largest online fashion retailing portal.
- Amtek Auto to expand its asset sale plans to include additional overseas assets, effectively reducing its debts. The news resulted in a jump of share price to Rs 51.60, a rise of 7.5%.
- Tata sons to deposit an amount of Rs 7,840 crores to Delhi High Court regarding the arbitration for breach of contract with DoCoMo. Tata had failed to find a buyer or buyback the Japan company’s stake in Tata teleservices.
- Maruti Suzuki reported a rise of 23% in net profits at Rs 1,486 crores for the Q1. However, the share price saw a fall of 1.44%, to Rs 4,485.25 at the day’s close.
Wednesday- 27th July 2016
- In a significant development in indirect taxation reforms, the Union Cabinet accepted the Congress’s demand for scrapping of interstate tax and incorporating suggestions by other states. It will be taken up in Rajya Sabha next week.
- In a deal, first of its kind, China’s Fosun Pharmaceutical to acquire the stake of 84% in Hyderabad-based Gland Pharma. The deal is estimated to be for $1.4 billion, and will be the first instance of FDI by China in Indian manufacturing asset.
- Airtel Q1’s net profit dropped significantly for the financial year, by a margin of 31% to Rs 1,462 crores. This has been attributed to higher interest costs and forex loss.
- DoCoMo has decided to escalate its dispute with TATA to RBI, PMO, and Finance Ministry, in a hope to pursue a payment of $1.17 billion, which they claim is owed by Tata due to the breach of contract.
- SBI to refinance the debt of Rs 28,000 crores to the emerging entity from the merger of Reliance Communications and Aircel. The merger is expected to be announced and finalised by the next month. The maturity period is expected to be increased to 20 years.
Thursday- 28th July 2016
- Tata Sons has an another window of 21 days to prevent DoCoMo from taking over the Tata’s assets in the UK. Tata’s UK assets may be attached by the Japanese company for recovery of $1.17 billion it won in an arbitration recently.
- The Canadian company, Brookfield, is looking to make a major move in the buyout of Indian toll road and highways sector by acquiring Anil Ambani’s Reliance Infrastructure, for a value of Rs 8,000 crores.
- Flipkart has issued an offer to underperforming employees to either resign or accept the severance pay and leave the e-retail giant. This move is expected to affect 800-1,000 employees.
- In an attempt to boost its cloud-based services strategy, Oracle is looking to acquire NetSuite in $9.3 billion deal. The offer has been made in cash, by the purchase of equity at a premium of 19%, ie $109 per share.
Friday- 28th July 2016
- PSU bank employees went on a countrywide strike in protest against the merger of SBI bank with its associates, among other issues. 80,000 branches were affected pan India. This was led by The United Forum of Banks Union.
- Due date to file the Income Tax Return for Individuals not obligated to get audited has been extended from the standard 31st July to the 5th of August. This has been decided with according to bank strikes and disturbance in Kashmir.
- Jeff Bezos, CEO of online retailer Amazon, became the third richest person in the world, surpassing Warren Buffet. He has now a net worth of $66.5 billion.
Source: The Economic Times